CREDIT AGREEMENT Dated as of September 29, 2010 among CALIFORNIA STEEL INDUSTRIES, INC., as Borrower, THE LENDERS NAMED HEREIN and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative AgentCredit Agreement • October 27th, 2010 • California Steel Industries Inc • Steel works, blast furnaces & rolling mills (coke ovens) • New York
provided that (i) in the event that Borrower does not deliver a Compliance Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until (but only until) such Compliance Certificate is delivered the Applicable Pricing Level for that Pricing Period shall be Pricing Level III, and, subject to clause (ii) of this proviso, if upon delivery of such Compliance Certificate a change is warranted in the Applicable Pricing Level for such Pricing Period, such change shall be effective on the first calendar day of the first calendar month beginning after delivery of such Compliance Certificate, and (ii) if any Compliance Certificate is subsequently determined to be in error with respect to the Applicable Pricing Level, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period. Changes in the Applicable Pricing Level shall occur irrespective of the presence or absence of an Even
