----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  CLIFFORD      CHANCE LLP |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | CONFORMED      COPY            |
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| USD      225,000,000 SECURED      FACILITIES AGREEMENT amended      and restated as at 23 May 2007 for FLEXSYS      HOLDING B.V. arranged      by KBC      BANK N.V. AND CITIGROUP      GLOBAL MARKETS LIMITED with KBC      BANK N.V. acting      as Agent and KBC      BANK N.V. acting      as Security Trustee  AMENDED      AND RESTATED MULTICURRENCY TERM ANDREVOLVING      FACILITIES AGREEMENT        |

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|   |   | CONFORMED      COPY |
|--------|--------|---------------------|

| CONTENTS |
|----------|
| Clause   | Page |
|     |   |   |

| 1.  | Definitions And Interpretation                  | 1   |
|-----|-------------------------------------------------|-----|
| 2.  | The Facilities                                  | 23  |
| 3.  | Purpose                                         | 24  |
| 4.  | Conditions Of Utilisation                       | 24  |
| 5.  | Utilisation                                     | 26  |
| 6.  | Utilisation - Letters Of Credit                 | 27  |
| 7.  | Letters Of Credit                               | 31  |
| 8.  | Optional Currencies                             | 35  |
| 9.  | Repayment                                       | 38  |
| 10. | Prepayment And Cancellation                     | 39  |
| 11. | Interest                                        | 43  |
| 12. | Interest Periods                                | 44  |
| 13. | Changes To The Calculation Of    Interest       | 45  |
| 14. | Fees                                            | 46  |
| 15. | Tax Gross Up And Indemnities                    | 47  |
| 16. | Increased Costs                                 | 50  |
| 17. | Other Indemnities                               | 51  |
| 18. | Mitigation By The Lenders                       | 52  |
| 19. | Costs And Expenses                              | 53  |
| 20. | Guarantee And Indemnity                         | 55  |
| 21. | Representations                                 | 62  |
| 22. | Information Undertakings                        | 71  |
| 23. | Financial Covenants                             | 76  |
| 24. | General Undertakings                            | 79  |
| 25. | Events Of Default                               | 98  |
| 26. | Changes To The Lenders                          | 105 |
| 27. | Changes To The Obligors                         | 110 |
| 28. | Role Of The Agent And The Arranger              | 113 |
| 29. | Role Of Security Trustee                        | 118 |
| 30. | Conduct Of Business By The Finance      Parties | 129 |
| 31. | Sharing Among The Finance Parties               | 130 |
| 32. | Payment Mechanics                               | 132 |

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| 33. | Set-Off                       | 135 |
|-----|-------------------------------|-----|
| 34. | Application Of Proceeds       | 135 |
| 35. | Notices                       | 137 |
| 36. | Calculations And Certificates | 138 |
| 37. | Partial Invalidity            | 139 |
| 38. | Remedies And Waivers          | 139 |
| 39. | Amendments And Waivers        | 139 |
| 40. | Counterparts                  | 140 |
| 41. | USA Patriot Act               | 140 |
| 42. | Governing Law                 | 141 |
| 43. | Enforcement                   | 141 |
| 44. | Waiver Of Jury Trial          | 142 |

| SCHEDULE      1 The Original Parties                                                                              | 143    |
|-------------------------------------------------------------------------------------------------------------------|--------|
|     Part      I The Original Obligors                                                         | 143    |
|     Part      II The Original Lenders                                                         | 145    |
|                                                                                                              |   |
| SCHEDULE      2 Conditions Precedent And Conditions Subsequent                                                    | 146    |
|     Part      I Conditions Precedent To InitialUtilisation                                    | 146    |
|     Part      II Conditions Subsequent To Initial    Utilisation                              | 156    |
|     Part      III Conditions Precedent Required To Be Delivered By An Additional      Obligor | 159    |
|                                                                                                              |   |
| SCHEDULE      3 Requests                                                                                          | 163    |
|     Part      I A Utilisation Request Loans                                                   | 163    |
|     Part      I B Utilisation Request Letters Of Credit                                       | 165    |
|     Part      II Selection Notice                                                             | 167    |
|                                                                                                              |   |
| SCHEDULE      4 Mandatory Cost Formulae                                                                           | 168    |
|                                                                                                              |   |
| SCHEDULE      5 Form Of Transfer Certificate                                                                      | 171    |
|                                                                                                              |   |
| SCHEDULE      6 Form Of Accession Letter                                                                          | 173    |
|                                                                                                              |   |
| SCHEDULE      7 Form Of Resignation Letter                                                                        | 174    |
|                                                                                                              |   |
| SCHEDULE      8 Form Of Compliance Certificate                                                                    | 175    |
|                                                                                                              |   |
| SCHEDULE      9 Timetables                                                                                        | 177    |
|     Part      I Loans                                                                         | 177    |
|     Part      II Letters Of Credit                                                            | 179    |
|                                                                                                              |   |
| SCHEDULE      10 Form Of Letter Of Credit                                                                         | 180    |
|                                                                                                              |   |
| SCHEDULE      11 Centre Of Main Interests And Establishments                                                      | 183    |
|                                                                                                              |   |
| SCHEDULE      12 Agreed Security Principles                                                                       | 185    |

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| SCHEDULE      13 Sources And Uses Table | 188 |
|-----------------------------------------|-----|

----

| (1) | FLEXSYS      HOLDING B.V. a private company with limited liability incorporated      under the laws of The Netherlands having its seat in Deventer, The      Netherlands and its registered office at Zutphenseweg 51010, 7418 AJ      Deventer, The Netherlands and registered with the Chamber of Commerce      under number 38023104 (the "Company"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE      SUBSIDIARIES of the Company listed in Part I of Schedule 1 (The      Original Parties) as original borrowers (together with the Company      the "Original      Borrowers"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | THE      ENTITIES listed in Part I of Schedule 1 (The      Original Parties) as original guarantors (together with the Company      the "Original      Guarantors"); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | KBC      BANK N.V. and CITIGROUP      GLOBAL MARKETS LIMITED as mandated lead arrangers (whether acting      individually or together the "Arranger"); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| (6) | KBC      BANK N.V. as agent of the other Finance Parties (the "Agent");      and |
|-----|----------------------------------------------------------------------------------|

| (7) | KBC      BANK N.V. as security agent and/or as security trustee for the      Secured Parties (the "Security      Trustee"). |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (a) | Executive      Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting      Transactions With Persons Who Commit, Threaten To Commit, or Support      Terrorism (the Executive Order); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Uniting and Strengthening America by Providing Appropriate Tools Required      to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56      (commonly known as the USA PatriotAct); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Money Laundering Control Act of 1986, Public Law  99-570; |
|--------|-----|--------------------------------------------------------------------|

|   | (d) | the      International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq, the      Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et seq, any Executive      Order or regulation promulgated thereunder and administered by the Office      of Foreign Assets Control ("OFAC")      of the U.S. Department of the Treasury;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | any      similar law enacted in the United States of America subsequent to the date      of this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (a) | in      relation to Facility A the period from and including the date of this      Agreement to and including the day falling 30 days after the date of this      Agreement; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to Facility B, the period from and including the date of this      Agreement to and including the day falling one month prior to the      Termination Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Base Currency Amount of its participation in any outstanding Utilisations      under that Facility; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to any proposed Utilisation, the Base Currency Amount of its      participation in any Utilisations that are due to be made under that      Facility on or before the proposed Utilisation  Date, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

|   | (a) | (in      relation to any date for payment or purchase of a currency other than      euro) the principal financial centre of the country of that currency;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|   | (c) | a      material disruption to those payment or communications systems or to those      financial markets which are, in each case, required to operate in order      for payments to be made in connection with the Facilities (or otherwise in      order for the transactions contemplated by the Finance Documents to be      carried out) which disruption is not caused by, and is beyond the control      of, any of the Parties; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      occurrence of any other event which results in a disruption (of a      technical or systems-related nature) to the treasury or payments      operations of a Party preventing that, or any other  Party: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | from      performing its payment obligations under the Finance Documents;      or |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | from      communicating with other Parties in accordance with the terms of the      Finance Documents, |
|--------|------|--------------------------------------------------------------------------------------------------------|

----

|   | (and      which (in either such case)) is not caused by, and is beyond the control      of, the Party whose operations aredisrupted. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any      reportable event, as defined in Section 4043 of ERISA, with respect to an      Employee Plan, as to which PBGC has not by regulation waived the      requirement of Section 4043(a) of ERISA that it be notified of such      event; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      filing of a notice of intent to terminate any Employee Plan, if such      termination would require material additional contributions in order to be      considered a standard termination within the meaning of Section 4041(b) of      ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to      terminate any Employee Plan or the termination of any Employee Plan under      Section 4041(c) of ERISA; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      institution of proceedings under Section 4042 of ERISA by the PBGC for the      termination of, or the appointment of a trustee to administer, any      Employee Plan; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      failure to make a required contribution to any Employee Plan that would      result in the imposition of an encumbrance under Section 412 of the Code      or Section 302 of ERISA or the filing of any request for a minimum funding      waiver under Section 412 of the Code with respect to any Employee      Plan; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an      engagement in a non-exempt prohibited transaction within the meaning of      Section 4975 of the Code or Section 406 of ERISA;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | an      Obligor or an ERISA Affiliate incurring any liability under Title IV of      ERISA with respect to any Employee Plan (other than premiums due and not      delinquent under Section 4007 ofERISA). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

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

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

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

----

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

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

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

|   | (d) | the      amount of any liability in respect of any lease or hire purchase contract      which would, in accordance with GAAP, be treated as a finance or capital      lease; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (f) | any      amount raised under any other transaction (including any forward sale or      purchase agreement) having the commercial effect of a      borrowing; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (i) | any      amount raised by the issue of redeemableshares; |
|--------|-----|----------------------------------------------------------|

|   | (j) | any      amount of any liability under an advance or deferred purchase agreement if      one of the primary reasons behind the entry into this agreement is to      raise finance; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | (without      double counting) the amount of any liability in respect of any guarantee      or indemnity for any of the items referred to in paragraphs (a) to (j)      above. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | all      members of the Group, including current name and company registration      number, its jurisdiction of incorporation and/or establishment and a list      of shareholders; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      person in which any member of the Group holds shares in its issued share      capital or equivalent ownership interest of such  person. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | (b) | any      bank, financial institution, trust, fund or other entity which has become      a Party in accordance with Clause 26 (Changes      to the Lenders), |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | (if      no Screen Rate is available for the currency or Interest Period of that      Loan) the arithmetic mean of the rates (rounded upwards to four decimal      places) as |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | supplied      to the Agent at its request quoted by the Reference Banks to leading banks      in the London interbank market, |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if      there are no Utilisations then outstanding, a Lender or Lenders whose      Commitments aggregate more than 66 2/3%      of the Total Commitments (or, if the Total Commitments have been reduced      to zero, aggregated more than 66 2/3%      of the Total Commitments immediately prior to the reduction);      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at      any other time, a Lender or Lenders whose participations in the      Utilisations then outstanding aggregate more than 66 2/3%      of all the Utilisations thenoutstanding. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      relation to Facility A, 1.25% per annum until the date falling six months      from the first Utilisation Date and thereafter the Margin in relation to      Facility A will be adjusted on the basis of the most recently delivered      Combined Financial Statements of the Group (which must be audited if such      statements relate to the Group's financial year) by reference to the ratio      of Combined Senior Total Financial Debt as at the last day of each      Relevant Period to EBITDA for such Relevant Period in accordance with the      table set out below: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ratio                   | Margin      % per annum  |
|-------------------------|-------------------------------|
| ≥2.5              | 1.5                      |
| <2.5      ≥2.0 | 1.25                     |
| <2.0      ≥1.5 | 1.00                     |
| <1.5      ≥1.0 | 0.80                     |
| <1.0                 | 0.65                     |

----

|   | (b) | in      relation to Facility B, 1.00% per annum until the date falling six months      from the date of this Agreement and thereafter the Margin in relation to      Facility B will be adjusted on the basis of the most recently delivered      Combined Financial Statements of the Group (which must be audited if such      statements relate to the Group's financial year) by reference to the ratio      of Combined Senior Total Financial Debt as at the last day of each      Relevant Period to EBITDA for such Relevant Period, in accordance with the      table set out below: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ratio                   | Margin      % per annum  |
|-------------------------|-------------------------------|
| ≥2.5              | 1.25                     |
| <2.5      ≥2.0 | 1.00                     |
| <2.0      ≥1.5 | 0.80                     |
| <1.5      ≥1.0 | 0.60                     |
| <1.0                 | 0.50                     |

|   | (a) | the      business, property or financial condition of the Group taken as a      whole; |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | the      ability of an Obligor to perform its obligations under the Finance      Documents; or |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (c) | the      validity or enforceability of the Finance Documents or the rights or      remedies of any Finance Party under the Finance  Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | For      the avoidance of doubt, the continuation of Solutia Inc.'s proceedings      under Title 11 of the United States of America Code entitled Bankruptcy      shall not constitute a Material Adverse Effect provided      that no member of the Group becomes subject to such proceedings or      those of an affiliated debtor of SolutiaInc. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | has      EBITDA representing 5 per cent. or more of the Combined EBITDA as defined      in Clause 23 (Financial      Covenants); and/or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | has      assets representing 5 per cent. or more of the aggregate assets of the      Group; and/or |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (c) | has      revenue representing 5 per cent. or more of the aggregate revenue of the      Group, |
|--------|-----|-----------------------------------------------------------------------------------------------|

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

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

|   | (c) | if      an Interest Period begins on the last Business Day of a calendar month,      that Interest Period shall end on the last Business Day in the calendar      month in which that Interest Period is toend. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      relation to the Company, the audited Combined Financial Statements of the      Group for the financial year ended 2006 prepared under      GAAP; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to each Original Obligor other than the Company, its unaudited      financial statements for its financial year ended  2006. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | (if      the currency is domestic sterling) the first day of that      period; |
|--------|-----|--------------------------------------------------------------------------------|

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

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

----

|   | (a) | any      freehold, leasehold or immovable property (including the freehold and      leasehold property in the Relevant Jurisdictions specified in the relevant      Security Document); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      buildings, fixtures, fittings, fixed plant or machinery from time to time      situated on or forming part of that freehold or leasehold      property, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      proceeds of sale of any part of thatasset; |
|--------|-----|-----------------------------------------------------|

|   | (b) | all      rights under any licence, agreement for sale or agreement for lease in      respect of that asset; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (c) | all      rights, powers, benefits, claims, contracts, warranties, remedies,      security, guarantees, indemnities or covenants for title in respect of      that asset; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      monies and proceeds paid or payable in respect of that    asset. |
|--------|-----|---------------------------------------------------------------------------|

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

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

|   | (c) | the      jurisdiction whose laws govern the perfection of any of the Security      Documents; and |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (d) | the      jurisdiction where any member of the Group is conducting its      business. |
|--------|-----|--------------------------------------------------------------------------------------|

----

|   | (a) | in      the Annex to the Executive Order; |
|--------|-----|-------------------------------------------|

|   | (b) | on      the "Specially Designated Nationals and Blocked Persons" list maintained      by the OFAC; or |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (c) | in      any successor list to either of theforegoing. |
|--------|-----|-------------------------------------------------------|

|   | (a) | made      or to be made on the same day that (i) a maturing Facility B Loan is due      to be repaid or (ii) a Borrower is obliged to pay to the Agent for the      Issuing Bank the amount of any claim under a Letter of    Credit; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      aggregate amount of which is equal to or less than (i) the maturing      Facility B Loan or (ii) the amount of the claim under the Letter of      Credit; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the same currency as (i) the maturing Facility B Loan (unless it arose as      a result of the operation of Clause 8.2 (Unavailability      of a currency) or (ii) the claim under the Letter of Credit;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | made      or to be made to the same Borrower for the purpose of (i) refinancing a      maturing Facility B Loan or (ii) satisfying the obligations of the      Borrower to pay the amount of a claim under the Letter of Credit to the      Agent for the Issuing Bank. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      relation to LIBOR, the British Bankers' Association Interest Settlement      Rate for the relevant currency and period;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | in      relation to EURIBOR, the percentage rate per annum determined by the      Banking Federation of the European Union for the relevant      period, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

----

|   | (a) | in      relation to Facility A the fifth anniversary of the date of this      Agreement; and |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (b) | in      relation to Facility B the fifth anniversary of the date of this      Agreement. |
|--------|-----|------------------------------------------------------------------------------------------|

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

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

----

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

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

|   | (i) | the      "Agent",      the "Arranger",      the "Security      Trustee", any "Finance      Party", any "Secured      Party", any "Lender",      any "Obligor"      or any "Party"      shall be construed so as to include its successors in title, permitted      assigns and permitted transferees and, in the case of the Security      Trustee, any person for the time being appointed as trustee or trustees in      accordance with this Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (iii) | a      "Finance      Document" or any other agreement or instrument is a reference to      that Finance Document or other agreement or instrument as amended,      novated, supplemented, extended, replaced or  restated; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (v) | a      "person"      includes any individual, firm, company, corporation, government, state or      agency of a state or any association, trust, joint venture, consortium or      partnership (whether or not having separate legal      personality); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

|   | (viii) | a      time of day is a reference to Londontime. |
|--------|--------|--------------------------------------------------|

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

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

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

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

| 1.4 | Dutch      Terms |
|-----|------------------|

|   | (a) | a      necessary action to authorise, where applicable, includes without      limitation: |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (i) | any      action required to comply with the Dutch Works Council Act (Wet      op de ondernemingsraden);and |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (ii) | obtaining      unconditional positive advice (advies)      from each competent works council; |
|--------|------|-----------------------------------------------------------------------------------------------|

|   | (b) | a      winding-up, administration or dissolution includes a Dutch entity      being: |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (i) | declared      bankrupt (failliet      verklaard); |
|--------|-----|---------------------------------------------------|

|   | (ii) | dissolved      (ontbonden); |
|--------|------|-----------------------------|

|   | (c) | a      moratorium includes surseance      van betaling and granted a moratorium includes surseance      verleend; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      trustee in bankruptcy includes a curator, |
|--------|-----|--------------------------------------------------|

|   | (e) | an      administrator includes a bewindvoerder; |
|--------|-----|-------------------------------------------------|

|   | (f) | a      receiver or an administrative  receiver does not include a curator      or bewindvoerder,      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (g) | an      attachment includes a beslag. |
|--------|-----|---------------------------------------|

----

| 1.5 | Third      party rights A person who is not a Party      has no right under the Contracts (Rights of Third Parties) Act 1999 to      enforce or to enjoy the benefit of any term of this    Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

THE FACILITIES

| 2. | THE      FACILITIES |
|----|---------------------|

| 2.1 | The      FacilitiesSubject to the terms of this Agreement, the Lenders      make available to theBorrowers: |
|-----|-------------------------------------------------------------------------------------------------------------|

|   | (a) | a      multicurrency term loan facility in an aggregate amount equal to the Total      Facility A Commitments; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      multicurrency revolving credit facility in an aggregate amount equal to      the Total Facility B Commitments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

| 2.2 | Finance      Parties' rights andobligations |
|-----|---------------------------------------------|

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

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

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

| 2.3 | Designated      EntitiesWhere a Lender (each a "Designated      Lender") has designated in the signature pages to this Agreement an      Affiliate of itself (each a "Designated      Entity") as its Facility Office for the purposes of participating      in or making Loans to a particular Borrower, the Parties unconditionally      and irrevocably agree that such Designated Entity      shall: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | not      have any Commitment (which shall remain with the Designating      Lender); |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | be      entitled to all rights and benefits (other than voting rights which shall      remain with the Designating Lender) under this Agreement relating to its      participation in any Loan to such a Borrower;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | have      the corresponding duties of a Lender in relation to such Loans, and shall      be a party to this Agreement for thatpurpose. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | Such      Designating Lender shall procure, subject to the terms of this Agreement,      that the Designated Entity participates in a Loan to such a Borrower in      place of the Designating |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Lender      and the Parties shall be entitled to treat such Designated Entity as a      Lender accordingly. |
|--------|-------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

|   | (a) | The      Lenders will only be obliged to comply with Clause 5.4 (Lenders'      participation) if on the date of the Utilisation Request and on the      proposed Utilisation Date: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the case of a Rollover Loan, no Event of Default is continuing or would      result from the proposed Loan and, in the case of any other Loan, no      Default is continuing or would result from the proposed Loan;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | The      Lenders will only be obliged to comply with Clause 8.3 (Change      of currency) if, on the first day of an Interest Period, no Default      is continuing or would result from the change of currency and the      Repeating Representations to be made by each Obligor are true in all      material respects. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      the case of any Utilisation, no Crystallisation Event (as defined in the      applicable Japanese Security Document) has occurred in respect of any      Japanese Security Document given in favour of the Finance      Parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Conditions      relating to OptionalCurrencies |
|-----|------------------------------------------------|

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

----

|   | (b) | it      is euros, sterling or yen. |
|--------|-----|------------------------------------|

| 4.4 | Maximum      number of Utilisations |
|-----|-------------------------------------|

|   | (a) | A      Borrower may not deliver a Facility B Utilisation Request if as a result      of the proposed Utilisation seven or more Facility B Utilisations would be      outstanding. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Borrower may not request that a Facility A Loan be  divided. |
|--------|-----|---------------------------------------------------------------------|

|   | (c) | Any      Loan made by a single Lender under Clause 8.2 (Unavailability      of a currency) shall not be taken into account in this Clause      4.4. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

|   | (i) | it      identifies the Facility to beutilised; |
|--------|-----|------------------------------------------------|

|   | (ii) | the      proposed Utilisation Date is a Business Day within the Availability Period      applicable to that Facility; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

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

|   | (iv) | the      proposed Interest Period complies with Clause 12 (Interest      Periods). |
|--------|------|------------------------------------------------------------------------------------|

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

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

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

|   | (b) | The      amount of the proposed Loan mustbe: |
|--------|-----|----------------------------------------------|

|   | (i) | if      the currency selected is the Base Currency, US$75,000,000 for Facility A      and a minimum of US$5,000,000 for Facility B or in either case, if less,      the Available Facility; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      the currency selected is an Optional Currency for Facility A and Facility      B the equivalent amounts to that specified in paragraph (b)(i) above      converted into the Optional Currency or, if less, the Available Facility;      and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (iv) | provided      that, to the extent ever utilised by a Dutch Obligor, the minimum amount      to be drawn by it shall not be less than the equivalent of EUR      50,000. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Lenders'      participation |
|-----|-----------------------------|

|   | (a) | If      the conditions set out in this Agreement have been met, each Lender shall      make its participation in each Loan available by the Utilisation Date      through its Facility Office. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

| 5.5 | Cancellation      of Commitment |
|-----|---------------------------------|

|   | (a) | The      Total Facility A Commitments shall be immediately cancelled at the end of      the Availability Period for FacilityA. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Total Facility B Commitments shall be immediately cancelled at the end of      the Availability Period for FacilityB. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 6. | UTILISATION - LETTERS OF    CREDIT |
|----|------------------------------------|

| 6.1 | General |
|-----|---------|

|   | (a) | In      this Clause 6 and Clause 7 (Letters      of Credit): |
|--------|-----|--------------------------------------------------------------|

|   | (i) | "Expiry      Date" means, for a Letter of Credit, the last day of its      Term; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (ii) | "L/C      Proportion" means, in relation to a Lender in respect of any Letter      of Credit, the proportion (expressed as a percentage) borne by that      Lender's Available Commitment to the Available Facility immediately prior      to the issue of that Letter of Credit, adjusted to reflect any assignment      or transfer under this Agreement to or by that  Lender; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | "Renewal      Request" means a written notice delivered to the Agent in      accordance with Clause 6.7 (Renewal      of a Letter of Credit); and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | "Term"      means each period determined under this Agreement for which the Issuing      Bank is under a liability under a Letter of  Credit. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      reference in this Agreement to: |
|--------|-----|------------------------------------------|

|   | (i) | a      "Finance      Party" includes the IssuingBank; |
|--------|-----|-------------------------------------------------------|

|   | (ii) | the      Interest Period of a Letter of Credit will be construed as a reference to      the Term of that Letter of Credit; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | an      amount borrowed includes any amount utilised by way of Letter of      Credit; |
|--------|-------|---------------------------------------------------------------------------------------|

|   | (iv) | a      Utilisation made or to be made to a Borrower includes a Letter of Credit      issued on its behalf; |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | (v) | a      Lender funding its participation in a Utilisation includes a Lender      participating in a Letter ofCredit; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | amounts      outstanding under this Agreement include amounts outstanding under or in      respect of any Letter of Credit; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | an      outstanding amount of a Letter of Credit at any time is the maximum amount      that is or may be payable by the Borrower that requested the issue of that      Letter of Credit at that time; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | a      Borrower "repaying"      or "prepaying"      a Letter of Credit means: |
|--------|--------|-------------------------------------------------------------------------------|

|   | (A) | that      Borrower providing cash cover for that Letter of  Credit; |
|--------|-----|---------------------------------------------------------------------|

|   | (B) | the      maximum amount payable under the Letter of Credit being reduced in      accordance with its terms; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (C) | the      Issuing Bank being satisfied that it has no further liability under that      Letter of Credit, |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ix) | a      Borrower providing "cash      cover" for a Letter of Credit means a Borrower paying an amount in      the currency of the Letter of Credit to an interest-bearing account in the      name of that Borrower and the following conditions are  met: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      account is with the Agent or the Issuing Bank (if the cash cover is to be      provided for all the Lenders) or with a Lender (if the cash cover is to be      provided for that Lender); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | withdrawals      from the account may only be made to pay a Finance Party amounts due and      payable to it under this Agreement in respect of that Letter of Credit      until no amount is or may be outstanding under that Letter of Credit;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | that      Borrower has executed a security document, in form and substance      satisfactory to the Agent or the Finance Party with which that account is      held, creating a first ranking security interest over that      account. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Clause      5 (Utilisation)      does not apply to a Utilisation by way of Letter of  Credit. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | In      determining the amount of the Available Facility and a Lender's L/C      Proportion of a proposed Letter of Credit for the purposes of this      Agreement the Available Commitment of a Lender will be calculated ignoring      any cash over provided for outstanding Letters of  Credit. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Facility      B |
|-----|-----------------|

----

| 6.3 | Delivery      of a Utilisation Request for Letters of CreditA      Borrower may request a Letter of Credit to be issued by delivery to the      Agent of a duly completed Utilisation Request in the form of Part IB of      Schedule 3 (Requests)      not later than the SpecifiedTime. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | Completion      of a Utilisation Request for Letters of CreditEach Utilisation Request for a      Letter of Credit is irrevocable and will not be regarded as having been      duly completed unless: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | it      specifies that it is for a Letter of Credit and identifies the Issuing      Bank; |
|--------|-----|-------------------------------------------------------------------------------------------|

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

|   | (c) | the      currency and amount of the Letter of Credit comply with Clause 6.5 (Currency      and amount); |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (d) | the      form of Letter of Credit isattached; |
|--------|-----|-----------------------------------------------|

|   | (e) | the      Expiry Date of the Letter of Credit falls on or before the Termination      Date; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (f) | the      delivery instructions for the Letter of Credit are specified;      and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (g) | it      identifies the domicile of thebeneficiary. |
|--------|-----|----------------------------------------------------|

| 6.5 | Currency      and amount |
|-----|--------------------------|

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

|   | (b) | The      amount of the proposed Letter of Credit must be an amount whose Base      Currency Amount is not more than the Available Facility and which      is: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      the currency selected is the Base Currency, a minimum of US$25,000 or, if      less, the Available Facility; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      the currency selected is an Optional Currency, the minimum amount (and if      required, integral multiple) specified by the Agent pursuant to paragraph      (b)(ii) of Clause 4.3 (Conditions      relating to Optional Currencies) or, if less, the Available      Facility. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | Issue      of Letters of Credit |
|-----|---------------------------------|

|   | (a) | If      the conditions set out in this Agreement have been met, the Issuing Bank      shall issue the Letter of Credit on the Utilisation  Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Issuing Bank will only be obliged to comply with paragraph (a) above if on      the date of the Utilisation Request or Renewal Request and on the proposed      Utilisation Date: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in the case of a Letter of Credit      renewed in accordance with Clause 6.7 (Renewal      of a Letter of Credit), no Event of Default is continuing or would      result from the proposed Utilisation and, in the case of any other Utilisation,      no Default is continuing or would result from the proposed Utilisation;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | (c) | The      amount of each Lender's participation in each Letter of Credit will be      equal to the proportion borne by its Available Commitment to the Available      Facility immediately prior to the issue of the Letter of      Credit. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Agent shall determine the Base Currency Amount of each Letter of Credit      which is to be issued in an Optional Currency and shall notify the Issuing      Bank and each Lender of the details of the requested Letter of Credit and      its participation in that Letter of Credit by the Specified      Time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7 | Renewal      of a Letter of Credit |
|-----|------------------------------------|

|   | (a) | A      Borrower may request any Letter of Credit issued on its behalf be renewed      by delivery to the Agent of a Renewal Request by the Specified      Time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Finance Parties shall treat any Renewal Request in the same way as a      Utilisation Request for a Letter of Credit except that the conditions set      out in paragraph (d) of Clause 6.4 (Completion      of a Utilisation Request for Letters of Credit) shall not      apply. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      terms of each renewed Letter of Credit shall be the same as those of the      relevant Letter of Credit immediately prior to its renewal, except      that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its      amount may be less than the amount of the Letter of Credit immediately      prior to its renewal; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | its      Term shall start on the date which was the Expiry Date of the Letter of      Credit immediately prior to its renewal, and shall end on the proposed      Expiry Date specified in the RenewalRequest. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      the conditions set out in this Agreement have been met, the Issuing Bank      shall amend and re-issue any Letter of Credit pursuant to a Renewal      Request. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.8 | Revaluation      of Letters of Credit |
|-----|---------------------------------------|

|   | (a) | If      any Letter of Credit is denominated in an Optional Currency, the Agent      shall at three monthly intervals after the date of the Letter of Credit,      recalculate the Base Currency Amount of that Letter of Credit by      notionally converting into the Base Currency the outstanding amount of      that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on      the date of calculation. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Borrower shall, if requested by the Agent within five days of any      calculation under paragraph (a) above, ensure that within three Business      Days sufficient Facility B Utilisations are prepaid to prevent the Base      Currency Amount of the Facility B Utilisations exceeding the Total      Facility B Commitments following any adjustment to a Base Currency Amount      under paragraph (a) above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | LETTERS OFCREDIT |
|----|------------------|

| 7.1 | Immediately      payable |
|-----|--------------------------|

| 7.2 | Assignments      and transfers |
|-----|--------------------------------|

|   | (a) | Notwithstanding      any other provision of this Agreement, the consent of the relevant Issuing      Bank is required for any assignment or transfer of any Lender's rights      and/or obligations under FacilityB. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      paragraph (a) and the conditions and procedure for transfer specified in      Clause 26 (Changes      to the Lenders) are satisfied, then on the Transfer Date the      Issuing Bank and the New Lender shall acquire the same rights and assume      the same obligations between themselves as they would have acquired and      assumed had the New Lender been an Original Lender with the rights and/or      obligations acquired or assumed by it as a result of the transfer and to      that extent the relevant Issuing Bank and the Existing Lender shall each      be released from further obligations to each other under this      Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | Fee      payable in respect of Letters ofCredit |
|-----|-------------------------------------------------|

|   | (a) | Each      Borrower shall pay to the relevant Issuing Bank a fronting fee in respect      of each Letter of Credit requested by it and issued by such Issuing Bank      in the amount and at the times agreed in writing between the relevant      Issuing Bank and the Company.  A reference in this Agreement to      a Fee Letter shall include any written agreement referred to in this      paragraph. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Borrower shall pay to the Agent (for the account of each Lender) a letter      of credit fee in the Base Currency computed at the same rate as the Margin      on the outstanding amount of each Letter of Credit requested by it for the      period from the issue of that Letter of Credit until its Expiry      Date.  This fee shall be distributed according to each Lender's      L/C Proportion of that Letter ofCredit. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      accrued letter of credit fee on a Letter of Credit shall be payable on the      first day of each successive period of three months (or such shorter      period as shall end on the Expiry Date for that Letter of Credit) starting      on the date of issue of that Letter ofCredit. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      a Borrower cash covers any part of a Letter of Credit  then: |
|--------|-----|----------------------------------------------------------------------|

|   | (i) | the      fronting fee payable to the relevant Issuing Bank and the letter of credit      fee payable for the account of each Lender shall continue to be payable      until the expiry of the Letter ofCredit; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Borrower will be entitled to withdraw the interest accrued on the cash      cover to pay those fees. |
|--------|------|---------------------------------------------------------------------------------------------------------------|

----

| 7.4 | Claims      under a Letter ofCredit |
|-----|-------------------------------------|

|   | (a) | Each      Borrower irrevocably and unconditionally authorises the relevant Issuing      Bank to pay any claim made or purported to be made under a Letter of      Credit requested by it and which appears on its face to be in order (a      "claim"). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Borrower which requested a Letter of Credit shall immediately on demand      pay to the Agent for the relevant Issuing Bank an amount equal to the      amount of any claim under that Letter ofCredit. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Borrower acknowledges that the relevant Issuing  Bank: |
|--------|-----|------------------------------------------------------------------|

|   | (i) | is      not obliged to carry out any investigation or seek any confirmation from      any other person before paying a claim;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | deals      in documents only and will not be concerned with the legality of a claim      or any underlying transaction or any available set-off, counterclaim or      other defence of any person. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      obligations of a Borrower under this Clause will not be affected      by: |
|--------|-----|------------------------------------------------------------------------------------|

|   | (i) | the      sufficiency, accuracy or genuineness of any claim or any other document;      or |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | any      incapacity of, or limitation on the powers of, any person signing a claim      or other document. |
|--------|------|------------------------------------------------------------------------------------------------------------|

| 7.5 | Indemnities |
|-----|-------------|

|   | (a) | Each      Borrower shall immediately on demand indemnify an Issuing Bank against any      cost, loss or liability incurred by such Issuing Bank (otherwise than by      reason of such Issuing Bank's gross negligence or wilful misconduct) in      acting as the Issuing Bank under any Letter of Credit requested by that      Borrower. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender shall (according to its L/C Proportion) immediately on demand      indemnify an Issuing Bank against any cost, loss or liability incurred by      such Issuing Bank (otherwise than by reason of such Issuing Bank's gross      negligence or wilful misconduct) in acting as the Issuing Bank under any      Letter of Credit (unless such Issuing Bank has been reimbursed by an      Obligor pursuant to a FinanceDocument). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If any Lender is not permitted (by      its constitutional documents or any applicable law) to comply with      paragraph (b) above), then that Lender will not be obliged to comply with      paragraph (b) and shall instead be deemed to have taken, on the date the      Letter of Credit is issued (or if later, on the date the Lender's      participation in the Letter of Credit is transferred or assigned to the      Lender in accordance with the terms of this Agreement), an undivided      interest and participation in the Letter of Credit in an amount equal to      its L/C Proportion of that Letter of Credit.  On receipt of      demand from the Agent, that Lender shall pay      to the Agent (for the account of the Issuing Bank) an amount equal to its      L/C Proportion of the amount demanded under paragraph (b)      above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | The      Borrower which requested a Letter of Credit shall immediately on demand      reimburse any Lender for any payment it makes to an Issuing Bank under      this Clause 7.5 (Indemnities)      in respect of that Letter ofCredit. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      obligations of each Lender under this Clause are continuing obligations      and will extend to the ultimate balance of sums payable by that Lender in      respect of any Letter of Credit, regardless of any intermediate payment or      discharge in whole or in part. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The      obligations of any Lender or any Borrower under this Clause will not be      affected by any act, omission, matter or thing which, but for this Clause,      would reduce, release or prejudice any of its obligations under this      Clause  (without limitation and whether or not known to it or      any other person) including: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      time, waiver or consent granted to, or composition with, any Obligor, any      beneficiary under a Letter of Credit or other  person; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      release of any other Obligor or any other person under the terms of any      composition or arrangement; |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

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

|   | (iv) | any      incapacity or lack of power, authority or legal personality of or      dissolution or change in the members or status of an Obligor, any      beneficiary under a Letter of Credit or any other  person; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any      amendment (however fundamental) or replacement of a Finance Document, any      Letter of Credit or any other document or  security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 7.6 | Rights      of contribution |
|-----|-----------------------------|

| 7.7 | Role      of the Issuing Bank |
|-----|-------------------------------|

|   | (a) | Nothing      in this Agreement constitutes an Issuing Bank as a trustee or fiduciary of      any other person. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | An      Issuing Bank shall not be bound to account to any Lender for any sum or      the profit element of any sum received by it for its own      account. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | An      Issuing Bank may accept deposits from, lend money to and generally engage      in any kind of banking or other business with any member of the      Group. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | An      Issuing Bank may rely on: |
|--------|-----|-----------------------------------|

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

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

|   | (e) | An      Issuing Bank may engage, pay for and rely on the advice or services of any      lawyers, accountants, surveyors or other  experts. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | An      Issuing Bank may act in relation to the Finance Documents through its      personnel and agents. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (g) | An      Issuing Bank is not responsiblefor: |
|--------|-----|---------------------------------------------|

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

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

| 7.8 | Exclusion      of liability |
|-----|-----------------------------|

|   | (a) | Without      limiting paragraph (b) below, an Issuing Bank will not be liable for any      action taken by it under or in connection with any Finance Document,      unless directly caused by its gross negligence or wilful      misconduct. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Party (other than an Issuing Bank) may take any proceedings against any      officer, employee or agent of an Issuing Bank in respect of any claim it      might have against the Issuing Bank or in respect of any act or omission      of any kind by that officer, employee or agent in relation to any Finance      Document. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.9 | Credit      appraisal by the Lenders |
|-----|--------------------------------------|

----

| 7.10 | Address      for notices |
|------|--------------------------|

| 7.11 | Amendments      and Waivers |
|------|-----------------------------|

| 8. | OPTIONALCURRENCIES |
|----|--------------------|

| 8.1 | Selection      of currency |
|-----|----------------------------|

|   | (a) | A      Borrower (or the Company on behalf of a Borrower) shall select the      currency of a Utilisation: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (i) | (in      the case of an initial Utilisation) in a Utilisation Request;      and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (ii) | (afterwards      in relation to a Facility A Loan made to it) in a Selection      Notice. |
|--------|------|-------------------------------------------------------------------------------------------|

|   | (b) | If      a Borrower (or the Company on behalf of a Borrower) fails to issue a      Selection Notice in relation to a Facility A Loan, the Loan will remain      denominated for its next Interest Period in the same currency in which it      is then outstanding. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Borrower (or the Company on behalf of a Borrower) issues a Selection      Notice requesting a change of currency and the first day of the requested      Interest Period is not a Business Day for the new currency, the Agent      shall promptly notify the Borrower and the Lenders and the Loan will      remain in the existing currency (with Interest Periods running from one      Business Day until the next Business Day) until the next day which is a      Business Day for both currencies, on which day the requested Interest      Period will begin. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Unavailability      of a currency |
|-----|-----------------------------------|

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

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

|   | the      Agent will give notice to the relevant  Borrower to that effect      by the Specified Time on that day.  In this event, any Lender      that gives notice pursuant to this Clause 8.2 will be required to      participate in the Loan in the Base Currency (in an amount equal to that      Lender's proportion of the Base Currency Amount, or in respect of a      Rollover Loan, an |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | amount      equal to that Lender's proportion of the Base Currency Amount of the      Rollover  Loan that is due to be made) and its participation      will be treated as a separate Loan denominated in the Base Currency during      that Interest Period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | Change      of currency |
|-----|-------------------------|

|   | (a) | If      a Facility A Loan is to be denominated in different currencies during two      successive Interest Periods: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      the currency for the second Interest Period is an Optional Currency, the      amount of the Loan in that Optional Currency will be calculated by the      Agent as the amount of that Optional Currency equal to the Base Currency      Amount of the Loan at the Agent's Spot Rate of Exchange at the Specified      Time; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      the currency for the second Interest Period is the Base Currency, the      amount of the Loan will be equal to the Base Currency    Amount; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | (unless      the Agent and the Borrower agree otherwise in accordance with paragraph      (b) below) the Borrower that has borrowed the Loan shall repay it on the      last day of the first Interest Period in the currency in which it was      denominated for that Interest Period;and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | (subject      to Clause 4.2 (Further      conditions precedent)) the Lenders shall re-advance the Loan in the      new currency in accordance with Clause 8.5 (Agent's      calculations). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the Agent and the Borrower that has borrowed the Facility A Loan agree,      the Agent shall: |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (i) | apply      the amount paid to it by the Lenders pursuant to paragraph (a)(iv) above      (or so much of that amount as is necessary) in or towards purchase of an      amount in the currency in which the Facility A Loan is outstanding for the      first Interest Period; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | use      the amount it purchases in or towards satisfaction of the relevant      Borrower's obligations under paragraph (a)(iii)  above. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the amount purchased by the Agent pursuant to paragraph (b)(i) above is      less than the amount required to be repaid by the relevant Borrower, the      Agent shall promptly notify that Borrower and that Borrower shall, on the      last day of the first Interest Period, pay an amount to the Agent (in the      currency of the outstanding Facility A Loan for the first Interest Period)      equal to the difference. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If any part of the amount paid to the      Agent by the Lenders pursuant to paragraph (a)(iv) above is not needed to      purchase the amount required to be repaid      by the relevant Borrower, the Agent shall promptly notify that Borrower      and pay that Borrower, on the last day of the first Interest Period that      part of that amount (in the new  currency). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.4 | Same      Optional Currency during successive Interest  Periods |
|-----|-----------------------------------------------------------------|

|   | (a) | If      a Facility A Loan is to be denominated in the same Optional Currency      during two successive Interest Periods, the Agent shall calculate the      amount of the Facility A Loan in the Optional Currency for the second of      those Interest Periods (by calculating the amount of Optional Currency      equal to the Base Currency Amount of that Facility A Loan at the Agent's      Spot Rate of Exchange at the Specified Time) and (subject to paragraph (b)      below): |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      the amount calculated is less than the existing amount of that Facility A      Loan in the Optional Currency during the first Interest Period, promptly      notify the Borrower that has borrowed that Facility A Loan and that      Borrower shall pay, on the last day of the first Interest Period, an      amount equal to the difference; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      the amount calculated is more than the existing amount of that Facility A      Loan in the Optional Currency during the first Interest Period, promptly      notify each Lender and, if no Event of Default is continuing, each Lender      shall, on the last day of the first Interest Period, pay its participation      in an amount equal to thedifference. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the calculation made by the Agent pursuant to paragraph (a) above shows      that the amount of the Facility A Loan in the Optional Currency for the      second of those Interest Periods converted into the Base Currency at the      Agent's Spot Rate of Exchange at the Specified Time has increased or      decreased by less than 5 per cent. compared to its Base Currency Amount      (taking into account any payments made pursuant to paragraph (a) above),      no notification shall be made by the Agent and no payment shall be      required under paragraph (a) above. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5 | Agent's      calculations |
|-----|---------------------------|

|   | (a) | All      calculations made by the Agent pursuant to this Clause 8 will take into      account any repayment, prepayment, consolidation or division of Facility A      Loans to be made on the last day of the first Interest    Period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender's participation in a Loan will, subject to paragraph (a) above, be      determined in accordance with paragraph (b) of Clause 5.4 (Lenders'      participation). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | REPAYMENT |
|----|-----------|

| 9.1 | Repayment      of Facility A Loans |
|-----|------------------------------------|

|   | (a) | Each      Borrower shall repay the Facility A Loans made to it in instalments by      repaying on each Repayment Date the amount set out opposite each Repayment      Date below: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Repayment      Date                                          | Repayment      Instalment                                                                                                                   |
|--------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| On      the first anniversary of the date of this Agreement  | US$15,000,000                                                                                                                               |
| On      the second anniversary of the date of this Agreement | US$15,000,000                                                                                                                               |
| On      the third anniversary of the date of this Agreement  | US$15,000,000                                                                                                                               |
| On      the fourth anniversary of the date of this Agreement | US$15,000,000                                                                                                                               |
| On      the fifth anniversary of the date of this Agreement  | An      amount in dollars equal to the Facility A Loan then outstanding in      relation to the relevant Borrower shall be repaid in full.  |

|   | (b) | Any      repayment or prepayment of a Facility A Loan denominated in an Optional      Currency shall reduce the amount of that Facility A Loan by the amount of      that Optional Currency repaid and shall reduce the Base Currency Amount of      that Facility A Loanproportionally. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No      Borrower may reborrow any part of Facility A which is    repaid. |
|--------|-----|--------------------------------------------------------------------------|

| 9.2 | Repayment      of Facility B Loans |
|-----|------------------------------------|

|   | (a) | Each      Borrower which has drawn a Facility B Loan shall repay that Loan on the      last day of its Interest Period and, in any event, shall repay in full an      amount in dollars equal to the Facility B Loan then outstanding in      relation to the relevant Borrower no later than the Termination      Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      reduction of the Total Facility B Commitments shall reduce rateably the      Commitment of each Lender. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      Borrower may reborrow any part of Facility B which is    repaid. |
|--------|-----|-------------------------------------------------------------------------|

----

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

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

|   | (a) | If,      at any time, it is or will become unlawful in any applicable jurisdiction      for a Lender to perform any of its obligations as contemplated by this      Agreement or to fund or maintain its participation in any      Utilisation: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | that      Lender shall promptly notify the Agent upon becoming aware of that      event; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (ii) | upon      the Agent notifying the Company, the Commitment of that Lender will be      immediately cancelled; and |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each      Borrower shall repay that Lender's participation in the Utilisations made      to that Borrower on the last day of the Interest Period for each      Utilisation occurring after the Agent has notified the Company or, if      earlier, the date specified by the Lender in the notice delivered to the      Agent. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If,      at any time, it is or will become unlawful for the Issuing Bank to issue      or leave outstanding any Letter of Credit the Issuing Bank shall promptly      notify the Agent upon becoming aware of that event and upon the Agent      notifying the Company, Facility B shall cease to be available for the      issue of Letters of Credit and each Borrower shall use its best endeavours      to procure the release of each Letter of Credit requested by that Borrower      and outstanding at such time. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Change      of control |
|------|------------------------|

|   | (a) | As      of the Akzo Nobel Retirement, if Solutia Inc. or any of its Subsidiaries      cease to control, either directly orindirectly: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Company; |
|--------|-----|-------------------|

|   | (ii) | Flexsys      Rubber Chemicals Limited; or |
|--------|------|-------------------------------------------|

|   | (iii) | the      partnership interests in Flexsys AmericaL.P. |
|--------|-------|-------------------------------------------------------|

|   | (b) | For      the purposes of paragraph (a) of this Clause 10.2, the cessation or change      of ownership of the Company, Flexsys America L.P. or Flexsys Rubber      Chemicals Limited that does not have an adverse effect (whether legal or      otherwise) on the nature of any transaction Security or any further      security granted (or that may be granted) pursuant to the Finance      Documents or on the rights or remedies of the Lenders under any such      Transaction Security or other such Security or under the Finance      Documents, shall be disregarded, provided      that the Group remains wholly owned by Solutia Inc, or any of its      subsidiaries. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      power (whether by way of ownership of shares, proxy, contract, agency or      otherwise) to: |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

|   | (A) | cast,      or control the casting of, more than one half of the maximum number of      votes that might be cast at a general meeting of the relevant Obligor;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | appoint      or remove all, or the majority, of the directors or other equivalent      officers of the relevant Obligor;or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (C) | give      directions with respect to the operating and financial policies of the      Company which the directors or other equivalent officers of the relevant      Obligor are obliged to comply with;or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | the      holding more than one half of the issued share capital of the relevant      Obligor (excluding any part of that issued share capital that carries no      right to participate beyond a specified amount in a distribution of either      profits or capital). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Lender so requires and notifies the Agent within 30 days of the Company      notifying the Agent of a Change of Control, the Agent shall, by not less      than 30 days notice to the Company, cancel the Commitment of that Lender      and declare the participation of that Lender in all outstanding      Utilisations, together with accrued interest, and all other amounts      accrued under the Finance Documents immediately due and payable, whereupon      the Commitment of that Lender will be cancelled and all such outstanding      amounts will become immediately due andpayable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Voluntary      cancellationThe      Company may, if it gives notice to the Agent by no later than 11:00 am on      the Business Day immediately preceding the day the cancellation is to take      effect, cancel the whole or any part (being a minimum amount of      US$10,000,000 and the integral multiples thereof) of the undrawn      Commitments under the Facility B Loan.  Any cancellation under      this Clause 10.3 shall reduce the Commitments of the Lenders rateably      under that Facility. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Voluntary      prepayment of Facility ALoans |
|------|----------------------------------------------|

|   | (a) | A      Borrower to which a Facility A Loan has been made may, if it gives the      Agent not less than 5 Business Days' (or such shorter period as the Agent      acting on instruction of the Majority Lenders may agree) prior notice,      prepay the whole or any part of any Facility A Loan (but, if in part,      being an amount that reduces the Base Currency Amount of the Facility A      Loan by a minimum amount of US$1,000,000 and integral multiples      thereof). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Facility A Loan may only be prepaid on the last day of an Interest Period      (or, if earlier, the day on which the applicable Available Facility is      zero). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any prepayment under this Clause 10      shall satisfy the obligations under Clause 9.1 (Repayment      of Facility A Loans) pro rata for each repayment instalment prior      to the occurrence of a Default and, thereafter, in inverse chronological      order. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.5 | Right      of repayment and cancellation in relation to a single      Lender |
|------|------------------------------------------------------------------------------|

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

|   | (i) | any      sum payable to any Lender by an Obligor is required to be increased under      paragraph (c) of Clause 15.2 (Tax      gross-up); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      Lender claims indemnification from the Company under Clause 15.3 (Tax      indemnity) or Clause 16.1 (Increased      costs); or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of      Schedule 4 (Mandatory      Cost Formulae); |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------|

|   |   | the      Company may, whilst (in the case of paragraphs (i) and (ii) above) the      circumstance giving rise to the requirement or indemnification continues      or (in the case of paragraph (iii) above) that Additional Cost Rate is      greater than zero, give the Agent notice of cancellation of the Commitment      of that Lender and its intention to procure the repayment of that Lender's      participation in the Utilisations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (c) | On      the last day of each Interest Period which ends after the Company has      given notice under paragraph (a) above (or, if earlier, the date specified      by the Company in that notice), each Borrower to which a Utilisation is      outstanding shall repay that Lender's participation in that      Utilisation. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Restrictions |
|------|--------------|

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

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

|   | (c) | No      Borrower may reborrow any part of Facility A which is    prepaid. |
|--------|-----|---------------------------------------------------------------------------|

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

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

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

----

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

----

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

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

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

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

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

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

| 11.3 | Default      interest |
|------|-----------------------|

|   | (a) | To      the extent permitted under applicable law, if an Obligor fails to pay any      amount payable by it under a Finance Document on its due date, interest      shall accrue on the overdue amount from the due date up to the date of      actual payment (both before and after judgment) at a rate which, subject      to paragraph (b) below, is one per cent higher than the rate which would      have been payable if the overdue amount had, during the period of      non-payment, constituted a Loan in the currency of the overdue amount for      successive Interest Periods, each of a duration selected by the Agent      (acting reasonably).  Any interest accruing under this Clause      11.3 shall be immediately payable by the Obligor on demand by the      Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      any overdue amount consists of all or part of a Loan which became due on a      day which was not the last day of an Interest Period relating to that      Loan: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      first Interest Period for that overdue amount shall have a duration equal      to the unexpired portion of the current Interest Period relating to that      Loan; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      rate of interest applying to the overdue amount during that first Interest      Period shall be one per cent. higher than the rate which would have      applied if the overdue amount had not become  due. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | To      the extent permitted under applicable law, default interest (if unpaid)      arising on an overdue amount will be compounded with the overdue amount at      the end of each Interest Period applicable to that overdue amount but will      remain immediately due and payable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | Notification      of rates of interest |
|------|----------------------------------------|

----

| 12. | INTERESTPERIODS |
|-----|-----------------|

| 12.1 | Selection      of Interest Periods |
|------|------------------------------------|

|   | (a) | A      Borrower (or the Company on behalf of a Borrower) may select an Interest      Period for a Loan in the Utilisation Request for that Loan or (if the Loan      has already been borrowed) in a Selection  Notice. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Selection Notice for a Loan is irrevocable and must be delivered to the      Agent by the Borrower (or the Company on behalf of a Borrower) to which      that Loan was made not later than the Specified  Time. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Borrower (or the Company) fails to deliver a Selection Notice to the      Agent in accordance with paragraph (b) above, the relevant Interest Period      will, subject to Clause 12.2 (Changes      to Interest Periods), be oneMonth. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Subject      to this Clause 12, a Borrower (or the Company) may select an Interest      Period of one, three or six Months or any other period agreed between the      Company and the Agent (acting on the instructions of all the      Lenders).  In addition, in relation to Facility A, a Borrower      (or the Company on its behalf) may select an Interest Period of a period      of less than one Month, if necessary to ensure that there are sufficient      Facility A Loans (with an aggregate Base Currency Amount equal to or      greater than the Repayment Instalment) which have an Interest Period      ending on a Facility A Repayment Date for the Borrowers to make the      Repayment Instalment due on thatdate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | An      Interest Period for a Loan shall not extend beyond the Termination Date      applicable to its Facility. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each      Interest Period for a Loan shall start on the Utilisation Date or (if      already made) on the last day of its preceding Interest      Period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Changes      to Interest Periods |
|------|----------------------------------|

|   | (a) | Prior      to determining the interest rate for a Facility A Loan, the Agent may      shorten an Interest Period for any Facility A Loan to ensure there are      sufficient Facility A Loans (with an aggregate Base Currency Amount equal      to or greater than the Repayment Instalment) which have an Interest Period      ending on a Facility A Repayment Date for the Borrowers to make the      Repayment Instalment due on thatdate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the Agent makes any of the changes to an Interest Period referred to in      this Clause 12.2, it shall promptly notify the Company and the      Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Non-Business      Days |
|------|------------------------|

----

| 13. | CHANGES TO THE CALCULATION OF      INTEREST |
|-----|---------------------------------------------|

| 13.1 | Absence      of quotations |
|------|----------------------------|

| 13.2 | Market      disruption |
|------|------------------------|

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

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

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

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

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

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

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

| 13.3 | Alternative      basis of interest or funding |
|------|-----------------------------------------------|

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

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

| 13.4 | Break      Costs |
|------|------------------|

|   | (a) | Each      Borrower shall, within three Business Days of demand by a Finance Party,      pay to that Finance Party its Break Costs attributable to all or any part      of a Loan |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | or      Unpaid Sum being paid by that Borrower on a day other than the last day of      an Interest Period for that Loan or UnpaidSum. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender shall, as soon as reasonably practicable after a demand by the      Agent, provide a certificate confirming the amount of its Break Costs for      any Interest Period in which theyaccrue. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | FEES |
|-----|------|

| 14.1 | Commitment      fee |
|------|---------------------|

|   | (a) | The      Company shall pay to the Agent (for the account of each Lender) a fee      computed at the rate of 40 per cent. per annum of the Margin applicable to      Facility B on the daily undrawn and uncancelled Available Commitment under      Facility B accruing from the date of this Agreement until the end of the      Facility B Availability Period. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      accrued commitment fee is payable quarterly in arrears, on the last day of      the Facility B Availability Period and, if cancelled in full, on the      cancelled amount of the Facility B Commitment at the time the cancellation      is effective. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Utilisation      Fee |
|------|----------------------|

|   | (a) | 0.05      per cent. per annum on the Facility B Loans then outstanding, payable      quarterly in arrears whenever the aggregate of the Facility B Loans      borrowed but not yet repaid are equal to or greater than 33.33 per cent.      of the Total Facility BCommitments. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | 0.15      per cent. per annum on the Facility B Loans then outstanding, payable      quarterly in arrears whenever the aggregate of the Facility B Loans      borrowed but not yet repaid are equal to or greater than 66.67 per cent.      of the Total Facility BCommitments. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Front      end fee |
|------|--------------------|

| 14.4 | Agency/Security      Trustee fee |
|------|----------------------------------|

----

| 15. | TAX GROSS UP AND  INDEMNITIES |
|-----|-------------------------------|

| 15.1 | Definitions |
|------|-------------|

|   | (a) | In      this Agreement: |
|--------|-----|-------------------------|

|   | (b) | Unless      a contrary indication appears, in this Clause 15 a reference to      "determines" or "determined" means a determination made in the absolute      discretion of the person making the  determination. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Tax      gross-up |
|------|-------------------|

|   | (a) | Each      Obligor shall make all payments to be made by it under the Finance      Documents without any Tax Deduction, unless a Tax Deduction is required by      law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Company shall promptly upon becoming aware that an Obligor must make a Tax      Deduction (or that there is any change in the rate or the basis of a Tax      Deduction) notify the Agent accordingly.  Similarly, a Lender      shall notify the Agent on becoming so aware in respect of a payment      payable to that Lender.  If the Agent receives such notification      from a Lender it shall notify the Company and that  Obligor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Tax Deduction is required by law to be made by an Obligor, the amount of      the payment due from that Obligor shall be increased to an amount which      (after making any Tax Deduction) leaves an amount equal to the payment      which would have been due if no Tax Deduction had been      required. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | An      Obligor is not obliged to pay any additional amounts pursuant to paragraph      (c) above in respect of any Tax Deduction which would not have been      required if the relevant Finance Party had complied with its obligations      under paragraph (g) below. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | If      an Obligor is required to make a Tax Deduction, that Obligor shall make      that Tax Deduction and any payment required in connection with that      Tax |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Deduction      within the time allowed and in the minimum amount required by      law. |
|--------|----------------------------------------------------------------------------------------|

|   | (f) | Within      thirty days of making either a Tax Deduction or any payment required in      connection with that Tax Deduction, the Obligor making that Tax Deduction      shall deliver to the Agent for the Finance Party entitled to the payment      evidence reasonably satisfactory to that Finance Party that the Tax      Deduction has been made or (as applicable) any appropriate payment paid to      the relevant taxing authority. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | A      Finance Party and each Obligor which makes a payment to which that Finance      Party is entitled shall co-operate promptly in completing any procedural      formalities necessary for that Obligor to obtain authorisation to make      that payment without a Tax Deduction ontime. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | Tax      indemnity |
|------|--------------------|

|   | (a) | The      Company shall (within three Business Days of demand by the Agent) pay to a      Protected Party an amount equal to the loss, liability or cost which that      Protected Party determines will be or has been (directly or indirectly)      suffered for or on account of Tax by that Protected Party in respect of a      Finance Document or the transactions occurring under such Finance      Document. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph      (a) above shall not apply: |
|--------|-----|-------------------------------------------|

|   | (i) | with      respect to any Tax assessed on a FinanceParty: |
|--------|-----|----------------------------------------------------------|

|   | (A) | under      the law of the jurisdiction in which that Finance Party is incorporated      or, if different, the jurisdiction (or jurisdictions) in which that      Finance Party is treated as resident for tax purposes;  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | under      the law of the jurisdiction in which that Finance Party's Facility Office      is located in respect of amounts received or receivable in that      jurisdiction, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      the extent a loss, liability orcost: |
|--------|------|----------------------------------------------|

|   | (A) | is      compensated for by an increased payment under Clause 15.2 (Tax      gross-up); or |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (B) | would      have been compensated for by an increased payment under Clause 15.2 (Tax      gross-up) but was not so compensated solely because of the      exclusion in paragraph (d) of Clause 15.2 (Tax      gross-up) applied. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      Protected Party making, or intending to make a claim under paragraph (a)      above shall promptly notify the Agent of the event which will give, or has      given, rise to the claim, following which the Agent shall notify the      Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | A      Protected Party shall, on receiving a payment from an Obligor under this      Clause 15.3, notify the Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 15.4 | Tax      Credit |
|------|-----------------|

|   | (a) | a      Tax Credit is attributable either to an increased payment of which that      Tax Payment forms part, or to that Tax Payment;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      Finance Party has obtained, utilised and fully retained that Tax Credit on      an affiliated group basis, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

| 15.5 | Stamp      taxes |
|------|------------------|

| 15.6 | Value      added tax |
|------|----------------------|

|   | (a) | All      amounts set out, or expressed to be payable under a Finance Document by      any Party to a Finance Party which (in whole or in part) constitute the      consideration for VAT purposes shall be deemed to be exclusive of any VAT      which is chargeable on such supply, and accordingly, subject to paragraph      (c) below, if VAT is chargeable on any supply made by any Finance Party to      any Party under a Finance Document, that Party shall pay to the Finance      Party (in addition to and at the same time as paying the consideration) an      amount equal to the amount of the VAT (and such Finance Party shall      promptly provide an appropriate VAT invoice to such  Party). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      VAT is chargeable on any supply made by any Finance Party (the "Supplier")      to any other Finance Party (the "Recipient")      under a Finance Document, and any Party (the "Relevant      Party") is required by the terms of any Finance Document to pay an      amount equal to the consideration for such supply to the Supplier (rather      than being required to reimburse the Recipient in respect of that      consideration), such Party shall also pay to the Supplier (in addition to      and at the same time as paying such amount) an amount equal to the amount      of such VAT.  The Recipient will promptly pay to the Relevant      Party an amount equal to any credit or repayment from the relevant tax      authority which it reasonably determines relates to the VAT chargeable on      that supply. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Where      a Finance Document requires any Party to reimburse a Finance Party for any      costs or expenses, that Party shall also at the same time pay and      indemnify the Finance Party against all VAT incurred by the Finance Party      in respect of the costs or expenses to the extent that the Finance Party      reasonably determines |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | that      neither it nor any other member of any group of which it is a member for      VAT purposes is entitled to credit or repayment from the relevant tax      authority in respect of the VAT. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | INCREASEDCOSTS |
|-----|----------------|

| 16.1 | Increased      costs |
|------|----------------------|

|   | (a) | Subject      to Clause 16.3 (Exceptions)      the Company shall, within three Business Days of a written demand by the      Agent, pay for the account of a Finance Party the amount of any Increased      Costs incurred by that Finance Party or any of its Affiliates as a result      of (i) the introduction of or any change in (or in the interpretation,      administration or application of) any law or regulation or (ii) compliance      with any law or regulation made, in force and enforceable or required to      be complied with or with which compliance is customary after the date of      this Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

|   |   | which      is incurred or suffered by a Finance Party or any of its Affiliates to the      extent that it is attributable to that Finance Party having entered into      its Commitment or funding or performing its obligations under any Finance      Document. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Increased      cost claims |
|------|----------------------------|

|   | (a) | A      Finance Party intending to make a claim pursuant to Clause 16.1 (Increased      costs) shall notify the Agent of the event giving rise to the      claim, following which the Agent shall promptly notify the      Company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Finance Party shall, as soon as practicable after a demand by the Agent,      provide a certificate confirming the amount of its Increased      Costs. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | Exceptions |
|------|------------|

|   | (a) | Clause      16.1 (Increased      costs) does not apply to the extent any Increased Cost      is: |
|--------|-----|--------------------------------------------------------------------------------------------------|

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

|   | (ii) | compensated      for by Clause 15.3 (Tax      indemnity) (or would have been compensated for under Clause 15.3      (Tax      indemnity) but was not so compensated solely because any of the      exclusions in paragraph (b) of Clause 15.3 (Tax      indemnity) applied); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (b) | In      this Clause 16.3, a reference to a "Tax      Deduction" has the same meaning given to the term in Clause 15.1      (Definitions). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | OTHERINDEMNITIES |
|-----|------------------|

| 17.1 | Currency      indemnity |
|------|-------------------------|

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

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

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

|   |   | that      Obligor shall as an independent obligation, within three Business Days of      demand, indemnify each Finance Party to whom that Sum is due against any      cost, loss or liability arising out of or as a result of the conversion      including any discrepancy between (A) the rate of exchange used to convert      that Sum from the First Currency into the Second Currency and (B) the rate      or rates of exchange available to that person at the time of its receipt      of that Sum. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Obligor waives any right it may have in any jurisdiction to pay any amount      under the Finance Documents in a currency or currency unit other than that      in which it is expressed to bepayable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | Other      indemnities |
|------|------------------------|

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

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

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

|   | (d) | a      Utilisation (or part of a Utilisation) not being prepaid in accordance      with a notice of prepayment given by a Borrower or the      Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.3 | Indemnity      to the Agent |
|------|-----------------------------|

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

|   | (b) | entering      into or performing any foreign exchange contract for the purposes of      paragraph (b) of Clause 8.3 (Change      of Currency); or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 17.4 | Indemnity      to the Security Trustee |
|------|----------------------------------------|

|   | (a) | Each      Obligor shall, within three Business Days of a written demand, indemnify      the Security Trustee and every Receiver and Delegate against any cost,      loss or liability incurred by any of them as a result  of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      taking, holding, protection or enforcement of the Transaction      Security; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (ii) | the      exercise of any of the rights, powers, discretions and remedies vested in      the Security Trustee and each Receiver and Delegate by the Finance      Documents or by law; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      default by any Obligor in the performance of any of the obligations      expressed to be assumed by it in the Finance  Documents. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Security Trustee may, in priority to any payment to the Secured Parties,      indemnify itself out of the Charged Property in respect of, and pay and      retain, all sums necessary to give effect to the indemnity in this Clause      17.4 and shall have a lien on the Transaction Security and the proceeds of      the enforcement of the Transaction Security for all moneys payable to      it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | MITIGATION BY THE  LENDERS |
|-----|----------------------------|

| 18.1 | Mitigation |
|------|------------|

|   | (a) | Each      Finance Party shall, in consultation with the Company, take all reasonable      steps to mitigate any circumstances which arise and which would result in      any facility ceasing to be available or any amount becoming payable under      or pursuant to, or cancelled pursuant to, any of Clause 10.1 (Illegality),      Clause 15 (Tax      gross-up and indemnities), Clause 16 (Increased      costs) or paragraph 3 of Schedule 4 (Mandatory      Cost Formulae) including (but not limited to) transferring its      rights and obligations under the Finance Documents to another Affiliate or      Facility Office. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

| 18.2 | Limitation      of liability |
|------|------------------------------|

|   | (a) | The      Company shall, within three Business Days of written demand, indemnify      each Finance Party for all costs and expenses reasonably incurred by that      Finance Party as a result of steps taken by it under Clause 18.1 (Mitigation). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Finance Party is not obliged to take any steps under Clause 18.1 (Mitigation)      if, in the opinion of that Finance Party (acting reasonably), to do so      might be prejudicial to it. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | COSTS ANDEXPENSES |
|-----|-------------------|

| 19.1 | Transaction      expenses |
|------|---------------------------|

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

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

| 19.2 | Amendment      costs |
|------|----------------------|

| 19.3 | Security      Trustee's ongoing costs |
|------|---------------------------------------|

|   | (a) | In      the event of (i) the occurrence of a Default or (ii) the Security Trustee      considering it necessary or expedient or (iii) the Security Trustees being      requested by an Obligor or the Majority Lenders to undertake duties which      the Security Trustee and the Company agree to be of an exceptional nature      and/or outside the scope of the normal duties of the Security Trustee      under the Finance Documents, the Company shall pay to the Security Trustee      any additional remuneration that may be agreed between    them. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the Security Trustee and the Company fail to agree upon the nature of the      duties or upon any additional remuneration, that dispute shall be      determined by a investment bank (acting as an expert and not as an      arbitrator) selected by the Security Trustee and approved by the Company      or, failing approval, nominated (on the application of the Security      Trustee) by the President for the time being of the Law Society of England      and Wales (the costs of the nomination and of the investment bank being      payable by the Company) and the determination of any      investment  bank shall be final and binding upon the parties to      this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.4 | Enforcement      and preservation costs |
|------|-----------------------------------------|

| 19.5 | For      the purposes of Clauses 16.1, 17.2 to 17.4, 18.2, 19.1, 19.2 and 19.4 any      written demand shall be accompanied by reasonable evidence of the relevant      amount claimed (which in the case of any cost or expense shall be the      relevant invoice together with an explanation as to why the cost or      expense was incurred). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20. | GUARANTEE AND  INDEMNITY |
|-----|--------------------------|

| 20.1 | Guarantee      and indemnity |
|------|------------------------------|

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

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

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

| 20.2 | Continuing      guarantee |
|------|---------------------------|

| 20.3 | Reinstatement |
|------|---------------|

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

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

| 20.4 | Waiver      of defences |
|------|-------------------------|

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

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

----

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

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

|   | (e) | any      amendment, novation, supplement, extension (whether of maturity or      otherwise) or restatement (in each case however fundamental and of      whatsoever nature, and whether or not more onerous) or replacement of a      Finance Document or any other document or  security; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 20.5 | Guarantor      Intent |
|------|-----------------------|

| 20.6 | Immediate      recourse |
|------|-------------------------|

| 20.7 | Appropriations |
|------|----------------|

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

----

|   | (b) | hold      in an interest-bearing suspense account any moneys received from any      Guarantor or on account of any Guarantor's liability under this Clause      20. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.8 | Deferral      of Guarantors' rights |
|------|-------------------------------------|

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

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

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

| 20.9 | Release      of Guarantors' right ofcontribution |
|------|--------------------------------------------------|

|   | (a) | that      Retiring Guarantor is released by each other Guarantor from any liability      (whether past, present or future and whether actual or contingent) to make      a contribution to any other Guarantor arising by reason of the performance      by any other Guarantor of its obligations under the Finance Documents;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each      other Guarantor waives any rights it may have by reason of the performance      of its obligations under the Finance Documents to take the benefit (in      whole or in part and whether by way of subrogation or otherwise) of any      rights of the Finance Parties under any Finance Document or of any other      security taken pursuant to, or in connection with, any Finance Document      where such rights or security are granted by or in relation to the assets      of the Retiring Guarantor. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.10 | Additional      security |
|-------|--------------------------|

----

| 20.11 | Limitations |
|-------|-------------|

|   | (a) | Any      term or provision of this Clause 20.11 or any other term in this Agreement      or any Finance Document notwithstanding, the maximum aggregate amount of      the obligations for which any U.S. Guarantor shall be liable under this      Agreement shall in no event exceed an amount equal to the largest amount      that would not render such U.S. Guarantor's obligations under this      Agreement, subject to avoidance under applicable United States federal or      state fraudulent conveyance laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Flexsys      Indústria e Comércio Ltda expressly waives any right or benefit it may      have under articles 827, 835, 837 and 838 of the Brazilian Civil Code in      connection with the guarantee and indemnity granted under this      Clause 20. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the guarantee and indemnity granted in this Clause 20 (Guarantee      and Indemnity) (the "Guarantee")      is given by a Guarantor incorporated in Germany in the legal form of (i) a      limited liability company (Gesellschaft      mit beschränkter Haftung (GmbH)) (a "German      GmbH Guarantor") or (ii) a limited partnership (Kommanditgesellschaft)      with a limited liability company as sole general partner (a "German      GmbH & Co. KG Guarantor" and together with the German GmbH      Guarantor referred to as the "German      Guarantor"; a reference made in this paragraph (c) to the "Relevant      Limitation Company" shall, in case of a German GmbH Guarantor,      refer to the relevant German Guarantor and, in case of a German GmbH &      Co. KG Guarantor, refer to the German Guarantor's general partner), the      following shall apply: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The      Finance Parties shall be entitled to enforce the Guarantee against the      relevant German Guarantor without limitation in respect  of: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | all      and any amounts which are owed under the Finance Documents by such German      Guarantor itself or by any of its Subsidiaries;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | all      and any amounts which correspond to funds that have been borrowed under      this Agreement or financial accommodation provided in connection with a      Letter of Credit, in each case to the extent on-lent, or issued for the      benefit of, the relevant German Guarantor or any of its Subsidiaries, or      for the benefit of any of their creditors and in each case not repaid and      outstanding from time to time. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | If      the German Guarantor's liability under the Guarantee exceeds the Unlimited      Enforcement Amount applicable to such German Guarantor, the Finance      Parties shall not be entitled to enforce the Guarantee against such German      Guarantor in excess of the Unlimited Enforcement Amount if and to the      extent that: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      Guarantee secures the obligations of an Obligor which is (a) a shareholder      of the German Guarantor or (b) an affiliated  company |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (verbundenes      Unternehmen) within the meaning of section 15 of the German Stock      Corporation Act (Aktiengesetz)      of a shareholder of the German Guarantor (other than the German Guarantor      and its Subsidiaries); and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      enforcement would have the effect of (a) reducing the Relevant Limitation      Company's net assets (Reinvermögen)      (the "Net      Assets") to an amount of less than the Relevant Limitation      Company's stated share capital (Stammkapital)      or, if the Net Assets are already an amount of less than the Relevant      Limitation Company's stated share capital, of causing such amount to be      further reduced and (b) would thereby affect the assets required for the      obligatory preservation of the Relevant Limitation Company's stated share      capital (Stammkapital)      according to section 30, 31 German Limited Liability Companies Act (Gesetz      betreffend die Gesellschaften mit beschränkter Haftung) provided      that the amount of the stated share capital to be taken into consideration      shall be the amount registered in the commercial register at the date      hereof, and any increase of the stated share capital registered after the      date of this Agreement provided that such increase shall only be taken      into account (i) if such increase is not subject to any consent under the      terms of this Agreement; or (ii) if such increase is subject to any      consent under the terms of this Agreement, such consent has been granted      in writing prior to effecting the increase of the stated share      capital. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | The      Net Assets shall be calculated as an amount equal to the sum of the values      of the Relevant Limitation Company 's assets (consisting of all assets      which correspond to the items set forth in section 266 sub-section (2) A,      B and C of the German Commercial Code (Handelsgesetzbuch)      less the aggregate amount of the Relevant Limitation Company's liabilities      (consisting of all liabilities and liability reserves which correspond to      the items set forth in section 266 sub-section (3) B, C and D of the      German Commercial Code), save that: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | any      asset that is shown in the balance sheet with a book value (Buchwert)      that is significantly lower than the market value of such asset and that      is not necessary for the Relevant Limitation Company's business (nicht      betriebsnotwendig) shall be taken into account with its market      value; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | obligations      under loans provided to the Relevant Limitation Company by any member of      the Group or any other affiliated company shall not be taken into account      as liabilities; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | obligations      under loans or other contractual liabilities incurred by the Relevant      Limitation Company in violation of the provisions of the Finance Documents      shall not be taken into account asliabilities. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The      Net Assets shall be determined in accordance with the generally accepted      accounting principles applicable from time to time in Germany (Grundsätze      ordnungsmäßiger Buch-führung) and be based on the same principles      that were applied by the German Guarantor in the preparation of its most      recent annual balance sheet (Jahresbilanz). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | The      limitations set out in paragraph (ii) above shall only apply if the German      Guarantor delivers to the Agent, without undue delay but not later than      within 3 months after receipt of a request for payment under the Guarantee      by the Agent, an up to date balance sheet prepared by a firm of auditors      of international standard and reputation which shows the value of the      Relevant Limitation Company's Net Assets (the "Balance      Sheet"). The Balance Sheet shall be prepared in accordance with the      principles set out in paragraph (iii) above and shall contain reasonable      details relating to items to be adjusted pursuant to paragraph (iii)      above. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If      the German Guarantor fails to deliver a Balance Sheet within the      aforementioned time period, the Finance Parties shall be entitled to      enforce the Guarantee irrespective of the limitations set out in paragraph      (ii) above. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | If      the Finance Parties disagree with the Balance Sheet, they shall be      entitled to enforce the Guarantee up to the amount which, according to the      Balance Sheet, can be enforced in compliance with the limitations set out      in paragraph (ii) above. In relation to any additional amounts for which      the German Guarantor is liable under the Guarantee, the Finance Parties      shall be entitled to further pursue their claims (if any) and the relevant      German Guarantor shall be entitled to prove that this amount is necessary      for maintaining the Relevant Limitation Company's stated share capital      (calculated as of the date the demand under the Guarantee was      made). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | No      reduction of the amount enforceable under this paragraph (c) of Clause      20.11 (Limitations)      will prejudice the right of the Finance Parties to continue enforcing the      Guarantee (subject always to the operation of the limitations set out      above at the time of such enforcement) until full satisfaction to the      claims guaranteed. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding      any other provision of this Clause 20 (Guarantee      and Indemnity) the guarantee, indemnity and other obligations of      any Obligor expressed to be assumed in this Clause 20 (Guarantee      and Indemnity) shall be deemed not to be assumed by such Obligor to      the extent that the same would constitute unlawful financial assistance      within the meaning of any applicable financial assistance rules under any      Relevant Jurisdiction (the "Prohibition")      and the provisions of this Agreement and the other Finance Documents shall      be construed accordingly. For the avoidance of doubt it is expressly      acknowledged that the relevant Obligor will continue to guarantee all such      obligations which, if included, do not constitute a violation of the      Prohibition. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Flexsys      Indústria e Comércio Ltda. acknowledges and agrees that the lawful      currency of the United States of America or any Optional Currency under      this Agreement shall be the currency of account in any and all events, and      guarantees that the obligations will be paid in the lawful currency of the      United States of America or any Optional Currency, as applicable, in      accordance with the terms and provisions of this Agreement and the Finance      Documents, regardless of any law, regulation or decree now or hereafter in      effect in Brazil that might in any manner affect the Secured Obligations,      the Security Documents or the rights of the Secured Parties with respect      thereto as against Flexsys Indústria e Comércio Ltda., or cause or permit      to be invoked any alteration in the time, amount or manner of payment by      Flexsys Indústria e Comércio Ltda. of any of or all the Secured      Obligations.  Further to and without limiting the currency      indemnities set forth in Section 17.1 of this Agreement, and any other      indemnity, reimbursement or liability set forth under the Finance      Documents, Flexsys Indústria e Comércio Ltda. shall (i) at all times      comply with, and perform such acts as may be required by Brazilian law,      including all laws relating to (A) dealings with public officials and (B)      foreign exchange, Brazilian Central Bank and Federal Revenue Office      regulations (as from time to time amended), in order to preserve and      maintain the validity, perfection and enforceability of the Security      Documents to which it is a party as well as the Secured      Obligations. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | In      relation to any member of the Group which becomes a Guarantor after the      date of this Agreement, this Guarantee is also subject to any limitations      set out in the Accession Letter application to that    Guarantor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21. | REPRESENTATIONS |
|-----|-----------------|

| 21.1 | Status |
|------|--------|

|   | (a) | In      the case of each Obligor other than Flexsys America L.P., it is a      corporation, duly incorporated and validly existing under the law of its      jurisdiction of incorporation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In      the case of Flexsys America L.P., it is a limited partnership, duly formed      and validly existing under the laws of the State of Delaware, United      States of America. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      the case of Flexsys Indústria e Comércio Ltda, it is a limited liability      company (sociedade      limitada) duly incorporated and validly existing under the laws of      Brazil. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | It      has the power to own its assets and carry on its business as it is being      conducted. |
|--------|-----|--------------------------------------------------------------------------------------------------|

| 21.2 | Binding      obligations |
|------|--------------------------|

| 21.3 | Non-conflict      with other obligations |
|------|------------------------------------------|

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

|   | (b) | its      constitutional documents; or |
|--------|-----|---------------------------------------|

|   | (c) | any      agreement or instrument binding upon it or any of its assets other than      under the Existing Facility up to and including the first Utilisation      Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | Power      and authority |
|------|--------------------------|

----

| 21.5 | Validity      and admissibility inevidence |
|------|--------------------------------------------|

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

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

| 21.6 | Governing      law and enforcement |
|------|------------------------------------|

|   | (a) | Subject      to any applicable Reservations, the choice of governing law of each of the      Finance Documents will be recognised and enforced in each Relevant      Jurisdiction, other than as specifically referred to in any legal opinion      delivered pursuant to Clause 4 (Conditions      of Utilisation) or Clause 27 (Changes      to the Obligors). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject      to any applicable Reservations, any judgment obtained in the jurisdiction      whose laws are expressed to govern a Finance Document will be recognised      and enforced in each Relevant Jurisdiction applicable to the governing law      or jurisdiction of incorporation of relevant parties to or assets      specifically secured by that FinanceDocument. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.7 | No      filing taxes |
|------|----------------------|

| 21.8 | No      default |
|------|-----------------|

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

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

| 21.9 | No      misleading information |
|------|--------------------------------|

|   | (a) | Any      written factual information provided by any member of the Group for the      purposes of the Information Memorandum was true and accurate in all      material respects as at the date it was provided or as at the date (if      any) at which it is stated. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      financial projections contained in the Information Memorandum have been      prepared on the basis of recent historical information and on the basis of      reasonable assumptions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Nothing      has occurred or been omitted from the Information Memorandum and no      information has been given or withheld that results in the information      contained in the Information Memorandum being untrue or misleading in any      material respect and nothing has been omitted from the Information      Memorandum which, if disclosed, might adversely affect the decision of a      person considering whether to enter into this  Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Since      the date of the Information Memorandum, no event has occurred which has      had or might reasonably be likely to have a Material Adverse      Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | All      material information (other than the Information Memorandum) supplied by      any member of the Group under or in connection with any Finance Document      is true, complete and accurate in all material respects as at the date it      was given and is not misleading in any material respect and all      information which, if disclosed, might materially adversely affect the      decision of a person considering whether to enter into this Agreement, has      been disclosed. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.10 | Financial      statements |
|-------|---------------------------|

|   | (a) | The      Original Financial Statements were prepared in accordance with GAAP,      consistently applied unless expressly disclosed to the Agent in writing to      the contrary before the date of thisAgreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Its      Original Financial Statements fairly represent its financial condition and      operations (or the financial condition and operations of the Group, in the      case of the Company) during the relevant financial year unless expressly      disclosed to the Agent in writing to the contrary before the date of this      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | There      has been no material adverse change in its financial condition (or the      combined financial condition of the Group, in the case of the Company)      since the date of the Original Financial  Statements. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.11 | Pari      passu rankingIts payment obligations under      the Finance Documents rank at least pari      passu with the claims of all its other unsecured and unsubordinated      creditors, except for obligations mandatorily preferred by law applying to      companies generally. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.12 | No      proceedings pending or threatenedSave as disclosed in the      Information Memorandum, no litigation, arbitration or administrative      proceedings (including, for the avoidance of doubt, insolvency or similar      proceedings) of or before any court, arbitral body or agency which, if      adversely determined, might reasonably be likely to have a Material      Adverse Effect have (to the best of its knowledge and belief) been started      or threatened against it or any of its Subsidiaries, other than as      specifically referred to in any legal opinion delivered pursuant to      Clause 4 (Conditions      of Utilisation) or Clause 27 (Changes      to the Obligors). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.13 | Environmental      complianceSave as disclosed in the      Information Memorandum, each member of the Group has performed and      observed in all material respects all Environmental Law, Environmental      Permits and all other material covenants, conditions, restrictions or      agreements directly or indirectly concerned with any contamination,      pollution or waste or the release or discharge of any toxic or hazardous      substance in connection with any real property which is or was at any time      owned, leased or occupied by any member of the Group or on which any      member of the Group has conducted any activity where failure to do so      might reasonably be likely to have a Material Adverse Effect.  |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.14 | Environmental      ClaimsSave as disclosed in the      Information Memorandum, no Environmental Claim has been commenced or (to      the best of its knowledge and belief) is threatened against any member of      the Group where that claim might be reasonably likely, if determined      against that member of the Group to have a Material Adverse      Effect. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.15 | Taxation |
|-------|----------|

|   | (a) | It      has duly and punctually paid and discharged all Taxes imposed upon it or      its assets within the time period allowed without incurring penalties      (save to the extent that (i) payment is being contested in good faith,      (ii) it has maintained adequate reserves for those Taxes and (iii) payment      can be lawfully withheld). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It      is not materially overdue in the filing of any Tax  returns. |
|--------|-----|----------------------------------------------------------------------|

|   | (c) | No      claims are being or are reasonably likely to be asserted against it with      respect to Taxes. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (d) | It      has properly filed or caused to be filed (and, where applicable, has been      included in) all material U.S. Tax returns, reports and statements      (whether federal, state, local or otherwise) applicable to it in all      jurisdictions in which such returns, reports and statements are required      to be filed.  All such U.S. Tax returns are correct and complete      in all material respects. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | It      has paid all material U.S. Taxes due whether or not shown on any tax      return, together with applicable interest and penalties, except to the      extent such U.S. Taxes are contested in good faith by proper proceedings      which stay the imposition of any penalty, fine or lien resulting from the      non-payment of such U.S. Taxes and with respect to which adequate reserves      have been set aside for the payment of such U.S.  Taxes. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.16 | Deduction      of TaxIt is not required to make any      deduction for or on account of Tax from any payment it may make under any      Finance Document. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.17 | No      ImmunityIn any proceedings taken in a      Relevant Jurisdiction in relation to the Finance Documents, it will not be      entitled to claim for itself or any of its assets immunity from suit,      execution, attachment or other legalprocess. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.18 | Private      and commercial actsIts execution of the Finance      Documents constitutes, and its exercise of its rights and performance of      its obligations hereunder will constitute, private and commercial acts      done and performed for private and commercial  purposes. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.19 | SecurityNo Security exists over all or      any of the present or future assets of any member of the Group other than      any Security permitted or contemplated under Clause 24.3 (Negative      Pledge). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.20 | RankingSubject to the Reservations      and applicable Perfection Requirements, the Transaction Security has or      will have first ranking priority and it is not subject to any prior      ranking or pari      passu ranking Security unless purported otherwise in any Security      Documents. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.21 | Transaction      SecuritySubject to the Reservations      and applicable Perfection Requirements, each Security Document to which it      is a party validly creates the Security which is expressed to be created      by that Security Document and evidences the Security it is expressed to      evidence. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.22 | Good      Title to AssetsIt has good, valid and      marketable title to, or valid leases or licences of, and all appropriate      Authorisations to use, the material assets necessary to carry on its      business as presently conducted. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.23 | No      disposal of interestsIt has not sold or granted (or      agreed to sell or grant) any right or pre-emption over, or any lease or      tenancy of or otherwise disposed of any of its interest in any of the      Charged Property. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.24 | Legal      and Beneficial OwnerIt is the absolute legal owner      and beneficial owner or the sole beneficial owner of the assets subject to      the Transaction Security and, in the case of assets that are subject to      Security Documents governed by the laws of Germany, may freely dispose      thereof without restrictions. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.25 | Shares |
|-------|--------|

|   | (a) | The      Shares are fully paid and not subject to any option to purchase or similar      rights.  The constitutional documents of companies whose shares      are subject to the Transaction Security do not and could not restrict or      inhibit any transfer of those shares on creation or on enforcement of the      Transaction Security. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Shares in Flexsys S.p.A are free      and clear of any encumbrance, security interest, option right (diritto      di opzione), pre-emption right (diritto      di prelazione) or any other third-party lien or right, except as      created by the Italian Share Pledge and the Company represents that it has      not sold or disposed of or granted any option or pre-emption right in      respect of any of its right, title and interest      in the Charged Portfolio (other than as permitted under the Secured      Contracts). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      Shares in Flexsys Indústria e Comércio Ltda. have been duly authorized and      validly issued in compliance with applicable laws and are fully paid in.      There are no outstanding warrants, options, subscriptions, reserved quotas      or other contractual arrangements for the purchase of the Shares, and      there are no outstanding arrangements, preemptive rights, redemption      rights or any other rights or claims of any character relating to the      issuance, purchase, repurchase, redemption, transfer, voting or preemptive      rights with respect to the Shares (which are duly paid in) that restrict      the transfer of, require the issuance of, or otherwise relate to any class      of the capital stock of Flexsys Indústria e Comércio Ltda., in either case      that would affect the pledge and usufruct granted by it under the      Brazilian Quota Pledge Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Charged Portfolio is not subject to foreclosure (pignoramento)      or seizure (sequestro)      and there does not exist any restriction on the ability to transfer or      realise all or any part of the Charged  Portfolio. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.26 | No      listed securitiesNone of the      Belgian Obligors has issued listed securities, or is a Subsidiary of a      Belgian company that has issued listed  securities. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.27 | Group      StructureThe      Group Structure Chart delivered to the Agent pursuant to Schedule 2 (Conditions      Precedent) is true, complete and  accurate. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.28 | Ownership      of the ObligorsEach      Obligor (other than Flexsys America L.P., Flexsys Rubber Chemicals Limited      and the Company itself) is a Subsidiary of the    Company. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.29 | Ownership      of the CompanyOn      and from the Akzo NobelRetirement: |
|-------|-------------------------------------------------------------------------|

|   | (a) | Solutia      Inc. owns 50 per cent. of the issued ordinary share capital of the      Company and Solutia Europe N.V. owns 50 per cent. of the issued      preference share capital of the Company, with the balance of such issues      ordinary shares and issued preference shares being held by the Company      itself; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Flexsys      America Co and Solutia Inc. own all of the partnership interests of      Flexsys America L.P.; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (c) | Solutia      UK Capital Limited owns all of the issued share capital of Flexsys Rubber      Chemicals Limited. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 21.30 | Centre      of main interests andestablishments |
|-------|-------------------------------------------------|

|   | (a) | Each      Obligor listed in Schedule 11 (Centre      of Main Interests and Establishments) has its "centre of main      interests" (as that term is used in Article 3(1) of The Council of the      European Union Regulation No. 1346/2000 on Insolvency Proceedings (the      "Regulation")      as set out in Schedule 11 (Centre      of Main Interests andEstablishments). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      Original Obligors listed in Schedule 11 (Centre      of Main Interests and Establishments) have an "establishment" (as      defined in Article 2(h) of the Regulation) in the countries set out in      Schedule 11 (Centre      of Main Interests andEstablishments). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.31 | Akzo      Nobel RetirementThe      Akzo Nobel Retirement is legally valid and enforceable and is in      compliance with all laws and legal requirements in each Relevant      Jurisdiction. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.32 | ERISA      Plans |
|-------|------------------|

|   | (a) | Each      Employee Plan is in compliance in form and operation with ERISA and the      Code and all other applicable laws and regulations save where any failure      to comply would not reasonably be expected to have a Material Adverse      Effect. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Employee Plan which is intended to be qualified under Section 401(a) of      the Code has been determined by the IRS to be so qualified or is in the      process of being submitted to the IRS for approval or will be so submitted      during the applicable remedial amendment period, and, nothing has occurred      since the date of such determination that would adversely affect such      determination (or, in the case of an Employee Plan with no determination,      nothing has occurred that would materially adversely affect such      qualification). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | There      exists no Unfunded Pension Liability with respect to Employee Plans in the      aggregate, taking into account only Employee Plans with positive Unfunded      Pension Liability, except as would not have a Material Adverse      Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | There      are no actions, suits or claims pending against or involving an Employee      Plan (other than routine claims for benefits) or, to the knowledge of the      Borrowers, any U.S. Obligor or any ERISA Affiliate, threatened, which      would reasonably be expected to be asserted successfully against any      Employee Plan and, if so asserted successfully, would reasonably be      expected either singly or in the aggregate to have a Material Adverse      Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each      U.S. Obligor and any ERISA Affiliate has made all material contributions      to or under each such Employee Plan required by law within the applicable      time limits prescribed thereby, the terms of such Employee Plan, or any      contract or agreement requiring contributions to an Employee Plan save      where any failure to comply would not reasonably be expected to have a      Material Adverse Effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Neither      any U.S. Obligor nor any ERISA Affiliate has ceased operations at a      facility so as to become subject to the provisions of Section 4068(a) of      ERISA, withdrawn as a substantial employer so as to become subject to the      provisions of Section 4063 of ERISA or ceased making contributions to any      Employee Plan subject to Section 4064(a) of ERISA to which it made      contributions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Neither      any U.S. Obligor nor any ERISA Affiliate has incurred or reasonably      expects to incur any liability to PBGC save for any liability for premiums      due in the ordinary course or other liability which would not reasonably      be expected to have a Material AdverseEffect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.33 | Pensions |
|-------|----------|

|   | (a) | No      UK Obligor is or has at any time been an employer (for the purpose of      sections 38 to 51 of the Pensions Act 2004) of an occupational pension      scheme which is not a money purchase scheme (both terms as defined in the      Pension Schemes Act 1993) save in respect of the Flexsys Rubber Chemicals      Retirement Benefits Scheme. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      UK Obligor is or has at any time been "connected" with or an "associate"      of (as those terms are used in sections 39 and 43 of the Pensions Act      2004) such an employer. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No      member of the Group has any Multiemployer Plan and no member of the Group      will acquire or establish a MultiemployerPlan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 21.34 | Financial      assistance |
|-------|---------------------------|

|   | (a) | The      provision of guarantees and security required under the Finance Documents      do not constitute unlawful financial assistance or breach any similar laws      in any jurisdiction. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      proceeds of the Facilities have not been and will not be used to finance      or refinance the acquisition of or subscription for shares in any member      of the Group other than in connection with the Akzo Nobel      Retirement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      acquisition of shares in connection with the Akzo Nobel Retirement will be      performed in compliance with all relevantlaws. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 21.35 | Federal      Reserve Regulations |
|-------|----------------------------------|

|   | (a) | No      Obligor is engaged or will engage, principally or as one of its important      activities, in the business of purchasing or carrying Margin Stock or      extending credit for the purpose of purchasing or carrying Margin      Stock. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | None      of the proceeds of the Loans or other extensions of credit under this      Agreement will be used, directly or indirectly, for the purpose of buying      or carrying any Margin Stock, for the purpose of reducing or retiring any      Financial Indebtedness that was originally incurred to buy or carry any      Margin Stock or for any other purpose which might cause all or any Loans      or other extensions of credit under this Agreement to be considered a      "purpose credit" within the meaning of Regulation U or Regulation      X. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.36 | Investment      CompaniesNo      Obligor, person controlling an Obligor or Subsidiary of an Obligor is or      is required to be registered as an "investment company" under the U.S.      Investment Company Act of 1940 (the "1940      Act"). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.37 | Anti-Terrorism      Laws |
|-------|--------------------------|

|   | (a) | To      the best of the Obligors' knowledge, no Obligor nor any Affiliate thereof:      (i) is, or is controlled by, a Restricted Party; (ii) has received funds      or other property from a Restricted Party; or (iii) is in breach of or is      the subject of any action or investigation under any Anti-Terrorism      Law. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Each      Obligor and, to the best of the Obligors' knowledge, each Affiliate      thereof has taken reasonable measures to ensure compliance with the      Anti-Terrorism Laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.38 | Germany      money launderingEach      German Borrower is the beneficiary (within the meaning of section 8 of the      German Money Laundering Act (Gesetz      über das Aufspüren von Gewinnen aus schweren Straftaten      Geldwäschegesetz) for each Loan made or to be made available to      it. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 21.39 | Flexsys      Chemicals (M) Sdn. Bhd. |
|-------|--------------------------------------|

|   | (a) | Flexsys      Chemicals (M) Sdn. Bhd. is not connected with any director of any Borrower      of which it is not a Subsidiary. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      director of any Borrower of which Flexsys Chemical (M) Sdn. Bhd. is not a      Subsidiary holds 15 per cent or more of the issued Shares in Flexsys      Chemicals (M) Sdn. Bhd.. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Flexsys      Chemicals (M) Sdn. Bhd. is not accustomed to act (nor is it under an      obligation to act) in accordance with the directions, instructions or      wishes of a director of any Borrower of which it is not a      Subsidiary. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.40 | On-lending |
|-------|------------|

|   | (a) | Each      Obligor confirms that there is a corporate benefit in it fulfilling its      obligations under this Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Flexsys      Chemicals (M) Sdn. Bhd. ("Flexsys      Malaysia") has no domestic borrowings in Malaysia and as and when      the need arises and/or to comply with any condition which may be imposed      by the FIC, either a Borrower shall advance funds from the Facilities to      Flexsys Malaysia as inter-company loans or Flexsys Malaysia shall borrow      hereunder in either case to fund its business operations in      Malaysia. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.41 | Initial      UtilisationThe      initial Utilisation will be performed in accordance with the Funds Flow      Statement provided in satisfaction of the condition precedent contained in      Part 8(d) of Schedule 2 (Conditions      Precedent) of thisAgreement. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 21.42 | No      cluster bombs or anti-personnel minesNone      of the Borrowers and none of their Subsidiaries carries out activities      related to manufacturing, use, repair, exhibition for sale, sale, import,      export, stockpiling or transport of cluster bombs, submunitions or      anti-personnel mines. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 21.43 | RepetitionThe      Repeating Representations are deemed to be made by the Company (on its own      behalf and on behalf of each other Obligor) (by reference to the facts and      circumstances then existing)on: |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      date of each Utilisation Request and the first day of each Interest      Period; and |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (b) | in      the case of an Additional Obligor, the day on which the company becomes      (or it is proposed that the company becomes) an Additional      Obligor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22. | INFORMATION UNDERTAKINGSThe undertakings in this      Clause remain in force from the date of this Agreement for so long as any      amount is outstanding under the Finance Documents or any Commitment is in      force. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.1 | Financial      statementsThe Company shall supply to      the Agent in sufficient copies for all the  Lenders: |
|------|----------------------------------------------------------------------------------------------------------------|

|   | (a) | as      soon as the same become available, but in any event within 120 days for      sub-paragraph (i) below and 180 days for sub-paragraph (ii) below after      the end of each of its financialyears: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      audited Combined Financial Statements of the Group for that financial      year; and |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (ii) | the      audited financial statements of each Obligor for that financial year;      and |
|--------|------|-----------------------------------------------------------------------------------------|

|   | (b) | as      soon as the same become available, but in any event within 45 days after      the end of each quarter of each of its financial  years: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Combined Financial Statements for that period;  and |
|--------|-----|--------------------------------------------------------------|

|   | (ii) | the      financial statements of each Obligor for that  period. |
|--------|------|-----------------------------------------------------------------|

| 22.2 | Compliance      Certificate |
|------|-----------------------------|

|   | (a) | The      Company shall supply to the Agent, with each set of financial statements      delivered pursuant to paragraph (a)(i) or (b)(i) of Clause 22.1 (Financial      statements), a Compliance Certificate setting out (in reasonable      detail) computations as to compliance with Clause 23 (Financial      Covenants) as at the date as at which those financial statements      were drawn up. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Compliance Certificate shall be signed by two directors of the      Company. |
|--------|-----|----------------------------------------------------------------------------------------|

| 22.3 | Requirements      as to financial statements |
|------|----------------------------------------------|

|   | (a) | The      Company shall procure that each set of financial statements for each      Obligor and for the Group delivered pursuant to Clause 22.1 (Financial      statements) is prepared using GAAP (or local GAAP as applicable)      and that in each case accounting practices and financial reference periods      are materially consistent with those applied in the preparation of the      Original Financial Statements for that Obligor and the Group, as      applicable, unless, in relation to any set of financial statements, it      notifies the Agent that there has been a material change in GAAP (or Local      GAAP, as applicable), or the accounting practices or reference periods and      its auditors (or, if appropriate, the auditors of the member of the Group)      deliver to the Agent: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      description of any material change necessary for those financial      statements to reflect the GAAP, accounting practices and reference periods      upon which that Obligor's or the Group's (as applicable) Original      Financial Statements were prepared;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | sufficient      information, in form and substance as may be reasonably required by the      Agent, to enable the Lenders to determine whether Clause 23 (Financial      Covenants) has been complied with and make an accurate comparison      between the financial position indicated in those financial statements and      that Obligor's or the Group's Original Financial Statements, as      applicable. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the Company notifies the Agent of a change in accordance with paragraph      (i) above then the Company and Agent shall enter into negotiations in good      faith with a view to agreeing: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | whether      or not the change might result in any material alteration in the      commercial effect of any of the terms of this Agreement;    and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      so, any amendments to this Agreement which may be necessary to ensure that      the change does not result in any material alteration in the commercial      effect of those terms |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | and      if any amendments are agreed they shall take effect and be binding on each      of the Parties in accordance with their terms. Any reference in this      Agreement to those financial statements shall be construed as a reference      to those financial statements as adjusted to reflect the basis upon which      the Original Financial Statements wereprepared. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Combined Financial Statements prepared for the purposes of Clause 23      (Financial      Covenants) and the covenant calculations shall be prepared using      GAAP and in the event of there being any material change in GAAP or the      accounting practices applied or reference periods used or its auditors,      the provisions of paragraph (b) of this Clause 22.3 shall apply mutatis      mutandis. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4 | ERISA-Related      Information |
|------|--------------------------------|

|   | (a) | promptly      and in any event within 15 days after any U.S. Obligor or any ERISA      Affiliate files a Schedule B (or such other schedule as contains actuarial      information) to IRS Form 5500 in respect of an Employee Plan with Unfunded      Pension Liabilities, a copy of such IRS Form 5500 (including the Schedule      B); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      and in any event within 30 days after any U.S. Obligor or any ERISA      Affiliate knows or has reason to know that any ERISA Event which,      individually or when aggregated with any other ERISA Event, would      reasonably be expected to have a Material Adverse Effect has occurred, the      written statement of the Chief Financial Officer of such U.S. Obligor or      ERISA Affiliate, as applicable, describing such ERISA Event and the      action, if any, which it proposes to take with respect to such ERISA Event      and a copy of any notice filed with the PBGC or the IRS pertaining to such      ERISA Event; provided      that, in the case of ERISA Events under paragraph (d) of the      definition thereof, the 30-day period set forth above shall be a 10-day      period, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | and,      in the case of ERISA Events under paragraph (b) of the definition thereof,      in no event shall notice be given later than the occurrence of the ERISA      Event; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | promptly,      and in any event within thirty days, after becoming aware that there has      been (i) a material increase in Unfunded Pension Liabilities, taking into      account only Employee Plans with positive Unfunded Pension Liabilities;      (ii) the existence of potential withdrawal liability under Section 4201 of      ERISA, if the Parent and its ERISA Affiliates were to completely or      partially withdraw from all Multiemployer Plans; (iii) the adoption of, or      the commencement of contributions to, any Employee Plan subject to Section      412 of the Code by any Obligor or any ERISA Affiliate; or (iv) the      adoption of any amendment to an Employee Plan subject to Section 412 of      the Code which results in a material increase in contribution obligations      of any Obligor, a detailed written description thereof from the Chief      Financial Officer of each affected U.S. Obligor or ERISA Affiliate, as      applicable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5 | Information:      miscellaneousThe      Company shall supply to the Agent (in sufficient copies for all the      Lenders, if the Agent so requests): |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (c) | promptly,      such further information regarding the financial condition, business and      operations of any member of the Group as any Finance Party (through the      Agent) may reasonably request (including, but not limited to, such      information required under sections 13, 13a and 18 of the German Banking      Act (Kreditwesengesetz))      but so that prior to a Default, no more than one request may be made in      any three month period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6 | Notification      of default |
|------|------------------------------|

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

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

----

| 22.7 | Use      of websites |
|------|----------------------|

|   | (a) | The Company may satisfy its      obligation under this Agreement to deliver any information in relation to      those Lenders ( the "Website      Lenders") who accept this      method of communication by posting this information onto an electronic      website designated by the Company and the Agent (the "Designated      Website") if: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Agent expressly agrees (after consultation with each of the Lenders) that      it will accept communication of the information by this      method; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | both      the Company and the Agent are aware of the address of and any relevant      password specifications for the Designated Website;  and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      information is in a format previously agreed between the Company and the      Agent. |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | (b) | The      Agent shall supply each Website Lender with the address of and any      relevant password specifications for the Designated Website following      designation of that website by the Company and the  Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Company shall promptly upon becoming aware of its occurrence notify the      Agent if: |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (i) | the      Designated Website cannot be accessed due to technical      failure; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (ii) | the      password specifications for the Designated Website  change; |
|--------|------|----------------------------------------------------------------------|

|   | (iii) | any      new information which is required to be provided under this Agreement is      posted onto the Designated Website; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      existing information which has been provided under this Agreement and      posted onto the Designated Website is amended;  or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Company becomes aware that the Designated Website or any information      posted onto the Designated Website is or has been infected by any      electronic virus or similarsoftware. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Any      Website Lender may request, through the Agent, one paper copy of any      information required to be provided under this Agreement which is posted      onto the Designated Website.  The Company shall comply with any      such request within ten BusinessDays. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.8 | "Know      your customer"checks |
|------|---------------------------------|

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

|   | (i) | the      introduction of or any change in (or in the interpretation, administration      or application of) any law or regulation made after the date of this      Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      change in the status or the shareholders of an Obligor after the date of      this Agreement; or |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (iii) | a      proposed assignment or transfer by a Lender of any of its rights and      obligations under this Agreement to a party that is not a Lender prior to      such assignment or transfer, |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender shall promptly upon the request of the Agent supply, or procure the      supply of, such documentation and other evidence as is reasonably      requested by the Agent (for itself) in order for the Agent to carry out      and be satisfied it has complied with all necessary "know your customer"      or other similar checks under all applicable laws and regulations pursuant      to the transactions contemplated in the Finance  Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Company shall, by not less than 10 Business Days' prior written notice to      the Agent, notify the Agent (which shall promptly notify the Lenders) of      its intention to request that one of its Subsidiaries becomes an      Additional Obligor pursuant to Clause 27 (Changes      to the Obligors). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Following      the giving of any notice pursuant to paragraph (c) above, if the accession      of such Additional Obligor obliges the Agent or any Lender to comply with      "know your customer" or similar identification procedures in circumstances      where the necessary information is not already available to it,      the |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Company shall      promptly upon the request of the Agent or any Lender supply, or procure      the supply of, such documentation and other evidence as is reasonably      requested by the Agent (for itself or on behalf of any Lender) or any      Lender (for itself or on behalf of any prospective new Lender) in order      for the Agent or such Lender or any prospective new      Lender to carry out and be satisfied it has complied with all necessary      "know your customer" or other similar checks under all applicable laws and      regulations pursuant to the accession of such Subsidiary to this Agreement      as an Additional Obligor. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | FINANCIALCOVENANTS |
|-----|--------------------|

| 23.1 | Financial      definitions |
|------|----------------------------|

|   | (a) | moneys      borrowed and debit balances with financial  institutions; |
|--------|-----|-----------------------------------------------------------------------|

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

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

|   | (d) | the      amount of any liability in respect of any lease or hire purchase contract      which would, in accordance with GAAP, be treated as a finance or capital      lease; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (f) | any      counter-indemnity obligation in respect of a guarantee, indemnity, bond,      standby or documentary letter of credit or any other instrument issued by      a bank or financial institution (excluding any given in respect of trade      credit arising in the ordinary course of  business); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | any      amount raised by the issue of redeemable shares which are redeemable      before the Termination Date of eachFacility; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any      amount of any liability under an advance or deferred purchase agreement      arranged primarily as a method of raising finance or financing the      acquisition of an asset; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      amount raised under any other transaction (including any forward sale or      purchase agreement) having the commercial effect of a borrowing;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (j) | (without double counting) the amount of any liability      in respect of any guarantee or indemnity for any of the items referred to      in paragraph (a) to (i) above. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | excluding: |
|--------|-----|------------|

|   | (i) | (to      the extent otherwise included) any gain over book value of any member of      the Group or any Affiliate of any such member and after adding back any      loss on book value arising on the sale, lease or disposal of any asset by      any member of the Group or any Affiliate of any such member (other than on      the sale of trading stock) during such period and any gain or loss arising      on revaluation of any asset during such period);  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | realised      and unrealised exchange gains and losses which do not relate to ordinary      trading activities, |
|--------|------|-----------------------------------------------------------------------------------------------------------------|

|   | (b) | and      adding back: |
|--------|-----|-----------------------|

|   | (i) | the      non-cash component of any restructuring charges or asset impairments      arising as a result of restructuring incurred during the period;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      cash component of any restructuring expenditure incurred during the period      (subject to a maximum in any one 12 month period of US$15,000,000 and a      cumulative cap during the term of the Facilities of US$30,000,000);      and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      cash expenditures incurred during the period for the purposes of defending      the Group's Intellectual Propertyrights. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | excluding      any such obligations to any other member of the    Group; |
|--------|-----|--------------------------------------------------------------------------|

|   | (b) | including      the interest element of leasing and hire purchase      payments; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (c) | including      any accrued commission, fees, discounts and other finance payments payable      by any member of the Group under any interest rate hedging |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | arrangement      (but excluding, for the avoidance of doubt, any marked to market hedging      gains or losses); |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | (d) | deducting      any accrued commission, fees, discounts and other finance payments owing      to any member of the Group under any interest rate hedging instrument      (but      excluding, for the avoidance of doubt, any marked to market hedging gains      or losses); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | excluding      any Acquisition Costs;and |
|--------|-----|------------------------------------------|

|   | (f) | excluding      any interest in respect of the loan made under the Subordinated      Loan. |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (a) | any      amount credited to the share premiumaccount; |
|--------|-----|-------------------------------------------------------|

|   | (b) | any      capital redemption reserve fund;and |
|--------|-----|----------------------------------------------|

|   | (c) | any      balance standing to the credit of the combined profit and loss account of      the Group, |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (a) | any      debit balance on the combined profit and loss account of the      Group; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | (to      the extent included) any amount shown in respect of goodwill (including      goodwill arising only on consolidation) or other intangible assets of the      Group; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      amount in respect of interests of non-Group members in Group subsidiaries      (other than the interests in Flexsys America LP and Flexsys Rubber      Chemicals Ltd); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | (to      the extent included) any amounts arising from an upward revaluation of      assets made at any time after 2006;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | (to      the extent included) any non-cash adjustments arising from accumulated      currency adjustments made at any time after  2006, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | excluding      any such obligations to any other member of the Group;  and |
|--------|-----|----------------------------------------------------------------------------|

|   | (b) | including,      in the case of finance leases, only the capitalised value      therefore, |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | and so that no amount shall be      included or excluded more than once. "EBITDA"      means earnings before Combined Senior Interest Expenses, taxation,      depreciation and amortisation. "Relevant      Period" means each period of twelve months ending on the last day      of each quarter of the Company's financial year.  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Financial      condition The Company shall ensure      that: |
|------|-------------------------------------------------------------------|

|   | (a) | Interest      CoverThe ratio of Combined EBITDA      to Combined Senior Interest Expenses in respect of any Relevant Period      shall not be less than 4:1. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Senior      LeverageThe ratio of Combined Senior      Total Financial Debt at any time to Combined EBITDA (the "Senior      Leverage Ratio") in respect of any Relevant Period shall not at any      time exceed 3:1. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Combined      Tangible Net WorthThe Combined Tangible Net      Worth in respect of any Relevant Period shall not be less than      US$75,000,000 plus an amount equal to 75 per cent. of the combined net      income of the Group in respect of each complete financial year of the      Company ending after the date of thisAgreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.3 | Financial      testingThe financial covenants set      out in Clause 23.2 (Financial      condition) shall be tested quarterly by reference to each of the      Combined Financial Statements of the Group and/or each Compliance      Certificate delivered pursuant to Clause 22.2 (Compliance      Certificate). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | GENERAL UNDERTAKINGSThe undertakings in this      Clause 24 remain in force from the date of this Agreement for so long as      any amount is outstanding under the Finance Documents or any Commitment is      in force. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.1 | AuthorisationsEach Obligor shall promptly      obtain, comply with and do all that is necessary to maintain in full force      and effect any Authorisation required under any law or regulation of the      Relevant Jurisdictions to enable it to perform its obligations under the      Finance |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.2 | Compliance      with laws |
|------|---------------------------|

|   | (a) | Each      Obligor shall comply in all respects with all laws to which it may be      subject, if failure so to comply might be reasonably likely to have a      Material Adverse Effect subject to any  Reservations. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Dutch Obligor shall comply in all respects with the Dutch    FSA. |
|--------|-----|-----------------------------------------------------------------------------|

| 24.3 | Negative      pledge |
|------|----------------------|

|   | (a) | No      Obligor shall (and the Company shall ensure that no other member of the      Group will) create or permit to subsist any Security over any of its      assets. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Obligor shall (and the Company shall ensure that no other member of the      Group will): |
|--------|-----|---------------------------------------------------------------------------------------------------|

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

|   | (ii) | sell,      transfer or otherwise dispose of any of its receivables on recourse      terms; |
|--------|------|--------------------------------------------------------------------------------------------|

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

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

|   | (c) | Subject      to paragraph (d) below, paragraphs (a) and (b) above do not apply      to: |
|--------|-----|-----------------------------------------------------------------------------------------|

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

|   | (ii) | any      lien arising by operation of law in the ordinary course of business and      securing amounts not more than 30 daysoverdue; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      lien arising by operating of law in the ordinary course of business and      securing amounts more than 30 days overdue provided      that such overdue amounts are being contested by the relevant      Obligor in good faith; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | any      Security over or affecting (or transaction ("Quasi-Security")      described in paragraph (b) above) affecting any asset acquired by a member      of the Group after the date of this Agreement  if: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (C) | the      Security or Quasi-Security is removed or discharged within three months of      the date of acquisition of suchasset; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

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

|   | (A) | the      Security or Quasi-Security was not created in contemplation of the      acquisition of that company; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

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

|   | (C) | the      Security or Quasi-Security is removed or discharged within three months of      that company becoming a member of the Group;or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (vii) | any      netting or set-off arrangement entered into under any hedging transaction      permitted under Clause 24.14 where the obligations of the parties are      calculated by reference to net exposure under that hedging      transaction; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | any      Quasi-Security arising as a result of a sale, transfer or other disposal      which is a permitted under Clause 24.4 (Disposals); |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | any      Security or Quasi-Security created after the commencement of legal      proceedings with a view to preserving the status quo between the litigants      pending the outcome of those proceedings, provided      that such Security or Quasi-Security does not secure Financial      Indebtedness exceeding in aggregate US$1,000,000 (or its equivalent in      another currency or currencies) at any time and is released forthwith upon      final determination of such litigation provided      that such Security or Quasi-Security shall be created or arise      solely pursuant to a legal obligation or  requirement; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | any      Security or Quasi-Security over goods, documents of title to goods and      related documents and insurances and their proceeds to secure liabilities      of any member of the Group in respect of a letter of credit or other      similar instrument issued for all or part of the purchase price and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | costs      of shipment, insurance and storage of goods acquired by any member of the      Group in the ordinary course oftrading; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | easements,      zoning restrictions and similar encumbrances on real property and minor      irregularities in the title thereto that do not (i) secure obligations for      the payment of money or (ii) materially impair the value of such property      or its use by any member of the Group in the ordinary course of      business; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii) | any Security or Quasi-Security      arising under any retention of title, hire purchase or conditional sale      arrangement or arrangements having similar effect in respect of goods      supplied to a member of the Group in the ordinary      course of trading and not as a result of any default or omission by any      member of theGroup; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xiii) | any      Quasi Security arising as a result of any factoring of receivables      permitted under Clause 24.14; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | (xiv) | any      Security or Quasi-Security with the consent of the Majority      Lenders; |
|--------|-------|------------------------------------------------------------------------------------|

|   | (xv) | any      Security or Quasi-Security created or subsisting to secure any obligations      incurred in order to comply with the requirements of Section 8a of the      German Partial Retirement Act (Altersteilzeitgesetz) and/or Section 7d of      the German Sozialgesetzbuch IV; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xvi) | any      Security or Quasi-Security securing indebtedness the principal amount of      which (when aggregated with the principal amount of any other indebtedness      which has the benefit of Security or Quasi Security given by any member of      the Group other than any permitted under paragraphs (i) to (xv)      above) does not at any time exceed US$1,500,000 (or its equivalent in      another currency or currencies). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Flexsys      Indústria e Comercío Ltda is not permitted to create or permit to subsist      any Security or Quasi-Security nor incur any secured or quasi-secured      obligations (howsoever described) referred to in paragraph (c)(iv) to      (c)(xv) above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No      Belgian Obligor shall create any Security or Quasi-Security (including but      by no means limited to any pledge) over or affecting any inventory of that      Belgian Obligor. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.4 | Disposals |
|------|-----------|

|   | (a) | No      Obligor shall (and the Company shall ensure that no other member of the      Group will), enter into a single transaction or a series of transactions      (whether related or not) and whether voluntary or involuntary to sell,      lease, transfer or otherwise dispose of any  asset. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | (i) | made      in the ordinary course of trading and on arm's length terms of the      disposing entity; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

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

|   | (iii) | by      one Obligor to another Obligor provided      that if the first Obligor has granted security over any such asset      that other Obligor must be party to a legally valid binding and      enforceable Security Document which creates a first priority Security over      the assets transferred; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | for      cash on arm's length terms of any obsolete assets not required for the      efficient operation of the business of the Group by any member of the      Group; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | of      cash where that disposal is not otherwise prohibited by the Finance      Documents; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (vi) | by      the Company of all shares held in Flexsys America Co. to Solutia Inc. (or      any of its affiliates); or |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | (vii) | of      assets by a member of the Group which is not an Obligor to another member      of the Group which is not an Obligor;or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | of      assets with the consent of the Majority Lenders;  or |
|--------|--------|--------------------------------------------------------------|

|   | (ix) | not      otherwise permitted where the higher of the market value and consideration      receivable (when aggregated with the higher of the market value and/or      consideration (as the case may be) receivable for any other sale, lease,      transfer or other disposal) does not exceed US$10,000,000 (or its      equivalent in another currency orcurrencies). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.5 | Merger |
|------|--------|

|   | (a) | any      such arrangements involving only members of the Group;  or |
|--------|-----|---------------------------------------------------------------------|

|   | (b) | the      transfer of ownership of Flexsys America Co. to Solutia    Inc.. |
|--------|-----|---------------------------------------------------------------------------|

| 24.6 | Change      of Business |
|------|-------------------------|

| 24.7 | Insurance |
|------|-----------|

|   | (a) | Each      Obligor shall (and the Company shall ensure that each other member of the      Group will) maintain insurances on and in relation to its business and      assets with reputable independent underwriters or insurance      companies: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | against      those risks, and to the extent, usually insured against by prudent      companies located in the same or a similar location and carrying on a      similar business; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | against      those risks, and to the extent, required by applicable law or by      contract. |
|--------|------|----------------------------------------------------------------------------------------------|

|   | (b) | Without      limiting paragraph (a) above, each Obligor shall (and the Company shall      ensure that each other member of the Group will) maintain insurance on all      of its assets of an insurable nature against loss or damage by fire and      other risks normally insured against by persons carrying on a similar      business in a sum or sums at least equal to their replacement value      (meaning the total cost of entirely rebuilding, reinstating or replacing      those assets if completely destroyed, together with architects',      surveyors' and other professionalfees). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Obligor shall (and the Company shall ensure that each other member of the      Group will) promptly pay premiums and do all things necessary to maintain      insurances required of it by paragraphs (a) and (b)  above |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.8 | Environmental      Compliance |
|------|-------------------------------|

| 24.9 | Environmental      Claims |
|------|---------------------------|

|   | (a) | if      any Environmental Claim has been commenced or (to the best of the      Company's knowledge and belief) is threatened against any member of the      Group; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 24.10 | Taxation |
|-------|----------|

----

| 24.11 | Acquisitions |
|-------|--------------|

|   | (a) | No      Obligor shall (and the company shall ensure that no other member of the      Group will) acquire any company, business or  undertaking. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph      (a) above shall not apply to any acquisition by a member of the Group of      any company, business or undertaking (including for the avoidance of      doubt, any acquisition in connection with the German Debt Pushdown)      provided that: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Finance Parties will enjoy the same or equivalent Security and recourse to      such asset following completion of that  acquisition; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Company certifies to the Agent (signed by two directors) in form and      substance substantially similar to the certificate contained in Schedule      13 (Sources      and Uses Table) that following such acquisition, the Group will      continue to have excess liquidity (as defined in Clause 24.18 (Subordinated      Loan) of this Agreement) of at least  US$40,000,000; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Company delivers financial projections demonstrating compliance with the      financial covenants contained in Clause 23 (Financial      Covenants) of      this Agreement for the balance of the term of the Facilities, financial      projections of which shall take into account such acquisition and be      prepared on a pro forma basis; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      consideration for any acquisition (when aggregated with the consideration      for any other acquisition permitted under this paragraph (b)) does not      exceed US$30,000,000 in any financial year of the Group and if the      consideration for such acquisitions exceeds US$30,000,000 in aggregate in      any financial year the Group must have the prior consent of the Agent      (acting on instruction of the MajorityLenders). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.12 | Loans      and Guarantees |
|-------|---------------------------|

|   | (a) | No      Obligor shall (and the Company shall ensure that no member of the Group      will) make any loans, grant any credit (save in the ordinary course of      business or to another member of the Group (including for the avoidance of      doubt, as may be required in connection with the German Debt Pushdown)) or      give any guarantee or indemnity (except as required under any of the      Finance Documents) to or for the benefit of any person or otherwise      voluntarily assume any liability, whether actual or contingent, in respect      of any obligation of any person otherthan: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      guarantee, bond, indemnity or counter-indemnity existing at the date of      this Agreement; or |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | any      unsecured guarantee issued by an Obligor in respect of the Financial      Indebtedness of any other member of Group which Financial Indebtedness is      permitted under the FinanceDocuments; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | any      unsecured guarantee issued by a member of the Group on arm's length terms      (including any counter-indemnity obligation) and in the ordinary course of      its trading, not in respect of Financial  Indebtedness; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      endorsement of negotiable instruments in the ordinary course of      trade; |
|--------|------|--------------------------------------------------------------------------------------|

|   | (v) | a      loan from a member of the Group to its directors and/or employees provided      that the aggregate amount of loans to directors or employees of      members of the Group does not exceed US$10,000 at any  time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Obligor shall (and the Company shall ensure that no member of the Group      will) agree to any arrangement after the date of this Agreement which      might increase the amount which it may be liable to pay in connection with      any guarantee, bond, indemnity or counter-indemnity permitted under      paragraph (a)(i) above, other than in respect of any guarantee, bond,      indemnity or counter-indemnity issued by an Obligor to another member of      the Group. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notwithstanding the foregoing, no      loans or credit will be provided by any member of the Group to Solutia      Inc. or any of its affiliated debtors and no member of the Group will give      any guarantee or indemnity to any person (except      as required under any of the Finance Documents) to or for the benefit of      any person or otherwise voluntarily assume any liability, whether actual      or contingent, in respect of any obligation of Solutia Inc. or any of its      Affiliates. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.13 | Dividends |
|-------|-----------|

|   | (a) | Subject      to Clause 24.5(b) and Clause 24.18(c), no Obligor shall (and the Company      shall ensure that no member of the Group will) pay, make or declare any      dividend or other distribution in respect of any financial year of that      member of the Group to any person or persons outside the Group unless and      until: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Solutia      Inc.'s proceedings under Title 11 of the United States of America Code      entitled Bankruptcy have closed and a final decree has been entered by the      bankruptcy court in which such proceedings have been filed;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | after      giving effect to the dividend or other distribution, the Combined Tangible      Net Worth as calculated on a pro forma basis will equal or exceed      US$200,000,000; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | after      giving effect to the dividend or other distribution, the Senior Leverage      ratio (as calculated on a pro forma basis and in accordance with paragraph      (b) of Clause 23.2 (Financial      condition) will be less than1.75:1. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding      the foregoing, the Company may distribute in kind its shareholding in      Flexsys America Co. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 24.14 | Indebtedness |
|-------|--------------|

|   | (a) | The      Company shall ensure that no member of the Group shall incur, create or      permit to subsist or have outstanding any Financial Indebtedness for the      credit |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | of      any person (including, for the avoidance of doubt, Solutia Inc. or any of      its Affiliates) which is not a member of the Group or enter into any      agreement or arrangement whereby it is entitled to incur, create or permit      to subsist any FinancialIndebtedness. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph      (a) above does not apply to any Financial  Indebtedness: |
|--------|-----|-------------------------------------------------------------------------|

|   | (i) | arising      under or permitted by the FinanceDocuments; |
|--------|-----|----------------------------------------------------------|

|   | (ii) | arising      under the Subordinated Loan as in force at the date of this Agreement and      subject always to the terms of this Agreement and the Intercreditor      Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      Financial Indebtedness arising under a loan or guarantee permitted      pursuant to Clause 24.12; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      Financial Indebtedness arising under any unsecured derivative transaction      to hedge actual or projected interest or currency exposure arising in the      ordinary course of business of a member of the Group and not for      speculative purposes; or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | not      falling within paragraph (b)(i) to (b)(iv) above (including letters of      credit issued pursuant to arrangements outside of this Agreement) if the      aggregate amount drawn at any time does not exceed US$30,000,000 (or its      equivalent) and provided      that such Financial Indebtedness is not incurred for the credit of      Solutia Inc. or any of itsAffiliates. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notwithstanding      the foregoing, Flexsys Indústria e Comercío Ltda is not entitled to incur,      create or permit to subsist any Financial Indebtedness other      than: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Financial      Indebtedness arising under or permitted by the Finance      Documents; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (ii) | Financial      Indebtedness incurred for the credit of another member of the Group;      and/or |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | (iii) | Financial      Indebtedness constituting trade credit incurred in the ordinary course of      trading. |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding      the foregoing, Flexsys America L.P. and Flexsys Indústria e Comercío Ltda      are not entitled to incur, create or permit to subsist any Financial      Indebtedness other than: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Financial      Indebtedness arising under or permitted by the Finance      Documents; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (ii) | Financial      Indebtedness incurred for the credit of another member of the      Group; |
|--------|------|------------------------------------------------------------------------------------------|

----

|   | (iii) | Financial      Indebtedness constituting trade credit incurred in the ordinary course of      trading; |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | (iv) | Financial      Indebtedness under the Subordinated Loan;and/or |
|--------|------|----------------------------------------------------------------|

|   | (v) | Financial      Indebtedness not exceeding US$5,000,000 in aggregate between both Flexsys      America L.P. and Flexsys Indústria e Comercío  Ltda. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.15 | Preservation      of AssetsEach Obligor shall, and the      Company shall ensure that each member of the Group shall, maintain and      preserve, to a standard of repair consistent with that maintained by      companies carrying on businesses similar to that carried on by the Group      (ordinary wear and tear excepted), all of its assets that are necessary      for the conduct of its business, as conducted at the date of this      Agreement. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.16 | AccessEach Obligor shall, and the      Company shall ensure that each member of the Group whose shares are the      subject of the Transaction Securityshall: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | subject to pre-existing duties of      confidentiality, on request of the Agent, provide the Agent and Security      Trustee with any information the Agent or Security Trustee may reasonably      require about that company's business and affairs, the Charged      Property and its compliance with the terms of the Security Documents;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permit      the Security Trustee, its representatives, delegates, professional      advisers and contractors, free access at all reasonable times and on      reasonable notice at the cost of the Obligors, (a) subject to pre-existing      duties of confidentiality, to inspect and take copies and extracts from      the books, accounts and records of that company and (b) to view the      Charged Property (without becoming liable as mortgagee in possession) but      so that prior to the occurrence of an Event of Default, no more than one      such inspection and/or viewings may take place in any financial year in      respect of any Obligor. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.17 | Pari      Passu rankingEach Obligor shall, and the      Company shall ensure that each member of the Group shall ensure that its      payment obligations under the Finance Documents rank at least pari      passu with the claims of all its other unsecured and unsubordinated      creditors, except for obligations mandatorily preferred by law applying to      companies generally. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.18 | Subordinated      Loan |
|-------|------------------------|

|   | (a) | Any      increase to the principal amount of the Subordinated Loan (such increase      being up to a maximum principal amount of US$175,000,000) that may be      agreed between the Company and Solutia Inc. having regard to the liquidity      and funding needs of the Group as a whole shall be permitted, subject to      prior approval of the increase being obtained from the bankruptcy court in      which Solutia Inc.'s proceedings under Title 11 of the United States of      America Code entitled Bankruptcy have been filed, if      applicable. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Interest      on the Subordinated Loan shall be capitalised and shall not be due and      payable unless and until: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (i) | Solutia      Inc.'s proceedings under Title 11 of the United States of America Code      entitled Bankruptcy have closed and a final decree has been entered by the      bankruptcy court in which such proceedings have been filed;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | after      giving effect to desired level of interest to be paid, the Combined      Tangible Net Worth as calculated on a pro forma basis will equal or exceed      $200,000,000; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | after      giving effect to desired level of interest to be paid, the Senior Leverage      ratio (as calculated on a pro forma basis and in accordance with paragraph      (b) of Clause 23.2 (Financial      Condition)) will be less than1.75:1. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the Borrower determines that there is excess liquidity in the Group      ("excess      liquidity" being understood by all parties to this Agreement to be      cash and availability under this Agreement that is readily available to      the Group and not required by the Group to meet its funding requirements,      disregarding any cash that is being used for collateral or similar      purposes of the Group) as a direct result of the Acquisition Costs being      less than anticipated at Financial Close, the Borrower shall be entitled      to make a one-time repayment towards the balance of the debt outstanding      under the Subordinated Loan (or by payment of a preferred dividend to      Solutia Europe N.V.) of an amount up to the excess of liquidity in the      Group within 30 days of Financial Close provided      that:  |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Borrower certifies that there is excess liquidity in the Group and the      amount thereof; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Borrower certifies that the Acquisition Costs were or will be less than      anticipated at Financial Close; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Borrower completes and certifies the Sources and Uses Table set out in      Schedule 13 (Sources      and Uses Table); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | in      calculating the excess liquidity of the Group the Borrower      must: |
|--------|------|-------------------------------------------------------------------------------|

|   | (A) | take      into account all cash and undrawn availability under Facility B;      and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (B) | take      into account the principal amount outstanding under the Subordinated Loan      at Financial Close; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (C) | take      into account the principal amount outstanding under the Facilities at      Financial Close; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (D) | take      into account any (growth) capital expenditure in excess of the capital      expenditure either included in the financial model or that the Group can      reasonably expect to entertain; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (E) | deduct      the actual purchase price of the Akzo Nobel Retirement;  and |
|--------|-----|--------------------------------------------------------------------------|

|   | (F) | deduct      the payments made (or to be made) pursuant to the Long Term Incentive      Compensation; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (G) | deduct      the payments made (or to be made) under the Pension Fund Obligations;      and |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (H) | deduct      the payments made (or to be made) pursuant to the Crystex Acquisition;      and |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (I) | deduct      the repayment in full of all amounts outstanding under the Existing      Facility; and |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (J) | deduct      US$40,000,000; and |
|--------|-----|--------------------------------|

|   | (v) | after      giving effect to the one-time repayment, the balance of the debt still      outstanding under the Subordinated Loan shall be a minimum of      US$100,000,000; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the      Borrower shall continue to be in compliance with all applicable provisions      under Clause 22 (Information      Undertakings), Clause 23 (Financial      covenants) and Clause 24 (General      Undertakings); and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | if      a portion of the payment is made by way of a preferred dividend to Solutia      Europe N.V., the aggregate amount of such preferred dividend does not      exceed US$10,000,000. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.19 | Relationship      with Solutia Inc. |
|-------|-------------------------------------|

|   | (a) | The      Company shall ensure that no member of the Group shall become a debtor in      a proceeding pursuant to Title 11 of the United States Code including in      connection with the Chapter 11 proceedings of Solutia Inc. and its      affiliated debtors in such proceedings from time to time (collectively,      for the purposes of this Clause 24.19 (Relationship      with Solutia Inc.), "Solutia")      currently pending and jointly administered before the United States      Bankruptcy Court for the Southern District of New York 03-17949      (PCB). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Ordinary      corporate formalities (as construed in accordance with accounting      principles and practices generally accepted in the Relevant Jurisdictions)      shall be maintained and observed at all times between all members of the      Group and Solutia.  In connection therewith, at all times, all      members of the Group shall (i) maintain separate books, accounting records      (which includes separate financial statements (which may be unaudited)      showing assets and liabilities separate and apart from those of any other      Person), bank accounts, and other entity documents and records separate      from those of Solutia; (ii) hold itself out to the public as a legal      entity separate from Solutia; (iii) not commingle its assets with assets      of Solutia or any other Person and not hold itself out as being liable for      the debts of another; (iv) conduct business in its own name and through      its own authorised officers and agents and strictly comply with all      organisational formalities necessary to maintain its existence; (v) manage      its liabilities |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | separately      from those of Solutia and pay and discharge its own liabilities (including      all administrative expenses) from its own separate assets; (vi) maintain      an arm's length relationship with Solutia and enter into transactions with      Solutia only on a commercially reasonable basis; (vii) not hold out its      credit or assets as being available to satisfy the obligations of others;      and (viii) not pledge its assets for the benefit of Solutia or enter into      any guarantees or otherwise become liable for the obligations of      Solutia. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.20 | Additional      security |
|-------|--------------------------|

|   | (a) | Subject      to compliance with the Agreed Security Principles, each of the Company and      each Material Group Member shall accede to this Agreement as a Guarantor      within 45 days of becoming a Material Group Member and grant such      security as the Security Trustee reasonably requests within such time      period (and having regard to the type of Security Interests created over      relevant classes of assets under the Security Documents at Financial      Close). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject to the Agreed Security      Principles each of the Company and each Material Group Member shall      promptly (and in any event within 45 days of being requested or such      longer period as the Agent (acting on instructions of the Majority      Lenders) may agree, having regard to any practical issues involved in the      granting of such additional Security)) grant to the Security Trustee      additional Security in the form of first ranking fixed Security over all      of its assets      and undertakings if so requested by the Agent (acting reasonably on its      own behalf or on instruction of the Majority Lenders) having regard to the      circumstances of the Group and the shareholders of the Group as a      whole. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.21 | Compliance      with ERISANo Obligor    shall: |
|-------|------------------------------------------------|

|   | (a) | allow,      or permit any of its ERISA Affiliates to allow, (i) the termination of any      Employee Plan with respect to which any Obligor or any ERISA Affiliate may      have any liability, (ii) any Obligor or ERISA Affiliates to withdraw from      any Employee Plan, (iii) any ERISA Event to occur with respect to any      Employee Plan, or (iv) any Accumulated Funding Deficiency (as defined in      Section 302 of ERISA and Section 412 of the Code), whether or not waived,      to exist involving any of its Employee Plans; to the extent that any of      the events described in (i), (ii), (iii) or (iv), singly or in the      aggregate, could have a Material AdverseEffect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | allow,      or permit any of its ERISA Affiliates to allow, (i) the aggregate amount      of Unfunded Pension Liability among all Employee Plans (taking into      account only Employee Plans with positive Unfunded Pension Liability) at      any time to exist where such amount could have a Material Adverse Effect;      or (ii) the aggregate potential withdrawal liability under Section 4201 of      ERISA, if the Company and its ERISA Affiliates were to completely or      partially withdraw from all Multiemployer Plans, to exist where such      amount could have a Material Adverse Effect;or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | fail,      or permit any of its ERISA Affiliates to fail, to comply in any material      respect with ERISA or the related provisions of the Code, if any such      non-compliance, singly or in the aggregate, would be reasonably likely to      have a Material Adverse Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.22 | Federal      Reserve RegulationsEach      U.S. Borrower will use the Facilities without violating Regulations T, U      and X. |
|-------|--------------------------------------------------------------------------------------------------------------------------------|

| 24.23 | Compliance      with U.S. RegulationsNo      Obligor shall (and the Company shall ensure that no other member of the      Group will) become an "investment company," or an "affiliated person" of,      or "promoter" or "principal underwriter" for, an "investment company," as      such terms are defined in the 1940 Act.  Neither the making of      any Loan, or the application of the proceeds or repayment of any Loan by      any Obligor nor the consummation of the other transactions contemplated by      this agreement will violate any provision of such act or any rule,      regulation or order of the SEC under the 1940  Act. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.24 | Anti-Money      LaunderingEach Obligor will use      commercially reasonable efforts to ensure that no funds used to pay the      obligations under the Finance Documents are derived from any unlawful      activity. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.25 | Further      assurance |
|-------|------------------------|

|   | (a) | Each Obligor shall (and the Company      shall ensure that each member of the Group will) promptly do all such acts      or execute all such documents (including assignments,      transfers, mortgages, charges, notices and instructions) as the Security      Trustee may reasonably specify) and in such form as the Security Trustee      may reasonably require in favour of the Security Trustee or its      nominee(s)): |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to      perfect the Security created or intended to be created under or evidenced      by the Security Documents (which may include the execution of a mortgage,      charge, assignment or other Security over all or any of the assets which      are, or are intended to be, the subject of the Transaction Security) or      for the exercise of any rights powers and remedies of the Security Trustee      or the Finance Parties provided by or pursuant to the Finance Documents or      by law; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      confer on the Security Trustee or confer on the Finance Parties Security      over any property and assets of that Obligor located in any jurisdiction      equivalent or similar to the Security intended to be conferred by or      pursuant to the Security Documents;and/or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | take      all such action as is available to it (including making all filings and      registrations) as may be necessary for the purpose of the creation,      perfection, protection or maintenance of any Security conferred or      intended to be conferred on the Security Trustee or the Finance Parties by      or pursuant to the FinanceDocuments. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.26 | Company      and Material Group Member profitSubject      to compliance with the Agreed Security Principles, the Obligors shall at      all times represent in aggregate a minimumof: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | 85      per cent. of the Combined EBITDA;and/or |
|--------|-----|-------------------------------------------------|

|   | (b) | 85      per cent. of the combined assets of the Group;  and/or |
|--------|-----|----------------------------------------------------------------|

|   | (c) | 85      per cent. of the combined revenue (as calculated in accordance with GAAP)      of the Group, |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | and      to be determined by reference to the quarterly unaudited Combined      Financial Statements of theGroup. |
|--------|-------------------------------------------------------------------------------------------------------------------|

| 24.27 | Capital      reduction |
|-------|------------------------|

|   | (a) | The      Company, Flexsys America L.P. and Flexsys Rubber Chemicals Limited shall      not be subject to any cancellation of shares, share buy-back or other      reduction of issued share capital or partnership  interests. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph      (a) above does not apply to any cancellation of shares or other capital      reduction that arises as a direct consequence of the Akzo Nobel Retirement      (whensoever cancelled or reduced). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.28 | Malaysian      Central BankFlexsys Chemicals (M) Sdn. Bhd.      undertakes to submit the following information in relation to the      guarantee given by it under this Agreement and the security created by it      under the deed of debenture, the lien holder's caveat and the charge of      its real property held      under HS(D) 20034 PT 8004 and HS(D) 20035 PT both in the      Mukim of Sungai Karang, District of Kuantan, State of Pahang, Malaysia, to      BNM for registration and to obtain an acknowledgement of registration from      BNM prior to delivery of the first Utilisation Request and the Company      undertakes to procure that Flexsys Chemicals (M) Sdn. Bhd. complies with      its obligations under this Clause 24.28 (Malaysian      Central Bank) within such time  period: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | its      full name, as issuer of the relevant guarantee, the debenture, the lien      holder's caveat and the charge; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      full names of all parties whose obligations are guaranteed under such      guarantee and in favour of whom the debenture and charge are      created; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      amount guaranteed under such guarantee and the amount secured under the      debenture and the charge; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (d) | the      full name and address of the beneficiary(ies) of such guarantee, debenture      and charge; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (e) | the      purpose of such guarantee, debenture, the lien holder's caveat and charge;      and |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (f) | any      other information required by BNM. |
|--------|-----|---------------------------------------------|

----

|   | On and at      any time after the occurrence of an Event of Default, Flexsys Chemicals      (M) Sdn. Bhd, undertakes to notify BNM that the guarantee given by it      under this Agreement and the security created by it under the deed of      debenture, the lien holder's caveat and the charge of its real property      held under HS(D) 20034 PT 8004 and HS(D) 20035 PT both in      the Mukim of Sungai Karang, District of Kuantan, State of Pahang, Malaysia      to BNM will be called upon, failing which the Security Trustee shall be      entitled to notify BNM of the same. Flexsys      Chemicals (M) Sdn. Bhd. further undertakes to notify BNM changes to the      guarantee under this Agreement and the security created by it under the      deed of debenture, the lien holder's caveat and the charge, and to provide      BNM with any information they may require from time to    time. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.29 | Pensions |
|-------|----------|

|   | (a) | The      Company shall ensure that all pension schemes maintained or operated by or      for the benefit of any member of the Group and/or any of its      employees: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | are      maintained and operated in all material respects in accordance with all      applicable laws and contracts and their governing provisions;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | are      funded substantially in accordance with the governing provisions of the      scheme with any funding shortfall advised by actuaries of recognised      standing being rectified in accordance with those governing      provisions |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | except where      failure to maintain or fund could not be reasonably likely to have a      Material AdverseEffect. |
|--------|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Company shall promptly      notify the Agent of any material change in the rate of contributions to      any pension schemes referred to in paragraph (a) above paid or recommended      to be paid (whether by the scheme actuary or otherwise) or required (by      law or otherwise). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.30 | PerfectionThe Obligors shall complete      any applicable Perfection Requirements in accordance with the Finance      Documents and, where a time limit is imposed by law or regulation, in any      event within such time limit. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.31 | Limitations      of General Undertakings |
|-------|------------------------------------------|

|   | (a) | Notwithstanding      the introductory provision of Clause 24 (General      Undertakings) (but with-out prejudice to the performance of any of      the obligations under Clause 24 (General      Undertakings) by any Obligor whose relevant jurisdiction is not the      Federal Republic of Germany), the undertakings set out in Clauses 24.4      (Disposals),      24.5 (Merger),      24.6 (Change      of Business), 24.11 (Acquisitions),      and 24.13 (Dividends)      (such undertakings, the "Relevant      Undertakings") are not and shall not be given by any German Obligor      whose relevant jurisdiction is the Federal Republic of Germany (each a      "German      Obligor"). However: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | each      German Obligor shall give to the Agent not less than 20 Business Days'      prior written notice if it or any of its Subsidiaries proposes to take |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | or      permit any action or circumstance which, if all the Relevant Undertakings      had been given by that German Obligor on the Closing Date and had      thereafter remained in force, would constitute a breach of any of the      Relevant Undertakings by a member of the German Group. On receipt of any      such notice, the Agent shall without undue delay send a copy to each      Lender; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Agent shall be entitled, within 10 Business Days of receipt of a notice      under sub-paragraph (a) above, to request that the relevant German Obligor      supply to the Agent in sufficient copies for the Lenders, such further      relevant information as the Agent (acting reasonably) may consider      necessary for the purposes of this Clause 24.31 (Limitations      of General Undertakings) and such German Obligor shall supply such      further information promptly and in any event within 10 Business Days of      the date of request therefore; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | if      any Lender considers that the relevant action or circumstance (taken alone      or together with other actions or circumstances, whether or not permitted      hereunder), may have a Material Adverse Effect or materially and adversely      affects its interests as a Lender under the Facility Documents, it may so      notify the Agent in writing; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | if, by not later than the date 10      Business Days after receipt by the Agent of a notice pursuant to      sub-paragraph (i) above (or, if later and additional information has been      requested pursuant to sub-paragraph (ii) above, by not later than the date      10 Business Days after receipt by the Agent of such additional      information if received within the prescribed time or the date 10 Business      Days after the request therefore if not), the Agent has received notices      pursuant to sub-paragraph (iii) above from Lenders which constitute the      Majority Lenders, the Agent shall promptly notify the Borrower and the      Lenders; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | if      the Agent gives notice to the Borrower pursuant to sub-paragraph (iv)      above or the relevant action is undertaken or circumstance is permitted      before the date 2 Business Days after the latest time for the receipt by      the Agent of notices pursuant to sub-paragraph (iv) above, the undertaking      of the relevant action or permitting of the relevant circumstances shall      immediately constitute an Event of Default provided      that, for the avoidance of doubt, no failure of any German Obligor      to duly perform or comply with any obligation under a Relevant Undertaking      shall of itself constitute an Event ofDefault. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If,      in the opinion of the Agent or the Majority Lenders any of the measures      referred to in the Relevant Undertaking when implemented by a member of      the Group would negatively affect the risk assessment of the Lenders in      respect of the ability of relevant German Obligor to perform its      obligations under the Finance Documents, the Parent will ensure that the      relevant German Obligor will, to the fullest extent legally permissible,      provide additional Security to the |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | Finance      Parties as soon as possible but in any event within 20 Business Days      following request for the same by theAgent. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

| 24.32 | Amendment      of Constitutional Documents andShares |
|-------|------------------------------------------------------|

|   | (a) | Each      member of the Group granting Security over Shares (the "Pledgor")      in another Group company shall not without the prior written consent of      the Security Trustee (such consent not to be unreasonably delayed or      withheld) vote in favour of, and undertakes to procure that the Group      company whose Shares it has granted Security over (the "Pledgee")      shall not without the prior written consent of the Security Trustee pass a      resolution whereby: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      constitutional documents of the Pledgee would otherwise be changed as      regards the Pledgee's capital structure in a way which would adversely      affect the Security Trustee's or the Secured Parties' rights under the      relevant Security Document; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | subject      to Clause 24.13 (Dividends),      the Pledgee would materially change its policy with respect to dividends      (unless such change is required in order to comply with any applicable law      or regulation); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | where      applicable, the objects clause of the Pledgee contained in its current      constitutional documents would beamended; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      relevant Shares would be modified or altered in a way which would      adversely affect the Security Trustee's or the Secured Parties' rights      under the relevant Security Documents;and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any      term of the relevant Security Document and/or this Agreement would be      violated. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (b) | In      the event that a Pledgee seeks to issue new shares or quotas the Company      will procure that any such new shares are only issued to existing      shareholders in such Pledgee pro-rata to their existing shareholding as at      the date of the proposed issuance. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      the event that the Pledgee changes its constitutional documents as regards      its capital structure (with the prior written consent of the Security      Trustee), the Security created over the Shares of the Pledgee shall to the      extent possible under applicable laws automatically extend to any new      shares, quotas, participation certificates or similar right or rights      attaching thereto, created in connection with such change, and the Pledgor      granting Security over the Shares undertakes to comply fully with all      instructions received from the Security Trustee acting in the name and on      behalf of the Secured Parties to perfect such Security granted under the      Security Document. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.33 | General      Property UndertakingsEach member of the Group that      has granted Security over Real Propertyshall: |
|-------|--------------------------------------------------------------------------------------------------------------------|

|   | (a) | repair      and keep in good and substantial repair and condition, in a manner      consistent with a reasonably prudent owner, all the Real Property at any      time forming part of the TransactionSecurity; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | comply      with and observe and perform (a) all applicable requirements of all      planning and environmental legislation, regulations and by-laws relating      to the Real Property, (b) any conditions attaching to any planning      permissions relating to or affecting the Real Property and (c) any notices      or other orders made by any planning, environmental or other public body      in respect of all or any part of the Real Property as would a prudent      owner/operator of such RealProperty. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.34 | German      Debt PushdownThe Company may undertake a      corporate reorganisation and debt push down in Germany as described below      or substantially as described below or as otherwise agreed to by the Agent      acting on the instructions of the Majority Lenders provided that following      such corporate reorganisation and debt push down the Finance Parties will      enjoy the same or equivalent security and recourse under the relevant      Security Documents and this Agreement as they enjoyed immediately prior      thereto. The corporate reorganisation      and debt push down referred to above is as  follows: |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Flexsys      AG shall sell all, or substantially all, of its 50 per cent. equity      interest in Flexsys Verkauf GmbH to Flexsys Verwaltungs- under      Beteiligungs GmbH; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Flexsys      AG shall distribute a dividend of all proceeds from the sale of its      interest in Flexsys Verkauf GmbH to the Company. The amount is to be equal      to the net distributable earnings as determined and confirmed by Flexsys      AG statutory auditors under the relevant balance  sheet; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Company shall create New German Hold Co with nominal    capital; |
|--------|-----|---------------------------------------------------------------------------|

|   | (d) | New      German Hold Co shall accede to this Agreement as an Additional Borrower      and as an Additional Guarantor in accordance with this Agreement and      comply with all representations and undertakings required of it in such      capacities under Section 8 (Representations,      Undertakings and Events of Default) of this    Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | in      accordance with Clause 27.4 (Additional      Guarantors), New German Hold Co shall grant Security over its      shares in favour of the Lenders; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | New      German Hold Co shall borrow under any part of Facility  B; |
|--------|-----|---------------------------------------------------------------------|

|   | (g) | the      Company shall sell/or contribute shares held in Flexsys Verwaltung- und      Beteiligungs GmbH to New German HoldCo; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the      Company shall provide all funds received either as a dividend from Flexsys      AG or from the sale of shares in Flexsys Verwaltungs- und Beteiligungs      GmbH |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | to      Flexsys Co-ordination Centre N.V. either by way of a capital contribution      or an intercompany loan; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | (i) | Flexsys      Co-ordination Centre N.V. shall apply all funds received from the Company      in accordance with the step outlined in paragraph (h) above towards      repayment of its Utilisations outstanding under either      Facility; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Flexsys      Co-ordination Centre N.V. may transfer by way of novation a portion of its      borrowings under Facility A to the New German Hold Co.  This      transfer will be subject to all necessary measures to be taken by the      Obligors and the Lenders to preserve the existing  Security. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.35 | Conditions      subsequentThe Company will ensure that      by the latest date stipulated therefor in Part II of Schedule 2 it will      deliver to the Agent all of the documents and other evidence listed in      Part II of Schedule 2 and will complete all of the matters referred to      therein. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | EVENTS OF DEFAULTEach of the events or      circumstances set out in this Clause 25 is an Event of Default (save for      Clause 25.19 (Acceleration))      (whether or not caused by any reason whatsoever outside the control of any      Obligor or any other person). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.1 | Non-paymentAn Obligor does not pay on the      due date any amount payable pursuant to a Finance Document at the place at      and in the currency in which it is expressed to be payable      unless: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | its      failure to pay is caused by: |
|--------|-----|---------------------------------------|

|   | (i) | administrative      or technical error; or |
|--------|-----|--------------------------------------------|

|   | (ii) | a      Disruption Event; and |
|--------|------|------------------------------|

|   | (b) | payment      is made within 5 Business Days of its duedate. |
|--------|-----|-------------------------------------------------------------|

| 25.2 | Financial      covenants and indebtednessAny requirement of Clause 23      (Financial      covenants) is not satisfied or any Obligor does not comply with any      provision of Clause 24.14 (Indebtedness)      or Clause 24.35 (Conditions      Subsequent). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.3 | Company      and Material Group Member profitThe requirements of      Clause 24.26 (Company      and Material Group Member Profit) are not satisfied and are not      remedied within 45 Business Days (or such longer period as the Majority      Lenders may agree). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.4 | Other      obligations |
|------|------------------------|

|   | (a) | An      Obligor does not comply with any provision of the Finance Documents (other      than those referred to in Clause 25.1 (Non-payment),      Clause 25.2 (Financial      covenants and Indebtedness) and Clause 25.3 (Company      and Material Group Memberprofit)). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | No      Event of Default under paragraph (a) above will occur if the failure to      comply is capable of remedy and is remedied within 15 Business Days of the      Agent giving notice to the Company or the Company becoming aware of the      failure to comply. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.5 | MisrepresentationAny representation or      statement made or deemed to be made by an Obligor in the Finance Documents      or any other document delivered by or on behalf of any Obligor under or in      connection with any Finance Document is or proves to have been incorrect      or misleading in any material respect when made or deemed to be made and,      if capable of remedy within the grace period referred to below, is not      remedied to the reasonably satisfaction of the Agent within 30 days      from the earlier of notice thereof to the Company and the relevant Obligor      becoming aware of it. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.6 | Cross      default |
|------|--------------------|

|   | (a) | Any      Financial Indebtedness of any member of the Group is not paid when due nor      within any originally applicable graceperiod. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (e) | No Event of Default will occur under      this Clause 25.6 if the aggregate amount of Financial Indebtedness or      commitment for Financial Indebtedness falling within      paragraphs (a) to (d) above is less than US$5,000,000 (or its equivalent      in any other currency or  currencies). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7 | Insolvency |
|------|------------|

|   | (a) | A      member of the Group is unable or admits inability to pay its debts as they      fall due, suspends making payments on any of its debts or, by reason of      actual or anticipated financial difficulties, commences negotiations with      one or more of its creditors with a view to rescheduling any of its      indebtedness (including, without limitation, in respect of a member of the      Group incorporated in Germany it is unable to pay its debts as they fall      due (Zahlungsunfähigkeit)      or is deemed unable to pay its debts as they fall due (drohende      Zahlungsunfähigkeit) in the meaning of sections 17 and 18 of the      German Insolvency Code (Insolvenzordnung)). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Save      in relation to Flexsys Rubber Chemicals Limited, the value of the assets      of any material Subsidiary of the Group is less than its liabilities      (taking into account contingent and prospective liabilities) (including,      without limitation, in respect of a member of the Group incorporated in      Germany it is over-indebted |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | (überschuldet)      in the meaning of section 19 of the German Insolvency Code (Insolvenzordnung)). |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | (c) | A      moratorium is declared in respect of any indebtedness of any member of the      Group. |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | Any      member of the Group which conducts business in France is in a state of      cessation      des paiements, or any member of the Group becomes insolvent for the      purpose of any insolvency law. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any      Obligor shall in any U.S.jurisdiction: |
|--------|-----|-------------------------------------------------|

|   | (i) | apply      for, or consent to, the appointment of, or the taking of possession by, a      receiver, custodian, trustee, examiner or liquidator of itself or of all      or a substantial part of itsproperty; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | make      a general assignment for the benefit of its  creditors; |
|--------|------|-------------------------------------------------------------------|

|   | (iii) | commence      a voluntary case under Title 11 of the United States of America Code      entitled Bankruptcy (or any successor thereof), as  amended; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | file      a petition with respect to itself seeking to take advantage of any other      law relating to bankruptcy, insolvency, reorganisation, liquidation,      dissolution, arrangement or winding up, or composition or readjustment of      debts; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | take      any corporate action for the purpose of effecting any of the foregoing      with respect to itself. |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

| 25.8  | Insolvency      proceedings |   |
|------------|-----------------------------|--------|

|   | (a) | Any      corporate action, legal proceedings or other procedure or step is taken in      relation to: |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (i) | the      suspension of payments, a moratorium of any indebtedness (including concordat      judiciaire/gerechtelijk akkoord) winding-up, dissolution,      administration, bankruptcy (including faillite/faillissement),      or reorganisation (by way of voluntary arrangement, scheme of arrangement      or otherwise) of any Obligor or Material Group  Member; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      composition, compromise, assignment or arrangement with any creditor of      any Obligor or Material Group Member.  In relation to an Obligor      incorporated in Belgium, these concepts shall mean a "minnelijk      akkoord met alle schuldeisers" /'accord amiable avec tous les      créanciers"; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      appointment of a liquidator, receiver, administrative receiver,      administrator, an administrateur judiciaire/gerechtelijk bestuurder, a      commissaire spécial/speciaal commissaris, administrateur      provisoire/voorlopige bewindvoerder, compulsory manager or other similar      officer in respect of any Obligor or Material Group Member or any of its      assets; or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | the      enforcement of any Security over any assets of any Obligor or Material      Group Member where such Security secures Financial Indebtedness in excess      of EUR2,500,000 (or its equivalent in another currency or      currencies), |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | or      any analogous procedure or step is taken in any jurisdiction, in      particular (in relation to a German Obligor or a Material Group Member      incorporated in Germany and in relation to Flexsys  SARL): |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | a      petition for insolvency proceedings in respect of its assets (Antrag      auf Eröffnung eines Insolvenzverfahrens) is filed or any event      occurs which constitutes a mandatory cause for the initiation of      insolvency proceedings (Eröffnungsgrund)      as set out in sections 17 and 19 of the German Insolvency Code (Insolvenzordnung)      or; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | actions      are taken pursuant to section 21 of the German Insolvency Code by the      competent court. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (C) | any      member of the Group commences proceedings for conciliation in accordance      with article L.611-4 to L.611-15 of the French Code      de commerce. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | a      judgment for sauvegarde,      redressement judiciare, cession totale de l'entreprise or liquidiation      judiciaire is entered in relation to any member of the Group under      articles L.620-1 to L.670-8 of the French Code de  commerce. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph      (a) above shall not apply to any winding-up petition which is frivolous or      vexatious and which is discharged, stayed or dismissed within 21 days      of commencement or, if earlier, the date on which it is      advertised. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      respect of any Obligor, a proceeding or case shall be commenced, without      the application or consent of such Obligor, in any US court of competent      jurisdiction, seeking: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its      reorganisation, liquidation, dissolution, arrangement or winding-up or the      composition or readjustment of itsdebts; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      appointment of a receiver, custodian, trustee, examiner, liquidator or the      like of the Obligor or of all or any substantial part of its property;      or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | similar      relief in respect of any Obligor under any law relating to the bankruptcy      insolvency, reorganisation, winding-up or composition or adjustment of      debts, |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | and any      such proceeding or case referred to in paragraphs (i) to (iii) above shall      continue undismissed, or an order, judgment or decree approving or      ordering any of the foregoing shall be entered and continue unstayed and      in effect, for a period of 21 or more days, or an order for relief against      such Obligor shall be |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | entered in      an involuntary case under Title 11 of the United States of America Code      entitled Bankruptcy (or any successor thereto) as  amended. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.9 | Creditors'      processAny      expropriation, attachment, sequestration, distress or execution affects      any asset or assets of a member of the Group and is not discharged within      21 days. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.10 | UnlawfulnessIt      is or becomes unlawful for an Obligor or any other member of the Group      that is a party to the Intercreditor Agreement to perform any of its      obligations under the Finance Documents or any Transaction Security      created or expressed to be created or evidenced by the Security Documents      ceases to be effective or any subordination created under the      Intercreditor Agreement ceases to beeffective. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.11 | RepudiationAn      Obligor repudiates a Finance Document or any of the Transaction Security      or evidences an intention to repudiate a Finance Document or any of the      Transaction Security. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12 | Governmental      InterventionBy or under the authority of      any government: |
|-------|---------------------------------------------------------------------------------|

|   | (a) | the      management of any member of the Group is wholly or partially displaced or      the authority of any member of the Group in the conduct of its business is      wholly or partially curtailed; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all or a majority of the issued      shares of any member of the Group or the whole or any part (the book value      of which is 20 per cent. or more of the book value of the      whole) of its revenues or assets is seized, nationalised, expropriated or      compulsorilyacquired. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.13 | Transaction      Security |
|-------|---------------------------|

|   | (a) | Any      Obligor fails to perform or comply with any of the obligations assumed by      it in the Security Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | At      any time any of the Transaction Security is or becomes unlawful or is not,      or ceases to be legal, valid, binding or enforceable or otherwise ceases      to be effective, unless otherwise permitted by the Finance      Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.14 | Change      of OwnershipThe Company ceases to own,      directly or indirectly, the entire issued share capital of its      Subsidiaries as at the date hereof, other than Flexsys America      Co. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.15 | Material      adverse changeAny event or circumstance      occurs which the Majority Lenders believe is reasonably likely to have a      Material Adverse Effect. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.16 | Cessation      of businessAn      Obligor ceases, or threatens to cease, to carry on all or a substantial      part of its business. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.17 | Intercreditor      Agreement |
|-------|------------------------------|

|   | (a) | Any      party to the Intercreditor Agreement (other than a Finance Party or an      Obligor) fails to comply with the provisions of, or does not perform its      obligations under, the Intercreditor Agreement;  or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      representation or warranty given by that party in the Intercreditor      Agreement is incorrect in any materialrespect, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 25.18 | Employee      Plans |
|-------|---------------------|

| 25.19 | Acceleration |
|-------|--------------|

|   | (a) | On      and at any time after the occurrence of an Event of Default which is      continuing the Agent may, and shall if so directed by the Majority      Lenders, by notice in writing to theCompany: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (iv) | exercise,      or direct the Security Trustee to exercise, any or all of its rights,      remedies and powers under any of the Finance Documents;    and/or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | declare      that full cash cover in respect of each Letter of Credit is immediately      due and payable whereupon it shall become immediately due and      payable, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If      an Event of Default under paragraph (e) of Clause 25.7 (Insolvency)      or paragraph (a)(v)(C) or (a)(v)(D) of Clause 25.8 (Insolvency      Proceedings) shall occur in respect of any Obligor and to the      extent of the imposition of any automatic stay, then without notice to      such Obligor or any other act by the Agent or any other person, the loans      to such Obligor, interest thereon and all other amounts owed by such      Obligor under the Finance Documents shall become immediately due and      payable without presentment, demand, protest or notice of any kind, all of      which are expressly waived. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 26. | CHANGES TO THELENDERS |
|-----|-----------------------|

| 26.1 | Assignments      and transfers by the Lenders |
|------|-----------------------------------------------|

|   | (a) | assign      any of its rights; or |
|--------|-----|-----------------------------------|

|   | (b) | transfer      by novation any of its rights andobligations, |
|--------|-----|-------------------------------------------------------------|

| 26.2 | Conditions      of assignment or transfer |
|------|-------------------------------------------|

|   | (a) | In      relation to Facility B only, the consent of the Company and in respect of      a Letter of Credit the consent of the relevant Issuing Bank is required      for an assignment or transfer by an Existing Lender, unless the assignment      or transfer is to another Lender or an Affiliate of a Lender or an Event      of Default is continuing. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      consent of the Company (and, if relevant, the consent of the relevant      Issuing Bank) to an assignment or transfer referred to in paragraph (a)      above must not be unreasonably withheld or delayed.  The Company      will be deemed to have given its consent five Business Days after the      Existing Lender has requested it unless consent is expressly refused by      the Company within that time. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      consent of the Company (and, if relevant, the consent of the relevant      Issuing Bank) to an assignment or transfer referred to in paragraph (a)      above must not be withheld solely because the assignment or transfer may      result in an increase to the MandatoryCost. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      minimum amount transferred to a New Lender in relation to a      Loan/Commitment made to any Borrower shall be at least the equivalent of      EUR 50,000 or if it is less, the New Lender shall confirm in writing      to the relevant Borrower that it, the New Lender, is a professional market      party within the meaning of the DutchFSA. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | An      assignment will only be effectiveon: |
|--------|-----|----------------------------------------------|

|   | (i) | receipt      by the Agent of written confirmation from the New Lender (in form and      substance satisfactory to the Agent) that the New Lender will assume the      same obligations to the other Finance Parties and the other Secured      Parties as it would have been under if it was an Original      Lender; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | performance      by the Agent of all necessary "know your customer" or other similar checks      under all applicable laws and regulations relation to  such |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | assignment      to a New Lender, the completion of which the Agent shall promptly notify      to the Existing Lender and the NewLender; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      New Lender entering into the documentation required for it to accede as a      party to the Intercreditor Agreement;and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      New Lender entering into the documentation required for it to accede as a      party to the Security Documents if required under the laws of the Relevant      Jurisdiction. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | A      transfer will only be effective if the New Lender enters into the      documentation required for it to accede as a party to the Intercreditor      Agreement and the procedure set out in Clause 26.5 (Procedure      for transfer) is compliedwith. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (ii) | as      a result of circumstances existing at the date the assignment, transfer or      change occurs, an Obligor would be obliged to make a payment to the New      Lender or Lender acting through its new Facility Office under Clause 15      (Tax      gross-up and indemnities) or Clause 16 (Increased      costs), |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Subject      to the terms of this Agreement, the obligations of each Guarantor under      this Agreement will continue in full force and effect following any      novation (novation)      within the meaning of article 1271 et      seq. of the French and Belgian Code      civil.  In the event of an assignment, a transfer, a      novation or disposal of all part of the rights and obligations by any      Lender, each Lender expressly reserves the rights, powers, privileges and      actions that it enjoys under any Security Documents governed by French and      Belgian law in favour of its assignees, or, as the case may be, its      successors, in accordance with the provisions of article 1278 et      seq. of the French and Belgian Code      civil. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.3 | Assignment      or transfer fee |
|------|---------------------------------|

| 26.4 | Limitation      of responsibility of ExistingLenders |
|------|------------------------------------------------------|

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

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

----

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

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

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

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

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

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

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

|   | (i) | accept      a re-transfer from a New Lender of any of the rights and obligations      assigned or transferred under this Clause 26;or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

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

| 26.5 | Procedure      for transfer |
|------|-----------------------------|

|   | (a) | Subject      to the conditions set out in Clause 26.2 (Conditions      of assignment or transfer) a transfer is effected in accordance      with paragraph (c) below when the Agent executes an otherwise duly      completed Transfer Certificate delivered to it by the Existing Lender and      the New Lender and the Agent makes a corresponding entry in the Register      pursuant to Clause 26.9 (The      Register).  The Agent shall, subject to paragraph (b)      below as soon as reasonably practicable after receipt by it of a duly      completed Transfer Certificate appearing on its face to comply with the      terms of this Agreement and delivered in accordance with the terms of this      Agreement, execute that Transfer Certificate and make such corresponding      entry in the Register. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent shall only be obliged to execute a Transfer Certificate delivered to      it by the Existing Lender and the New Lender and make a corresponding      entry in the Register once it is satisfied it has complied with all      necessary "know your customer" or other similar checks under all      applicable laws and regulations in relation to the transfer to such New      Lender. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | (i) | to      the extent that in the Transfer Certificate the Existing Lender seeks to      transfer by novation its rights and obligations under the Finance      Documents and in respect of the Transaction Security each of the Obligors      and the Existing Lender shall be released from further obligations towards      one another under the Finance Documents and in respect of the Transaction      Security and their respective rights against one another shall be      cancelled (being the "Discharged      Rights and Obligations"); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each      of the Obligors and the New Lender shall assume obligations towards one      another and/or acquire rights against one another which differ from the      Discharged Rights and Obligations only insofar as that Obligor and the New      Lender have assumed and/or acquired the same in place of that Obligor and      the Existing Lender; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (iv) | the      benefit of each Security Document shall be maintained in favour of the New      Lender; and |
|--------|------|------------------------------------------------------------------------------------------------------|

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

| 26.6 | Copy      of Transfer Certificate toCompany |
|------|---------------------------------------------|

| 26.7 | Disclosure      of information |
|------|--------------------------------|

|   | (a) | Any      Lender may disclose to any of its Affiliates and any other      person: |
|--------|-----|----------------------------------------------------------------------------------|

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

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

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

----

|   | any      information about any Obligor, the Group and the Finance Documents as that      Lender shall consider appropriate if the recipient has agreed with the      relevant Lender to keep the document or information confidential on the      same terms (with consequential changes) as are set out in paragraph (b)      below. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject      to paragraph (a) above, each Finance Party shall keep confidential and      shall not, without the prior consent of the Company, use any information      (other than information which is publicly available other than as a result      of a breach by that Finance Party of this paragraph (b)) supplied by or on      behalf of any Obligor under the Finance Documents otherwise than in      connection with the Finance Documents.  However, the restriction      set out in this paragraph (b) shall not apply to, and each Finance Party      shall be entitled to disclose,information: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      connection with any legal proceedings arising out of or in connection with      a Finance Document; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      required to do so by an order of a court of competent jurisdiction whether      under any procedure for discovering documents or otherwise;    or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | pursuant      to any law or regulation in accordance with which that Lender is required      or accustomed to act; or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iv) | to      a governmental, banking, taxation or other regulatory authority of any      competent jurisdiction; or |
|--------|------|----------------------------------------------------------------------------------------------------------------|

|   | (v) | to      its accountants or legal advisers. |
|--------|-----|--------------------------------------------|

| 26.8 | Assignment      to Federal Reserve Bank |
|------|-----------------------------------------|

| 26.9 | The      Register |
|------|-------------------|

----

| 27. | CHANGES TO THE  OBLIGORS |
|-----|--------------------------|

| 27.1 | Assignment      and transfers by Obligors |
|------|-------------------------------------------|

| 27.2 | Additional      Borrowers |
|------|---------------------------|

|   | (a) | Subject      to compliance with the provisions of paragraphs (c) and (d) of Clause 22.8      ("Know      your customer" checks), the Company may request that any of its      Subsidiaries becomes an Additional Borrower.  That Subsidiary      shall become an Additional Borrowerif: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | all      the Lenders approve the addition of that Subsidiary (such approval not to      be unreasonably withheld ordelayed); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Company delivers to the Agent a duly completed and executed Accession      Letter and duly completed and executed documentation required for it to      accede as a party to the Intercreditor  Agreement; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Subsidiary is (or becomes) a Guarantor prior to becoming a      Borrower; |
|--------|-------|------------------------------------------------------------------------------------|

|   | (iv) | the      Company confirms that no Default is continuing or would occur as a result      of that Subsidiary becoming an Additional Borrower;  and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Agent has received all of the documents and other evidence listed in Part      I of Schedule 2 (Conditions      Precedent) in relation to that Additional Borrower, each in form      and substance satisfactory to theAgent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent shall notify the Company and the Lenders promptly upon being      satisfied that it has received (in form and substance satisfactory to it)      all the documents and other evidence listed in Part I of Schedule 2 (Conditions      Precedent). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.3 | Resignation      of a Borrower |
|------|--------------------------------|

|   | (a) | The      Company may request that a Borrower (other than the Company) ceases to be      a Borrower by delivering to the Agent a Resignation  Letter. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent shall accept a Resignation Letter and notify the Company and the      Lenders of its acceptance if: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | no      Default is continuing or would result from the acceptance of the      Resignation Letter (and the Company has confirmed this is the case);      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the      Borrower is under no actual or contingent obligations as a Borrower under      any Finance Documents, |
|--------|------|----------------------------------------------------------------------------------------------------------------|

| 27.4 | Additional      Guarantors |
|------|----------------------------|

|   | (a) | Subject      to compliance with the provisions of Clause 22.8 ("Know      your customer" checks), the Company may request that any of its      Subsidiaries become an AdditionalGuarantor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Company shall procure that any other member of the Group which is a      Material Group Member shall as soon as possible after becoming a Material      Group Member become an Additional Guarantor and, subject to the Agreed      Security Principles, grant Security as the Agent may require and shall      accede to the IntercreditorAgreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      member of the Group shall become an Additional Guarantor    if: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | the      Company delivers to the Agent a duly completed and executed Accession      Letter; and |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (ii) | the      Agent has received all of the documents and other evidence listed in Part      I of Schedule 2 (Conditions      Precedent) in relation to that Additional Guarantor, each in form      and substance satisfactory to theAgent. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Agent shall notify the Company and the Lenders promptly upon being      satisfied that it has received (in form and substance satisfactory to it)      all the documents and other evidence listed in Part II of Schedule 2      (Conditions      Precedent). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.5 | Repetition      of Representations |
|------|------------------------------------|

| 27.6 | Resignation      of a Guarantor |
|------|---------------------------------|

|   | (a) | The      Company may request that a Guarantor (other than the Company) ceases to be      a Guarantor by delivering to the Agent a Resignation    Letter. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent shall accept a Resignation Letter and notify the Company and the      Lenders of its acceptance if: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | no      Default is continuing or would result from the acceptance of the      Resignation Letter (and the Company has confirmed this is the case);      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all      the Lenders have consented to the Company's  request. |
|--------|------|----------------------------------------------------------------|

----

|   | (c) | If      the resignation of a Guarantor is accepted in accordance with paragraph      (b) above the Agent shall instruct the Security Trustee to release any      Transaction Security granted by that Guarantor, in accordance with Clause      29.22 (Releases). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28. | ROLE OF THE AGENT AND THE  ARRANGER |
|-----|-------------------------------------|

| 28.1 | Appointment      of the Agent |
|------|-------------------------------|

|   | (a) | Each      other Finance Party (other than the Security Trustee) appoints the Agent      to act as its agent under and in connection with the Finance      Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      other Finance Party authorises the Agent to exercise the rights, powers,      authorities and discretions specifically given to the Agent under or in      connection with the Finance Documents together with any other incidental      rights, powers, authorities anddiscretions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      other Finance Party hereby releases the Agent to the extent permissible      under each Finance Party's respective constitutional documentation from      any restrictions on representing several persons and self-dealing under      any applicable law, and in particular from the restrictions of Section 181      of the German Civil Code (Bürgerliches      Gesetzbuch), to make use of any authorisation granted under this      Agreement and to perform its duties and obligations as Agent      hereunder. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | Duties      of the Agent |
|------|--------------------------|

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

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

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

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

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

|   | (f) | The      Agent shall promptly forward to the Security Trustee a copy of all notices      issued pursuant to Clause 25.19 (Acceleration). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| 28.3 | Role      of the Arranger |
|------|---------------------------|

----

| 28.4 | No      fiduciary duties |
|------|--------------------------|

|   | (a) | Nothing      in this Agreement constitutes the Agent or the Arranger as a trustee or      fiduciary of any other person. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

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

| 28.5 | Business      with the GroupThe      Agent and the Arranger may accept deposits from, lend money to and      generally engage in any kind of banking or other business with any member      of the Group. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.6 | Rights      and discretions of the Agent |
|------|------------------------------------------|

|   | (a) | The      Agent may rely on: |
|--------|-----|-----------------------------|

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

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

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

|   | (i) | no      Default has occurred (unless it has actual knowledge of a Default arising      under Clause 25.1 (Non-payment)); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

| 28.7 | Majority      Lenders' instructions |
|------|-------------------------------------|

|   | (a) | Unless      a contrary indication appears in a Finance Document, the Agent shall (i)      exercise any right, power, authority or discretion vested in it as Agent      in accordance with any instructions given to it by the Majority Lenders      (or, if so |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | instructed      by the Majority Lenders, refrain from exercising any right, power,      authority or discretion vested in it as Agent) and (ii) not be liable for      any act (or omission) if it acts (or refrains from taking any action) in      accordance with an instruction of the Majority  Lenders. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (c) | The      Agent may refrain from acting in accordance with the instructions of the      Majority Lenders (or, if appropriate, the Lenders) until it has received      such security as it may require for any cost, loss or liability (together      with any associated VAT) which it may incur in complying with the      instructions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 28.8 | Responsibility      for documentation |
|------|---------------------------------------|

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

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

| 28.9 | Exclusion      of liability |
|------|-----------------------------|

|   | (a) | Without      limiting paragraph (b) below (and without prejudice to the provisions of      paragraph (e) of Clause 32.10 (Disruption      to Payment Systems etc.), the Agent will not be liable (including,      without limitation, for negligence or any other category of liability      whatsoever) for any action taken by it under or in connection with any      Finance Document or the Transaction Security, unless directly caused by      its gross negligence or wilfulmisconduct. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|   | (c) | The      Agent will not be liable for any delay (or any related consequences) in      crediting an account with an amount required under the Finance Documents      to be paid by the Agent if the Agent has taken all necessary steps as soon      as reasonably practicable to comply with the regulations or operating      procedures of any recognised clearing or settlement system used by the      Agent for that purpose. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Nothing      in this Agreement shall oblige the Agent or the Arranger to carry out any      "know your customer" or other checks in relation to any person on behalf      of any Lender and each Lender confirms to the Agent and the Arranger that      it is solely responsible for any such checks it is required to carry out      and that it may not rely on any statement in relation to such checks made      by the Agent or the Arranger. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.10 | Lenders'      indemnity to      the Agent |
|-------|------------------------------------------------|

| 28.11 | Resignation      of the Agent |
|-------|-------------------------------|

|   | (a) | The      Agent may resign and appoint one of its Affiliates as successor by giving      notice to the other Finance Parties and the  Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively      the Agent may resign by giving notice to the other Finance Parties and the      Company, in which case the Majority Lenders (after consultation with the      Company) may appoint a successorAgent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the Majority Lenders have not appointed a successor Agent in accordance      with paragraph (b) above within 30 days after notice of resignation was      given, the Agent (after consultation with the Company) may appoint a      successor Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (f) | Upon      the appointment of a successor, the retiring Agent shall be discharged      from any further obligation in respect of the Finance Documents but shall      remain entitled to the benefit of this Clause 28.  Its successor      and each of the other Parties shall have the same rights and obligations      amongst themselves as they would have had if such successor had been an      original Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 28.12 | Confidentiality |
|-------|-----------------|

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

|   | (b) | If      information is received by another division or department of the Agent, it      may be treated as confidential to that division or department and the      Agent shall not be deemed to have notice ofit. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.13 | Relationship      with the Lenders |
|-------|------------------------------------|

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

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

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

| 28.14 | Credit      appraisal by the Secured      Parties |
|-------|---------------------------------------------------|

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

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

----

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

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

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

| 28.15 | Reference      Banks |
|-------|----------------------|

| 28.16 | Agent's      Management Time |
|-------|------------------------------|

| 28.17 | Deduction      from amounts payable by theAgent |
|-------|-------------------------------------------------|

| 29. | ROLE OF SECURITYTRUSTEE |
|-----|-------------------------|

| 29.1 | Trust |
|------|-------|

|   | (a) | The      Security Trustee declares that it shall hold the Transaction Security on      trust for the Secured Parties (and both on trust for the Secured Parties      and as agent on behalf of the other Secured Parties in respect of any      Transaction Security governed by French Law) on the terms contained in      this Agreement.  Each of the parties to this Agreement agrees      that the Security Trustee shall have only those duties, obligations and      responsibilities expressly specified inthis |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Agreement,      the Intercreditor Agreement  or in the Security Documents (and      no others shall be implied). |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| 29.2 | Appointment      of the Security Trustee |
|------|------------------------------------------|

|   | (a) | The      Security Trustee shall: |
|--------|-----|----------------------------------|

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

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

|   | (b) | Each      Secured Party hereby appoints the Security Trustee to act as its trustee      and its agent in connection herewith (with power to sub-delegate and under      exemption from any restrictions regarding acting on behalf of several      parties and acting both on its own behalf as well as on behalf of other      parties, as may be contained in applicable local  law). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Secured Party hereby authorises the Security Trustee (whether or not by or      through employees or agents): |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to      exercise such rights, remedies, powers and discretions as are specifically      delegated to or conferred upon the Security Trustee by the terms hereof      and/or under the Security Documents together with such rights, remedies,      powers and discretions as are reasonably incidental thereto or necessary      to give effect to the rights, remedies, powers and discretions of the      Security Trustee hereby created; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      enter into each Security Document for and on their behalf as trustee and      as agent; |
|--------|------|-------------------------------------------------------------------------------------------------|

|   | (iii) | to      hold the Transaction Security on trust and as security agent for and on      their behalf in connection herewith unless otherwise provided under any      Transaction Security; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | to      acknowledge the provisions of each Security Document, including without      limitation any "parallel debt" provision contained  therein; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | to      take such action on its behalf as may from time to time be authorised      under or in accordance with the Security Documents and this Agreement;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | to      accept as its representative (Stellvertreter)      any pledge or other creation of any accessory security right granted in      favour of such Secured Party in connection with the Finance Documents      under German law and to agree to and execute on its behalf as its      representative (Stellvertreter)      any |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | amendments      and/or alterations to any Security Document governed by German law which      creates a pledge or any other accessory security right (akzessorische      Sicherheit) including the release or confirmation of re-lease of      such Security. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      of the Secured Parties hereby releases the Security Trustee to the extent      permissible under each Secured Party's respective constitutional      documentations from any restrictions on representing several persons and      self-dealing under any applicable law, and in particular from the      restrictions of Section 181 of the German Civil Code (Bürgerliches      Gesetzbuch), to make use of any authorisation granted under this      Agreement and to perform its duties and obligations as Security Trustee      hereunder and under the SecurityDocuments. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each      Secured Party hereby ratifies and approves all acts and declarations      previously done by the Security Trustee on such Secured Party's behalf      (including for the avoidance of doubt the declarations made by the      Security Trustee as representative without power of attorney (Vertreter      ohne Vertretungsmacht) in relation to the creation of any pledge      (Pfandrecht)      on behalf and for the benefit of any Secured Party as future pledgee or      otherwise). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.3 | Italian      Security Documents |
|------|---------------------------------|

|   | (a) | appoints,      with the express consent pursuant to article 1395 of the Italian Civil      Code, the Security Trustee to be its mandatario      con rappresentanza and common representative for the purpose of      executing in the name and on behalf of the Secured Parties any Security      Document which is expressed to be governed by Italian  law; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | grants      the Security Trustee the power to negotiate and approve the terms and      conditions of such Security Document, execute any other agreement or      instrument, give or receive any notice and take any other action in      relation to the creation, perfection, maintenance, enforcement and release      of the security created thereunder in the name and on behalf of the      Secured Parties; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | undertakes      to ratify and approve any such action taken in the name and on behalf of      the Secured Parties by the Security Trustee acting in its appointed      capacity. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.4 | Japanese      Security Documents |
|------|----------------------------------|

|   | (a) | Each      of the Secured Parties irrevocably appoints the Security Trustee to be its      attorney and in its name and on its behalf to execute, deliver and perfect      all documents and do all things which the attorney may in its absolute      discretion consider necessary or desirable in connection with any Japanese      Security Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      of the Secured Parties shall ratify and confirm all things done and all      Japanese Security Documents executed by any attorney and further confirm      that it accepts the terms of such Japanese Security    Document. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      Secured Parties will procure the enforcement of the Japanese Security      Documents pursuant to clause 11 (Enforcement      of Security) of the Intercreditor Agreement only at the request of      the Agent.  In relation to the manner of enforcement (apart from      the decision or right to commence an enforcement, which shall be in      accordance with the other provisions of this Agreement) of the Japanese      Security Documents, the Secured Parties and Security Trustee will always      act on the directions of the Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | All      amounts received by a Secured Party pursuant to any enforcement of the      Japanese Security Documents shall be immediately paid to the Security      Trustee for application in accordance with Clause 34 (Application      of Proceeds) save that any Secured Party instructed by the Security      Trustee to enforce any Japanese Security Document in accordance with this      Clause shall be entitled to deduct from the proceeds of each enforcement      its costs, charges and expenses incurred in connection with such      enforcement prior to paying the proceeds of such enforcement to the      Security Trustee in accordance with Clause 34 (Application      of Proceeds). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.5 | Brazilian      Security Documents |
|------|-----------------------------------|

| 29.6 | Parallel      Debt (Covenant to pay the Security  Trustee) |
|------|------------------------------------------------------------|

|   | (a) | Notwithstanding      any other provision of this Agreement, each Obligor hereby irrevocably and      unconditionally undertakes to pay to the Security Trustee, as creditor in      its own right and not as representative of the other Finance Parties, sums      equal to and in the currency of each amount payable by such Obligor to      each of the Finance Parties under each of the Finance Documents as and      when that amount falls due for payment under the relevant Finance Document      or would have fallen due but for any discharge resulting from failure of      another Finance Party to take appropriate steps, in insolvency proceedings      affecting that Obligor, to preserve its entitlement to be paid that      amount. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Security Trustee shall have its own independent right to demand payment of      the amounts payable by each Obligor under this Clause 29.6, irrespective      of any discharge of such Obligor's obligation to pay those amounts to the      other Finance Parties resulting from failure by them to take appropriate      steps, in insolvency proceedings affecting that Obligor, to preserve their      entitlement to be paid thoseamounts. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any      amount due and payable by an Obligor to the Security Trustee under this      Clause 29.6 shall be decreased to the extent that the other Finance      Parties have received (and are able to retain) payment in full of the      corresponding amount |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | under      the other provisions of the Finance Documents and any amount due and      payable by an Obligor to the other Finance Parties under those provisions      shall be decreased to the extent that the Security Trustee has received      (and is able to retain) payment in full of the corresponding amount under      this Clause 29.6. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      rights of the Finance Parties (other than the Security Trustee) to receive      payment of amounts payable by each Obligor under the Finance Documents are      several and are separate and independent from, and without prejudice to,      the rights of the Security Trustee to receive payment under this Clause      29.6. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.7 | No      Independent Power |
|------|---------------------------|

| 29.8 | Security      Trustee's Instructions |
|------|--------------------------------------|

|   | (a) | unless      a contrary indication appears in a Finance Document, act in accordance      with any instructions given to it by the Agent and shall be entitled to      assume that (i) any instructions received by it from the Agent are duly      given by or on behalf of the Majority Lenders or, as the case may be, the      Lenders in accordance with the terms of the Finance Documents and (ii)      unless it has received actual notice of revocation that any instructions      or directions given by the Agent have not been  revoked; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be      entitled to request instructions, or clarification of any direction, from      the Agent as to whether, and in what manner, it should exercise or refrain      from exercising any rights, powers and discretions and the Security      Trustee may refrain from acting unless and until those instructions or      clarification are received by it;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | be      entitled to, carry out all dealings with the Lenders through the Agent and      may give to the Agent any notice or other communication required to be      given by the Security Trustee to theLenders. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.9 | Security      Trustee's Actions |
|------|---------------------------------|

|   | (a) | the      Security Trustee may, in the absence of any instructions to the contrary,      take such action in the exercise of any of its powers and duties under the      Finance Documents which in its absolute discretion it considers to be for      the protection and benefit of all the Secured Parties;  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at      any time after receipt by the Security Trustee of notice from the Agent      directing the Security Trustee to exercise all or any of its rights,      remedies, powers or discretions under any of the Finance Documents, the      Security Trustee may, and shall if so directed by the Agent, take any      action as in its sole discretion it thinks fit to enforce the Transaction      Security. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 29.10 | Security      Trustee's Discretions The Security Trustee      may: |
|-------|-------------------------------------------------------------------------|

|   | (a) | assume      (unless it has received actual notice to the contrary in its capacity as      trustee for the Secured Parties) that (i) no Default has occurred and no      Obligor is in breach of or default under its obligations under any of the      Finance Documents and (ii) any right, power, authority or discretion      vested in any person has not beenexercised; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      it receives any instructions or directions from the Agent to take any      action in relation to the Transaction Security, assume that all applicable      conditions under the Finance Documents for taking that action have been      satisfied; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | engage,      pay for and rely on the advice or services of any lawyers, accountants,      surveyors or other experts (whether obtained by the Security Trustee or by      any other Secured Party) whose advice or services may at any time seem      necessary, expedient or desirable; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | rely      upon any communication or document believed by it to be genuine and, as to      any matters of fact which might reasonably be expected to be within the      knowledge of a Secured Party or an Obligor, upon a certificate signed by      or on behalf of that person; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | refrain      from acting in accordance with the instructions of the Agent or Lenders      (including bringing any legal action or proceeding arising out of or in      connection with the Finance Documents) until it has received any      indemnification and/or security that it may in its absolute discretion      require (whether by way of payment in advance or otherwise) for all costs,      losses and liabilities which it may incur in bringing such action or      proceedings. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.11 | Security      Trustee's ObligationsThe Security Trustee shall      promptly inform the Agent of: |
|-------|--------------------------------------------------------------------------------------------------|

|   | (a) | the      contents of any notice or document received by it in its capacity as      Security Trustee from any Obligor under any Finance Document;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      occurrence of any Default or any default by an Obligor in the due      performance of or compliance with its obligations under any Finance      Document of which the Security Trustee has received notice from any other      party to this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.12 | Excluded      ObligationsNotwithstanding anything to      the contrary expressed or implied in the Finance Documents, the Security      Trustee shall not: |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | be      bound to enquire as to (i) whether or not any Default has occurred or (ii)      the performance, default or any breach by an Obligor of its obligations      under any of the Finance Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be      bound to account to any other Party for any sum or the profit element of      any sum received by it for its ownaccount; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | be      bound to disclose to any other person (including but not limited to any      Secured Party) (i) any confidential information or (ii) any other      information if disclosure would, or might in its reasonable opinion,      constitute a breach of any law or be a breach of fiduciary      duty; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | be      under any obligations other than those which are specifically provided for      in the Finance Documents; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (e) | have      or be deemed to have any duty, obligation or responsibility to, or      relationship of trust or agency with, any  Obligor. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 29.13 | Exclusion      of Security Trustee's liabilityThe      Security Trustee shall not accept responsibility or be liable      for: |
|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      adequacy, accuracy and/or completeness of any information (whether oral or      written) supplied by the Security Trustee or any other person in or in      connection with any Finance Document or the Information Memorandum or the      transactions contemplated in the Finance  Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (c) | any      losses to any person or any liability arising as a result of taking or      refraining from taking any action in relation to any of the Finance      Documents or the Transaction Security or otherwise, whether in accordance      with an instruction from the Agent or otherwise, unless directly caused by      its gross negligence or wilfulmisconduct; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      exercise of, or the failure to exercise, any judgement, discretion or      power given to it by or in connection with any of the Finance Documents,      the Transaction Security or any other agreement, arrangement or document      entered into, made or executed in anticipation of or in connection with      the Finance Documents or the Transaction Security;  or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      shortfall which arises on the enforcement of the Transaction      Security. |
|--------|-----|--------------------------------------------------------------------------------------|

| 29.14 | No      proceedingsNo      Party (other than the Security Trustee) may take any proceedings against      any officer, employee or agent of the Security Trustee in respect of any      claim it might have against the Security Trustee or in respect of any act      or omission of any kind by that officer, employee or agent in relation to      any Finance Document or any Transaction Security and any officer, employee      or agent of the Security Trustee may rely on this  Clause. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.15 | Own      responsibilityWithout      affecting the responsibility of any Obligor for information supplied by it      or on its behalf in connection with any Finance Document, each Secured      Party confirms to the Security Trustee that it has been, and will continue      to be, solely responsible formaking |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

| 29.16 | No      responsibility to perfect Transaction SecurityThe      Security Trustee shall not be liable for any failure  to: |
|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | (a) | require      the deposit with it of any deed or document certifying, representing or      constituting the title of any Obligor to any of the Charged      Property; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | obtain      any licence, consent or other authority for the execution, delivery,      legality, validity, enforceability or admissibility in evidence of any of      the Finance Documents or the Transaction  Security; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | register,      file or record or otherwise protect any of the Transaction Security (or      the priority of any of the Transaction Security) under any applicable laws      in any jurisdiction or to give notice to any person of the execution of      any of the Finance Documents or of the Transaction    Security; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | take,      or to require any of the Obligors to take, any steps to perfect its title      to any of the Charged Property or to render the Transaction Security      effective or to secure the creation of any ancillary Security under the      laws of any jurisdiction; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | require      any further assurances in relation to any of the Security      Documents. |
|--------|-----|----------------------------------------------------------------------------------------|

----

| 29.17 | Insurance      by Security Trustee |
|-------|------------------------------------|

|   | (a) | The      Security Trustee shall not be under any obligation to insure any of the      Charged Property, to require any other person to maintain any insurance or      to verify any obligation to arrange or maintain insurance contained in the      Finance Documents.  The Security Trustee shall not be      responsible for any loss which may be suffered by any person as a result      of the lack of or inadequacy of any such  insurance. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Where      the Security Trustee is named on any insurance policy as an insured party,      it shall not be responsible for any loss which may be suffered by reason      of, directly or indirectly, its failure to notify the insurers of any      material fact relating to the risk assumed by the insurers or any other      information of any kind, unless any Secured Party has requested it to do      so in writing and the Security Trustee has failed to do so within fourteen      days after receipt of that request. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.18 | Custodians      and Nominees |
|-------|------------------------------|

| 29.19 | Acceptance      of Title |
|-------|--------------------------|

| 29.20 | Refrain      from Illegality |
|-------|------------------------------|

| 29.21 | Business      with the Obligors |
|-------|---------------------------------|

| 29.22 | Releases |
|-------|----------|

|   | (a) | pursuant      to the enforcement of the Transaction Security by a Receiver or the      Security Trustee; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | if      that disposal is permitted under the Finance Documents;  or |
|--------|-----|---------------------------------------------------------------------|

----

|   | (c) | if      the Security Trustee is instructed to release the Transaction Security      granted by the resigning Obligor under the terms of Clause 27 (Changes      to the Obligors), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.23 | Winding      up of Trust |
|-------|--------------------------|

| 29.24 | Perpetuity      Period |
|-------|------------------------|

| 29.25 | Powers      Supplemental |
|-------|--------------------------|

| 29.26 | Trustee      division separate |
|-------|--------------------------------|

|   | (a) | In      acting as trustee for the Secured Parties, the Security Trustee shall be      regarded as acting through its agency or trustee division which shall be      treated as a separate entity from any other of its divisions or      departments. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      information is received by another division or department of the Security      Trustee, it may be treated as confidential to that division or department      and the Security Trustee shall not be deemed to have notice of      it. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.27 | Lender'      indemnity to the SecurityTrustee |
|-------|-----------------------------------------------|

----

| 29.29 | Resignation      of Security Trustee |
|-------|--------------------------------------|

|   | (a) | The      Security Trustee may resign and appoint one of its Affiliates as successor      by giving notice to the Company and to the Agent on behalf of the      Lenders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively      the Security Trustee may resign by giving notice to the other Parties (or      to the Agent on behalf of the Lenders) in which case the Majority Lenders      may appoint a successor SecurityTrustee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the Majority Lenders have not appointed a successor Security Trustee in      accordance with paragraph (b) above within 30 days after the notice of      resignation was given, the Security Trustee (after consultation with the      Agent) may appoint a successor SecurityTrustee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (e) | The      Security Trustee's resignation notice shall only take effect upon (i) the      appointment of a successor and (ii) the transfer of all of the Transaction      Security to that successor. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Upon      the appointment of a successor, the retiring Security Trustee shall be      discharged from any further obligation in respect of the Finance Documents      but shall remain entitled to the benefit of Clauses 28 (Role      of the Agent and the Arranger) and 29 (Role      of Security Trustee).  Its successor and each of the      other Parties shall have the same rights and obligations amongst      themselves as they would have had if such successor had been an original      Party. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The      Majority Lenders may, by notice to the Security Trustee, require it to      resign in accordance with paragraph (b) above.  In this event,      the Security Trustee shall resign in accordance with paragraph (b)      above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.30 | Delegation |
|-------|------------|

|   | (a) | The      Security Trustee may, at any time, delegate by power of attorney or      otherwise to any person for any period, all or any of the rights, powers      and discretions vested in it by any of the Finance    Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      delegation may be made upon any terms and conditions (including the power      to sub-delegate) and subject to any restrictions that the Security Trustee      may think fit in the interests of the Secured Parties and it shall not be      bound to |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | supervise,      or be in any way responsible for any loss incurred by reason of any      misconduct or default on the part of any delegate or      sub-delegate. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.31 | Additional      Security Trustees |
|-------|-----------------------------------|

|   | (a) | The      Security Trustee may at any time appoint (and subsequently remove) any      person to act as a separate trustee or as a co-trustee jointly with it (i)      if it considers that appointment to be in the interests of the Secured      Parties or (ii) for the purposes of conforming to any legal requirements,      restrictions or conditions which the Security Trustee deems to be relevant      or (iii) for obtaining or enforcing any judgment in any jurisdiction, and      the Security Trustee shall give prior notice to the Company and the Agent      of that appointment. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      person so appointed shall have the rights, powers and discretions (not      exceeding those conferred on the Security Trustee by this Agreement) and      the duties and obligations that are conferred or imposed by the instrument      of appointment. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      remuneration that the Security Trustee may pay to any person, and any      costs and expenses incurred by that person in performing its functions      pursuant to that appointment shall, for the purposes of this Agreement, be      treated as costs and expenses incurred by the Security      Trustee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.32 | Voting      Rights |
|-------|--------------------|

|   | (a) | Notwithstanding      any other provision of this Agreement or any other Finance Document the      Security Trustee may in its absolute discretion and without any consent or      authority from the Secured Parties by notice in accordance with the notice      provisions of each Security Document that grants Security over Shares      (which notice shall be irrevocable) elect to give up the right to exercise      (or refrain from exercising) voting rights in respect of those Shares      conferred or to be conferred on the Security Trustee pursuant to the      relevant clauses of that SecurityDocument. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Secured Parties unconditionally waive any rights they may otherwise have      either to prevent the Security Trustee from making the election referred      to in paragraph (a) above or to require the Security Trustee to indemnify      or otherwise compensate them for any losses, costs or liabilities incurred      by any of them in relation to or as a consequence of the Security Trustee      making such election. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

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

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

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

|   | (b) | the      Agent shall determine whether the receipt or recovery is in excess of the      amount the Recovering Finance Party would have been paid had the receipt      or recovery been received or made by the Agent and distributed in      accordance with Clause 32 (Payment      mechanics), without taking account of any Tax which would be      imposed on the Agent in relation to the receipt, recovery or distribution;      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Recovering Finance Party shall, within three Business Days of demand by      the Agent, pay to the Agent an amount (the "Sharing      Payment") equal to such receipt or recovery less any amount which      the Agent determines may be retained by the Recovering Finance Party as      its share of any payment to be made, in accordance with Clause 32.5 (Partial      payments). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (a) | On      a distribution by the Agent under Clause 31.2 (Redistribution      of payments), the Recovering Finance Party will be subrogated to      the rights of the Finance Parties which have shared in the      redistribution. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      and to the extent that the Recovering Finance Party is not able to rely on      its rights under paragraph (a) above, the relevant Obligor shall be liable      to the Recovering Finance Party for a debt equal to the Sharing Payment      which is immediately due andpayable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (b) | that      Recovering Finance Party's rights of subrogation in respect of any      reimbursement shall be cancelled and the relevant Obligor will be liable      to the reimbursing Finance Party for the amount so    reimbursed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

----

| 32. | PAYMENTMECHANICS |
|-----|------------------|

| 32.1 | Payments      to the Agent |
|------|----------------------------|

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

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

| 32.2 | Distributions      by the Agent |
|------|---------------------------------|

| 32.3 | Distributions      to an Obligor |
|------|----------------------------------|

| 32.4 | Clawback |
|------|----------|

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

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

----

| 32.5 | Partial      payments |
|------|-----------------------|

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

|   | (i) | first,      in or towards payment pro rata of any unpaid fees, costs and expenses of      the Agent, the Issuing Bank, the Security Trustee (including of any      Receiver or Delegate) and the Arranger under the Finance      Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly,      in or towards payment pro rata of any accrued interest, fee or commission      due but unpaid under thisAgreement; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly,      in or towards payment pro rata of any principal due but unpaid under this      Agreement and any amount due but unpaid under Clauses 7.4 (Claims      under a Letter of Credit) and 7.5 (Indemnities);      and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

| 32.6 | No      set-off by Obligors |
|------|-----------------------------|

| 32.7 | Business      Days |
|------|--------------------|

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

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

| 32.8 | Currency      of account |
|------|--------------------------|

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

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

----

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

|   | (d) | Each      payment in respect of costs, expenses or Taxes shall be made in the      currency in which the costs, expenses or Taxes are    incurred. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any      amount expressed to be payable in a currency other than the Base Currency      shall be paid in that othercurrency. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 32.9 | Change      of currency |
|------|-------------------------|

|   | (a) | Unless      otherwise prohibited by law, if more than one currency or currency unit      are at the same time recognised by the central bank of any country as the      lawful currency of that country,then: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      reference in the Finance Documents to, and any obligations arising under      the Finance Documents in, the currency of that country shall be translated      into, or paid in, the currency or currency unit of that country designated      by the Agent (after consultation with the Company);  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      translation from one currency or currency unit to another shall be at the      official rate of exchange recognised by the central bank for the      conversion of that currency or currency unit into the other, rounded up or      down by the Agent (actingreasonably). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      a change in any currency of a country occurs, this Agreement will, to the      extent the Agent (acting reasonably and after consultation with the      Company) specifies to be necessary, be amended to comply with any      generally accepted conventions and market practice in the Relevant      Interbank Market and otherwise to reflect the change in      currency. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.10 | Disruption      to Payment Systems etc. |
|-------|-----------------------------------------|

|   | (a) | the      Agent may, and shall if requested to do so by the Company, consult with      the Company with a view to agreeing with the Company such changes to the      operation or administration of the Facilities as the Agent may deem      necessary in the circumstances; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Agent shall not be obliged to consult with the Company in relation to any      changes mentioned in paragraph (a) above if, in its opinion, it is not      practicable to do so in the circumstances and, in any event, shall have no      obligation to agree to suchchanges; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Agent may consult with the Finance Parties in relation to any changes      mentioned in paragraph (a) above but shall not be obliged to do so if, in      its opinion, it is not practicable to do so in the      circumstances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | any      such changes agreed upon by the Agent and the Company shall (whether or      not it is finally determined that a Disruption Event has occurred) be      binding upon the Parties as an amendment to (or, as the case may be,      waiver of) the terms of the Finance Documents notwithstanding the      provisions of Clause 39 (Amendments      and Waivers); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      Agent shall not be liable for any damages, costs or losses      whatsoever  (including, without limitation for negligence, gross      negligence or any other category of liability whatsoever but not including      any claim based on the fraud of the Agent) arising as a result of its      taking, or failing to take, any actions pursuant to or in connection with      this Clause 32.10; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Agent shall notify the Finance Parties of all changes agreed pursuant to      paragraph (d) above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

| 33. | SET-OFF |
|-----|---------|

| 34. | APPLICATION OF  PROCEEDS |
|-----|--------------------------|

| 34.1 | Order      of Application |
|------|---------------------------|

|   | (a) | in      discharging any sums owing to the Security Trustee (in its capacity as      trustee), any Receiver or anyDelegate; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      payment to the Agent, on behalf of the Secured Parties, for application      towards the discharge of all sums due and payable by any Obligor under any      of the Finance Documents in accordance with Clause 32.5 (Partial      Payments); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      none of the Obligors is under any further actual or contingent liability      under any Finance Document, in payment to any person to whom the Security      Trustee is obliged to pay in priority to any Obligor;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      balance, if any, in payment to the relevant  Obligor. |
|--------|-----|----------------------------------------------------------------|

| 34.2 | Investment      of Proceeds |
|------|-----------------------------|

----

| 34.3 | Currency      Conversion |
|------|--------------------------|

|   | (a) | For      the purpose of or pending the discharge of any of the Secured Obligations      the Security Trustee may convert any moneys received or recovered by the      Security Trustee from one currency to another, at the spot rate at which      the Security Trustee is able to purchase the currency in which the Secured      Obligations are due with the amountreceived. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      obligations of any Obligor to pay in the due currency shall only be      satisfied to the extent of the amount of the due currency purchased after      deducting the costs of conversion. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.4 | Permitted      Deductions |
|------|---------------------------|

| 34.5 | Discharge      of Secured Obligations |
|------|---------------------------------------|

|   | (a) | Any      payment to be made in respect of the Secured Obligations by the Security      Trustee may be made to the Agent on behalf of the Lenders and that payment      shall be a good discharge to the extent of that payment, to the Security      Trustee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Security Trustee is under no obligation to make payment to the Agent in      the same currency as that in which any Unpaid Sum is      denominated. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.6 | Sums      received by Obligors |
|------|--------------------------------|

| 34.7 | Security      Trustee application ofproceeds |
|------|----------------------------------------------|

----

| 35.1 | Communications      in writing |
|------|--------------------------------|

| 35.2 | Addresses |
|------|-----------|

|   | (a) | in      the case of the Company, that identified with its name    below; |
|--------|-----|--------------------------------------------------------------------------|

|   | (b) | in      the case of each Lender or any other Original Obligor, that notified in      writing to the Agent on or prior to the date on which it becomes a Party;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of the Agent and Security Trustee, that identified with its name      below, |
|--------|-----|-----------------------------------------------------------------------------------------------|

| 35.3 | Delivery |
|------|----------|

|   | (a) | Any      communication or document made or delivered by one person to another under      or in connection with the Finance Documents will only be      effective: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      by way of fax, when received in legible form;or |
|--------|-----|---------------------------------------------------------|

|   | (ii) | if      by way of letter, when it has been left at the relevant address or five      Business Days after being deposited in the post postage prepaid in an      envelope addressed to it at thataddress, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | and,      if a particular department or officer is specified as part of its address      details provided under Clause 35.2 (Addresses),      if addressed to that department or  officer. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      communication or document to be made or delivered to the Agent or to the      Security Trustee will be effective only when actually received by the      Agent or the Security Trustee and then only if it is expressly marked for      the attention of the department or officer identified with the Agent's or      the Security Trustee's signature below (or any substitute department or      officer as the Agent shall specify for this  purpose). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | All      notices from or to an Obligor shall be sent through the    Agent. |
|--------|-----|----------------------------------------------------------------------------|

|   | (d) | Any      communication or document made or delivered to the Company in accordance      with this Clause will be deemed to have been made or delivered to each of      the Obligors. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | All      notices to a Lender from the Security Trustee shall be sent through the      Agent. |
|--------|-----|----------------------------------------------------------------------------------------------|

----

| 35.4 | Notification      of address and fax number |
|------|---------------------------------------------|

| 35.5 | Electronic      communication |
|------|-------------------------------|

|   | (a) | Any      communication to be made between the Agent or the Security Trustee and a      Lender under or in connection with the Finance Documents may be made by      electronic mail or other electronic means, if the Agent, the Trustee and      the relevant Lender: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | agree      that, unless and until notified to the contrary, this is to be an accepted      form of communication; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (ii) | notify      each other in writing of their electronic mail address and/or any other      information required to enable the sending and receipt of information by      that means; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | notify      each other of any change to their address or any other such information      supplied by them. |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      electronic communication made between the Agent and a Lender or the      Security Trustee will be effective only when actually received in readable      form and in the case of any electronic communication made by a Lender to      the Agent or the Security Trustee only if it is addressed in such a manner      as the Agent or Security Trustee shall specify for this      purpose. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35.6 | English      language |
|------|-----------------------|

|   | (a) | Any      notice given under or in connection with any Finance Document must be in      English. |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | All      other documents provided under or in connection with any Finance Document      must be: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | in      English; or |
|--------|-----|---------------------|

|   | (ii) | if      not in English, and if so required by the Agent, accompanied by a      certified English translation and, in this case, the English translation      will prevail unless the document is a constitutional, statutory or other      official document. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36. | CALCULATIONS AND    CERTIFICATES |
|-----|----------------------------------|

| 36.1 | Accounts |
|------|----------|

----

| 36.2 | Certificates      and Determinations |
|------|--------------------------------------|

| 36.3 | Day      count convention |
|------|---------------------------|

| 37. | PARTIALINVALIDITY |
|-----|-------------------|

| 38. | REMEDIES ANDWAIVERS |
|-----|---------------------|

| 39. | AMENDMENTS AND  WAIVERS |
|-----|-------------------------|

| 39.1 | Required      consents |
|------|------------------------|

|   | (a) | Subject      to Clause 39.2 (Exceptions)      and Clause 29.22 (Releases)      any term of the Finance Documents may be amended or waived only with the      consent of the Majority Lenders and the Obligors and any such amendment or      waiver will be binding on allParties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Agent, or in respect of the Security Documents the Security Trustee, may      effect, on behalf of any Finance Party, any amendment or waiver permitted      by this Clause. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.2 | Exceptions |
|------|------------|

|   | (a) | An      amendment or waiver that has the effect of changing or which relates      to: |
|--------|-----|---------------------------------------------------------------------------------------|

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

|   | (ii) | an      extension to the date of payment of any amount under the Finance      Documents; |
|--------|------|------------------------------------------------------------------------------------------|

|   | (iii) | a      reduction in the Margin or a reduction in the amount of any payment of      principal, interest, fees or commissionpayable; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | an      increase in or an extension of anyCommitment; |
|--------|------|-------------------------------------------------------|

----

|   | (v) | a      change to the Borrowers or Guarantors other than in accordance with Clause      27 (Changes      to the Obligors); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any      provision which expressly requires the consent of all the      Lenders; |
|--------|------|----------------------------------------------------------------------------------|

|   | (vii) | Clause      2.2 (Finance      Parties' rights and obligations), Clause 26 (Changes      to the Lenders) or this Clause39; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------|

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

|   | (ix) | any      amendment to the order of priority or subordination under the      Intercreditor Agreement; |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | (b) | An      amendment or waiver which relates to the rights or obligations of the      Agent, the Security Trustee or the Arranger may not be effected without      the consent of the Agent, the Security Trustee or the      Arranger. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.3 | Amendments      required to SecurityDocuments |
|------|-----------------------------------------------|

| 40. | COUNTERPARTS |
|-----|--------------|

| 41. | USA      Patriot      Act |
|-----|---------------------------|

----

| 42. | GOVERNINGLAW |
|-----|--------------|

| 43. | ENFORCEMENT |
|-----|-------------|

| 43.1 | Jurisdiction      of English courts |
|------|-------------------------------------|

|   | (a) | The      courts of England have exclusive jurisdiction to settle any dispute      arising out of or in connection with this Agreement (including a dispute      regarding the existence, validity or termination of this Agreement) (a      "Dispute"). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Parties agree that the courts of England are the most appropriate and      convenient courts to settle Disputes and accordingly no Party will argue      to the contrary. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This      Clause 43.1 is for the benefit of the Finance Parties only.  As      a result, no Finance Party shall be prevented from taking proceedings      relating to a Dispute in any other courts with jurisdiction.  To      the extent allowed by law, the Finance Parties may take concurrent      proceedings in any number ofjurisdictions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43.2 | Service      of process |
|------|-------------------------|

|   | (a) | irrevocably      appoints Flexsys Rubber Chemicals Limited as its agent for service of      process in relation to any proceedings before the English courts in      connection with any Finance Document;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agrees      that failure by an agent for service of process to notify the relevant      Obligor of the process will not invalidate the proceedings      concerned. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43.3 | Waiver      of Immunity |
|------|-------------------------|

|   | (a) | the      giving of any relief by way of injunction or order for specific      performance or for the recovery of assets or revenues;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      issue of any process against its assets or revenues for the enforcement of      a judgment or, in an action in      rem, for the arrest, detention or sale of any of its assets and      revenues. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43.4 | Título      Executivo Extrajudicial |
|------|------------------------------------------|

----

| 44. | WAIVER OF JURYTRIAL |
|-----|---------------------|