EXECUTION COPY
 
AMENDMENT NO. 7 TO THE
CREDIT AGREEMENT
 
Dated as of May 25, 2007
 
AMENDMENT NO. 7 TO THE CREDIT AGREEMENT among Chemtura Corporation, a Delaware
corporation (the “Company”), the guarantors parties thereto (the “Guarantors”),
the banks, financial institutions and other institutional lenders parties to the
Credit Agreement referred to below (collectively, the “Lenders”) and Citibank,
N.A., as agent (the “Agent”) for the Lenders.
 
PRELIMINARY STATEMENTS:
 
(1) The Company, the Guarantors, the Lenders and the Agent have entered into a
Credit Agreement dated as of July 1, 2005, as amended and restated by Amendment
No. 1 dated as of December 12, 2005 and further amended by Amendment No. 2 dated
as of December 31, 2005, Amendment No. 3 dated as of December 31, 2005,
Amendment No. 4 dated as of May 9, 2006, Amendment No. 5 dated as of December
14, 2006, Amendment No. 6 dated as of February 27, 2007 and the Letter Waiver
dated as of March 16, 2006 (as so amended, the “Credit Agreement”). Capitalized
terms not otherwise defined in this Amendment have the same meanings as
specified in the Credit Agreement.
 
(2) The Company, the Guarantors and the Required Lenders have agreed to amend
the Credit Agreement as hereinafter set forth.
 
SECTION 1.  Amendments to Credit Agreement
. The Section 5.02(f)(ix) of the Credit Agreement is, effective as of the date
hereof and subject to the satisfaction of the conditions precedent set forth in
Section 2, hereby amended in full to read as follows:
 
(ix) (1) sales of the Organic Peroxides business, the EPDM and Rubber Chemicals
business and certain other businesses identified to the Lenders in a letter from
the Company dated May 16, 2007 (so long as, to the extent that there are
Advances outstanding, the net cash proceeds of the sales of the businesses
referred to in this clause (1) are used to prepay such Advances), and (2) other
sales of assets for fair value in an aggregate amount not to exceed $25,000,000
or, if the Increase Conditions (as set forth below) are met, $50,000,000 in any
year, provided that in the case of the sale of any asset in a single transaction
or a series of related transactions in an aggregate amount exceeding
$15,000,000, the fair value of such asset shall have been determined in good
faith by the Board of Directors of the Company.
 
SECTION 2.  Conditions of Effectiveness. This Amendment shall become effective
as of the date first above written when, and only when, the Agent shall have
received counterparts of this Amendment executed by the Company, each Guarantor
and the Required Lenders or, as to any of the Lenders, advice satisfactory to
the Agent that such Lender has executed this Amendment. This Amendment is
subject to the provisions of Section 9.01 of the Credit Agreement.
 
 
 

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SECTION 3.  Representations and Warranties of the Company. The Company
represents and warrants as follows:
 
(a)  Each Loan Party and each of its Subsidiaries (i) is a corporation, limited
liability company, limited partnership, unlimited liability company or other
legal entity duly organized, validly existing and in good standing (or its
equivalent) under the laws of the jurisdiction of its incorporation or
formation, except where the failure to be so duly organized, validly existing or
in good standing in the case of a Subsidiary organized outside of the United
States has not had, or could not reasonably be expected to have, a Material
Adverse Effect, (ii) is duly qualified and in good standing as a foreign
corporation or company in each other jurisdiction in which it owns or leases
property or in which the conduct of its business requires it to so qualify or be
licensed except where the failure to so qualify or be licensed would not be
reasonably likely to have a Material Adverse Effect, and (iii) has all requisite
corporate, limited liability company, partnership, unlimited liability company
or other organizational (as applicable) power and authority and has all
applicable governmental authorizations to own or lease and operate its
properties and to carry on its business.
 
(b)  The execution, delivery and performance by the Company of this Amendment
and the Credit Agreement, as amended hereby, are within the Company’s corporate
powers, have been duly authorized by all necessary corporate action, and do not
(i) contravene the Company’s charter or bylaws, (ii) violate any law, rule,
regulation (including, without limitation, Regulation X of the Board of
Governors of the Federal Reserve System), order, writ, judgment, injunction,
decree, determination or award applicable to the Company, (iii) conflict with or
result in the breach of, or constitute a default or require any payment to be
made under, any contract, loan agreement, indenture, mortgage, deed of trust,
lease or other instrument binding on or affecting the Company, any of its
Subsidiaries or any of their properties or (iv) except for the Liens created
under the Loan Documents, result in or require the creation or imposition of any
Lien upon or with respect to any of the properties of the Company or any of its
Subsidiaries. Neither the Company nor any of its Subsidiaries is in violation of
any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or in breach of any such contract, loan agreement,
indenture, mortgage, deed of trust, lease or other instrument, the violation or
breach of which would be reasonably likely to have a Material Adverse Effect.
 
(c)  No authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body or any other third party is
required for the due execution, delivery and performance by the Company of this
Amendment and the Credit Agreement, as amended hereby, except for those
authorizations, approvals, actions, notices and filings which have been duly
obtained, taken, given, waived or made and are in full force and effect.
 
(d)  This Amendment has been duly executed and delivered by each Loan Party.
This Amendment and the Credit Agreement, as amended hereby, are the legal, valid
and binding obligation of the Company, enforceable against each Loan Party in
accordance with their terms, except to the extent that such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors rights generally and by equitable principles
(regardless of whether enforcement is sought in equity or at law).
 
 
 

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(e)  There is no action, suit, investigation, litigation or proceeding affecting
any Loan Party or any of its Subsidiaries, including any Environmental Action,
pending or threatened before any court, governmental agency or arbitrator that
(i) would be reasonably likely to have a Material Adverse Effect (other than the
Disclosed Litigation) or (ii) purports to affect the legality, validity or
enforceability of this Amendment or the Credit Agreement, as amended hereby, and
there has been no material adverse change in the status, or financial effect on
any Loan Party or any of its Subsidiaries, of the Disclosed Litigation.
 
(f) No Default has occurred and is continuing.
 
SECTION 4.  Reference to and Effect on the Credit Agreement and the Notes.
(a) On and after the effectiveness of this Amendment, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in the Notes and
each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by this Amendment.
 
(b)  The Credit Agreement and the Notes and each of the other Loan Documents, as
specifically amended by this Amendment, are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.
 
(c)  The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender or the Agent under the Credit Agreement or any other Loan
Document, nor constitute a waiver of any provision of the Credit Agreement or
any other Loan Document.
 
SECTION 5.  Costs and Expenses. The Company agrees to pay on demand all costs
and expenses of the Agent in connection with the preparation, execution,
delivery and administration, modification and amendment of this Amendment and
the other instruments and documents to be delivered hereunder (including,
without limitation, the reasonable fees and expenses of counsel for the Agent)
in accordance with the terms of Section 9.04 of the Credit Agreement.
 
SECTION 6.  Execution in Counterparts. This Amendment 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 taken together shall constitute but one and the same agreement. Delivery
of an executed counterpart of a signature page to this Amendment by telecopier
shall be effective as delivery of a manually executed counterpart of this
Amendment.
 
SECTION 7.  Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.
 
 
 

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

        CHEMTURA CORPORATION  
   
   
    By:   /s/   

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Name:   Title:       A & M CLEANING PRODUCTS, LLC    AQUA CLEAR INDUSTRIES, LLC 
  ASCK, INC.     ASEPSIS, INC.    BIOLAB TEXTILE ADDITIVES, LLC    BIO-LAB,
INC.    CNK CHEMICAL REALTY CORPORATION    CROMPTON COLORS INCORPORATED   
CROMPTON HOLDING CORPORATION    CROMPTON MONOCHEM, INC.    GREAT LAKES CHEMICAL
CORPORATION   GREAT LAKES CHEMICAL GLOBAL, INC.    GT SEED TREATMENT, INC.   
HOMECARE LABS, INC.     ISCI, INC.    KEM MANUFACTURING CORPORATION    MONOCHEM,
INC.    NAUGATUCK TREATMENT COMPANY    RECREATIONAL WATER PRODUCTS, INC.   
UNIROYAL CHEMICAL COMPANY LIMITED (DELAWARE)    WEBER CITY ROAD LLC    WRL OF
INDIANA, INC.  

           
   
   
    By:      

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Name: Eric Wisnefsky   Title: Treasurer

        ENENCO, INCORPORATED  
   
   
    By:   /s/   

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Name: Barry J. Shainman   Title: Secretary

 
 
 
 

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Accepted and agreed:
 
CITIBANK, N.A.,
as Agent and as a Lender
 
By: __________________________    
Name:
Title:
BANK OF AMERICA, N.A.
 
By:  __________________________    
Name:
Title:
ABN AMRO BANK N.V.
 
By:  __________________________ 
Name:
Title:
By:     
Name:
Title:
CREDIT SUISSE, CAYMAN ISLANDS BRANCH
 
By:  __________________________
Name:
Title:
By:     
Name:
Title:
MORGAN STANLEY BANK, as a Lender
 
By:  __________________________
Name:
Title:
THE ROYAL BANK OF SCOTLAND PLC, as a Lender
 
By:  __________________________
Name:
Title:
WACHOVIA BANK, NATIONAL ASSOCIATION
 
By:  __________________________
Name:
Title:
CALYON NEW YORK BRANCH
 
By:  __________________________
Name:
Title:
DEUTSCHE BANK AG NEW YORK BRANCH
 
By:  __________________________
Name:
Title:
 
By:  __________________________
Name:
Title:
ING CAPITAL LLC
 
By:  __________________________
Name:
Title:
SUMITOMO MITSUI BANKING CORP., NEW YORK
 
By:  __________________________ 
Name:
Title:
INTESA SANPAOLO SpA - NEW YORK BRANCH
 (formerly known as Banca Intesa)
 
By:  __________________________     
Name:
Title:
 
By:  __________________________    
Name:
Title:
BANCA NAZIONALE DEL LAVOR SPA, NEW YORK BRANCH
 
By:  __________________________     
Name:
Title:
BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY, f.k.a. BANK OF TOKYO-MITSUBISHI
TRUST COMPANY
 
By:  __________________________    
Name:
Title:
COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
 
By:  __________________________    
Name:
Title:
 
By:  __________________________    
Name:
Title:
THE NORTHERN TRUST COMPANY
 
By:  __________________________    
Name:
Title: