##### 



Exhibit
10.1
 EXECUTION
VERSION
 $800,000,000
 CREDIT AGREEMENT
dated as of July 6, 2007,
 among
 NOVELIS INC.,
as Canadian Borrower,
 NOVELIS CORPORATION
as U.S. Borrower,
 THE OTHER U.S. SUBSIDIARIES OF CANADIAN BORROWER
PARTY HERETO AS U.S. BORROWERS,
 NOVELIS UK LTD,
as U.K. Borrower,
 NOVELIS AG,
as Swiss Borrower,
 AV ALUMINUM INC.,
as Parent Guarantor,
 THE OTHER GUARANTORS PARTY HERETO,
 THE LENDERS PARTY HERETO
 ABN AMRO BANK N.V.,   as U.S./European Issuing Bank, U.S. Swingline Lender and Administrative Agent,
 LASALLE BUSINESS CREDIT, LLC,   as Collateral Agent and Funding Agent,
 UBS SECURITIES LLC,
as Syndication Agent,
 BANK OF AMERICA, N.A., NATIONAL CITY BUSINESS CREDIT, INC. and
CIT BUSINESS CREDIT CANADA INC.,
as Documentation Agents,
 ABN AMRO BANK N.V.,
acting through its Canadian branch,
as Canadian Issuing Bank, Canadian Funding Agent and Canadian Administrative Agent,
 and
 ABN AMRO INCORPORATED
UBS SECURITIES LLC,
as Joint Lead Arrangers and Joint Bookmanagers




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##### 



TABLE OF CONTENTS
 PageARTICLE I. DEFINITIONS
    
    
    2SECTION 1.01
    
    Defined Terms
    
    
    2SECTION 1.02
    
    Classification of Loans and Borrowings
    
    
    77SECTION 1.03
    
    Terms Generally; Alternate Currency Transaction
    
    
    77SECTION 1.04
    
    Accounting Terms; GAAP
    
    
    78SECTION 1.05
    
    Resolution of Drafting Ambiguities
    
    
    79ARTICLE II. THE CREDITS
    
    
    79SECTION 2.01
    
    Commitments
    
    
    79SECTION 2.02
    
    Loans
    
    
    81SECTION 2.03
    
    Borrowing Procedure
    
    
    83SECTION 2.04
    
    Evidence of Debt
    
    
    85SECTION 2.05
    
    Fees
    
    
    86SECTION 2.06
    
    Interest on Loans
    
    
    87SECTION 2.07
    
    Termination and Reduction of Commitments
    
    
    90SECTION 2.08
    
    Interest Elections
    
    
    90SECTION 2.09
    
    Special Provisions Applicable to Lenders Upon the Occurrence of a Conversion Event
    
    
    92SECTION 2.10
    
    Optional and Mandatory Prepayments of Loans
    
    
    93SECTION 2.11
    
    Alternate Rate of Interest
    
    
    98SECTION 2.12
    
    Yield Protection; Change in Law Generally
    
    
    99SECTION 2.13
    
    Breakage Payments
    
    
    101SECTION 2.14
    
    Payments Generally; Pro Rata Treatment; Sharing of Setoffs
    
    
    102SECTION 2.15
    
    Taxes
    
    
    104SECTION 2.16
    
    Mitigation Obligations; Replacement of Lenders
    
    
    109SECTION 2.17
    
    Swingline Loans
    
    
    111SECTION 2.18
    
    Letters of Credit
    
    
    114SECTION 2.19
    
    Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of Interest
    
    
    123SECTION 2.20
    
    Canadian Lenders
    
    
    124SECTION 2.21
    
    Lenders to Swiss Borrower
    
    
    125SECTION 2.22
    
    Blocked Loan Parties
    
    
    125SECTION 2.23
    
    Increase in Commitments
    
    
    126ARTICLE III. REPRESENTATIONS AND WARRANTIES
    
    
    128SECTION 3.01
    
    Organization; Powers
    
    
    128SECTION 3.02
    
    Authorization; Enforceability
    
    
    128SECTION 3.03
    
    No Conflicts
    
    
    128SECTION 3.04
    
    Financial Statements; Projections
    
    
    128SECTION 3.05
    
    Properties
    
    
    129
  i




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PageSECTION 3.06
    
    Intellectual Property
    
    
    130SECTION 3.07
    
    Equity Interests and Subsidiaries
    
    
    131SECTION 3.08
    
    Litigation; Compliance with Laws
    
    
    132SECTION 3.09
    
    Agreements
    
    
    132SECTION 3.10
    
    Federal Reserve Regulations
    
    
    132SECTION 3.11
    
    Investment Company Act
    
    
    132SECTION 3.12
    
    Use of Proceeds
    
    
    132SECTION 3.13
    
    Taxes
    
    
    132SECTION 3.14
    
    No Material Misstatements
    
    
    133SECTION 3.15
    
    Labor Matters
    
    
    133SECTION 3.16
    
    Solvency
    
    
    133SECTION 3.17
    
    Employee Benefit Plans
    
    
    134SECTION 3.18
    
    Environmental Matters
    
    
    135SECTION 3.19
    
    Insurance
    
    
    136SECTION 3.20
    
    Security Documents
    
    
    136SECTION 3.21
    
    Acquisition Documents; Material Indebtedness Documents;
Representations and Warranties in Acquisition Agreement
    
    
    139SECTION 3.22
    
    Anti-Terrorism Law
    
    
    140SECTION 3.23
    
    Ten Non-Bank Regulations and Twenty Non-Bank Regulations
    
    
    141SECTION 3.24
    
    Location of Material Inventory and Equipment
    
    
    141SECTION 3.25
    
    Accuracy of Borrowing Base
    
    
    141SECTION 3.26
    
    Senior Notes; Material Indebtedness
    
    
    141SECTION 3.27
    
    Centre of Main Interests and Establishments
    
    
    142SECTION 3.28
    
    Holding and Dormant Companies
    
    
    142SECTION 3.29
    
    Hindalco Acquisition
    
    
    142SECTION 3.30
    
    Excluded Collateral Subsidiaries
    
    
    142SECTION 3.31
    
    Immaterial Subsidiaries
    
    
    142ARTICLE IV. CONDITIONS TO CREDIT EXTENSIONS
    
    
    142SECTION 4.01
    
    Conditions to Initial Credit Extension
    
    
    142SECTION 4.02
    
    Conditions to All Credit Extensions
    
    
    150SECTION 4.03
    
    Certain Collateral Matters
    
    
    151ARTICLE V. AFFIRMATIVE COVENANTS
    
    
    152SECTION 5.01
    
    Financial Statements, Reports, etc.
    
    
    152SECTION 5.02
    
    Litigation and Other Notices
    
    
    155SECTION 5.03
    
    Existence; Businesses and Properties
    
    
    156SECTION 5.04
    
    Insurance
    
    
    157SECTION 5.05
    
    Payment of Taxes
    
    
    158SECTION 5.06
    
    Employee Benefits
    
    
    158SECTION 5.07
    
    Maintaining Records; Access to Properties and Inspections;
Annual Meetings
    
    
    159SECTION 5.08
    
    Use of Proceeds
    
    
    160SECTION 5.09
    
    Compliance with Environmental Laws; Environmental Reports
    
    
    160SECTION 5.10
    
    Interest Rate Protection
    
    
    160
  ii




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PageSECTION 5.11
    
    Additional Collateral; Additional Guarantors
    
    
    160SECTION 5.12
    
    Security Interests; Further Assurances
    
    
    162SECTION 5.13
    
    Information Regarding Collateral
    
    
    163SECTION 5.14
    
    Affirmative Covenants with Respect to Leases
    
    
    164SECTION 5.15
    
    Secured Obligations
    
    
    164SECTION 5.16
    
    Post-Closing Covenants
    
    
    164ARTICLE VI. NEGATIVE COVENANTS
    
    
    164SECTION 6.01
    
    Indebtedness
    
    
    164SECTION 6.02
    
    Liens
    
    
    167SECTION 6.03
    
    Sale and Leaseback Transactions
    
    
    170SECTION 6.04
    
    Investments, Loan and Advances
    
    
    170SECTION 6.05
    
    Mergers, Amalgamations and Consolidations
    
    
    173SECTION 6.06
    
    Asset Sales
    
    
    175SECTION 6.07
    
    European Cash Pooling Arrangements.
    
    
    177SECTION 6.08
    
    Dividends
    
    
    177SECTION 6.09
    
    Transactions with Affiliates
    
    
    178SECTION 6.10
    
    Minimum Consolidated Fixed Charge Coverage Ratio
    
    
    179SECTION 6.11
    
    Prepayments of Other Indebtedness; Modifications of Organizational
Documents and Other Documents, etc.
    
    
    179SECTION 6.12
    
    Limitation on Certain Restrictions on Subsidiaries
    
    
    182SECTION 6.13
    
    Limitation on Issuance of Capital Stock
    
    
    183SECTION 6.14
    
    Limitation on Creation of Subsidiaries
    
    
    183SECTION 6.15
    
    Business
    
    
    183SECTION 6.16
    
    Limitation on Accounting Changes
    
    
    184SECTION 6.17
    
    Fiscal Year
    
    
    184SECTION 6.18
    
    Lease Obligations
    
    
    184SECTION 6.19
    
    No Further Negative Pledge
    
    
    184SECTION 6.20
    
    Anti-Terrorism Law; Anti-Money Laundering
    
    
    185SECTION 6.21
    
    Embargoed Persons
    
    
    185SECTION 6.22
    
    Tax Shelter Reporting
    
    
    185ARTICLE VII. GUARANTEE
    
    
    185SECTION 7.01
    
    The Guarantee
    
    
    186SECTION 7.02
    
    Obligations Unconditional
    
    
    186SECTION 7.03
    
    Reinstatement
    
    
    187SECTION 7.04
    
    Subrogation; Subordination
    
    
    188SECTION 7.05
    
    Remedies
    
    
    188SECTION 7.06
    
    Instrument for the Payment of Money
    
    
    188SECTION 7.07
    
    Continuing Guarantee
    
    
    188SECTION 7.08
    
    General Limitation on Guarantee Obligations
    
    
    188SECTION 7.09
    
    Release of Guarantors
    
    
    189SECTION 7.10
    
    Certain Tax Matters
    
    
    189SECTION 7.11
    
    German Guarantor
    
    
    190SECTION 7.12
    
    Swiss Guarantors
    
    
    192
  iii




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PageSECTION 7.13
    
    Irish Guarantor
    
    
    193SECTION 7.14
    
    Brazilian Guarantor
    
    
    193ARTICLE VIII. EVENTS OF DEFAULT
    
    
    193SECTION 8.01
    
    Events of Default
    
    
    193SECTION 8.02
    
    Rescission
    
    
    196SECTION 8.03
    
    Application of Proceeds
    
    
    197ARTICLE IX. COLLATERAL ACCOUNT; COLLATERAL MONITORING; APPLICATION OF COLLATERAL PROCEEDS
    
    
    198SECTION 9.01
    
    Accounts; Cash Management
    
    
    198SECTION 9.02
    
    Inventory
    
    
    201SECTION 9.03
    
    Borrowing Base-Related Reports
    
    
    202SECTION 9.04
    
    Rescission of Activation Notice
    
    
    203ARTICLE X. THE FUNDING AGENT AND THE COLLATERAL AGENT
    
    
    203SECTION 10.01
    
    Appointment and Authority
    
    
    203SECTION 10.02
    
    Rights as a Lender
    
    
    203SECTION 10.03
    
    Exculpatory Provisions
    
    
    203SECTION 10.04
    
    Reliance by Agent
    
    
    204SECTION 10.05
    
    Delegation of Duties
    
    
    205SECTION 10.06
    
    Resignation of Agent
    
    
    205SECTION 10.07
    
    Non-Reliance on Agent and Other Lenders
    
    
    206SECTION 10.08
    
    No Other Duties, etc
    
    
    206SECTION 10.09
    
    Indemnification
    
    
    206SECTION 10.10
    
    Overadvances
    
    
    207SECTION 10.11
    
    Concerning the Collateral and the Related Loan Documents
    
    
    207SECTION 10.12
    
    Release
    
    
    208SECTION 10.13
    
    Acknowledgment of Security Trust Deed
    
    
    208ARTICLE XI. MISCELLANEOUS
    
    
    208SECTION 11.01
    
    Notices
    
    
    208SECTION 11.02
    
    Waivers; Amendment
    
    
    213SECTION 11.03
    
    Expenses; Indemnity; Damage Waiver
    
    
    216SECTION 11.04
    
    Successors and Assigns
    
    
    219SECTION 11.05
    
    Survival of Agreement
    
    
    223SECTION 11.06
    
    Counterparts; Integration; Effectiveness
    
    
    224SECTION 11.07
    
    Severability
    
    
    224SECTION 11.08
    
    Right of Setoff
    
    
    224SECTION 11.09
    
    Governing Law; Jurisdiction; Consent to Service of Process
    
    
    224SECTION 11.10
    
    Waiver of Jury Trial
    
    
    225SECTION 11.11
    
    Headings
    
    
    226SECTION 11.12
    
    Treatment of Certain Information; Confidentiality
    
    
    226SECTION 11.13
    
    USA PATRIOT Act Notice
    
    
    226
  iv




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PageSECTION 11.14
    
    Interest Rate Limitation
    
    
    227SECTION 11.15
    
    Lender Addendum
    
    
    227SECTION 11.16
    
    Obligations Absolute
    
    
    227SECTION 11.17
    
    Intercreditor Agreement
    
    
    228SECTION 11.18
    
    Judgment Currency
    
    
    228SECTION 11.19
    
    Euro
    
    
    228SECTION 11.20
    
    Special Provisions Relating to Currencies Other Than Dollars and
Canadian Dollars
    
    
    229SECTION 11.21
    
    Abstract Acknowledgment of Indebtedness and Joint Creditorship
    
    
    229SECTION 11.22
    
    Special Appointment of Collateral Agent for German Security
    
    
    230SECTION 11.23
    
    Special Appointment of Funding Agent in Relation to South Korea
    
    
    231SECTION 11.24
    
    Designation of Collateral Agent under Civil Code of Quebec
    
    
    232SECTION 11.25
    
    Maximum Liability
    
    
    232ARTICLE XII. FOREIGN CURRENCY PARTICIPATIONS
    
    
    232SECTION 12.01
    
    U.S./European Revolving Loans; Intra-Lender Issues
    
    
    233SECTION 12.02
    
    Settlement Procedure for Specified Foreign Currency Participations
    
    
    233SECTION 12.03
    
    Obligations Irrevocable
    
    
    236SECTION 12.04
    
    Recovery or Avoidance of Payments
    
    
    236SECTION 12.05
    
    Indemnification by Lenders
    
    
    236SECTION 12.06
    
    Specified Foreign Currency Loan Participation Fee
    
    
    237
  v




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ANNEXESAnnex I
    
    Applicable MarginAnnex II
    
    Mandatory Cost FormulaSCHEDULESSchedule 1.01(a)
    
    Refinancing Indebtedness to Be RepaidSchedule 1.01(b)
    
    Subsidiary GuarantorsSchedule 1.01(c)
    
    Applicable Jurisdiction RequirementsSchedule 1.01(d)
    
    Specified Account DebtorsSchedule 1.01(e)
    
    Excluded Collateral SubsidiariesSchedule 1.01(f)
    
    Immaterial SubsidiariesSchedule 1.01(g)
    
    Specified HoldersSchedule 1.01(h)
    
    Participating Specified Foreign Currency LendersSchedule 1.01(i)
    
    Agents AccountSchedule 2.18
    
    Existing Letters of CreditSchedule 2.20
    
    Canadian LendersSchedule 2.21
    
    Lenders to Swiss BorrowerSchedule 3.06(c)
    
    Violations or ProceedingsSchedule 3.17
    
    Pension MattersSchedule 3.19
    
    InsuranceSchedule 3.21
    
    Acquisition Documents and Material Debt InstrumentsSchedule 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 InvestmentsSchedule 9.01(b)
    
    Cash ManagementEXHIBITSExhibit 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
    
    Form of LC RequestExhibit I
    
    Form of Lender AddendumExhibit J
    
    Form of MortgageExhibit K-1
    
    Form of U.S./European Revolving Note
  vi




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Exhibit K-2
    
    Form of Canadian Revolving NoteExhibit K-3
    
    Form of European Swingline 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 AgreementExhibit 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 Receivables Purchase AgreementExhibit R
    
    Form of Borrowing Base CertificateExhibit S
    
    Form of Revolving Credit Facility Collateral Agent Appointment Letter
  vii




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CREDIT AGREEMENT
 Agreement Canadian Borrower Initial U.S. Borrower Initial
U.S. Borrowers U.K. Borrower Swiss Borrower Borrowers Article I U.S./European Issuing Bank Canadian Issuing Bank U.S. Swingline Lender Administrative Agent Collateral Agent Funding Agent Syndication
Agent Documentation Agents Canadian Funding
Agent Canadian Administrative Agent Arrangers
 WITNESSETH:
 Acquiror Acquisition Agreement Hindalco Acquisition




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##### 



Section 2.23
  European Swingline
Lender
   Section 3.12
   ARTICLE I.
 DEFINITIONS
 SECTION 1.01 Defined Terms
 ABN AMRO
 ABR
 ABR Borrowing
 2




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ABR Loan
 ABR Revolving Loan ARTICLE II
 Account Debtor
 Accounts
 Acquiror
 Acquisition
 Acquisition Agreement
 Acquisition Closing Date
 Acquisition Consideration provided
 Acquisition Documents Section 3.21
 Acquisition Material Adverse Effect
 3




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##### 



provided provided provided
 Activation Notice Section 9.01(c)
 Additional Subordinated Debt Loan provided
 4




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provided further,
 Adjusted EURIBOR Rate minus plus
 Adjusted LIBOR Rate minus plus
 Administrative Agent ARTICLE X; provided
 Administrative Borrower Section 2.03(b)
 Administrative Questionnaire Exhibit A
 Affiliate provided however Section 6.09
 Agents
 5




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Agent s Account Schedule 1.01(i)
 Agreement
 Alternate Base Rate plus clause (b)
 Alternate Currency
 Alternate Currency Equivalent
 Alternate Currency Letter of Credit
 Alternate Currency Revolving Loan
 Anti-Terrorism Laws Section 3.22
 Applicable Administrative Borrower
 Applicable Eligible Jurisdiction
 6




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Applicable European Jurisdiction
 Applicable Fee
 Applicable Margin Annex I
 Approved Currency
 Approved Fund
 Approved Member State
 Arrangers
 Asset Sale provided Section 6.06
 Asset Swap
 7




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provided Section 2.10(c)
 Assignment and Assumption Section
11.04(b) Exhibit B
 Attributable Indebtedness
 Auditors Determination Section
7.11(b)
 AV Aluminum
 AV Metals
 Availability Conditions Section 6.08 Section 6.11(a)(i) Section 6.08 Section 6.11(a)(i) Section
6.08 Section 6.11(a)(i) Section 6.11(b)(i)
 Available Amount Section 7.12(a)
 Average Quarterly Excess Availability
 BA Interest Period provided
 8




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##### 



BA Rate plus
 BA Rate Loan
 Bailee Letter
 Base Rate
 Base Rate Loan
 Blocked Account Section
9.01
 Blocked Loan Party Section 2.22
 Board
 Board of Directors
 Borrowers Section 11.25
 9




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Borrowing
 Borrowing Base
 Borrowing Base Certificate Exhibit R
 Borrowing Base Guarantor Sections 5.11 5.12
 Borrowing Base Loan Party Section
9.01
 Borrowing Request Section 2.03 Exhibit C
 Brazilian Guarantor
 Brazilian Security Agreements Exhibits M-7-1 5
 10




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Business Day provided however
 Canadian Administrative Agent
 Canadian Base Rate provided however
 Canadian Base Rate Loan ARTICLE II
 Canadian Borrower
 Canadian Borrower Obligations
 Canadian Borrowing Base
 plus
 minus
 11




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Section 2.01(d)
  Canadian Commitment Section 2.23 Section 2.07 Section 11.04
 Canadian Dollar Denominated Loan Section 2.09
 Canadian dollars Can$
 Canadian Funding Agent
 Canadian Guarantor
 Canadian Issuing Bank Section 2.18(j) (k) Section
2.18(l)
 12




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Canadian LC Commitment Section 2.18
 Canadian LC Exposure plus
 Canadian Lender
 Canadian Letter of Credit Section
2.18(a)
 Canadian Loan Party
 Canadian Percentage provided
 Canadian Reimbursement Obligations Section 2.18(e)
 Canadian Resident
 13




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Canadian Revolving Exposure plus
 Canadian Revolving Loan Section
2.01(b)
 Canadian Security Agreement Exhibits M-2-1 6
 Capital Assets
 Capital Expenditures
 Capital Lease Obligations
 Cash Collateral Account
 Cash Dominion Recovery Event
 Cash Dominion Trigger Event provided
 14




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Cash Equivalents provided however provided further
 Cash Management System Section 9.01
 Casualty Event
 CERCLA et seq.
 Change in Control
 15




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provided
      Change in Law
 Charges Section 11.14
 16




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##### 



Chattel Paper
 Chief Executive Office
 Class Section 2.23
 Closing Date
 CNI Basket Section 6.08(d)
 Code
 Collateral
 Collateral Agent ARTICLE X
 Collection Account Section 9.01(c)
 Commercial Letter of Credit
 Commerzbank Cash Pooling Agreement
 Commitment Section 2.23
 Commitment Letter
 17




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##### 



Commitment Fee Section 2.05(a)
 Companies Company
 Compensation Plan
 Compliance Certificate Exhibit D
 Concentration Account Section
9.01(c)
 Concentration Account Bank Section
9.01(c)
 Confidential Information Memorandum
 Consolidated Adjusted EBITDA
 minus
  Consolidated Amortization Expense
 Consolidated Depreciation Expense
 Consolidated EBITDA
 adding thereto
 18




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##### 



subtracting therefrom
 excluding therefrom
        19




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Consolidated Fixed Charge Coverage Ratio minus minus provided
 Consolidated Fixed Charges
   Section 6.08
  Consolidated Indebtedness Section 6.01(p)
 20




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Consolidated Interest Expense plus
       Consolidated Net Income provided however
   Consolidated Net Income Section 6.08(c)
 21




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##### 



Consolidated Tax Expense
 Contingent Obligation primary obligations primary obligor provided however
 Contribution, Intercompany, Contracting and Offset Agreement
 Contribution Notice
 Control Controlling Controlled
 Control Agreement
 22




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##### 



Section
9.01
 Conversion Event Section 8.01(g) (h) Section 8.01
 Cost provided
 Covenant Recovery Event
 Covenant Trigger Event provided
 Credit Extension
 Debt Issuance Section 6.01
 23




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Default
 Default Rate Section 2.06(f)
 Delegate
 Disqualified Capital Stock provided , however
 Distribution
 Dividend
 24




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##### 



Documentation Agents
 Dollar Denominated Loan Section 2.09
 Dollar Equivalent provided Sections 2.01, 2.02, 2.10(b), 2.17, 2.18
and 10.10 Section 2.05 Section 5.01(j) Section 9.03(a) provided
 Dollars dollars $
 EBITDA of Norf GmbH
   25




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##### 



Eligible Accounts
    provided
   26




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27




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##### 



verlängerter Eigentumsvorbehalt Verarbeitungsklausel
 Acceptable
Governing Law Schedule 1.01(c)
 Schedule 1.01(c)
 Schedule 1.01(d)
 28




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##### 



provided
     Eligible Assignee provided Section 2.20 Sections
2.21 3.23 Section 11.04 Section 11.04(h)
 Eligible Canadian Accounts
 Eligible Canadian Inventory
 Eligible European Accounts
 Eligible European Loan Party
 Eligible Inventory
 29




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##### 



provided
         Section 5.04
 30




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##### 



Schedule 3.24 Section 5.13 Section 5.13 Section 5.13
 provided clause (xv)
  Eligible Large Customer Swiss Accounts
 Eligible Small Customer Swiss Accounts
 Eligible Swiss Accounts
 Eligible U.K. Accounts
 Eligible U.K. Inventory
 Eligible U.K. Loan Party
 31




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##### 



Eligible U.S. Accounts
 Eligible U.S. Inventory
 Embargoed Person Section 6.21
 Environment
 Environmental Claim
 Environmental Law
 Environmental Permit
 Equipment
 Equity Interest
 Equity Issuance
 32




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##### 



ERISA
 ERISA Affiliate
 ERISA Event
 EURIBOR Borrowing
 EURIBOR Interest Period provided
 33




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##### 



EURIBOR Loan ARTICLE II
 EURIBOR Rate provided however
 euro Euro 
 Euro Denominated Loan Section 2.09
 Eurocurrency Borrowing
 34




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##### 



Eurocurrency Interest Period provided
 Eurocurrency Loan ARTICLE II
 Eurofoil
 European Administrative Borrower Section 2.03(c)
 European Borrower
 European Borrowing Base plus
 European Cash Pooling Arrangements
 European LC Exposure plus
 35




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##### 



European Letter of Credit Section
2.18(a)
 European Reimbursement Obligations Section 2.18(e)
 European Revolving Loan Section
2.01(a)
 European Swingline Activation Date
 European Swingline Commitment Section 2.17 Section 2.07 Section 2.17
 European Swingline Exposure
 European Swingline Lender
 European Swingline Loan Section 2.17
 Event of Default Section 8.01
 Excess Amount Section 2.10
 Excess Availability less
 Exchange Act
 Excluded Collateral Subsidiary Section
5.01(a) 5.01(b)
 36




---



##### 



Section 5.01(a) 5.01(b) Schedule 1.01(e)
 Excluded Subsidiaries
 Excluded Taxes Section 2.15(a) Section
2.16 provided Section 2.14(d) Section 2.15(e) Section 2.20(a)(i) (ii) (iii)
 Executive Order Section 3.22
 Existing Letter of Credit Schedule
2.18
 Existing Lien Section 6.02(c)
 Federal Funds Effective Rate
 Fee Letter
 Fees
 Final Maturity Date
 37




---



##### 



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
 Fronting Fee Section 2.05(c)
 Fund
 Funded Specified Foreign Currency Participation Section 12.02 minus Section 12.02
 38




---



##### 



minus
 Funding Agent ARTICLE X provided
 GAAP
 GBP £
 GBP Denominated Loan Section 2.09
 German Guarantor
 German Security Agreement Exhibits M-5-1 7
 German Seller
 Governmental Authority
 Governmental Real Property Disclosure Requirements
 39




---



##### 



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)
 40




---



##### 



5.01(b) Section 5.01(a) 5.01(b) Schedule 1.01(f)
 Increase Effective Date Section
2.23(a)
 Increase Joinder Section 2.23(c)
 Indebtedness
 Indemnified Taxes
 Indemnitee Section 11.03(b)
 Information Section 11.12
 Initial U.S. Borrower
 41




---



##### 



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
 42




---



##### 



Inventory
 Inventory Appraisal Section 9.02
 Investments Section 6.04
 Irish Guarantor
 Irish Security Agreement Exhibits M-6-1 5
 Issuing Bank
 Issuing Country Section 11.19(a)
 Joinder Agreement Exhibit
F
 Joint Venture
 Joint Venture Subsidiary
 Judgment Currency Section 11.18(a)
 Judgment Currency Conversion Date Section 11.18(a)
 Land Registry
 Landlord Access Agreement Exhibit G
 43




---



##### 



LC Disbursement
 LC Exposure plus
 LC Participation Fee Section
2.05(c)
 LC Request Section 2.18(b) Exhibit H
 Leases
 Lender Addendum Exhibit I Section 11.15
 Lenders
 Letter of Credit Section 2.18
 Letter of Credit Expiration Date
 LIBOR Rate provided , however
 44




---



##### 



Reuters Screen LIBOR01 Page
 Lien
 Loan Documents
 Loan Parties
 Loans
 Logan
 Logan Location
 45




---



##### 



Mandatory Cost Annex II
 Margin Stock
 Material Adverse Effect
 Material Indebtedness
 Material Subsidiary
 Maximum Rate Section 11.14
 Maximum Term Loan Facility Amount plus
 Minimum Currency Threshold  
 Moodys
 46




---



##### 



Mortgage Exhibit J
 Mortgaged Property Schedule 8(a) Section 5.11(c)
 Multiemployer Plan
 Net Cash Proceeds
 provided provided provided
 47




---



##### 



provided however
 Net Recovery Cost Percentage Section 9.02
 NKL
 48




---



##### 



Non-Dollar Denominated Loan
 Non-Guarantor Subsidiary
 Norf GmbH
 Notes Exhibit K-1 K-2 K-3
 Novelis AG Cash Pooling Agreement
 Novelis Corporation
 Novelis Inc.
 Obligation Currency Section
11.18(a)
 Obligations
 OFAC Section 3.22
 Officers Certificate
 Organizational Documents
 49




---



##### 



Other Taxes
 Overadvance Section 10.10
 Parent Guarantor
 Participant Section 11.04(d)
 Participating Member States
 Participating Specified Foreign Currency Lender Section 12.01(a) Schedule 1.01(h)
 PBGC
 Pensions Regulator
 Perfection Certificate Exhibit L-1
 Perfection Certificate Supplement Exhibit L-2
 Permitted Acquisition
  50




---



##### 



Section 6.01
 Section 6.15
    Section 5.11
   51




---



##### 



Permitted Discretion
 Permitted Factoring Facility
 Permitted Holdings Amalgamation provided Successor Canadian Borrower
 52




---



##### 



Section
5.01(a) (b) provided further Section 11.02
 Permitted Holdings Indebtedness
 53




---



##### 



provided
 Permitted Liens Section 6.02
 Permitted Refinancing provided plus plus provided
 Permitted Term Loan Facility Refinancing provided
 54




---



##### 



plus plus provided
 person Person
 Plan
 Platform Section 11.01(d)
 Pledged Intercompany Notes
 Pledged Securities
 55




---



##### 



Post-Increase Revolving Lenders Section
2.23(d)
 PPSA
 Pre-Increase Revolving Lenders Section
2.23(d)
 Preferred Stock
 Preferred Stock Issuance
 Principal Jurisdiction
 Priority Payables
  56




---



##### 



pari passu
 pari passu ad valorem
  Pro Forma Basis
 Pro Rata Percentage provided
 Process Agent Section 11.09(d)
 property
 57




---



##### 



Property Material Adverse Effect
 PTR Scheme
 Purchase Money Obligation provided , however
 Purchased Receivables
 Qualified Capital Stock
 Real Property
 Receivable
 Receivables Purchase Agreement Exhibit Q
 58




---



##### 



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
 Reimbursement Obligations Section 2.18(e)
 Related Business Assets provided
 Related Parties
 Related Security
 59




---



##### 



Release
 Relevant Amount Section 2.06(j)
 Relevant Currency Equivalent
 Rent Reserve
 Required Class Lenders
 Required Lenders
 Requirements of Law
 Reserves Section 2.01(d)
 Response
 60




---



##### 



Responsible Officer
 Restricted Grantor
 Restricted Sub-Participation
 Revolving Availability Period
 Revolving Commitment
 Revolving Credit Priority Collateral
 Revolving Exposure
 Revolving Lender
 Revolving Loan Section 2.01(b)
 S&P
 Sale and Leaseback Transaction Section
6.03
 61




---



##### 



Sarbanes-Oxley Act
 Secured Debt Agreement
 Secured Obligations
 Secured Parties Exhibit S Section 10.03 Section 10.09
 Securities Act
 Securities Collateral
 Securitization Assets
 Securitization Facility provided
 62




---



##### 



Securitization Subsidiary
 Security Agreement Section 5.11(b)
 Security Agreement Collateral Section 5.11
 Security Documents
 Security Trust Deed
 Senior Note Agreement
 Senior Note Documents
 Senior Note Guarantees
 Senior Notes
 63




---



##### 



Settlement Section 2.17(c)
 Settlement Date Section 2.17(c)
 Significant Event of Default Section 8.01(a) (b) (g) (h)
 Similar Business
 Specified Foreign Currency Section 2.01(a)
 Specified Foreign Currency Funding Capacity
 Specified Foreign Currency Loan Section
12.01(a)
 Specified Foreign Currency Participation Section 12.01(a)
 Specified Foreign Currency Participation Fee Section 12.06
 Specified Foreign Currency Participation Settlement Section 12.02(i)
 Specified Foreign Currency Participation Settlement Amount Section 12.02(ii)
 Specified Foreign Currency Participation Settlement Date Section 12.02(i)
 Specified Foreign Currency Participation Settlement Period Section 12.02(i)
 Specified Holders Schedule 1.01(g)
 Spot Selling Rate
 64




---



##### 



provided that
 Standby Letter of Credit
 Statutory Reserves
 Sub-Class
 Subordinated Debt Loan provided provided further
 65




---



##### 



Subordinated Indebtedness
 Subsidiary parent
 Subsidiary Guarantor Schedule 1.01(b) Section 5.11
 Supermajority Lenders
 Survey Section 4.01(o)(iii)
 66




---



##### 



Swingline Exposure plus
 Swingline Lender
 Swingline Loan Section
2.17
 Swiss Borrower
 Swiss Borrowing Base
 plus
 minus
 Section 2.01(d)
  Swiss francs CHF
 Swiss Franc Denominated Loan Section 2.09
 Swiss Guarantor
 Swiss Loan Party
 Swiss Non-Qualifying Bank
 67




---



##### 



Swiss Qualifying Bank
 Swiss Revolving Exposure plus plus
 Swiss Revolving Loan Section
2.01(a)
 Swiss Security Agreement Exhibits M-4-1 7
 Swiss Withholding Tax Bundesgesetz uber die Verrechnungssteuer
 Syndication Agent
 TARGET
 TARGET Day
 Tax Deduction Section 2.15(i)
 Tax Return
 Taxes
 Taxing Authority
 68




---



##### 



Ten Non-Bank Regulations
 Term Loan Administrative Agent
 Term Loan Agents
 Term Loan Collateral Agent
 Term Loan Credit Agreement
 Term Loan Documents
 Term Loan Obligations
 Term Loan Priority Collateral
 Term Loan Secured Parties
 69




---



##### 



Term Loan Security Documents
 Term Loans
 Test Period
 Title Company
 Title Policy Section 4.01(o)(iii)
 Total Adjusted Borrowing Base
 Total Adjusted Revolving Exposure
 Total Borrowing Base plus plus minus
 Total Canadian Commitment
 Total Canadian Revolving Exposure
 Total Commitment
 Total European Revolving Exposure
 Total Leverage Ratio
 70




---



##### 



Total Revolving Exposure
 Total Swiss Revolving Exposure
 Total U.K. Revolving Exposure
 Total U.S. Revolving Exposure
 Total U.S./European Commitment
 Total U.S./European Revolving Exposure
 Transaction Documents
 Transactions
 Transferred Guarantor Section 7.09
 Treasury Services Agreement
 Treaty Lender
 Twenty Non-Bank Regulations inter alia
 71




---



##### 



Type
 UCC
 U.K. Borrower
 U.K. Borrowing Base
 minus
 minus
 Section 2.01(d)
  U.K. Guarantor
 U.K. Loan Party
 U.K. Qualifying Lender
 (A)
    
    a lender:
 (i)
    
    which is a bank (as defined for the purpose of
Section 879 of the Income Taxes Act 2007) making an advance under this
Agreement or any other Loan Document, or
 72




---



##### 



(ii)
    
    in respect of an advance made under this
Agreement or any other Loan Document by a person that was a bank (as
defined for the purpose of Section 879 of the Income Taxes Act 2007) at
the time that that advance was made,and which is within the charge to United Kingdom corporation tax as
respects any payments of interest made in respect of that advance; or
 (B)
    
    a lender which is:
 (i)
    
    a company resident in the United Kingdom for
United Kingdom tax purposes;(ii)
    
    a partnership each member of which is either:
 (I)
    
    a company resident in the United
Kingdom for United Kingdom tax purposes; or(II)
    
    a company not so resident in the
United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which is required to bring
into account in computing its chargeable profits (within the
meaning of Section 11(2) of the Income and Corporation Taxes Act
1988) the whole of any share of interest payable in respect of
that advance that falls to it by reason of Sections 114 and 115
of the Income and Corporation Taxes Act 1988; or
 (iii)
    
    a company not so resident in the United
Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account that interest
payable in respect of that advance in computing the chargeable profits
(for the purposes of Section 11(2) of the Income and Corporation Taxes
Act 1988) of that company; or
 (C)
    
    a lender which:
 (i)
    
    is treated as a resident of a jurisdiction having a double
taxation agreement with the United Kingdom which makes provision for
full exemption from tax imposed by the United Kingdom on interest for
the purposes of the treaty; and(ii)
    
    does not carry on a business in the United Kingdom through a
permanent establishment with which the Lenders
 73




---



##### 



participation in the Loan is effectively connected (a Treaty
Lender).
 U.K. Revolving Exposure
 U.K. Revolving Loan Section 2.01(a)
 U.K. Security Agreement Exhibits M-3-1 3
 U.K. Share Charge Exhibit M-3-2
 United States
 Unpaid Supplier Reserve
 Unrestricted Grantors
 U.S. Borrower Section 5.11
 U.S. Borrowing Base
 plus
 minus
 Section 2.01(d)
 74




---



##### 



U.S. LC Exposure plus
 U.S. Letter of Credit Section
2.18(a)
 U.S. Reimbursement Obligations Section 2.18(e)
 U.S. Revolving Exposure plus plus
 U.S. Revolving Loan Section 2.01(a)
 U.S. Security Agreement Exhibit M-1
 U.S. Swingline Exposure
 U.S. Swingline Lender
 U.S. Swingline Loan Section 2.17(a)
 U.S./European Commitments
 75




---



##### 



Section 2.23 Section 2.07 Section 11.04
 U.S./European Issuing Bank Section 2.18(j) (k) Section 2.18(l)
 U.S./European LC Commitment Section 2.18
 U.S./European LC Exposure
 U.S./European Lender
 U.S./European Letter of Credit Section
2.18(a)
 U.S./European Percentage provided
 U.S./European Reimbursement Obligations Section 2.18(e)
 U.S./European Revolving Exposure
 76




---



##### 



U.S./European Revolving Loan Section
2.01(a)
 Vendor Managed Inventory Schedule 3.24
 Voting Stock
 Weighted Average Life to Maturity by by
 Wholly Owned Subsidiary
 Wind-Up Section 6.05(g) Winding-Up
 Withdrawal Liability
 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; Alternate Currency Transaction
 77




---



##### 



Article VI provided
 SECTION 1.04 Accounting Terms; GAAP
 78




---



##### 



provided provided
 SECTION 1.05 Resolution of Drafting Ambiguities
 ARTICLE II.
 THE CREDITS
 SECTION 2.01 Commitments .
 U.S.
Revolving Loan Swiss Revolving Loan U.K. Revolving Loan European Revolving Loan U.S./European Revolving
Loan
   Section 10.10
 79




---



##### 



Section 10.10
 Article XII Specified Foreign Currency Section 2.01 Article XII
 Canadian Revolving Loan Revolving Loan
    Section 10.10
   80




---



##### 



provided however
 SECTION 2.02 Loans .
 provided Section
2.18(e)(ii)
 Section 2.11 Section 2.12 Section 2.03 provided
 81




---



##### 



Section 2.03 provided provided provided
 Section 2.18(e)(ii) provided Article XII
 Section 2.02(d)
 82




---



##### 



SECTION 2.03 Borrowing Procedure
 Section 2.17(e) Section 11.01(b) Section 11.01(d) Section 2.02
       Section 2.02(c)
 Section 4.02(b)  (d)
 83




---



##### 



Section
 Appointment of Administrative Borrower
 Appointment of European Administrative Borrower
 84




---



##### 



SECTION 2.04 Evidence of Debt
 Promise to Repay Section 2.17(a) Section 2.04(a)
 Lender and Funding Agent Records prima facie
 85




---



##### 



provided
 Promissory Notes Exhibit K-1 K-2 K-3 Section 11.04
 SECTION 2.05 Fees .
 Commitment Fee U.S./European Commitment Fee Canadian Commitment Fee Commitment Fee
 Fee Letter
 LC and Fronting Fees
 86




---



##### 



LC Participation Fee Section
2.06 Fronting Fee
  SECTION 2.06 Interest on Loans
 ABR Loans Section 2.06(f) plus
 Eurocurrency Loans Section 2.06(f) plus
 87




---



##### 



Canadian Base Rate Loans Section 2.06(f) plus
 BA Rate Loans Section 2.06(f) plus
 EURIBOR Loans Section 2.06(f) plus
 Default Rate plus Section 2.06 plus Section 2.06(a) Default Rate
 Interest Payment Dates provided Section 2.06(f)
 Interest Calculation
 88




---



##### 



Currency for Payment of Interest Section 2.06
 Swiss Minimum Interests Rates and Payments Section 2.06
 Relevant Amount Section 2.15 Section 2.06(j)
 Section 2.15 Section
2.21 Section 11.04 Section 2.15
 Section
3.23 Section 2.15
  89




---



##### 



provided however Section 2.06(j) Section 2.06(j)(iv)
 SECTION 2.07 Termination and Reduction of Commitments
 Termination of Commitments
 Optional Terminations and Reductions provided Section 2.10
 Borrower Notice Section 2.07(b) Section provided Section 2.13
 SECTION 2.08 Interest Elections
 Generally
 90




---



##### 



Section
 Interest Election Notice Section Section 2.03 Section 2.02
      91




---



##### 



Automatic Conversion to Base Rate Borrowing
 SECTION 2.09 Special Provisions Applicable to Lenders Upon the Occurrence of a Conversion
Event
 Conversion Events
 92




---



##### 



Section 2.09(a) Section 2.13
 Certain Participations Upon Conversion Event Section
2.17(g) Section 2.17(c) Section 2.18(e), Section 2.18(e)
 SECTION 2.10 Optional and Mandatory Prepayments of Loans
 Optional Prepayments Section 2.10 Section 9.01(e) provided
 Certain Revolving Loan Prepayments
 Section 2.18(i)
 Section 2.18(i)
 Section 2.18(i)
 93




---



##### 



first second third Section
2.18(i)
 first second Section 2.18(i)
 first second Section 2.18(i)
 ) first second Section 2.18(i)
  94




---



##### 



Section 2.18(i)
 first second Section 2.18(i) provided
 first second Section 2.18(i)
 Section
9.01 Section
9.01(e)
 Asset Sales Section 2.10(b) Section 2.10(h) (i) provided
 Section 2.10(c) Section 6.06
 Section 2.10(b) Section 6.06(k)
 95




---



##### 



provided Section 2.10(c) provided , further Section 5.11 Section 5.12
 Debt Issuance or Preferred Stock Issuance Sections 2.10(h) (i) Sections 2.10(h) (i)
 Equity Issuance Sections
2.10(h) (i) provided however provided further
 Casualty Events Section 2.10(b) Section 2.10(h) (i) provided
 Section 2.10(b)
 96




---



##### 



provided Section 5.11 Section 5.12
 Section 2.10(f)
 Closing Date Cash Flows Sections 2.10(h) (i)
 Application of Prepayments Section
2.10(i) Section 2.10(h) provided Section 9.01(e) provided,
further Section 8.03
 Section 2.10 Section 2.10 Excess Amount provided
 97




---



##### 



Section 2.13
 Notice of Prepayment provided Section 2.07 Section 2.07 Section 2.02 Section 2.10 Section 2.06
 SECTION 2.11 Alternate Rate of Interest
    98




---



##### 



SECTION 2.12 Yield Protection; Change in Law Generally
 Increased Costs Generally
  Section 2.15
   Capital Requirements
 99




---



##### 



Certificates for Reimbursement Section
2.12
 Delay in Requests Section 2.12 provided Section
 Change in Legality Generally
   100




---



##### 



Change in Legality in Relation to Issuing Bank
   SECTION 2.13 Breakage Payments Section
2.07(c) Section 2.16(c) Section 2.13
 101




---



##### 



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 2.22 Section
11.03 Section 2.12 Section 2.13 Section
2.15 Section 2.16 Section 2.22 Section 11.03
 Pro Rata Treatment
 pro rata
 pro rata
 Insufficient Funds first second
 102




---



##### 



Sharing of Set-Off Section 2.14(d) pro rata provided
   Section 2.14(d) Section 2.14(d)
 Borrower Default
 103




---



##### 



Lender Default Section 2.02(c) Section 2.14(e) Section 2.17(c) Section 2.17(g) Section 2.18(d) Section 2.18(e) Section
11.03(c)
 SECTION 2.15 Taxes
 Payments Free of Taxes provided Section
 Section
   104




---



##### 



Section 2.15(g)
 Payment of Other Taxes by Borrowers
 Indemnification by Borrowers Section Section Sections 2.15(a) 2.12(a)(ii) Section 2.15(a)
 Evidence of Payments
 Status of Lenders provided however
 105




---



##### 



Section 2.15(e) Section 2.15(e)
 Treatment of Certain Refunds Section Section 2.12 (a)(ii) Section 2.06 (j) Section Section 2.12 (a)(ii) Section 2.06 (j) Section 2.12
(a)(ii) Section 2.06 (j)
 106




---



##### 



Section 2.15(e) provided however
 Treaty Relief Time Limit Obligations Section 2.15(g) Section 2.15(h) Section 2.15(a) Section 2.15(h) Section 2.15(i) provided however
 Requirement to Seek Refund in Respect of an Increased Payment Tax Deduction Section 2.15(a)
 107




---



##### 



Section 2.15(f) Section 2.15(i) Section 2.15(f) provided however Section 2.15(i)
 U.K. Provisional Treaty Relief Scheme
 Section 2.15(j)
         108




---



##### 



Section 2.15(j)
  Section 2.15(j)
 Section 2.15(h) (j) Section 11.03
 SECTION 2.16 Mitigation Obligations; Replacement of Lenders
 Designation of a Different Lending Office Section 11.04(h) Section
2.20 provided Section 2.12 Section 2.15 Section 2.16(a)
 109




---



##### 



Section 2.16(b)
 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 Section
11.04(h) provided
 Section 11.04(b)
 Section 2.13
 Section 2.12 Section 2.15
   110




---



##### 



SECTION 2.17 Swingline Loans
 U.S. Swingline Loans Section
2.17(a) Section 2.18(e) Section 2.17(a) U.S. Swingline Loan Section
2.17(c)
 U.S. Swingline Loan Participations
 U.S. Swingline Loan Settlement Settlement Settlement Date
 111




---



##### 



Section 4.02 Section 2.17(c)
 European Swingline Commitment Section 10.10 provided
 European Swingline Loans
 112




---



##### 



Section 2.18(e)  
 Prepayment
 Participations provided provided provided further Article 8 Section 8.02
 113




---



##### 



Section 2.02(c) Section 2.02 mutatis mutandis
  SECTION 2.18 Letters of Credit
 General
 U.S. Letter of Credit provided European Letter of Credit U.S./European Letter of Credit provided
 114




---



##### 



Canadian Letter of Credit provided
  Request for Issuance, Amendment, Renewal, Extension; Certain Conditions and
Notices
      provided
 115




---



##### 



Section 10.10 Section 4.02 Section 10.10 Section 4.02
 116




---



##### 



Section 2.18(e)
 Expiration Date
 Participations Section 2.18(e)
 117




---



##### 



Section 2.18(e)
 Reimbursement
 provided Section 2.03 2.17
 Section 2.02(c)
 118




---



##### 



Section 2.18(h)
 Section 2.18(e)
 Obligations Absolute Section 2.18(e) Section 2.18 provided
 119




---



##### 



Disbursement Procedures provided Section 2.18(e)
 Interim Interest Section 2.06(f) Section 2.18(e)
 Cash Collateralization provided Section 8.01(g) Section 8.01(h)
 120




---



##### 



Section 8.03 plus
 Additional Issuing Banks Issuing Bank
 Resignation or Removal of the Issuing Bank Section 2.05(c) Issuing Bank
 
 116




---



##### 



Existing Letters of Credit Section
2.18 Schedule 2.18 Section
2.05(c) Section 2.05(c) Schedule 2.18, Section 2.05(c)
 Other.
    122




---



##### 



SECTION 2.19 Interest Act (Canada); Criminal Rate of Interest; Nominal Rate of
Interest
 Section 347
    123




---



##### 



SECTION 2.20 Canadian Lenders
 Schedule 2.20 Section 2.15 provided Section 2.20(a)
  Section 2.16(c) 11.02(d) 11.04
 124




---



##### 



SECTION 2.21 Lenders to Swiss Borrower
 Schedule 2.21
  Section 11.04 provided
 Section 2.21 Section 2.06(j) Section 3.23 Section
11.04
 SECTION 2.22 Blocked Loan Parties
 125




---



##### 



Blocked Loan Party
 SECTION 2.23 Increase in Commitments
 Borrowers Request Increase Effective Date Section 2.16 Section 2.14(f) Section 11.04 Section 11.04(h) Sections 2.20 2.21 3.23
 Conditions provided
 Section 4.02
  Section 5.01(a) (b) Section
6.10
 
 126




---



##### 



Section 2.12 Section 2.23(d)
  Terms of New Loans and Commitments Increase Joinder Section 2.23
 Adjustment of Revolving Loans Pre-Increase
Revolving Lenders ) Post-Increase Revolving
Lenders
 Equal and Ratable Benefit
 127




---



##### 



ARTICLE III.
 REPRESENTATIONS AND WARRANTIES
  SECTION 3.01 Organization; Powers
 SECTION 3.02 Authorization; Enforceability
 SECTION 3.03 No Conflicts
 SECTION 3.04 Financial Statements; Projections
  128




---



##### 



Historical Financial Statements Section 5.01(a) Section 5.01(b) Section
5.01(c)
 No Liabilities Section 3.04(a)
 Pro Forma Financial Statements pro forma
 Forecasts
 SECTION 3.05 Properties
 Generally
  129




---



##### 



Real Property Schedules 8(a) 8(b)
 No Casualty Event Section 5.04
 Collateral
 SECTION 3.06 Intellectual Property
 Ownership/No Claims Intellectual Property
 Registrations
  130




---



##### 



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 Schedules 1(a) 10
 No Consent of Third Parties Required
 Organizational Chart Schedule 10
 131




---



##### 



SECTION 3.08 Litigation; Compliance with Laws
 SECTION 3.09 Agreements
 SECTION 3.10 Federal Reserve Regulations
 SECTION 3.11 Investment Company Act
 SECTION 3.12 Use of Proceeds
 SECTION 3.13 Taxes
 132




---



##### 



SECTION 3.14 No Material Misstatements provided
 SECTION 3.15 Labor Matters
 SECTION 3.16 Solvency
 133




---



##### 



Section 3.16
 SECTION 3.17 Employee Benefit Plans
 134




---



##### 



Schedule 3.17
 SECTION 3.18 Environmental Matters
      135




---



##### 



SECTION 3.19 Insurance Schedule 3.19 Section 5.04
 SECTION 3.20 Security Documents
 U.S. Security Agreement
 136




---



##### 



Schedule 7
 Canadian Security Agreement Schedule 7
 U.K. Security Agreement Schedule 7
 Swiss Security Agreement Schedule 7
 137




---



##### 



German Security Agreement Schedule 7
 Irish Security Agreement Schedule 7
 Brazilian Security Agreement Schedule 7
 Intellectual Property Filings Schedule 7
 138




---



##### 



Mortgages Schedule 8(a) Section 5.11 Section 5.12 Section 5.11 Section 5.12
  Valid Liens Section 5.11 Section 5.12
 Receivables Purchase Agreement
 SECTION 3.21 Acquisition Documents; Material Indebtedness Documents; Representations and Warranties in
Acquisition Agreement Schedule 3.21
 139




---



##### 



Acquisition Document
 SECTION 3.22 Anti-Terrorism Law Anti-Terrorism Laws Executive Order
      OFAC
  140




---



##### 



SECTION 3.23 Ten Non-Bank Regulations and Twenty Non-Bank Regulations
     SECTION 3.24 Location of Material Inventory and Equipment Schedule 3.24
 SECTION 3.25 Accuracy of Borrowing Base
 SECTION 3.26 Senior Notes; Material Indebtedness Section 6.01 Section 6.01
 141




---



##### 



SECTION 3.27 Centre of Main Interests and Establishments Regulation
 SECTION 3.28 Holding and Dormant Companies
 SECTION 3.29 Hindalco Acquisition
 SECTION 3.30 Excluded Collateral Subsidiaries Schedule 1.01(e)
 SECTION 3.31 Immaterial Subsidiaries Schedule 1.01(f)
 ARTICLE IV.
 CONDITIONS TO CREDIT EXTENSIONS
 SECTION 4.01 Conditions to Initial Credit Extension Section 4.01
 Loan Documents
    142




---



##### 



Corporate Documents
    143




---



##### 



Officers Certificate Section 4.01 Section 4.02(b) (c) ARTICLE
III
 Financings and Other Transactions, etc.
  144




---



##### 



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
 145




---



##### 



Requirements of Law
 Consents
 Litigation
 Sources and Uses Schedule 4.01(l)
 Fees
 Personal Property Requirements
     146




---



##### 



Real Property Requirements
   147




---



##### 



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)
    148




---



##### 



Insurance Section 5.04
 USA Patriot Act Section 11.13
 Minimum Excess Availability Section 2.10(g)
 Initial Borrowing Base Certificate
 Take Over Audit  Inventory and Accounts
 149




---



##### 



Cash Management Section 9.01
 Process Agent
 Outstanding Indebtedness
 SECTION 4.02 Conditions to All Credit Extensions
 Notice Section 2.03 Section 2.03 Section 2.18(b) Section 2.17
 No Default Section 4.02(c) Section 4.03
 Representations and Warranties ARTICLE III
 150




---



##### 



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
 Section 4.02(b) (d) Section 4.02(d) Section 6.10 Section 4.02(b) (d)
 SECTION 4.03 Certain Collateral Matters provided however
 151




---



##### 



ARTICLE V.
 AFFIRMATIVE COVENANTS
  SECTION 5.01 Financial Statements, Reports, etc.
 Annual Reports Section 5.01(a)
 Quarterly Reports
 152




---



##### 



clause (a) Section Section 5.01(b)
 Monthly Reports
 Financial Officers Certificate Section 5.01(a) (b) Section 6.10 Section 5.01(a)
 153




---



##### 



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
 154




---



##### 



Labor Relations
 Borrowing Base Section
9.03(a) Section 9.03(a)
 Asset Sales
 Other Information Section 9.03
 SECTION 5.02 Litigation and Other Notices
     155




---



##### 



SECTION 5.03 Existence; Businesses and Properties
 Section
6.05 Section 6.06
  156




---



##### 



SECTION 5.04 Insurance
 Generally provided provided further,
 Requirements of Insurance
 Flood Insurance Section 5.04(a)
 Brokers Report clauses (i) (iv) Section 5.04(a) clauses
(i) (iv)
 157




---



##### 



Section 5.04(a)
 Mortgaged Properties provided however Section 5.04 Section 5.04
 SECTION 5.05 Payment of Taxes
 Payment of Taxes provided
 Filing of Returns
 SECTION 5.06 Employee Benefits
   158




---



##### 



Schedule 3.17
  SECTION 5.07 Maintaining Records; Access to Properties and Inspections; Annual Meetings
   159




---



##### 



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
 SECTION 5.11 Additional Collateral; Additional Guarantors
 Section 5.11
 160




---



##### 



Section 5.11(d) Section 5.11(d) Schedule
5.11(b)
 161




---



##### 



Schedule 5.11(b)
 Section 6.02 Section 5.11(c)
  SECTION 5.12 Security Interests; Further Assurances
 162




---



##### 



SECTION 5.13 Information Regarding Collateral Schedule 3.24 Schedule 3.24
 163




---



##### 



Schedule 3.24
 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
 164




---



##### 



Schedule 6.01(b) Schedule 6.01(b)
 provided
 Section 6.04(i)
 provided less Section 6.01(m) less
  Section 6.03
  165




---



##### 



Section 6.01(f) (g) (h) (j) (l) (n) (r) less Section 6.04(a) Section 6.01
 provided
  Section 6.01 provided
 provided
    Section 6.04 provided
 166




---



##### 



SECTION 6.02 Liens Permitted Liens
   Schedule 6.02(c) provided Existing Lien
  167




---



##### 



provided
   Section 6.01(f) Section
6.01(g) provided
  168




---



##### 



provided
    Section 6.01(m) (p)
 Section 6.02 Section 6.01
   provided
  169




---



##### 



Section 6.01(e)
 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
 170




---



##### 



Investments Section 6.04
 less Section 6.01(i)(ii)
 Schedule 6.04(b)
  Section 6.01(e)
  Section
6.01(c)
 Section 6.06;
 bona fide provided
 171




---



##### 



Section 6.06(k)
  provided Section 5.11 Section 5.12
 provided however
 Section 6.05 provided Section 5.11 Section 5.12
 Section 6.07
  172




---



##### 



Section 6.01(b) Section 6.01(i)
 provided
 Section 6.04 Sections 5.11 5.12
 SECTION 6.05 Mergers, Amalgamations and Consolidations
 Section 6.06
 Section 6.04
 provided
 173




---



##### 



provided provided provided Section
5.11 Section 5.12 provided
   provided
 Wind-Up provided
 174




---



##### 



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
  Section 6.05
 less less Section 6.01(m)
  175




---



##### 



provided
 provided
 Section 6.01(e)
 provided
 176




---



##### 



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
    177




---



##### 



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)
 Section 6.05(c) (d) (e) (f) (g) Section
6.06(h) Section 6.13(b)
   178




---



##### 



Section 6.01(e)
 Section
6.01(r)
    provided
 SECTION 6.10 Minimum Consolidated Fixed Charge Coverage Ratio Section 5.01(a) (b) Section
5.01(a) (b) Section 5.01(a) (b)
 SECTION 6.11 Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other
Documents, etc.
  179




---



##### 



provided Section 6.08(d)
      Section 6.01(m) Schedule 6.01
 180




---



##### 



plus plus Applicable Margin Applicable Margin provided
   181




---



##### 



SECTION 6.12 Limitation on Certain Restrictions on Subsidiaries provided Section
6.02 Section 6.06 Section 5.11
 182




---



##### 



provided
 SECTION 6.13 Limitation on Issuance of Capital Stock
  Section 6.14 Section 6.06 Section 6.13(b) Section
5.11 Section 5.12
 SECTION 6.14 Limitation on Creation of Subsidiaries provided Section 6.04(d) (k) (m) (n) (o) (p) Section 5.11(b)
 SECTION 6.15 Business
   183




---



##### 



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 Section 6.02 Section 6.06 Section 6.02(s) provided provided
 184




---



##### 



SECTION 6.20 Anti-Terrorism Law; Anti-Money Laundering
 Section 3.22 Section 6.20
  SECTION 6.21 Embargoed Persons Embargoed Person Embargoed Persons et seq et seq
 SECTION 6.22 Tax Shelter Reporting
 ARTICLE VII.
 GUARANTEE
 185




---



##### 



SECTION 7.01 The Guarantee Guaranteed Obligations Foreign Guarantee Section 7.01 Section 7.02
 SECTION 7.02 Obligations Unconditional Section
7.01
 186




---



##### 



Section 7.09
  SECTION 7.03 Reinstatement ARTICLE VII
 187




---



##### 



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 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
 188




---



##### 



SECTION 7.09 Release of Guarantors Transferred Guarantor Section 11.03 Section 7.09 provided
 SECTION 7.10 Certain Tax Matters Sections 2.06(j) 2.15 2.20 2.21 2.22 Sections 2.15(e) 2.15(g) 2.15(h)
 189




---



##### 



SECTION 7.11 German Guarantor
 Section 7.11(b) Section 7.11(e) GmbH GmbH & Co. KG Article VII verbundenes Unternehmen Aktiengesetz GmbHG minus minus Reinvermögen Grundsätze ordnungsmäßiger Buchführung Jahresabschluss gem. § 42 GmbH
 Act, §§ 242, 264 HGB Stammkapital provided
 Stammkapital
   nicht betriebsnotwendig
 Liquidationswerte positive
Fortbestehensprognose
 190




---



##### 



Section 7.11(a)
 Article VII Article VII
 Auditors
Determination 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)
 Section 7.11(a)
 191




---



##### 



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 ARTICLE VII
 192




---



##### 



ARTICLE VII
  restitution des apports distribution de dividende 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
   193




---



##### 



Section 5.02(a) Section 5.03(a) Section 5.04(a) Section 5.04(b) Section 5.08 Section
9.01(e) Section 9.02(b) Section 9.03 ARTICLE VI
 Section 5.02 Section
5.02(a) ARTICLE IX Section 9.01(e) Section 9.02(b) Section 9.03
 provided provided
  194




---



##### 



Section 6.05
    195




---



##### 



SECTION 8.02 Rescission
 196




---



##### 



Section 11.02
 SECTION 8.03 Application of Proceeds
 First
 Second
 Third pro rata
 Fourth pro rata
 197




---



##### 



Section 2.18(i)
 Fifth pro rata
 Sixth
 Section 8.02
 ARTICLE IX.
 COLLATERAL ACCOUNT; COLLATERAL MONITORING; APPLICATION OF COLLATERAL PROCEEDS
  SECTION 9.01 Accounts; Cash Management
 Borrowing Base Loan Parties Cash Management System
  Blocked Accounts Schedule 9.01(b)
 198




---



##### 



Section 9.01(d) Section
9.01(b) Section 9.01(e)
 Schedule 9.01(b) Concentration Account Concentration Account Bank Schedule 9.01(b) Activation Notice
 199




---



##### 



Collection Account Section 9.01
 Section 9.01 provided
 Section 8.03 Section
9.01 Section 2.10 first second third fourth fifth pro rata sixth pro rata provided however Section 9.01(b)
 200




---



##### 



Section 8.01 Section 8.03 Section 9.01(e) Section 9.01(e)
  Section 6.07 Section 9.01 Section 9.01
 SECTION 9.02 Inventory
 201




---



##### 



SECTION 9.03 Borrowing Base-Related Reports
 provided
   Section 9.03
 202




---



##### 



SECTION 9.04 Rescission of Activation Notice Section
9.01
 ARTICLE X.
 THE FUNDING AGENT AND THE COLLATERAL AGENT
 SECTION 10.01 Appointment and Authority
 SECTION 10.02 Rights as a Lender
 SECTION 10.03 Exculpatory Provisions .
   203




---



##### 



provided
  Section 11.02
 ARTICLE IV
 SECTION 10.04 Reliance by Agent
 204




---



##### 



SECTION 10.05 Delegation of Duties provided Section 2.20 provided Section 2.20
 SECTION 10.06 Resignation of Agent
 205




---



##### 



ARTICLE X Section 11.03
 SECTION 10.07 Non-Reliance on Agent and Other Lenders
 SECTION 10.08 No Other Duties, etc
 SECTION 10.09 Indemnification Section
10.09 provided
 206




---



##### 



Section 10.09
 SECTION 10.10 Overadvances Overadvance Overadvances provided Section 2.06(h) provided Section 10.10
 SECTION 10.11 Concerning the Collateral and the Related Loan Documents
 207




---



##### 



SECTION 10.12 Release Bürgerliches Gesetzbuch
 SECTION 10.13 Acknowledgment of Security Trust Deed
 ARTICLE XI.
 MISCELLANEOUS
 SECTION 11.01 Notices
 Generally
  orville.lunking@novelis.com
  les.parrette@novelis.com
 208




---



##### 



th
 209




---



##### 



th
  
  
  
 
  
  210




---



##### 



Electronic Communications Section 11.01(d) provided ARTICLE II Section 11.01(d) provided
 provided
 211




---



##### 



Change of Address, Etc
 Posting Communications peter.walther@abnamro.com Section 11.01(d)
 provided
 Platform
 212




---



##### 



SECTION 11.02 Waivers; Amendment
 Generally Section
11.02
 Required Consents Section 11.02(c) (d) provided
  Section 2.06(f)
 Section 2.06(f)
 213




---



##### 



Section 2.23
 Section 2.14(b) (c) (d) pro rata pro rata Section 2.02(a) Section 2.17(g) Section 2.18(d) Section 2.23
 Section 11.02(b) (c) (d) Section 2.23
 Required Lenders Supermajority
Lenders Section
 Section
2.10(h) Section 8.03 Section 9.01(e)
 214




---



##### 



Section 2.23 Section 2.10(h) Section 8.03 Section 9.01(e)
 ARTICLE X
   Eligible Accounts Eligible
Inventory
 provided
   Collateral
 Dissenting Lenders Section
 215




---



##### 



11.02(b) Section 2.16 Section provided
 Holdings Amalgamation and Increased Commitments Section 2.23
 SECTION 11.03 Expenses; Indemnity; Damage Waiver
 Costs and Expenses
 216




---



##### 



Section 11.03
 Indemnification by Borrower Indemnitee provided
 217




---



##### 



Reimbursement by Lenders Section
11.03 pro rata provided Section 2.14 pro rata
 Waiver of Consequential Damages, Etc
 Payments Section
 218




---



##### 



SECTION 11.04 Successors and Assigns
 Successors and Assigns Generally Section 6.05(c) (e) Section 11.04 Section
11.04 Section Section
 Assignments by Lenders provided
  pro rata
 219




---



##### 



Section 11.04 Section 2.06(j) Section 2.12 Section 2.13 Section 2.15 Section 2.16 Section 2.21 Section
7.10 Section 11.03 Section 11.04 et
seq. Code civil
 Register Register Section 11.04(c)
 Participations Section 11.04(h) Section 11.04(h)
 220




---



##### 



Participant provided
 provided Section 11.02(b) Section Section 2.06(j) Section 2.12 Section 2.13 Section
2.15 Section 2.16 Section 2.21 Section 7.10 Section Section 11.08
 Limitations on Participant Rights Section 2.06(j) Section 2.12 Section
2.13 Section 2.15 Section 2.16 Section 2.21 Section
7.10
 Certain Pledges provided
 Electronic Execution of Assignments
 221




---



##### 



Successors and Assigns of a Loan to Swiss Borrower
 Sections 11.04(a) (g)
     Section 11.04(h)
  Section 11.04(h) Section 2.21
 mutatis mutandis Section Section 2.21
  222




---



##### 



provided
 SECTION 11.05 Survival of Agreement Section 2.06(j) Section 2.12 Section 2.14 Section 2.15 Section 2.16 Section 2.21 Section 7.10 ARTICLE X Section 10.10
 223




---



##### 



SECTION 11.06 Counterparts; Integration; Effectiveness Section 4.01
 SECTION 11.07 Severability
 SECTION 11.08 Right of Setoff Section provided
 SECTION 11.09 Governing Law; Jurisdiction; Consent to Service of Process
 224




---



##### 



Governing Law
 Submission to Jurisdiction
 Waiver of Venue Section
11.09(b)
 Service of Process Section 11.01 Process Agent
 SECTION 11.10 Waiver of Jury Trial
 225




---



##### 



Section
 SECTION 11.11 Headings
 SECTION 11.12 Treatment of Certain Information; Confidentiality Section 11.12 Section Section Information Section
 SECTION 11.13 USA PATRIOT Act Notice Act
 226




---



##### 



SECTION 11.14 Interest Rate Limitation Charges Maximum Rate Section
 SECTION 11.15 Lender Addendum
 SECTION 11.16 Obligations Absolute
       227




---



##### 



SECTION 11.17 Intercreditor Agreement
 SECTION 11.18 Judgment Currency
 Obligation
Currency Judgment Currency Judgment Currency Conversion Date
  Section 11.18
 SECTION 11.19 Euro
 Issuing Country
 228




---



##### 



SECTION 11.20 Special Provisions Relating to Currencies Other Than Dollars and Canadian Dollars
  Section 11.20(b) all relevant steps
 SECTION 11.21 Abstract Acknowledgment of Indebtedness and Joint Creditorship
 abstraktes Schuldversprechen
 229




---



##### 



Section 11.21
 Section 11.21 Section 11.21 provided
 Section 11.21
  SECTION 11.22 Special Appointment of Collateral Agent for German Security
 Treuhaender Treuhand
 230




---



##### 



German Security
  Section 11.22
 SECTION 11.23 Special Appointment of Funding Agent in Relation to South Korea
  Section 11.23
 231




---



##### 



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 fondé de pouvoir
 SECTION 11.25 Maximum Liability Section 7.08 Sections 7.11 7.14 ,
 232




---



##### 



ARTICLE XII.
 FOREIGN CURRENCY PARTICIPATIONS
 SECTION 12.01 U.S./European Revolving Loans; Intra-Lender Issues
 Specified Foreign Currency Participations Specified Foreign Currency Loan Participating Specified
Foreign Currency Lender Specified Foreign Currency Participation i.e. Section 12.02 Section 12.01
 SECTION 12.02 Settlement Procedure for Specified Foreign Currency Participations
 233




---



##### 



Specified Foreign Currency Participation Settlement Specified Foreign Currency Participation
Settlement Date provided provided further Article 8 Section 8.02 Specified Foreign Currency Participation Settlement Period
 234




---



##### 



Specified Foreign Currency Participation Settlement Amount plus
  Section
2.09
 235




---



##### 



SECTION 12.03 Obligations Irrevocable
      Section 8.01(g) (h)
 Article
4
 SECTION 12.04 Recovery or Avoidance of Payments
 SECTION 12.05 Indemnification by Lenders
 236




---



##### 



provided Section 12.05
 SECTION 12.06 Specified Foreign Currency Loan Participation Fee Specified Foreign
Currency Participation Fee minus Section 12.06
  237




---



##### 



NOVELIS INC., as Canadian BorrowerBy:
    
    
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Vice President and TreasurerNOVELIS CORPORATION, as U.S. BorrowerBy:
    
    
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized SignatoryNOVELIS PAE CORPORATION, as U.S. BorrowerBy:
    
    
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized SignatoryNOVELIS FINANCES USA LLC, as U.S. BorrowerBy:
    
    
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory
 S-1




---



##### 



NOVELIS SOUTH AMERICA HOLDINGS LLC, as U.S. BorrowerBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Vice President and TreasurerALUMINUM UPSTREAM HOLDINGS LLC, as U.S. BorrowerBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Vice President and TreasurerNOVELIS UK LTD, as U.K. BorrowerBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized SignatoryNOVELIS AG, as Swiss BorrowerBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory
 S-2




---



##### 



NOVELIS CAST HOUSE TECHNOLOGY LTD., as Canadian
GuarantorBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory4260848 CANADA INC., as Canadian GuarantorBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory4260856 CANADA INC., as Canadian GuarantorBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized SignatoryNOVELIS NO. 1 LIMITED PARTNERSHIP, as Canadian
Guarantor,By:
    
    4260848 CANADA INC.Its:
    
    General PartnerBy:
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory
 S-3




---



##### 



NOVELIS EUROPE HOLDINGS LIMITED., as U.K. GuarantorBy:
    
    /s/ Orville LunkingName:
    
    Orville LunkingTitle:
    
    Authorized SignatoryNOVELIS DEUTSCHLAND GMBH, as German GuarantorBy:
    
    /s/ Gottfried WeindlName:
    
    Gottfried WeindlTitle:
    
    Managing DirectorNOVELIS 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




---



##### 



Present when the Common Seal ofNOVELIS ALUMINIUM HOLDING COMPANY,was hereunto affixed in the presence of:Name:
    
    /s/ Andreas ThieleTitle:
    
    Duly appointed attorneyName:
    
    /s/ Eva Paus-WerdermannTitle:
    
    Assistant to Legal CounselNOVELIS DO BRASIL LTDA., as Brazilian GuarantorBy:
    
    
    
    /s/ Tadeu NardocciName:
    
    Antonio Tadeu Coelho NardocciTitle:
    
    PresidenteBy:
    
    
    
    /s/ Alexandre AlmeidaName:
    
    Alexandre M. AlmeidaTitle:
    
    Director FinanceiroAV ALUMINUM INC., as GuarantorBy:
    
    
    
    /s/ Orville LunkingName:
    
    Orville G. LunkingTitle:
    
    Authorized Signatory
 S-5




---



##### 



ABN AMRO BANK N.V., as Administrative Agent,
U.S./European Issuing Bank, Swingline Lender, Joint
Lead Arranger, Joint Bookrunner and as LenderBy:
    
    
    
    /s/ James MoyesName:
    
    James L. MoyesTitle:
    
    Managing DirectorLASALLE BUSINESS CREDIT, LLC, as Collateral Agent and
as Funding AgentBy:
    
    
    
    /s/ Steve FriedlanderName:
    
    Steve FriedlanderTitle:
    
    S.V.P.ABN AMRO BANK N.V., acting through its Canadian
branch, as Canadian Administrative Agent, Canadian
Funding Agent, Canadian Issuing Bank and as LenderBy:
    
    
    
    /s/ Lawrence MaloneyName:
    
    Lawrence J. MaloneyTitle:
    
    Country ExecutiveBy:
    
    
    
    /s/ Michael QuinnName:
    
    Michael D. QuinnTitle:
    
    Vice PresidentABN AMRO INCORPORATED, as Joint Lead Arranger and
Joint BookmanagerBy:
    
    
    
    /s/ David WoodName:
    
    David WoodTitle:
    
    Managing Director
 S-6




---



##### 



UBS SECURITIES LLC, as Syndication AgentBy:
    
    /s/ Mary E. EvansName:
    
    Mary E. EvansTitle:
    
    Associate DirectorBy:
    
    /s/ Irja R. OtsaName:
    
    Irja R. OtsaTitle:
    
    Associate DirectorBANK OF AMERICA, N.A., as Documentation AgentBy:
    
    /s/ Stephen Y. McGeheeName:
    
    Stephen Y. McGeheeTitle:
    
    Senior Vice PresidentNATIONAL CITY BUSINESS CREDIT, INC., as Documentation
AgentBy:
    
    /s/ Michael P. McNeirneyName:
    
    Michael P. McNeirneyTitle:
    
    Vice PresidentCIT BUSINESS CREDIT CANADA INC., as Documentation
AgentBy:
    
    /s/ Dennis McCluskeyName:
    
    E. Dennis McCluskeyTitle:
    
    President & CEOBy:
    
    /s/ Darryl LalachName:
    
    Darryl LalachTitle:
    
    Treasurer & V.P. Operations
 S-7




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##### 



UBS SECURITIES LLC, as Joint Lead Arrangerand Joint
BookmanagerBy:
    
    /s/ Mary E. EvansName:
    
    Mary E. EvansTitle:
    
    Associate DirectorBy:
    
    /s/ David JulieName:
    
    David B. JulieTitle:
    
    Associate Director
 S-8




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##### 



Annex I
 Applicable Margin
 CanadianAverage Quarterly Excess Availability
    
    Eurocurrency
    
    EURIBOR
    
    ABR
    
    Base Rate
    
    BA RateLevel I
    
    
    1.00
    %
    
    
    1.00
    %
    
    
    (0.25
    %)
    
    
    (0.25
    %)
    
    
    1.00
    %Greater than or equal to $575 millionLevel II
    
    
    1.25
    %
    
    
    1.25
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    1.25
    %Less than $575 million and equal to
or greater than $375 millionLevel III
    
    
    1.50
    %
    
    
    1.50
    %
    
    
    0.25
    %
    
    
    0.25
    %
    
    
    1.50
    %Less than $375 million and equal to
or greater than $175 millionLevel IV
    
    
    1.75
    %
    
    
    1.75
    %
    
    
    0.50
    %
    
    
    0.50
    %
    
    
    1.75
    %Less than $175 million
 Section 8.01(g) Section 8.01(h)




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##### 



Annex II
 Mandatory Cost Formula
  Additional Cost Rate
   (a)
    
    in relation to a GBP Denominated Loan:
 AB + C(B
 D) + E x 0.01
    
    per cent. per annum100  (A +
C)
 (b)
    
    in relation to a Loan in any currency other than GBP:
 E x 0.01
    
    
    per cent. per annum.300
   Section
2.06(f)




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##### 



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




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##### 



Annex II




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##### 



SCHEDULE 1.01(c)
 APPLICABLE JURISDICTION REQUIREMENTS