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|                                                                                                                                                                                                                                                                                                                                |                               Execution      Copy |
|                                                                                                                                                                                                                                                                                                                                |
| DATED      14 JUNE 2005                                                                                                                                                                                                                                                                                                             |
|  KRONOS      TITAN GMBHKRONOS      EUROPE S.A./N.V.KRONOS      TITAN ASKRONOS NORGE ASTITANIA      ASANDKRONOS DENMARK APSAS      BORROWERSKRONOS      TITAN GMBHKRONOS      EUROPE S.A./N.V.KRONOS NORGE AS ANDKRONOS      DENMARK APSAS      GUARANTORSWITHDEUTSCHE      BANK LUXEMBOURG S.A.ACTING      AS AGENT  |
|   SECOND AMENDMENT AGREEMENTRELATING      TO A FACILITY      AGREEMENTDATED      25 JUNE 2002                           dated 3 September 2004)                                    |

| (1)   | Kronos Titan GmbH      (formerly known as Kronos Titan GmbH & Co. oHG), a limited liability      company (Gesellschaft      mit beschränkter Haftung) organised under the laws of the Federal      Republic of Germany, having its business address at Peschstrasse 5, 51373      Leverkusen, Federal Republic of Germany, which is registered in the      commercial register (Handelsregister) of the      local court (Amtsgericht) of Köln      under HRB 48718 (the "German      Borrower"); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Kronos Europe S.A./N.V.,      a Belgian company with its registered office at Langerbruggekaai 10, 9000      Ghent, Belgium, registered nationally under RPR 0449.103.862 (the "Belgian      Borrower"); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Kronos Titan AS, a      Norwegian company with registered office at Titangt. 1, 1630 Gamle      Fredrikstad, Norway, registered under no. 948 616 491 (the "Norwegian Borrower      1"); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Titania AS, a Norwegian      company with registered office at 4380 Hauge i Dalane, Norway, registered      under no. 916 769 318 (the "Norwegian Borrower      2"); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Kronos Norge AS, a      Norwegian company with registered office at Titangt. 1, 1630 Gamle      Fredrikstad, Norway, registered under no. 816 769 132; (the "Norwegian Borrower      3" and together with the Norwegian      Borrower 1 and the Norwegian Borrower 2, collectively the "Norwegian Borrowers"); |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | Kronos Denmark ApS, a      Danish company with registered office at Hanne Nielsens Vej 10, 2840      Holte, Denmark, with registration number CVR. no. 24 24 27 81 (the      "Danish      Borrower"); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | Deutsche Bank AG as      mandated lead arranger; |
|-----------------|--------------------------------------------------|

| (8)   | THE EXITING LENDERS as specified on      the signature page; |
|-----------------|--------------------------------------------------------------|

| (9)   | THE CONTINUING LENDERS      as specified on the signature page      (the Exiting Lenders and the Continuing Lenders are herein collectively      referred to as the "Lenders"); and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10)   | Deutsche Bank Luxembourg      S.A. as agent for the Finance Parties (as defined in the Original      Facility Agreement) (the "Agent") and as security      agent for the Secured Parties (as defined in the Original Facility      Agreement). |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A)   | The      Lenders made a facility available to the German Borrower, the Belgian      Borrower, the Norwegian Borrowers and the Danish Borrower pursuant to the terms and      conditions under the Original Facility Agreement (as defined      below). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)   | The      parties hereto      have agreed to amend the Original Facility Agreement pursuant to the terms and conditions of      this Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | DEFINITIONS      AND INTERPRETATION |
|----------------|-------------------------------------|

| 1.1   | Definitions |
|-----------------|-------------|

| 1.2   | Unless      a contrary indication appears, terms used in the Original Facility      Agreement shall, when used in this Agreement have the same meaning as in      the Original Facility Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | Any      reference in this Agreement to a "Clause" or a "sub-clause" shall, subject      to any contrary indication, be construed as a reference to a clause or a      sub-clause hereof. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | AMENDMENT |
|----------------|-----------|

| 2.1   | Amendment of the Original Facility      Agreement |
|-----------------|---------------------------------------------------|

| 2.2   | Security      Confirmation |
|-----------------|----------------------------|

| (a)   | The      German Borrower hereby confirms that the Security Documents entered into      by it continue in full force and effect      and also shall secure its obligations and the obligations of any      of the other Obligors under the Amended Facility  Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Belgian Borrower hereby confirms that the Security Documents entered into      by it continue in full force and effect      and also shall secure its obligations and the obligations of any      of the other Obligors under the      Amended Facility Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Kronos      Denmark ApS hereby confirms that the Security Documents entered into by it      continue in full force and effect and      also shall secure its obligations and the obligations of any of      the other Obligors under the      Amended Facility Agreement |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Each      of the Norwegian Borrowers hereby      confirms that the Security Documents entered into by it continue in full force and effect and      also shall secure its obligations      and the obligations of any of the other      Norwegian Borrowers under the Amended Facility Agreement, in each      case to the extent as permitted under the Norwegian Companies Act 1997      Section 8-7. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | REPRESENTATIONS |
|----------------|-----------------|

| 4.   | CONTINUITY      AND FURTHER ASSURANCE |
|----------------|---------------------------------------|

| 4.1   | Continuing      obligations |
|-----------------|-----------------------------|

| 4.2   | Further      assurance |
|-----------------|------------------------|

| 5.   | FEES,      COSTS AND EXPENSES |
|----------------|-------------------------------|

| 5.1   | Transaction      expenses |
|-----------------|---------------------------|

| 5.2   | Enforcement      costs |
|-----------------|------------------------|

| 5.3   | Stamp      taxes |
|-----------------|------------------|

| 6.   | TRANSFER      AND ASSIGNMENT |
|----------------|------------------------------|

| 6.1   | Each Lender confirms that the details in Part I      and Part II of Schedule 3 (Transfer of Available      Commitment/Loans) accurately      summarise its participation in the Facility made available under the      Original Facility Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2   | Each Exiting Lender hereby assigns and transfers,      with effect from the Effective Date (aufschiebende      Befristung), such part of its      participation in the Loans (and its rights and obligations under the      Finance Documents relating thereto) as is set out in Part III of Schedule      3 (Transfer of      Available Commitment/Loans) to such      Continuing Lender as is set out in Part III of Schedule 3 (Transfer of Available      Commitment/Loans) in accordance with      paragraph (b) of Clause 27.5 (Procedure for      Transfer) of the Original Facility      Agreement so that each Continuing Lender's participation in the Loans is      as referred to in Part IV of Schedule 3 (Transfer of Available      Commitment/Loans). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3   | Each of the Continuing Lenders hereby accepts such      transfer and assignment. |
|-----------------|----------------------------------------------------------------------------------|

| 6.4   | Each Continuing Lender confirms that it has      received such information as it has required in connection with this      transaction and that it has not relied and will not hereafter rely on the      respective Exiting Lender to check or enquire on its behalf into the      legality, validity, effectiveness, adequacy, accuracy or completeness of      any such information and further agrees that it has not relied and will      not rely on the respective Exiting Lender to assess or keep under review      on its behalf the financial condition, creditworthiness, condition,      affairs, status or nature of the  Obligors. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5   | Each Exiting Lender makes no representation or      warranty and assumes no responsibility with respect to the legality,      validity, effectiveness, adequacy or enforceability of the Finance      Documents or, in any case, any document relating thereto and assumes no      responsibility for the financial condition of the Obligors or for the      performance and observance by the Obligors of any of its obligations under      the Finance Documents or, in any case, any document relating thereto and      any and all such conditions and warranties, whether express or implied by      law or, in any case, otherwise, are hereby  excluded. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6   | Each Exiting Lender hereby gives notice that      nothing herein or in the other Finance Documents (or, in any case, any      document relating thereto) shall oblige such Exiting Lender to (a) accept      a re-transfer from the respective Continuing Lender of the whole or any      part of its rights, benefits and/or obligations under      the  Finance Documents transferred pursuant hereto or (b)      support any losses directly or indirectly sustained or incurred by the      respective Continuing Lender for any reason whatsoever including the      non-performance by an Obligor or any other party to the Finance Documents      (or, in any case, any document relating thereto) of its obligations under      any such document. The respective Continuing Lender hereby acknowledges      the absence of any such obligation as is referred to in (a) or (b)      above. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7   | Each Exiting Lender and the respective Continuing      Lender hereby agree that the benefit of the guarantees and indemnities      granted pursuant to Clause 21 (Guarantee and      Indemnity) of the Original Facility      Agreement and the benefit of each of the Security Documents shall be      transferred to the respective Continuing Lender on the Effective Date to      the extent such guarantees and indemnities relate to the portion of the      Loans assigned and transferred to the respective Continuing Lender      pursuant hereto. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.8   | Each Continuing Lender hereby expressly consents      to the declarations of the Security Agent made on behalf and in the name      of such Continuing Lender as Future Pledgee (as such term is defined in      the Security Documents, being pledges which are governed by German law) in      such Security Documents. Each Continuing Lender confirms that it is aware      of the content of such Security  Documents. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | MISCELLANEOUS |
|----------------|---------------|

| 7.1   | Incorporation      of terms |
|-----------------|-----------------------------|

| 7.2   | Designation      as Finance Document |
|-----------------|--------------------------------------|

| 1.   | Obligors |
|----------------|----------|

| (a)   | A      copy of the constitutional documents of each  Obligor. |
|-----------------|---------------------------------------------------------------|

| (b)   | A      copy of a resolution of the board of directors of the Belgian Borrower,      eachNorwegian Borrower and the Danish  Borrower: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | approving      the terms of, and the transactions contemplated by, this Agreement and      resolving that it executes thisAgreement; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | authorising      a specified person or persons to execute this Agreement on its behalf;      and |
|------------------|--------------------------------------------------------------------------------------------------|

| (iii)   | authorising      a specified person or persons, on its behalf, to sign and/or despatch all      documents and notices to be signed and/or despatched by it under or in      connection with this Agreement. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      copy of a resolution signed by all the holders of the issued shares in the      German Borrower, approving the terms of, and the transactions contemplated      by, this Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | A      specimen of the signature of each person authorised to sign this      Agreement. |
|-----------------|-----------------------------------------------------------------------------------------|

| (e)   | A      certificate validly signed on behalf of the      relevant Obligor confirming that borrowing and/or guaranteeing      the Total Commitments would not cause any borrowing and/or guaranteeing limit binding on      it to be exceeded. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | A      certificate of an authorised signatory of the relevant Obligor certifying      that each copy document relating to it specified in this Schedule 1 is      correct, complete and in full force and effect as at a date no earlier      than the date of this Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | The      Original Financial Statements (as defined in      the Amended Facility Agreement) of each  Obligor. |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| 2.   | Legal      Opinions |
|----------------|---------------------|

| (a)   | A      legal opinion of Clifford Chance Partnerschaftsgesellschaft, legal      advisers to the Agent in Germany, substantially in the form distributed to      the Lenders prior to signing thisAgreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      legal opinion of Clifford Chance, legal advisers to the Agent in Belgium,      substantially in the form distributed to the Lenders prior to signing this      Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      legal opinion of Bugge, Arentz-Hansen & Rasmussen, legal advisers to      the Agent in Norway, substantially in the form distributed to the Lenders      prior to signing this Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | A      legal opinion of Gorissen Federspiel Kierkegaard, legal advisers to the      Agent in Denmark, substantially in the form distributed to the Lenders      prior to signing this Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | A      legal opinion of Clifford Chance Rogers & Wells, legal advisers to the      Agent in the United States of America, substantially in the form      distributed to the Lenders prior to signing this  Agreement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Other      documents and evidence |
|----------------|-----------------------------------|

| (a)   | A copy of a confirmation agreement relating to the      Subordination Agreement, duly executed by the Parent and the German      Borrower. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      copy of any other Authorisation or other document, opinion or assurance      which the Agent considers to be necessary or desirable in connection with      the entry into and performance of the transaction contemplated by this      Agreement or for the validity and enforceability of this      Agreement. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name of Lender                   | Participation |
|----------------------------------|---------------|
|                             |          |
| Deutsche Bank Luxembourg    S.A. | 260,939.72    |
| Commerzbank AG Filiale Köln | 365,315.61    |
| DnBNOR Bank ASA                  | 365,315.61    |
| Dexia Bank Belgium               | 469,691.50    |
| KBC Bank N.V.                    | 365,315.61    |
| Dresdner Bank AG in Köln    | 260,939.72    |
| Total                            | 2,087,517.77  |

| Name of Lender                   | Available Commitments    |
|----------------------------------|--------------------------|
|                             |                     |
| Deutsche Bank Luxembourg    S.A. |   9,739,060.28 |
| Commerzbank AG Filiale Köln | 13,634,684.39            |
| DnBNOR Bank ASA                  | 13,634,684.39            |
| Dexia Bank Belgium N.V./S.A.     | 17,530,308.50            |
| KBC Bank N.V.                    | 13,634,684.39            |
| Dresdner Bank AG in Köln    | 9,739,060.28             |
| Total                            | 77,912,482.23            |

| Name of Exiting Lender        | Name of Continuing Lender                                    | Participation                  |
|-------------------------------|--------------------------------------------------------------|--------------------------------|
|                          |                                                         |                           |
| Dexia Bank BelgiumN.V./S.A.   | Commerzbank AG Filiale KölnDnBNOR Bank ASAKBC Bank N.V. | 156,563.83156,563.83156,563.83 |
| Dresdner Bank AG in Köln | Deutsche Bank LuxembourgS.A                                  | 260,939.72                     |

| Name of Exiting Lender        | Name of Continuing Lender                                    | Participation                        |
|-------------------------------|--------------------------------------------------------------|--------------------------------------|
|                          |                                                         |                                 |
| Dexia Bank BelgiumN.V./S.A.   | Commerzbank AG Filiale KölnDnBNOR Bank ASAKBC Bank N.V. | 5,843,436.175,843,436.175,843,436.17 |
| Dresdner Bank AG in Köln | Deutsche Bank LuxembourgS.A                                  | 9,739,060.28                         |

| Name of Continuing Lender        | Participants |
|----------------------------------|--------------|
|                             |         |
| Deutsche Bank Luxembourg    S.A. | 521,879.45   |
| Commerzbank AG Filiale Köln | 521,879.44   |
| DnBNOR Bank ASA                  | 521,879.44   |
| KBC Bank N.V.                    | 521,879.44   |
| Total                            | 2,087,517.77 |

| Name of Continuing Lender        | Available Commitment |
|----------------------------------|----------------------|
|                             |                 |
| Deutsche Bank Luxembourg    S.A. | 19,478,120.56        |
| Commerzbank AG Filiale Köln | 19,478,120.56        |
| DnBNOR Bank ASA                  | 19,478,120.56        |
| KBC Bank N.V.                    | 19,478,120.56        |
| Total                            | 77,912,482.23        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|
|        SCHEDULE 2                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                       |
|   DATED 25 June 2002as      amended by an amendment agreement dated 3 September 2004 and a second      amendment      agreement dated 15 June 2005                                                                                                                                                                                                                                                                                                         |                                       |
| KRONOS TITAN GMBH & CO. OHGKRONOS      EUROPE S.A./N.V.KRONOS      TITAN ASandTITANIA      ASas      Borrowers KRONOS      TITAN GMBH & CO. OHGKRONOS      EUROPE S.A./N.V.andKRONOS      NORGE ASas      Guarantors KRONOS      DENMARK APSas      Security Provider DEUTSCHE      BANK AGas      Mandated Lead Arranger DEUTSCHE      BANK LUXEMBOURG S.A.as      Agent and Security AgentandKBC      BANK NVas      Fronting BankandOthers |                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | EUR 80,000,000FACILITY      AGREEMENT |   |

| CLAUSE |                                                                           | PAGE |
|--------|--------------------------------------------------------------------------------|------|
| 1      | Definitions      and Interpretation                                            | 1    |
| 2      | The      Facility                                                              | 20   |
| 3      | Purpose                                                                        | 20   |
| 4      | Conditions      of Utilisation                                                 | 20   |
| 5      | Utilisation                                                                    | 22   |
| 6      | Optional      Currencies                                                       | 23   |
| 7      | Letters      of Credit                                                         | 24   |
| 8      | Repayment                                                                      | 26   |
| 9      | Borrower’s      Liabilities In Relation To Letters Of Credit             | 26   |
| 10     | Prepayment      And Cancellation                                               | 28   |
| 11     | Interest                                                                       | 31   |
| 12     | Default      Interest                                                          | 31   |
| 13     | Interest      Periods and Terms                                                | 32   |
| 14     | Changes      To The Calculation Of Interest                                    | 33   |
| 15     | Fees                                                                           | 34   |
| 16     | Tax      Gross Up And Indemnities                                              | 36   |
| 17     | Increased      Costs                                                           | 40   |
| 18     | Other      Indemnities                                                         | 41   |
| 19     | Mitigation      By The Lenders                                                 | 42   |
| 20     | Costs      And Expenses                                                        | 43   |
| 21     | Guarantee      And Indemnity                                                   | 45   |
| 22     | Representations                                                                | 48   |
| 23     | Information      Undertakings                                                  | 52   |
| 24     | Financial      Covenants                                                       | 54   |
| 25     | General      Undertakings                                                      | 56   |
| 26     | Events      Of Default                                                         | 64   |
| 27     | Changes      To The Lenders                                                    | 69   |
| 28     | Changes      To The Obligors                                                   | 73   |
| 29     | Role      Of The Agent, the Security Agent And The Mandated Lead      Arranger | 74   |
| 30     | Conduct      Of Business By The Finance Parties                                | 83   |
| 31     | Sharing      Among The Finance Parties                                         | 83   |
| 32     | The      Lenders and the Fronting Bank                                         | 85   |
| 33     | Payment      Mechanics                                                         | 88   |
| 34     | Set-Off                                                                        | 91   |
| 35     | Notices                                                                        | 91   |
| 36     | Calculations      And Certificates                                             | 94   |
| 37     | Partial      Invalidity                                                        | 94   |
| 38     | Remedies      And Waivers                                                      | 94   |
| 39     | Amendments      And Waivers                                                    | 94   |
| 40     | Governing      Law                                                             | 96   |
| 41     | Enforcement                                                                    | 96   |
|   | SCHEDULE      1  The Original Lenders                                | 97   |
|   | SCHEDULE      2  Conditions Precedent                                | 98   |
|   | SCHEDULE      3  Utilisation Request                                 | 102  |
|   | SCHEDULE      4  Mandatory Cost Formulae                             | 104  |
|   | SCHEDULE      5  Form of Transfer Certificate                        | 108  |
|   | SCHEDULE      6  Form of Compliance Certificate                      | 112  |
|   | SCHEDULE      7  Existing Security                                   | 114  |
|   | SCHEDULE      8  Existing Financial Indebtedness                     | 115  |
|   | SCHEDULE      9  Timetables                                          | 116  |
|   | SCHEDULE      10  Form of Combining Schedule                         | 119  |
|   | SCHEDULE      11  Form of Confidentiality Undertaking                | 136  |
|   | SCHEDULE      12  Form of Letter of Credit                           | 141  |
|   | SCHEDULE      13  Form of Auditor’s Report                     | 143  |

| (1)   | KRONOS TITAN GMBH & CO. OHG      (the "German      Borrower"), KRONOS      EUROPE S.A./N.V. (the "Belgian Borrower"),      KRONOS TITAN AS      (the "Norwegian      Borrower 1") and TITANIA AS (the "Norwegian Borrower 2")      as borrowers (each a "Borrower" and together      the "Borrowers"); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | KRONOS TITAN GMBH & CO.      OHG (the "German      Guarantor"),      KRONOS EUROPE S.A./N.V. (the "Belgian Guarantor") and      KRONOS NORGE AS      (the "Norwegian      Guarantor") as guarantors (each a "Guarantor" and together      the "Guarantors"); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | KRONOS DENMARK APS as      additional security provider ("Kronos      Denmark"); |
|-----------------|----------------------------------------------------------------------------------|

| (4)   | DEUTSCHE BANK AG as      mandated lead arranger (the "Mandated Lead      Arranger"); |
|-----------------|--------------------------------------------------------------------------------------|

| (5)   | KBC BANK NV as fronting      bank (the "Fronting      Bank"); |
|-----------------|---------------------------------------------------------------|

| (6)   | THE FINANCIAL INSTITUTIONS      listed in Schedule 1 as lenders (the "Original Lenders");      and |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (7)   | DEUTSCHE BANK LUXEMBOURG S.A.      as agent of the other Finance Parties (the "Agent") and as Security      Agent for the Secured Parties (the "Security      Agent"). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | DEFINITIONS      AND INTERPRETATION |
|----------------|-------------------------------------|

| 1.1   | Definitions |
|-----------------|-------------|

| (b)   | in      relation to any Obligor whose jurisdiction of incorporation is the Federal      Republic of Germany, generally accepted accounting principles in the      Federal Republic of Germany; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      relation to any Obligor whose jurisdiction of incorporation is Belgium,      generally accepted accounting principles in  Belgium; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | in      relation to any Obligor whose jurisdiction of incorporation is Norway,      generally accepted accounting principles in Norway;  and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | in      relation to Kronos Denmark, generally accepted accounting principles in      Denmark; and |
|-----------------|---------------------------------------------------------------------------------------------------|

| (f)   | in      relation to the Parent, US GAAP. |
|-----------------|------------------------------------------|

| (a)   | the      Base Currency Amount of its participation in any outstanding Loans and      Letters of Credit; and |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to any proposed Utilisation, the Base Currency Amount of its      participation in any Loans and Letters of Credit that are due to be made      on or before the proposed UtilisationDate, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      interest which a Lender should have received for the period from the date      of receipt of all or any part of its participation in a Loan or Unpaid Sum      to the last day of the current Interest Period in respect of that Loan or      Unpaid Sum, had the principal amount or Unpaid Sum received been paid on      the last day of that InterestPeriod; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      amount which that Lender would be able to obtain by placing an amount      equal to the principal amount or Unpaid Sum received by it on deposit with      a leading bank in the Relevant Interbank Market for a period starting on      the Business Day following receipt or recovery and ending on the last day      of the current Interest Period. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | (in      relation to any day other than a date for the payment, purchase of, or      rate fixing relating to euro) a day, other than a Saturday or Sunday, on      which banks are open for general business in Luxembourg, (in relation to      the Letter of Credit) the principal financial centre of the country of the      Facility Office of the Fronting Bank and (in relation to any date for      payment or purchase of, or rate fixing relating to, a sum denominated in a      currency other than euro) the principal financial centre of the country of      that currency; or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | (in      relation to any date for payment, purchase of, or rate fixing relating to      euro) any TARGET Day. |
|-----------------|---------------------------------------------------------------------------------------------------------------|

| (a)   | marketable      debt securities for which a recognised trading market exists (including      money market funds that invest substantially all of their assets in debt      securities accessible within 30 days) maturing within one year after the      relevant date of calculation, denominated in euros, sterling or dollars or      kroner ("Accepted      Currency") issued by any member state of the European Union, Norway      and the United States of America which are not convertible into any other      form of security; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | marketable      debt securities for which a recognised trading market exists (including      money market funds that invest substantially all of their assets in debt      securities accessible within 30 days) maturing within one year after the      relevant date of calculation, denominated in any Accepted Currency which      are not convertible into any other form of security, rated P-1 (Moody's      Investor Services Inc.) or A-1 (Standard & Poors'      Corporation); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | certificates      of deposit and time deposits maturing within one year after the relevant      date of calculation, denominated in any Accepted Currency issued by, and      acceptances by, banking institutions authorised under applicable      legislation of any member state of the European Union, the United States      of America or Norway which at the time of making such issue or      acceptances, have outstanding debt securities rated as provided in      paragraph (b) above or which have minimum capital of EUR 250,000,000;      and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | such      other securities (if any) as are approved in writing by the      Agent, |
|-----------------|-----------------------------------------------------------------------------------|

23.3(a)(i)
23.3(a)(ii)

| (a)   | in      relation to an Original Lender, the amount in the Base Currency set      opposite its name under the heading "Commitment" in Schedule 1 (The Original Lenders)      and the amount of any other Commitment transferred to it under this      Agreement; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to any other Lender, the amount in the Base Currency of any      Commitment transferred to it under this  Agreement, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

26

| (a)   | the      applicable Screen Rate; or |
|-----------------|-------------------------------------|

| (b)   | (if      no Screen Rate is available for the Interest Period of that Loan) the      arithmetic mean of the rates (rounded upwards to four decimal places) as      supplied to the Agent at its request quoted by the Reference Banks to      leading banks in the European interbankmarket, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

26

2

15

| (a)   | moneys      borrowed; |
|-----------------|-----------------------|

| (b)   | any      amount raised by acceptance under any acceptance credit      facility; |
|-----------------|---------------------------------------------------------------------------------|

| (c)   | any      amount raised pursuant to any note purchase facility or the issue of      bonds, notes, debentures, loan stock or any similar      instrument; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      amount of any liability in respect of any Capital  Lease; |
|-----------------|--------------------------------------------------------------------|

| (e)   | receivables      sold or discounted (other than any receivables to the extent they are sold      on a non-recourse basis); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (f)   | any      amount under any other transaction (including any forward sale or purchase      agreement) having the commercial effect of a borrowing as defined in      paragraphs (a) or (c) above (which, for the avoidance of doubt, shall not      include deferred payment obligations which are standard within the      industry and in the ordinary course of  business); |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | any      derivative transaction and the resulting net liability as determined from      time to time, if any, entered into in connection with protection against      or benefit from fluctuation in any rate or price (and, when calculating      the value of any derivative transaction, only the marked to market value      shall be taken into account); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | any      counter-indemnity obligation in respect of a guarantee, indemnity, bond,      standby or documentary letter of credit or any other instrument issued by      a bank or financial institution;and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      amount of any liability in respect of any guarantee or indemnity for any      of the items referred to in paragraphs (a) to (h)  above. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

13
12.1

| (a)   | each      sum paid or due and payable by the Fronting Bank to the beneficiary of a      Letter of Credit pursuant to the terms of that Letter of Credit;      and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | all      liabilities, costs (including, without limitation, any costs incurred in      funding any amount which falls due from the Fronting Bank under a Letter      of Credit), claims, losses and out-of-pocket expenses which the Fronting      Bank incurs or sustains in connection with a Letter of    Credit, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

9

4.1

| (a)   | the      principle that equitable remedies may be granted or refused at the      discretion of a court, the limitation of enforcement by laws relating to      insolvency, reorganisation and other laws generally affecting the rights      of creditors; and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      time bearing of claims, defences of set-off or counterclaim and similar      principles which are set out in the Legal Opinions as qualifications as to      matters of law. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | any      Original Lender; and |
|-----------------|-------------------------------|

| (b)   | any      bank, financial institution, trust, fund or other entity which has become      a Party in accordance with Clause 27      (Changes to the      Lenders), |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      relation to any Loan (other than a Loan denominated or to be denominated      in sterling), the applicable Screen Rate;or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to (i) any Loan denominated in or to be denominated in sterling      or (ii) any other Loan if no Screen Rate is available for the currency or      Interest Period of that other Loan, the arithmetic mean of the rates      (rounded upwards to four decimal places) as supplied to the Agent at its      request quoted by the Reference Banks to leading banks in the London      interbank market, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | until      the Total Commitments have been reduced to zero, a Lender or Lenders whose      Commitments aggregate more than 51% of the Total Commitments (or, if the      Total Commitments have been reduced to zero and there are no Loans or      Letters of Credit then outstanding, aggregated more than 51% of the Total      Commitments immediately prior to the reduction);  or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | at      any other time, a Lender or Lenders whose participations in the      Outstandings aggregate more than 51% of all the    Outstanding. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | whose      total assets represent 5 per cent. or more of the consolidated total      assets of the Group; or |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| (b)   | whose      total operating income represents 5 per cent. or more of the consolidated      total operating income of theGroup, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (i)   | if      any Material Subsidiary sells, transfers or otherwise disposes of the      majority of its undertaking or assets (whether by a single transaction or      a number of related transactions) to any other member of the      Group: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | that      other member of the Group shall be deemed to become a Material Subsidiary      on the date of the relevant sale, transfer or disposal;  and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | any      Material Subsidiary which sells, transfers or otherwise disposes of the      majority of its undertaking or assets (whether by a single transaction or      a number of related transactions) shall no longer be a Material Subsidiary      on the date of the relevant sale, transfer or  disposal, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | if      any Material Subsidiary does not satisfy either of the tests set out in      paragraphs (a) and (b) above for reasons other than those referred to      under paragraph (i) above, then such Material Subsidiary shall cease to be      a Material Subsidiary from the point of time that the non-satisfaction of      such tests can be determined from the annual audited accounts or the half      yearly unaudited accounts referred to above;and |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | if      a Subsidiary has been acquired since the date as of which the latest      consolidated annual or half yearly accounts of the Group were prepared,      such accounts shall be adjusted in order to take into account the      acquisition of such Subsidiary. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | if      the numerically corresponding day is not a Business Day, that period shall      end on the next Business Day in that calendar month in which that period      is to end if there is one, or if there is not, on the immediately      preceding Business Day; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | if      there is no numerically corresponding day in the calendar month in which      that period is to end, that period shall end on the last Business Day in      that calendar month. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4.3

| (a)   | in      relation to the Norwegian Guarantor, its audited consolidated financial      statements for the financial year ended 31 December 2004 prepared using      Applicable GAAP; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to each Obligor, its audited unconsolidated financial statements      for the financial year ended 31 December 2004 prepared using Applicable      GAAP; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      relation to the Group, a Combining Schedule for the financial year ended      31 December 2004 prepared using USGAAP. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (a)   | arising      under or permitted pursuant to the Finance  Documents; |
|-----------------|---------------------------------------------------------------------|

| (b)   | incurred      with the prior written consent of the Majority Lenders and any Refinancing      thereof; |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (c)   | existing      on the date of this Agreement and listed in Schedule 8 (Existing Financial      Indebtedness) and any Refinancing thereof, provided that the      Financial Indebtedness referred to in item 1 of Schedule 8 (Existing Financial      Indebtedness) (or any Refinancing thereof) is repaid upon the first      Utilisation Date and the Financial Indebtedness referred to in item 7 of      Schedule 8 (Existing      Financial Indebtedness) (or any Refinancing thereof) is repaid no      later than 120 days from the date of this Agreement and provided furtherthat any Refinancing of      the Financial Indebtedness referred to in items 2 and 3 of Schedule 8      (Existing Financial      Indebtedness) is subject to a subordination agreement between the      debtor, the creditor and the Security Agent on substantially the same      terms as in the SubordinationAgreement; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | arising      under any derivative transaction entered into by any member of the Group      in respect of Financial Indebtedness of such members of the Group and any      Refinancing thereof provided that such      derivative transactions are (i) entered into to protect members of the      Group from fluctuations in interest rates on outstanding Financial      Indebtedness to the extent the notional principal amount of such      derivative transactions does not, at the time of the incurrence thereof,      exceed the principal amount of the Financial Indebtedness to which such      derivative transaction relates and (ii) entered into in the ordinary      course of business of such members of the Group and not for investment or      speculative purposes; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | arising      under any commodity agreements or currency agreements entered into by any      member of the Group provided that (i) in the      case of any such currency agreements which relate to Financial      Indebtedness or trade payables of any member of the Group, such currency      agreements do not increase the outstanding Financial Indebtedness or trade      payables of such member of the Group (other than as a result of      fluctuations in foreign currency exchange rates or by reason of fees,      indemnities and compensation payable thereunder) and (ii) in the case of      any such commodity agreements or currency agreements, such agreements are      entered into in the ordinary course of business of such members of the      Group and not for investment or speculative  purposes; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | owed      by any Obligor to any otherObligor; |
|-----------------|-----------------------------------------------|

| (g)   | owed      by any member of the Group which is not an Obligor to any other member of      the Group which is not an Obligor or to an Obligor, unless incurred in      violation of this Agreement; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | arising      under any Intra-group Loans provided that the      payment claims of the Parent or any other member of the Kronos Group in      respect of any such Intra-group Loans have been subordinated to the claims      of the Finance Parties pursuant to the Subordination Agreement;      and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | arising      from the honouring by a Lender or other financial institution of a cheque,      draft or similar instrument inadvertently (except in the case of daylight      overdrafts) drawn against insufficient funds in the ordinary course of      business, provided      that such Financial Indebtedness is extinguished within two      Business Days of incurrence; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j)   | consisting      of guarantees, indemnities or obligations in respect of customary purchase      price adjustments in connection with the acquisition of or disposal over      assets up to an aggregate amount of EUR 2,000,000 (or its equivalent      in another currency or currencies); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k)   | incurred      by the Norwegian Borrower 2 in the ordinary course of business to finance      the purchase price for the acquisition of heavy earth moving equipment or      other similar equipment related to mining by it or any Refinancing thereof      up to an aggregate amount of EUR 10,000,000 (or its equivalent in      another currency or currencies); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l)   | incurred      by any member of the Group the principal amount of which (when aggregated      with the principal amount of all other Financial Indebtedness incurred by      the members of the Group other than any Financial Indebtedness permitted      under paragraphs (a) to (k) above) does not exceed EUR 5,000,000 (or its      equivalent in another currency orcurrencies). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | any      guarantee or indemnity granted by any member of the Group or any      assumption of liability in respect of any obligation of any other person      made by any member of the Group in the ordinary course of its trading or      business and upon terms usual for such trading or  business; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      guarantee or indemnity required under any of the Finance      Documents; |
|-----------------|-----------------------------------------------------------------------------------|

| (c)   | any      loan, grant of credit, guarantee or indemnity or assumption of any      liability in respect of any other person which is granted or made by any      member of the Group who is not an Obligor to or for the benefit of an      Obligor; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      loan, grant of credit, guarantee or indemnity or assumption of any      liability in respect of any other person which is granted or made by any      Obligor to or for the benefit of any other Obligor;  and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | any      loan granted by any Obligor to any wholly-owned subsidiary being a member      of the Group which is not an Obligor (including the sale or discounting of      receivables by any member of the Group to the German Borrower) up to an      aggregate amount ofEUR 5,000,000. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | (if      the currency is euro) two TARGET Days before the first day of that period;      or |
|-----------------|---------------------------------------------------------------------------------------------|

| (b)   | (for      any other currency) two Business Days before the first day of that      period, |
|-----------------|-------------------------------------------------------------------------------------------|

| (a)   | the      jurisdiction of incorporation of each member of the Group;    and |
|-----------------|----------------------------------------------------------------------------|

| (b)   | the      jurisdiction where any asset subject to or intended to be subject to the      Transaction Security is situated. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

22.1
22.6
22.9
22.13
22.19
22.20

| (a)   | made      or to be made on the same day thata: |
|-----------------|------------------------------------------------|

| (i)   | maturing      Loan is due to be repaid; or |
|-----------------|--------------------------------------------|

| (ii)   | demand      in respect of a Letter of Credit is due to be  met; |
|------------------|-----------------------------------------------------------------|

| (b)   | the      aggregate amount of which is equal to or less than the maturing Loan or      Letter of Credit; |
|-----------------|---------------------------------------------------------------------------------------------------------|

| (c)   | in      the same currency as the maturing Loan (unless it arose as a result of the      operation of Clause 6.2 (Unavailability of a      currency)) or Letter of Credit;and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | made      or to be made to the same Borrower for the purpose  of: |
|-----------------|-------------------------------------------------------------------|

| (i)   | refinancing      a maturing Loan; or |
|-----------------|--------------------------------------|

| (ii)   | satisfying      any demand made by the Fronting Bank through the Agent pursuant to a      drawing under a Letter of Credit. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      relation to any amount to be advanced or owing in euro, the percentage      rate per annum determined by the Banking Federation of the European Union      for the relevant period; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      all other respects, the British Bankers Association Interest Settlement      Rate for the relevant currency andperiod, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------|

| (a)   | which      is controlled, directly or indirectly, by the first mentioned company or      corporation; |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (b)   | more      than half the issued share capital of which is beneficially owned,      directly or indirectly by the first mentioned company or corporation;      or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | which      is a Subsidiary of another Subsidiary of the first mentioned company or      corporation, |
|-----------------|------------------------------------------------------------------------------------------------------|

| (a)   | the      proposed Transfer Date specified in the Transfer Certificate;      and |
|-----------------|---------------------------------------------------------------------------------|

| (b)   | the      date on which the Agent executes the Transfer  Certificate. |
|-----------------|----------------------------------------------------------------------|

| 1.2   | Construction |
|-----------------|--------------|

| (a)   | Unless      a contrary indication appears, any reference in this Agreement      to: |
|-----------------|-------------------------------------------------------------------------------------|

| (i)   | the      "Agent", the      "Mandated Lead      Arranger", the "Security Agent", any      "Finance Party",      any "Lender", the      "Parent", any      "Obligor" or any      "Party" shall be      construed so as to include its successors in title, permitted assigns and      permitted transferees; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | "assets" includes present      and future properties, revenues and rights of every      description; |
|------------------|------------------------------------------------------------------------------------------------------|

| (iii)   | the      "European interbank      market" means the interbank market for euro operating in      Participating Member States; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | a      "Finance Document"      or any other agreement or instrument is a reference to that Finance      Document or other agreement or instrument as amended or      novated; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | "indebtedness" includes      any obligation (whether incurred as principal or as surety) for the      payment or repayment of money, whether present or future, actual or      contingent; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | a      Lender's "participation", in      relation to a Letter of Credit, shall be construed as a reference to the      rights and obligations of that Lender in relation to that Letter of Credit      as are expressly set out in thisAgreement; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | a      "person" includes      any individual, person, firm, company, corporation, unincorporated      organisation, government, state or agency of a state or any association,      trust, joint venture or partnership (whether or not having separate legal      personality) or two or more of theforegoing; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | a      "regulation"      includes any regulation, rule, official directive, request or guideline      (whether or not having the force of law) of any governmental,      intergovernmental or supranational body, agency, department or regulatory,      self-regulatory or other authority or  organisation; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | a      provision of law is a reference to that provision as amended or      re-enacted; and |
|------------------|---------------------------------------------------------------------------------------------|

| (x)   | a      time of day is a reference to Luxembourgtime. |
|-----------------|------------------------------------------------------|

| (b)   | Section,      Clause and Schedule headings are for ease of reference      only. |
|-----------------|-------------------------------------------------------------------------------------------|

| (c)   | Unless      a contrary indication appears, a term used in any other Finance Document      or in any notice given under or in connection with any Finance Document      has the same meaning in that Finance Document or notice as in this      Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | A      Default (other than an Event of Default) is "continuing" if it has      not been remedied or waived and an Event of Default is "continuing" if it has      not been waived. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | Currency      Symbols and Definitions |
|-----------------|---------------------------------------|

| 2.   | THE      FACILITY |
|----------------|-------------------|

| 2.1   | The      Facility |
|-----------------|-------------------|

| 2.2   | Finance      Parties' rights and obligations |
|-----------------|----------------------------------------------|

| (a)   | The      obligations of each Finance Party under the Finance Documents are      several.  Failure by a Finance Party to perform its obligations      under the Finance Documents does not affect the obligations of any other      Party under the Finance Documents.  No Finance Party is      responsible for the obligations of any other Finance Party under the      Finance Documents. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      rights of each Finance Party under or in connection with the Finance      Documents are separate and independent rights and any debt arising under      the Finance Documents to a Finance Party from an Obligor shall be a      separate and independent debt. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      Finance Party may, except as otherwise stated in the Finance Documents,      separately enforce its rights under the Finance  Documents. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | PURPOSE |
|----------------|---------|

| 3.1   | Purpose |
|-----------------|---------|

| 3.2   | Monitoring |
|-----------------|------------|

| 4.   | CONDITIONS      OF UTILISATION |
|----------------|--------------------------------|

| 4.1   | Initial      conditions precedent |
|-----------------|-----------------------------------|

| 4.2   | Further      conditions precedent |
|-----------------|-----------------------------------|

5.4

| (a)   | no      Default is continuing or would result from the proposed Loan or Letter of      Credit, as the case may be; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Repeating Representations to be made by each Obligor and Kronos Denmark      are true in all material respects. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| 4.3   | Conditions      relating to Optional Currencies |
|-----------------|-------------------------------------------------|

| (a)   | A      currency will constitute an Optional Currency in relation to a Loan      if: |
|-----------------|-------------------------------------------------------------------------------------|

| (i)   | it      is readily available in the amount required and freely convertible into      the Base Currency in the Relevant Interbank Market on the Quotation Day      and the Utilisation Date for that Loan;and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | it      is either (y) dollars or kroner or (z) some other currency that has been      approved by the Agent (acting on the instructions of all the Lenders) on      or prior to receipt by the Agent of the relevant Utilisation      Request  for that Loan. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      the Agent has received a written request from a Borrower for a currency to      be approved under paragraph (a)(ii) above, the Agent will confirm to that      Borrower by the Specified Time: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | whether      or not the Lenders have granted their approval;  and |
|-----------------|-------------------------------------------------------------------|

| (ii)   | if      approval has been granted, the minimum amount (and, if required, integral      multiples) for any subsequent Utilisation in that  currency. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4   | Maximum      number of Loans |
|-----------------|------------------------------|

| (a)   | A      Borrower may not deliver a Utilisation Request if as a result of the      proposed Utilisation 8 or more Loans and/or 6 or more Letters of Credit      would be outstanding. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      Loan made by a single Lender under Clause 6.2 (Unavailability of a      currency) shall not be taken into account in this Clause 4. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | UTILISATION |
|----------------|-------------|

| 5.1   | Delivery      of a Utilisation Request |
|-----------------|----------------------------------------|

| 5.2   | Completion      of a Utilisation Request |
|-----------------|------------------------------------------|

| (a)   | Each      Utilisation Request is irrevocable and will not be regarded as having been      duly completed unless: |
|-----------------|------------------------------------------------------------------------------------------------------------------|

| (i)   | the      proposed Utilisation Date is a Business Day within the Availability      Period; |
|-----------------|-------------------------------------------------------------------------------------------|

| (ii)   | the      currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);      and |
|------------------|-------------------------------------------------------------------------------------------------------------|

| (iii)   | the      proposed Interest Period or Term, as the case may be, complies with      Clause 13 (Interest Periods and      Terms). |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Only      one Loan or Letter of Credit may be requested in each Utilisation      Request. |
|-----------------|-------------------------------------------------------------------------------------------|

| 5.3   | Currency      and amount |
|-----------------|--------------------------|

| (a)   | The      currency specified in a Utilisation Request must be the Base Currency or,      in the case of Loans only, an OptionalCurrency. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      amount of the proposed Loan or Letter of Credit must  be: |
|-----------------|--------------------------------------------------------------------|

| (i)   | (in      respect of a Loan) if the currency selected is the Base Currency, a      minimum of EUR 5,000,000 or, if less, the  Available      Facility; or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | if      the currency selected is dollars, a minimum of $ 5,000,000 or, if      less, the Available Facility; or |
|------------------|----------------------------------------------------------------------------------------------------------------------|

| (iii)   | if      the currency selected is kroner, a minimum of NOK 50,000,000, or, if      less, the Available Facility; or |
|-------------------|-------------------------------------------------------------------------------------------------------------------------|

| (iv)   | if      the currency selected is an Optional Currency other than dollars or      kroner, the minimum amount (and, if required, integral multiple) specified      by the Agent pursuant to paragraph (b)(ii) of Clause 4.3      (Conditions relating to      Optional Currencies) or, if less, the Available Facility provided that the      minimum amount so specified by the Agent does not materially exceed the      minimum amount set out in sub-paragraphs (i)      of paragraph (b)  above; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | (in      respect of a Letter of Credit) an amount which, when aggregated with the      amount of Outstandings in respect of Letters of Credit at such time, does      not exceed EUR 5,000,000; and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | in      any event such that its Base Currency Amount is less than or equal to the      Available Facility. |
|------------------|------------------------------------------------------------------------------------------------------------|

| 5.4   | Lenders'      and Fronting Bank participation |
|-----------------|-----------------------------------------------|

| (a)   | If      the conditions set out in this Agreement have been met, (i) each Lender      shall make its participation in each Loan available by the Utilisation      Date through its Facility Office, and (ii) the Fronting Bank shall issue      each Letter of Credit through its Facility  Office. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      amount of each Lender's participation in each Loan and each Letter of      Credit will be equal to the proportion borne by its Available Commitment      to the Available Facility immediately prior to making the Loan or issuing      the Letter of Credit. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Agent shall determine the Base Currency Amount of each Loan which is to be      made in an Optional Currency and shall notify each Lender of the amount,      currency and the Base Currency Amount of each Loan and the amount of its      participation in that Loan, in each case by the Specified      Time. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | OPTIONAL      CURRENCIES |
|----------------|--------------------------|

| 6.1   | Selection      of currency |
|-----------------|----------------------------|

| 6.2   | Unavailability      of a currency |
|-----------------|-----------------------------------|

| (a)   | a      Lender notifies the Agent that the Optional Currency (other than an      Optional Currency which is dollars or kroner) requested is not readily      available to it in the amount required;or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      Lender notifies the Agent that compliance with its obligation to      participate in a Loan in the proposed Optional Currency would contravene a      law or regulation applicable to it, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

6.2

| 6.3   | Participation      in a Loan |
|-----------------|------------------------------|

(b)
5.4

| 7.   | LETTERS      OF CREDIT |
|----------------|------------------------|

| 7.1   | Completion      of Letters of Credit |
|-----------------|--------------------------------------|

5

| (a)   | completing      the issue date and the proposed Expiry Date of that Letter of Credit;      and |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | executing      and delivering that Letter of Credit to the relevant recipient on the      Utilisation Date. |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| 7.2   | Renewal      of a Letter of Credit |
|-----------------|------------------------------------|

| (a)   | Not      less than three Business Days before the Expiry Date of a Letter of Credit      the Borrower may, by written notice to the Agent, request that the Term of      that Letter of Credit be extended. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Finance Parties shall treat the request in the same way as a Utilisation      Request for a Letter of Credit in the amount and maturity of the Letter of      Credit (as to be extended). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      terms of each renewed Letter of Credit shall be the same as those of the      relevant Letter of Credit immediately prior to its renewal, save that its      Term shall commence on the date which was the Expiry Date of that Letter      of Credit immediately prior to its renewal and shall end on the proposed      Expiry Date specified in therequest. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      Fronting Bank is authorised to amend any Letter of Credit pursuant to a      request if the conditions set out in this Agreement have been complied      with. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | Restrictions      on participation in Letters ofCredit |
|-----------------|--------------------------------------------------------|

| (a)   | the      maximum actual and contingent liabilities of the Fronting Bank under that      Letter of Credit shall be reduced by an amount equal to an amount which      would have been the amount of that Lender's L/C Proportion of that Letter      of Credit if the prohibition had notoccurred; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      L/C Proportion of that Lender in relation to that Letter of Credit shall      be nil; and |
|-----------------|----------------------------------------------------------------------------------------------------|

| (c)   | that      Lender's Available Commitment shall be reduced by an amount equal to an      amount which would have been the amount of that Lender's L/C Proportion of      the Letter of Credit if the prohibition had not  occurred. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | REPAYMENT |
|----------------|-----------|

| 8.1   | Repayment      of Loans |
|-----------------|-------------------------|

| 9.   | BORROWER'S      LIABILITIES IN RELATION TO LETTERS OFCREDIT |
|----------------|-------------------------------------------------------------|

| 9.1   | Demands      under Letters of Credit |
|-----------------|--------------------------------------|

| 9.2   | Borrowers'      indemnity to Fronting Banks |
|-----------------|---------------------------------------------|

| (a)   | any      sum paid or due and payable by the Fronting Bank under the Letter of      Credit; and |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | all      liabilities, costs (including, without limitation, any costs incurred in      funding any amount which falls due from the Fronting Bank under any Letter      of Credit or in connection with any such Letter of Credit), claims, losses      and out-of-pocket expenses which the Fronting Bank may at any time incur      or sustain in connection with or arising out of any such Letter of      Credit. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3   | Borrowers'      indemnity to Lenders |
|-----------------|--------------------------------------|

| (a)   | any      sum paid or due and payable by that Lender (whether under Clause 32.1 (Lenders' Indemnity) or      otherwise) in connection with that Letter of Credit;  and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | all      liabilities, costs (including, without limitation, any costs incurred in      funding any amount which falls due from that Lender in connection with      that Letter of Credit), claims, losses and expenses which that Lender may      at any time incur or sustain in connection with any Letter of      Credit. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4   | Preservation      of rights |
|-----------------|-----------------------------|

9

| (a)   | the      winding-up, dissolution, administration or re-organisation of the Fronting      Bank, any Lender or any other person or any change in its status,      function, control or ownership; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      of the obligations of the Fronting Bank, any Lender or any other person      under this Agreement or under any Letter of Credit or under any other      security taken in respect of its obligations under this Agreement or      otherwise in connection with a Letter of Credit being or becoming illegal,      invalid, unenforceable or ineffective in any  respect; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | time      or other indulgence being granted or agreed to be granted to the Fronting      Bank, any Lender or any other person in respect of its obligations under      this Agreement or under or in connection with a Letter of Credit or under      any other security; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      amendment to, or any variation, waiver or release of, any obligation of      the Fronting Bank, any Lender or any other person under a Letter of Credit      or this Agreement; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | any      other act, event or omission which, but for this Clause 9, might operate to discharge, impair or      otherwise affect any of the obligations of the relevant Borrower set out      in this Clause 9 or any of the rights,      powers or remedies conferred upon that Fronting Bank or any Lender by this      Agreement or by law. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

9

| 9.5   | Settlement      conditional |
|-----------------|-----------------------------|

| 9.6   | Right      to make payments under Letters ofCredit |
|-----------------|----------------------------------------------------|

| 10.   | PREPAYMENT      AND CANCELLATION |
|-----------------|----------------------------------|

| 10.1   | Illegality |
|------------------|------------|

19

| (a)   | that      Lender or the Fronting Bank, as the case may be, shall promptly notify the      Agent upon becoming aware of thatevent; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (b)   | upon      the Agent notifying the German Borrower (on behalf of the Borrowers), the      Commitment of that Lender will be immediately cancelled;    and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | upon      cancellation of such Lender's Commitment, each Borrower    shall: |
|-----------------|-----------------------------------------------------------------------------|

| (i)   | repay      that Lender's participation in the Loans made to that Borrower;      and |
|-----------------|-------------------------------------------------------------------------------------|

| (ii)   | ensure      that the liabilities of that Lender or the Fronting Bank under or in      respect of each Letter of Credit are reduced to zero or otherwise secured      by providing Cash Collateral in an amount equal to such Lender's L/C      Proportion of those Letters of Credit or the Fronting Bank's maximum      actual and contingent liabilities under that Letter of Credit in the      currency of those Letters of Credit |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | Voluntary      cancellation |
|------------------|-----------------------------|

| (a)   | The      German Borrower may, if it gives the Agent not less than ten (10) days'      (or such shorter period as the Majority Lenders may agree) prior written      notice, cancel the whole or any part (being a minimum amount of      EUR 10,000,000) of the Available Facility.  Any      cancellation under this Clause 10.2 shall      reduce the Commitments of the Lendersrateably. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      relevant Borrower may give the Agent not less than ten Business Days'      prior notice of its intention to procure that the Fronting Bank's      liability under a Letter of Credit is reduced to zero (whereupon it shall      do so) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3   | Right      of repayment and cancellation in relation to a single    Lender |
|------------------|----------------------------------------------------------------------------|

| (a)   | If: |
|-----------------|-----|

| (i)   | any      sum payable to any Lender or the Fronting Bank by an Obligor is required      to be increased under Clause 16.2 (Tax gross-up);      or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any      Lender or the Fronting Bank claims indemnification from the Borrowers      under Clause 16.3 (Tax indemnity) or      Clause 17.1 (Increased costs);      or |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | any      Lender or Fronting Bank notifies the Agent of its Additional Cost Rate      under paragraph 3 of Schedule 4 (Mandatory Cost      formulae), |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

(i)
(ii)
(iii)

| (1)   | of      cancellation of the Commitment of that Lender and its intention to procure      the repayment of that Lender's participation in the Loans;    or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | (if      such circumstance relates to the Fronting Bank) of cancellation of the      Letters of Credit or of the Borrower's intention to provide Cash      Collateral in respect of the Fronting Bank's liability under such Letters      of Credit. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | On      receipt of a notice from the German Borrower referred to in paragraph (a) above, the Commitment of that Lender shall      immediately be reduced to zero. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | On      the last day of each Interest Period or Term, as the case may be, which      ends after the German Borrower has given notice under paragraph (a) above (or, if earlier, the date specified by      the German Borrower in that notice), each Borrower to which a Loan or      Letter of Credit is outstanding shall repay that Lender's participation in      that Loan and shall procure either that such Lender's L/C Proportion of      each relevant Letter of Credit be reduced to zero (by reduction of the      amount of that Letter of Credit in an amount equal to that Lender's L/C      Proportion) or that Cash Collateral be provided to the Agent in an amount      equal to such Lender's L/C Proportion of that Letter of Credit); and (if      the circumstance relates to the Fronting Bank) the Borrower shall procure      that the Fronting Bank's liability under any Letters of Credit issued by      it shall either be reduced to zero or otherwise secured by the Borrower      providing Cash Collateral in an amount equal to the Fronting Bank's      maximum actual and contingent liabilities under those Letters of      Credit. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4   | Restrictions |
|------------------|--------------|

| (a)   | Any      notice of cancellation or prepayment given by any Party under this      Clause 10 shall be irrevocable and, unless      a contrary indication appears in this Agreement, shall specify the date or      dates upon which the relevant cancellation or prepayment is to be made and      the amount of that cancellation orprepayment. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      prepayment under this Agreement shall be made together with accrued      interest on the amount prepaid and, subject to any Break Costs, without      premium or penalty. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Unless      a contrary indication appears in this Agreement, any part of the Facility      which is prepaid may be reborrowed in accordance with the terms of this      Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      Borrowers shall not repay or prepay all or any part of the Outstandings or      cancel all or any part of the Commitments except at the times and in the      manner expressly provided for in thisAgreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | No      amount of the Total Commitments cancelled under this Agreement may be      subsequently reinstated. |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (f)   | If      the Agent receives a notice under this Clause 10 it shall promptly forward a copy of that notice      to either the German Borrower or the affected Lender, as      appropriate. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | INTEREST |
|-----------------|----------|

| 11.1   | Calculation      of interest |
|------------------|------------------------------|

| (a)   | Margin; |
|-----------------|---------|

| (b)   | LIBOR      or, in relation to any Loan in euro, EURIBOR;  and |
|-----------------|---------------------------------------------------------------|

| (c)   | Mandatory      Cost, if any. |
|-----------------|------------------------------|

| 11.2   | Payment      of interest |
|------------------|--------------------------|

| 12.   | DEFAULT      INTEREST |
|-----------------|-----------------------|

| 12.1   | Default      interest periods |
|------------------|-------------------------------|

33.1
12

| 12.2   | Default      interest |
|------------------|-----------------------|

| 12.2.1   | the      first Interest Period applicable to such Unpaid Sum shall be of a duration      equal to the unexpired portion of the current Interest Period relating to      that Loan; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2.2   | the      percentage rate of interest applicable thereto from time to time during      such period shall be that which exceeds by one per cent. the rate which      would have been applicable to it had it not so fallen  due. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3   | Payment      of default interest |
|------------------|----------------------------------|

12.2

| 12.4   | Notification      of rates of interest |
|------------------|----------------------------------------|

| 13.   | INTEREST      PERIODS AND TERMS |
|-----------------|---------------------------------|

| 13.1   | Selection      of Interest Periods and Terms |
|------------------|----------------------------------------------|

| (a)   | A      Borrower may select an Interest Period for a Loan and a Term for a Letter      of Credit in the Utilisation Request for that Loan or Letter of Credit, as      the case may be. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Subject      to this Clause 13, a Borrower may select      an Interest Period of one, two, three or six Months or any other period      not exceeding twelve Months agreed between such Borrower and the Agent      (acting on the instructions of all theLenders). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Borrower may select a Term for a Letter of Credit of a period not      exceeding twelve months, ending on or before the Termination      Date. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | An      Interest Period for a Loan and a Term for a Letter of Credit shall not      extend beyond the Termination Date. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (e)   | Each      Interest Period for a Loan and each Term for a Letter of Credit shall      start on the Utilisation Date. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| (f)   | A      Loan has one Interest Period only. |
|-----------------|-------------------------------------------|

| 13.2   | Non-Business      Days |
|------------------|------------------------|

| 14.   | CHANGES      TO THE CALCULATION OF INTEREST |
|-----------------|---------------------------------------------|

| 14.1   | Absence      of quotations |
|------------------|----------------------------|

14.2

| 14.2   | Market      disruption |
|------------------|------------------------|

| (a)   | If      a Market Disruption Event occurs in relation to a Loan for any Interest      Period, then the rate of interest on each Lender's share of that Loan for      the Interest Period shall be the rate per annum which is the sum      of: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      Margin; |
|-----------------|------------------|

| (ii)   | the      rate notified to the Agent by that Lender as soon as practicable and in      any event before interest is due to be paid in respect of that Interest      Period, to be that which expresses as a percentage rate per annum the cost      to that Lender of funding its participation in that Loan from whatever      source it may reasonably select;and |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | the      Mandatory Cost, if any, applicable to that Lender's participation in the      Loan. |
|-------------------|----------------------------------------------------------------------------------------------|

| (b)   | In      this Agreement "Market      Disruption Event" means: |
|-----------------|--------------------------------------------------------------|

| (i)   | at      or about noon on the Quotation Day for the relevant Interest Period the      Screen Rate is not available and none or only one of the Reference Banks      supplies a rate to the Agent to determine LIBOR or, if applicable, EURIBOR      for the relevant currency and Interest Period;  or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | before      close of business in Luxembourg on the Quotation Day for the relevant      Interest Period, the Agent receives notifications from a Lender or Lenders      (whose participations in a Loan exceed 35 per cent. of that Loan) that the      cost to it of obtaining matching deposits in the Relevant Interbank Market      would be in excess of LIBOR or, if applicable,  EURIBOR. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3   | Alternative      basis of interest or funding |
|------------------|-----------------------------------------------|

| (a)   | If      a Market Disruption Event occurs and the Agent or the German Borrower so      requires, the Agent and the German Borrower shall enter into negotiations      (for a period of not more than thirty days) with a view to agreeing a      substitute basis for determining the rate of  interest. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the      Lenders and the German Borrower, be binding on all  Parties. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4   | Break      Costs |
|------------------|------------------|

| 15.   | FEES |
|-----------------|------|

| 15.1   | Commitment      fee |
|------------------|---------------------|

| (a)   | Each      of the Borrowers shall jointly and severally pay to the Agent (for the      account of each Lender) a fee in the Base Currency computed at the rate of      0.45 per cent. per annum on that Lender's Available Commitment for the      Availability Period, provided that the      Norwegian Borrowers shall only be liable to the extent which is permitted      under the Norwegian Companies Act 1997 Section  8-7. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      accrued commitment fee is payable on the last day of each successive      period of three Months which ends during the Availability Period, on the      last day of the Availability Period and, if cancelled in full, on the      cancelled amount of the relevant Lender's Commitment at the time the      cancellation is effective. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2   | Utilisation      fee |
|------------------|----------------------|

| (a)   | If      at any time the total amount of the Loans exceeds 66 per cent. of the      Total Commitments then the Borrowers shall pay to the Agent (for the      account of each Lender) a utilisation fee in the Base Currency computed at      the rate of 0.25 per cent. per annum of the total amount of such      Loans calculated on a daily basis. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      fee referred to in sub-clause (a) above      shall be payable jointly and severally by each of the Borrowers in the      Base Currency on the last day of each successive period of three Months      and on the Termination Date, provided that the      Norwegian Borrowers shall only be liable to the extent which is permitted      under the Norwegian Companies Act 1997 Section  8-7. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3   | Agency      and security handling fee |
|------------------|---------------------------------------|

| 15.4   | Letter      of Credit Commission |
|------------------|----------------------------------|

| (a)   | The      relevant Borrower shall, in respect of each Letter of Credit, pay to the      Agent (for the account of each Lender) (for distribution in proportion to      each Lender's L/C Proportion of that Letter of Credit) a letter of credit      commission at the L/C Commission Rate on the maximum actual and contingent      liabilities of the Fronting Bank under the relevant Letter of      Credit. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      letter of credit commission shall be paid in advance in respect of each      successive period of three Months (or such shorter period as shall end on      the relevant Expiry Date) which begins during the Term of the relevant      Letter of Credit, the first payment to be made on the Utilisation Date for      that Letter of Credit and after that on the first day of each such      period. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5   | Fronting      Bank Fee |
|------------------|------------------------|

| 15.6   | Arrangement      and Participation Fee |
|------------------|----------------------------------------|

| 16.   | TAX      GROSS UP AND INDEMNITIES |
|-----------------|-----------------------------------|

| 16.1   | Definitions |
|------------------|-------------|

| 16.2   | Tax      gross-up |
|------------------|-------------------|

| 16.3   | Tax      indemnity |
|------------------|--------------------|

16.2
16.3

| (a)   | any      Tax imposed on and calculated by reference to the net income actually      received or receivable by such Finance Party (but, for the avoidance of      doubt, not including any sum deemed for purposes of Tax to be received or      receivable by such Finance Party but not actually receivable) by the      jurisdiction in which such Finance Party is incorporated and any other      jurisdiction where such Finance Party is subject to such tax;      or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      Tax imposed on and calculated by reference to the net income of the      Facility Office of such Finance Party actually received or receivable by      such Finance Party (but, for the avoidance of doubt, not including any sum      deemed for purposes of Tax to be received or receivable by such Finance      party but not actually receivable) by the jurisdiction in which its      Facility Office is located and any other jurisdiction where such Finance      Party is subject to such tax. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4   | Claims      by Finance Parties |
|------------------|--------------------------------|

| 16.4.1   | A      Finance Party intending to make a claim pursuant to Clause 16.3 (Tax indemnity) shall      notify the Agent of the event giving rise to the claim, whereupon the      Agent shall notify the Borrowersthereof. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4.2   | A      Lender and each Obligor which makes a payment or would be required to make      a payment under this Clause 16 (Tax Gross-Up and      Indemnities) shall co-operate in completing any procedural      formalities necessary for that Obligor to (i) obtain authorisation to make      that payment without a deduction or withholding, and (ii) provide any      relevant information which would be required by any relevant taxation      authority from the Obligor or the Lender in order to justify a payment      made without a deduction orwithholding. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5   | Notification      of requirement to deduct Tax |
|------------------|------------------------------------------------|

| 16.6   | Evidence      of payment of Tax |
|------------------|---------------------------------|

| 16.7   | Excluded      Claims |
|------------------|----------------------|

27.2(g)
16.4.2
16.2
16.3
16.7
16.2
16.3

| (a)   | after      the date hereof and after the date when such Lender first becomes a Lender      for the purposes of this Agreement, there shall have been any introduction      of, change in, or change in the interpretation, administration or      application of, any law or regulation or order or governmental rule or      treaty or any published practice or published concession of any relevant      tax authority and it is as a result thereof that such Lender was not or      ceased to be a Qualifying Lender;or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | such      Lender is not or ceases to be a Qualifying Lender but would have been or      would not have ceased to be, a Qualifying Lender, had all representations,      confirmations and other documents and information provided by each Obligor      to any Finance Party been true andaccurate. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8   | Tax      credit payment |
|------------------|-------------------------|

16

| 16.8.1   | such      credit, relief, remission or repayment is in respect of or calculated with      reference to the additional payment made pursuant to Clause 16 (Tax gross-up and      indemnities); and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8.2   | its      tax affairs for its year in respect of which such credit, relief,      remission or repayment was obtained have been finally    settled, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.9   | Tax      credit clawback |
|------------------|--------------------------|

16.8

| 16.10   | Tax      and other affairs |
|-------------------|----------------------------|

19
16

| 16.11   | Stamp      taxes |
|-------------------|------------------|

| 16.12   | Value      added tax |
|-------------------|----------------------|

| (a)   | All      consideration expressed to be payable under a Finance Document by any      Party to a Finance Party shall be deemed to be exclusive of any      VAT.  If VAT is chargeable on any supply made by any Finance      Party to any Party in connection with a Finance Document, that Party shall      pay to the Finance Party (in addition to and at the same time as paying      the consideration) an amount equal to the amount of the    VAT. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Where      a Finance Document requires any Party to reimburse a Finance Party for any      costs or expenses, that Party shall also at the same time pay and      indemnify the Finance Party against all VAT incurred by the Finance Party      in respect of the costs or expenses to the extent that the Finance Party      reasonably determines that it is not entitled to credit or repayment of      the VAT. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | INCREASED      COSTS |
|-----------------|----------------------|

| 17.1   | Increased      costs |
|------------------|----------------------|

| (a)   | Subject      to Clause 17.3 (Exceptions) the      Borrowers shall, within three Business Days of a demand by the Agent, pay      for the account of a Finance Party the amount of any Increased Costs      incurred by that Finance Party or any of its Affiliates as a result of (i)      the introduction of or any change in (or in the interpretation,      administration or application of) any law or regulation or (ii) compliance      with any law or regulation made after the date of this      Agreement. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | In      this Agreement "Increased      Costs" means: |
|-----------------|------------------------------------------------------|

| (i)   | a      reduction in the rate of return from the Facility or on a Finance Party's      (or its Affiliate's) overallcapital; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (ii)   | an      additional or increased cost; or |
|------------------|------------------------------------------|

| (iii)   | a      reduction of any amount due and payable under any Finance      Document, |
|-------------------|---------------------------------------------------------------------------------|

| 17.2   | Increased      cost claims |
|------------------|----------------------------|

| (a)   | A      Finance Party intending to make a claim pursuant to Clause 17.1 (Increased costs) shall      notify the Agent of the event giving rise to the claim, following which      the Agent shall promptly notify theBorrowers. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      Finance Party shall, as soon as practicable after a demand by the Agent,      provide a certificate confirming the amount of and basis for its Increased      Costs and showing in reasonable detail the calculation      thereof. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3   | Exceptions |
|------------------|------------|

| (a)   | Clause 17.1 (Increased costs) does      not apply to the extent any Increased Costis: |
|-----------------|--------------------------------------------------------------------------------------------|

| (i)   | attributable      to a Tax Deduction required by law to be made by an    Obligor; |
|-----------------|-----------------------------------------------------------------------------------|

| (ii)   | compensated      for by Clause 16.3 (Tax indemnity) (or      would have been compensated for under Clause 16.3 (Tax indemnity) but was      not so compensated solely because the exclusion in paragraphs (a) and (b)      of Clause 16.3 (Tax indemnity)      applied); |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | compensated      for by the payment of the Mandatory Cost;or |
|-------------------|--------------------------------------------------------------|

| (iv)   | attributable      to the wilful breach by the relevant Finance Party or its Affiliates of      any law or regulation. |
|------------------|-----------------------------------------------------------------------------------------------------------------------|

| (b)   | In      this Clause 17.3, a reference to a "Tax Deduction" means any      deduction or withholding for or on account of Tax from a payment under a      Finance Document |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.   | OTHER      INDEMNITIES |
|-----------------|------------------------|

| 18.1   | Currency      indemnity |
|------------------|-------------------------|

| (a)   | If      any sum due from an Obligor under the Finance Documents (a "Sum"), or any order,      judgment or award given or made in relation to a Sum, has to be converted      from the currency (the "First Currency") in      which that Sum is payable into another currency (the "Second Currency") for      the purpose of: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | making      or filing a claim or proof against thatObligor; |
|-----------------|-------------------------------------------------------------|

| (ii)   | obtaining      or enforcing an order, judgment or award in relation to any litigation or      arbitration proceedings, |
|------------------|------------------------------------------------------------------------------------------------------------------------|

| (b)   | To      the extent permitted by applicable law, each Obligor waives any right it      may have in any jurisdiction to pay any amount under the Finance Documents      in a currency or currency unit other than that in which it is expressed to      be payable. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2   | Other      indemnities |
|------------------|------------------------|

| (a)   | the      occurrence of any Event of Default; |
|-----------------|----------------------------------------------|

| (b)   | a      failure by an Obligor to pay any amount due under a Finance Document on      its due date, including without limitation, any cost, loss or liability      arising as a result of Clause 31 (Sharing among the Finance      Parties); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | funding,      or making arrangements to fund, its participation in a Loan requested by a      Borrower in a Utilisation Request but not made by reason of the operation      of any one or more of the provisions of this Agreement (other than by      reason of default or negligence by that Finance Party    alone); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | issuing      or making arrangements to issue a Letter of Credit requested by the      Borrower in a Utilisation Request but not issued by reason of the      operation of any one or more of the provisions of this Agreement;      or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | a      Loan (or part of a Loan) not being prepaid in accordance with a notice of      prepayment given by a Borrower. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| 18.3   | Indemnity      to the Agent |
|------------------|-----------------------------|

| (a)   | investigating      any event which it reasonably believes is a Default;  or |
|-----------------|-----------------------------------------------------------------------------|

| (b)   | acting      or relying on any notice, request or instruction which it reasonably      believes to be genuine, correct and appropriately    authorised. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.   | MITIGATION      BY THE LENDERS |
|-----------------|--------------------------------|

| 19.1   | Mitigation |
|------------------|------------|

| (a)   | Each      Finance Party shall, in consultation with the relevant Borrower, take all      reasonable steps to mitigate any circumstances which arise and which would      result in any amount becoming payable under or pursuant to, or cancelled      pursuant to, any of Clause 10.1 (Illegality),      Clause 16 (Taxgross-up and      indemnities), Clause 17 (Increased costs) or      paragraph 3 of Schedule 4 (Mandatory Cost      formulae) including (but not limited to) transferring its rights      and obligations under the Finance Documents to another Affiliate or      Facility Office or to another Lender which is willing to accept such      transfer. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Paragraph      (a) above does not in any way limit the      obligations of any Obligor under the Finance  Documents. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| 19.2   | Limitation      of liability |
|------------------|------------------------------|

| (a)   | Prior      to taking any of the steps referred to in Clause 19.1 (Mitigation) the      relevant Finance Party will consult with the relevant Borrower and      following a request from such Borrower will provide the relevant Borrower      with an estimate of any costs and expenses which are likely to be incurred      by it as a result of it taking such steps.  The Borrower shall      then be entitled to request that the relevant Finance Party does not take      those steps. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      relevant Borrower shall indemnify each Finance Party for all costs and      expenses reasonably incurred by that Finance Party as a result of steps      taken by it under Clause 19.1 (Mitigation). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      Finance Party is not obliged to take any steps under Clause 19.1 (Mitigation) if, in the      opinion of that Finance Party (acting reasonably), to do so might be      prejudicial to it.  The incurring of minor costs and expenses of      an administrative nature will not be regarded as prejudicial to such      Finance Party. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.   | COSTS      AND EXPENSES |
|-----------------|-------------------------|

| 20.1   | Transaction      expenses |
|------------------|---------------------------|

| (a)   | this      Agreement, the Security Documents and any other documents referred to in      this Agreement and the Transaction Security;and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      other Finance Documents executed after the date of this      Agreement. |
|-----------------|----------------------------------------------------------------------------------|

| 20.2   | Amendment      costs |
|------------------|----------------------|

33.9

| 20.3   | Enforcement      costs |
|------------------|------------------------|

| 20.4   | Limitation |
|------------------|------------|

| 21.   | GUARANTEE      AND INDEMNITY |
|-----------------|------------------------------|

| 21.1   | Guarantee      and indemnity |
|------------------|------------------------------|

| (a)   | guarantees      (garantiert) to      each Finance Party punctual performance by each Borrower of all that      Borrower's obligations under the Finance  Documents; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | undertakes      with each Finance Party that whenever a Borrower does not pay any amount      when due under or in connection with any Finance Document, that Guarantor      shall immediately on demand pay that amount as if it was the principal      obligor (Garantie auf      erstes Anfordern); and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | indemnifies      each Finance Party immediately on demand against any cost, loss or      liability suffered by that Finance Party if any obligation guaranteed by      it is or becomes unenforceable, invalid or illegal.  The amount      of the cost, loss or liability shall be equal to the amount which that      Finance Party would otherwise have been entitled to    recover. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2   | Continuing      guarantee |
|------------------|---------------------------|

| 21.3   | Reinstatement |
|------------------|---------------|

| (a)   | the      liability of each Obligor shall continue as if the payment, discharge,      avoidance or reduction had not occurred;and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

| (b)   | each      Finance Party shall be entitled to recover the value or amount of that      security or payment from each Obligor, as if the payment, discharge,      avoidance or reduction had notoccurred. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4   | Waiver      of defences |
|------------------|-------------------------|

21
21

| (a)   | any      time, waiver or consent granted to, or composition with, any Obligor or      other person; |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (b)   | the      release of any other Obligor or any other person under the terms of any      composition or arrangement with any creditor of any member of the      Group; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      taking, variation, compromise, exchange, renewal or release of, or refusal      or neglect to perfect, take up or enforce, any rights against, or security      over assets of, any Obligor or other person or any non-presentation or      non-observance of any formality or other requirement in respect of any      instrument or any failure to realise the full value of any      security; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      incapacity or lack of power, authority or legal personality of or      dissolution or change in the members or status of an Obligor or any other      person; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | any      amendment (however fundamental) or replacement of a Finance Document or      any other document or security; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (f)   | any      unenforceability, illegality or invalidity of any obligation of any person      under any Finance Document or any other document or security;      or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | any      insolvency or similar proceedings. |
|-----------------|---------------------------------------------|

| 21.5   | Immediate      recourse |
|------------------|-------------------------|

21

| 21.6   | Appropriations |
|------------------|----------------|

| (a)   | refrain      from applying or enforcing any other moneys, security or rights held or      received by that Finance Party (or any trustee or agent on its behalf) in      respect of those amounts, or apply and enforce the same in such manner and      order as it sees fit (whether against those amounts or otherwise) and no      Guarantor shall be entitled to the benefit of the same;  and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | hold      in an interest-bearing suspense account any moneys received from any      Guarantor or on account of any Guarantor's liability under this      Clause 21. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.7   | Deferral      of Guarantors' rights |
|------------------|-------------------------------------|

| (a)   | to      be indemnified by an Obligor; |
|-----------------|---------------------------------------|

| (b)   | to      claim any contribution from any other guarantor of any Obligor's      obligations under the Finance Documents;and/or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| (c)   | to      take the benefit (in whole or in part and whether by way of subrogation or      otherwise) of any rights of the Finance Parties under the Finance      Documents or of any other guarantee or security taken pursuant to, or in      connection with, the Finance Documents by any Finance    Party. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.8   | Additional      security |
|------------------|--------------------------|

| 21.9   | Guarantee      Limitation Norway |
|------------------|----------------------------------|

21
21

| 22.   | REPRESENTATIONS |
|-----------------|-----------------|

22

| 22.1   | Status |
|------------------|--------|

| (a)   | It      is a corporation, duly incorporated and validly existing under the law of      its jurisdiction of incorporation. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (b)   | It      and each of its Subsidiaries has the power to own its assets and carry on      its business as it is beingconducted. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| 22.2   | Binding      obligations |
|------------------|--------------------------|

4

| 22.3   | Non-conflict      with other obligations |
|------------------|------------------------------------------|

| (a)   | any      law or regulation applicable to it; |
|-----------------|----------------------------------------------|

| (b)   | its      and each of its Subsidiaries' constitutional documents;  or |
|-----------------|----------------------------------------------------------------------|

| (c)   | any      agreement or instrument binding upon it or any of its Subsidiaries or any      of its or any of its Subsidiaries' assets the violation of which would      reasonably be expected to have a Material Adverse  Effect. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4   | Power      and authority |
|------------------|--------------------------|

| 22.5   | Validity      and admissibility in evidence |
|------------------|---------------------------------------------|

| (a)   | to      enable it lawfully to enter into, exercise its rights and comply with its      obligations in the Finance Documents to which it is a party;      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | to      make the Finance Documents to which it is a party admissible in evidence      in each Relevant Jurisdiction, |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| 22.6   | Governing      law and enforcement |
|------------------|------------------------------------|

| (a)   | Subject      to any general principles of law affecting the choice of the governing law      which are specifically referred to in any legal opinion delivered pursuant      to Clause 4 (Conditions of      Utilisation), the choice of the governing law specified in each of      the Finance Documents to which it is a party will be recognised and      enforced in each RelevantJurisdiction. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Subject      to any general principles of law affecting the recognition and enforcement      of judgments which are specifically referred to in any legal opinion      delivered pursuant to Clause 4 (Conditions of      Utilisation), any judgment obtained in Germany in relation to a      Finance Document to which it is a party will be recognised and enforced in      each Relevant Jurisdiction. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.7   | Deduction      of Tax |
|------------------|-----------------------|

| 22.8   | No      filing or stamp taxes |
|------------------|-------------------------------|

| 22.9   | No      default |
|------------------|-----------------|

| (a)   | No      Default is continuing or would reasonably be expected to result from the      making of any Utilisation. |
|-----------------|------------------------------------------------------------------------------------------------------------------|

| (b)   | No      other event or circumstance is outstanding which constitutes a default      under any other agreement or instrument which is binding on it or any of      its Subsidiaries or to which its (or its Subsidiaries') assets are subject      which would reasonably be expected to have a Material Adverse      Effect. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.10   | No      misleading information |
|-------------------|--------------------------------|

| 22.11   | Financial      statements |
|-------------------|---------------------------|

| (a)   | Its      Original Financial Statements were prepared in accordance with Applicable      GAAP consistently applied. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (b)   | Its      Original Financial Statements fairly represent its financial condition and      operations (consolidated in the case of the Norwegian Guarantor) during      the relevant financial year. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | There      has been no material adverse change in the business, assets or financial      condition of the German Borrower, the Belgian Borrower or the Group taken      as a whole since the date of the Original Financial      Statements. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.12   | Pari      passu ranking |
|-------------------|-------------------------|

22.17

| 22.13   | No      proceedings pending or threatened |
|-------------------|-------------------------------------------|

| 22.14   | Environmental      compliance |
|-------------------|-------------------------------|

| 22.15   | Environmental      Claims |
|-------------------|---------------------------|

| 22.16   | No      Security |
|-------------------|------------------|

25.3

| 22.17   | Ranking |
|-------------------|---------|

| 22.18   | Transaction      Security |
|-------------------|---------------------------|

| 22.19   | Legal      and beneficial owner |
|-------------------|---------------------------------|

| 22.20   | No      winding-up |
|-------------------|--------------------|

26.6
26.7

| 22.21   | Structure      Chart |
|-------------------|----------------------|

1

| 22.22   | Repetition |
|-------------------|------------|

| 23.   | INFORMATION      UNDERTAKINGS |
|-----------------|-------------------------------|

23

| 23.1   | Financial      statements of the Obligors |
|------------------|-------------------------------------------|

| (a)   | Each      Obligor shall supply to the Agent in sufficient copies for all the Lenders      as soon as the same become available, but in any event within 150 days      after the end of each of its financial years (i) its audited consolidated      financial statements for that financial year (if any) and (ii) its audited      unconsolidated financial statements for that financial    year. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      financial statements to be delivered pursuant to paragraph (a) above shall (i) be prepared using Applicable      GAAP, (ii) be certified by the Chief Executive Officer and/or the Chief      Financial Officer (or equivalent position) of the relevant Obligor,      together with one of its authorised signatories, as fairly representing      its financial condition as at the date as at which those financial      statements were drawn up and (iii) be certified by the relevant Obligor's      external auditors. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2   | Financial      statements of the Parent |
|------------------|-----------------------------------------|

| (a)   | The      Borrowers shall supply to the Agent in sufficient copies for all the      Lenders: |
|-----------------|---------------------------------------------------------------------------------------------|

| (i)   | as      soon as the same become available, but in any event within 100 days after      the end of each financial year of the Parent the audited consolidated      financial statements of the Parent for that financial year;      and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | as      soon as the same become available, but in any event within 55 days after      the end of each quarter of each financial year of the Parent the unaudited      consolidated financial statements of the Parent for that      period. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      financial statements to be delivered pursuant to paragraph (a) above shall be prepared using Applicable      GAAP. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

| 23.3   | Combining      financial information |
|------------------|--------------------------------------|

| (a)   | The      Borrowers shall supply to the Agent in sufficient copies for all the      Lenders: |
|-----------------|---------------------------------------------------------------------------------------------|

| (i)   | as      soon as they become available, but in any event within 120 days after the      end of each financial year of the Parent an unaudited Combining Schedule      for that financial year; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | as      soon as they become available, but in any event within 60 days after the      end of each quarter of each financial year of the Parent, an unaudited      Combining Schedule for the period as of the beginning of the financial      year and ending on such quarter. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      of the Obligors shall procure that each of the Combining Schedules      delivered pursuant to paragraph (a) above      are prepared by the Parent and the Obligors using US  GAAP. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Any      Combining Schedule to be delivered pursuant to paragraph (a) above shall (i) be prepared using US GAAP,      (ii) be certified by the Chief Executive Officer and/or Chief Financial      Officer (or equivalent position) of the Parent, together with one of its      authorised signatories, as fairly representing the financial condition of      the Group as at the date as at which those Combining Schedules were drawn      up and (iii) in the case of the Combining Schedule to be delivered      pursuant to Clause 23.3(a)(i) above, be      accompanied by a report from the Parent's external auditors in the form of      Schedule 13 (Form      of Auditor's Report). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.4   | Compliance      Certificate |
|------------------|-----------------------------|

| (a)   | The      Borrowers shall supply to the Agent, with each Combining Schedule      delivered pursuant to paragraphs (a) and      (b) of Clause 23.3 (Combining  financial      information), a Compliance Certificate setting out (in reasonable      detail) computations as to compliance with Clause 24 (Financial covenants) as      at the date as at which those Combining Schedules were      prepared. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      Compliance Certificate shall be signed by the Chief Executive Officer,      Chief Financial Officer or any other executive officer, together with one      authorised signatory of the German Borrower, who in each case will sign on      behalf of all Borrowers which hereby authorise the aforementioned persons      to do so, and, (in the case of a Compliance Certificate delivered pursuant      to Clause 23.3 (a) (i)), accompanied by a letter from the Parent's      external auditors in the form set out in part II of Schedule 6 (Form of Compliance      Certificate). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.5   | Information:      miscellaneous |
|------------------|---------------------------------|

| (a)   | all      documents dispatched by any of the Obligors or the Parent to its creditors      generally at the same time as they are  dispatched; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | promptly      upon becoming aware of them, the details of any litigation, arbitration or      administrative proceedings which are current, threatened or pending      against any member of the Group, and which, if adversely determined, would      reasonably be expected to have a Material Adverse Effect;    and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | promptly,      such further information regarding the financial condition, business and      operations of any member of the Group as any Finance Party (through the      Agent) may reasonably request. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.6   | Notification      of default |
|------------------|------------------------------|

| (a)   | Each      Obligor shall notify the Agent of any Default (and the steps, if any,      being taken to remedy it) promptly upon becoming aware of its occurrence      (unless that Obligor is aware that a notification has already been      provided by another Obligor). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Promptly      upon a request by the Agent, the Borrower shall supply to the Agent a      certificate signed by two of its directors or senior officers on its      behalf certifying that no Default is continuing (or if a Default is      continuing, specifying the Default and the steps, if any, being taken to      remedy it). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.   | FINANCIAL      COVENANTS |
|-----------------|--------------------------|

| 24.1   | Financial      definitions |
|------------------|----------------------------|

24

| 24.2   | Financial      condition |
|------------------|--------------------------|

| (a)   | The      ratio of (i) Net Secured Debt of the Group at the end of the applicable      Relevant Period to (ii) EBITDA of the Group, calculated on a Rolling      Basis, shall not in respect of any Relevant Period be more than      0.70:1. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      ratio of (i) Net Financial Debt of the Group at the end of the applicable      Relevant Period to (ii) the consolidated Equity of the Group at the end of      the applicable Relevant Period shall not in respect of any Relevant Period      be more than 0.5:1. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3   | Financial      testing |
|------------------|------------------------|

24.2
23.4

| 25.   | GENERAL      UNDERTAKINGS |
|-----------------|---------------------------|

25

| 25.1   | Authorisations |
|------------------|----------------|

| (a)   | obtain,      comply with and do all that is necessary to maintain in full force and      effect; and |
|-----------------|------------------------------------------------------------------------------------------------------|

| (b)   | supply      certified copies to the Agent of, |
|-----------------|-----------------------------------------------|

| 25.2   | Compliance      with laws |
|------------------|---------------------------|

| 25.3   | Negative      pledge |
|------------------|----------------------|

| (a)   | No      Obligor shall (and each Obligor shall ensure that none of its Subsidiaries      will) create or permit to subsist any Security over any of its      assets. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No      Obligor shall (and each Obligors shall ensure that no of its Subsidiaries      will): |
|-----------------|-----------------------------------------------------------------------------------------------|

| (i)   | sell,      transfer or otherwise dispose of any of its assets on terms whereby they      are or may be leased to or re-acquired by an Obligor or any other member      of the Group; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | sell,      transfer or otherwise dispose of any of its receivables on recourse terms      other than to the German Borrower and where such transaction is not      otherwise prohibited by thisAgreement; |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | enter      into any arrangement under which money or the benefit of a bank or other      account may be applied, set-off or made subject to a combination of      accounts; or |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | enter      into any other preferential arrangement having a similar      effect, |
|------------------|----------------------------------------------------------------------------------|

| (c)   | Paragraphs      (a) and (b) above do      not apply to: |
|-----------------|---------------------------------------------------------|

| (i)   | any      Security listed in Schedule 7 (Existing Security)      (including any Security which has been Refinanced provided that the assets      subject to such Security have not materially changed in any way) except to      the extent the principal amount secured by that Security exceeds the      amount stated in that Schedule; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any      netting or set-off arrangement entered into by any member of the Group in      the ordinary course of its banking arrangements for the purpose of netting      debit and credit balances; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | any      Security entered into in the ordinary course of business under customary      general business conditions; |
|-------------------|---------------------------------------------------------------------------------------------------------------------|

| (iv)   | any      lien arising by operation of law or regulatory requirement and in the      ordinary course of business and not as a result of a default howsoever      described; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | any      Security arising by operation of law in favour of any government, state or      local authority in respect of Taxes which are either (a) not yet due and      unpaid or (b) being contested in good faith by appropriate proceedings and      for which adequate reserves have beenmade; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | any      Security over or affecting any asset acquired by a member of the Group      after the date of this Agreementif: |
|------------------|--------------------------------------------------------------------------------------------------------------------------|

| (1)   | the      Security was not created in contemplation of the acquisition of that asset      by a member of the Group; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (2)   | the      principal amount secured has not been increased in contemplation of, or      since the acquisition of that asset by a member of the    Group; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | any      Security over or affecting any asset of any company which becomes a member      of the Group after the date of this Agreement, where the Security is      created prior to the date on which that company becomes a member of the      Group, if: |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | the      Security was not created in contemplation of the acquisition of that      company; and |
|-----------------|-------------------------------------------------------------------------------------------------|

| (2)   | the      principal amount secured has not increased in contemplation of or since      the acquisition of that company; |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (viii)   | the      Transaction Security; |
|--------------------|--------------------------------|

| (ix)   | any      Security which has been approved in writing by the Majority      Lenders; |
|------------------|------------------------------------------------------------------------------------|

| (x)   | any      Security incurred or deposits made in the ordinary course of business in      connection with workers' compensation, unemployment insurance and other      types of social security, including any Security securing letters of      credit issued in the ordinary course of business in accordance with past      practice; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi)   | any      Security over assets of the Norwegian Borrower 2 acquired with Financial      Indebtedness permitted under paragraph (k) of the definition of Permitted      Financial Indebtedness provided that such Security is removed upon the      full discharge of the relevant Permitted Financial Indebtedness incurred      to finance the payment of the purchase price for such asset;      or |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xii)   | any      Security securing indebtedness the principal amount of which (when      aggregated with the principal amount of any other indebtedness which has      the benefit of Security given by any member of the Group other than any      permitted under paragraphs (i) to (ix) above) does not exceed EUR 5,000,000 its      equivalent in another currency orcurrencies). |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.4   | Disposals |
|------------------|-----------|

| (a)   | No      Obligor shall (and each Obligor shall ensure that none of its Subsidiaries      will), enter into a single transaction or a series of transactions      (whether related or not) and whether voluntary or involuntary to sell,      lease, transfer or otherwise dispose of any  asset. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Paragraph      (a) above does not apply to any sale, lease,      transfer or other disposal: |
|-----------------|----------------------------------------------------------------------------------------------|

| (i)   | which      is made on arm's length terms and for fair market value in the ordinary      course of trading or business of the disposing  entity; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | of      assets which are obsolete; |
|------------------|------------------------------------|

| (iii)   | which      is made from any Obligor to anotherObligor; |
|-------------------|--------------------------------------------------------|

| (iv)   | which      is made from any Obligor to a wholly-owned subsidiary being a member of      the Group which is not an Obligor, provided that the fair      market value of the assets to be disposed of does not, when aggregated      with the fair market value of all other assets disposed of pursuant to      this paragraph (b)(iv) exceed EUR 5,000,000 (or its equivalent      in any other currency orcurrencies); |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | of      assets in exchange for other assets comparable or superior as to type,      value and quality; |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (vi)   | which      is a Permitted AffiliateTransaction; |
|------------------|-------------------------------------------------|

| (vii)   | made      in connection with the granting of a non-exclusive licence to use any      Intellectual Property owned by members of the Group provided that any such      licences do not prohibit any of the member of the Group from using any      Intellectual Property which is material to its  business; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | made      with the prior written consent of the Majority  Lenders; |
|--------------------|--------------------------------------------------------------------|

| (ix)   | of      non-core assets which is made on arm's length terms and for fair market      value provided      that the consideration receivable (when aggregated with the      consideration receivable for any other sale, lease, transfer or other      disposal, other than any permitted under paragraphs (i) to (viii) above)      does not exceed EUR 5,000,000 (or its equivalent in another currency or      currencies) in any financial year; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | of      cash other than by way of a payment to any member of the Group which is      not an Obligor as equity payment, it being understood, however, that      payments to Unterstützungskasse Kronos Titan GmbH up to an aggregate      amount of EUR 1,000,000 (or its equivalent in another currency or      currencies) shall be permitted, and provided that such disposal is not      otherwise prohibited by this Agreement;or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi)   | of      Cash Equivalent Investments on arms' length  terms. |
|------------------|-------------------------------------------------------------|

| 25.5   | Disposals      of Plant |
|------------------|-------------------------|

| 25.6   | Indebtedness |
|------------------|--------------|

| 25.7   | Merger |
|------------------|--------|

| 25.8   | Change      of business |
|------------------|-------------------------|

| 25.9   | Insurance |
|------------------|-----------|

| 25.10   | Environmental      compliance |
|-------------------|-------------------------------|

| 25.11   | Environmental      Claims |
|-------------------|---------------------------|

| (a)   | if      any Environmental Claim has been commenced or is threatened in writing      against any member of the Group; or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (b)   | of      any facts or circumstances which will or are reasonably likely to result      in any Environmental Claim being commenced or threatened against any      member of the Group, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12   | Acquisition |
|-------------------|-------------|

| (a)   | purchase,      subscribe for or otherwise acquire any shares (or other securities (but      excluding Cash Equivalent Investments) or interests) in, or incorporate,      any other company, including any additional shares or other interests in      any member of the Group who is not an Obligor but excluding      Unterstützungskasse Kronos Titan GmbH or agree to do any of the foregoing;      or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | purchase      or otherwise acquire all or substantially all of the assets of a company      or a business unit or agree to do so;or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | form,      or enter into, any partnership, consortium, joint venture or other like      arrangement or agree to do so, |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

25.12

| 25.13   | Pari      passu |
|-------------------|-----------------|

| 25.14   | Loans      and Guarantees |
|-------------------|---------------------------|

| 25.15   | Transactions      with members of the Kronos Group |
|-------------------|----------------------------------------------------|

| 25.16   | Profit      and loss transfer agreements |
|-------------------|------------------------------------------|

| 25.17   | Intellectual      Property |
|-------------------|----------------------------|

| (a)   | observe      and comply with all material obligations and laws to which it in its      capacity as registered proprietor, beneficial owner, user, licensor or      licensee of the Intellectual Property required to conduct its business or      any part of it is subject where failure to do so would reasonably be      expected to have a Material AdverseEffect; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | do      all acts as are necessary to maintain, protect and safeguard such      Intellectual Property where failure to do so would reasonably be expected      to have a Material Adverse Effect and not discontinue the use of any of      such Intellectual Property nor allow it to be used in such a way that it      is put at risk by becoming generic or by being identified as disreputable      if in each case to do so would reasonably be expected to have a Material      Adverse Effect; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | (save      where a licence is granted to terminate or prevent litigation) not after      the date of this Agreement grant any licence to any person to use the      Intellectual Property required to conduct the business of any member of      the Group if to do so would reasonably be expected to have a Material      Adverse Effect. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.18   | Compliance      with Material Contracts |
|-------------------|-----------------------------------------|

|   | Each      Obligor shall (and each Obligor shall ensure that each of its Subsidiaries      will): |
|--------|--------------------------------------------------------------------------------------------------|

| (a)   | comply      in all material respects with its obligations under each Material Contract      to which it is party and take all action necessary to ensure the continued      validity and enforceability of its rights  thereunder; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | not      amend, vary, novate or supplement any such Material Contract in any      material respect; |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (c)   | not      terminate, revoke, transfer, assign or otherwise dispose of its rights and      obligations under any such Material Contract during the term of this      Agreement, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.   | EVENTS      OF DEFAULT |
|-----------------|------------------------|

26

| 26.1   | Non-payment |
|------------------|-------------|

| (a)   | in      the case of principal or interest due under a Finance Document, its      failure to pay is caused by administrative or technical error and payment      is made within 3 Business Days of its due date;  and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      the case of any amount due under a Finance Document other than principal      or interest, payment is made within 3 Business Days after written notice      of such non-payment has been given to the German  Borrower. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.2   | Financial      covenants |
|------------------|--------------------------|

24

| 26.3   | Other      obligations |
|------------------|------------------------|

| (a)   | An      Obligor or Kronos Denmark does not comply with any provision of the      Finance Documents to which it is a party (other than those referred to in      Clause 26.1 (Non-payment) and      Clause 26.2 (Financial      covenants)). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No      Event of Default under paragraph (a) above      will occur if such breach is capable of remedy and is remedied within      thirty (30) days. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.4   | Misrepresentation |
|------------------|-------------------|

| (a)   | Any      representation or statement made by an Obligor or Kronos Denmark in the      Finance Documents or any other document delivered by or on behalf of any      Obligor or Kronos Denmark under or in connection with any Finance Document      is or proves to have been incorrect or misleading in any material respect      when made. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No      Event of Default under paragraph (a) above will      occur if such misrepresentation is capable of remedy and is remedied      within 15 Business Days. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.5   | Cross      default |
|------------------|--------------------|

| (a)   | Any      Financial Indebtedness of the Parent or any member of the Group is not      paid at maturity, whether by acceleration or  otherwise. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      Financial Indebtedness of the Parent or any member of the Group is      declared to be or otherwise becomes due and payable prior to its specified      maturity as a result of an event of default (however      described). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Any      commitment for any Financial Indebtedness of the Parent or any member of      the Group is cancelled or suspended by a creditor of the Parent or any      member of the Group as a result of an event of default (however      described). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Any      creditor of the Parent or any member of the Group becomes entitled to      declare any Financial Indebtedness of the Parent or any member of the      Group due and payable prior to its specified maturity as a result of an      event of default (howeverdescribed). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | No      Event of Default will occur under this Clause 26.5 if the aggregate amount of Financial      Indebtedness or commitment for Financial Indebtedness falling within      paragraphs (a) to (d) above is less than EUR 5,000,000 (or its      equivalent in any other currency orcurrencies). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.6   | Insolvency |
|------------------|------------|

| (a)   | Any      Obligor, Material Subsidiary or the Parent is unable or admits inability      to pay its debts which have fallen due or its debts which will fall due in      the future, suspends making payments on any of its debts or, in the case      of the German Borrower or any Material Subsidiary whose jurisdiction of      incorporation is Germany, is overindebted (Überschuldung). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      moratorium is declared in respect of any indebtedness of any Obligor,      Material Subsidiary or the Parent in excess of      EUR 5,000,000. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.7   | Insolvency      proceedings |
|------------------|-----------------------------|

| (a)   | the      suspension of payments, the opening of insolvency proceedings, winding-up,      dissolution, administration or reorganisation (by way of voluntary      arrangement, scheme of arrangement or otherwise) of any Obligor, Material      Subsidiary or the Parent other than a solvent liquidation or      reorganisation of any member of the Group which is not an      Obligor; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a      composition, assignment or arrangement with any creditor involving      indebtedness in excess of EUR 5,000,000 of any Obligor, Material      Subsidiary or the Parent; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      appointment of a liquidator (other than in respect of a solvent      liquidation of a member of the Group which is not an Obligor permitted      under this Agreement), receiver, administrator including an insolvency      administrator, administrative receiver, compulsory manager or other      similar officer in respect of any Obligor, Material Subsidiary or the      Parent or any of its assets where such asset have an aggregated fair      market value in excess of EUR 5,000,000;or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | enforcement      of any Security over any assets of any Obligor, Material Subsidiary or the      Parent where such assets have an aggregated fair market value in excess of      EUR 5,000,000, |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.8   | Creditors'      process |
|------------------|-------------------------|

| 26.9   | Ownership      of the Obligors |
|------------------|--------------------------------|

| 26.10   | Unlawfulness |
|-------------------|--------------|

| 26.11   | Transaction      Security |
|-------------------|---------------------------|

| (a)   | Any      Obligor or Kronos Denmark fails duly to perform or comply with any of the      obligations assumed by it in the Security Documents, provided that no Event      of Default under this paragraph (a) will occur if such breach is      capable of remedy and is remedied within fifteen (15) Business Days after      written notice of such breach has been given to the German Borrower by the      Agent or the relevant Obligor or Kronos Denmark, as the case may be, has      obtained actual knowledge of such breach, whichever is the      earlier. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | At      any time of the Transaction Security is or becomes unlawful or is not, or      ceases to be legal, valid, binding or enforceable or otherwise ceases to      be effective if the effect thereof would reasonably be expected to have a      Material Adverse Effect. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.12   | Repudiation |
|-------------------|-------------|

| 26.13   | Material      Contracts |
|-------------------|-------------------------|

| 26.14   | Material      adverse change |
|-------------------|------------------------------|

| 26.15   | Acceleration |
|-------------------|--------------|

| (a)   | cancel      the Total Commitments whereupon they shall immediately be      cancelled; |
|-----------------|---------------------------------------------------------------------------------------|

| (b)   | declare      that all or part of the Loans, together with accrued interest, and all      other amounts accrued or outstanding under the Finance Documents be      immediately due and payable, whereupon they shall become immediately due      and payable; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | declare      that all or part of the Loans be payable on demand, whereupon they shall      immediately become payable on demand by the Agent on the instructions of      the Majority Lenders; and/or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | require      the relevant Borrower to procure that the liabilities of each of the      Lenders and the Fronting Bank under each Letter of Credit are promptly      reduced to zero; and/or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | require      the relevant Borrower to provide Cash Collateral for each Letter of Credit      in an amount specified by the Agent and in the currency of that Letter of      Credit; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | exercise,      or direct the Security Agent to exercise, any or all of its rights,      remedies, powers or discretions under any of the Finance      Documents. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

  
|   | 1      To be delivered to the FacilityAgent. |
|--------|----------------------------------------------|

| 27.   | CHANGES      TO THE LENDERS |
|-----------------|-----------------------------|

| 27.1   | Assignments      and transfers by the Lenders |
|------------------|-----------------------------------------------|

| (a)   | Subject      to this Clause 27, a Lender (the "Existing Lender")      may: |
|-----------------|---------------------------------------------------------------------------------|

| (i)   | assign      (Abtretung) any      of its rights; or |
|-----------------|----------------------------------------------------|

| (ii)   | transfer      by way of assignment and assumption of debt (Vertragsübernahme) any of its rights      and obligations, |
|------------------|---------------------------------------------------------------------------------------------------------------------------------|

| 27.2   | Conditions      of assignment or transfer |
|------------------|-------------------------------------------|

| (a)   | Any      such assignment or transfer shall be in a minimum amount of      EUR 4,000,000 except in the case of an assignment or transfer which      has the effect of reducing the participation of the relevant Lender to      zero. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      consent of the German Borrower is required for an assignment or transfer      by a Lender, unless the assignment or transfer is to another Lender or an      Affiliate of a Lender or unless a Default has occurred which is      continuing. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      consent of the German Borrower to an assignment or transfer must not be      unreasonably withheld or delayed.  The German Borrower will be      deemed to have given its consent five Business Days after the Lender has      requested it unless consent is expressly refused by the German Borrower      within that time. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      consent of the Fronting Bank is required for an assignment or transfer by      a Lender in relation to a Letter ofCredit. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | An      assignment will only be effective on receipt by the Agent of written      confirmation from the New Lender (in form and substance satisfactory to      the Agent) that the New Lender will assume the same obligations to the      other Finance Parties and the other Secured Parties as it would have been      under if it was an Original Lender. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | A      transfer will only be effective if the procedure set out in Clause 27.5 (Procedure for transfer)      is complied with. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | If: |
|-----------------|-----|

| (i)   | a      Lender assigns or transfers any of its rights or obligations under the      Finance Documents or changes its Facility Office;  and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | as      a result of circumstances existing at the date the assignment, transfer or      change occurs, an Obligor would be obliged to make a payment to the New      Lender or Lender acting through its new Facility Office under      Clause 16 (Tax gross-up and      indemnities) or Clause 17 (Increased      Costs), |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.3   | Assignment      or transfer fee |
|------------------|---------------------------------|

| 27.4   | Limitation      of responsibility of ExistingLenders |
|------------------|------------------------------------------------------|

| (a)   | Unless      expressly agreed to the contrary, an Existing Lender makes no      representation or warranty and assumes no responsibility to a New Lender      for: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      legality, validity, effectiveness, adequacy or enforceability of the      Finance Documents, the Transaction Security or any other      documents; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the      financial condition of any Obligor; |
|------------------|----------------------------------------------|

| (iii)   | the      performance and observance by any Obligor or Kronos Denmark of its      obligations under the Finance Documents or any other documents;      or |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | the      accuracy of any statements (whether written or oral) made in or in      connection with any Finance Document or any other  document, |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      New Lender confirms to the Existing Lender and the other Finance Parties      that it: |
|-----------------|--------------------------------------------------------------------------------------------------|

| (i)   | has      made (and shall continue to make) its own independent investigation and      assessment of the financial condition and affairs of each Obligor and its      related entities in connection with its participation in this Agreement      and has not relied exclusively on any information provided to it by the      Existing Lender in connection with any Finance Document;    and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | will      continue to make its own independent appraisal of the creditworthiness of      each Obligor and its related entities whilst any amount is or may be      outstanding under the Finance Documents or any Commitment is in      force. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Nothing      in any Finance Document obliges an Existing Lender  to: |
|-----------------|----------------------------------------------------------------------|

| (i)   | accept      a re-transfer from a New Lender of any of the rights and obligations      assigned or transferred under this Clause 27; or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | support      any losses directly or indirectly incurred by the New Lender by reason of      the non-performance by any Obligor or Kronos Denmark of its obligations      under the Finance Documents orotherwise. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.5   | Procedure      for transfer |
|------------------|-----------------------------|

| (a)   | Subject      to the conditions set out in Clause  27.2      (Conditions of      assignment or transfer) a transfer is effected in accordance with      paragraph (b) below when the Agent executes an      otherwise duly completed Transfer Certificate delivered to it by the      Existing Lender and the New Lender.  The Agent shall, as soon as      reasonably practicable after receipt by it of a duly completed Transfer      Certificate appearing on its face to comply with the terms of this      Agreement and delivered in accordance with the terms of this Agreement,      execute that Transfer Certificate. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | On      the Transfer Date: |
|-----------------|----------------------------|

| (i)   | to      the extent that in the Transfer Certificate the Existing Lender seeks to      transfer by assignment and assumption its rights (the "Transferred      Rights") and obligations      (the "Transferred      Obligations") under the Finance Documents and in respect of the      Transaction Security each of the Obligors and Kronos Denmark and the      Existing Lender shall be released from further obligations towards one      another under the Finance Documents and in respect of the Transaction      Security; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the      Transferred Rights of the Existing Lender shall be transferred to the New      Lender and the Transferred Obligations of the Existing Lender shall be      assumed by the New Lender so that each of the Obligors and Kronos Denmark      and the New Lender shall have those obligations and/ or rights towards one      another; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | the      Agent, the Mandated Lead Arranger, the Security Agent, the New Lender, the      other Lenders and the Fronting Bank shall have the same rights and the      same obligations between themselves and in respect of the Transaction      Security as they would have had, had the New Lender been an Original      Lender with the rights and/or obligations transferred to or assumed by it      as a result of the transfer and to that extent the Agent, the Mandated      Lead Arranger, the Existing Lender and the Fronting Bank shall each be      released from further obligations to each other under this Agreement;      and |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | the      New Lender shall become a Party as a "Lender". |
|------------------|---------------------------------------------------------|

21
27

| 27.6   | Disclosure      of information |
|------------------|--------------------------------|

| (a)   | to      (or through) whom that Lender assigns or transfers (or may potentially      assign or transfer) all or any of its rights and obligations under this      Agreement; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | with      (or through) whom that Lender enters into (or may potentially enter into)      any sub-participation in relation to, or any other transaction under which      payments are to be made by reference to, this Agreement or any Obligor;      or |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | to      whom, and to the extent that, information is required to be disclosed by      any applicable law or regulation, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

(a)
(b)

| 28.   | CHANGES      TO THE OBLIGORS |
|-----------------|------------------------------|

| 29.   | ROLE      OF THE AGENT, THE SECURITY AGENT AND THE MANDATED LEAD      ARRANGER |
|-----------------|--------------------------------------------------------------------------------|

| 29.1   | Appointment      of the Agent and the Security Agent |
|------------------|------------------------------------------------------|

| (a)   | Each      other Finance Party appoints the Agent to act as its agent and the      Security Agent to act as its trustee and administrator under and in      connection with the Finance Documents (provided that, in the      case of any Transaction Security which is accessory in nature and which is      granted pursuant to any Security Document which is governed by German law,      the Security Agent shall act as administrator  only). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      other Finance Party authorises the Agent and the Security Agent to      exercise the rights, powers, authorities and discretions specifically      given to the Agent and the Security Agent under or in connection with the      Finance Documents together with any other incidental rights, powers,      authorities and discretions. The Agent and the Security Agent shall be      released from the restrictions set out in section 181 of the German Civil      Code. The Agent and the Security Agent can grant substitute power of      attorney and release any sub-agents from the restrictions set out in      section 181 of the German Civil Code and revoke such power of      attorney. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.2   | Definitions: For the      purposes of Section 10 (The Finance      Parties): |
|------------------|------------------------------------------------------------------------------|

| 29.3   | Administering of Transaction      Security: |
|------------------|---------------------------------------------|

| 29.4   | Administration      of German Security |
|------------------|----------------------------------------|

| (a)   | hold      and administer any German Security which is security assigned (Sicherungseigentum/Sicherungsabtretung)      or otherwise transferred under a non-accessory security right (nicht akzessorische      Sicherheit) to it as trustee (Treuhänder) for the      benefit of the Secured Parties; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | administer      any German Security which is pledged (Verpfändung) or      otherwise transferred to a Secured Party under an accessory security right      (akzessorische      Sicherheit) as agent. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.5   | Acts of Agent and Security      Agent: |
|------------------|----------------------------------------|

29.3

| (a)   | each      of the Security Agent and the Agent shall be at liberty to place any      Finance Document and any other documents delivered to it in connection      therewith in any safe or receptacle or with any bank, any company whose      business includes undertaking the safe custody of documents or any firm of      lawyers of good repute and shall not be responsible for any loss thereby      incurred; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Security Agent, whenever it thinks fit, may delegate by power of attorney      or otherwise to any person or persons all or any of the rights, trusts,      powers, authorities and discretions vested in it by a Finance Document and      such delegation may be made upon such terms and subject to such conditions      and subject to such regulations as the Security Agent may think      fit; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | each      of the Security Agent and the Agent may refrain from doing or do anything      which would or might in its opinion be contrary to or necessary to comply      with any relevant law of anyjurisdiction; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | each      of the Security Agent and the Agent and every attorney, agent or other      person appointed by it under any Finance Document may indemnify itself or      himself out of the Charged Property against all the Agent's and Security      Agent's Liabilities, subject to the provisions of the Security Document;      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | the      Security Agent shall have the rights to, but shall not be under any      obligation to, insure any of the Charged Property and shall not be      responsible for any loss which may be suffered by any person as a result      of the lack of or inadequacy or insufficiency of any such      insurance. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.6   | Parallel      Debt |
|------------------|--------------------|

| 29.6.1   | Each      of the Obligors hereby agrees and covenants with the Security Agent by way      of an abstract acknowledgement of debt (abstraktes      Schuldanerkenntnis) that each of them shall pay to the Security      Agent sums equal to, and in the currency of, any sums owing by it to a      Secured Party (other than the Security Agent) under any Finance Document      (the "Principal      Obligations") as and when the same fall due for payment under the      relevant Finance Document (the "Parallel      Obligations"). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.6.2   | The      Security Agent shall have its own independent right to demand payment of      the Parallel Obligations by the Obligors. The rights of the Secured      Parties to receive payment of the Principal Obligations are several from      the rights of the Security Agent to receive the Parallel      Obligations. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.6.3   | The      payment by an Obligor of its Parallel Obligations to the Security Agent in      accordance with this Clause 29.6 shall be      a good discharge of the corresponding Principal Obligations and the      payment by an Obligor of its corresponding Principal Obligations in      accordance with the provisions of the Finance Documents shall be a good      discharge of the relevant ParallelObligations. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.6.4   | Despite      the foregoing, any such payment shall be made to the Agent, unless the      Agent directs such payment to be made to the Security    Agent. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.7   | Duties      of the Agent and the Security Agent |
|------------------|-------------------------------------------------|

| (a)   | The      Agent and the Security Agent shall promptly forward to a Party the      original or a copy of any document which is delivered to the Agent or the      Security Agent for that Party by any other  Party. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Except      where a Finance Document specifically provides otherwise, the Agent is not      obliged to review or check the adequacy, accuracy or completeness of any      document it forwards to anotherParty. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If      the Agent or the Security Agent receives notice from a Party referring to      this Agreement, describing a Default and stating that the circumstance      described is a Default, it shall promptly notify the Finance      Parties. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | If      the Agent or the Security Agent is aware of the non-payment of any      principal, interest, commitment fee or other fee payable to a Finance      Party (other than the Agent, the Mandated Lead Arranger or the Security      Agent) under this Agreement it shall promptly notify the other Finance      Parties. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Agent's and the Security Agent's duties under the Finance Documents are      solely mechanical and administrative innature. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| 29.8   | Role      of the Mandated Lead Arranger |
|------------------|-----------------------------------------|

| 29.9   | No      fiduciary duties |
|------------------|--------------------------|

| (a)   | Except      where a Finance Document specifically provides otherwise, nothing in this      Agreement constitutes the Agent, the Security Agent or the Mandated Lead      Arranger as a trustee or fiduciary of any other  person. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Neither      the Agent, the Security Agent nor the Mandated Lead Arranger shall be      bound to account to any Lender for any sum or the profit element of any      sum received by it for its ownaccount. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.10   | Business      with the Group |
|-------------------|------------------------------|

| 29.11   | Rights      and discretions of the Agent and the Security  Agent |
|-------------------|------------------------------------------------------------------|

| (a)   | The      Agent and the Security Agent may relyon: |
|-----------------|---------------------------------------------------|

| (i)   | any      representation, notice or document believed by it to be genuine, correct      and appropriately authorised; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any      statement made by a director, authorised signatory or employee of any      person regarding any matters which may reasonably be assumed to be within      his knowledge or within his power toverify. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Agent and the Security Agent may assume (unless it has received notice to      the contrary in its capacity as agent for the Lenders)    that: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | no      Default has occurred (unless it has actual knowledge of a Default arising      under Clause 26.1 (Non-payment)); |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any      right, power, authority or discretion vested in any Party or the Majority      Lenders has not been exercised; and |
|------------------|-----------------------------------------------------------------------------------------------------------------------------|

| (iii)   | any      notice or request made by the German Borrower (other than a Utilisation      Request) is made on behalf of and with the consent and knowledge of all      the Obligors. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Agent and the Security Agent may engage, pay for and rely on the advice or      services of any lawyers, accountants, surveyors or other      experts. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      Agent and the Security Agent may act in relation to the Finance Documents      through its personnel and agents. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Agent may disclose to any other Party any information it reasonably      believes it has received as agent under this  Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | The      Security Agent may, upon a disposal of any property the subject of the      Security Document by any receiver, or by any of the Obligors or Kronos      Denmark where the Security Agent has consented to the disposal, to any      third party, release such property from the Security    Document. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | Notwithstanding      any other provision of any Finance Document to the contrary, neither the      Agent nor the Mandated Lead Arranger is obliged to do or omit to do      anything if it would or might in its reasonable opinion constitute a      breach of any law or a breach of a fiduciary duty or duty of      confidentiality. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.12   | Majority      Lenders' instructions |
|-------------------|-------------------------------------|

| (a)   | Unless      a contrary indication appears in a Finance Document, the Agent and the      Security Agent shall (i) exercise any right, power, authority or      discretion vested in it as Agent or Security Agent in accordance with any      instructions given to it by the Majority Lenders (or, if so instructed by      the Majority Lenders, refrain from exercising any right, power, authority      or discretion vested in it as Agent or Security Agent) and (ii) not be      liable for any act (or omission) if it acts (or refrains from taking any      action) in accordance with an instruction of the Majority      Lenders. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Unless      a contrary indication appears in a Finance Document, any instructions      given by the Majority Lenders will be binding on all the Finance      Parties. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Agent and the Security Agent may refrain from acting in accordance with      the instructions of the Majority Lenders (or, if appropriate, the Lenders)      (i) if in the reasonable opinion of the Agent or the Security Agent, as      the case may be, such instructions are contrary to applicable law or (ii)      until it has received such security as it may require for any cost, loss      or liability (together with any associated VAT) which it may incur in      complying with the instructions. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | In      the absence of instructions from the Majority Lenders, (or, if      appropriate, the Lenders) the Agent and the Security Agent may act (or      refrain from taking action) as it considers to be in the best interest of      the Lenders. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Agent and the Security Agent is not authorised to act on behalf of a      Lender (without first obtaining that Lender's consent) in any legal or      arbitration proceedings relating to any Finance  Document. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.13   | Responsibility      for documentation |
|-------------------|---------------------------------------|

| (a)   | is      responsible for the adequacy, accuracy and/or completeness of any      information (whether oral or written) supplied by the Agent, the Mandated      Lead Arranger, the Security Agent, an Obligor, Kronos Denmark or any other      person given in or in connection with any Finance Document or the      transactions contemplated in the Finance Documents;  or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | is      responsible for the legality, validity, effectiveness, adequacy or      enforceability of any Finance Document or the Transaction Security or any      other agreement, arrangement or document entered into, made or executed in      anticipation of or in connection with any Finance Document or the      Transaction Security. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.14   | Exclusion      of liability |
|-------------------|-----------------------------|

| (a)   | Without      limiting paragraph (b) below, neither the Agent      nor the Security Agent will be liable for any action taken by it under or      in connection with any Finance Document or the Transaction Security,      unless directly caused by its gross negligence or wilful      misconduct. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | No      Party may take any proceedings against any officer, employee or agent of      the Agent or the Security Agent in respect of any claim it might have      against the Agent or the Security Agent in respect of any act or omission      of any kind by that officer, employee or agent in relation to any Finance      Document and any officer, employee or agent of the Agent or the Security      Agent may rely on this Clause. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Neither      the Agent nor the Security Agent will be liable for any delay (or any      related consequences) in crediting an account with an amount required      under the Finance Documents to be paid by the Agent or the Security Agent      if the Agent or the Security Agent has taken all necessary steps as soon      as reasonably practicable to comply with the regulations or operating      procedures of any recognised clearing or settlement system used by the      Agent or the Security Agent for thatpurpose. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.15   | Lenders'      indemnity to the Agent and the SecurityAgent |
|-------------------|------------------------------------------------------------|

| 29.16   | Resignation      of the Agent and the Security Agent |
|-------------------|------------------------------------------------------|

| (a)   | The      Agent and the Security Agent may resign and appoint one of its Affiliates      acting through an office in one of the Participating Member States as      successor by giving notice to the other Finance Parties and the      Borrowers. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Alternatively      the Agent and the Security Agent may resign by giving notice to the other      Finance Parties and the Borrowers, in which case the Majority Lenders      (after consultation with the German Borrower) may appoint a successor      Agent or Security Agent. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | If      the Majority Lenders have not appointed a successor Agent or Security      Agent in accordance with paragraph (b) above      within 30 days after notice of resignation was given, the Agent or the      Security Agent (after consultation with the German Borrower) may appoint a      successor Agent or Security Agent (acting through an office in one of the      Participating Member States). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | The      retiring Agent or Security Agent shall, at its own cost, make available to      the successor Agent or Security Agent such documents and records and      provide such assistance as the successor Agent or the Security Agent may      reasonably request for the purposes of performing its functions as Agent      under the Finance Documents. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      Agent's or the Security Agent's resignation notice shall only take effect      upon the appointment of asuccessor. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (f)   | Upon      the appointment of a successor, the retiring Agent or the Security Agent      shall be discharged from any further obligation in respect of the Finance      Documents but shall remain entitled to the benefit of this Clause 29.  Its successor and each of the other      Parties shall have the same rights and obligations amongst themselves as      they would have had if such successor had been an original      Party. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | After      consultation with the German Borrower, the Majority Lenders may, by notice      to the Agent or the Security Agent, require it to resign in accordance      with paragraph (b) above.  In this      event, the Agent or the Security Agent shall resign in accordance with      paragraph (b)above. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.17   | Confidentiality |
|-------------------|-----------------|

| (a)   | In      acting as agent for the Finance Parties or as security agent for the      Secured Parties, as the case may be, the Agent and the Security Agent      shall be regarded as acting through its agency division which shall be      treated as a separate entity from any other of its divisions or      departments. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      information is received by another division or department of the Agent or      the Security Agent, it may be treated as confidential to that division or      department and neither the Agent nor the Security Agent shall not be      deemed to have notice of it. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.18   | Relationship      with the Lenders |
|-------------------|------------------------------------|

| (a)   | The      Agent and the Security Agent may treat each Lender as a Lender, entitled      to payments under this Agreement and acting through its Facility Office      unless it has received not less than five Business Days prior notice from      that Lender to the contrary in accordance with the terms of this      Agreement. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Each      Lender shall supply the Agent with any information required by the Agent      in order to calculate the Mandatory Cost in accordance with Schedule 4      (Mandatory Cost      formulae). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Each      Secured Party shall supply the Agent with any information that the      Security Agent may reasonably specify (through the Agent) as being      necessary or desirable to enable the Security Agent to perform its      functions as security agent.  Each Lender shall deal with the      Security Agent exclusively through the Agent and shall not deal directly      with the Security Agent |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.19   | Credit      appraisal by the Secured Parties |
|-------------------|----------------------------------------------|

| (a)   | the      financial condition, status and nature of each member of the      Group; |
|-----------------|-----------------------------------------------------------------------------------|

| (b)   | the      legality, validity, effectiveness, adequacy or enforceability of any      Finance Document and the Transaction Security and any other agreement,      arrangement or document entered into, made or executed in anticipation of,      under or in connection with any Finance Document or the Transaction      Security; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | whether      that Secured Party has recourse, and the nature and extent of that      recourse, against any Party or any of its respective assets under or in      connection with any Finance Document, the Transaction Security, the      transactions contemplated by the Finance Documents or any other agreement,      arrangement or document entered into, made or executed in anticipation of,      under or in connection with any Finance  Document; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      adequacy, accuracy and/or completeness of any information provided by the      Agent, the Security Agent, any Party or by any other person under or in      connection with any Finance Document, the transactions contemplated by the      Finance Documents or any other agreement, arrangement or document entered      into, made or executed in anticipation of, under or in connection with any      Finance Document; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | the      right or title of any person in or to, or the value or sufficiency of any      part of the Charged Property, the priority of any of the Transaction      Security or the existence of any Security affecting the Charged      Property. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.20   | Application      of proceeds |
|-------------------|------------------------------|

33.5

| 29.21   | Release      of Transaction Security |
|-------------------|--------------------------------------|

| 29.22   | Reference      Banks |
|-------------------|----------------------|

| 29.23   | Deduction      from amounts payable by the Agent |
|-------------------|--------------------------------------------------|

| 30.   | CONDUCT      OF BUSINESS BY THE FINANCE PARTIES |
|-----------------|-------------------------------------------------|

19

| (a)   | interfere      with the right of any Finance Party to arrange its affairs (tax or      otherwise) in whatever manner it thinksfit; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | oblige      any Finance Party to investigate or claim any credit, relief, remission or      repayment available to it or the extent, order and manner of any claim;      or |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | oblige      any Finance Party to disclose any information relating to its affairs (tax      or otherwise) or any computations in respect of  Tax. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.   | SHARING      AMONG THE FINANCE PARTIES |
|-----------------|----------------------------------------|

| 31.1   | Payments      to Finance Parties |
|------------------|----------------------------------|

33
29.20

| (a)   | the      Recovering Finance Party shall, within three Business Days, notify details      of the receipt or recovery, to theAgent; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      Agent shall determine whether the receipt or recovery is in excess of the      amount the Recovering Finance Party would have been paid had the receipt      or recovery been received or made by the Agent and distributed in      accordance with Clause 33 (Payment mechanics),      without taking account of any Tax which would be imposed on the Agent in      relation to the receipt, recovery or distribution;  and |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      Recovering Finance Party shall, within three Business Days of demand by      the Agent, pay to the Agent an amount (the "Sharing Payment") equal      to such receipt or recovery less any amount which the Agent determines may      be retained by the Recovering Finance Party as its share of any payment to      be made, in accordance with Clause 33.5      (Partial      payments). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2   | Redistribution      of payments |
|------------------|---------------------------------|

33.5

| 31.3   | Recovering      Finance Party's rights |
|------------------|----------------------------------------|

| 31.4   | Reversal      of redistribution |
|------------------|---------------------------------|

| (a)   | each      Finance Party which has received a share of the relevant Sharing Payment      pursuant to Clause 31.2 (Redistribution of      payments) shall, upon request of the Agent, pay to the Agent for      account of that Recovering Finance Party an amount equal to the      appropriate part of its share of the  Sharing Payment (together      with an amount as is necessary to reimburse that Recovering Finance Party      for its proportion of any interest on the Sharing Payment which that      Recovering Finance Party is required to pay);  and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | such      Recovering Finance Party's rights to an assignment in respect of any      reimbursement shall be cancelled and the relevant Obligor will be liable      to the reimbursing party for the amount so reimbursed and such Recovering      Finance Party shall re-assign to the relevant Finance Party any amount      assigned to it by such Finance Party pursuant to Clause 31.3. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.5   | Exceptions |
|------------------|------------|

| (a)   | This      Clause 31 shall not apply to the extent      that the Recovering Finance Party would not, after making any payment      pursuant to this Clause, have a valid and enforceable claim against the      relevant Obligor. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      Recovering Finance Party is not obliged to share with any other Finance      Party any amount which the Recovering Finance Party has received or      recovered as a result of taking legal or arbitration proceedings,      if: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | it      notified that other Finance Party of the legal or arbitration proceedings;      and |
|-----------------|---------------------------------------------------------------------------------------------|

| (ii)   | that      other Finance Party had an opportunity to participate in those legal or      arbitration proceedings but did not do so as soon as reasonably      practicable having received notice and did not take separate legal or      arbitration proceedings. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.   | THE      LENDERS AND THE FRONTING BANK |
|-----------------|----------------------------------------|

| 32.1   | Lenders'      Indemnity |
|------------------|-------------------------|

9.2
32.2

| 32.2   | Direct      Participation |
|------------------|---------------------------|

32.1
32.1
32.1

| 32.3   | Obligations      not Discharged |
|------------------|---------------------------------|

32

| (a)   | the      winding-up, dissolution, administration or re-organisation of the Fronting      Bank, the Borrower or any other person or any change in its status,      function, control or ownership; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | any      of the obligations of the Fronting Bank, the Borrower or any other person      under this Agreement, under a Letter of Credit or under any other security      taken in respect of its obligations under this Agreement or under a Letter      of Credit being or becoming illegal, invalid, unenforceable or ineffective      in any respect; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | time      or other indulgence being granted or agreed to be granted to the Fronting      Bank, the Borrower or any other person in respect of its obligations under      this Agreement, under a Letter of Credit or under any other      security; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | any      amendment to, or any variation, waiver or release of, any obligation of      the Fronting Bank, the Borrower or any other person under this Agreement,      under a Letter of Credit  or under any other security;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | any      other act, event or omission which, but for this Clause 32.3, might operate to discharge, impair or      otherwise affect any of the obligations of each Lender in this Agreement      contained or any of the rights, powers or remedies conferred upon any      Fronting Bank by this Agreement or bylaw. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.4   | Settlement      Conditional |
|------------------|-----------------------------|

| 32.5   | Exercise      of Rights |
|------------------|-------------------------|

| (a)   | to      take any action or obtain judgment in any court against the      Borrower; |
|-----------------|------------------------------------------------------------------------------------|

| (b)   | to      make or file any claim or proof in a winding-up or dissolution of the      Borrower; or |
|-----------------|-------------------------------------------------------------------------------------------------|

| (c)   | to      enforce or seek to enforce any other security taken in respect of any of      the obligations of the Borrower under this  Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 33.   | PAYMENT      MECHANICS |
|-----------------|------------------------|

| 33.1   | Payments      to the Agent |
|------------------|----------------------------|

| (a)   | On      each date on which an Obligor or a Lender is required to make a payment      under a Finance Document, that Obligor or Lender shall make the same      available to the Agent (unless a contrary indication appears in a Finance      Document) for value on the due date at the time and in such funds      specified by the Agent as being customary at the time for settlement of      transactions in the relevant currency in the place of    payment. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Payment      shall be made to such account in the principal financial centre of the      country of that currency (or, in relation to euro, in a principal      financial centre in a Participating Member State or London) with such bank      as the Agent specifies. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.2   | Distributions      by the Agent |
|------------------|---------------------------------|

33.3
33.4
29.23

| 33.3   | Distributions      to an Obligor |
|------------------|----------------------------------|

34

| 33.4   | Clawback |
|------------------|----------|

| (a)   | Where      a sum is to be paid to the Agent under the Finance Documents for another      Party, the Agent is not obliged to pay that sum to that other Party (or to      enter into or perform any related exchange contract) until it has been      able to establish to its satisfaction that it has actually received that      sum. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      the Agent pays an amount to another Party and it proves to be the case      that the Agent had not actually received that amount, then the Party to      whom that amount (or the proceeds of any related exchange contract) was      paid by the Agent shall on demand refund the same to the Agent together      with interest on that amount from the date of payment to the date of      receipt by the Agent, calculated by the Agent to reflect its cost of      funds. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.5   | Partial      payments |
|------------------|-----------------------|

| (a)   | If      the Agent receives a payment that is insufficient to discharge all the      amounts then due and payable by an Obligor under the Finance Documents,      the Agent shall apply that payment towards the obligations of that Obligor      under the Finance Documents in the following  order: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | first, in or towards      payment pro rata      of any unpaid fees, costs and expenses of the Agent and the Security Agent      under the Finance Documents; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | secondly, in or towards      payment of any demand made by the Fronting Bank in respect of a payment      made or to be made by it under a Letter of  Credit; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | thirdly, in or towards      payment pro rata      of any accrued interest, commission or Fronting Bank Fee due but unpaid      under this Agreement; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | fourthly, in or towards      payment pro rata      of any Outstandings due but unpaid under this Agreement;    and |
|------------------|--------------------------------------------------------------------------------------------------------------------|

| (v)   | fifthly, in or towards      payment pro rata      of any other sum due but unpaid under the Finance    Documents. |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Agent shall, if so directed by the Majority Lenders, vary the order set      out in paragraphs (a)(ii) to (v)      above. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Paragraphs      (a) and (b) above      will override any appropriation made by an  Obligor. |
|-----------------|---------------------------------------------------------------------------------------------|

| 33.6   | No      set-off by Obligors |
|------------------|-----------------------------|

| 33.7   | Business      Days |
|------------------|--------------------|

| (a)   | Any      payment which is due to be made on a day that is not a Business Day shall      be made on the next Business Day in the same calendar month (if there is      one) or the preceding Business Day (if there is  not). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | During      any extension of the due date for payment of any principal or Unpaid Sum      under this Agreement interest is payable on the principal or Unpaid Sum at      the rate payable on the original duedate. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.8   | Currency      of account |
|------------------|--------------------------|

| (a)   | Subject      to paragraphs (b) to (f) below, the Base Currency is the currency of      account and payment for any sum due from an Obligor under any Finance      Document. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall      be made in the currency in which that Loan or Unpaid Sum is denominated on      its due date. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Each      payment in respect of a Letter of Credit (including any Cash Collateral in      respect of a Letter of Credit) shall be made in the Base      Currency. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Each      payment of interest shall be made in the currency in which the sum in      respect of which the interest is payable was denominated when that      interest accrued. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Each      payment in respect of costs, expenses or Taxes shall be made in the      currency in which the costs, expenses or Taxes are    incurred. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Any      amount expressed to be payable in a currency other than the Base Currency      shall be paid in that othercurrency. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| 33.9   | Change      of currency |
|------------------|-------------------------|

| (a)   | Unless      otherwise prohibited by law, if more than one currency or currency unit      are at the same time recognised by the central bank of any country as the      lawful currency of that country,then: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | any      reference in the Finance Documents to, and any obligations arising under      the Finance Documents in, the currency of that country shall be translated      into, or paid in, the currency or currency unit of that country designated      by the Agent (after consultation with the German Borrower);      and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | any      translation from one currency or currency unit to another shall be at the      official rate of exchange recognised by the central bank for the      conversion of that currency or currency unit into the other, rounded up or      down by the Agent (actingreasonably). |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      a change in any currency of a country occurs, this Agreement will, to the      extent the Agent (acting reasonably and after consultation with the German      Borrower) specifies to be necessary, be amended to comply with any      generally accepted conventions and market practice in the Relevant      Interbank Market and otherwise to reflect the change in      currency. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.   | SET-OFF |
|-----------------|---------|

| 35.   | NOTICES |
|-----------------|---------|

| 35.1   | Communications      in writing |
|------------------|--------------------------------|

| (a)   | Any      communication to be made under or in connection with the Finance Documents      shall be made in writing and, unless otherwise stated, may be made by fax,      letter or telex. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any      document to be delivered pursuant to Clause 4.1 (Initial conditions      precedent) shall be delivered in original form or a certified copy,      certified as a true and up-to-date copy by an authorised      signatory. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Any      Utilisation Request shall be confirmed by letter, although failure to do      so shall not invalidate the originalrequest. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 35.2   | Addresses |
|------------------|-----------|

| (a)   | in      the case of each Obligor, that identified with its name    below; |
|-----------------|---------------------------------------------------------------------------|

| (b)   | in      the case of each Lender and the Fronting Bank, that notified in writing to      the Agent on or prior to the date on which it becomes a Party;      and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      the case of the Agent and the Security Agent, that identified with its      name below, |
|-----------------|-------------------------------------------------------------------------------------------------|

| 35.3   | Delivery |
|------------------|----------|

| (a)   | Any      communication or document made or delivered by one person to another under      or in connection with the Finance Documents will only be      effective: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | if      by way of fax, when received in legible form;or |
|-----------------|---------------------------------------------------------|

| (ii)   | if      by way of letter, when it has been left at the relevant address or five      Business Days after being deposited in the post postage prepaid in an      envelope addressed to it at that address;or |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | if      by way of telex, when despatched, but only if, at the time of      transmission, the correct answerback appears at the start and at the end      of the sender's copy of the notice; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

35.2

| (b)   | Any      communication or document to be made or delivered to the Agent or the      Security Agent will be effective only when actually received by the Agent      or the Security Agent and then only if it is expressly marked for the      attention of the department or officer identified with the Agent's or the      Security Agent's signature below (or any substitute department or officer      as the Agent shall specify in writing for this  purpose). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | All      notices from or to an Obligor shall be sent through the    Agent. |
|-----------------|----------------------------------------------------------------------------|

| (d)   | Any      communication or document made or delivered to the German Borrower in      accordance with this Clause will be deemed to have been made or      delivered to each of the Obligors. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | All      notices to a Lender or the Fronting Bank from the Security Agent shall be      sent through the Agent. |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| 35.4   | Notification      of address, fax number and telexnumber |
|------------------|----------------------------------------------------------|

35.2

| 35.5   | Electronic      communication |
|------------------|-------------------------------|

| (a)   | Any      communication to be made between the Agent or the Security Agent and a      Lender under or in connection with the Finance Documents may be made by      electronic mail or other electronic means, if the Agent, the Security      Agent, the Fronting Bank and the relevant  Lender: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | agree      that, unless and until notified to the contrary, this is to be an accepted      form of communication; |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| (ii)   | notify      each other in writing of their electronic mail address and/or any other      information required to enable the sending and receipt of information by      that means; and |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | notify      each other of any change to their address or any other such information      supplied by them. |
|-------------------|------------------------------------------------------------------------------------------------------------|

| (b)   | Any      electronic communication made between the Agent or the Security Agent and      a Lender and/or the Fronting Bank will be effective only when actually      received in readable form and in the case of any electronic communication      made by a Lender or the Fronting Bank to the Agent or the Security Agent      only if it is addressed in such a manner as the Agent or the Security      Agent shall specify for thispurpose. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35.6   | English      language |
|------------------|-----------------------|

| (a)   | Any      notice given under or in connection with any Finance Document must be in      English. |
|-----------------|-------------------------------------------------------------------------------------------------|

| (b)   | All      other documents provided under or in connection with any Finance Document      must be: |
|-----------------|--------------------------------------------------------------------------------------------------|

| (i)   | in      English; or |
|-----------------|---------------------|

| (ii)   | if      not in English, and if so required by the Agent, accompanied by a      certified English translation and, in this case, the English translation      will prevail unless the document is a constitutional, statutory or other      official document. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36.   | CALCULATIONS      AND CERTIFICATES |
|-----------------|------------------------------------|

| 36.1   | Accounts |
|------------------|----------|

| 36.2   | Certificates      and Determinations |
|------------------|--------------------------------------|

| 36.3   | Day      count convention |
|------------------|---------------------------|

| 37.   | PARTIAL      INVALIDITY |
|-----------------|-------------------------|

| 38.   | REMEDIES      AND WAIVERS |
|-----------------|---------------------------|

| 39.   | AMENDMENTS      AND WAIVERS |
|-----------------|-----------------------------|

| 39.1   | Required      consents |
|------------------|------------------------|

| (a)   | Subject      to Clause 39.2 (Exceptions) and      Clause 29.21 (Release of Transaction      Security) any term of the Finance Documents may be amended or      waived only with the consent of the Majority Lenders and the Obligors and      any such amendment or waiver will be binding on all    Parties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Agent, or in respect of the Security Documents the Security Agent may      effect, on behalf of any Finance Party, any amendment or waiver permitted      by this Clause. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.2   | Exceptions |
|------------------|------------|

| (a)   | An      amendment or waiver that has the effect of changing or which relates      to: |
|-----------------|---------------------------------------------------------------------------------------|

| (i)   | the      definition of "Majority Lenders" in Clause 1.1 (Definitions); |
|-----------------|-----------------------------------------------------------------------------|

| (ii)   | the      definition of "AvailabilityPeriod"; |
|------------------|----------------------------------------------|

| (iii)   | an      extension to the date of payment of any amount of principal, interest,      fees or commission under the FinanceDocuments; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | a      reduction in the Margin, the L/C Commission Rate or a reduction in the      amount of any payment of principal, interest, fees or commission      payable; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | an      increase in or an extension of anyCommitment; |
|-----------------|-------------------------------------------------------|

| (vi)   | a      change to the Borrowers orGuarantors; |
|------------------|----------------------------------------------|

| (vii)   | any      provision which expressly requires the consent of all the      Lenders; |
|-------------------|----------------------------------------------------------------------------------|

| (viii)   | Clause 2.2 (Finance Parties' rights and      obligations), Clause 21 (Guarantee and      indemnity), Clause 27 (Changes to the Lenders)      or this Clause 39; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | the      nature or scope of the Charged Property or the manner in which the      proceeds of enforcement of the Transaction Security are      distributed, |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | An      amendment or waiver which relates to the rights or obligations of the      Agent, the Security Agent, the Mandated Lead Arranger or the Fronting Bank      may not be effected without the consent of the Agent, the Security Agent,      the Mandated Lead Arranger or the FrontingBank. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40.   | GOVERNING      LAW |
|-----------------|--------------------|

| 41.   | ENFORCEMENT |
|-----------------|-------------|

| 41.1   | Jurisdiction      of German courts |
|------------------|------------------------------------|

| (a)   | The      courts of Frankfurt am Main have exclusive jurisdiction to settle any      dispute arising out of or in connection with this Agreement (including a      dispute regarding the existence, validity or termination of this      Agreement) (a "Dispute"). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Parties agree that the courts of Frankfurt am Main are the most      appropriate  and convenient courts to settle Disputes and      accordingly no Party will argue to thecontrary. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | This      Clause 41.1 is for the benefit of the Finance Parties only. As a result,      no Finance Party shall be prevented from taking proceedings relating to a      Dispute in any other courts with jurisdiction.  To the extent      allowed by law, the Finance Parties may take concurrent proceedings in any      number of jurisdictions. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41.2   | Service      of process |
|------------------|-------------------------|

| (a)   | irrevocably      appoints the German Borrower as its agent for service of process in      relation to any proceedings before the German courts in connection with      any Finance Document; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | agrees      that failure by a process agent to notify the relevant Obligor of the      process will not invalidate the proceedings  concerned. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| Name      of Original Lender                           | Commitment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Deutsche      Bank Luxembourg S.A.                     | EUR      14,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Commerzbank      Aktiengesellschaft, Filiale Köln | EUR      14,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Den      norske Bank ASA, Filiale Deutschland          | EUR      14,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Dexia      Bank Belgium NV/SA                          | EUR      14,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| KBC      Bank NV                                       | EUR      14,000,000.00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Dresdner      Bank AG in Köln                     | EUR      10,000,000.00                                                                            EUR 80,000,000.00                   |

| 1.   | Corporate      documents |
|----------------|--------------------------|

| (a)   | A      copy of the constitutional documents of each Obligor and Kronos      Denmark. |
|-----------------|--------------------------------------------------------------------------------------|

| (b)   | A      copy of a resolution of the board of directors or the shareholders of each      Obligor and Kronos Denmark (asapplicable): |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | approving      the terms of, and the transactions contemplated by, the Finance Documents      to which it is a party and resolving that it execute the Finance Documents      to which it is a party; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | authorising      a specified person or persons to execute the Finance Documents to which it      is a party on its behalf; and |
|------------------|--------------------------------------------------------------------------------------------------------------------------------|

| (v)   | authorising      a specified person or persons, on its behalf, to sign and/or despatch all      documents and notices (including, if relevant, any Utilisation Request) to      be signed and/or despatched by it under or in connection with the Finance      Documents to which it is a party. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      specimen of the signature of each person authorised by the resolution      referred to in paragraph (b) above. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (d)   | A      copy of a resolution signed by all the holders of the issued shares in      each Guarantor, approving the terms of, and the transactions contemplated      by, the Finance Documents to which the Guarantor is a party provided that the      resolution signed by all the holders of the issued shares in the Belgian      Guarantor shall be limited to the provisions to be approved pursuant to      article 556 of the Belgian CompaniesCode. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | A      certificate of each Obligor (signed by a director) confirming that      borrowing or guaranteeing, as appropriate, the Total Commitments would not      cause any borrowing, guaranteeing or similar limit binding on such Obligor      to be exceeded. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | A      certificate of an authorised signatory of the relevant Obligor and Kronos      Denmark certifying that each copy document relating to it specified in      this Schedule 2 is correct, complete and in full force and effect as      at a date no earlier than the date of this  Agreement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Accounts      and Reports |
|----------------|---------------------------|

| (a)   | The      Original Financial Statements of eachObligor. |
|-----------------|--------------------------------------------------------|

| (b)   | The      Structure Chart |
|-----------------|--------------------------|

| 3.   | Other      financing documents |
|----------------|--------------------------------|

| (a)   | Evidence      that the Senior Notes have been issued and that provision has been made      for the net proceeds of such notes to be used, inter alia, for the      redemption by an Affiliate of the Parent of its outstanding 11.75 per      cent. notes with the effect that, following such redemption, the      second-tier mirror note of the Parent will be deemed repaid in      full. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Evidence      that all existing Financial Indebtedness of the Group (other than      Permitted Financial Indebtedness) has been or will be repaid prior to or      upon the first Utilisation Date. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Evidence      that all cash management systems which were provided by or through the      Parent on behalf of the members of Group have been terminated and that any      new cash management systems which are required in respect of the members      of the Group are now provided by or through the German      Borrower. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Security      and priority documents |
|----------------|--------------------------------------|

| (a)   | The      duly executed Security Documents granting, evidencing or pursuant to which      the Transaction Security will be granted,  including: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | global      assignment agreements or the equivalent thereto relating to trade and      intra-group receivables by the German Borrower, the Belgian Borrower and      the Norwegian Borrowers which assignment agreements shall in the case of      the German Borrower and the Belgian Borrower secure the obligations of      each of the Obligors and shall in the case of the Norwegian Borrowers      secure (i) the obligations of the two Norwegian Borrowers and (ii) the      obligations of those Obligors other than the Norwegian Borrowers but only      to the extent which is permitted under the Companies Act 1997 Section      8-7; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | security      transfer agreements or the equivalent thereto relating to stock in trade      by the German Borrower, the Belgian Borrower and the Norwegian Borrowers      which security transfer agreements shall in the case of the German      Borrower and the Belgian Borrower secure the obligations of each of the      Obligors and shall in the case of the Norwegian Borrower secure (i) the      obligations of the two Norwegian Borrowers and (ii) the obligations of      those Obligors other than the Norwegian Borrowers but only to the extent      which is permitted under the Companies Act 1997 Section    8-7; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | a      pledge agreement or the equivalent thereto in respect of all of the shares      in the Norwegian Guarantor held by the Danish Guarantor from time to time;      and |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      duly executed copy of the Subordination Agreement in respect of the      liabilities of the German Borrower to the Parent under a promissory note      and any other Intra-Group Loan. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Legal      opinions |
|----------------|---------------------|

| (a)   | A      legal opinion of Clifford Chance Pünder, legal advisers to the Mandated      Lead Arranger and the Agent in Germany, substantially in the form      distributed to the Original Lenders prior to signing this      Agreement. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | A      legal opinion of Bugge, Arentz-Hansen & Rasmussen, advisers to the      Mandated Lead Arranger and the Agent in Norway, substantially in the form      distributed to the Original Lenders prior to signing this      Agreement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      legal opinion of Clifford Chance Pünder, advisers to the Mandated Lead      Arranger and the Agent in Belgium, substantially in the form distributed      to the Original Lenders prior to signing this  Agreement. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | A      legal opinion of Gorrissen Federspiel Kierkegaard, advisers to the      Mandated Lead Arranger and the Agent in Denmark, substantially in the form      distributed to the Original Lenders prior to signing this      Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | A      legal opinion of Meilicke Hoffman & Partner, advisers to the Obligors      in Germany, substantially in the form distributed to the Original Lenders      prior to signing this Agreement. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Other      documents and evidence |
|----------------|-----------------------------------|

| (a)   | A      copy of any other Authorisation or other document, opinion or assurance      which the Agent considers to be necessary or desirable (if it has notified      the German Borrower accordingly) in connection with the entry into and      performance of the transactions contemplated by any Finance Document or      for the validity and enforceability in the Relevant Jurisdiction of any      Finance Document. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Evidence      that the Belgian Borrower has provided Clifford Chance Pünder, advisers to      the Mandated Lead Arranger and the Agent in Belgium, with the funds      necessary to pay the registration costs in respect of the floating charge      to be executed by the BelgianBorrower. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | We      refer to the Agreement.  This is a Utilisation      Request.  Terms defined in the Agreement have the same meaning      in this Utilisation Request unless given a different meaning in this      Utilisation Request. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | We      wish [to borrow a Loan/the Fronting Bank to issue a Letter of Credit] on      the following terms: |
|----------------|------------------------------------------------------------------------------------------------------------|

|   | Proposed      Utilisation Date: | [·] (or, if that      is not a Business Day, the next BusinessDay) |
|--------|---------------------------------|-------------------------------------------------------------------------|

| 3.   | We      confirm that each condition specified in Clause 4.2 (Further conditions      precedent) is satisfied on the date of this Utilisation      Request. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | [The      proceeds of this Loan should be credited to [account]./The Letter of      Credit should be issued in favour of [name of recipient] in      the form attached and delivered to the recipient at [address of      recipient].  The purpose of its issue is [·].] |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | We      confirm that the Repeating Representations are  true. |
|----------------|---------------------------------------------------------------|

| 6.   | This      Utilisation Request is irrevocable. |
|----------------|-----------------------------------------------|

| 1.   | The      Mandatory Cost is an addition to the interest rate to compensate Lenders      for the cost of compliance with (a) the requirements of the Bank of      England and/or the Financial Services Authority (or, in either case, any      other authority which replaces all or any of its functions) or (b) the      requirements of the European CentralBank. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | On      the first day of each Interest Period (or as soon as possible thereafter)      the Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")      for each Lender, in accordance with the paragraphs set out      below.  The Mandatory Cost will be calculated by the Agent as a      weighted average of the Lenders' Additional Cost Rates (weighted in      proportion to the percentage participation of each Lender in the relevant      Loan) and will be expressed as a percentage rate per  annum. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      Additional Cost Rate for any Lender lending from a Facility Office in a      Participating Member State will be the percentage notified by that Lender      to the Agent.  This percentage will be certified by that Lender      in its notice to the Agent to be its reasonable determination of the cost      (expressed as a percentage of that Lender's participation in all Loans      made from that Facility Office) of complying with the minimum reserve      requirements of the European Central Bank in respect of loans made from      that Facility Office. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The      Additional Cost Rate for any Lender lending from a Facility Office in the      United Kingdom will be calculated by the Agent as  follows: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      relation to a sterling Loan: |
|-----------------|--------------------------------------|

| (d)   | in      relation to a Loan in any currency other than  sterling: |
|-----------------|------------------------------------------------------------------|

|   | A | is      the percentage of Eligible Liabilities (assuming these to be in excess of      any stated minimum) which that Lender is from time to time required to      maintain as an interest free cash ratio deposit with the Bank of England      to comply with cash ratiorequirements. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B | is      the percentage rate of interest (excluding the Margin and the Mandatory      Cost and, if the Loan is an Unpaid Sum, the additional rate of interest      specified in sub-clause 12.2.1 of      Clause 12.2 (Default interest))      payable for the relevant Interest Period on the  Loan. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C | is      the percentage (if any) of Eligible Liabilities which that Lender is      required from time to time to maintain as interest bearing Special      Deposits with the Bank of England. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D | is      the percentage rate per annum payable by the Bank of England to the Agent      on interest bearing SpecialDeposits. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------|

|   | E | is      designed to compensate Lenders for amounts payable under the Fees Rules      and is calculated by the Agent as being the average of the most recent      rates of charge supplied by the Reference Banks to the Agent pursuant to      paragraph 7 below and expressed in pounds per  £1,000,000. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | For      the purposes of this Schedule: |
|----------------|-----------------------------------------|

| (a)   | "Eligible Liabilities"      and "Special      Deposits" have the meanings given to them from time to time under      or pursuant to the Bank of England Act 1998 or (as may be appropriate) by      the Bank of England; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | "Fees Rules" means the      rules on periodic fees contained in the FSA Supervision Manual or such      other law or regulation as may be in force from time to time in respect of      the payment of fees for the acceptance of  deposits; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | "Fee Tariffs" means the      fee tariffs specified in the Fees Rules under the activity group A.1      Deposit acceptors (ignoring any minimum fee or zero rated fee required      pursuant to the Fees Rules but taking into account any applicable discount      rate); and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | "Tariff Base" has the      meaning given to it in, and will be calculated in accordance with, the      Fees Rules. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| 6.   | In      application of the above formulae, A, B, C and D will be included in the      formulae as percentages (i.e. 5 per cent. will be included in the formula      as 5 and not as 0.05).  A negative result obtained by      subtracting D from B shall be taken as zero.  The resulting      figures shall be rounded to four decimalplaces. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | If      requested by the Agent, each Reference Bank shall, as soon as practicable      after publication by the Financial Services Authority, supply to the      Agent, the rate of charge payable by that Reference Bank to the Financial      Services Authority pursuant to the Fees Rules in respect of the relevant      financial year of the Financial Services Authority (calculated for this      purpose by that Reference Bank as being the average of the Fee Tariffs      applicable to that Reference Bank for that financial year) and expressed      in pounds per £1,000,000 of the Tariff Base of that Reference      Bank. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Each      Lender shall supply any information required by the Agent for the purpose      of calculating its Additional Cost Rate.  In particular, but      without limitation, each Lender shall supply the following information on      or prior to the date on which it becomes a  Lender: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      jurisdiction of its Facility Office;and |
|-----------------|--------------------------------------------------|

| (b)   | any      other information that the Agent may reasonably require for such      purpose. |
|-----------------|-----------------------------------------------------------------------------------------|

| 9.   | The      percentages of each Lender for the purpose of A and C above and the rates      of charge of each Reference Bank for the purpose of E above shall be      determined by the Agent based upon the information supplied to it pursuant      to paragraphs 7 and 8 above and on the assumption that, unless a Lender      notifies the Agent to the contrary, each Lender's obligations in relation      to cash ratio deposits and Special Deposits are the same as those of a      typical bank from its jurisdiction of incorporation with a Facility Office      in the same jurisdiction as its FacilityOffice. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | The      Agent shall have no liability to any person if such determination results      in an Additional Cost Rate which over or under compensates any Lender and      shall be entitled to assume that the information provided by any Lender or      Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct      in all respects. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | The      Agent shall distribute the additional amounts received as a result of the      Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for      each Lender based on the information provided by each Lender and each      Reference Bank pursuant to paragraphs 3, 7 and 8  above. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Any      determination by the Agent pursuant to this Schedule in relation to a      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable      to a Lender shall, in the absence of manifest error, be conclusive and      binding on all Parties. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | The      Agent may from time to time, after consultation with the German Borrower      and the Lenders, determine and notify to all Parties any amendments which      are required to be made to this Schedule in order to comply with any      change in law, regulation or any requirements from time to time imposed by      the Bank of England, the Financial Services Authority or the European      Central Bank (or, in any case, any other authority which replaces all or      any of its functions) and any such determination shall, in the absence of      manifest error, be conclusive and binding on all  Parties. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| From: | [Existing Lender] (the      "Existing Lender")      and [New Lender]      (the "New      Lender") |
|-------|---------------------------------------------------------------------------------------------------|

| 1.   | We      refer to the Agreement.  This is a Transfer Certificate. Terms      defined in the  Agreement have the same meaning in this Transfer      Certificate unless given another meaning in this Transfer      Certificate. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      Existing Lender (i) confirms that the details in the schedule hereto under      the heading "Existing      Lender's Participationin the Facility" and      "Loans" accurately      summarises its participation in the Agreement and the Interest Period of      any existing Loans and (ii) requests the New Lender to accept and procure      the transfer by assignment and assumption to the New Lender of the Portion      Transferred (specified in the schedule hereto) of its Commitment and/or      its participation in such Loan(s) by counter-signing and delivering this      Transfer Certificate to the Agent at its address for the service of      notices specified in the Agreement. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      New Lender hereby requests the Agent to accept this Transfer Certificate      as being delivered to the Agent pursuant to and for the purposes of      Clause 27 (Changes to the Lenders)      of the Agreement so as to take effect in accordance with the terms thereof      on the Transfer Date or on such later date as may be determined in      accordance with the terms thereof. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The      New Lender confirms that it has received a copy of the Agreement together      with such other information as it has required in connection with this      transaction and that it has not relied and will not hereafter rely on the      Existing Lender to check or enquire on its behalf into the legality,      validity, effectiveness, adequacy, accuracy or completeness of any such      information and further agrees that it has not relied and will not rely on      the Existing Lender to assess or keep under review on its behalf the      financial condition, creditworthiness, condition, affairs, status or      nature of the Obligors or KronosDenmark. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      New Lender hereby undertakes with the Existing Lender and each of the      other parties to the Agreement that it will perform in accordance with      their terms all those obligations which by the terms of the Agreement will      be assumed by it after delivery of this Transfer Certificate to the Agent      and satisfaction of the conditions (if any) subject to which this Transfer      Certificate is expressed to take effect. The New Lender further undertakes      to promptly and duly execute an accession document to any Finance Document      if so contemplated by such FinanceDocument. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | The      Existing Lender makes no representation or warranty and assumes no      responsibility with respect to the legality, validity, effectiveness,      adequacy or enforceability of the Agreement, the other Finance Documents      or, in any case, any document relating thereto and assumes no      responsibility for the financial condition of the Obligors or Kronos      Denmark or for the performance and observance by the Obligors or Kronos      Denmark of any of its obligations under the Agreement, the other Finance      Documents or, in any case, any document relating thereto and any and all      such conditions and warranties, whether express or implied by law or, in      any case, otherwise, are herebyexcluded. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | The      Existing Lender hereby gives notice that nothing herein or in the      Agreement or the other Finance Documents (or, in any case, any document      relating thereto) shall oblige the Existing Lender to (a) accept a      re-transfer from the New Lender of the whole or any part of its rights,      benefits and/or obligations under the Facilities Agreement or the other      Finance Documents transferred pursuant hereto or (b) support any      losses directly or indirectly sustained or incurred by the New Lender for      any reason whatsoever including the non-performance by an Obligor or      Kronos Denmark or any other party to the Agreement or the other Finance      Documents (or, in any case, any document relating thereto) of its      obligations under any such document. The New Lender hereby acknowledges      the absence of any such obligation as is referred to in (a) or (b)      above. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | The      Existing Lender and the New Lender hereby agree that the benefit of the      guarantees and indemnities granted pursuant to Clause 21 (Guarantee and      Indemnity) of the Agreement and the benefit of each of the Security      Documents shall be transferred to the New Lender following a transfer      pursuant to this TransferCertificate. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | The      New Lender hereby expressly consents to the declarations of the Security      Agent made on behalf and in the name of the New Lender as Future Pledgee      (as such term is defined in the Security Documents, being pledges which      are governed by German law) in such Security Documents.  The New      Lender confirms that it is aware of the content of such Security      Documents. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | This      Transfer Certificate and the rights, benefits and obligations of the      parties hereunder shall be governed by and construed in accordance with      German law. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.      Existing Lender:                                                                 |                 |                     |
|------------------------------------------------------------------------------------------|----------------------|--------------------------|
| 2.      New Lender:                                                                      |                 |                     |
| 3.      Transfer Date:                                                                   |                 |                     |
| 4.      New Lender’s Participation in the Facility:                                |                 |                     |
|     Existing      Lender’s Commitment                          |                 | Portion      Transferred |
| 5.      Loans:                                                                           |                 |                     |
|       Amount      of Existing Lender’s Participation | Interest      Period | Portion      Transferred |
|                                                                                     |                 |                     |
| [Existing      Lender]                                                                   | [New      Lender]    |                     |
| By:                                                                                      | By:                  |                     |
| Date:                                                                                    | Date:                |                     |

| 1.   | We      refer to the Agreement.  This is a Compliance      Certificate.  Terms defined in the Agreement have the same      meaning when used in this Compliance Certificate unless given a different      meaning in this ComplianceCertificate. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      German Borrower, also on behalf of the other Borrowers, confirms that the      financial conditions as set out in Clause 24.2 have been complied      with. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      German Borrower, also on behalf of the other Borrowers, confirms that no      Default is continuing. * |
|----------------|-----------------------------------------------------------------------------------------------------------------|

----

  
|   | *      If this statement cannot be made, the certificate should identify any      Default this is continuing and the steps, if any, being taken to remedy      it. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [PricewaterhouseCoopers      LLP Office Letterhead] |
|--------|-----------------------------------------------------|

| Name      of Obligor         | Security                                       | Total      Principal Amount of Indebtedness Secured                                                                        |
|------------------------------|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
| Kronos      Europe S.A./N.V. | Cash      deposit                              | Fortis      Bank €2,060,787 Line of Credit with €1,569,582.66 outstanding under      letters of guaranty       |
| Titania      A/S             | Front-end      wheel loader Le Tourneau L 1100 | Capital      lease agreement dated November 7, 2000 with Elcon.  Current      balance is  NOK9,731,000 |
| Titania      A/S             | Caterpillar      Truck 789C                    | Capital      lease agreement dated April 17, 2001 with Elcon.  Current      balance is  NOK8,932,000   |

----

| 1.   | Note      payable by Kronos Norge A/S to Den norske Bank in the amount of      NOK200,000,000.  Current balance      is  NOK200,000,000. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Note      payable by Kronos Titan GmbH & Co. OHG to Kronos International, Inc.      dated December 30, 1998 in the amount of      DEM350,000,000.  Current balance      is  €59,112,425 |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Note      payable by Kronos Titan GmbH & Co. OHG to Kronos International, Inc.      dated December 29, 1999 in the amount of DEM50,222,500. Current balance      is  €25,678,357 |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Non-current      payable by Kronos Titan GmbH & Co. OHG to Kronos Titan      Unterstützungskasse GmbH (Support Fund). Current balance is      €1,073,713. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Titania      A/S capital lease agreement dated November 7, 2000 with  Elcon      for front-end wheel loader Le Tourneau L 1100. Current balance      is  NOK9,731,000. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Titania      A/S capital lease agreement dated April 17, 2001 with  Elcon for      Caterpillar Truck 789C. Current balance      is  NOK8,932,000. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | €2,060,787      line of credit from Fortis Bank extended to Kronos Europe S.A./N.V.      secured by a proxy for a floating charge agreement. Two letters of      guaranty are issued and outstanding under the line of credit to OVAM      (Openbare Afvalstoffenmaatschappij voor het Vlaamse Gewest) in the amount      of €804,288.65 and €765,294.01. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | NOK10,000,000      overdraft line of credit from Den norske Bank for the benefit of Kronos      Norge A/S, Titania A/S and Kronos TitanA/S. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                         | Loans      in euro                                                                                                                | Loans      in sterling                          | Loans      in other currencies                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|-------------------------------------------------|
| Agent      notifies the relevant Borrower if a currency is approved as an Optional      Currency in accordance with Clause 4.3      (Conditions relating to      Optional Currencies)                                                                                                   | -                                                                                                                                 | U –      4                                | U –      4                                |
| Delivery      of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation      Request)                                                                                                                                                                              | U– 310.00      am                                                                                                           | U –      410.00      am                   | U –      410.00      am                   |
| Agent      determines (in relation to a Utilisation) the Base Currency Amount of the      Loan, if required under Clause 5.4 (Lenders' and Fronting Bank      participation) and notifies the Lenders of the Loan in accordance      with Clause 5.4 (Lender's      participation) |  -                                                                                                                           | U –      311.00      am                   | U –      311.00      am                   |
| Agent      receives a notification from a Lender under Clause 6.2 (Unavailability of a      currency)                                                                                                                                                                                   |  -                                                                                                                           | U –      210.00      am                   | U –      210.00      am                   |
| Agent      gives notice in accordance with Clause 6.2      (Unavailability of a      currency)                                                                                                                                                                                          | -                                                                                                                                 | U -      211.00      am                         | U -      211.00      am                         |
| LIBOR      or EURIBOR is fixed                                                                                                                                                                                                                                                               | Quotation      Day as of 11:00 a.m. London time in respect of LIBOR and as of 11.00 a.m.      Brussels time in respect of EURIBOR | Quotation      Day as of 11:00 a.m. London time | Quotation      Day as of 11:00 a.m. London time |

----

  

|                                                                                                                                             | Letters      of Credit |
|--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
| Delivery      of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation      Request)                                  | U-39.30am              |
| Agent      notifies the Lenders of the Letter of Credit in accordance with      Clause 5.4 (Lenders' and Fronting Bank      participation). | U-2noon                |

|             | [insert      name of Potential Seller/Seller'sagent/broker] |
|--------------------------------------|-------------------------------------------------------------|

|  Borrowers:Date:       Amount:Agent:  |   |
|------------------------------------------------------|--------|

| 1.   | Confidentiality      Undertaking  We undertake (a) to keep the Confidential      Information confidential and not to disclose it to anyone except as      provided for by paragraph 2 below and to ensure that the Confidential      Information is protected with security measures and a degree of care that      would apply to our own confidential information, (b) to use the      Confidential Information only for the Permitted Purpose, (c) to use all      reasonable endeavours to ensure that any person to whom we pass any      Confidential Information (unless disclosed under paragraph 2[(c)/(d)]3      below) acknowledges and complies with the provisions of this letter as if      that person were also a party to it, and (d) not to make enquiries of any      member of the Group or any of their officers, directors, employees or      professional advisers relating directly or indirectly to the      Acquisition. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Permitted      Disclosure  You agree that we may disclose Confidential      Information: |
|----------------|----------------------------------------------------------------------------------------------------|

| (a)   | to      members of the Purchaser Group and their officers, directors, employees      and professional advisers to the extent necessary for the Permitted      Purpose and to any auditors of members of the Purchaser    Group; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [(b) | subject      to the requirements of the Agreement, in accordance with the Permitted      Purpose so long as any prospective purchaser has delivered a letter to us      in equivalent form to this letter;] 2 |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [(b/c)] 3subject      to the requirements of the Agreement, to any person to (or through) whom      we assign or transfer (or may potentially assign or transfer) all or any      of the rights, benefits and obligations which we may acquire under the      Agreement or with (or through) whom we enter into (or may potentially      enter into) any sub-participation in relation to, or any other transaction      under which payments are to be made by reference to, the Agreement or any      Borrower or any member of the Group so long as that person has delivered a      letter to us in equivalent form to this letter;  and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [(c/d)] 3(i)      where requested or required by any court of competent jurisdiction or any      competent judicial, governmental, supervisory or regulatory body, (ii)      where required by the rules of any stock exchange on which the shares or      other securities of any member of the Purchaser Group are listed or (iii)      where required by the laws or regulations of any country with jurisdiction      over the affairs of any member of the Purchaser  Group. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Notification of Required or      Unauthorised Disclosure We agree (to the extent permitted by law)      to inform you of the full circumstances of any disclosure under paragraph      2[(c)/(d)]3      or upon becoming aware that Confidential Information has been disclosed in      breach of this letter. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Return of      Copies  If you so request in writing, we shall return all      Confidential Information supplied by you to us and destroy or permanently      erase all copies of Confidential Information made by us and use all      reasonable endeavours to ensure that anyone to whom we have supplied any      Confidential Information destroys or permanently erases such Confidential      Information and any copies made by them, in each case save to the extent      that we or the recipients are required to retain any such Confidential      Information by any applicable law, rule or regulation or by any competent      judicial, governmental, supervisory or regulatory body or in accordance      with internal policy, or where the Confidential Information has been      disclosed under paragraph 2[(c)/(d)] 3      above. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Continuing      Obligations  The obligations in this letter are      continuing and, in particular, shall survive the termination of any      discussions or negotiations between you and us.  Notwithstanding      the previous sentence, the obligations in this letter shall cease (a) if      we become a party to or otherwise acquire (by assignment or      sub-participation) an interest, direct or indirect, in the Agreement or      (b) twelve months after we have returned all Confidential Information      supplied to us by you and destroyed or permanently erased all copies of      Confidential Information made by us (other than any such Confidential      Information or copies which have been disclosed under paragraph 2 above      (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above,      are not required to be returned ordestroyed). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | No Representation;      Consequences of Breach, etc  We acknowledge and agree      that: |
|----------------|----------------------------------------------------------------------------------------------------|

| (a)   | neither      you, [nor your principal]4      nor any member of the Group nor any of your or their respective officers,      employees or advisers (each a "Relevant Person") (i)      make any representation or warranty, express or implied, as to, or assume      any responsibility for, the accuracy, reliability or completeness of any      of the Confidential Information or any other information supplied by you      or the assumptions on which it is based or (ii) shall be under any      obligation to update or correct any inaccuracy in the Confidential      Information or any other information supplied by you or be otherwise      liable to us or any other person in respect to the Confidential      Information or any suchinformation; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | you      [or your principal]4 or      members of the Group may be irreparably harmed by the breach of the terms      hereof and damages may not be an adequate remedy; each Relevant Person may      be granted an injunction or specific performance for any threatened or      actual breach of the provisions of this letter by  us; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | you      or members of the Group shall be entitled to exercise any rights at law or      in equity in respect of any breach of the terms  hereof;and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the      members of the Group are expressly made third party beneficiaries of this      letter, may enforce its terms and recover damages for any      breach. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | No Waiver; Amendments,      etc  This letter sets out the full extent of our      obligations of confidentiality owed to you in relation to the information      the subject of this letter.  No failure or delay in exercising      any right, power or privilege hereunder will operate as a waiver thereof      nor will any single or partial exercise of any right, power or privilege      preclude any further exercise thereof or the exercise of any other right,      power or privileges hereunder.  The terms of this letter and our      obligations hereunder may only be amended or modified by written agreement      between us. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Inside      Information  We acknowledge that some or all of the      Confidential Information is or may be price-sensitive information and that      the use of such information may be regulated or prohibited by applicable      legislation relating to insider dealing and we undertake not to use any      Confidential Information for any unlawful  purpose. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Nature of      Undertakings  The undertakings given by us under this      letter are given to you and (without implying any fiduciary obligations on      your part) are also given for the benefit of [your principal,]1 any Borrower and each other member of      the Group. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | Governing Law and      Jurisdiction  This letter (including the agreement      constituted by your acknowledgment of its terms) shall be governed by and      construed in accordance with the laws of the Federal Republic of Germany      and the parties submit to the non-exclusive jurisdiction of the courts of      Frankfurt am Main. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Definitions  In      this letter (including the acknowledgement set out below) terms defined in      the Agreement shall, unless the context otherwise requires, have the same      meaning and: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  1 | delete      if purchaser is acting as broker oragent. |
|---------|-------------------------------------------------------|

| 2 | delete      if potential purchaser is acting asprincipal. |
|---|-----------------------------------------------------------|

| 3 | delete      as applicable |
|---|---------------------------|

| 4 | delete      if letter is addressed to the Seller rather than the Seller's broker or      agent. |
|---|-------------------------------------------------------------------------------------------------|

----

----

  
| * | [insert amount in      Euros] |
|---|-------------------------------|

|   | [PricewaterhouseCoopers      LLP Office Letterhead] |
|--------|-----------------------------------------------------|