Document:

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                                                                    EXHIBIT 10.2

                               SECURITY AGREEMENT

                            dated as of May 20, 2003

                                      among

                         UNITED STATES STEEL CORPORATION

                                       and

                              JPMORGAN CHASE BANK,
                               as Collateral Agent

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                                     PAGE
                                                                                                     ----
<S>                                                                                                  <C>
SECTION 1.  Definitions ..........................................................................     1
SECTION 2.  Grant of Transaction Liens ...........................................................     9
SECTION 3.  General Representations and Warranties ...............................................    10
SECTION 4.  Further Assurances; General Covenants ................................................    12
SECTION 5.  Cash Collateral Account ..............................................................    14
SECTION 6.  Remedies upon Event of Default .......................................................    16
SECTION 7.  Application of Proceeds ..............................................................    17
SECTION 8.  Fees and Expenses; Indemnification ...................................................    19
SECTION 9.  Authority to Administer Collateral ...................................................    20
SECTION 10. Limitation on Duty in Respect of Collateral ..........................................    21
SECTION 11. General Provisions Concerning the Collateral Agent ...................................    21
SECTION 12. Termination of Transaction Liens; Release of Collateral ..............................    24
SECTION 13. Notices ..............................................................................    25
SECTION 14. No Implied Waivers; Remedies Not Exclusive ...........................................    27
SECTION 15. Successors and Assigns ...............................................................    27
SECTION 16. Amendments and Waivers ...............................................................    27
SECTION 17. Choice of Law ........................................................................    27
SECTION 18. Waiver of Jury Trial .................................................................    28
SECTION 19. Severability .........................................................................    28
</TABLE>

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EXHIBITS:

         EXHIBIT A      Perfection Certificate

                                       ii

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                               SECURITY AGREEMENT

         AGREEMENT (this "AGREEMENT") dated as of May 20, 2003 among United
States Steel Corporation, a Delaware corporation (together with its successors,
the "BORROWER") and JPMorgan Chase Bank, as Collateral Agent.

         WHEREAS, the Borrower has entered into the Credit Agreement described
in Section 1 hereof, pursuant to which the Borrower intends to borrow funds and
obtain letters of credit for the purposes set forth therein;

         WHEREAS, the Borrower is willing to secure (i) its obligations under
the Credit Agreement and the other Financing Documents and (ii) certain other
obligations, by granting Liens on certain of its assets to the Collateral Agent
as provided in the Security Documents;

         WHEREAS, the Lenders are willing to make loans and issue or participate
in letters of credit under the Credit Agreement described in Section 1 hereof on
the terms set forth therein if the foregoing obligations of the Borrower are
secured as described above;

         WHEREAS, upon any foreclosure or other enforcement of the Security
Documents, the net proceeds of the relevant Collateral are to be received by or
paid over to the Collateral Agent and applied as provided in Section 7 hereof;

         NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         SECTION 1. Definitions.

         (a)      Terms Defined in Credit Agreement. Terms defined in the Credit
Agreement and not otherwise defined in subsection 1(b) or 1(c) have, as used
herein, the respective meanings provided for therein.

         (b)      Terms Defined in UCC. As used herein, each of the following
terms has the meaning specified in the UCC:

<TABLE>
<CAPTION>
TERM                                                                 UCC
<S>                                                                 <C>
Account .........................................................   9-102
Authenticate ....................................................   9-102
Chattel Paper ...................................................   9-102
Deposit Account .................................................   9-102
General Intangibles .............................................   9-102
</TABLE>

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<TABLE>
<CAPTION>
TERM                                                                 UCC
<S>                                                                 <C>
Instrument .....................................................    9-102
Inventory ......................................................    9-102
Letter-of-Credit Right .........................................    9-102
</TABLE>

         (c)      Additional Definitions. The following additional terms, as
used herein, have the following meanings:

         "ACQUIRED NATIONAL STEEL LOCKBOX ACCOUNTS" means, collectively, (i)
Account No. 360964, (ii) Account No. 14048, (iii) Account No. 890957 and (iv)
Account No. 0296577, in each case held at Mellon Bank N.A. and acquired by the
Borrower pursuant to the National Steel Asset Purchase Agreement.

         "ADDITIONAL SECURED OBLIGATIONS" means the Secured Derivative
Obligations.

         "ADMINISTRATIVE AGENT" means JPMorgan Chase Bank, in its capacity as
administrative agent under the Loan Documents, and its successors in such
capacity.

         " ARTICLE 9" means Article 9 of the UCC.

         "BLOCKED ACCOUNT" means each of the accounts described in Section 5(d)
and any other lockbox, deposit, concentration or similar account that has been
subjected to a Blocked Account Agreement pursuant to Section 4(a).

         "BLOCKED ACCOUNT AGREEMENT" means, with respect to any account, a
blocked account agreement in favor of the Collateral Agent, all in form and
substance satisfactory to the Administrative Agent, the Collateral Agent and the
Co-Collateral Agent.

         " BORROWER" has the meaning set forth in the preamble to this
Agreement.

         " CASH COLLATERAL ACCOUNT" has the meaning set forth in Section 5.

         "COLLATERAL" means all property, whether now owned or hereafter
acquired, on which a Lien is granted or purports to be granted to the Collateral
Agent pursuant to the Security Documents.

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         "COLLATERAL AGENT" means JPMorgan Chase Bank, in its capacity as
Collateral Agent for the Secured Parties under the Security Documents, and its
successors in such capacity.

         "CONTRACTS" means all contracts for the sale, lease, exchange or other
disposition of Inventory, whether or not performed and whether or not subject to
termination upon a contingency or at the option of any party thereto.

         "CREDIT AGREEMENT" means the Credit Agreement dated as of May 20, 2003
among the Borrower, the Lenders party thereto, the LC Issuing Banks party
thereto, JPMorgan Chase Bank, as Administrative Agent, Collateral Agent,
Co-Syndication Agent and Swingline Lender, and General Electric Capital
Corporation, as Co-Collateral Agent and Co-Syndication Agent, as amended,
restated or otherwise modified from time to time in accordance with the terms
thereof.

         "DERIVATIVE OBLIGATIONS" of any Person means all obligations of such
Person in respect of any rate swap transaction, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap,
equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option
or any other similar transaction (including any option with respect to any of
the foregoing transactions) or any combination of the foregoing transactions.

         "EFFECTIVE DATE" means the Effective Date as defined in the Credit
Agreement.

         "ELIGIBLE TRANSFEREE" means (a) a special-purpose company created and
used solely for purposes of effecting a Receivables Financing, whether or not a
Subsidiary of the Borrower, or (b) any other Person which is not a Subsidiary of
the Borrower.

         "EVENT OF DEFAULT" means any Event of Default as defined in the Credit
Agreement and any similar event with respect to any Additional Secured
Obligation that permits the acceleration of the maturity thereof (or an
equivalent remedy).

         "EXISTING RECEIVABLES SPV ACCOUNTS" has the meaning set forth in
Section 5(b).

         "FIRST SECURED DERIVATIVE OBLIGATIONS" means the Secured Derivative
Obligations to the extent (but only to the extent) that the aggregate
Mark-to-

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Market Value of all such Secured Derivative Obligations does not exceed
$50,000,000.

         "LIEN GRANTOR" means the Borrower.

         "LIQUID INVESTMENT" means (i) direct obligations of the United States
or any agency thereof, (ii) obligations guaranteed by the United States or any
agency thereof, (iii) time deposits and money market deposit accounts issued by
or guaranteed by or placed with a Lender, and (iv) fully collateralized
repurchase agreements for securities described in clause (i) or (ii) above
entered into with a Lender, provided in each case that such Liquid Investment
(x) matures within 30 days after it is first included in the Collateral and (y)
is in a form, and is issued and held in a manner, that in the reasonable
judgment of the Collateral Agent permits appropriate measures to have been taken
to perfect security interests therein.

         "LIQUIDATED SECURED OBLIGATION" means at any time any Secured
Obligation (or portion thereof) that is not an Unliquidated Secured Obligation
at such time.

         " MARK-TO-MARKET VALUE" means, at any date with respect to any
Derivative Obligation, the termination value thereof (on a net basis),
calculated as if such Derivative Obligation had been terminated on such date by
reason of a default on the part of the Borrower.

         "OPINION OF COUNSEL" means a written opinion of legal counsel (who may
be counsel to the Lien Grantor or other counsel, in either case approved by the
Administrative Agent in a writing delivered to the Collateral Agent, which
approval shall not be unreasonably withheld) addressed and delivered to the
Collateral Agent.

         "OWN" refers to the possession of sufficient rights in property to
grant a security interest therein as contemplated by UCC Section 9-203, and
"ACQUIRE" refers to the acquisition of any such rights.

         "PERFECTION CERTIFICATE" means a certificate from the Lien Grantor
substantially in the form of Exhibit A, completed and supplemented with the
schedules contemplated thereby to the reasonable satisfaction of the Collateral
Agent, and signed by an officer of the Lien Grantor.

         "PERMITTED LIENS" means (i) the Transaction Liens and (ii) any other
Liens on the Collateral permitted to be created or assumed or to exist pursuant
to

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the Credit Agreement, including Liens arising in connection with Receivables
Financings (including the Effective Date Receivables Financing).

         "PLEDGED", when used in conjunction with any type of asset, means at
any time an asset of such type that is included (or that creates rights that are
included) in the Collateral at such time. For example, "Pledged Inventory" means
Inventory that is included in the Collateral at such time.

         "POST-PETITION INTEREST" means any interest that accrues after the
commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency or reorganization of the Lien Grantor (or would accrue but for the
operation of applicable bankruptcy or insolvency laws), whether or not such
interest is allowed or allowable as a claim in any such proceeding.

         "PROCEEDS" means all proceeds of, and all other profits, products,
rents or receipts, in whatever form, arising from the collection, sale, lease,
exchange, assignment, licensing or other disposition of, or other realization
upon, any Collateral, including all claims of the Lien Grantor against third
parties for loss of, damage to or destruction of, or for proceeds payable under,
or unearned premiums with respect to, policies of insurance in respect of, any
Collateral, and any condemnation or requisition payments with respect to any
Collateral.

         "RECEIVABLES" means all Accounts owned by the Lien Grantor and all
other rights, titles or interests which, in accordance with GAAP would be
included in receivables on its balance sheet (including any such Accounts and/or
rights, titles or interests that might be characterized as Chattel Paper,
Instruments or General Intangibles under the Uniform Commercial Code in effect
in any jurisdiction), in each case arising from the sale, lease, exchange or
other disposition of Inventory, and all of the Lien Grantor's rights to any
goods, services or other property related to any of the foregoing (including
returned or repossessed goods and unpaid seller's rights of rescission,
replevin, reclamation and rights to stoppage in transit), and all collateral
security and supporting obligations of any kind given by any Person with respect
to any of the foregoing.

         "RECEIVABLES SPV" means U.S. Steel Receivables LLC, a Delaware limited
liability company and a wholly-owned Subsidiary of the Borrower.

         "RELATED DOCUMENTS" means the Credit Agreement, any promissory notes
issued pursuant to Section 2.09(e) of the Credit Agreement, the Security
Documents and the documentation governing the Additional Secured Obligations.

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         "RELATED PARTIES" means, with respect to any specified Person, such
Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and its Affiliates.

         "RELATED TRANSFERRED RIGHTS" has the meaning specified in Section 2(b)
hereof.

         "RELEASE CONDITIONS" means the following conditions for terminating all
the Transaction Liens:

                  (i)      all Commitments under the Credit Agreement shall have
         expired or been terminated;

                  (ii)     all Liquidated Secured Obligations shall have been
         paid in full; and

                  (iii)    no Unliquidated Secured Obligation shall remain
         outstanding or such Unliquidated Secured Obligation shall be cash
         collateralized to an extent and in a manner reasonably satisfactory to
         each affected Secured Party.

         "SECOND SECURED DERIVATIVE OBLIGATIONS" means all Secured Derivative
Obligations that are not First Secured Derivative Obligations.

         " SECURED AGREEMENT", when used with respect to any Secured Obligation,
refers collectively to each instrument, agreement or other document that sets
forth obligations of the Lien Grantor and/or rights of the holder with respect
to such Secured Obligation.

         "SECURED DERIVATIVE OBLIGATIONS" means Derivative Obligations of the
Borrower owing to any Person that was a Lender or Lender Affiliate on the trade
date for any such Derivative Obligation, or an assignee of such Person; provided
that (i) such Derivative Obligation is entered into in the course of the
ordinary business practice of the Borrower and not for speculative purposes,
(ii) at or prior to the time the written agreement evidencing such Derivative
Obligation (a "DERIVATIVE CONTRACT") is executed, the Borrower and the Lender or
Lender Affiliate party thereto shall have expressly agreed in writing that such
obligations constitute "Secured Derivative Obligations" entitled to the benefits
of the Security Documents, (iii) at or prior to the time such Derivative
Contract is executed, the Lender or Lender Affiliate party thereto shall have
delivered a notice to the Collateral Agent (or, in the case of a Lender
Affiliate, an instrument in form and substance satisfactory to the Collateral
Agent) to the effect set forth in clause (ii) of this proviso, and acknowledging
and agreeing to be bound by the terms of this

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Agreement with respect to such obligations and (iv) at the time such Derivative
Contract is executed, the Borrower shall have specified in writing to the
Collateral Agent whether or not, after giving effect to such Derivative
Contract, the aggregate Mark-to-Market Value of all Secured Derivative
Obligations as of such date will exceed $50,000,000 (and, in the event that such
aggregate Mark-to-Market Value will exceed $50,000,000 after giving effect to
such Derivative Contract, the Borrower and the Lender or Lender Affiliate party
thereto shall have expressly agreed that the Derivative Obligations arising
thereunder shall constitute Second Secured Derivative Obligations under this
Agreement at all times unless either (x) such aggregate Mark-to-Market Value
does not exceed $50,000,000 (as evidenced by the Borrowing Base Certificate then
most recently delivered by the Borrower pursuant to Section 5.01(b) of the
Credit Agreement, certifying that the aggregate Mark-to-Market Value of all
Secured Derivative Obligations is less than $50,000,000) or (y) together with
the Borrowing Base Certificate then most recently delivered by the Borrower
pursuant to Section 5.01(b) of the Credit Agreement, the Borrower shall have
delivered written notice to the Collateral Agent designating such Derivative
Obligations as First Secured Derivative Obligations, which written notice shall
include a list of all First Secured Derivative Obligations, the aggregate
Mark-to-Market Value of which will not exceed $50,000,000).

         "SECURED LOAN OBLIGATIONS" means all principal of all Loans and LC
Reimbursement Obligations outstanding from time to time under the Credit
Agreement, all interest (including Post-Petition Interest) on such Loans and LC
Reimbursement Obligations and all other amounts now or hereafter payable by the
Borrower pursuant to the Loan Documents.

         "SECURED OBLIGATIONS" means the Secured Loan Obligations and the
Additional Secured Obligations.

         "SECURED PARTIES" means the holders from time to time of the Secured
Obligations, and "SECURED PARTY" means any of them as the context may require.

         " SECURITY DOCUMENTS" means this Agreement, the Intercreditor Agreement
and all other supplemental or additional security agreements, control
agreements, or similar instruments delivered pursuant to the Loan Documents.

         "SUPPORTING OBLIGATION" means a "supporting obligation" (as such term
is defined in UCC Section 9-102).

         "SWEEP PERIOD" means (i) the period that begins on the first date on
which Facility Availability is less than or equal to $100,000,000 and ends on
the first date when all Release Conditions are satisfied and (ii) each period
that begins

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upon the occurrence of (x) an Event of Default described in Section 7(a),
Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement, or (y) an
Event of Default caused by the Borrower's failure to perform the covenant
contained in Section 6.13 of the Credit Agreement, and ends when no Event of
Default is continuing; provided that, except in the case of a Sweep Period that
begins upon the occurrence of any Event of Default described in Section 7(a),
Section 7(i), Section 7(j) or Section 7(k) of the Credit Agreement with respect
to the Borrower (which Sweep Period shall commence automatically upon the
occurrence of such Event of Default), no Sweep Period shall be deemed to have
commenced unless and until the Collateral Agent shall have so determined and
shall have so notified the Borrower.

         "TRANSACTION LIENS" means the Liens granted by the Lien Grantor under
the Security Documents.

         "TRANSFERRED RECEIVABLES" means any Receivables (including Receivables
acquired by the Borrower from National Steel Corporation and certain of its
subsidiaries and affiliates pursuant to the National Steel Asset Purchase
Agreement) that have been sold, contributed or otherwise transferred to an
Eligible Transferee in connection with a Receivables Financing that is not
prohibited under the Credit Agreement or this Agreement (including, without
limitation, the Effective Date Receivables Financing).

         "UCC" means the Uniform Commercial Code as in effect from time to time
in the State of New York; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any Transaction Lien on any
Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, "UCC" means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of the
provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority.

         "UNLIQUIDATED SECURED OBLIGATION" means, at any time, any Secured
Obligation (or portion thereof) that is contingent in nature or unliquidated at
such time, including any Secured Obligation that is:

                  (i)      an obligation to reimburse a bank for drawings not
         yet made under a letter of credit issued by it;

                  (ii)     any other obligation (including any guarantee) that
         is contingent in nature at such time; or

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                  (iii)    an obligation to provide collateral to secure any of
         the foregoing types of obligations.

         (d)      Terms Generally. The definitions of terms herein (including
those incorporated by reference to the UCC or to another document) apply equally
to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun includes the corresponding masculine, feminine and neuter
forms. The words "INCLUDE", "INCLUDES" and "INCLUDING" shall be deemed to be
followed by the phrase "WITHOUT LIMITATION". The word "WILL" shall be construed
to have the same meaning and effect as the word "SHALL". Unless the context
requires otherwise, (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (c) the words "HEREIN", "HEREOF" and "HEREUNDER", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Sections, Exhibits
and Schedules shall be construed to refer to Sections of, and Exhibits and
Schedules to, this Agreement and (e) the word "PROPERTY" shall be construed to
refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

         SECTION 2. Grant of Transaction Liens.

         (a)      The Lien Grantor, in order to secure the Secured Obligations,
grants to the Collateral Agent for the benefit of the Secured Parties a
continuing security interest in all the following property of the Lien Grantor,
whether now owned or existing or hereafter acquired or arising and regardless of
where located, subject to the exceptions set forth in Section 2(b):

                  (i)      all Inventory;

                  (ii)     all Receivables;

                  (iii)    all Contracts;

                  (iv)     all Blocked Accounts and the Cash Collateral Account;

                  (v)      all books and records (including customer lists,
         credit files, computer programs, printouts and other computer materials
         and records) of the Lien Grantor pertaining to any of its Collateral;
         and

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                  (vi)     all other Proceeds of the Collateral described in the
         foregoing clauses (i) through (iv).

         (b)      The Collateral shall not include Transferred Receivables and
(i) rights to payment and collections in respect of such Transferred
Receivables, (ii) security interests or Liens and property subject thereto
purporting to secure or guarantee payment of such Transferred Receivables, (iii)
guarantees, letters of credit, acceptances, insurance and other arrangements
from time to time supporting or securing payment of such Transferred
Receivables, (iv) all invoices, documents, books, records and other information
with respect to such Transferred Receivables or the obligors thereon, (v) with
respect to any such Transferred Receivables, the transferee's interest in the
product (including returned product), the sale of which by such transferee gave
rise to such Transferred Receivables and (vi) all Proceeds of the items
described in subclauses 2(b)(i) through 2(b)(v) (preceding subclauses (b)(i)
through (b)(vi), collectively, the "RELATED TRANSFERRED RIGHTS").

         (c)      With respect to each right to payment or performance included
in the Collateral from time to time, the Transaction Lien granted therein
includes a continuing security interest in all right, title and interest of the
Lien Grantor in and to (i) any Supporting Obligation that supports such payment
or performance and (ii) any Lien that (x) secures such right to payment or
performance or (y) secures any such Supporting Obligation.

         (d)      The Transaction Liens are granted as security only and shall
not subject the Collateral Agent or any other Secured Party to, or transfer or
in any way affect or modify, any obligation or liability of the Lien Grantor
with respect to any of the Collateral or any transaction in connection
therewith.

         SECTION 3. General Representations and Warranties. The Lien Grantor
represents and warrants that:

         (a)      The Lien Grantor is duly organized, validly existing and in
good standing under the laws of the jurisdiction identified as its jurisdiction
of organization in its Perfection Certificate.

         (b)      The Lien Grantor has good and marketable title to all its
Collateral (subject to exceptions that are, in the aggregate, not material),
free and clear of any Lien other than Permitted Liens.

         (c)      The Lien Grantor has not performed any acts that might prevent
the Collateral Agent from enforcing any of the provisions of the Security
Documents or that would limit the Collateral Agent in any such enforcement. No
financing

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statement, security agreement, mortgage or similar or equivalent document or
instrument covering all or part of the Collateral owned by such Lien Grantor is
on file or of record in any jurisdiction in which such filing or recording would
be effective to perfect or record a Lien on such Collateral, except (x)
financing statements with respect to the security agreement dated as of November
30, 2001 between the Borrower and the Collateral Agent and (y) financing
statements, mortgages or other similar or equivalent documents with respect to
Permitted Liens. After the Effective Date, no Collateral owned by such Lien
Grantor will be in the possession or under the control of any other Person
having a Lien thereon, other than a Permitted Lien.

         (d)      The Transaction Liens on all Collateral owned by the Lien
Grantor (i) have been validly created, (ii) will attach to each item of such
Collateral on the Effective Date (or, if such Lien Grantor first obtains rights
thereto on a later date, on such later date) and (iii) when so attached, will
secure all the Secured Obligations.

         (e)      The Lien Grantor has delivered a Perfection Certificate to the
Collateral Agent. The information set forth therein is correct and complete as
of the Effective Date. After the Effective Date, the Collateral Agent or the
Administrative Agent may obtain, at the Lien Grantor's expense, a file search
report from each UCC filing office listed in its Perfection Certificate, showing
the filing made at such filing office to perfect the Transaction Liens on the
Collateral.

         (f)      When UCC financing statements describing the Collateral as set
forth in the Lien Grantor's Perfection Certificate have been filed in the
offices specified in the Perfection Certificate, the Transaction Liens will
constitute perfected security interests in the Collateral owned by the Lien
Grantor to the extent that a security interest therein may be perfected by
filing pursuant to the UCC, prior to all Liens and rights of others therein
except Permitted Liens. Except for the filing of such UCC financing statements,
no registration, recordation or filing with any governmental body, agency or
official is required in connection with the execution or delivery of the
Security Documents or is necessary for the validity or enforceability thereof or
for the perfection of the Transaction Liens pursuant to the UCC or for the
enforcement of the Transaction Liens pursuant to the UCC.

         (g)      The Lien Grantor has taken, and will continue to take, all
actions necessary under the UCC to perfect its interest in any Receivables
purchased or otherwise acquired by it, as against its assignors and creditors of
its assignors.

         (h)      The Lien Grantor's Collateral is insured as required by the
Credit Agreement.

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         (i)      Any Inventory produced by the Lien Grantor has or will have
been produced in compliance with the applicable requirements of the Fair Labor
Standards Act, as amended.

         (j)      The Existing Receivables SPV Accounts are all of the accounts
owned by Receivables SPV. Other than (i) the Existing Receivables SPV Accounts,
(ii) the Cash Collateral Account, (iii) any Blocked Account and (iv) the
Acquired National Steel Lockbox Accounts, there are no accounts owned by the
Lien Grantor or Receivables SPV into which any collections or other payments or
proceeds in respect of Pledged Receivables may be deposited.

         SECTION 4. Further Assurances; General Covenants. The Lien Grantor
covenants as follows:

         (a)      The Lien Grantor will, from time to time, at its own expense,
execute, deliver, authorize, file and record any statement, assignment,
instrument, document, agreement or other paper and take any other action
(including (x) any filing of financing or continuation statements under the UCC,
(y) at any time when the Effective Date Receivables Financing shall have
terminated and been paid in full and not been replaced with another Receivables
Financing on terms satisfactory to the Administrative Agent, causing any
lockbox, concentration or similar account into which payments with respect to
Receivables then owned by the Lien Grantor will be received to be subjected to
Blocked Account Agreements and (z) at any time when the Effective Date
Receivables Financing shall have terminated and been replaced with another
Receivables Financing on terms satisfactory to the Administrative Agent, causing
the appropriate parties to such replacement Receivables Financing to execute an
intercreditor agreement that is substantially identical to the Intercreditor
Agreement) that from time to time may be reasonably necessary or desirable, or
that the Collateral Agent may reasonably request, in order to:

                  (i)      create, preserve, perfect, confirm or validate the
         Transaction Liens on the Collateral;

                  (ii)     enable the Collateral Agent and the other Secured
         Parties to obtain the full benefits of the Security Documents; or

                  (iii)    enable the Collateral Agent to exercise and enforce
         any of its rights, powers and remedies with respect to any of the
         Collateral.

To the extent permitted by applicable law, the Lien Grantor authorizes the
Collateral Agent to execute and file such financing statements or continuation
statements without the Lien Grantor's signature appearing thereon. The
Collateral Agent agrees to provide the Lien Grantor with copies of any such
financing

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statements and continuation statements. The Lien Grantor agrees that a carbon,
photographic, photostatic or other reproduction of this Agreement or of a
financing statement is sufficient as a financing statement to the extent
permitted by law. The Lien Grantor constitutes the Collateral Agent its
attorney-in-fact to execute and file all filings required or so requested for
the foregoing purposes, all acts of such attorney being hereby ratified and
confirmed; and such power, being coupled with an interest, shall be irrevocable
until all the Transaction Liens granted by the Lien Grantor terminate pursuant
to Section 12. The Borrower will pay the costs of, or incidental to, any
recording or filing of any financing or continuation statements or other
documents recorded or filed pursuant hereto.

         (b)      The Lien Grantor will not (i) change its name or structure as
a corporation, or (ii) change its location (determined as provided in UCC
Section 9-307) unless it shall have given the Collateral Agent prior notice
thereof and delivered an Opinion of Counsel with respect thereto in accordance
with Section 4(c).

         (c)      At least 30 days before it takes any action contemplated by
Section 4(b), the Lien Grantor, at its own expense, will cause to be delivered
to the Collateral Agent an Opinion of Counsel, in form and substance reasonably
satisfactory to the Collateral Agent, to the effect that (i) all financing
statements and amendments or supplements thereto, continuation statements and
other documents required to be filed or recorded in order to perfect and protect
the Transaction Liens against all creditors of and purchasers from the Lien
Grantor after it takes such action (except any applicable continuation
statements specified in such Opinion of Counsel that are to be filed more than
six months after the date thereof) have been filed or recorded in each office
necessary for such purpose, (ii) all fees and taxes, if any, payable in
connection with such filings or recordations have been paid in full and (iii)
except as otherwise agreed by the Required Lenders, such action will not
adversely affect the perfection or priority of the Transaction Lien on any
Collateral to be owned by the Lien Grantor after it takes such action or the
accuracy of the Lien Grantor's representations and warranties herein relating to
such Collateral.

         (d)      The Lien Grantor will not sell, lease, exchange, assign or
otherwise dispose of, or grant any option with respect to, any of its
Collateral; provided that the Lien Grantor may do any of the foregoing unless
(i) doing so would breach a covenant in the Credit Agreement or (ii) an Event of
Default shall have occurred and be continuing and the Collateral Agent shall
have notified the Lien Grantor that its right to do so is terminated, suspended
or otherwise limited. Concurrently with any sale or other disposition (except a
lease) permitted by the foregoing proviso, the Transaction Liens on the assets
sold or disposed of (but not in any Proceeds arising from such sale or
disposition) will cease immediately without any action by the Collateral Agent
or any other Secured Party. The Collateral

                                       13

<PAGE>

Agent will, at the Borrower's expense, execute and deliver to the Lien Grantor
such documents as the Lien Grantor shall reasonably request to evidence the fact
that any asset so sold or disposed of is no longer subject to a Transaction
Lien.

         (e)      The Lien Grantor will, promptly upon request, provide to the
Collateral Agent all information and evidence concerning the Collateral that the
Collateral Agent may reasonably request from time to time to enable it to
enforce the provisions of the Security Documents.

         (f)      From time to time upon request by the Collateral Agent, the
Lien Grantor will, at its own expense, cause to be delivered to the Secured
Parties an Opinion of Counsel satisfactory to the Collateral Agent as to such
matters relating to the transactions contemplated hereby as the Collateral Agent
may reasonably request.

         SECTION 5. Cash Collateral Account. (a) If and when required for
purposes hereof, the Collateral Agent will establish an account (the "CASH
COLLATERAL ACCOUNT"), in the name and under the exclusive control of the
Collateral Agent, into which all amounts owned by the Lien Grantor that are to
be deposited therein pursuant to the Financing Documents shall be deposited from
time to time.

         (b)      Within 30 days following the Effective Date (or such longer
period as the Borrower, the Collateral Agent and the Co-Collateral Agent may
agree), the Lien Grantor will cause Receivables SPV to have subjected all of its
then existing accounts (collectively, the "EXISTING RECEIVABLES SPV ACCOUNTS")
to Blocked Account Agreements, each of which Blocked Account Agreements shall,
to the extent the account subject thereto is a "Lock-Box Account" or
"Concentration Account" (each as defined in the Receivables Purchase Agreement),
(i) by its terms, first become effective immediately upon receipt by the
"Lockbox Box" or "Concentration Account Bank" (each as defined in the
Receivables Purchase Agreement) or other depositary bank at which such account
is maintained (the "DEPOSITARY BANK") of written notice from The Bank of Nova
Scotia, as collateral agent under the Effective Date Receivables Financing (the
"RECEIVABLES COLLATERAL AGENT"), specifying that the Effective Date Receivables
Financing has terminated and all monetary obligations in respect thereof have
been satisfied in full and that the blocked account agreement in effect with
respect to such "Lockbox Account" or "Concentration Account" (each as defined in
the Receivables Purchase Agreement) in connection with the Effective Date
Receivables Financing shall be terminated in accordance with its terms (or upon
written notice from the Collateral Agent to such effect, if (x) the Receivables
Collateral Agent has failed to deliver such notice within five Business Days of
the date on which it is initially obligated to do so pursuant to the
Intercreditor

                                       14

<PAGE>

Agreement, (y) the Collateral Agent shall have delivered a Final Notification
Request (as defined in the Intercreditor Agreement), and (z) the Funding Agents
(as defined in the Intercreditor Agreement) have failed to comply, or to cause
the Receivables Collateral Agent to comply, with such Final Notification Request
within three Business Days of the date on which such Final Notification Request
is effective under the Intercreditor Agreement), (ii) by its terms, terminate
upon receipt by the Depositary Bank of written notice from the Collateral Agent
to the effect that the Effective Date Receivables Financing has been replaced
with another Receivables Financing on terms satisfactory to the Administrative
Agent, such that the accounts of Receivables SPV and the lockbox accounts of the
Lien Grantor may be subjected to blocked account agreements in connection with
such replacement Receivables Financing and (iii) expressly provide that its
terms may not be amended or modified without the consent of the Receivables
Collateral Agent.

         (c)      If directed to do so by the Collateral Agent at any time
during a Sweep Period or when an Event of Default has occurred and is
continuing, the Borrower shall cause to be deposited in the account referred to
in clause (d) below, promptly upon receipt thereof, (i) all payments received in
respect of the Pledged Receivables and (ii) all other Proceeds of the
Collateral.

         (d)      Within 30 days after the Effective Date (or such longer period
as the Borrower, the Collateral Agent and the Co-Collateral Agent may agree),
the Borrower shall cause to be subjected to a Blocked Account Agreement any
lockbox and any corresponding deposit account, any concentration account and any
account into which payments from Receivables SPV to the Borrower in respect of
the purchase price of Transferred Receivables may be received (including any
such account acquired pursuant to the National Steel Acquisition).

         (e)      Unless (x) a Sweep Period shall have occurred and be
continuing, (y) an Event of Default shall have occurred and be continuing and
the Required Lenders shall have instructed the Collateral Agent to stop
withdrawing amounts from the Cash Collateral Account pursuant to this subsection
or (z) the maturity of the Loans (or other Secured Obligations) shall have been
accelerated pursuant to Article 7 of the Credit Agreement (or otherwise), the
Collateral Agent shall withdraw amounts from the Cash Collateral Account (other
than amounts required to be deposited in the Cash Collateral Account pursuant to
Section 2.10(b) or Section 5.12(b) of the Credit Agreement) and remit such
amounts to, or as directed by, the Borrower from time to time.

         (f)      If an Event of Default shall have occurred and be continuing,
the Collateral Agent may (i) retain all cash and investments then held in the
Cash Collateral Account, (ii) liquidate any or all investments held therein
and/or (iii) withdraw any amounts held therein and apply such amounts as
provided in

                                       15

<PAGE>

Section 7. Additionally, and without limiting the generality of the foregoing,
during any Sweep Period (i) all amounts held in the Cash Collateral Account
(other than amounts deposited therein pursuant to Section 2.05(j), Section
2.10(b) or Section 5.12(b) of the Credit Agreement as cash collateral for the LC
Exposure) shall be applied on a daily basis to the outstanding principal balance
of the Base Rate Loans or, if applicable, as provided in Section 7 and (ii)
following repayment in full of all outstanding Base Rate Loans pursuant to
clause (i), any remaining amounts held in the Cash Collateral Account shall
continue to be held in the Cash Collateral Account and (other than amounts
deposited therein pursuant to Section 2.05(j), Section 2.10(b) or Section
5.12(b) of the Credit Agreement as cash collateral for the LC Exposure) shall be
applied to the outstanding principal balance of maturing Eurodollar Loans upon
expiration of the Interest Periods applicable thereto.

         (g)      Funds held in the Cash Collateral Account may, until withdrawn
or otherwise applied pursuant hereto, be invested and reinvested in such Liquid
Investments as the Borrower shall request from time to time; provided that, if
an Event of Default shall have occurred and be continuing, the Collateral Agent
may select such Liquid Investments.

         (h)      If immediately available cash on deposit in the Cash
Collateral Account is not sufficient to make any distribution or withdrawal to
be made pursuant hereto, the Collateral Agent will cause to be liquidated, as
promptly as practicable, such investments held in or credited to the Cash
Collateral Account as shall be required to obtain sufficient cash to make such
distribution or withdrawal and, notwithstanding any other provision hereof, such
distribution or withdrawal shall not be made until such liquidation has taken
place.

         SECTION 6. Remedies upon Event of Default. (a) If an Event of Default
shall have occurred and be continuing, the Collateral Agent may exercise (or
cause its sub-agents to exercise) any or all of the remedies available to it (or
to such sub-agents) under the Security Documents.

         (b)      Without limiting the generality of the foregoing, if an Event
of Default shall have occurred and be continuing, the Collateral Agent may
exercise on behalf of the Secured Parties all the rights of a secured party
under the UCC (whether or not in effect in the jurisdiction where such rights
are exercised) with respect to any Collateral and, in addition, the Collateral
Agent may, without being required to give any notice, except as herein provided
or as may be required by mandatory provisions of law, withdraw all cash held in
the Cash Collateral Account and apply such cash as provided in Section 7 and, if
there shall be no such cash or if such cash shall be insufficient to pay all the
Secured Obligations in full, sell, lease, license or otherwise dispose of the
Collateral or any part thereof.

                                       16

<PAGE>

Notice of any such sale or other disposition shall be given to the Lien Grantor
as required by Section 9.

         (c)      Without limiting the generality of the foregoing, during any
Sweep Period, the Collateral Agent may (i) exercise all of the remedies
described in Section 5(f) and (ii) cause all amounts constituting Collateral
that are held in any lockbox, concentration or other account of the Lien Grantor
then subject to an effective Blocked Account Agreement (it being understood that
any Blocked Account Agreement with respect to an account that is a "Lockbox
Account" or "Concentration Account" (each as defined in the Receivables Purchase
Agreement) shall only become effective in accordance with Section 5(b)(i)) to be
transferred on a daily basis to the Cash Collateral Account.

         SECTION 7. Application of Proceeds. (a) If an Event of Default shall
have occurred and be continuing, the Collateral Agent may apply (i) any cash
held in the Cash Collateral Account and (ii) the proceeds of any sale or other
disposition of all or any part of the Collateral, in the following order of
priorities:

                  first, to pay the expenses of such sale or other disposition,
         including reasonable compensation to agents of and counsel for the
         Collateral Agent, and all expenses, liabilities and advances incurred
         or made by the Collateral Agent in connection with the Security
         Documents, and any other amounts then due and payable to the Collateral
         Agent pursuant to Section 8 or to any Agent pursuant to the Credit
         Agreement;

                  second, to pay the unpaid principal of the Secured Obligations
         (other than Second Secured Derivative Obligations) ratably (or provide
         for the payment thereof pursuant to Section 7(b)), until payment in
         full of the principal of all Secured Obligations (other than Second
         Secured Derivative Obligations) shall have been made (or so provided
         for);

                  third, to pay ratably all interest (including Post-Petition
         Interest) on the Secured Obligations (other than Second Secured
         Derivative Obligations) and all commitment and other fees payable under
         the Related Documents, until payment in full of all such interest and
         fees shall have been made;

                  fourth, to pay all other Secured Obligations (other than
         Second Secured Derivative Obligations) ratably (or provide for the
         payment thereof pursuant to Section 7(b)), until payment in full of all
         such other Secured Obligations (other than Second Secured Derivative
         Obligations) shall have been made (or so provided for);

                                       17

<PAGE>

                  fifth, to pay ratably the unpaid principal of the Second
         Secured Derivative Obligations (or provide payment therefor pursuant to
         Section 7(b)) until payment in full of the principal of all Second
         Secured Derivative Obligations shall have been made (or so provided
         for);

                  sixth, to pay ratably all interest (including Post-Petition
         Interest) on the Second Secured Derivative Obligations, until payment
         in full of all such interest shall have been made; and

                  finally, to pay to the Lien Grantor, or as a court of
         competent jurisdiction may direct, any surplus then remaining from the
         proceeds of the Collateral owned by it.

The Collateral Agent may make such distributions hereunder in cash or in kind
or, on a ratable basis, in any combination thereof.

         (b)      If at any time any portion of any monies collected or received
by the Collateral Agent would, but for the provisions of this Section 7(b), be
payable pursuant to Section 7(a) in respect of an Unliquidated Secured
Obligation, the Collateral Agent shall not apply any monies to pay such
Unliquidated Secured Obligation but instead shall request the holder thereof, at
least 10 days before each proposed distribution hereunder, to notify the
Collateral Agent as to the maximum amount of such Unliquidated Secured
Obligation if then ascertainable (e.g., in the case of a letter of credit, the
maximum amount available for subsequent drawings thereunder). If the holder of
such Unliquidated Secured Obligation does not notify the Collateral Agent of the
maximum ascertainable amount thereof at least two Domestic Business Days before
such distribution, such Unliquidated Secured Obligation will not be entitled to
share in such distribution. If such holder does so notify the Collateral Agent
as to the maximum ascertainable amount thereof, the Collateral Agent will
allocate to such holder a portion of the monies to be distributed in such
distribution, calculated as if such Unliquidated Secured Obligation were
outstanding in such maximum ascertainable amount. However, the Collateral Agent
will not apply such portion of such monies to pay such Unliquidated Secured
Obligation, but instead will hold such monies or invest such monies in Liquid
Investments. All such monies and Liquid Investments and all proceeds thereof
will constitute Collateral hereunder, but will be subject to distribution in
accordance with this Section 7(b) rather than Section 7(a). The Collateral Agent
will hold all such monies and Liquid Investments and the net proceeds thereof in
trust until all or part of such Unliquidated Secured Obligation becomes a
Liquidated Secured Obligation, whereupon the Collateral Agent at the request of
the relevant Secured Party will apply the amount so held in trust to pay such
Liquidated Secured Obligation; provided that, if the other Secured Obligations
theretofore paid pursuant to the same clause of Section 7(a) (i.e., clause
second, fourth or fifth) were not paid in full, the Collateral Agent will apply

                                       18

<PAGE>

the amount so held in trust to pay the same percentage of such Liquidated
Secured Obligation as the percentage of such other Secured Obligations
theretofore paid pursuant to the same clause of Section 7(a). If (i) the holder
of such Unliquidated Secured Obligation shall advise the Collateral Agent that
no portion thereof remains in the category of an Unliquidated Secured Obligation
and (ii) the Collateral Agent still holds any amount held in trust pursuant to
this Section 7(b) in respect of such Unliquidated Secured Obligation (after
paying all amounts payable pursuant to the preceding sentence with respect to
any portions thereof that became Liquidated Secured Obligations), such remaining
amount will be applied by the Collateral Agent in the order of priorities set
forth in Section 7(a).

         (c)      In making the payments and allocations required by this
Section, the Collateral Agent may rely upon information supplied to it pursuant
to Section 11(g). All distributions made by the Collateral Agent pursuant to
this Section shall be final (except in the event of manifest error) and the
Collateral Agent shall have no duty to inquire as to the application by any
Secured Party of any amount distributed to it.

         SECTION 8. Fees and Expenses; Indemnification. (a) The Lien Grantor
will forthwith upon demand pay to the Collateral Agent:

                  (i)      the amount of any taxes that the Collateral Agent may
         have been required to pay by reason of the Transaction Liens or to free
         any Collateral from any other Lien thereon;

                  (ii)     the amount of any and all reasonable out-of-pocket
         expenses, including transfer taxes and reasonable fees and expenses of
         counsel and other experts, that the Collateral Agent may incur in
         connection with (x) the administration or enforcement of the Security
         Documents, including such expenses as are incurred to preserve the
         value of the Collateral or the validity, perfection, rank or value of
         any Transaction Lien, (y) the collection, sale or other disposition of
         any Collateral or (z) the exercise by the Collateral Agent of any of
         its rights or powers under the Security Documents;

                  (iii)    the amount of any fees that the Lien Grantor shall
         have agreed in writing to pay to the Collateral Agent and that shall
         have become due and payable in accordance with such written agreement;
         and

                  (iv)     the amount required to indemnify the Collateral Agent
         for, or hold it harmless and defend it against, any loss, liability or
         expense (including the reasonable fees and expenses of its counsel and
         any experts or sub-agents appointed by it hereunder) incurred or
         suffered by the Collateral Agent in connection with the Security
         Documents, except to the

                                       19

<PAGE>

         extent that such loss, liability or expense arises from the Collateral
         Agent's gross negligence or willful misconduct or a breach of any duty
         that the Collateral Agent has under this Agreement (after giving effect
         to Sections 10 and 11).

Any such amount not paid to the Collateral Agent on demand will bear interest
for each day thereafter until paid at a rate per annum equal to the sum of 2.00%
plus the Alternate Base Rate for such day plus the Applicable Rate that would,
in the absence of an Event of Default, be applicable to the Base Rate Loans for
such day.

         (b)      If any transfer tax, documentary stamp tax or other tax is
payable in connection with any transfer or other transaction provided for in the
Security Documents, the Lien Grantor will pay such tax and provide any required
tax stamps to the Collateral Agent or as otherwise required by law.

         SECTION 9. Authority to Administer Collateral. The Lien Grantor
irrevocably appoints the Collateral Agent its true and lawful attorney, with
full power of substitution, in the name of the Lien Grantor, any Secured Party
or otherwise, for the sole use and benefit of the Secured Parties, but at the
Lien Grantor's expense, to the extent permitted by law to exercise, at any time
and from time to time while an Event of Default shall have occurred and be
continuing, all or any of the following powers with respect to all or any of the
Collateral (to the extent necessary to pay the Secured Obligations in full):

                  (a)      to demand, sue for, collect, receive and give
         acquittance for any and all monies due or to become due upon or by
         virtue thereof,

                  (b)      to settle, compromise, compound, prosecute or defend
         any action or proceeding with respect thereto,

                  (c)      to sell, lease, license or otherwise dispose of the
         same or the proceeds or avails thereof, as fully and effectually as if
         the Collateral Agent were the absolute owner thereof, and

                  (d)      to extend the time of payment of any or all thereof
         and to make any allowance or other adjustment with reference thereto;

provided that, except in the case of Collateral that is perishable or threatens
to decline speedily in value or is of a type customarily sold on a recognized
market, the Collateral Agent will give the Lien Grantor at least ten days' prior
written notice of the time and place of any public sale thereof or the time
after which any private sale or other intended disposition thereof will be made.
Any such notice shall (i) contain the information specified in UCC Section
9-613, (ii) be Authenticated and (iii) be sent to the parties required to be
notified pursuant to

                                       20

<PAGE>

UCC Section 9-611(c); provided that, if the Collateral Agent fails to comply
with this sentence in any respect, its liability for such failure shall be
limited to the liability (if any) imposed on it as a matter of law under the
UCC.

         SECTION 10. Limitation on Duty in Respect of Collateral. Beyond the
exercise of reasonable care in the custody and preservation thereof, the
Collateral Agent will have no duty as to any Collateral in its possession or
control or in the possession or control of any sub-agent or bailee or any income
therefrom or as to the preservation of rights against prior parties or any other
rights pertaining thereto. The Collateral Agent will be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession or control if such Collateral is accorded treatment substantially
equal to that which it accords its own property, and will not be liable or
responsible for any loss or damage to any Collateral, or for any diminution in
the value thereof, by reason of any act or omission of any sub-agent or bailee
selected by the Collateral Agent in good faith or by reason of any act or
omission by the Collateral Agent pursuant to instructions from the
Administrative Agent, except to the extent that such liability arises from the
Collateral Agent's gross negligence or willful misconduct.

         SECTION 11. General Provisions Concerning the Collateral Agent. (a)
Authority. The Collateral Agent is authorized to take such actions and to
exercise such powers as are delegated to the Collateral Agent by the terms of
the Security Documents, together with such actions and powers as are reasonably
incidental thereto.

         (b)      Coordination with Secured Parties. To the extent requested to
do so by any Secured Party, the Collateral Agent will promptly notify such
Secured Party of each notice or other communication received by the Collateral
Agent hereunder and/or deliver a copy thereof to such Secured Party. As to any
matters not expressly provided for herein (including (i) the timing and methods
of realization upon the Collateral and (ii) the exercise of any power that the
Collateral Agent may, but is not expressly required to, exercise under any
Security Document), the Collateral Agent shall act or refrain from acting in
accordance with written instructions from the Required Lenders or, in the
absence of such instructions, in accordance with its discretion (subject to the
following provisions of this Section).

         (c)      Rights and Powers as a Secured Party. The Person serving as
the Collateral Agent shall, in its capacity as a Secured Party, have the same
rights and powers as any other Secured Party and may exercise the same as though
it were not the Collateral Agent. Such Person and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with
the Borrower, any of its Subsidiaries or their respective Affiliates as if it
were not the Collateral Agent hereunder.

                                       21

<PAGE>

         (d)      Limited Duties and Responsibilities. The Collateral Agent
shall not have any duties or obligations under the Security Documents except
those expressly set forth therein. Without limiting the generality of the
foregoing, (a) the Collateral Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether an Event of Default has occurred and
is continuing, (b) the Collateral Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Security Documents that the
Collateral Agent is required in writing to exercise by the Required Lenders, and
(c) except as expressly set forth in the Security Documents, the Collateral
Agent shall not have any duty to disclose, and shall not be liable for any
failure to disclose, any information relating to the Borrower or any of its
Subsidiaries that is communicated to or obtained by the bank serving as
Collateral Agent or any of its Affiliates in any capacity. The Collateral Agent
shall not be liable for any action taken or not taken by it with the consent or
at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary under the circumstances as provided in Section
9.02 of the Credit Agreement) or in the absence of its own gross negligence or
willful misconduct. The Collateral Agent shall not be responsible for the
existence, genuineness or value of any Collateral or for the validity,
perfection, priority or enforceability of any Transaction Lien, whether impaired
by operation of law or by reason of any action or omission to act on its part
under the Security Documents. The Collateral Agent shall be deemed not to have
knowledge of any Event of Default unless and until written notice thereof is
given to the Collateral Agent by the Borrower or a Secured Party, and the
Collateral Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in
connection with any Security Document, (ii) the contents of any certificate,
report or other document delivered thereunder or in connection therewith, (iii)
the performance or observance of any of the covenants, agreements or other terms
or conditions set forth in any Security Document, (iv) the validity,
enforceability, effectiveness or genuineness of any Security Document or any
other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in any Security Document.

         (e)      Authority to Rely on Certain Writings, Statements and Advice.
The Collateral Agent shall be entitled to rely on, and shall not incur any
liability for relying on, any notice, request, certificate, consent, statement,
instrument, document or other writing believed by it to be genuine and to have
been signed or sent by the proper Person. The Collateral Agent also may rely on
any statement made to it orally or by telephone and believed by it to be made by
the proper Person, and shall not incur any liability for relying thereon. The
Collateral Agent may consult with legal counsel (who may be counsel for the
Borrower or any of its Subsidiaries), independent accountants and other experts
selected by it, and

                                       22

<PAGE>

shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountant or expert. The Collateral Agent may
rely conclusively on advice from the Administrative Agent as to whether at any
time (i) an Event of Default under the Credit Agreement has occurred and is
continuing, (ii) the maturity of the Loans has been accelerated or (iii) any
proposed action is permitted or required by the Credit Agreement.

         (f)      Sub-Agents and Related Parties. The Collateral Agent may
perform any of its duties and exercise any of its rights and powers through one
or more sub-agents appointed by it. The Collateral Agent and any such sub-agent
may perform any of its duties and exercise any of its rights and powers through
its Related Parties. The exculpatory provisions of Section 10 and this Section
shall apply to any such sub-agent and to the Related Parties of the Collateral
Agent and any such sub-agent.

         (g)      Information as to Secured Obligations and Actions by Secured
Parties. For all purposes of the Security Documents, including determining the
amounts of the Secured Obligations and whether a Secured Obligation is an
Unliquidated Secured Obligation or not, or whether any action has been taken
under any Secured Agreement, the Collateral Agent will be entitled to rely on
information from (i) the Administrative Agent for information as to the Lenders,
the Administrative Agent or the Collateral Agent, their Secured Obligations and
actions taken by them, (ii) any Secured Party for information as to its Secured
Obligations and actions taken by it, to the extent that the Collateral Agent has
not obtained such information from the foregoing sources, and (iii) the
Borrower, to the extent that the Collateral Agent has not obtained information
from the foregoing sources.

         (h)      Within two Business Days after it receives or sends any notice
referred to in this subsection, the Collateral Agent shall send to the
Administrative Agent and each Secured Party requesting notice thereof, copies of
any notice given by the Collateral Agent to the Lien Grantor, or received by it
from the Lien Grantor, pursuant to Section 6, 7, 9, 11(j) or 12; provided that
such Secured Party has, at least five Domestic Business Days prior thereto,
delivered to the Collateral Agent a written notice (i) stating that it holds one
or more Secured Obligations and wishes to receive copies of such notices and
(ii) setting forth its address, facsimile number and e-mail address to which
copies of such notices should be sent.

         (i)      The Collateral Agent may refuse to act on any notice, consent,
direction or instruction from the Administrative Agent or any Secured Parties or
any agent, trustee or similar representative thereof that, in the Collateral
Agent's opinion, (i) is contrary to law or the provisions of any Security
Document, (ii) may expose the Collateral Agent to liability (unless the
Collateral Agent shall

                                       23

<PAGE>

have been indemnified, to its reasonable satisfaction, for such liability by the
Secured Parties that gave, or instructed the Agent to give, such notice,
consent, direction or instruction) or (iii) is unduly prejudicial to Secured
Parties not joining in such notice, consent, direction or instruction.

         (j)      Resignation; Successor Collateral Agent. Subject to the
appointment and acceptance of a successor Collateral Agent as provided in this
subsection, the Collateral Agent may resign at any time by notifying the Secured
Parties and the Borrower. Upon any such resignation, the Required Lenders shall
have the right, in consultation with the Lien Grantor, to appoint a successor
Collateral Agent. If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the
retiring Collateral Agent gives notice of its resignation, then the retiring
Collateral Agent may, on behalf of the Secured Parties, appoint a successor
Collateral Agent which shall be a bank with an office in the United States, or
an Affiliate of any such bank. Upon acceptance of its appointment as Collateral
Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring
Collateral Agent hereunder, and the retiring Collateral Agent shall be
discharged from its duties and obligations hereunder. The fees payable by the
Lien Grantor to a successor Collateral Agent shall be the same as those payable
to its predecessor unless otherwise agreed by the Lien Grantor and such
successor. After the Collateral Agent's resignation hereunder, the provisions of
this Section and Section 10 shall continue in effect for the benefit of such
retiring Collateral Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the
retiring Collateral Agent was acting as Collateral Agent.

         SECTION 12. Termination of Transaction Liens; Release of Collateral.

         (a)      The Transaction Liens shall terminate when all the Release
Conditions are satisfied.

         (b)      The Transaction Liens (x) with respect to any Pledged
Receivables shall terminate when such Receivables have become Transferred
Receivables and (y) with respect to any other Collateral shall terminate upon
the sale of such Collateral to a Person other than the Lien Grantor in a
transaction not prohibited by the Credit Agreement. In each case, such
termination shall not require the consent of any Secured Party, and the
Collateral Agent and any third party shall be fully protected in relying on a
certificate of the Lien Grantor as to whether any Pledged Receivables qualify as
Transferred Receivables (including without limitation whether the transfer
thereof is permitted under the Credit Agreement and this Agreement).

                                       24

<PAGE>

         (c)      In the case of any Pledged Receivables, the Transaction Liens
with respect to the Related Transferred Rights shall terminate when such Pledged
Receivables become Transferred Receivables. Such termination shall not require
the consent of any Secured Party. If the Borrower delivers a certificate
pursuant to Section 12(b) stating that any Pledged Receivables qualify as
Transferred Receivables, the Collateral Agent and any third party shall be fully
protected in relying on such certificate as conclusive proof that the Related
Transferred Rights are not Collateral.

         (d)      At any time before the Transaction Liens terminate, the
Collateral Agent may, at the written request of the Lien Grantor, (i) release
any Collateral (but not all or any substantial portion of the Collateral) with
the prior written consent of the Required Lenders or (ii) release any
substantial portion of the Collateral with the prior written consent of all the
Lenders. For purposes hereof, a release of Collateral comprising 10% or more of
the Borrowing Base in effect on the date of such release shall constitute
release of a substantial portion of the Collateral.

         (e)      Upon any termination of a Transaction Lien or release of
Collateral, the Collateral Agent will, at the expense of the Lien Grantor,
execute and deliver to the Lien Grantor such documents as the Lien Grantor shall
reasonably request to evidence the termination of such Transaction Lien or the
release of such Collateral, as the case may be.

         SECTION 13. Notices. Except in the case of notices and other
communications expressly permitted to be given by telephone, each notice,
request or other communication given to any party hereunder shall be in writing
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy (or, in the case of any notice to a Secured
Party pursuant to Section 11(b) or Section 11(h), transmitted by e-mail), as
follows:

                  (a)      in the case of the Lien Grantor:

                           United States Steel Corporation
                           600 Grant Street
                           Room 1325
                           Pittsburgh, PA 15219
                           Attention: Treasurer
                           Facsimile: (412) 433-4567
                           E-mail: ltbrockway@uss.com

                  (b)      in the case of the Collateral Agent:

                           J.P. Morgan Chase Bank

                                       25

<PAGE>

                           Mining and Metals Group
                           270 Park Avenue
                           New York, NY 10017
                           Attention: Carlos Morales
                           Facsimile: (212) 270-4724
                           E-mail: carlos.morales@chase.com

                           and with a copy to:

                           J.P. Morgan Chase Bank
                           270 Park Avenue
                           29th Floor
                           New York, NY 10017
                           Attention: Scott Troy
                           Facsimile: (212) 270-7449
                           E-mail: scott.troy@jpmorgan.com

                           with a copy to the Co-Collateral Agent:

                           General Electric Capital Corporation
                           500 West Monroe Street
                           12th Floor
                           Chicago, IL 60661
                           Attention: Account Manager - United States Steel
                           Facsimile: (312) 463-3889

                  (c)      in the case of any Lender, to the Collateral Agent to
         be forwarded to such Lender at its address or facsimile number
         specified in or pursuant to Section 9.01 of the Credit Agreement; or

                  (d)      in the case of any Secured Party requesting notice
         under Section 11(h), such address, facsimile number or e-mail address
         as such party may hereafter specify for the purpose by notice to the
         Collateral Agent.

All notices and other communications given to any party hereto in accordance
with the terms of this Agreement shall be deemed to have been given on the date
of receipt. Any party may change its address, facsimile number and/or e-mail
address for purposes of this Section by giving notice of such change to the
Collateral Agent and the Lien Grantor in the manner specified above.

         SECTION 14. No Implied Waivers; Remedies Not Exclusive. No failure by
the Collateral Agent or any Secured Party to exercise, and no delay in
exercising and no course of dealing with respect to, any right or remedy under
any Related

                                       26

<PAGE>

Document shall operate as a waiver thereof; nor shall any single or partial
exercise by the Collateral Agent or any Secured Party of any right or remedy
under any Related Document preclude any other or further exercise thereof or the
exercise of any other right or remedy. The rights and remedies specified in the
Related Documents are cumulative and are not exclusive of any other rights or
remedies provided by law.

         SECTION 15. Successors and Assigns. This Agreement is for the benefit
of the Collateral Agent and the Secured Parties. If all or any part of any
Secured Party's interest in any Secured Obligation is assigned or otherwise
transferred, the transferor's rights hereunder, to the extent applicable to the
obligation so transferred, shall be automatically transferred with such
obligation. This Agreement shall be binding on the Lien Grantor and its
successors and assigns.

         SECTION 16. Amendments and Waivers. Neither this Agreement nor any
provision hereof may be waived, amended, modified or terminated except pursuant
to an agreement or agreements in writing entered into by the parties hereto,
with the consent of such Lenders as are required to consent thereto under
Section 9.02(b) of the Credit Agreement.

         SECTION 17. Choice of Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of New York, except as
otherwise required by mandatory provisions of law and except to the extent that
remedies provided by the laws of any jurisdiction other than the State of New
York are governed by the laws of such jurisdiction.

         SECTION 18. Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO ANY SECURITY DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

         SECTION 19. Severability. If any provision of any Security Document is
invalid or unenforceable in any jurisdiction, then, to the fullest extent
permitted by law, (i) the other provisions of the Security Documents shall
remain in full

                                       27

<PAGE>

force and effect in such jurisdiction and shall be liberally construed in favor
of the Collateral Agent and the Secured Parties in order to carry out the
intentions of the parties thereto as nearly as may be possible and (ii) the
invalidity or unenforceability of such provision in such jurisdiction shall not
affect the validity or enforceability thereof in any other jurisdiction.

                                       28

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                      UNITED STATES STEEL CORPORATION

                                  By: /s/ G.R. Haggerty
                                      -----------------------------------------
                                      Title: Executive Vice President, Treasurer
                                             and Chief Financial Officer

                                       29

<PAGE>

                                        JPMORGAN CHASE BANK, as Collateral Agent

                                    By: /s/ James H. Ramage
                                        ----------------------------------------
                                        Title: Managing Director

                                       30

<PAGE>

                                                                       EXHIBIT A
                                                           TO SECURITY AGREEMENT

                             PERFECTION CERTIFICATE

         The undersigned is a duly authorized officer of United States Steel
Corporation (the "LIEN GRANTOR"). With reference to the Security Agreement dated
as of May 20, 2003 between the Lien Grantor and JPMorgan Chase Bank, as
Collateral Agent (terms defined therein being used herein as therein defined),
the undersigned certifies to the Collateral Agent and each other Secured Party
as follows:

A.       INFORMATION REQUIRED FOR FILINGS AND SEARCHES FOR PRIOR FILINGS.

         1.       Jurisdiction of Organization. The Lien Grantor is a
corporation organized under the laws of Delaware.

         2.       Name. The exact name of the Lien Grantor as it appears in its
certificate of incorporation is as follows: United States Steel Corporation

         3.       Prior Names. (a) Set forth below is each other corporate (or
other organizational) name that the Lien Grantor has had since its organization,
together with the date of the relevant change:

         (b)      Except as set forth below, the Lien Grantor has not changed
its structure as a corporation.(1)

         4.       Filing Office. In order to perfect the Transaction Liens
granted by the Lien Grantor, a financing statement on Form UCC-1, with the
collateral described as set forth on Schedule I hereto, should be on file in the
office of ____________ in _________.(2)

___________________________________

         (1) Changes in corporate structure would include mergers and
consolidations, as well as any change in the Lien Grantor's form of
organization. If any such change has occurred, include in Schedule II the
information required by Part A of this certificate as to each constituent party
to a merger or consolidation and any other predecessor organization.

         (2) Insert Lien Grantor's "location" determined as provided in UCC
Section 9-307.

<PAGE>

B.       ADDITIONAL INFORMATION REQUIRED FOR SEARCHES FOR PRIOR FILINGS UNDER
         OLD ARTICLE 9.

         1.       Current Locations. (a) The chief executive office of the Lien
Grantor is located at the following address:

<TABLE>
<CAPTION>
     MAILING ADDRESS                        COUNTY                    STATE
---------------------------        -------------------------     ---------------
<S>                                <C>                           <C>
</TABLE>

         The Lien Grantor [does] [does not] have a place of business in another
county of the State listed above.

                  (b)      The following are all locations not identified above
         or in paragraph (c) below where the Lien Grantor maintains any
         Inventory(3):

<TABLE>
<CAPTION>
     MAILING ADDRESS                        COUNTY                    STATE
---------------------------        -------------------------     ---------------
<S>                                <C>                           <C>
</TABLE>

                  (c)      The following are the names and addresses of all
         Persons (other than the Lien Grantor) that have possession of any of
         the Lien Grantor's Inventory:

<TABLE>
<CAPTION>
     MAILING ADDRESS                        COUNTY                    STATE
---------------------------        -------------------------     ---------------
<S>                                <C>                           <C>
</TABLE>

---------------
(3) Should include information with respect to National Steel Assets.

                                      A-2

<PAGE>

         IN WITNESS WHEREOF, I have hereunto set my hand this __ day of
_______________._____________.

                                            ____________________________________
                                            Name:
                                            Title:

                                      A-3

<PAGE>

                                                                      SCHEDULE I
                                                       TO PERFECTION CERTIFICATE

                            DESCRIPTION OF COLLATERAL

All Inventory, Receivables, Contracts, Blocked Accounts and the Cash Collateral
Account and all books and records (including customer lists, credit files,
computer programs, printouts and other computer material and records) pertaining
to the foregoing, in each case whether now owned or hereafter acquired and
wherever located, and all proceeds thereof, but excluding all Transferred
Receivables and Related Transferred Rights (as each such term is defined on
Exhibit A attached hereto).*

*FORM OF EXHIBIT A TO UCC-1 FINANCING STATEMENTS IS ATTACHED HERETO.

                                       -1

<PAGE>

                     EXHIBIT A TO UCC-1 FINANCING STATEMENT

<TABLE>
<CAPTION>
DEBTOR:                                              SECURED PARTY:
<S>                                                  <C>
UNITED STATES STEEL CORPORATION                      JPMorgan Chase Bank, as
600 Grant Street                                     Collateral Agent
Pittsburgh, PA 15219                                 P.O. Box 2558 - Lien Perfection Unit
                                                     Houston, TX 77252
</TABLE>

         Capitalized terms used in the description of collateral set forth on
the face of the UCC-1 Financing Statement to which this Exhibit A pertains shall
have the following meanings:

         "ACCOUNTS" has the meaning specified in Section 9-102 of the UCC.

         "BLOCKED ACCOUNTS" means any lockbox, deposit, concentration or similar
account of United States Steel which is or becomes subject to a "Blocked Account
Agreement" pursuant to the Security Agreement.

         "CASH COLLATERAL ACCOUNT" means an account in the name and under the
exclusive control of the Collateral Agent, into which all amounts owned by
United States Steel that are required to be deposited pursuant to the Credit
Agreement and related documents are deposited from time to time.

         "CHATTEL PAPER" has the meaning specified in Section 9-102 of the UCC.

         "CONTRACTS" means all contracts for the sale, lease, exchange or other
disposition of Inventory, whether or not performed and whether or not subject to
termination upon a contingency or at the option of any party thereto.

         "CREDIT AGREEMENT" means the Credit Agreement dated as of May 20, 2003
among United States Steel Corporation, the Lenders party thereto, the LC Issuing
Banks party thereto, JPMorgan Chase Bank, as Administrative Agent, Collateral
Agent, Co-Syndication Agent and Swingline Lender, and General Electric Capital
Corporation, as Co-Collateral Agent and Co-Syndication Agent.

         "ELIGIBLE TRANSFEREE" means (a) a special-purpose company created and
used solely for purposes of effecting a Receivables Financing, whether or not a
subsidiary of United States Steel, or (b) any other person which is not a
subsidiary of United States Steel.

         "GENERAL INTANGIBLES" has the meaning specified in Section 9-102 of the
UCC.

                                      A-1

<PAGE>

         "INSTRUMENT" has the meaning specified in Section 9-102 of the UCC.

         "INVENTORY" has the meaning specified in Section 9-102 of the UCC.

         "RECEIVABLES" means, with respect to the Debtor, all Accounts owned by
it and all other rights, titles or interests which, in accordance with generally
accepted accounting principles in the United States of America, would be
included in receivables on its balance sheet (including any such Accounts and/or
rights, titles or interests that might be characterized as Chattel Paper,
Instruments or General Intangibles under the UCC), in each case arising from the
sale, lease, exchange or other disposition of Inventory, and all of the Debtor's
rights to any goods, services or other property related to any of the foregoing
(including returned or repossessed goods and unpaid seller's rights of
rescission, replevin, reclamation and rights to stoppage in transit), and all
collateral security and supporting obligations of any kind given by any person
with respect to any of the foregoing.

         "RECEIVABLES FINANCING" means any receivables securitization program or
other type of accounts receivable financing transaction by United States Steel
or any of its subsidiaries (including, without limitation, the receivables
financing transaction effected pursuant to (x) the Purchase and Sale Agreement
dated as of November 28, 2001 among U.S. Steel Receivables LLC, the originators
named therein and United States Steel, as initial servicer, and (y) the Amended
and Restated Receivables Purchase Agreement dated as of November 28, 2001 among
U.S. Steel Receivables LLC, as seller, United States Steel, as initial servicer,
The Bank of Nova Scotia, as collateral agent, JPMorgan Chase Bank, as a
committed purchaser and a funding agent, and the various other persons from time
to time party thereto (as amended from time to time, the "INITIAL RECEIVABLES
FINANCING")).

         "RELATED TRANSFERRED RIGHTS" means (a) rights to payment and
collections in respect of Transferred Receivables, (b) security interests or
liens and property subject thereto purporting to secure or guarantee payment of
Transferred Receivables, (c) guarantees, letters of credit, acceptances,
insurance and other arrangements from time to time supporting or securing
payment of Transferred Receivables, (d) all invoices, documents, books, records
and other information with respect to Transferred Receivables or the obligors
thereon, (e) with respect to any Transferred Receivables, the transferee's
interest in the product (including returned product), the sale of which by such
transferee gave rise to such Transferred Receivables and (f) all proceeds of the
items described in foregoing clauses (a) through (e).

                                      A-2

<PAGE>

         "SECURITY AGREEMENT" means the Security Agreement dated as of May 20,
2003 among United States Steel and the Collateral Agent.

         "TRANSFERRED RECEIVABLES" means any Receivables that have been sold,
contributed or otherwise transferred by the Debtor to an Eligible Transferee in
connection with a Receivables Financing that is not prohibited under the Credit
Agreement (including, without limitation, the Initial Receivables Financing
described above).

         "UCC" means the Uniform Commercial Code as in effect from time to time
in the State of New York; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any security interest in any
collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, "UCC" means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of the
provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority.

         "UNITED STATES STEEL" means United States Steel Corporation, a Delaware
corporation, and its successors.

                                       E-3<PAGE>

                                                                    EXHIBIT 10.3

                             INTERCREDITOR AGREEMENT

                            Dated as of May 20, 2003

                                  by and among

                              JPMORGAN CHASE BANK,

                               as a Funding Agent

                            THE BANK OF NOVA SCOTIA,

             as a Funding Agent and as Receivables Collateral Agent

                              JPMORGAN CHASE BANK,

                                 as Lender Agent

                           U.S. STEEL RECEIVABLES LLC,

                                 as Transferor,

                                       and

                         UNITED STATES STEEL CORPORATION

               as Originator, as Initial Servicer and as Borrower

<PAGE>

                  This INTERCREDITOR AGREEMENT dated as of May 20, 2003 (as
modified, amended, restated or supplemented from time to time, this
"AGREEMENT"), by and among JPMORGAN CHASE BANK, in its capacity as a funding
agent under the Receivables Purchase Agreement (as hereinafter defined) (a
"FUNDING AGENT"), THE BANK OF NOVA SCOTIA, in its capacity as a funding agent
under the Receivables Purchase Agreement (as hereinafter defined) (a "FUNDING
AGENT" and, together with the other Funding Agents, the "FUNDING AGENTS") and in
its capacity as Collateral Agent under the Receivables Purchase Agreement (as
hereinafter defined) (the "RECEIVABLES COLLATERAL AGENT"), JPMORGAN CHASE BANK,
in its capacity as Collateral Agent on behalf of the Lenders (as defined below)
(the "LENDER AGENT"), U.S. STEEL RECEIVABLES LLC (the "TRANSFEROR"), and UNITED
STATES STEEL CORPORATION ("USS").

                                    RECITALS:

                  A.       USS has agreed to sell, transfer and assign to the
Transferor, and the Transferor has agreed to purchase or otherwise acquire from
USS and the various entities that are from time to time Originators under (and
as defined in) the Purchase and Sale Agreement (collectively, together with USS
in its capacity as an Originator under (and as defined in) the Purchase and Sale
Agreement, the "ORIGINATORS") all of the right, title and interest of the
Originators in the Receivables (as hereinafter defined) pursuant to a Purchase
and Sale Agreement dated as of November 28, 2001 (as amended, supplemented,
modified or restated from time to time, the "PURCHASE AND SALE AGREEMENT").

                  B.       The Transferor, as seller, USS, in its capacity as
initial servicer, the Receivables Collateral Agent, the Funding Agents and the
Receivables Purchasers (as defined below) are parties to an Amended and Restated
Receivables Purchase Agreement dated as of November 28, 2001 (as amended,
supplemented, modified or restated from time to time, the "RECEIVABLES PURCHASE
AGREEMENT") pursuant to which, among other things, (i) the Receivables
Purchasers have agreed, among other things, to purchase from the Transferor from
time to time Receivables (or interests therein) purchased by or contributed to
the Transferor pursuant to the Purchase and Sale Agreement and (ii) the
Transferor has granted a lien on the Receivables to the Receivables Collateral
Agent.

                  C.       The Purchase and Sale Agreement and the Receivables
Purchase Agreement provide for the filing of UCC financing statements to perfect
the ownership and security interest of the parties thereto with respect to the
property covered thereby.

                  D.       USS, the Lender Agent and the financial institutions
from time to time party thereto (collectively, the "LENDERS") are parties to a
Credit Agreement dated as of May 20, 2003 (as amended, supplemented, modified or
restated from time to time, the "CREDIT AGREEMENT").

                  E.       To secure USS's obligations to the Lenders and Lender
Agent under the Credit Agreement and other Loan Documents (as hereinafter
defined), USS has granted to the Lender Agent for the benefit of the Lender
Agent and the Lenders a lien over, among other

                                       2

<PAGE>

things, certain accounts receivable and certain general intangibles, including
the Unsold Receivables (as hereinafter defined), certain inventory and all
proceeds of the foregoing.

                  F.       The parties hereto wish to set forth certain
agreements with respect to the Receivables Assets (as hereinafter defined) and
with respect to the Collateral (as hereinafter defined).

                  NOW, THEREFORE, in consideration of the foregoing premises and
the mutual covenants contained herein, and for other good and valuable
consideration, receipt of which is hereby acknowledged, it is hereby agreed as
follows:

                             ARTICLE 1. DEFINITIONS.

                  1.1.     Certain Defined Terms. Capitalized terms used but not
defined herein shall have the meaning ascribed thereto in the Credit Agreement.
As used in this Agreement, the following terms shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of
the terms defined):

                  "BUSINESS DAY" means any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required
by law to remain closed.

                  "CLAIM" means the Lender Claim or the Receivables Claim, as
applicable.

                  "COLLATERAL" means all property and interests in property, now
owned or hereafter acquired or created, of USS in or upon which a Lender
Interest is granted or purported to be granted by USS to the Lenders or the
Lender Agent under any of the Loan Documents.

                  "COLLECTIONS" means, for any Receivable as of any date, (i)
all amounts, whether in the form of wire transfer, cash, checks, drafts, or
other instruments, that are received by the Transferor, USS (in its capacity as
Servicer under (and as defined in) the Receivables Purchase Agreement) or any
Originator in payment of amounts owed in respect of such Receivable (including
purchase price, finance charges, interest and other charges), or applied to any
amount owed by an Obligor on account of such Receivable, including, without
limitation, all amounts received on account of such Receivable (including
insurance payments and net proceeds of the sale or disposition of repossessed
goods or other collateral or property of an Obligor on account of such
Receivable) and all other fees and charges related thereto, (ii) cash proceeds
of Returned Goods with respect to such Receivable and (iii) all amounts paid by
USS in respect of such Receivable pursuant to the Purchase and Sale Agreement
and/or the Receivables Purchase Agreement.

                  "CONTRACT" has the meaning ascribed to such term in the
Receivables Purchase Agreement.

                  "DISPOSITION" means, with respect to any assets of USS, any
liquidation of USS or its assets, the establishment of any receivership for USS
or its assets, a bankruptcy proceeding of USS (either voluntary or involuntary),
the payment of any insurance, condemnation, confiscation, seizure or other claim
upon the condemnation, confiscation, seizure, loss or
                                       3

<PAGE>

destruction thereof, or damage to, or any other sale, transfer, assignment or
other disposition of such assets.

                  "ELIGIBLE TRANSFEREE" has the meaning ascribed to such term in
the Security Agreement.

                  "ENFORCEMENT" means collectively or individually, for (a) any
of the Receivables Collateral Agent, the Funding Agents or the Receivables
Purchasers to (i) declare the Facility Termination Date under the Receivables
Documents or (ii) commence the judicial or nonjudicial enforcement of any of the
default rights and remedies under the Receivables Documents and (b) any of the
Lender Agent or the Lenders during the continuance of a Lender Event of Default
to (i) demand payment in full of or accelerate the indebtedness of the Borrower
to the Lenders and Lender Agent or (ii) commence the judicial or nonjudicial
enforcement of any of the default rights and remedies under the Loan Documents.

                  "ENFORCEMENT NOTICE" means a written notice delivered in
accordance with Section 2.5 which notice shall (i) if delivered by the
Receivables Collateral Agent, state that the Facility Termination Date has
occurred, specify the nature of the Termination Event that has caused the
declaration of such Facility Termination Date, and state that an Enforcement
Period has commenced and (ii) if delivered by the Lender Agent, state that a
Lender Event of Default has occurred and that the payment in full of the Lender
Claim has been demanded or the indebtedness of the Borrower to the Lenders has
been accelerated, specify the nature of the Lender Event of Default that caused
such demand and acceleration, and state that an Enforcement Period has
commenced.

                  "ENFORCEMENT PERIOD" means the period of time following the
receipt by either the Lender Agent, on the one hand, or the Receivables
Collateral Agent, on the other, of an Enforcement Notice delivered by any of the
others until the earliest of the following: (1) the Receivables Claim has been
satisfied in full, none of the Receivables Purchasers have any further
obligations under the Receivables Documents and the Receivables Documents have
been terminated; (2) the Lender Claim has been satisfied in full, the Lenders
have no further obligations under the Loan Documents and the Loan Documents have
been terminated; and (3) the parties hereto agree in writing to terminate the
Enforcement Period.

                  "FACILITY TERMINATION DATE" has the meaning ascribed to such
term in the Receivables Purchase Agreement.

                  "LENDERS" shall mean the Lenders under the Credit Agreement,
the various Agents party thereto and each other Secured Party (as defined in the
Security Agreement).

                  "LENDER CLAIM" means all of the indebtedness, obligations and
other liabilities of USS now or hereafter arising under, or in connection with,
the Loan Documents including, but not limited to, all sums now or hereafter
loaned or advanced to or for the benefit of USS, all reimbursement obligations
of USS with respect to letters of credit, any interest thereon (including,
without limitation, interest accruing after the commencement of a bankruptcy,
insolvency or similar proceeding relating to USS, whether or not such interest
is an allowed
                                       4

<PAGE>

claim in any such proceeding), any reimbursement obligations, fees or expenses
due thereunder, and any costs of collection or enforcement.

                  "LENDER COLLATERAL" means all Collateral which does not
constitute Receivables Assets.

                  "LENDER EVENT OF DEFAULT" has the meaning ascribed to the term
"Event of Default" in the Credit Agreement.

                  "LENDER INTEREST" means, with respect to any property or
interest in property, now owned or hereafter acquired or created, of USS, any
lien, claim, encumbrance, security interest or other interest of the Lender
Agent or the Lenders in such property or interests in property.

                  "LOAN DOCUMENTS" has the meaning ascribed to such term in the
Credit Agreement.

                   "OBLIGOR" has the meaning ascribed to such term in the
Purchase and Sale Agreement.

                  "OUTSTANDING BALANCE" has the meaning ascribed to such term in
the Receivables Purchase Agreement.

                  "PERSON" means any individual, partnership, corporation
(including a business trust), joint stock company, limited liability company,
trust, unincorporated association, joint venture or other entity.

                  "PROCEEDS" has the meaning ascribed to such term in the UCC.

                  "PURCHASED RECEIVABLES" means now owned or hereafter existing
Receivables sold, purported to be sold, transferred or contributed or purported
to be transferred or contributed by any Originator to the Transferor or another
Eligible Transferee under the Purchase and Sale Agreement in connection with the
Effective Date Receivables Financing.

                  "RECEIVABLE" means:

                  (a)      indebtedness and other obligations of, or the right
of the Transferor or any Originator to payment from or on behalf of, an Obligor
(whether constituting an account, chattel, paper, document, instrument or
general intangible) arising from the provision of merchandise, goods or services
to such Obligor, including all monies due or to become due with respect thereto,
including the right to payment of any interest or finance charges and other
obligations of such Obligor with respect thereto;

                  (b)      all security interests or liens and property subject
thereto from time to time securing or purporting to secure any such indebtedness
by such Obligor;

                                       5

<PAGE>

                  (c)      all guarantees, indemnities and warranties, insurance
policies, financing statements and other agreements or arrangements of whatever
character from time to time supporting or securing payment of any such
indebtedness;

                  (d)      all Collections with respect to any of the foregoing;

                  (e)      all Records with respect to any of the foregoing; and

                  (f)      all Proceeds with respect to any of the foregoing.

                  "RECEIVABLES ASSETS" means (i) the Purchased Receivables, (ii)
the Collections related to such Purchased Receivables, (iii) Returned Goods
relating to such Purchased Receivables, (iv) with respect to such Purchased
Receivables, all rights, interest and claims of the Transferor under the
Purchase and Sale Agreement in respect of such Purchased Receivables, (v) each
deposit or other bank account to which any Collections of such Purchased
Receivables are deposited (but in no event shall Receivables Assets include any
Collections or other monies deposited in such accounts which are not Collections
related to Purchased Receivables) and (vi) all Proceeds with respect to any of
the foregoing.

                  "RECEIVABLES CLAIM" means all indebtedness, obligations and
other liabilities of the Originators to the Transferor and of the Originators
and the Transferor to the Receivables Purchasers, the Receivables Collateral
Agent and/or the Funding Agents now or hereafter arising under, or in connection
with, the Receivables Documents, including, but not limited to, all sums or
increases now or hereafter advanced or made to or for the benefit of the
Transferor thereunder as the purchase price paid for Purchased Receivables (or
interests therein) or otherwise under the Receivables Purchase Agreement, any
yield thereon (including, without limitation, yield accruing after the
commencement of a bankruptcy, insolvency or similar proceeding relating to USS
or the Transferor, whether or not such yield is an allowed claim in any such
proceeding), any repayment obligations, fees or expenses due thereunder, and any
costs of collection or enforcement.

                  "RECEIVABLES DOCUMENTS" means the Purchase and Sale Agreement,
the Receivables Purchase Agreement and any other agreements, instruments or
documents (i) executed by the Originators and delivered to the Transferor, the
Funding Agents, the Receivables Collateral Agent or the Receivables Purchasers
or (ii) executed by the Transferor and delivered to the Funding Agents, the
Receivables Collateral Agent or the Receivables Purchasers.

                  "RECEIVABLES INTEREST" means, with respect to any property or
interests in property, now owned or hereafter acquired or created, of any
Originator (regardless of whether sold or contributed by such Originator to the
Transferor), any lien, claim, encumbrance, security interest or other interest
of the Transferor and/or the Receivables Collateral Agent, the Funding Agents or
any Receivables Purchaser in such property or interests in property.

                  "RECEIVABLES PURCHASER" means each Person from time to time
party to the Receivables Purchase Agreement in the capacity of a "CP Conduit
Purchaser" or a "Committed Purchaser" (in each case, as defined in the
Receivables Purchase Agreement).

                  "RECEIVABLES TERMINATION NOTICE" has the meaning set forth in
Section 2.19.

                                       6

<PAGE>

                  "RECORDS" means all Contracts and other documents, books,
records and other information (including computer programs, tapes, disks, data
processing software and related property and rights) maintained with respect to
Receivables, the Obligors thereunder and the Receivables Assets.

                  "RETURNED GOODS" means all returned, repossessed or foreclosed
goods and/or merchandise the sale of which gave rise to a Receivable.

                  "TERMINATION EVENT" has the meaning ascribed to such term in
the Receivables Purchase Agreement.

                  "UCC" means the Uniform Commercial Code as from time to time
in effect in the State of New York.

                  "UNSOLD RECEIVABLES" means any Receivables other than
Purchased Receivables.

                  1.2.     References to Terms Defined in the Receivables
Documents and the Loan Documents. Whenever in Section 1.1 a term is defined by
reference to the meaning ascribed to such term in any of the Receivables
Documents or in any of the Loan Documents, then, unless otherwise specified
herein, such term shall have the meaning ascribed to such term in the
Receivables Documents or Loan Documents, respectively, as in existence on the
date hereof, without giving effect to any amendments of such term (or any
amendment of terms used in such term) as may hereafter be agreed to by the
parties to such documents, unless such amendments have been consented to in
writing by all of the parties hereto.

                      ARTICLE 2. INTERCREDITOR PROVISIONS.

                  2.1.     Priorities with Respect to Receivables Assets.
Notwithstanding any provision of the UCC, any applicable law or decision or any
of the Loan Documents or the Receivables Documents, the Lender Agent (for itself
and on behalf of each Lender) hereby agrees that, upon the sale or other
transfer (including, without limitation, by way of capital contribution) of any
Receivable (or interest therein) by an Originator to the Transferor pursuant to
the Purchase and Sale Agreement, any Lender Interest of the Lenders or the
Lender Agent in such Receivables and all Receivables Assets with respect thereto
shall automatically and without further action cease and be forever released and
discharged and the Lender Agent and the Lenders shall have no Lender Interest
therein; provided, however, that nothing in this Section 2.1 shall be deemed to
constitute a release by the Lender Agent and the Lenders of: (i) any Lender
Interest in the proceeds received by USS from the Transferor for the sale of
Receivables pursuant to the Purchase and Sale Agreement (including, without
limitation, cash payments made by the Transferor); (ii) any Lender Interest or
right of the Lender Agent and the Lenders have in any interests which USS may
acquire from the Transferor and/or the Receivables Collateral Agent or the
Funding Agents in Returned Goods; and (iii) any Lender Interest or right the
Lenders or the Lender Agent have in any Unsold Receivables and the proceeds
thereof; provided further, however, that any Lender Interest in such Returned
Goods shall be junior and subject and subordinate to the Receivables Interest
therein unless and until each of USS and the Transferor shall have made all
payments or adjustments required to be made by it under the Receivables
Documents on account of the reduction of the outstanding balance of any
Purchased Receivable

                                       7

<PAGE>

related to such Returned Goods. If any goods or merchandise, the sale of which
has given rise to a Purchased Receivable, are returned to or repossessed by USS,
on behalf of the Transferor, then, upon payment by USS or the Transferor of all
adjustments required on account thereof under the Receivables Purchase
Agreement, the Receivables Interest in such Returned Goods shall automatically
and without further action cease to exist and be released and extinguished and
such Returned Goods shall thereafter not constitute Receivables Assets for
purposes of this Agreement unless and until such Returned Goods have been resold
so as to give rise to a Receivable and such Receivable has been sold,
contributed or otherwise transferred to the Transferor.

                  2.2.     Respective Interests in Receivables Assets and Lender
Collateral.

                  (a)      Except for all rights to access to and use of Records
granted to the Receivables Collateral Agent and the Receivables Purchasers
pursuant to the Receivables Documents and except for the Receivables Interest of
the Receivables Collateral Agent (for the benefit of the Funding Agents and
Receivables Purchasers) in Returned Goods, which interest is senior in all
respects to any Lender Interest therein subject to Section 2.1, each of the
Transferor and the Receivables Collateral Agent (for itself and on behalf of
each Receivables Purchaser) agrees that it does not have and shall not have any
Receivables Interest in the Lender Collateral. Each of the Transferor and the
Receivables Collateral Agent (for itself and on behalf of each Receivables
Purchaser) agrees that it shall not request or accept, directly or indirectly
(by assignment or otherwise) from USS any collateral security for payment of any
Receivables Claims (other than any such collateral security included in the
Receivables Assets and the right of access to and use of Records granted to the
Receivables Collateral Agent and the Receivables Purchasers pursuant to the
Receivables Documents) and hereby releases any Receivables Interest in any such
collateral security.

                  (b)      Except for rights in Returned Goods granted to the
Lender Agent and the Lenders pursuant to the Loan Documents, which Lender
Interest is junior and subordinate to any Receivables Interest therein, the
Lender Agent (for itself and on behalf of each Lender) agrees that neither the
Lender Agent nor the Lenders have, nor shall they have, any Lender Interest in
the Receivables Assets.

                  2.3.     Distribution of Proceeds. At all times, all proceeds
of Lender Collateral and Receivables Assets shall be distributed in accordance
with the following procedure:

                  (a)      (i) All proceeds of the Lender Collateral shall be
paid to the Lender Agent for application on the Lender Claim and other
obligations and liabilities owing under the Credit Agreement and other Loan
Documents until the Lender Claim and such other obligations and liabilities have
been paid and satisfied in full in cash and the Credit Agreement is terminated;
and (ii) any remaining proceeds shall be paid to USS or as otherwise required by
applicable law, and the Transferor and the Receivables Collateral Agent (for
itself and on behalf of each Receivables Purchaser) agrees that none of the
Transferor, the Receivables Collateral Agent or the Receivables Purchasers have,
nor shall they have, any Receivables Interest in such remaining proceeds. The
foregoing shall not, however, impair any claim or any right or remedy which the
Transferor, the Receivables Collateral Agent, the Funding Agents or the
Receivables Purchasers may have against USS under the Receivables Documents or
otherwise.

                                       8

<PAGE>

                  (b)      (i) All proceeds of the Receivables Assets shall be
paid to the Receivables Collateral Agent for application against the Receivables
Claim and for application in accordance with the Receivables Documents until the
Receivables Claim has been paid and satisfied in full in cash and the
Receivables Documents have terminated; and (ii) subject to Section 2.1 hereof,
any remaining proceeds shall be paid to the Transferor or as otherwise required
by applicable law. The Lender Agent (for itself and on behalf of each Lender)
agrees that, except as set forth in Section 2.1 hereof, neither the Lender Agent
nor the Lenders have, nor shall they have, any Lender Interest in such remaining
proceeds. The foregoing shall not, however, impair any claim or any right or
remedy which the Lender Agent or the Lenders may have against USS under the Loan
Documents or otherwise.

                  (c)      In the event that any of the Transferor, the
Receivables Collateral Agent or the Receivables Purchasers now or hereafter
obtains possession of any Lender Collateral, it shall immediately deliver to the
Lender Agent such Lender Collateral (and until delivered to the Lender Agent
such Lender Collateral shall be held in trust for the Lender Agent). Each of the
Transferor, the Receivables Collateral Agent (for itself and on behalf of each
Receivables Purchaser) further agrees to immediately turn over the proceeds of
any Disposition of Lender Collateral which it (or any Receivables Purchaser)
might receive while any Lender Claim, any other obligations or liabilities under
the Credit Agreement, any Loan Document or any commitment to make financial
accommodations thereunder remain outstanding, regardless of whether the Lender
Agent has a perfected and enforceable lien in the assets of USS from which the
proceeds of any such Disposition have been received.

                  (d)      In the event that the Borrower, the Lenders or the
Lender Agent now or hereafter obtains possession of any Receivables Assets, it
shall immediately deliver to the Receivables Collateral Agent such Receivables
Assets (and until delivered to the Receivables Collateral Agent such Receivables
Assets shall be held in trust for the Receivables Collateral Agent). The
Borrower and the Lender Agent (for itself and on behalf of each Lender) further
agrees to immediately turn over the proceeds of any Disposition of Receivables
Assets to the Receivables Collateral Agent which it (or any Lender) might
receive while any Receivables Claim, any other obligations or liabilities under
the Receivables Documents or any commitment to make financial accommodations
thereunder remain outstanding, regardless of whether the Receivables Collateral
Agent has a perfected and enforceable lien in the assets from which the proceeds
of such Disposition have been received.

                  (e)      USS agrees to keep all Returned Goods segregated from
Inventory. If any Inventory of USS has been commingled with Returned Goods in
which the Receivables Interest continues as provided in Section 2.1 above, and
the Lender Agent or any Lender receives any proceeds on account of such
inventory (whether by reason of sale or by reason of insurance payments on
account thereof) prior to release of such Receivables Interest, then: (i) all
proceeds of such inventory shall be paid to the Lender Agent and the Lender
Agent shall, immediately upon receipt of such proceeds, pay to the Receivables
Collateral Agent for application against the Receivables Claim a share of such
proceeds equal to the dollar amount thereof multiplied by a fraction, the
numerator of which equals the book value of the Returned Goods and the
denominator of which equals the book value of all of the inventory on account of
which the Lender Agent has received such cash proceeds; and (ii) any remaining
proceeds shall be paid to the Lender Agent for application against the Lender
Claim.

                                       9

<PAGE>

                  2.4.     Unsold Receivables.

                  (a)      The Transferor and the Receivables Collateral Agent
(for itself and on behalf of each Receivables Purchaser) hereby acknowledge that
the Lender Agent on behalf of the Lenders and itself shall be entitled to
Collections of Unsold Receivables.

                  (b)      Each of the parties hereto hereby agrees that all
Collections received on account of Receivables Assets shall be paid or delivered
to the Receivables Collateral Agent for application in accordance with Section
2.3(b) and all Collections received on account of Unsold Receivables shall be
paid or delivered to the Lender Agent for application in accordance with Section
2.3(a).

                  (c)      The Lender Agent agrees that it shall not exercise
any rights it may have under the Loan Documents to send any notices to Obligors
informing them of the Lenders' interest (if any) in the Receivables or directing
such Obligors to make payments in any particular manner of any amounts due under
the Receivables prior to the latest of payment in full of the Receivables Claim
and the termination of the Receivables Documents, except that, from and after
any date on which (x) a Receivables Termination Notice has been delivered
pursuant to Section 2.19, (y) the termination and cessation of transfers of
Receivables is required to be effective under the terms of Section 2.19 and (z)
the Receivables Claim has been paid in full or the Purchased Receivables giving
rise to any unpaid Receivables Claim have been written off in accordance with
their terms, the Lender Agent may inform any Obligors of Unsold Receivables that
such Unsold Receivables have been assigned to the Lender Agent so long as such
notices do not under any circumstances direct that payments on account of such
Unsold Receivables be made to any location or account to which payments on
account of Purchased Receivables are required to be made pursuant to the terms
of the Receivables Documents.

                  2.5.     Enforcement Actions. Each of the Lender Agent and the
Receivables Collateral Agent agrees to use reasonable efforts to give an
Enforcement Notice to the others prior to commencement of Enforcement (but
failure to do so shall not prevent such Person from commencing Enforcement or
affect its rights hereunder nor create any cause of action or liability against
such Person). Subject to the foregoing, each of the parties hereto agrees that
during an Enforcement Period:

                  (a)      Subject to any applicable restrictions in the
         Receivables Documents, the Receivables Collateral Agent may at its
         option and without the prior consent of the other parties hereto, take
         any action to (i) accelerate payment of the Receivables Claim or any
         other obligations and liabilities under any of the Receivables
         Documents and (ii) liquidate the Receivables Assets or to foreclose or
         realize upon or enforce any of its rights with respect to the
         Receivables Assets; provided, however, that the Receivables Collateral
         Agent shall not take any action to foreclose or realize upon or to
         enforce any rights it may have with respect to any Receivables Assets
         constituting Returned Goods which have been commingled with the Lender
         Collateral without the prior written consent of the Lender Agent.

                  (b)      Subject to any applicable restrictions in the Loan
         Documents, the Lender Agent or the Lenders may, at their option and
         without the prior consent of the other

                                       10

<PAGE>

         parties hereto, take any action to accelerate payment of the Lender
         Claim or any other obligation or liability arising under any of the
         Loan Documents, foreclose or realize upon or enforce any of their
         rights with respect to the Lender Collateral or other collateral
         security, including, except as otherwise provided in Section 2.3(e),
         with respect to any Receivables Assets constituting Returned Goods that
         have been commingled with the Lender Collateral, or take any other
         actions as they deem appropriate; provided, however, that the Lender
         Agent shall not otherwise take any action to foreclose or realize upon
         or to enforce any rights it may have with respect to uncommingled
         Returned Goods without the Receivables Collateral Agent's prior written
         consent unless the Receivables Claim or any other obligation or
         liability arising under any of the Receivables Documents shall have
         been first paid and satisfied in full and the Receivables Documents
         have terminated.

                  (c)      If Returned Goods are commingled with Inventory, the
         parties agree to cooperate in the disposition of such Returned Goods
         and Inventory and the application of the proceeds thereof as provided
         in Section 2.3(e).

                  2.6.     Access to Records. Subject to any applicable
restrictions in the Receivables Documents (but without limiting any rights under
the Receivables Documents), each of the Receivables Purchasers, the Funding
Agents and the Receivables Collateral Agent may enter one or more premises of
USS, the Transferor or their respective affiliates, whether leased or owned, at
any time during reasonable business hours, without force or process of law and
without obligation to pay rent or compensation to USS, the Transferor, such
affiliates, the Lenders or the Lender Agent, whether before, during or after an
Enforcement Period, and may have access to and use of all Records located
thereon and may have access to and use of any other property to which such
access and use are granted under the Receivables Documents, in each case
provided that such use is for the purpose of enforcing the Receivables
Collateral Agent's, Funding Agent's and/or the Receivables Purchasers' rights
with respect to the Receivables Assets.

                  2.7.     Accountings. The Lender Agent agrees to render
statements to the Receivables Collateral Agent upon reasonable request, which
statements shall identify in reasonable detail the Unsold Receivables and shall
render an account of the Lender Claim, giving effect to the application of
proceeds of Lender Collateral as hereinbefore provided. USS agrees to render
statements to the Lender Agent upon reasonable request, which statements shall
identify in reasonable detail the Purchased Receivables and shall render an
account of the Receivables Claim, giving effect to the application of proceeds
of Receivables Assets and Collateral as hereinbefore provided; provided that the
Receivables Collateral Agent agrees to render such statements to the Lender
Agent upon reasonable request from and after the date (if any) on which USS has
ceased to be the Servicer under (and as defined in) the Receivables Purchase
Agreement. USS and the Transferor hereby authorize the Lender Agent and the
Receivables Collateral Agent to provide the statements described in this
section. None of the Lender Agent, USS or the Receivables Collateral Agent shall
bear any liability if their respective accounts are incorrect.

                  2.8.     Agency for Perfection. The Receivables Collateral
Agent and the Lender Agent hereby appoint each other as agent for purposes of
perfecting by possession their respective security interests and ownership
interests and liens on the Collateral and Receivables

                                       11

<PAGE>

Assets described hereunder. In the event that the Receivables Collateral Agent
obtains possession of any of the Lender Collateral, the Receivables Collateral
Agent shall notify the Lender Agent of such fact, shall hold such Lender
Collateral in trust and shall deliver such Lender Collateral to the Lender Agent
upon request. In the event that the Lender Agent obtains possession of any of
the Receivables Assets, the Lender Agent shall notify the Receivables Collateral
Agent of such fact, shall hold such Receivables Assets in trust and shall
deliver such Receivables Assets to the Receivables Collateral Agent upon
request.

                  2.9.     UCC Notices. In the event that any party hereto shall
be required by the UCC or any other applicable law to give notice to the other
of intended disposition of Receivables Assets or Lender Collateral,
respectively, such notice shall be given in accordance with Section 3.1 hereof
and ten (10) days' notice shall be deemed to be commercially reasonable.

                  2.10.    Independent Credit Investigations. Neither the
Receivables Purchasers, the Receivables Collateral Agent, the Lender Agent nor
the Lenders nor any of their respective directors, officers, agents or employees
shall be responsible to the other or to any other person, firm or corporation
for the solvency, financial condition or ability of USS, any other Originator or
the Transferor to repay the Receivables Claim or the Lender Claim, or for the
worth of the Receivables Assets or the Lender Collateral, or for statements of
USS, any other Originator, the Transferor or the Borrower, oral or written, or
for the validity, sufficiency or enforceability of the Receivables Claim, the
Lender Claim, the Receivables Documents, the Loan Documents, the Receivables
Collateral Agent's interest in the Receivables Assets or the Lenders' or Lender
Agent's interest in the Lender Collateral. The Lenders and the Receivables
Purchasers have entered into their respective agreements with USS, the
Transferor or the Borrower, as applicable, based upon their own independent
investigations. None of the Lenders, the Receivables Collateral Agent or the
Receivables Purchasers makes any warranty or representation to the other nor
does it rely upon any representation of the other with respect to matters
identified or referred to in this Section 2.10.

                  2.11.    Limitation on Liability of Parties to Each Other.
Except with respect to liability for breach of express obligations under this
Agreement, no party shall have any liability to any other party except for
liability arising from the gross negligence or willful misconduct of such party
or its representatives.

                  2.12.    Amendments to Loan Arrangements or to this Agreement.
Each party hereto shall, upon reasonable request of any other party hereto,
provide copies of all modifications or amendments and copies of all other
documentation relevant to the Receivables Assets or the Lender Collateral. All
modifications or amendments of this Agreement must be in writing and duly
executed by an authorized officer of each party hereto to be binding and
enforceable.

                  2.13.    Marshalling of Assets. Nothing in this Agreement will
be deemed to require either the Receivables Collateral Agent or the Lender Agent
(i) to proceed against certain property securing the Lender Claim (or any other
obligation or liability under the Credit Agreement or any other Loan Documents)
or the Receivables Claim (or any other obligation or liability under the
Receivables Documents), as applicable, prior to proceeding against other
property securing such Claim or obligations or liabilities or against certain
persons guaranteeing

                                       12

<PAGE>

any such obligations or (ii) to marshal the Lender Collateral (or any other
collateral) or the Receivables Assets (as applicable) upon the enforcement of
the Lender Agent's or the Receivables Collateral Agent's remedies under the Loan
Documents or Receivables Documents, as applicable.

                  2.14.    Relative Rights.

                  (a)      The relative rights of the Lenders, each as against
the other, shall be determined by agreement among such parties in accordance
with the terms of the Loan Documents. The Receivables Collateral Agent and the
Receivables Purchasers shall be entitled to rely on the power and authority of
the Lender Agent to act on behalf of all of the Lenders Parties (as defined in
the Credit Agreement) to the extent the provisions hereof have the Lender Agent
so act.

                  (b)      The Lender Agent and the Lenders shall be entitled to
rely on the power and authority of the Receivables Collateral Agent to act on
behalf of the Funding Agents and Receivables Purchasers to the extent the
provisions hereof have the Receivables Collateral Agent so act.

                  2.15.    Effect Upon Loan Documents and Receivables Documents.
By executing this Agreement, USS and the Transferor agree to be bound by the
provisions hereof (i) as they relate to the relative rights of the Lenders and
the Lender Agent with respect to the property of USS; and (ii) as they relate to
the relative rights of USS, the other Originators, the Transferor, the
Receivables Purchasers, the Funding Agents and/or the Receivables Collateral
Agent as creditors of (or purchasers from) USS, the other Originators or the
Transferor, as the case may be. USS acknowledges that the provisions of this
Agreement shall not give it any substantive rights as against the Lender Agent
or the Lenders and that nothing in this Agreement shall (except as expressly
provided herein) amend, modify, change or supersede the terms of the Loan
Documents as between USS, the Lender Agent and the Lenders. The Transferor and
USS acknowledge that the provisions of this Agreement shall not give the
Transferor, USS or any other Originator any substantive rights as against the
Receivables Collateral Agent, the Funding Agents or the Receivables Purchasers
and that nothing in this Agreement shall (except as expressly provided herein)
amend, modify, change or supersede the terms of the Receivables Documents as
among the Transferor, USS, the other Originators, the Receivables Collateral
Agent, the Funding Agents or the Receivables Purchasers. USS and the Transferor
further acknowledge that the provisions of this Agreement shall not give any
such party any substantive rights as against the other and that nothing in this
Agreement shall amend, modify, change or supersede the terms of the Receivables
Documents as between USS, the other Originators and the Transferor.
Notwithstanding the foregoing, each of the Receivables Collateral Agent (for
itself and on behalf of each Receivables Purchaser), and the Lender Agent (for
itself and on behalf of each Lender) agrees, that, as between themselves, to the
extent the terms and provisions of the other Loan Documents or the Receivables
Documents are inconsistent with the terms and provisions of this Agreement, the
terms and provisions of this Agreement shall control.

                  2.16.    Nature of the Lender Claim and Modification of Loan
Documents. Each of the Transferor and the Receivables Collateral Agent (for
itself and on behalf of each Receivables Purchaser) acknowledge that the Lender
Claim and other obligations and liabilities

                                       13

<PAGE>

owing under the Loan Documents are, in part, revolving in nature and that the
amount of such revolving indebtedness which may be outstanding at any time or
from time to time may be increased or reduced and subsequently reborrowed. The
terms of the Loan Documents may be modified, extended or amended from time to
time, and the amount thereof may be increased or reduced, all without notice or
consent by any of the Transferor, the Receivables Collateral Agent or the
Receivables Purchasers and without affecting the provisions of this Agreement.
Without in any way limiting the foregoing, each of the Transferor or the
Receivables Collateral Agent (for itself and on behalf of each Receivables
Purchaser) hereby agrees that the maximum amount of the Lender Claim and other
obligations and liabilities owing under the Loan Documents may be increased at
any time and from time to time to any amount.

                  2.17.    Nature of the Receivables Claim and Modification of
Receivables Documents. USS and the Lender Agent (for itself and on behalf of
each Lender) acknowledges that the Receivables Claim and other obligations and
liabilities owing under the Receivables Documents are, in part, revolving in
nature and that the amount of such revolving obligations which may be
outstanding at any time or from time to time may be increased or reduced and
subsequently reincurred. The terms of the Receivables Documents may be modified,
extended or amended from time to time, and the amount thereof may be increased
or reduced, all without notice to or consent by any of USS, the Lenders or the
Lender Agent and without affecting the provisions of this Agreement; provided
that nothing in this Section 2.17 (including, without limitation, the next
succeeding sentence) shall be construed to relieve USS of its obligation to
comply with the covenants under the Credit Agreement. Without in any way
limiting the foregoing, each of USS and the Lender Agent (for itself and on
behalf of each Lender) hereby agrees that the maximum amount of the Receivables
Claim and other obligations and liabilities owing under the Receivables
Documents and the amount of Receivables which may be purchased or otherwise
financed pursuant to the Receivables Documents may, in each case, be increased
at any time and from time to time to any amount.

                  2.18.    Further Assurances. Each of the parties agrees to
take such actions as may be reasonably requested by any other party, whether
before, during or after an Enforcement Period, in order to effect the rules of
distribution and allocation set forth above in this Article 2 and to otherwise
effectuate the agreements made in this Article.

                  2.19.    Termination and Cessation of Transfer of Receivables.
After the occurrence and during the continuance of a Lender Event of Default and
upon written notice thereof by the Lender Agent or the Required Lenders to the
Receivables Collateral Agent (a "Receivables Termination Notice"), the Funding
Agents and USS, (i) USS shall terminate and cease all transfers of Receivables
from the Originators to the Transferor and (ii) the Transferor and the
Receivables Collateral Agent, Receivables Purchasers and Funding Agents shall
terminate and cease, or shall cause the termination and cessation of, all
transfers of Receivables from the Transferor to the Receivables Purchasers or
the Funding Agents (all such termination and cessation under clauses (i) and
(ii) to be effective at the close of business on the Business Day after such
Receivables Termination Notice is effective in accordance with Section 3.1
unless on the date of such notice USS certifies in writing to the Lender Agent
(which certification USS covenants and agrees to provide, if true) that the
Purchased Interest (as defined in the Receivables Purchase Agreement) exceeds
100%, in which case all such termination and cessation shall be effective at the
close of business two Business Days after the Receivables

                                       14

<PAGE>

Termination Notice is effective in accordance with Section 3.1); provided that
in the case of a Lender Event of Default resulting from the commencement of a
bankruptcy, insolvency or similar proceeding relating to USS, all transfers of
Receivables immediately and automatically shall terminate and cease without
notice of any kind (except to the extent otherwise required pursuant to an order
entered by the bankruptcy court having jurisdiction over such proceeding).
Except as set forth in the immediately preceding proviso, nothing contained in
this Section shall affect the rights of the Transferor, Receivables Collateral
Agent, Receivables Purchasers or Funding Agents with respect to Receivables
transferred prior to the time when termination and cessation of such transfers
is required to be effective pursuant to the foregoing provisions of this Section
2.19. The parties hereto acknowledge and agree that, notwithstanding anything to
the contrary in the Receivables Purchase Agreement or the Purchase and Sale
Agreement, delivery of a Receivables Termination Notice hereunder shall
constitute a Termination Event under (and as defined in) the Receivables
Purchase Agreement, and the Receivables Collateral Agent, the Transferor, the
Receivables Purchasers and the Funding Agents shall be authorized to terminate
and cease (or cause the termination and cessation of) transfers of Receivables
as described in clause (ii) of the first sentence of this Section 2.19. Neither
the Lender Agent nor the Required Lenders shall deliver a Receivables
Termination Notice on any date during the continuance of any Event of Default if
on such date the Total Outstanding Amount under (and as defined in) the Credit
Agreement is zero.

                  2.20.    Blocked Accounts. The Receivables Collateral Agent
(for itself and on behalf of the Receivables Purchasers and Funding Agents)
hereby consents to the execution of blocked account agreements (the "Blocked
Account Agreements") with respect to bank accounts currently held in the name of
the Transferor, in accordance with Section 5(b) of the Security Agreement (it
being understood that the Lender Interest in such bank accounts and amounts held
therein shall extend only to Unsold Receivables and Collections and other
proceeds in respect thereof). The Receivables Collateral Agent agrees, upon the
written request of the Lender Agent (an "Initial Notification Request"), to
provide a written response stating whether or not the Receivables Documents have
been terminated and all monetary obligations under the Receivables Documents
have been satisfied in full and, if such termination and satisfaction have
occurred, to notify the applicable banks as contemplated in Section 5(b)(i) of
the Security Agreement (it being understood that the Lender Agent shall deliver
an Initial Notification Request only if it believes in good faith belief that
the Receivables Documents may have terminated and all monetary obligations
thereunder may have been paid, or if it has been instructed in good faith by the
Required Lenders to make such Initial Notification Request). If the Receivables
Collateral Agent (i) does not respond in writing to such Initial Notification
Request or (ii) confirms in writing that the Receivables Documents have been
terminated and all monetary obligations under the Receivables Documents have
been satisfied in full, but does not so notify the applicable banks, in either
case within five Business Days of the effectiveness of such Initial Notification
Request, the Lender Agent may deliver a Final Notification Request (as defined
below). During the continuance of the Receivables Collateral Agent's failure to
respond or give requisite notice to the applicable banks, each of the Funding
Agents party hereto agrees, upon the written request of the Lender Agent (a
"Final Notification Request"), to state whether or not the Receivables Documents
have been terminated and all monetary obligations under the Receivables
Documents have been satisfied and, if such termination and satisfaction have
occurred, to use all commercially reasonable efforts to cause the Receivables
Collateral Agent to notify the applicable banks as contemplated in Section
5(b)(i) of the Security Agreement. In the

                                       15

<PAGE>

event that the Funding Agents have not complied with, or caused the Receivables
Collateral Agent to comply with, such Final Notification Request within three
Business Days of the effectiveness of such Final Notification Request, the
Lender Agent shall be entitled to deliver the notice contemplated in Section
5(b)(i) of the Security Agreement. Notwithstanding anything to the contrary in
this Section 2.20, if the Receivables Collateral Agent or any Funding Agent
responds in writing to an Initial Notification Request or a Final Notification
Request within the respective time periods allowed herein for such response, and
such written response states that the Receivables Documents have not terminated
or that all monetary obligations in respect thereof have not been satisfied, the
Lender Agent (regardless of whether it disputes the statements set forth in such
response) shall not be entitled to deliver the notice contemplated in Section
5(b)(i) of the Security Agreement unless and until the Receivables Collateral
Agent or a Funding Agent shall have indicated in writing (or a court of
competent jurisdiction shall have determined) that the Receivables Documents
have terminated and all monetary obligations in respect thereof have been
satisfied.

                  2.21.    No Petition. The Lender Agent (for itself and on
behalf of each Lender) hereby agrees that, prior to the date which is one year
and one day after date upon which the Receivables Claim is paid in full, it will
not institute against, or join any other Person in instituting against, the
Transferor any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other similar proceeding under any bankruptcy or
similar law of the United States or any state of the United States.

                            ARTICLE 3. MISCELLANEOUS

                  3.1.     Notices. All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing
(including telecommunications and communication by facsimile copy) and delivered
by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopy or facsimile as to each party hereto, at its address set forth
under its name on the signature pages hereof or at such other address as shall
be designated by such party in a written notice to the other parties hereto. All
such notices and communications shall be effective upon receipt or, in the case
of notice by telex, when telexed against receipt of the answerback, or in the
case of notice by facsimile copy, when verbal confirmation of receipt is
obtained, in each case addressed as aforesaid.

                  3.2.     Agreement Absolute. Each of the Receivables
Collateral Agent and the Receivables Purchasers shall be deemed to have entered
into the Receivables Documents in express reliance upon this Agreement and the
Lenders and the Lender Agent shall be deemed to have entered into the Loan
Documents in express reliance upon this Agreement. This Agreement may not be
modified or amended, except in accordance with Section 2.12. This Agreement
shall be applicable both before and after the filing of any petition by or
against USS, any other Originator or the Transferor under the U.S. Bankruptcy
Code and all references herein to USS, any other Originator or the Transferor
shall be deemed to apply to a debtor-in-possession for such party and all
allocations of payments between the Lenders and the Receivables Purchasers
shall, subject to any court order to the contrary, continue to be made after the
filing of such petition on the same basis that the payments were to be applied
prior to the date of the petition.

                                       16

<PAGE>

                  3.3.     Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of each of the parties hereto and their
respective successors and assigns. The successors and assigns for USS, the other
Originators and the Transferor shall include a debtor-in-possession or trustee
of or for such party. The successors and assigns for the Lenders, the
Receivables Purchasers, the Funding Agents, the Lenders Agent and the
Receivables Collateral Agent, as the case may be, shall include any successor
Lenders, Receivables Purchasers, the Funding Agents, Lender Agent and
Receivables Collateral Agent, as the case may be, appointed under the terms of
the Loan Documents or the Receivables Documents, as applicable. Each of the
Lender Agent (for itself and on behalf of each Lender) and the Receivables
Collateral Agent (for itself and on behalf of each Receivables Purchaser), as
the case may be, agrees not to transfer any interest it may have in the Loan
Documents or the Receivables Documents unless such transferee has been notified
of the existence of this Agreement and has agreed to be bound hereby. In the
event that the financing provided under the Credit Agreement shall be
refinanced, replaced or refunded, USS, the Transferor and the Receivables
Collateral Agent hereby agree, at the request of the agent or lenders under the
credit facility that so refinances, replaces or refunds the financing under the
Credit Agreement, to execute and deliver a new intercreditor agreement with such
agent and/or lenders on substantially the same terms as herein provided. In the
event that the financing provided under the Receivables Documents shall be
refinanced, replaced or refunded, the Lender Agent (for itself and on behalf of
each Lender) hereby agrees that, at the request of the agent or purchasers under
the facility that so refinances, replaces or refunds the financing under the
Receivables Documents, to execute and deliver a new intercreditor agreement with
such agent and/or purchasers on substantially the same terms as herein provided.

                  3.4.     Beneficiaries. The terms and provisions of this
Agreement shall be for the sole benefit of the parties hereto, the Lenders, the
Funding Agents and the Receivables Purchasers and their respective successors
and assigns, and no other Person shall have any right, benefit or priority by
reason of this Agreement.

                  3.5.     GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTIONS 5-1401 OF THE GENERAL OBLIGATIONS LAWS OF THE STATE OF NEW YORK, BUT
OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS).

                  3.6.     Section Titles. The article and section headings
contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the
parties hereto.

                  3.7.     Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or thereof or affecting the
validity or enforceability of such provision in any other jurisdiction.

                  3.8.     Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
agreement.

                                       17

<PAGE>

                  3.9.     Effectiveness. This Agreement shall become effective
as of the date hereof on the date on which each of the Lender Agent and the
Receivables Collateral Agent shall have received duly executed counterparts
hereof signed by each of the parties hereto (or, in the case of any such Person
as to which an executed counterpart shall not have been received, receipt by the
Lender Agent and the Receivables Collateral Agent in a form satisfactory to it
of a telex, facsimile or other written confirmation from such Person that it has
executed a counterpart hereof or a consent hereto, as applicable). On and after
the date of effectiveness hereof, the rights and obligations of the parties
hereto shall be governed by this Agreement, and on the date of effectiveness
hereof, the intercreditor agreement dated as of November 30, 2003 among the
parties hereto (the "EXISTING INTERCREDITOR AGREEMENT") shall automatically
terminate.

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                  JPMORGAN CHASE BANK,
                                    as a Funding Agent and, solely for the
                                    purpose of Section 3.9, as "Funding Agent"
                                    under the Existing Intercreditor Agreement
                                    referred to in Section 3.9.

                                  By: /s/ Christopher Lew
                                     -----------------------------------
                                  Name:  Christopher Lew
                                  Title: Assistant Vice President

                                  Address:   4 New York Plaza, 6th Floor
                                             New York, NY 10004
                                  Attention: Christopher Lew, Conduit
                                             Administration
                                  Telecopy:  (212) 623-5980

                                       18

<PAGE>

                                  THE BANK OF NOVA SCOTIA,
                                    as a Funding Agent and as Receivables
                                    Collateral Agent and, solely for the purpose
                                    of Section 3.9, as "Funding Agent" and as
                                    "Receivables Collateral Agent" under the
                                    Existing Intercreditor Agreement referred to
                                    in Section 3.9.

                                  By: /s/ Norman Last
                                      ----------------------------------
                                          Name:  Norman Last
                                          Title: Managing Director

                                  Address:   One Liberty Plaza, 26th Floor
                                             New York, NY 10006
                                  Attention: Norman Last
                                  Telecopy:  (212) 225-5090

                                       19

<PAGE>

                                  JPMORGAN CHASE BANK,
                                    as Lender Agent and, solely for the purpose
                                    of Section 3.9, as "Lender Agent" under the
                                    Existing Intercreditor Agreement referred to
                                    in Section 3.9.

                                  By: /s/ James H. Ramage
                                      ----------------------------------
                                          Name:  James H. Ramage
                                          Title: Managing Director

                                  Address:   270 Park Avenue, 4th Floor
                                             New York, NY 10017
                                  Attention: James Ramage
                                  Telecopy:  (212) 270-5100

                                       20

<PAGE>

                                  U.S. STEEL RECEIVABLES LLC,
                                    as Transferor and, solely for the purpose of
                                    Section 3.9, as "Transferor" under the
                                    Existing Intercreditor Agreement referred to
                                    in Section 3.9.

                                  By: /s/ L. T. Brockway
                                      ----------------------------------
                                          Name:  L. T. Brockway
                                          Title: Vice President

                                  Address:   600 Grant Street, Room 1325
                                             Pittsburg, PA 15219
                                  Attention: Treasurer
                                  Telecopy:  (412) 433-4567

                                       21

<PAGE>

                                  UNITED STATES STEEL CORPORATION,
                                    as Originator, as Servicer and as Borrower
                                    and, solely for the purpose of Section 3.9,
                                    as "Originator", as "Servicer" and as
                                    "Borrower" under the Existing Intercreditor
                                    Agreement referred to in Section 3.9.

                                  By: /s/ G. R. Haggerty
                                      ----------------------------------
                                      Name:  G. R. Haggerty
                                      Title: Executive Vice President, Treasurer
                                             and Chief Financial Officer

                                  Address:   600 Grant Street, Room 1325
                                             Pittsburg, PA 15219
                                  Attention: Treasurer
                                  Telecopy:  (412) 433-4567

                                       22

<PAGE>

Accepted and Agreed:

JPMORGAN CHASE BANK,
as Administrative Agent and Collateral
Agent under the Credit Agreement

By:   /s/ James H. Ramage
    -----------------------------------------
      Name:  James H. Ramage
      Title: Managing Director

GENERAL ELECTRIC CAPITAL CORPORATION,
as Co-Collateral Agent under the Credit Agreement

By:   /s/ Gregory Eck
    -----------------------------------------
      Name:  Gregory Eck
      Title: Duly Authorized Signatory

                                       23

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