##### 



Exhibit
10.2
 EXECUTION COPY
 $960,000,000
 CREDIT AGREEMENT
 dated as of July 6, 2007,
 among
 NOVELIS INC.,
as Canadian Borrower,
 NOVELIS CORPORATION
as U.S. Borrower,
 AV ALUMINUM INC.,
as Holdings,
 and
 THE OTHER GUARANTORS PARTY HERETO,
 THE LENDERS PARTY HERETO,
 UBS AG, STAMFORD BRANCH,
as Administrative Agent and as Collateral Agent,
 UBS SECURITIES LLC,
as Syndication Agent,
 ABN AMRO INCORPORATED,
as Documentation Agent,
 and
 UBS SECURITIES LLC,
ABN AMRO INCORPORATED,
as Joint Lead Arrangers and Joint Bookmanagers




---



##### 



TABLE OF CONTENTS
 PageARTICLE I. DEFINITIONS
    
    
    2SECTION 1.01
    
    Defined Terms
    
    
    2SECTION 1.02
    
    Classification of Loans and Borrowings
    
    
    52SECTION 1.03
    
    Terms Generally; Currency Translation
    
    
    52SECTION 1.04
    
    Accounting Terms; GAAP
    
    
    53SECTION 1.05
    
    Resolution of Drafting Ambiguities
    
    
    53ARTICLE II. THE CREDITS
    
    
    54SECTION 2.01
    
    Commitments
    
    
    54SECTION 2.02
    
    Loans
    
    
    54SECTION 2.03
    
    Borrowing Procedure
    
    
    55SECTION 2.04
    
    Repayment of Loans; Evidence of Debt
    
    
    56SECTION 2.05
    
    Fees
    
    
    57SECTION 2.06
    
    Interest on Loans
    
    
    57SECTION 2.07
    
    Termination of Commitments
    
    
    58SECTION 2.08
    
    Interest Elections
    
    
    58SECTION 2.09
    
    Amortization of Term Loan Borrowings
    
    
    60SECTION 2.10
    
    Optional and Mandatory Prepayments of Loans
    
    
    60SECTION 2.11
    
    Alternate Rate of Interest
    
    
    65SECTION 2.12
    
    Yield Protection; Change in Law Generally
    
    
    66SECTION 2.13
    
    Breakage Payments
    
    
    67SECTION 2.14
    
    Payments Generally; Pro Rata Treatment; Sharing of Setoffs
    
    
    68SECTION 2.15
    
    Taxes
    
    
    70SECTION 2.16
    
    Mitigation Obligations; Replacement of Lenders
    
    
    72SECTION 2.17
    
    [INTENTIONALLY OMITTED]
    
    
    74SECTION 2.18
    
    [INTENTIONALLY OMITTED]
    
    
    74SECTION 2.19
    
    Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of Interest
    
    
    74SECTION 2.20
    
    [INTENTIONALLY OMITTED]
    
    
    75SECTION 2.21
    
    [INTENTIONALLY OMITTED]
    
    
    75SECTION 2.22
    
    [INTENTIONALLY OMITTED]
    
    
    75SECTION 2.23
    
    Incremental Term Loan Commitments
    
    
    75ARTICLE III. REPRESENTATIONS AND WARRANTIES
    
    
    77SECTION 3.01
    
    Organization; Powers
    
    
    77SECTION 3.02
    
    Authorization; Enforceability
    
    
    77SECTION 3.03
    
    No Conflicts
    
    
    78SECTION 3.04
    
    Financial Statements; Projections
    
    
    78SECTION 3.05
    
    Properties
    
    
    79SECTION 3.06
    
    Intellectual Property
    
    
    80
  i




---



##### 



PageSECTION 3.07
    
    Equity Interests and Subsidiaries
    
    
    80SECTION 3.08
    
    Litigation; Compliance with Laws
    
    
    81SECTION 3.09
    
    Agreements
    
    
    81SECTION 3.10
    
    Federal Reserve Regulations
    
    
    82SECTION 3.11
    
    Investment Company Act
    
    
    82SECTION 3.12
    
    Use of Proceeds
    
    
    82SECTION 3.13
    
    Taxes
    
    
    82SECTION 3.14
    
    No Material Misstatements
    
    
    83SECTION 3.15
    
    Labor Matters
    
    
    83SECTION 3.16
    
    Solvency
    
    
    83SECTION 3.17
    
    Employee Benefit Plans
    
    
    84SECTION 3.18
    
    Environmental Matters
    
    
    84SECTION 3.19
    
    Insurance
    
    
    86SECTION 3.20
    
    Security Documents
    
    
    86SECTION 3.21
    
    Acquisition Documents; Material Indebtedness Documents; Representations and Warranties in Acquisition Agreement
    
    
    89SECTION 3.22
    
    Anti-Terrorism Law
    
    
    89SECTION 3.23
    
    [INTENTIONALLY OMITTED]
    
    
    90SECTION 3.24
    
    Location of Material Inventory and Equipment
    
    
    90SECTION 3.25
    
    [INTENTIONALLY OMITTED]
    
    
    90SECTION 3.26
    
    Senior Notes; Material Indebtedness
    
    
    90SECTION 3.27
    
    Centre of Main Interests and Establishments
    
    
    90SECTION 3.28
    
    Holding and Dormant Companies
    
    
    91SECTION 3.29
    
    Hindalco Acquisition
    
    
    91SECTION 3.30
    
    Excluded Collateral Subsidiaries
    
    
    91SECTION 3.31
    
    Immaterial Subsidiaries
    
    
    91ARTICLE IV. CONDITIONS TO CREDIT EXTENSIONS
    
    
    91SECTION 4.01
    
    Conditions to Initial Credit Extension
    
    
    91SECTION 4.02
    
    Conditions to Credit Extensions
    
    
    99SECTION 4.03
    
    Certain Collateral Matters
    
    
    100ARTICLE V. AFFIRMATIVE COVENANTS
    
    
    100SECTION 5.01
    
    Financial Statements, Reports, etc.
    
    
    100SECTION 5.02
    
    Litigation and Other Notices
    
    
    103SECTION 5.03
    
    Existence; Businesses and Properties
    
    
    103SECTION 5.04
    
    Insurance
    
    
    104SECTION 5.05
    
    Payment of Taxes
    
    
    105SECTION 5.06
    
    Employee Benefits
    
    
    106SECTION 5.07
    
    Maintaining Records; Access to Properties and Inspections; Annual Meetings
    
    
    106SECTION 5.08
    
    Use of Proceeds
    
    
    107SECTION 5.09
    
    Compliance with Environmental Laws; Environmental Reports
    
    
    107SECTION 5.10
    
    Interest Rate Protection
    
    
    107SECTION 5.11
    
    Additional Collateral; Additional Guarantors
    
    
    108
  ii




---



##### 



PageSECTION 5.12
    
    Security Interests; Further Assurances
    
    
    110SECTION 5.13
    
    Information Regarding Collateral
    
    
    110SECTION 5.14
    
    Affirmative Covenants with Respect to Leases
    
    
    111SECTION 5.15
    
    Secured Obligations
    
    
    111SECTION 5.16
    
    Post-Closing Covenants
    
    
    111ARTICLE VI. NEGATIVE COVENANTS
    
    
    111SECTION 6.01
    
    Indebtedness
    
    
    111SECTION 6.02
    
    Liens
    
    
    114SECTION 6.03
    
    Sale and Leaseback Transactions
    
    
    117SECTION 6.04
    
    Investments, Loan and Advances
    
    
    117SECTION 6.05
    
    Mergers, Amalgamations and Consolidations
    
    
    120SECTION 6.06
    
    Asset Sales
    
    
    121SECTION 6.07
    
    European Cash Pooling Arrangements
    
    
    123SECTION 6.08
    
    Dividends
    
    
    123SECTION 6.09
    
    Transactions with Affiliates
    
    
    124SECTION 6.10
    
    [INTENTIONALLY OMITTED]
    
    
    125SECTION 6.11
    
    Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other Documents, etc.
    
    
    125SECTION 6.12
    
    Limitation on Certain Restrictions on Subsidiaries
    
    
    127SECTION 6.13
    
    Limitation on Issuance of Capital Stock
    
    
    128SECTION 6.14
    
    Limitation on Creation of Subsidiaries
    
    
    129SECTION 6.15
    
    Business
    
    
    129SECTION 6.16
    
    Limitation on Accounting Changes
    
    
    129SECTION 6.17
    
    Fiscal Year
    
    
    129SECTION 6.18
    
    Lease Obligations
    
    
    129SECTION 6.19
    
    No Further Negative Pledge
    
    
    129SECTION 6.20
    
    Anti-Terrorism Law; Anti-Money Laundering
    
    
    130SECTION 6.21
    
    Embargoed Persons
    
    
    130SECTION 6.22
    
    Tax Shelter Reporting
    
    
    131ARTICLE VII. GUARANTEE
    
    
    131SECTION 7.01
    
    The Guarantee
    
    
    131SECTION 7.02
    
    Obligations Unconditional
    
    
    132SECTION 7.03
    
    Reinstatement
    
    
    133SECTION 7.04
    
    Subrogation; Subordination
    
    
    133SECTION 7.05
    
    Remedies
    
    
    133SECTION 7.06
    
    Instrument for the Payment of Money
    
    
    134SECTION 7.07
    
    Continuing Guarantee
    
    
    134SECTION 7.08
    
    General Limitation on Guarantee Obligations
    
    
    134SECTION 7.09
    
    Release of Guarantors
    
    
    134SECTION 7.10
    
    Certain Tax Matters
    
    
    134SECTION 7.11
    
    German Guarantor
    
    
    135SECTION 7.12
    
    Swiss Guarantors
    
    
    137SECTION 7.13
    
    Irish Guarantor
    
    
    138
  iii




---



##### 



PageSECTION 7.14
    
    Brazilian Guarantor
    
    
    138ARTICLE VIII. EVENTS OF DEFAULT
    
    
    138SECTION 8.01
    
    Events of Default
    
    
    138SECTION 8.02
    
    Rescission
    
    
    141SECTION 8.03
    
    Application of Proceeds
    
    
    142ARTICLE IX. [INTENTIONALLY OMITTED]
    
    
    143ARTICLE X. THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT
    
    
    143SECTION 10.01
    
    Appointment and Authority
    
    
    143SECTION 10.02
    
    Rights as a Lender
    
    
    143SECTION 10.03
    
    Exculpatory Provisions
    
    
    143SECTION 10.04
    
    Reliance by Agent
    
    
    144SECTION 10.05
    
    Delegation of Duties
    
    
    145SECTION 10.06
    
    Resignation of Agent
    
    
    145SECTION 10.07
    
    Non-Reliance on Agent and Other Lenders
    
    
    145SECTION 10.08
    
    No Other Duties, etc.
    
    
    146SECTION 10.09
    
    Indemnification
    
    
    146SECTION 10.10
    
    [INTENTIONALLY OMITTED]
    
    
    146SECTION 10.11
    
    Concerning the Collateral and the Related Loan Documents
    
    
    146SECTION 10.12
    
    Release
    
    
    146SECTION 10.13
    
    Acknowledgment of Security Trust Deed
    
    
    147ARTICLE XI. MISCELLANEOUS
    
    
    147SECTION 11.01
    
    Notices
    
    
    147SECTION 11.02
    
    Waivers; Amendment
    
    
    150SECTION 11.03
    
    Expenses; Indemnity; Damage Waiver
    
    
    153SECTION 11.04
    
    Successors and Assigns
    
    
    155SECTION 11.05
    
    Survival of Agreement
    
    
    158SECTION 11.06
    
    Counterparts; Integration; Effectiveness
    
    
    158SECTION 11.07
    
    Severability
    
    
    158SECTION 11.08
    
    Right of Setoff
    
    
    159SECTION 11.09
    
    Governing Law; Jurisdiction; Consent to Service of Process
    
    
    159SECTION 11.10
    
    Waiver of Jury Trial
    
    
    160SECTION 11.11
    
    Headings
    
    
    160SECTION 11.12
    
    Treatment of Certain Information; Confidentiality
    
    
    160SECTION 11.13
    
    USA PATRIOT Act Notice
    
    
    161SECTION 11.14
    
    Interest Rate Limitation
    
    
    161SECTION 11.15
    
    Lender Addendum
    
    
    161SECTION 11.16
    
    Obligations Absolute
    
    
    162SECTION 11.17
    
    Intercreditor Agreement
    
    
    162SECTION 11.18
    
    Judgment Currency
    
    
    162SECTION 11.19
    
    [INTENTIONALLY OMITTED]
    
    
    163
  iv




---



##### 



PageSECTION 11.20
    
    [INTENTIONALLY OMITTED]
    
    
    163SECTION 11.21
    
    Abstract Acknowledgment of Indebtedness and Joint Creditorship
    
    
    163SECTION 11.22
    
    Special Appointment of Collateral Agent for German Security
    
    
    164SECTION 11.23
    
    Special Appointment of Administrative Agent in Relation to South Korea
    
    
    165SECTION 11.24
    
    Designation of Collateral Agent under Civil Code of Quebec
    
    
    165SECTION 11.25
    
    Maximum Liability
    
    
    166
  v




---



##### 



ANNEXESAnnex I
    
    Applicable MarginAnnex II
    
    Amortization TableAnnex III
    
    Mandatory Cost FormulaSCHEDULESSchedule 1.01(a)
    
    Refinancing Indebtedness to Be RepaidSchedule 1.01(b)
    
    Subsidiary GuarantorsSchedule 1.01(c)
    
    Excluded Collateral SubsidiariesSchedule 1.01(d)
    
    Immaterial SubsidiariesSchedule 1.01(e)
    
    Specified HoldersSchedule 3.06(c)
    
    Violations or ProceedingsSchedule 3.17
    
    Pension MattersSchedule 3.19
    
    InsuranceSchedule 3.21
    
    Acquisition DocumentsSchedule 3.24
    
    Location of Material InventorySchedule 4.01(g)
    
    Local and Foreign CounselSchedule 4.01(l)
    
    Sources and UsesSchedule 4.01(o)(iii)
    
    Title Insurance AmountsSchedule 5.11(b)
    
    Certain SubsidiariesSchedule 5.16
    
    Post-Closing CovenantsSchedule 6.01(b)
    
    Existing IndebtednessSchedule 6.02(c)
    
    Existing LiensSchedule 6.04(b)
    
    Existing InvestmentsEXHIBITSExhibit A
    
    Form of Administrative QuestionnaireExhibit B
    
    Form of Assignment and AssumptionExhibit C
    
    Form of Borrowing RequestExhibit D
    
    Form of Compliance CertificateExhibit E
    
    Form of Interest Election RequestExhibit F
    
    Form of Joinder AgreementExhibit G
    
    Form of Landlord Access AgreementExhibit H
    
    [INTENTIONALLY OMITTED]Exhibit I
    
    Form of Lender AddendumExhibit J
    
    Form of MortgageExhibit K-1
    
    Form of U.S. Term Loan NoteExhibit K-2
    
    Form of Canadian Term Loan NoteExhibit L-1
    
    Form of Perfection CertificateExhibit L-2
    
    Form of Perfection Certificate SupplementExhibit M-1
    
    Form of U.S. Security AgreementExhibit M-2
    
    Form of Canadian Security AgreementExhibit M-3
    
    Form of U.K. Security AgreementExhibit M-4
    
    Form of Swiss Security Agreement
  vi




---



##### 



Exhibit M-5
    
    Form of German Security AgreementExhibit M-6
    
    Form of Irish Security AgreementExhibit M-7
    
    Form of Brazilian Security AgreementExhibit N
    
    Form of Opinion of Company CounselExhibit O
    
    Form of Solvency CertificateExhibit P
    
    Form of Intercompany NoteExhibit Q
    
    Form of Term Loan Collateral Agent Appointment LetterExhibit R
    
    Form of Receivables Purchase Agreement
  vii




---



##### 



CREDIT AGREEMENT
 Agreement Canadian Borrower U.S. Borrower Borrowers Article I Administrative Agent Collateral Agent Syndication Agent Documentation Agent Arrangers
 WITNESSETH:
 Acquiror Acquisition Agreement Hindalco Acquisition
   Section 3.12




---



##### 



ARTICLE I.
 DEFINITIONS
 SECTION 1.01 Defined Terms
 ABN AMRO
 ABR
 ABR Borrowing
 ABR Loan ARTICLE II
 Accounts
 Acquiror
 Acquisition
 Acquisition Agreement
 Acquisition Closing Date
 Acquisition Consideration provided
 2




---



##### 



Acquisition Documents Section 3.21
 Acquisition Material Adverse Effect provided provided provided
 Additional Subordinated Debt Loan
 3




---



##### 



provided provided further
 Adjusted LIBOR Rate minus plus
 Administrative Agent ARTICLE X
 Administrative Borrower Section 2.03(b)
 Administrative Questionnaire Exhibit A
 Affiliate provided however Section 6.09
 Agents
 Agreement
 Alternate Base Rate plus
 4




---



##### 



clause (b)
 Anti-Terrorism Laws Section 3.22
 Applicable Margin Annex I
 Approved Fund
 Approved Member State
 Arrangers
 Asset Sale provided Section 6.06
 Asset Swap provided Section 2.10(c)
 Assignment and Assumption Section
11.04(b) Exhibit
B
 Attributable Indebtedness
 Auditors Determination Section
7.11(b)
 5




---



##### 



AV Aluminum
 AV Metals
 Available Amount Section 7.12(a)
 Base Rate
 Board
 Board of Directors
 Borrowers Section 11.25
 Borrowing
 Borrowing Request Section 2.03 Exhibit C
 Brazilian Guarantor
 Brazilian Security Agreements Exhibits M-7-1 5
 Business Day provided however
 6




---



##### 



Canadian Borrower
 Canadian Guarantor
 Canadian Loan Parties
 Canadian Term Loan Section 2.01(b)
 Canadian Term Loan Commitment
 Canadian Security Agreement Exhibits M-2-1 6
 Capital Assets
 Capital Expenditures
 Capital Lease Obligations
 7




---



##### 



Cash Equivalents provided however provided further
 Cash Interest Expense
 Casualty Event
 CERCLA et seq.
 Change in Control
   8




---



##### 



provided
      Change in Law
 Charges Section 11.14
 Chattel Paper
 Chief Executive Office
 9




---



##### 



Class Section 2.23
 Closing Date
 CNI Basket Section 6.08(d)
 Code
 Collateral
 Collateral Agent ARTICLE X
 Commerzbank Cash Pooling Agreement
 Commitment Section 2.23
 Companies Company
 Compensation Plan
 Compliance Certificate Exhibit D
 Confidential Information Memorandum
 Consolidated Adjusted EBITDA
 10




---



##### 



Consolidated Amortization Expense
 Consolidated Current Assets
 Consolidated Current Liabilities
 Consolidated Depreciation Expense
 Consolidated EBITDA
 adding thereto
       11




---



##### 



subtracting therefrom
 excluding therefrom
        Consolidated Indebtedness Section 6.01(p)
 12




---



##### 



Consolidated Interest Expense plus
       Consolidated Net Income provided however
   13




---



##### 



Section 6.08(c)
 Consolidated Senior Secured Indebtedness
 Consolidated Tax Expense
 Contingent Obligation primary obligations primary obligor provided however
 Contribution, Intercompany, Contracting and Offset Agreement
 Contribution Notice
 Control
 14




---



##### 



Controlling Controlled
 Control Agreement
 Credit Extension
 Debt Issuance Section 6.01
 Debt Service
 Default
 Default Rate Section 2.06(c)
 Delegate
 Disqualified Capital Stock provided , however
 Distribution
 15




---



##### 



Dividend
 Documentation Agent
 Dollar Equivalent
 Dollars dollars $
 EBITDA of Norf GmbH plus minus provided
    16




---



##### 



Eligible Assignee
 Embargoed Person Section 6.21
 Environment
 Environmental Claim
 Environmental Law
 Environmental Permit
 17




---



##### 



Equipment
 Equity Interest
 Equity Issuance
 ERISA
 ERISA Affiliate
 ERISA Event
 18




---



##### 



Eurocurrency Borrowing
 Eurocurrency Loan ARTICLE II
 Eurofoil
 European Cash Pooling Arrangements
 Event of Default Section 8.01
 Excess Amount Section 2.10
 Excess Availability
 Excess Cash Flow minus
  Section 6.01(m) Section 6.01(m)
  provided
 19




---



##### 



Sections 6.04(e) (h) (l) (m) (r)
 provided
    Section 6.08(c)
  provided plus
   20




---



##### 



Sections 6.04(e) (h) (l) (m) (r) Section 2.10(c)
   Sections 6.04(e) (h) (l) (m) (r)
  Section
6.06(k) Section 6.04(k)
 21




---



##### 



Excess Cash Flow Period
 Exchange Act
 Excluded Collateral Subsidiary Section
5.01(a) 5.01(b) Section 5.01(a) 5.01(b) Schedule 1.01(c)
 Excluded Subsidiaries
 Excluded Taxes Section 2.15(a) Section 2.16 provided Section 2.14(d) Section 2.15(e)
 Executive Order Section 3.22
 Existing Lien Section 6.02(c)
 Federal Funds Effective Rate
 22




---



##### 



Fee Letter
 Fees
 Final Maturity Date
 Financial Officer
 Financial Support Direction
 FIRREA
 First Priority Section 6.02(a) (b) (c) (d) (f) (g) (h) (i) (j) (k) (n) (o) (q) (r) (s) (t) Section 6.02
 Foreign Guarantee Section 7.01
 Foreign Lender
 Foreign Plan
 Foreign Subsidiary
 23




---



##### 



Fund
 Funded Debt
 GAAP
 GBP £
 German Guarantor
 German Security Agreement Exhibits M-5-1 7
 German Seller
 Governmental Authority
 Governmental Real Property Disclosure Requirements
 24




---



##### 



Guarantee Payment Section 7.12(b)
 Guaranteed Obligations Section 7.01
 Guarantees ARTICLE VII
 Guarantors
 Hazardous Materials PCBs
 Hedging Agreement
 Hedging Obligations
 Hindalco Acquisition
 Holdings
 Immaterial Subsidiary Section 5.01(a) 5.01(b) Section 5.01(a) 5.01(b)
 25




---



##### 



Schedule 1.01(d)
 Increase Effective Date Section
2.23(a)
 Increase Joinder Section 2.23(c)
 Incremental Term Loan Section
2.23(c)
 Incremental Term Loan Commitment Section
2.23(a)
 Incremental Term Loan Maturity Date Section 2.23(c)
 Indebtedness
 Indemnified Taxes
 Indemnitee Section 11.03(b)
 Information Section 11.12
 26




---



##### 



Instruments
 Insurance Policies Section 5.04
 Insurance Requirements
 Intellectual Property Section
3.06(a)
 Interbank Rate
 Intercompany Note Exhibit
P
 Intercreditor Agreement
 Interest Election Request Section 2.08(b) Exhibit E
 Interest Payment Date
 Interest Period provided
 27




---



##### 



Inventory
 Investments Section 6.04
 Irish Guarantor
 Irish Security Agreement Exhibits M-6-1 5
 Joinder Agreement Exhibit
F
 Joint Venture
 Joint Venture Subsidiary
 Judgment Currency Section 11.18(a)
 Judgment Currency Conversion Date Section 11.18(a)
 28




---



##### 



Land Registry
 Landlord Access Agreement Exhibit G
 Leases
 Lender Addendum Exhibit I Section 11.15
 Lenders
 LIBOR Rate provided , however Telerate British Bankers Assoc. Interest Settlement Rates Page
 Lien
 29




---



##### 



Loan Documents provided Sections 1.03 1.04 Articles II VI VIII XI
 Loan Parties
 Loans
 Logan
 Logan Location
 Mandatory Cost Annex III
 Margin Stock
 Material Adverse Effect
 30




---



##### 



Material Indebtedness
 Material Subsidiary
 Maximum Rate Section 11.14
 Maximum Revolving Credit Facility Amount
 Minimum Amount
 Moodys
 Mortgage Exhibit J
 Mortgaged Property Schedule 8(a) Section 5.11(c)
 Multiemployer Plan
 Net Cash Proceeds
 31




---



##### 



provided provided
    32




---



##### 



provided however
 Net Cash Proceeds Account
 Net Working Capital
 Net Yield Section 2.23(c)
 NKL
 Non-Guarantor Subsidiary
 Norf GmbH
 Notes Exhibit K-1 K-2
 Novelis AG
 Novelis AG Cash Pooling Agreement
 Novelis Corporation
 Novelis Inc.
 33




---



##### 



Obligation Currency Section
11.18(a)
 Obligations
 OFAC Section 3.22
 Officers Certificate
 Organizational Documents
 Other Taxes
 Parent Guarantor
 Participant Section 11.04(d)
 Participating Member States
 PBGC
 34




---



##### 



Pensions Regulator
 Perfection Certificate Exhibit L-1
 Perfection Certificate Supplement Exhibit L-2
 Permitted Acquisition
  Section 6.01
 Section 6.15
     35




---



##### 



Section
5.11
   Section 5.11
 Permitted Factoring Facility
 Permitted Holdings Amalgamation provided Successor Canadian Borrower
 36




---



##### 



provided further Section 11.02
 Permitted Holdings Indebtedness th th
 37




---



##### 



provided
 Permitted Liens Section 6.02
 Permitted Refinancing provided plus plus provided
 Permitted Revolving Credit Facility Refinancing provided plus plus
 38




---



##### 



provided
 Permitted Uses
 person Person
 Plan
 Platform Section 11.01(d)
 Pledged Intercompany Notes Schedule 11
 Pledged Securities Schedule 10
 39




---



##### 



Post-Increase Lenders Section
2.23(d)
 PPSA
 Pre-Increase Lenders Section
2.23(d)
 Preferred Stock
 Preferred Stock Issuance
 Prepayment Offer Amounts Section
2.10(i)(ii)
 Prepayment Offer Notice Section
2.10(i)(ii)
 Principal Jurisdiction
 Pro Forma Basis
 40




---



##### 



Pro Rata Percentage
 Process Agent Section 11.09(d)
 property
 Property Material Adverse Effect
 PTR Scheme
 Purchase Money Obligation provided , however
 Qualified Capital Stock
 Real Property
 Receivable
 41




---



##### 



Receivables Purchase Agreement Exhibit R inter alia
 Receiver
 Refinancing Schedule 1.01(a)
 Register Section 11.04(c)
 Regulation Section 3.27
 Regulation D
 Regulation S-X
 Regulation T
 Regulation U
 Regulation X
 Related Business Assets provided
 Related Parties
 42




---



##### 



Related Security
 Release
 Required Class Lenders
 Required Lenders
 Requirements of Law
 Response
 Responsible Officer
 Restricted Grantor
 43




---



##### 



Revolving Credit Agents
 Revolving Credit Agreement
 Revolving Credit Canadian Administrative Agent
 Revolving Credit Canadian Funding Agent
 Revolving Credit Collateral Agent
 Revolving Credit Commitments
 Revolving Credit Funding Agent
 44




---



##### 



Revolving Credit Lenders
 Revolving Credit Loan Documents
 Revolving Credit Loans
 Revolving Credit Maturity Date
 Revolving Credit Obligations
 Revolving Credit Priority Collateral
 Revolving Credit Secured Parties
 Revolving Credit Security Documents
 S&P
 Sale and Leaseback Transaction Section
6.03
 Sarbanes-Oxley Act
 Section 347 Section 2.19(a)
 Secured Debt Agreement
 Secured Obligations
 Secured Parties
 45




---



##### 



Exhibit Q Section 10.03 Section 10.09
 Securities Act
 Securities Collateral
 Securitization Assets
 Securitization Facility provided
 Securitization Subsidiary
 Security Agreement Section 5.11(b)
 Security Agreement Collateral Section 5.11
 46




---



##### 



Security Documents
 Security Trust Deed
 Senior Note Agreement
 Senior Note Documents
 Senior Note Guarantees
 Senior Notes
 Senior Secured Leverage Ratio
 Significant Event of Default Section 8.01(a) (b) (g) (h)
 Similar Business
 47




---



##### 



Specified Holders Schedule 1.01(e)
 Spot Selling Rate provided
 Statutory Reserves
 Subordinated Debt Loan provided provided further
 Subordinated Indebtedness
 Subsidiary parent
 48




---



##### 



Subsidiary Guarantor Schedule 1.01(b) Section 5.11
 Survey Section 4.01(o)(iii)
 Swiss Guarantor
 Swiss Security Agreement Exhibits M-4-1 7
 Swiss Withholding Tax Bundesgesetz uber die Verrechnungssteuer
 Syndication Agent
 Tax Return
 Taxes
 49




---



##### 



Taxing Authority
 Term Loans Section 2.01(b)
 Term Loan Commitments
 Term Loan Priority Collateral
 Term Loan Repayment Date Section
2.09
 Test Period
 Title Company
 Title Policy Section 4.01(o)(iii)
 Transaction Documents
 Transactions
 Transferred Guarantor Section 7.09
 Type
 UCC
 U.K. Guarantor
 50




---



##### 



U.K. Security Agreement Exhibits M-3-1 3
 U.K. Share Charge Exhibit M-3-2
 United States
 Unrestricted Grantors
 U.S. Borrower
 U.S. Guarantor
 U.S. Loan Parties
 U.S. Security Agreement Exhibit M-1
 U.S. Term Loan Section 2.01(a)
 U.S. Term Loan Commitment
 Voting Stock
 Weighted Average Life to Maturity by by
 Wholly Owned Subsidiary
 51




---



##### 



Wind-Up Section 6.05(g) Winding-Up
 Withdrawal Liability
 525 Amortization Amount Section
2.09(b)
 525 Catch-Up Date
 525 Collateral Account Section
2.09(b).
 525 Prepayment Amount Section
2.10(h)(vi)
 SECTION 1.02 Classification of Loans and Borrowings e.g e.g e.g e.g e.g e.g
 SECTION 1.03 Terms Generally; Currency Translation
 52




---



##### 



Article VI provided
 SECTION 1.04 Accounting Terms; GAAP provided provided
 SECTION 1.05 Resolution of Drafting Ambiguities
 53




---



##### 



ARTICLE II.
 THE CREDITS
 SECTION 2.01 Commitments .
 U.S. Term Loan
 Canadian Term Loan Term Loans Term Loan
  SECTION 2.02 Loans .
 provided
 Section 2.11 Section 2.12 Section 2.03 provided provided provided
  54




---



##### 



Section 2.02(d)
  SECTION 2.03 Borrowing Procedure
 Section 11.01(b) Section 11.01(d) Section 2.02
   55




---



##### 



Section 2.02(c)
 Section 4.02(b)  (d)
  Appointment of Administrative Borrower
 SECTION 2.04 Repayment of Loans; Evidence of Debt
 56




---



##### 



Promise to Repay Section 2.04(a)
 Lender and Administrative Agent Records prima facie provided
 Promissory Notes Exhibit K-1 K-2 Section 11.04
 SECTION 2.05 Fees .
 Fees
  SECTION 2.06 Interest on Loans
 ABR Loans Section 2.06(c) plus
 57




---



##### 



Eurocurrency Loans Section 2.06(c) plus
 Default Rate plus Section 2.06 plus Section 2.06(a) Default Rate
 Interest Payment Dates provided Section 2.06(c)
 Interest Calculation
 Currency for Payment of Interest Section 2.06
 SECTION 2.07 Termination of Commitments
 SECTION 2.08 Interest Elections
 Generally
 58




---



##### 



Interest Election Notice Section 2.03 Section 2.02
       Automatic Conversion to ABR Borrowings
 59




---



##### 



SECTION 2.09 Amortization of Term Loan Borrowings
 Annex II Term Loan Repayment Date Annex II Section 2.10(h) Annex II Section
2.10(h)
 Section 2.09 Section 2.09 Section
2.10(d) (e) (g) Section 2.10(c) Section 2.09 525
Amortization Amount first Section 2.10(h) second Section 2.10(j) 525 Collateral
Account Section 2.10(a) Section 2.10(j)
  SECTION 2.10 Optional and Mandatory Prepayments of Loans
 Optional Prepayments Section
2.10 provided
 60




---



##### 



Net Cash Proceeds Account Sections 2.10(c) (f) provided Sections 2.10(c) (f)
 Asset Sales Section 2.10(h) (i) provided
 Section
2.10(c) Section 6.06
 Section 6.06(k) provided Section 2.10(c) provided , further Sections 5.11 5.12
 Debt Issuance or Preferred Stock Issuance Section 2.10(h) (i) provided Section 2.10(d)
 61




---



##### 



first second Sections 2.10(h) (i)
 Equity Issuance Section 2.10(h) (i) provided however provided further provided further Section 2.10(e) first second Sections 2.10(h) (i)
 Casualty Events Section 2.10(h) (i) provided
 provided Sections 5.11 5.12
 Section 2.10(f)
 62




---



##### 



Excess Cash Flow Section 5.01(a) Sections 2.10(h) (i) provided however
 Application of Prepayments and Prepayment Offers Section 2.10(d) (e) (g) Section 2.10(c)
 Section 2.10(c) (f) Section 2.10(h) Section 2.10(i)(ii)
 Section 2.10(i) Section 2.10(h) provided Section 8.03
 Section 2.10(a) (c) (d) (e) (f) (g) (j) Section 2.09 pro rata
 Section 2.10
 Section 2.10 Excess Amount
 63




---



##### 



provided Section 2.13 Section 2.10(d) (e) (g) Section 2.10(c) Section 2.10(d) (e) (g) Section 2.10(c) Section 2.09 525
Prepayment Amount first Section 2.10(h) second Section 2.10(j) Section 2.09(b)
 Notice of Prepayments and Prepayment Offers
 Section 2.10(h)(ii) Prepayment Offer Amounts Section 2.10(c) (f) Prepayment Offer Notice
 64




---



##### 



provided Section 2.10(h)
 Section 2.02(a) Section 2.10 Section 2.06
 Section 2.10(h) provided
 SECTION 2.11 Alternate Rate of Interest
   65




---



##### 



SECTION 2.12 Yield Protection; Change in Law Generally
 Increased Costs Generally
  Section 2.15
   Capital Requirements
 Certificates for Reimbursement Section 2.12
 66




---



##### 



Delay in Requests Section 2.12 provided
 Change in Legality Generally
   SECTION 2.13 Breakage Payments Section 2.16(c)
 67




---



##### 



Section 2.13
 SECTION 2.14 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
 Payments Generally Section 2.12 Section 2.13 Section 2.15 Section
2.16 Section 11.03 Section 2.12 Section 2.13 Section 2.15 Section 2.16 Section 11.03
 Pro Rata Treatment
 pro rata
 pro rata
 68




---



##### 



Insufficient Funds first second
 Sharing of Set-Off pro rata provided
   Section 2.14(d) Section 2.14(d)
 Borrower Default
 69




---



##### 



Lender Default Section 2.02(c) Section 2.14(e) Section 11.03(c)
 SECTION 2.15 Taxes
 Payments Free of Taxes provided
 Payment of Other Taxes by Borrowers
 Indemnification by Loan Parties Sections 2.12(a)(ii) 2.15(a) Section 2.15(a) Section
 70




---



##### 



Evidence of Payments
 Status of Lenders provided however
 Section 2.15(e) Section 2.15(e)
 Treatment of Certain Refunds Section
2.12(a)(ii)
 71




---



##### 



Section 2.12(a)(ii) Section 2.12(a)(ii) provided
 Co-operation Section
2.15(e) provided however
 Tax Returns Section 11.03
 SECTION 2.16 Mitigation Obligations; Replacement of Lenders
 Designation of a Different Lending Office provided Section 2.12 Section 2.15
 72




---



##### 



Section 2.16(a) Section 2.16(b)
 Mitigation Obligations Section
2.12 Section 2.15 Section 2.12 Section 2.15
 Replacement of Lenders Section
2.12 Section 2.15 Section 11.02(d) Section 11.04 provided
 Section 11.04(b)
 Section 2.13
 73




---



##### 



Section 2.12 Section 2.15
   SECTION 2.17 [INTENTIONALLY OMITTED]
 SECTION 2.18 [INTENTIONALLY OMITTED]
 SECTION 2.19 Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of Interest
 Section 347
   74




---



##### 



SECTION 2.20 [INTENTIONALLY OMITTED]
 SECTION 2.21 [INTENTIONALLY OMITTED]
 SECTION 2.22 [INTENTIONALLY OMITTED]
 SECTION 2.23 Incremental Term Loan Commitments
 Borrowers Request Incremental Term Loan Commitment Increase Effective Date provided
 Conditions provided
 Section 4.02
   75




---



##### 



Terms of Incremental Term Loans and Commitments
 Incremental Term Loans
  Incremental Term Loan Maturity Date
 provided however provided Net Yield provided Section 2.23
 Increase
Joinder
 76




---



##### 



Section 2.23 inter alia Section 2.09(b) Section 2.10(h)(vi)(B)
 Making of New Term Loans
 Equal and Ratable Benefit
 ARTICLE III.
 REPRESENTATIONS AND WARRANTIES
  SECTION 3.01 Organization; Powers
 SECTION 3.02 Authorization; Enforceability
 77




---



##### 



SECTION 3.03 No Conflicts
 SECTION 3.04 Financial Statements; Projections
 Historical Financial Statements Section 5.01(a) Section 5.01(b) Section 5.01(c)
 No Liabilities Section 3.04(a)
 78




---



##### 



Pro Forma Financial Statements pro forma pro
forma
 Forecasts
 SECTION 3.05 Properties
 Generally
 Real Property Schedules 8(a) 8(b)
 No Casualty Event Section 5.04
 Collateral
 79




---



##### 



SECTION 3.06 Intellectual Property
 Ownership/No Claims Intellectual Property
 Registrations Schedule 12(a) 12(b)
 No Violations or Proceedings Schedule 3.06(c) Schedule 3.06(c)
 SECTION 3.07 Equity Interests and Subsidiaries
 Equity Interests Schedules 1(a) 10
 80




---



##### 



Schedules 1(a) 10
 No Consent of Third Parties Required
 Organizational Chart Schedule 10
 SECTION 3.08 Litigation; Compliance with Laws
 SECTION 3.09 Agreements
 81




---



##### 



SECTION 3.10 Federal Reserve Regulations
 SECTION 3.11 Investment Company Act
 SECTION 3.12 Use of Proceeds provided
 SECTION 3.13 Taxes
 82




---



##### 



SECTION 3.14 No Material Misstatements provided
 SECTION 3.15 Labor Matters
 SECTION 3.16 Solvency
 83




---



##### 



SECTION 3.17 Employee Benefit Plans
  Schedule 3.17
 SECTION 3.18 Environmental Matters
   84




---



##### 



85




---



##### 



SECTION 3.19 Insurance Schedule 3.19 Section 5.04
 SECTION 3.20 Security Documents
 U.S. Security Agreement Schedule 7
 Canadian Security Agreement Schedule 7
 U.K. Security Agreement Schedule 7
 86




---



##### 



Swiss Security Agreement Schedule 7
 German Security Agreement Schedule 7
 Irish Security Agreement Schedule 7
 Brazilian Security Agreement Schedule 7
 87




---



##### 



Intellectual Property Filings Schedule 7
 Mortgages Schedule 8(a) Sections 5.11 5.12 Sections 5.11 5.12
  Valid Liens Sections 5.11 5.12
 88




---



##### 



Receivables Purchase Agreement
 SECTION 3.21 Acquisition Documents; Material Indebtedness Documents; Representations and Warranties in
Acquisition Agreement Schedule 3.21 Acquisition Document
 SECTION 3.22 Anti-Terrorism Law Anti-Terrorism Laws Executive Order
      OFAC
 89




---



##### 



SECTION 3.23 [INTENTIONALLY OMITTED]
 SECTION 3.24 Location of Material Inventory and Equipment Schedule 3.24
 SECTION 3.25 [INTENTIONALLY OMITTED]
 SECTION 3.26 Senior Notes; Material Indebtedness Section 6.01 Section 6.01
 SECTION 3.27 Centre of Main Interests and Establishments Regulation
 90




---



##### 



SECTION 3.28 Holding and Dormant Companies
 SECTION 3.29 Hindalco Acquisition
 SECTION 3.30 Excluded Collateral Subsidiaries Schedule 1.01(c)
 SECTION 3.31 Immaterial Subsidiaries Schedule 1.01(d)
 ARTICLE IV.
 CONDITIONS TO CREDIT EXTENSIONS
 SECTION 4.01 Conditions to Initial Credit Extension Section 4.01
 Loan Documents
        91




---



##### 



Corporate Documents
      92




---



##### 



Officers Certificate Section 4.01 Section 4.02(b) (c) ARTICLE III
 Financings and Other Transactions, etc.
   93




---



##### 



Financial Statements; Pro Forma Balance Sheet; Projections Section 3.04(a) pro
forma Section 3.04(c)
 Indebtedness and Minority Interests Schedule 6.01(b) Section 6.01
 Opinions of Counsel Schedule 4.01(g) Exhibit N
 Solvency Certificate Exhibit O
 Requirements of Law
 Consents
 94




---



##### 



Litigation
 Sources and Uses Schedule 4.01(l)
 Fees
 Personal Property Requirements
      95




---



##### 



Real Property Requirements
    96




---



##### 



Schedule 4.01(o)(iii) Title Policy i.e Section 6.02(a) 6.02(b) 6.02(d) 6.02(f) 6.02(g) 6.02(k)
       97




---



##### 



Insurance Section 5.04
 USA Patriot Act Section
11.13
 Cash Management
 Process Agent
 Outstanding Indebtedness
 98




---



##### 



SECTION 4.02 Conditions to Credit Extensions
 Notice Section 2.03 Section 2.03
 No Default Section 4.02(c) Section 4.03
 Representations and Warranties ARTICLE III provided Sections 3.04 3.05 3.06 3.07 3.08 3.09 3.13 3.14 3.15 3.17 3.18 3.19 3.21 3.24 3.26 3.27 3.28
 No Legal Bar
  99




---



##### 



Section 4.02(b) (d) Section 4.02(b) (d)
 SECTION 4.03 Certain Collateral Matters
 ARTICLE V.
 AFFIRMATIVE COVENANTS
  SECTION 5.01 Financial Statements, Reports, etc.
 Annual Reports
 100




---



##### 



Section 5.01(a)
 Quarterly Reports Section 5.01(b)
 [INTENTIONALLY OMITTED]
 Financial Officers Certificate Section 5.01(a) (b) Section 5.01(a) Section 5.01(a)
 101




---



##### 



Officers Certificate Regarding Organizational Chart and Perfection of Collateral Section 5.01(a)
 Public Reports provided provided i.e. provided further Section 5.01
 Management Letters
 Projections
 Labor Relations
 102




---



##### 



Asset Sales
 Other Information Section 9.03
 SECTION 5.02 Litigation and Other Notices
      SECTION 5.03 Existence; Businesses and Properties
  103




---



##### 



Section 6.05 Section 6.06
  SECTION 5.04 Insurance
 Generally provided provided further,
 Requirements of Insurance
 104




---



##### 



Flood Insurance Section 5.04(a)
 Brokers Report Section 5.04(a) Section 5.04(a)
 Mortgaged Properties provided however Section 5.04 Section 5.04
 SECTION 5.05 Payment of Taxes
 Payment of Taxes provided
 105




---



##### 



Filing of Returns
 SECTION 5.06 Employee Benefits
   Schedule
3.17
  SECTION 5.07 Maintaining Records; Access to Properties and Inspections; Annual
Meetings
 106




---



##### 



SECTION
5.08 Use of Proceeds Section 3.12
 SECTION 5.09 Compliance with Environmental Laws; Environmental
Reports
 provided
 Section 3.18 Section
5.09(a)
 SECTION
5.10 Interest Rate Protection th
 107




---



##### 



SECTION
5.11 Additional Collateral; Additional Guarantors
 Section 5.11
 Section 5.11(d) Section 5.11(d)
 108




---



##### 



Schedule 5.11(b) Schedule 5.11(b)
 Section 6.02 Section 5.11(c)
  109




---



##### 



SECTION
5.12 Security Interests; Further Assurances
 SECTION
5.13 Information Regarding Collateral Schedule 3.24
 110




---



##### 



SECTION
5.14 Affirmative Covenants with Respect to Leases
 SECTION
5.15 Secured Obligations
 SECTION
5.16 Post-Closing Covenants Schedule 5.16
 ARTICLE
VI.
 NEGATIVE
COVENANTS
 Section 11.02
 SECTION
6.01 Indebtedness
  Schedule 6.01(b)
 111




---



##### 



Schedule
6.01(b)
 provided
 Section 6.04(i)
 provided less Section 6.01(m) less
  Section 6.03
  Section 6.01(f) (g) (h) (j) (l) (n) (r)
 112




---



##### 



less Section 6.04(a) Section 6.01
 provided
  Section 6.01 provided
 provided
    Section 6.04 provided
 113




---



##### 



SECTION
6.02 Liens Permitted Liens
   Schedule 6.02(c) provided Existing
Lien
  114




---



##### 



provided
   Section 6.01(f) Section
6.01(g) provided
 provided
  115




---



##### 



Section 6.01(m) (p)
 Section 6.02 Section 6.01
   provided
  Section 6.01(e)
  116




---



##### 



Section 6.02
 Section 6.06
   provided however
 SECTION
6.03 Sale and Leaseback Transactions Sale and Leaseback Transaction Section 6.06 Section 6.02
 SECTION
6.04 Investments, Loan and Advances Section 6.04
 117




---



##### 



less Section 6.01(i)(ii)
 Schedule 6.04(b)
  Section 6.01(e)
  Section
6.01(c)
 Section 6.06;
 provided
 provided
 118




---



##### 



Section 6.06(k)
  provided Section 5.11 Section 5.12
  Section 6.05 provided Section 5.11 Section 5.12
  Section 6.01(b) Section 6.01(i)
 provided
  119




---



##### 



SECTION
6.05 Mergers, Amalgamations and Consolidations
 Section 6.06
 Section 6.04
 provided provided provided provided Section 5.11 Section 5.12 provided
   provided
 120




---



##### 



Wind-Up provided Section
5.11 Section 5.12
 Section 11.02 Section 6.05 Section
6.05 Section 6.05
 SECTION 6.06 Asset Sales
  provided however
   121




---



##### 



Section 6.05
 less less Section 6.01(m)
   provided
   122




---



##### 



provided
 Section 6.01(e)
 provided however
 Section 6.13(b)(i) (ii) (iii) (iv) (vi)
 Section 11.02 Section 6.06 Section
6.06 Section 6.06
 SECTION 6.07 European Cash Pooling Arrangements minus
 SECTION 6.08 Dividends
   123




---



##### 



CNI Basket less Section 6.11(a) provided Section 6.11
 Section 6.09(d)
 SECTION 6.09 Transactions with Affiliates
 Section 6.08
 Section 6.04(d) (e) (h) (i) (l)
  124




---



##### 



Section 6.05(c) (d) (e) (f) (g) Section
6.06(h) Section 6.13(b)
     Section 6.01(e)
 Section
6.01(r)
    provided
 SECTION 6.10 [INTENTIONALLY OMITTED]
 SECTION 6.11 Prepayments of Other Indebtedness; Modifications of Organizational Documents
and Other Documents, etc.
 
 125




---



##### 



less Section 6.08(d)
  Section 6.01(m) Schedule
6.01
   126




---



##### 



provided
    SECTION 6.12 Limitation on Certain Restrictions on Subsidiaries provided
  127




---



##### 



Section
6.02 Section 6.06 Section 5.11 provided
 SECTION 6.13 Limitation on Issuance of Capital Stock
  Section 6.14
 
 128




---



##### 



Section 6.06 Section 6.13(b) Section 5.11
 SECTION 6.14 Limitation on Creation of Subsidiaries provided Section 6.04(d) (k) (m) (o) (p) Section 5.11(b)
 SECTION 6.15 Business
    SECTION 6.16 Limitation on Accounting Changes
 SECTION 6.17 Fiscal Year
 SECTION 6.18 Lease Obligations Section
6.01(f)
 SECTION 6.19 No Further Negative Pledge
 
 129




---



##### 



Section 6.02 Section 6.06 Section 6.02(s) provided
 SECTION 6.20 Anti-Terrorism Law; Anti-Money Laundering
 Section 3.22 Section 6.20
  SECTION 6.21 Embargoed Persons Embargoed Person Embargoed Persons
 
 130




---



##### 



et seq et
seq
 SECTION 6.22 Tax Shelter Reporting
 ARTICLE VII.
 GUARANTEE
 SECTION 7.01 The Guarantee Guaranteed Obligations). Foreign Guarantee Section 7.01 Section 7.02
  131




---



##### 



SECTION 7.02 Obligations Unconditional Section 7.01
     Section 7.09
   132




---



##### 



SECTION 7.03 Reinstatement ARTICLE
VII
 SECTION 7.04 Subrogation; Subordination Section 7.01 Section 6.01(d)
 SECTION 7.05 Remedies Section 8.01 Section
8.01 Section 7.01
  133




---



##### 



Section 7.01
 SECTION 7.06 Instrument for the Payment of Money ARTICLE VII
 SECTION 7.07 Continuing Guarantee ARTICLE VII
 SECTION 7.08 General Limitation on Guarantee Obligations Section 7.01 Section 7.01
 SECTION 7.09 Release of Guarantors Section 11.03 Section 7.09 provided
 SECTION 7.10 Certain Tax Matters Section
2.15 provided Sections 2.15(e) 2.15(g)
  134




---



##### 



SECTION 7.11 German Guarantor
 Section 7.11(b) Section 7.11(e) (GmbH or GmbH & Co. KG) Article VII (verbundenes
Unternehmen) (Aktiengesetz) (GmbHG) minus minus (Reinvermögen) (Grundsätze ordnungsmäßiger Buchführung) (Jahresabschluss gem. § 42 GmbH  Act, §§ 242, 264
HGB) GmbH & Co. KG (Stammkapital) provided
 (Stammkapital)
   (nicht betriebsnotwendig)
 
 135




---



##### 



(Liquidationswerte) (positive
Fortbestehensprognose)
 Section 7.11(a)
 Article VII Article VII
 (Auditors Determination) GmbH & Co. KG, Article VII (Grundsätze
ordnungsgemäßer Buchführung)
 Section 7.11(a) Section 7.11(b) Article VII Section 7.11(a) Section 7.11
 Section 7.11(a)
  136




---



##### 



Section 7.11(a) Section 7.11(a) Section
7.11(a)
 SECTION 7.12 Swiss Guarantors ARTICLE VII ARTICLE VII (restitution des apports) (distribution de
dividende)
 ARTICLE VII Available Amount ARTICLE VII
 ARTICLE VII Guarantee Payment ARTICLE VII
 ARTICLE VII ARTICLE
VII
  137




---



##### 



ARTICLE VII ARTICLE
VII
 ARTICLE VII ARTICLE VII
 SECTION 7.13 Irish Guarantor
 SECTION 7.14 Brazilian Guarantor
 ARTICLE VIII.
 EVENTS OF DEFAULT
 SECTION 8.01 Events of Default Events of Default
 Section 2.10 Section 2.10
   138




---



##### 



Section 5.02(a) Section 5.03(a) Section
5.04(a) Section 5.04(b) Section 5.08 ARTICLE VI
 Section 5.02 Section
5.02(a)
 provided provided
  
 139




---



##### 



Section
6.05
     
 140




---



##### 



SECTION
8.02 Rescission Section 11.02
  141




---



##### 



SECTION
8.03 Application of Proceeds
 First
 Second
 Third pro rata
 Fourth pro rata
 Fifth
 Section 8.03
  142




---



##### 



Section 8.03 pro rata Section 2.10(h)(vi) Section 8.03
 ARTICLE IX.
 [INTENTIONALLY OMITTED]
 ARTICLE X.
 THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT
 SECTION 10.01 Appointment and Authority.
 SECTION 10.02 Rights as a Lender.
 SECTION 10.03 Exculpatory Provisions.
   provided
  143




---



##### 



Section 11.02
 ARTICLE IV
 SECTION 10.04 Reliance by Agent.
  144




---



##### 



SECTION 10.05 Delegation of Duties.
 SECTION 10.06 Resignation of Agent. ARTICLE X Section 11.03
 SECTION 10.07 Non-Reliance on Agent and Other Lenders.
  145




---



##### 



SECTION 10.08 No Other Duties, etc.
 SECTION 10.09 Indemnification. Section 10.09 provided Section 10.09
 SECTION 10.10 [INTENTIONALLY OMITTED].
 SECTION 10.11 Concerning the Collateral and the Related Loan Documents.
 SECTION 10.12 Release. Bürgerliches Gesetzbuch
  146




---



##### 



SECTION 10.13 Acknowledgment of Security Trust Deed
 ARTICLE XI.
 MISCELLANEOUS
 SECTION 11.01 Notices.
 Generally
  orville.lunking@novelis.com
  
   147




---



##### 



Electronic Communications Section 11.01(d) provided ARTICLE II Section
11.01(d) provided
 provided
  148




---



##### 



Change of Address, Etc
 Posting Communications Section 11.01(d)
 provided
 Platform
  149




---



##### 



SECTION 11.02 Waivers; Amendment.
 Generally Section 11.02
 Required Consents Section 11.02(c) (d) provided
  Section 2.06(c)
 Section 2.09 Section 2.06(c)
  150




---



##### 



Section 2.23
 Section 2.14(b) (c) (d) pro rata pro rata Section 2.02(a) Section 2.23
 Section 11.02(b) (c) (d) Section 2.23
  Section
2.10(h) (i) (j) Section 8.03
  151




---



##### 



Section 2.23 Section 2.10(h) (i) (j) Section 8.03
 ARTICLE X
 provided
   Collateral
 Dissenting Lenders Section 11.02(b) Section 2.16 provided
  152




---



##### 



Holdings Amalgamation and Increased Commitments Section 2.23
 SECTION 11.03 Expenses; Indemnity; Damage Waiver.
 Costs and Expenses Section 11.03
 Indemnification by Borrower Indemnitee
  153




---



##### 



provided
 Reimbursement by Lenders Section 11.03 pro rata provided Section 2.14 pro rata share
 Waiver of Consequential Damages, Etc
  154




---



##### 



Payments
 SECTION 11.04 Successors and Assigns.
 Successors and Assigns Generally Section 6.05(c) 6.05(e) Section 11.04 Section 11.04
 Assignments by Lenders provided
   155




---



##### 



pro rata
  Section 11.04 Section 2.12 Section 2.13 Section 2.15 Section 2.16 Section 7.10 Section 11.03 Section 11.04 Section 11.04 et seq. Code civil.
 Register Register Section 11.04(c)
  156




---



##### 



Participations Participant provided
 provided Section 11.02(b) Section 2.12 Section 2.13 Section 2.15 Section 2.16 Section 7.10 Section 11.08
 Limitations on Participant Rights Section 2.12 Section 2.13 Section 2.15 Section 2.16 Section 7.10
 Certain Pledges provided
  157




---



##### 



Electronic Execution of Assignments
 SECTION 11.05 Survival of Agreement. Section 2.12 Section 2.14 Section 2.15 Section
2.16 ARTICLE X
 SECTION 11.06 Counterparts; Integration; Effectiveness. Section 4.01
 SECTION 11.07 Severability.
  158




---



##### 



SECTION 11.08 Right of Setoff. provided
 SECTION 11.09 Governing Law; Jurisdiction; Consent to Service of Process.
 Governing Law
 Submission to Jurisdiction
 Waiver of Venue Section
  159




---



##### 



11.09(b)
 Service of Process Section
11.01 Process Agent
 SECTION 11.10 Waiver of Jury Trial.
 SECTION 11.11 Headings.
 SECTION 11.12 Treatment of Certain Information; Confidentiality. Section 11.12
  160




---



##### 



Information
 SECTION 11.13 USA PATRIOT Act Notice. Act
 SECTION 11.14 Interest Rate Limitation. Charges Maximum Rate
 SECTION
11.15 Lender Addendum.
  161




---



##### 



SECTION 11.16 Obligations Absolute.
       SECTION 11.17 Intercreditor Agreement.
 SECTION 11.18 Judgment Currency.
 Obligation Currency Judgment Currency
  162




---



##### 



Judgment Currency Conversion Date
  Section 11.18
 SECTION 11.19 [INTENTIONALLY OMITTED].
 SECTION 11.20 [INTENTIONALLY OMITTED].
 SECTION 11.21 Abstract Acknowledgment of Indebtedness and Joint Creditorship.
 abstraktes Schuldversprechen
  Section 11.21
 Section
11.21
  163




---



##### 



Section 11.21 provided
 Section 11.21
  SECTION 11.22 Special Appointment of Collateral Agent for German Security.
 Treuhaender Treuhand
 German Security
  Section 11.22
  164




---



##### 



SECTION 11.23 Special Appointment of Administrative Agent in Relation to South Korea.
  Section 11.23
 Section 11.23 Section
11.23
 Section 11.23
 SECTION 11.24 Designation of Collateral Agent under Civil Code of Quebec. fondé
de pouvoir fondé de pouvoir fondé de pouvoir
  165




---



##### 



fondé de
pouvoir.
 SECTION 11.25 Maximum Liability. Section 7.08 Sections
7.11 7.14 provided Section 11.25
 Signature Pages Follow
 166




---



##### 



NOVELIS INC., as Canadian BorrowerBy:
    /s/ Orville LunkingName:
    Orville LunkingTitle:
    Vice
President and TreasurerNOVELIS CORPORATION, as U.S. BorrowerBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS PAE CORPORATION, as U.S. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS FINANCES USA LLC, as U.S. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS SOUTH AMERICA HOLDINGS LLC, as U.S. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:
    Vice
President and Treasurer  S-1




---



##### 



ALUMINUM UPSTREAM HOLDINGS LLC, as U.S. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:
    Vice
President and Treasurer  S-2




---



##### 



NOVELIS UK LTD, as U.K. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS AG, as Swiss GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS CAST HOUSE TECHNOLOGY LTD., as Canadian GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
Signatory4260848 CANADA INC., as Canadian GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
Signatory4260856 CANADA INC., as Canadian GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
Signatory  S-3




---



##### 



NOVELIS NO. 1 LIMITED PARTNERSHIP, asCanadian Guarantor,By: 4260848 CANADA INC.Its:  General PartnerBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS EUROPE HOLDINGS LIMITED, as U.K. GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS SWITZERLAND SA, as Swiss GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
SignatoryNOVELIS TECHNOLOGY AG, as Swiss GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
Signatory  S-4




---



##### 



AV ALUMINUM INC., as GuarantorBy:

/s/
Orville LunkingName:
    Orville LunkingTitle:

Authorized
Signatory S-5




---



##### 



NOVELIS DEUTSCHLAND GMBH, as German GuarantorBy:

/s/
Gottfried WeindlName:

Gottfried
WeindlTitle:

Managing
Director S-6




---



##### 



NOVELIS DO BRASIL LTDA., as Brazilian GuarantorBy:

/s/
Tadeu
NardocciName:
    Antonio
Tadeu Coelho NardocciTitle:

PresidenteBy:

/s/
Alexandre AlmeidaName:

Alexandre
M. AlmeidaTitle:

Diretor
Financeiro S-7




---



##### 



Present when the Common Seal of
NOVELIS ALUMINIUM HOLDING COMPANY,
As Irish Guarantor,
was hereunto affixed in the presence of:Name:

/s/
Andreas ThieleTitle:

Duly
appointed attorneyName:

/s/
Eva Paus-WerdermannTitle:

Assistant
to Legal Counsel S-8




---



##### 



UBS AG, STAMFORD BRANCH, as Administrative Agent and as Collateral AgentBy:

/s/
Mary
E. EvansName:
    Mary
E. EvansTitle:

Associate
DirectorBy:

/s/
David JulieName:
    David
B. JulieTitle:

Associate
DirectorUBS SECURITIES LLC, as Joint Lead Arranger and Joint BookmanagerBy:

/s/
Mary
E. EvansName:
    Mary E.
EvansTitle:

Associate
DirectorBy:

/s/
David JulieName:
    David
B. JulieTitle:

Associate
Director S-9




---



##### 



UBS SECURITIES LLC, as Syndication AgentBy:

/s/ Mary
E. EvansName:
    Mary
E. EvansTitle:

Associate
DirectorBy:

/s/ Irja
R. OtsaName:
    Irja
R. OtsaTitle:

Associate
Director S-10




---



##### 



ABN AMRO INCORPORATED, as Joint Lead Arranger and
Joint BookmanagerBy:

/s/ David
WoodName:
    David
WoodTitle:

Managing
Director S-11




---



##### 



ABN AMRO INCORPORATED, as Documentation AgentBy:

/s/ David
WoodName:
    David
WoodTitle:

Managing
Director S-12




---



##### 



Annex I
  Eurocurrency U.S. Term Loans and
    
    ABR U.S. Term Loans and ABR CanadianEurocurrency Canadian Term Loans
    
    Term Loans2.00%
    
    
    1.00
    %




---



##### 



Annex II
 Amortization Table
 Canadian Term LoanDate
    
    U.S. Term Loan Amount
    
    AmountSeptember 30, 2007
    
    $1,650,000
    
    $750,000December 31, 2007
    
    $1,650,000
    
    $750,000March 31, 2008
    
    $1,650,000
    
    $750,000June 30, 2008
    
    $1,650,000
    
    $750,000September 30, 2008
    
    $1,650,000
    
    $750,000December 31, 2008
    
    $1,650,000
    
    $750,000March 31, 2009
    
    $1,650,000
    
    $750,000June 30, 2009
    
    $1,650,000
    
    $750,000September 30, 2009
    
    $1,650,000
    
    $750,000December 31, 2009
    
    $1,650,000
    
    $750,000March 31, 2010
    
    $1,650,000
    
    $750,000June 30, 2010
    
    $1,650,000
    
    $750,000September 30, 2010
    
    $1,650,000
    
    $750,000December 31, 2010
    
    $1,650,000
    
    $750,000March 31, 2011
    
    $1,650,000
    
    $750,000June 30, 2011
    
    $1,650,000
    
    $750,000September 30, 2011
    
    $1,650,000
    
    $750,000December 31, 2011
    
    $1,650,000
    
    $750,000March 31, 2012
    
    $1,650,000
    
    $750,000




---



##### 



Canadian Term LoanDate
    
    U.S. Term Loan Amount
    
    AmountJune 30, 2012
    
    $1,650,000
    
    $750,000September 30, 2012
    
    $1,650,000
    
    $750,000December 31, 2012
    
    $1,650,000
    
    $750,000March 31, 2013
    
    $1,650,000
    
    $750,000June 30, 2013
    
    $1,650,000
    
    $750,000September 30, 2013
    
    $1,650,000
    
    $750,000December 31, 2013
    
    $1,650,000
    
    $750,000March 31, 2014
    
    $1,650,000
    
    $750,000June 30, 2014
    
    $1,650,000
    
    $750,000Final Maturity Date
    
    Remaining outstanding principal
    
    Remaining outstanding principal




---



##### 



Annex III
   Additional Cost Rate
    AB + C(B - D) + E x 0.01
    

    per cent. per annum100 - (A + C)
  E x 0.01
    
    
    per cent. per annum300
   Section
2.06(c)




---



##### 



Eligible Liabilities Special Deposits
 Facility Office
 Fees Rules
 Fee Tariffs
 Reference Banks
 Tariff Base
 Unpaid Sum




---



##### 



Annex III