| CLAUSE           |                                                | PAGE   |
|------------------|-----------------------------------------------------|--------|
|             |                                                |   |
|             |                                                |   |
| 1.               | Definitions      and Interpretation                 | 2      |
|             |                                                |   |
| 2.               | Amendment                                           | 3      |
|             |                                                |        |
| 3.               | Representations                                     | 3      |
|                  |                                                     |        |
| 4.               | Undertakings                                        | 3      |
|                  |                                                     |        |
| 5.               | Continuity      and further Assurance               | 4      |
|                  |                                                     |        |
| 6.               | Fees,      Costs and Expenses                       | 4      |
|                  |                                                     |        |
| 7.               | Miscellaneous                                       | 5      |
|                  |                                                     |        |
| 8.               | Conclusion      of this Agreement (Vertragsschluss) | 5      |
|                  |                                                     |        |
| SCHEDULE      1. | Conditions      Precedent                           | 7      |
|                  |                                                     |        |
| SCHEDULE      2. | Amended      Facility Agreement                     | 9      |
|                  |                                                     |        |

| (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 52058 (the "German      Borrower"); |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Kronos Europe S.A./N.V.,      a Belgian company with its registered officeat |
|-----------------|------------------------------------------------------------------------------|

|   | 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 Haugei |
|-----------------|----------------------------------------------------------------------------|

|   | 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 c/o Gorrissen Federspiel      Kierkegaard, H.C. Andersens Boulevard 12, 1553 København V, Denmark, with      registration number CVR. no. 24 24 27 81 (the "Danish      Borrower"); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (8)   | THE LENDERS as specified      on the signature page (the "Lenders");      and |
|-----------------|-------------------------------------------------------------------------------|

| (9)   | 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | Unless      a contrary indication appears, terms used in the Original      Facility |
|--------|-----|-------------------------------------------------------------------------------------|

| (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 and      8-10. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 8.1 | The      Parties to this Agreement may choose to conclude this Agreement by      an |
|--------|-----|-------------------------------------------------------------------------------------|

| (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. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 LLP, legal advisers to the Agent in the      United States of America, substantially in the form distributed to the      Lenders prior to signing thisAgreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (b)   | A      copy of a confirmation and amendment agreement relating to the global      assignment agreement and to the security transfer agreement each dated 25      June 2002 and entered into between the German Borrower and the Security      Agent. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      copy of the Structure Chart as of recentdate. |
|-----------------|------------------------------------------------------|

| (d)   | 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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (1)   | KRONOS TITAN GMBH      (formerly known as Kronos Titan GmbH, & Co. oHG, the "German Borrower"), KRONOS EUROPE S.A./N.V.      (the "Belgian      Borrower"), KRONOS      TITAN AS (the "Norwegian Borrower 1"),      TITA­NIA AS      (the "Norwegian      Borrower 2"), KRONOS NORGE AS (the      "Nor­wegian Borrower      3" and together with the Norwegian Borrower 1 and the Norwegian      Borrower 2, collectively the “Norwegian Borrowers”)      and KRONOS DENMARK APS      (the "Danish      Borrower"), as borrowers (each a "Borrower" and together      the "Borrowers"); |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | KRONOS TITAN GMBH      (formerly known as Kronos Titan GmbH, & Co. oHG), KRONOS EUROPE S.A./N.V.      (the "Belgian      Guarantor"), KRONOS NORGE AS (the      "Norwegian      Guarantor") and KRONOS DEMARK APS (the      "Danish      Guarantor"), as guarantors (each a "Guarantor" and together      the "Guarantors"); |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | DEUTSCHE BANK AG as      mandated lead arranger (the "Mandated Lead      Ar­ranger"); |
|-----------------|--------------------------------------------------------------------------------------------|

| (4)   | KBC BANK NV as fronting      bank (the "Fronting      Bank"); |
|-----------------|---------------------------------------------------------------|

| (5)   | THE FINANCIAL INSTITUTIONS      listed in Schedule 1 (The Original      Lend­ers) as lenders (the "Original Lenders");      and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | 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"). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 the Danish Borrower, 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 Interest Period;exceeds: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, in each      case to which any member of the Group is beneficially entitled at that      time and which are not issued or guaranteed by any member of the      Group. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 intoaccount); |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 oflaw. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | 3.00      per cent. per annum while the Outstandings are less than 33. 1/3 % of the      Total Commitments; |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (ii)   | 3.50      per cent. per annum while the Outstandings are equal to or higher than 33.      1/3 % of the Total Commitments but less than 66. 2/3 % of the Total      Commitments; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | 4.00      per cent. per annum while the Outstandings are equal to or higher than 66.      2/3 % of the Total Commitments; |
|-------------------|---------------------------------------------------------------------------------------------------------------------------|

| (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      con- |
|-----------------|-----------------------------------------------------------------------------------|

|   | solidated      total operating income of theGroup, |
|--------|----------------------------------------------------|

| (1)   | that      other member of the Group shall be deemed tobe- |
|-----------------|-----------------------------------------------------------|

|   | come      a Material Subsidiary on the date of the relevant sale, transfer or      disposal; and |
|--------|--------------------------------------------------------------------------------------------------|

| (2)   | any      Material Subsidiary which sells, transfers or  other- |
|-----------------|----------------------------------------------------------------|

|   | wise      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, until the Material Subsidiaries are next determined from the      an­nual or half yearly accounts referred to  above; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)      if a Subsidiary has been acquired since the date as of which the latest      consolidated annual or half yearly accounts of the  Group |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | in      relation to the Norwegian Guarantor, its audited consolidated financial      statements for the financial year ended 31 December 2008 prepared      us­ing Applicable GAAP; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | in      relation to each Obligor, its audited unconsolidated financial      state­ments for the financial year ended 31 December 2008 prepared      using Applicable GAAP; and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | in      relation to the Group, a Combining Schedule for the financial year ended      31 December 2008 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 further that      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 orcurrencies); |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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  Re- |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 of EUR  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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

| (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)   | until      such time as TARGET is permanently closed down and ceases op­erations,      any day on which both TARGET and TARGET2 are;  and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | following      such time as TARGET is permanently closed down and ceases operations, any      day on which TARGET2 is, |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (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 the  foregoing; |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 are true in all      material respects. |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | A      Borrower may not deliver a Utilisation request if as a result of the      pro­posed Utilisation the aggregate amount of all Outstandings would      exceed EUR 51,000,000, unless |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      Borrowers have complied with paragraphs (b), (c) and 0 of Clause 24.2      (Financial      conditions) in relation to the Quarter Dates 30 September 2009, 31      December 2009 and 31 March 2010 as evidenced in each case by the relevant      Compliance Cer­tificates delivered pursuant to Clause 23.4 (Compliance      certifi­cate) in relation to such Quarter Dates;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the      Agent has received evidence reasonably satisfactory to it (act­ing on      the instructions of the Majority Lenders) that the loss be­fore tax of      the Group as shown in the Combining Schedule relat­ing to the      financial year ending 31 December 2009 does not ex­ceed USD      56,000,000. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------|

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

| (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  mini- |
|--------|----------------------------------------------------------------------|

|   | mum      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. |
|------------------|------------------------------------------------------------------------------------------------------------|

| (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 ofCredit. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, the Agent will give      notice to the relevant Borrower to that effect by the Speci­fied Time      on that day. In this event, any Lender that gives notice pursuant to this      Clause 6.2 will be required to participate in the Loan in the Base      Currency (in an amount equal to that Lender's proportion of the Base      Currency Amount or, in respect of a Rollover Loan, an amount equal to that      Lender's proportion of the Base Currency Amount of the maturing Loan that      is due to be made) and its participation will be treated as a separate      Loan denominated in the Base Cur­rency during that Interest      Period. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 not  occurred; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|----------------|-----------|

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

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (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 |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 Lenders  rateably. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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), |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Any      notice of cancellation or prepayment given by any Party under this Clause      10 (Prepayment and      Cancellation) 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 or prepayment. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 this      Agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (Prepayment and      Cancellation) it shall promptly forward a copy of that notice to      either the German Borrower or the affected Lender, as      appropriate. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (Interest Periods and      Terms), 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 the      Lenders). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 Periodonly. |
|-----------------|------------------------------------------|

| (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. |
|-------------------|----------------------------------------------------------------------------------------------------|

| (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. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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      0.70 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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 co­operate 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 or  withholding. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 and      accurate. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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, |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-------------------|---------------------------------------------------------------------------------|

| (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 the  Borrowers. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|-----------------------------------------------------------------------------------------------------------------------|

| (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, |
|------------------|------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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      (Tax gross-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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------|

| (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      (Guarantee and      Indemnity). |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

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

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5      Validity and      admissibility in evidence All Authorisations required or      desirable: |
|------------------------------------------------------------------------------------------------------|

| (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 RelevantJurisdiction, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 suchquarter. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 anotherObligor). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24.1      Financial definitions      In this Clause 24: |
|--------|---------------------------------------------------------|

| (a)   | For      each Relevant Period ending on a Quarter Date following the Origi­nal      Leverage Test Compliance Date 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 than0.5:1. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | For      each Financial Quarter until the Original Leverage Test Compliance Date      either |
|-----------------|----------------------------------------------------------------------------------------------|

|   | (i)      the Quarterly EBITDA shall at each Quarter Date set out in the table below      be not less than the amount as set opposite such Quarter Date in the table      below: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Quarter      Date      | Minimum      Quarterly EBITDA in dollar |
|------------------------|-----------------------------------------|
| 30      September 2009 | 6,000,000                               |
| 31      December 2009  | 7,400,000                               |
| 31      March 2010     | 8,000,000                               |
| 30      June 2010      | 11,000,000                              |
| 30      September 2010 | 13,500,000                              |

----

| 31      December 2010 | 14,500,000 |
|-----------------------|------------|
| 31      March2011     | 21,500,000 |

| period                                  | Minimum      cumulative Quarterly EBITDA |
|-----------------------------------------|------------------------------------------|
| 1      July 2009- 30 September 2009     | 6,000,000                                |
| 1      July 2009- 31 December 2009      | 13,400,000                               |
| 1      July 2009- 31 March 2010         | 21,400,000                               |
| 1      July 2009- 30 June 2010          | 32,400,000                               |
| 1      October 2009 - 30 September 2010 | 39,900,000                               |
| 1      January 2010 - 31 December 2010  | 47,000,000                               |
| 1      April 2010-31 March 2011         | 60,500,000                               |

| (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, |
|-----------------|-----------------------------------------------|

| (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, |
|------------------|----------------------------------------------------------------------------------------|

|   | (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 thatcompany; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (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 or    currencies). |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|-------------------------------------------------------------|

| (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, |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (i)   | make      any loans or grant any credit (in each case of the type de­scribed in      the definition of Financial Indebtedness) or allow any Financial      Indebtedness owed by the members of the Kronos Group to the members of the      Group to be outstanding; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | give      any guarantee or indemnity to or for the benefit of the Parent or any      other member of the Kronos Group; |
|------------------|------------------------------------------------------------------------------------------------------------------------|

| (iii)   | otherwise      voluntarily assume any liability, whether actual or con­tingent, in      respect of any obligation of the Parent or any other member of the Kronos      Group; or |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | make      any loans or grant any credit (in each case of the type de­scribed in      paragraphs (a), (c) and (f) of the definition of Financial Indebtedness)      or give any guarantee or indemnity to or for the benefit of any person or      otherwise voluntarily assume any liabil­ity, whether actual or      contingent, in respect of any obligation of any person other than      Permitted Loans and Guarantees. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 Adverse  Effect; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.19      Payments to members of      the Kronos Group and payments owed by mem­bers of the Kronos      Group |
|--------|---------------------------------------------------------------------------------------------------------------------|

| (i)   | in      relation to trade payables on their due date for payment arising from      contracts entered into on market conform terms and condi­tions, provided that the      aggregate amount of all such trade pay­ables shall at no time fall      below the amount of USD 54,000,000 inaggregate; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | payments      that constitute a Permitted Affiliate  Transaction; |
|------------------|-------------------------------------------------------------------|

| (iii)   | payments      owed under the Permitted Profit and Loss Transfer Agreement which are made      in accordance with the terms of the Subordination Agreement;      or |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | payments      by the German Borrower to the Parent up to an amount equal to the amount      of VAT (Umsatzsteuer)      attributable to the German Borrower but payable to tax authorities in      Germany by the Parent in a financial year minus the amount of input VAT      (Vorsteuer) paid      by the German Borrower in that financialyear. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Any      requirement of Clause 24 (Financial covenants) is      not satisfied. |
|-----------------|--------------------------------------------------------------------------------|

| (b)   | If      applicable, an Obligor does not comply with the provisions of      para­graphs (b)(i), (b)(ii) and (b)(iii) of Clause 25.14 (Loans and Guarantees),      or 25.19 (Payments to      members of the Kronos Group and payments owed by members of the Kronos      Group). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | An      Obligor 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 and certain other  obligations)). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Any      representation or statement made by an Obligor in the Finance Documents or      any other document delivered by or on behalf of any Obli­gor 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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 or  currencies). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Any      Obligor 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, 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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, |
|------------------|----------------------------------------------------------------------------------------------------------------------------------|

| (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 of    Credit. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (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), |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 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, |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 of its obligations under the Finance      Documents or otherwise. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 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  Exist- |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (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". |
|------------------|---------------------------------------------------------|

| (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, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

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

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 29.6.1      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      Parallel Obligations. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 to  verify. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 where the      Security Agent has consented to the disposal, to any third party, release      such property from the SecurityDocument. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 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 TransactionSecurity. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 wilfulmisconduct. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (Re­covering      Finance Party's rights). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | This      Clause 31 (Sharing among      the Finance Parties) 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. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (Obliga­tions and      Discharged), 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 by law. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (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 |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-------------------|------------------------------------------------------------------------------------------------------------|

| (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. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | the      definition of "Majority Lenders" in Clause 1.1 (Definitions); |
|-----------------|------------------------------------------------------------------------|

| (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 (Amendments And      Waivers); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | the      nature or scope of the Charged Property or the manner in which the      proceeds of enforcement of the Transaction Security are      distributed, |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 ofjurisdictions. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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  |

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 1.   | Corporate      documents |
|----------------|--------------------------|

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

| (b)   | A      copy of a resolution of the board of directors or the shareholders of each      Obligor (as applicable): |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| (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 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 thisAgreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Kronos Denmark 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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. |
|----------------|-----------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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 allrespects. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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 termsthereof. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 for the      performance and observance by the Obligors 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 hereby      excluded. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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:                |                     |

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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      (Financial      Covenants) have been compliedwith. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

|   | [PricewaterhouseCoopers      LLP Office Letterhead] |
|--------|-----------------------------------------------------|

| GERMANY-1019466-v14 | -  - | 41-40364741 |
|---------------------|----------------|-------------|

| 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   |

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

|                                                                                                                                                                                                                                                                                                                 | 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                |

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

|               | [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; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (b)   | 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 |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | 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: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1delete      if purchaser is acting as broker oragent. |
|--------|--------------------------------------------------------|

| 2 | delete      if potential purchaser is acting asprincipal. |
|---|-----------------------------------------------------------|

| 3 | delete      as applicable |
|---|---------------------------|

|   | 4delete      if letter is addressed to the Seller rather than the Seller's broker or      agent. |
|--------|--------------------------------------------------------------------------------------------------|

----

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

----

  
| * | [insert amount in      Euros] |
|---|-------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|

|   | [PricewaterhouseCoopers      LLP Office Letterhead] |
|--------|-----------------------------------------------------|

| GERMANY-1019466-v14 |   | 41-40364741 |
|---------------------|--------|-------------|