Document:

Credit Agreement Dated as of February 11,2005

 Exhibit 10.1 
  
 $70,000,000 
  
 CREDIT AGREEMENT 
  
 Dated as of February 11, 2005 
  
 among 
  
 CONSTAR INTERNATIONAL INC. 
 as
Borrower 
  
 and 
  
 THE LENDERS AND
ISSUERS PARTY HERETO 
  
 and 
  
 CITICORP USA,
INC.  
 as Administrative Agent 
  
 * * * 
  
 CITIGROUP
GLOBAL MARKETS INC.  
 as Book Manager and Arranger 
  
 WEIL, GOTSHAL & MANGES LLP 
 767 FIFTH AVENUE 
 NEW
YORK, NEW YORK 10153-0119 
  

  
 TABLE
OF CONTENTS 
  

					
	 Article I
	  	 Definitions, Interpretation And Accounting Terms
	  	1
			
	 Section 1.1
	  	 Defined Terms
	  	1
			
	 Section 1.2
	  	 Computation of Time Periods
	  	30
			
	 Section 1.3
	  	 Accounting Terms and Principles
	  	31
			
	 Section 1.4
	  	 Conversion of Foreign Currencies
	  	31
			
	 Section 1.5
	  	 Certain Terms
	  	32
			
	 Article II
	  	 The Facility
	  	32
			
	 Section 2.1
	  	 The Revolving Credit Commitments
	  	33
			
	 Section 2.2
	  	 Borrowing Procedures
	  	33
			
	 Section 2.3
	  	 Swing Loans
	  	34
			
	 Section 2.4
	  	 Letters of Credit
	  	36
			
	 Section 2.5
	  	 Reduction and Termination of the Revolving Credit Commitments
	  	41
			
	 Section 2.6
	  	 Repayment of Loans
	  	41
			
	 Section 2.7
	  	 Evidence of Debt
	  	41
			
	 Section 2.8
	  	 Optional Prepayments
	  	41
			
	 Section 2.9
	  	 Mandatory Prepayments
	  	42
			
	 Section 2.10
	  	 Interest
	  	42
			
	 Section 2.11
	  	 Conversion/Continuation Option
	  	43
			
	 Section 2.12
	  	 Fees
	  	44
			
	 Section 2.13
	  	 Payments and Computations
	  	45
			
	 Section 2.14
	  	 Special Provisions Governing Eurodollar Rate Loans
	  	48
			
	 Section 2.15
	  	 Capital Adequacy
	  	50
			
	 Section 2.16
	  	 Taxes
	  	50
			
	 Section 2.17
	  	 Substitution of Lenders
	  	53
			
	 Section 2.18
	  	 Facility Increase
	  	54
			
	 Article III
	  	 Conditions To Loans And Letters Of Credit
	  	55
			
	 Section 3.1
	  	 Conditions Precedent to Initial Loans and Letters of Credit
	  	55
			
	 Section 3.2
	  	 Conditions Precedent to Each Loan and Letter of Credit
	  	58
			
	 Section 3.3
	  	 Determinations of Initial Borrowing Conditions
	  	59
			
	 Article IV
	  	 Representations and Warranties
	  	60
			
	 Section 4.1
	  	 Corporate Existence; Compliance with Law
	  	60

  

 i 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 Section 4.2
	  	 Corporate Power; Authorization; Enforceable Obligations
	  	60
			
	 Section 4.3
	  	 Ownership of Borrower; Subsidiaries
	  	61
			
	 Section 4.4
	  	 Financial Statements
	  	62
			
	 Section 4.5
	  	 Material Adverse Change
	  	62
			
	 Section 4.6
	  	 Solvency
	  	62
			
	 Section 4.7
	  	 Litigation
	  	63
			
	 Section 4.8
	  	 Taxes
	  	63
			
	 Section 4.9
	  	 Full Disclosure
	  	63
			
	 Section 4.10
	  	 Margin Regulations
	  	64
			
	 Section 4.11
	  	 No Burdensome Restrictions; No Defaults
	  	64
			
	 Section 4.12
	  	 Investment Company Act; Public Utility Holding Company Act
	  	64
			
	 Section 4.13
	  	 Use of Proceeds
	  	65
			
	 Section 4.14
	  	 Insurance
	  	65
			
	 Section 4.15
	  	 Labor Matters
	  	65
			
	 Section 4.16
	  	 ERISA; Pension Matters
	  	65
			
	 Section 4.17
	  	 Environmental Matters
	  	66
			
	 Section 4.18
	  	 Intellectual Property
	  	67
			
	 Section 4.19
	  	 Title; Real Property
	  	68
			
	 Section 4.20
	  	 Related Documents
	  	68
			
	 Article V
	  	 Financial Covenants
	  	69
			
	 Section 5.1
	  	 Maximum Liquidity
	  	69
			
	 Section 5.2
	  	 Minimum Interest Coverage Ratio
	  	69
			
	 Section 5.3
	  	 Capital Expenditures
	  	70
			
	 Article VI
	  	 Reporting Covenants
	  	71
			
	 Section 6.1
	  	 Financial Statements
	  	71
			
	 Section 6.2
	  	 Default Notices
	  	73
			
	 Section 6.3
	  	 Litigation
	  	73
			
	 Section 6.4
	  	 Asset Sales
	  	73
			
	 Section 6.5
	  	 Notices under Related Documents
	  	73
			
	 Section 6.6
	  	 SEC Filings; Press Releases
	  	73
			
	 Section 6.7
	  	 Labor Relations
	  	74

  

 ii 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 Section 6.8
	  	 Tax Returns
	  	74
			
	 Section 6.9
	  	 Insurance
	  	74
			
	 Section 6.10
	  	 ERISA Matters; Pension Matters
	  	74
			
	 Section 6.11
	  	 Environmental Matters
	  	75
			
	 Section 6.12
	  	 Borrowing Base Determination
	  	76
			
	 Section 6.13
	  	 Customer Contracts
	  	77
			
	 Section 6.14
	  	 Tax Reporting
	  	77
			
	 Section 6.15
	  	 Other Information
	  	77
			
	 Article VII
	  	 Affirmative Covenants
	  	77
			
	 Section 7.1
	  	 Preservation of Corporate Existence, Etc.
	  	77
			
	 Section 7.2
	  	 Compliance with Laws, Etc.
	  	77
			
	 Section 7.3
	  	 Conduct of Business
	  	78
			
	 Section 7.4
	  	 Payment of Taxes, Etc.
	  	78
			
	 Section 7.5
	  	 Maintenance of Insurance
	  	78
			
	 Section 7.6
	  	 Access
	  	78
			
	 Section 7.7
	  	 Keeping of Books
	  	79
			
	 Section 7.8
	  	 Maintenance of Properties, Etc.
	  	79
			
	 Section 7.9
	  	 Application of Proceeds
	  	79
			
	 Section 7.10
	  	 Environmental
	  	79
			
	 Section 7.11
	  	 Additional Collateral and Guaranties
	  	79
			
	 Section 7.12
	  	 Control Accounts; Approved Deposit Accounts
	  	81
			
	 Section 7.13
	  	 Landlord Waivers and Bailee’s Letters
	  	82
			
	 Section 7.14
	  	 Real Property
	  	82
			
	 Section 7.15
	  	 Obligations as “Senior Indebtedness”
	  	82
			
	 Section 7.16
	  	 UK Pension Plans
	  	82
			
	 Section 7.17
	  	 Post-Closing Covenants
	  	83
			
	 Article VIII
	  	 Negative Covenants
	  	83
			
	 Section 8.1
	  	 Indebtedness
	  	83
			
	 Section 8.2
	  	 Liens, Etc.
	  	85
			
	 Section 8.3
	  	 Investments
	  	86
			
	 Section 8.4
	  	 Sale of Assets
	  	86
			
	 Section 8.5
	  	 Restricted Payments
	  	87

  

 iii 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 Section 8.6
	  	 Prepayment and Cancellation of Indebtedness
	  	87
			
	 Section 8.7
	  	 Restriction on Fundamental Changes
	  	88
			
	 Section 8.8
	  	 Change in Nature of Business
	  	88
			
	 Section 8.9
	  	 Transactions with Affiliates
	  	88
			
	 Section 8.10
	  	 Limitations on Restrictions on Subsidiary Distributions; No New Negative Pledge
	  	89
			
	 Section 8.11
	  	 Modification of Constituent Documents
	  	89
			
	 Section 8.12
	  	 Modification of Related Documents
	  	89
			
	 Section 8.13
	  	 Modification of Debt Agreements
	  	90
			
	 Section 8.14
	  	 Accounting Changes; Fiscal Year
	  	90
			
	 Section 8.15
	  	 Margin Regulations
	  	90
			
	 Section 8.16
	  	 Operating Leases; Sale/Leasebacks
	  	90
			
	 Section 8.17
	  	 No Speculative Transactions
	  	90
			
	 Section 8.18
	  	 Compliance with ERISA; Pension Matters
	  	91
			
	 Article IX
	  	 Events of Default
	  	91
			
	 Section 9.1
	  	 Events of Default
	  	91
			
	 Section 9.2
	  	 Remedies
	  	93
			
	 Section 9.3
	  	 Actions in Respect of Letters of Credit
	  	93
			
	 Section 9.4
	  	 Rescission
	  	94
			
	 Article X
	  	 The Administrative Agent
	  	94
			
	 Section 10.1
	  	 Authorization and Action
	  	94
			
	 Section 10.2
	  	 Administrative Agent’s Reliance, Etc.
	  	95
			
	 Section 10.3
	  	 Posting of Approved Electronic Communications
	  	96
			
	 Section 10.4
	  	 The Administrative Agent Individually
	  	97
			
	 Section 10.5
	  	 Lender Credit Decision
	  	97
			
	 Section 10.6
	  	 Indemnification
	  	97
			
	 Section 10.7
	  	 Successor Administrative Agent
	  	97
			
	 Section 10.8
	  	 Concerning the Collateral and the Collateral Documents
	  	98
			
	 Section 10.9
	  	 Collateral Matters Relating to Related Obligations
	  	99
			
	 Article XI
	  	 Miscellaneous
	  	100
			
	 Section 11.1
	  	 Amendments, Waivers, Etc.
	  	100
			
	 Section 11.2
	  	 Assignments and Participations
	  	102

  

 iv 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
			
	 Section 11.3
	  	 Costs and Expenses
	  	106
			
	 Section 11.4
	  	 Indemnities
	  	107
			
	 Section 11.5
	  	 Limitation of Liability
	  	108
			
	 Section 11.6
	  	 Right of Set-off
	  	108
			
	 Section 11.7
	  	 Sharing of Payments, Etc.
	  	109
			
	 Section 11.8
	  	 Notices, Etc
	  	109
			
	 Section 11.9
	  	 No Waiver; Remedies
	  	111
			
	 Section 11.10
	  	 Binding Effect
	  	111
			
	 Section 11.11
	  	 Governing Law
	  	111
			
	 Section 11.12
	  	 Submission to Jurisdiction; Service of Process
	  	111
			
	 Section 11.13
	  	 Waiver of Jury Trial
	  	112
			
	 Section 11.14
	  	 Marshaling; Payments Set Aside
	  	112
			
	 Section 11.15
	  	 Section Titles
	  	112
			
	 Section 11.16
	  	 Execution in Counterparts
	  	112
			
	 Section 11.17
	  	 Entire Agreement
	  	113
			
	 Section 11.18
	  	 Confidentiality
	  	113

  

 v 

 TABLE OF CONTENTS 
 (CONTINUED) 
  
 SCHEDULES 
  

					
	 Schedule I
	  	-	  	 Revolving Credit Commitments

	 Schedule II
	  	-	  	 Applicable Lending Offices and Addresses for Notices

	 Schedule III
	  	-	  	 Supplemental EBITDA Definition

	 Schedule 2.4
	  	-	  	 Existing Letters of Credit

	 Schedule 3.1(a)(iv)
	  	 Security Agreements

	 Schedule 4.2
	  	-	  	 Consents

	 Schedule 4.3
	  	-	  	 Ownership of the Borrower; Subsidiaries

	 Schedule 4.7
	  	-	  	 Litigation

	 Schedule 4.15
	  	-	  	 Labor Matters

	 Schedule 4.16
	  	-	  	 List of Plans; Pension Matters

	 Schedule 4.17
	  	-	  	 Environmental Matters

	 Schedule 4.19
	  	-	  	 Real Property

	 Schedule 7.17
	  	-	  	 Post-Closing Covenants

	 Schedule 8.1
	  	-	  	 Existing Indebtedness

	 Schedule 8.2
	  	-	  	 Existing Liens

	 Schedule 8.3
	  	-	  	 Existing Investments

	
	EXHIBITS
			
	 Exhibit A
	  	-	  	 Form of Assignment and Acceptance

	 Exhibit B
	  	-	  	 Form of Revolving Credit Note

	 Exhibit C
	  	-	  	 Form of Notice of Borrowing

	 Exhibit D
	  	-	  	 Form of Swing Loan Request

	 Exhibit E
	  	-	  	 Form of Letter of Credit Request

	 Exhibit F
	  	-	  	 Form of Notice of Conversion or Continuation

	 Exhibit G
	  	-	  	 Form of Opinion of Counsel for the Loan Parties

	 Exhibit H
	  	-	  	 Form of Guaranty

	 Exhibit I-1
	  	-	  	 Form of Pledge and Security Agreement

	 Exhibit I-2
	  	-	  	 Form of UK Debenture

	 Exhibit I-3
	  	-	  	 Form of UK Share Mortgage

	 Exhibit 1-4
	  	-	  	 Form of UK Security Trust Deed

	 Exhibit J
	  	-	  	 Form of Borrowing Base Certificate

	 Exhibit K
	  	-	  	 Form of Intercreditor Agreement

  

 vi 

 CREDIT AGREEMENT, dated as of February 11, 2005,
among CONSTAR INTERNATIONAL INC., a Delaware corporation (the “Borrower”), the Lenders (as defined below), the Issuers (as defined below) and CITICORP USA,
INC. (“Citicorp”), as agent for the Lenders and the Issuers (in such capacity and as agent for the Secured Parties under the Collateral Documents, the “Administrative Agent”). 
  
 W I T N E
S S E T H: 
  
 WHEREAS, the Borrower has requested that the Lenders and Issuers make available for the purposes specified in this Agreement a revolving credit and letter of credit facility; and 
  
 WHEREAS, the Lenders and Issuers are willing to make available
to the Borrower such revolving credit and letter of credit facility upon the terms and subject to the conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto
hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS, INTERPRETATION
AND ACCOUNTING TERMS 
  

	 	Section	1.1 Defined Terms 

  
 As used in this Agreement, the following terms have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined): 
  
 “Account” has the
meaning given to such term in the UCC. 
  
 “Account
Debtor” has the meaning given to such term in the UCC. 
  
 “Additional Guarantor” has the meaning specified in Section 7.11 (Additional Collateral and Guaranties). 
  
 “Administrative Agent” has the meaning specified in the preamble to this Agreement. 
  
 “Affected Lender” has the meaning specified in Section
2.17 (Substitution of Lenders). 
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or that is controlled by or is under common control with such Person, each officer, director, general partner or
joint-venturer of such Person, and each Person that is the beneficial owner of 10% or more of any class of Voting Stock of such Person. For the purposes of this definition, “control” means the possession of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Agent Affiliate” has the meaning specified in Section 10.3(c) (Posting of
Approved Electronic Communications). 
  
 “Applicable
Lending Office” means, with respect to each Revolving Credit Lender, its Domestic Lending Office in the case of a Base Rate Loan, and its Eurodollar Lending Office in the case of a Eurodollar Rate Loan. 
  
 “Applicable Margin” means (a) during the period commencing
on the Closing Date and ending the first Business Day of the month after the receipt by the Administrative Agent of the Financial Statements for the Fiscal Quarter ending June 30, 2005 required to be delivered pursuant to Section
6.1(b)(Financial Statements) with respect to (i) Revolving Loans and Swing Loans maintained as Base Rate Loans, a rate equal to 1.25% per annum and (ii) Revolving Loans maintained as Eurodollar Rate Loans, a rate equal to 2.25%
per annum and (b) thereafter, as of any date of determination, a per annum rate equal to the rate set forth below opposite the applicable type of Loan and the then applicable Monthly Available Credit (determined on the first day of the
calendar month succeeding the calendar month most recently ended) set forth below: 
  

							
	 MONTHLY AVAILABLE CREDIT

	  	BASE RATE
LOANS

	 	 	EURODOLLAR
RATE LOANS

	 
	 Greater than $50,000,000
	  	1.00	%	 	2.00	%
	 Less than or equal to $50,000,000 and greater than $25,000,000
	  	1.25	%	 	2.25	%
	 Less than or equal to $25,000,000
	  	1.50	%	 	2.50	%

  
 Changes in the Applicable Margin
resulting from a change in the Monthly Available Credit on the last day of any subsequent calendar month will become effective as to all Revolving Loans and Swing Loans upon the first Business Day of any succeeding calendar month. 
  
 “Applicable Unused Commitment Fee Rate” means 0.50% per
annum. 
  
 “Appraisal” means each Initial
Appraisal and each Updated Appraisal. 
  
 “Approved
Deposit Account” means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all
monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account. 
  
 “Approved Electronic Communications” means each notice, demand, communication, information, document and other material that any Loan
Party is obligated to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including (a) any supplement to the Guaranty, any joinder to any Security Agreement and any
other written Contractual Obligation delivered or required to be delivered in respect of any Loan Document or the transactions contemplated therein and (b) any Financial Statement, financial and other report, notice, request, certificate and other
information material; provided, however, that, “Approved Electronic Communication” shall exclude (x) any 

  

 2 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Notice of Borrowing, Letter of Credit Request, Swing Loan Request, Notice of Conversion or Continuation, and any other notice, demand, communication,
information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii) any notice pursuant to Section 2.8 (Optional Prepayments) and Section 2.9 (Mandatory Prepayments) and any other
notice relating to the payment of any principal or other amount due under any Loan Document prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv) any notice, demand, communication, information, document
and other material required to be delivered to satisfy any of the conditions set forth in Article III (Conditions To Loans And Letters Of Credit) or Section 2.4(a)(Letters of Credit) or any other condition to any Borrowing or
other extension of credit hereunder or any condition precedent to the effectiveness of this Agreement. 
  
 “Approved Electronic Platform” has the meaning specified in Section 10.3(a) (Posting of Approved Electronic Communications).

  
 “Approved Fund” means any Fund that is
advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or Affiliate of an entity that administers or manages a Lender. 
  
 “Approved Securities Intermediary” means a Securities Intermediary or Commodity Intermediary selected or approved by the Administrative
Agent. 
  
 “Arranger” means Citigroup Global
Markets Inc., in its capacity as sole arranger and sole book runner. 
  
 “Asset Sale” has the meaning specified in Section 8.4 (Sale of Assets). 
  
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Revolving Credit Lender and an Eligible Assignee, and
accepted by the Administrative Agent, in substantially the form of Exhibit A (Form of Assignment and Acceptance). 
  
 “Availability Reserve” means, as of the Closing Date or three Business Days after the date of written notice of any determination thereof
to the Borrower by the Administrative Agent, such amounts as the Administrative Agent may from time to time establish against the Facility, in the Administrative Agent’s sole discretion exercised in accordance with customary business practices
for comparable asset based transactions, in order either (a) to preserve the value of the Collateral or the Administrative Agent’s Lien thereon or (b) to provide for the payment of liabilities of any Loan Party arising after the Closing Date.

  
 “Available Credit” means at any time the
amount by which (a) the Maximum Credit at such time exceeds (b) the Revolving Credit Outstandings at such time. 
  
 “Bailee’s Letter” means a letter in form and substance acceptable to the Administrative Agent and executed by any Person (other than
the Borrower or a Guarantor) that is in possession of Inventory on behalf of the Borrower or a Guarantor pursuant to which such Person acknowledges, among other things, the Administrative Agent’s Lien with respect thereto. 
  
 “Bankruptcy Code” means title 11, United States Code.

  

 3 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Base Rate” means, for any period, a fluctuating interest rate per annum as
shall be in effect from time to time, which rate per annum shall be equal at all times to the highest of the following: 
  
 (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate;

  
 (b) the sum (adjusted to the nearest 0.25%
or, if there is no nearest 0.25%, to the next higher 0.25%) of (i) 0.5% per annum, (ii) the rate per annum obtained by dividing (A) the latest three-week moving average of secondary market morning offering rates in the United States
for three-month certificates of deposit of major United States money market banks, such three-week moving average being determined weekly on each Monday (or, if any such day is not a Business Day, on the next succeeding Business Day) for the
three-week period ending on the previous Friday by Citibank on the basis of such rates reported by certificate of deposit dealers to and published by the Federal Reserve Bank of New York or, if such publication shall be suspended or terminated, on
the basis of quotations for such rates received by Citibank from three New York certificate of deposit dealers of recognized standing selected by Citibank, by (B) a percentage equal to 100% minus the average of the daily percentages specified
during such three-week period by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) for Citibank in respect of liabilities consisting of or
including (among other liabilities) three-month U.S. dollar nonpersonal time deposits in the United States and (iii) the average during such three-week period of the maximum annual assessment rates estimated by Citibank for determining the then
current annual assessment payable by Citibank to the Federal Deposit Insurance Corporation (or any successor) for insuring Dollar deposits in the United States; and 
  
 (c) 0.5% per annum plus the Federal Funds Rate. 
  
 “Base Rate Loan” means any Swing Loan or any other Loan
during any period in which it bears interest based on the Base Rate. 
  
 “Borrower” has the meaning specified in the preamble to this Agreement. 
  
 “Borrower’s Accountants” means PricewaterhouseCoopers LLP or other independent nationally-recognized public accountants acceptable
to the Administrative Agent. 
  
 “Borrowing”
means a borrowing consisting of Revolving Loans made on the same day by the Revolving Credit Lenders ratably according to their respective Revolving Credit Commitments. 
  
 “Borrowing Base” means, at any time, 
  
 (a) the sum of 
  
 (i) up to 85% of the Dollar Equivalent of the face amount of all Eligible Trade Receivables of the Borrower (calculated net of all finance
charges, late fees and other fees that are unearned, sales, excise or similar taxes, and credits or allowances granted at such time), and 
  

 4 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (ii) the lesser of the sum of, for each category of Eligible Inventory, the products
of (A) up to 85% of the Dollar Equivalent of the Orderly Liquidation Percentage for such category of Eligible Inventory of the Borrower and (B) up to 75% of the Dollar Equivalent of the value of such category of Eligible Inventory of the Borrower
(in each case valued at the lower of cost and market on a first-in, first-out basis), and 
  
 (iii) up to 80% of the Dollar Equivalent of the face amount of all Eligible Trade Receivables of the UK Guarantor (calculated net of all
finance charges, late fees and other fees that are unearned, sales, excise or similar taxes, and credits or allowances granted at such time), and 
  
 (iv) the lesser of the sum of, for each category of Eligible Inventory, the products of (A) up to 80% of the Dollar Equivalent of the
Orderly Liquidation Percentage for such category of Eligible Inventory of the UK Guarantor and (B) up to 70% of the Dollar Equivalent of the value of such category of Eligible Inventory of the UK Guarantor (in each case valued at the lower of cost
and market on a first-in, first-out basis) 
  
 minus (b) any Eligibility Reserve then in effect. 
  
 Notwithstanding the foregoing, the portion of the Borrowing Base attributable to clauses (iii) and (iv) above shall not at any time exceed $25,000,000. 
  
 “Borrowing Base Certificate” means a certificate of the Borrower substantially in the form of Exhibit J
(Form of Borrowing Base Certificate). 
  
 “Business
Day” means a day of the year on which banks are not required or authorized to close in New York City and, if the applicable Business Day relates to notices, determinations, fundings and payments in connection with the Eurodollar Rate or any
Eurodollar Rate Loans, a day on which dealings in Dollar deposits are also carried on in the London interbank market. 
  
 “Capital Expenditures” means, for any Person for any period, the aggregate of amounts that would be reflected as additions to property,
plant or equipment on a Consolidated balance sheet of such Person and its Subsidiaries, excluding interest capitalized during construction. 
  
 “Capital Lease” means, with respect to any Person, any lease of, or other arrangement conveying the right to use, property by such Person
as lessee that would be accounted for as a capital lease on a balance sheet of such Person prepared in conformity with GAAP. 
  
 “Capital Lease Obligations” means, with respect to any Person, the capitalized amount of all Consolidated obligations of such Person or
any of its Subsidiaries under Capital Leases. 
  
 “Cash
Collateral Account” means any Deposit Account or Securities Account that is (a) established by the Administrative Agent from time to time in its sole discretion to receive cash and Cash Equivalents (or purchase cash or Cash Equivalents with
funds received) from the Loan Parties or their Subsidiaries or Affiliates or Persons acting on their behalf pursuant to the Loan Documents, (b) with such depositaries and securities intermediaries as the 

  

 5 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Administrative Agent may determine in its sole discretion, (c) in the name of the Administrative Agent (although such account may also have words referring
to the Borrower and the account’s purpose), (d) under the sole dominion and control of the Administrative Agent and (e) in the case of a Securities Account, with respect to which the Administrative Agent shall be the Entitlement Holder and the
only Person authorized to give Entitlement Orders with respect thereto. 
  
 “Cash Equivalents” means (a) securities issued or fully guaranteed or insured by the United States federal government or any agency thereof or the government of the United Kingdom or any agency thereof, (b) certificates of
deposit, eurodollar time deposits, overnight bank deposits and bankers’ acceptances of any commercial bank organized under the laws of the United States, any state thereof, the District of Columbia, the United Kingdom, any foreign bank, or its
branches or agencies (fully protected against currency fluctuations) that, at the time of acquisition, are rated at least “A-1” by S&P or “P-1” by Moody’s, (c) commercial paper of an issuer rated at least “A-1”
by S&P or “P-1” by Moody’s and (d) shares of any money market fund that (i) has at least 95% of its assets invested continuously in the types of investments referred to in clauses (a), (b) and (c) above, (ii)
has net assets whose Dollar Equivalent exceeds $500,000,000 and (iii) is rated at least “A-1” by S&P or “P-1” by Moody’s; provided, however, that the maturities of all obligations of the type specified in
clauses (a), (b) and (c) above shall not exceed 180 days. 
  
 “Cash Interest Expense” means, with respect to any Person for any period, the Interest Expense of such Person for such period less the Non-Cash Interest Expense of such Person for such period.

  
 “Cash Management Document” means any
certificate, agreement or other document executed by any Loan Party in respect of the Cash Management Obligations of any Loan Party. 
  
 “Cash Management Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person
in respect of cash management services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements) provided by the Administrative Agent, any Lender or any Affiliate of any of
them, including obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and disbursements in connection therewith. 
  
 “Change of Control” means the occurrence of any of the following: (a) any person or group of persons (within the meaning of the
Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended) of 35% or more of the issued and
outstanding Voting Stock of the Borrower, (b) during any period of twelve consecutive calendar months, individuals who, at the beginning of such period, constituted the board of directors of the Borrower (together with any new directors whose
election by the board of directors of the Borrower or whose nomination for election by the stockholders of the Borrower was approved by a vote of at least fifty (50) percent of the directors then still in office who either were directors at the
beginning of such period or whose elections or nomination for election was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors then in office, (c) the Borrower shall cease to own and
control all of the economic and voting rights associated with all of the outstanding Stock of the UK Guarantor or (d) a “change of control” shall occur under either of the Senior Sub Notes Indenture or the First Mortgage Notes Indenture.

  

 6 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Citibank” means Citibank, N.A., a national banking association. 
  
 “Citicorp” has the meaning specified in the preamble to this
Agreement. 
  
 “Closing Date” means the first
date on which any Loan is made or any Letter of Credit is Issued or deemed issued pursuant to Section 2.4(k)(Letters of Credit). 
  
 “Code” means the Internal Revenue Code of 1986. 
  

“Collateral” means all property and interests in property and proceeds thereof now owned or hereafter acquired by any Loan Party in or
upon which a Lien is granted under any Collateral Document. 
  
 “Collateral Documents” means the Security Agreements, the Deposit Account Control Agreements, the Securities Account Control Agreements and any other document executed and delivered by a Loan Party granting a Lien on any of
its property to secure payment of the Secured Obligations. 
  
 “Commodity Account” has the meaning given to such term in the UCC. 
  
 “Commodity Intermediary” has the meaning given to such term in the UCC. 
  
 “Compliance Certificate” has the meaning specified in Section 6.1(d) (Financial Statements). 
  
 “Consolidated” means, with respect to any Person, the
consolidation of accounts of such Person and its Subsidiaries in accordance with GAAP. 
  
 “Consolidated Net Income” means, for any Person for any period, the Consolidated net income (or loss) of such Person and its Subsidiaries for such period; provided, however, that (a) the
net income of any other Person in which such Person or one of its Subsidiaries has a joint interest with a third party (which interest does not cause the net income of such other Person to be Consolidated into the net income of such Person) shall be
included only to the extent of the amount of dividends or distributions paid to such Person or Subsidiary, (b) the net income of any Subsidiary of such Person that is subject to any restriction or limitation on the payment of dividends or the making
of other distributions shall be excluded to the extent of such restriction or limitation and (c) extraordinary gains and losses and any one-time increase or decrease to net income that is required to be recorded because of the adoption of new
accounting policies, practices or standards required by GAAP shall be excluded. 
  
 “Constituent Documents” means, with respect to any Person, (a) the articles of incorporation, certificate of incorporation, constitution or certificate of formation (or the equivalent organizational
documents) of such Person, (b) the by-laws, operating agreement (or the equivalent governing documents) of such Person and (c) any document setting forth the manner of election and duties of the directors or managing members of such Person (if any)
and the designation, amount or relative rights, limitations and preferences of any class or series of such Person’s Stock. 
  
 “Contaminant” means any material, substance or waste that is classified, regulated or otherwise characterized under any Environmental Law
as hazardous, toxic, a 

  

 7 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
contaminant or a pollutant or by other words of similar meaning or regulatory effect, including any petroleum or petroleum-derived substance or waste,
asbestos and polychlorinated biphenyls. 
  
 “Contractual
Obligation” of any Person means any obligation, agreement, undertaking or similar provision of any Security issued by such Person or of any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument
(excluding a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject. 
  
 “Control Account” means a Securities Account or Commodity Account that is the subject of an effective Securities Account Control
Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary. “Control Account” includes all Financial Assets held in a Securities Account or a Commodity Account and all certificates and instruments,
if any, representing or evidencing the Financial Assets contained therein. 
  
 “Corporate Chart” means a corporate organizational chart, list or other similar document in each case in form reasonably acceptable to the Administrative Agent and setting forth, for each Person that
is a Loan Party, that is subject to Section 7.11 (Additional Collateral and Guaranties) or that is a Subsidiary of any of them, (a) the full legal name of such Person (and any trade name, fictitious name or other name such Person may have had
or operated under), (b) the jurisdiction of organization, the organizational number (if any) and the tax identification number (if any) of such Person, (c) the location of such Person’s chief executive office (or sole place of business) and (d)
the number of shares of each class of such Person’s Stock authorized (if applicable), the number outstanding as of the date of delivery and the number and percentage of such outstanding shares for each such class owned (directly or indirectly)
by any Loan Party or any Subsidiary of any of them. 
  
 “Crown” means Crown Holdings, Inc. and any other Person, the Voting Stock of which is wholly-owned directly or indirectly by Crown Holdings. 
  
 “Crown Agreements” means the following agreements between the Borrower or its Subsidiaries and Crown or its
Subsidiaries as in effect on the Closing Date: 
  
 (a) Corporate Agreement; 
  
 (b)
Non-Competition Agreement; 
  
 (c) Services
Agreement; 
  
 (d) Salt Lake City PET Products
Supply and Lease of Related Assets Agreement; 
  
 (e) Newark Component Supply and Lease of Related Assets Agreement; 
  
 (f) Voghera PET Preform Supply and Lease of Related Assets Agreement; 
  
 (g) Faba Supply Agreement; 
  
 (h) License Agreements; 
  

 8 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (i) Benefits Allocation Agreement; 
  
 (j) Technical Services Agreement; 
  
 (k) Tax Sharing and Indemnification Agreement; and

  
 (l) Lease Agreements. 
  
 “Customary Permitted Liens” means, with respect to any
Person, any of the following Liens: 
  
 (a) Liens
with respect to the payment of taxes, assessments or governmental charges in each case that are not yet due or that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate
provisions are being maintained to the extent required by GAAP; 
  
 (b) Liens of landlords arising by statute and liens of suppliers, mechanics, carriers, materialmen, warehousemen or workmen and other liens imposed by law created in the ordinary course of business for amounts not yet
due or that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required by GAAP; 
  
 (c) deposits made in the ordinary course of business in
connection with workers’ compensation, unemployment insurance or other types of social security benefits or to secure the performance of bids, tenders, sales, contracts (other than for the repayment of borrowed money) and surety, appeal,
customs or performance bonds; 
  
 (d)
encumbrances arising by reason of zoning restrictions, easements, licenses, reservations, covenants, rights-of-way, utility easements, building restrictions and other similar encumbrances on the use of real property not materially detracting from
the value of such real property or not materially interfering with the ordinary conduct of the business conducted and proposed to be conducted at such real property; 
  
 (e) encumbrances arising under leases or subleases of real property or licenses of Intellectual Property in
the ordinary course of business that do not, in the aggregate, materially detract from the value of such real property or interfere with the ordinary conduct of the business conducted and proposed to be conducted at such real property; and

  
 (f) financing statements with respect to a
lessor’s rights in and to personal property leased to such Person in the ordinary course of such Person’s business other than through a Capital Lease. 
  

“Debt Issuance” means the incurrence of Indebtedness of the type specified in clause (a) or (b) of the definition of
“Indebtedness” by the Borrower or any of its Subsidiaries. 
  
 “Default” means any event that, with the passing of time or the giving of notice or both, would become an Event of Default. 
  
 “Deposit Account” has the meaning given to such term in the UCC. 
  

 9 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Deposit Account Bank” means a financial institution selected or approved by the
Administrative Agent. 
  
 “Deposit Account Control
Agreement” has the meaning specified in the applicable Security Agreement. 
  
 “Disclosure Documents” means, collectively, Form 10-K for the Fiscal Year ending December 31, 2003 and Forms 10-Q for the Fiscal Quarters ending March 31, June 30 and September 30, 2004 filed by the
Borrower with the Securities and Exchange Commission, as amended from time to time through December 31, 2004, and the Offering Memorandum in respect of the First Mortgage Notes dated February 11, 2004. 
  
 “Documentary Letter of Credit” means any Letter of Credit
that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business. 
  
 “Dollar Equivalent” of any amount means, at the time of determination thereof, (a) if such amount is
expressed in Dollars, such amount and (b) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it reasonably deems appropriate.

  
 “Dollars” and the sign “$”
each mean the lawful money of the United States of America. 
  
 “Domestic Lending Office” means, with respect to any Revolving Credit Lender, the office of such Revolving Credit Lender specified as its “Domestic Lending Office” opposite its name on Schedule II (Applicable
Lending Offices and Addresses for Notices) or on the Assignment and Acceptance by which it became a Revolving Credit Lender or such other office of such Revolving Credit Lender as such Revolving Credit Lender may from time to time specify to the
Borrower and the Administrative Agent. 
  
 “Domestic
Person” means any “United States person” under and as defined in Section 7701(a)(30) of the Code. 
  
 “Domestic Subsidiary” means any Subsidiary of the Borrower organized under the laws of any state of the United States of America or the
District of Columbia. 
  
 “EBITDA” means, with
respect to any Person for any period, (a) Consolidated Net Income of such Person for such period plus (b) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income but without duplication, (i) any
provision for income taxes, (ii) Interest Expense, (iii) loss from extraordinary items, (iv) depreciation, depletion and amortization expenses, (v) any non-cash deductions from Consolidated Net Income for such period (other than any deductions which
require or represent the accrual of a reserve for the payment of cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period), (vi) prepayment fees and write-offs of deferred financing fees, in each
case, relating to the refinancing contemplated hereby and by the First Mortgage Notes and (vii) cash restructuring charges of up to $750,000 per Fiscal Year minus (c) the sum of, in each case to the extent included in the calculation of such
Consolidated Net Income but without duplication, (i) any credit for income tax, (ii) interest income, (iii) gains from extraordinary items for such period, (iv) any aggregate net gain (but not any aggregate net loss) from the sale, exchange or

  

 10 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
other disposition of capital assets by such Person and (v) any other non-cash gains or other items which have been added in determining Consolidated Net
Income, including any reversal of a change referred to in clause (b)(v) above by reason of a decrease in the value of any Stock or Stock Equivalent. Notwithstanding the foregoing, for purposes of calculating Interest Coverage Ratio for the
Fiscal Quarters ended March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004, EBITDA shall be defined as set forth on Schedule III (Supplemental EBITDA Definition) hereto. 
  
 “Eligibility Reserves” means, effective as of three Business
Days after the date of written notice of any determination thereof to the Borrower by the Administrative Agent, such amounts as the Administrative Agent, in its sole discretion and in accordance with customary business practices for comparable asset
based transactions, may from time to time establish against the gross amounts of Eligible Trade Receivables and Eligible Inventory to reflect risks or contingencies arising after the Closing Date that may affect any one or more class of such items
and that have not already been taken into account in the calculation of the Borrowing Base (including a reserve for other creditors’ entitlement to share in the Collateral); provided, that no reserve shall be taken as a result of the
failure to deliver Landlord Waivers or Bailee Letters by the Borrower or its Subsidiaries for a period of thirty (30) days from the Closing Date. 
  
 “Eligible Assignee” means (a) a Lender or an Affiliate or Approved Fund of any Lender, (b) a commercial bank having total assets whose
Dollar Equivalent exceeds $5,000,000,000, (c) a finance company, insurance company or any other financial institution or Fund, in each case reasonably acceptable to the Administrative Agent and regularly engaged in making, purchasing or investing in
loans and having a net worth, determined in accordance with GAAP, whose Dollar Equivalent exceeds $250,000,000 (or, to the extent net worth is less than such amount, a finance company, insurance company, other financial institution or Fund,
reasonably acceptable to the Administrative Agent and the Borrower) or (d) a savings and loan association or savings bank organized under the laws of the United States or any State thereof having a net worth, determined in accordance with GAAP,
whose Dollar Equivalent exceeds $250,000,000. 
  
 “Eligible Inventory” means the Inventory of the Borrower, the Domestic Subsidiaries or the UK Guarantor (other than any Inventory that has been consigned by such Person, other than Inventory consigned with Motts Inc. or its
Affiliates) including raw materials, work-in-process, finished goods, parts and supplies (a) that is owned solely by the Borrower, the Domestic Subsidiaries or the UK Guarantor, as the case may be, (b) with respect to which the Administrative Agent
has a valid, perfected and enforceable first-priority Lien, (c) with respect to which no representation or warranty contained in any Loan Document has been breached, (d) that is not, in the Administrative Agent’s reasonable discretion, obsolete
or unmerchantable, (e) with respect to which (in respect of any Inventory labeled with a brand name or trademark and sold by such Loan Party pursuant to a trademark owned by such Loan Party or a license (whether written or oral) granted to such Loan
Party) the Administrative Agent would have rights under such trademark or license pursuant to the Security Agreements or other agreement satisfactory to the Administrative Agent to sell such Inventory in connection with a liquidation thereof and (f)
that the Administrative Agent deems to be Eligible Inventory based on such credit and collateral considerations as the Administrative Agent may, in its sole discretion exercised in accordance with customary business practices for comparable asset
based transactions, deem appropriate. No Inventory shall be Eligible Inventory if such Inventory consists of (i) goods returned or rejected by customers other than goods that are undamaged or are resalable in the normal course of 

  

 11 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
business, (ii) goods to be returned to suppliers, (iii) goods in transit outside of the United States or the United Kingdom, (iv) goods the title to which
remains in the seller thereof, or (v) goods located, stored, used or held at the premises of a third party unless (A)(1) the Administrative Agent shall have received a Landlord Waiver or Bailee’s Letter or (2) in the case of Inventory located
at a leased premises after the date that is thirty (30) days after the Closing Date, an Eligibility Reserve satisfactory to the Administrative Agent shall have been established with respect thereto and (B) an appropriate UCC-1 financing statement or
Form 395 (UK) shall have been executed and properly filed. 
  
 “Eligible Trade Receivable” means, with respect to either the Borrower, the Domestic Subsidiaries or the UK Guarantor, the gross outstanding balance of each Account of such Loan Party arising out of the sale of merchandise,
goods or services in the ordinary course of business, that is made by such Loan Party to a Person that is not an Affiliate of such Loan Party and that constitutes Collateral in which the Administrative Agent has a fully perfected first priority
Lien; provided, however, that an Account shall not be an “Eligible Trade Receivable” if any of the following shall be true: 
  
 (a) such Account is more than (i) 60 days past due according to the original terms of sale or (ii) 90 days (or 120 days in the case of
Accounts having 30-day or greater payment terms) past the original invoice date thereof; or 
  
 (b) any warranty contained in this Agreement or any other Loan Document with respect to such specific Account is not true and correct with
respect to such Account; or 
  
 (c) the Account
Debtor on such Account (i) has disputed liability or made any claim in writing, (ii) has disputed liability or made any claim for which a reserve has been taken by a Loan Party or (iii) has disputed liability or made any claim in any manner with
respect to amounts in excess of $50,000, but, in the case of each of (i), (ii) and (iii) above, only to the extent of such dispute or claim; or 
  

(d) the Account Debtor on such Account has (i) filed a petition for bankruptcy or any other relief under the Bankruptcy Code or any
other law relating to bankruptcy, insolvency, reorganization or relief of debtors, (ii) made an assignment for the benefit of creditors, (iii) had filed against it any petition or other application for relief under the Bankruptcy Code or any such
other law, (iv) has failed, suspended business operations, become insolvent, called a meeting of its creditors for the purpose of obtaining any financial concession or accommodation or (v) had or suffered a receiver or a trustee to be appointed for
all or a significant portion of its assets or affairs; or 
  
 (e) the Account Debtor on such Account or any of its Affiliates is also a supplier to or creditor of the Borrower, the Domestic Subsidiaries or the UK Guarantor (unless such supplier or creditor has executed a
no-offset letter satisfactory to the Administrative Agent, in its sole discretion); provided that such Accounts shall only be ineligible to the extent of the amount of such offset; or 
  
 (f) the sale represented by such Account is to an Account
Debtor located outside the United States, Canada, the United Kingdom, Ireland or such other jurisdiction as the Administrative Agent shall determine in its sole discretion (other than any Account Debtor that is a Wholly-Owned Subsidiary of PepsiCo,
Inc. and The Coca-Cola Company 

  

 12 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
approved by the Administrative Agent in its reasonable discretion (in each case, an “Excepted Foreign Account Debtor”); provided,
however, that the total Eligible Trade Receivables that are Accounts of Excepted Foreign Account Debtors to the Borrower, the Domestic Subsidiaries or the UK Guarantor shall not represent more than 10% of the Eligible Trade Receivables of the
Borrower, the Domestic Subsidiaries and the UK Guarantor at any time), unless the sale is on letter of credit or acceptance terms acceptable to the Administrative Agent, in its sole discretion and (i) such letter of credit names the Administrative
Agent as beneficiary for the benefit of the Secured Parties or (ii) the issuer of such letter of credit has consented to the assignment of the proceeds thereof to the Administrative Agent; or 
  
 (g) the sale to such Account Debtor on such Account is on a
bill-on-hold, guaranteed sale, sale-and-return, sale-on-approval or consignment basis (other than Inventory consigned with Motts Inc. or its Affiliates); or 
  
 (h) such Account is subject to a Lien in favor of any Person other than the Administrative Agent for the benefit of the Secured Parties;
or 
  
 (i) such Account is subject to any
deduction, offset, counterclaim, return privilege or other conditions other than volume sales discounts given in the ordinary course of the Borrower’s or the UK Guarantor’s business, as the case may be, but only to the extent of such
deduction, offset, counterclaim, return privilege or other condition; or 
  
 (j) the Account Debtor on such Account is located in any State of the United States requiring the holder of such Account, as a precondition to commencing or maintaining any action in the courts of such State either to
(i) receive a certificate of authorization to do business in such State or be in good standing in such State or (ii) file a Notice of Business Activities Report with the appropriate office or agency of such State, in each case unless the holder of
such Account has received such a certificate of authority to do business, is in good standing or, as the case may be, has duly filed such a notice in such State; provided, that the holder of such Account need not comply with the foregoing
with respect to any Account Debtor or Account located in the State of New Jersey for a period of 30 days after the Closing Date; or 
  
 (k) the Account Debtor on such Account is a Governmental Authority, unless the Borrower has assigned its rights to payment of such Account
to the Administrative Agent pursuant to the Assignment of Claims Act of 1940, as amended, in the case of a federal Governmental Authority, and pursuant to applicable law, if any, in the case of any other Governmental Authority, and such assignment
has been accepted and acknowledged by the appropriate government officers; or 
  
 (l) 50% or more of the outstanding Accounts of the Account Debtor have become, or have been determined by the Administrative Agent, in accordance with the provisions hereof, to be, ineligible, other than those
Accounts that are Eligible Trade Receivables solely by reason of clause (p) below; or 
  
 (m) the sale represented by such Account is denominated in a currency other than Dollars, Euros or Pounds Sterling; or 
  

 13 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (n) such Account is not evidenced by an invoice or other writing in form acceptable
to the Administrative Agent, in its sole discretion; or 
  
 (o) the Borrower or the UK Guarantor, as the case may be, in order to be entitled to collect such Account, is required to perform any additional service for, or perform or incur any additional obligation to, the
Person to whom or to which it was made; or 
  
 (p) the total Eligible Trade Receivables that are Accounts of such Account Debtor to the Borrower and the UK Guarantor represent more than 20% (or in the case of each of PepsiCo, Inc. and The Coca-Cola Company and their respective
Affiliates, 30%) of the Eligible Trade Receivables of the Borrower, the Domestic Subsidiaries and the UK Guarantor at such time, but only to the extent of such excess; or 
  
 (q) the Administrative Agent, in accordance with its customary criteria, determines, in its sole discretion,
that such Account might not be paid or is otherwise ineligible. 
  
 “Entitlement Holder” has the meaning given to such term in the UCC. 
  
 “Entitlement Order” has the meaning given to such term in the UCC. 
  
 “Environmental Laws” means all applicable Requirements of Law now or hereafter in effect and as amended or supplemented from time to
time, relating to pollution or the regulation and protection of human or animal health, safety, the environment or natural resources, including the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C.
§ 9601 et seq.); the Hazardous Material Transportation Act, as amended (49 U.S.C. § 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. § 136 et seq.); the Resource
Conservation and Recovery Act, as amended (42 U.S.C. § 6901 et seq.); the Toxic Substance Control Act, as amended (15 U.S.C. § 2601 et seq.); the Clean Air Act, as amended (42 U.S.C. § 7401 et seq.); the Federal
Water Pollution Control Act, as amended (33 U.S.C. § 1251 et seq.); the Occupational Safety and Health Act, as amended (29 U.S.C. § 651 et seq.); the Safe Drinking Water Act, as amended (42 U.S.C. § 300f et seq.);
and each of their state, local and United Kingdom counterparts or equivalents and any transfer of ownership notification or approval statute, including the Industrial Site Recovery Act (N.J. Stat. Ann. § 13:1K-6 et seq.). 
  
 “Environmental Liabilities and Costs” means, with respect to
any Person, all liabilities, obligations, responsibilities, Remedial Actions, losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all fees, disbursements and expenses of counsel, experts and
consultants and costs of investigation and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any claim or demand by any other Person, whether based in contract, tort, implied or express warranty, strict
liability, criminal or civil statute and whether arising under any Environmental Law, Permit, order or agreement with any Governmental Authority or other Person, in each case relating to any environmental, health or safety condition or to any
Release or threatened Release and resulting from the past, present or future operations of, or ownership of property by, such Person or any of its Subsidiaries. 
  

“Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs. 
  

 14 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Equipment” has the meaning given to such term in the UCC. 
  
 “Equity Issuance” means the issue or sale of any Stock of
the Borrower or any Subsidiary of the Borrower to any Person other than the Borrower or any Subsidiary of the Borrower. 
  
 “ERISA” means the United States Employee Retirement Income Security Act of 1974. 
  
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) under common control or treated as a single employer with the Borrower or any of its Subsidiaries within the meaning of Section 414(b), (c), (m) or (o) of the Code. 
  
 “ERISA Event” means (a) a reportable event described in Section 4043(b) or 4043(c)(1), (2), (3), (5), (6),
(8) or (9) of ERISA with respect to a Title IV Plan or a Multiemployer Plan with respect to which the applicable reporting requirement is not waived, (b) the withdrawal of the Borrower, any of its Subsidiaries or any ERISA Affiliate from a Title IV
Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA, (c) the complete or partial withdrawal of the Borrower, any of its Subsidiaries or any ERISA Affiliate from
any Multiemployer Plan, (d) notice of reorganization or insolvency of a Multiemployer Plan, (e) the filing of a notice of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination under Section 4041 of ERISA, (f) the
institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC, (g) the failure to make any required contribution to a Title IV Plan or Multiemployer Plan, (h) the imposition of a lien under Section 412 of the Code or
Section 302 of ERISA on the Borrower or any of its Subsidiaries or any ERISA Affiliate or (i) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Title IV Plan or Multiemployer Plan or the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA. 
  
 “Eurocurrency Liabilities” has the meaning assigned to that
term in Regulation D of the Federal Reserve Board. 
  
 “Eurodollar Base Rate” means, with respect to any Interest Period for any Eurodollar Rate Loan, the rate determined by the Administrative Agent to be the offered rate for deposits in Dollars for the applicable Interest
Period appearing on the Dow Jones Markets Telerate Page 3750 as of 11:00 a.m., London time, on the second full Business Day next preceding the first day of each Interest Period. In the event that such rate does not appear on the Dow Jones Markets
Telerate Page 3750 (or otherwise on the Dow Jones Markets screen), the Eurodollar Base Rate for the purposes of this definition shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as
may be selected by the Administrative Agent, or, in the absence of such availability, the Eurodollar Base Rate shall be, the rate of interest determined by the Administrative Agent to be the average (rounded upward to the nearest whole multiple of
1/16 of one percent per annum, if such average is not such a multiple) of the rates per annum at which deposits in Dollars are offered by the principal office of Citibank in London to major banks in the London interbank market at 11:00
a.m. (London time) two Business Days before the first day of such Interest Period in an amount substantially equal to the Eurodollar Rate Loan of Citibank for a period equal to such Interest Period. 
  

 15 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Eurodollar Lending Office” means, with respect to any Revolving Credit Lender, the
office of such Revolving Credit Lender specified as its “Eurodollar Lending Office” opposite its name on Schedule II (Applicable Lending Offices and Addresses for Notices) or on the Assignment and Acceptance by which it became a
Revolving Credit Lender (or, if no such office is specified, its Domestic Lending Office) or such other office of such Revolving Credit Lender as such Revolving Credit Lender may from time to time specify to the Borrower and the Administrative
Agent. 
  
 “Eurodollar Rate” means, with respect
to any Interest Period for any Eurodollar Rate Loan, an interest rate per annum equal to the rate per annum obtained by dividing (a) the Eurodollar Base Rate by (b)(i) a percentage equal to 100% minus (ii) the reserve percentage
applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that
includes deposits by reference to which the Eurodollar Rate is determined) having a term equal to such Interest Period. 
  
 “Eurodollar Rate Loan” means any Loan that, for an Interest Period, bears interest based on the Eurodollar Rate. 
  
 “Event of Default” has the meaning specified in Section 9.1 (Events
of Default). 
  
 “Existing Agent” means Citicorp
North America, Inc., in its capacity as administrative agent under the Existing Credit Agreement. 
  
 “Existing Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of December 23, 2003, among the Borrower,
the institutions party thereto as lenders and issuing banks and the Existing Agent. 
  
 “Facility” means the Revolving Credit Commitments and the provisions herein related to the Revolving Loans, Swing Loans and Letters of Credit. 
  
 “Facility Cash Management Obligations” means any Cash
Management Obligation arising in connection with this Agreement or any Loan Document (other than Cash Management Documents). 
  
 “Fair Market Value” means (a) with respect to any asset or group of assets (other than a marketable Security) at any date, the value of
the consideration obtainable in a sale of such asset at such date assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature
and characteristics of such asset, as reasonably determined by the Board of Directors of the Borrower or, if such asset shall have been the subject of a relatively contemporaneous appraisal by an independent third party appraiser, the basic
assumptions underlying which have not materially changed since its date, the value set forth in such appraisal and (b) with respect to any marketable Security at any date, the closing sale price of such Security on the Business Day next preceding
such date, as appearing in any published list of any national securities exchange or the NASDAQ Stock Market or, if there is no such closing sale price of such Security, the final price for the purchase of such Security at face value quoted on such
Business Day by a financial 

  

 16 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
institution of recognized standing regularly dealing in Securities of such type and selected by the Administrative Agent. 
  
 “Federal Funds Rate” means, for any period, a fluctuating
interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day
(or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such
transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Federal Reserve Board” means the Board of Governors of the United States Federal Reserve System, or any successor thereto. 

 
 “Fee Letter” shall mean the letter dated as of February
9, 2005, addressed to the Borrower from Citicorp and the Arranger and accepted by the Borrower on February 10, 2005, with respect to certain fees to be paid from time to time to Citicorp and the Arranger. 
  
 “Financial Asset” has the meaning given to such term in the
UCC. 
  
 “Financial Covenant Debt” of any Person
means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness” and non-contingent of obligations of the type specified in
clause (c) of such definition. 
  
 “Financial Statements” means the financial statements of the Borrower and its Subsidiaries delivered in accordance with Section 4.4 (Financial Statements) and Section 6.1 (Financial Statements). 
  
 “First Mortgage Notes” means the floating rate notes due
issued by the Borrower under the First Mortgage Notes Indenture. 
  
 “First Mortgage Notes Indenture” means the Indenture, dated as of February 11, 2005, between the Borrower and The Bank of New York, as Trustee. 
  
 “Fiscal Quarter” means each of the three month periods ending on March 31, June 30, September 30 and
December 31. 
  
 “Fiscal Year” means the twelve
month period ending on December 31. 
  
 “Foreign
Subsidiary” any Subsidiary that is not a Domestic Subsidiary. 
  
 “Fund” means any Person (other than a natural Person) that is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its
business. 
  
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect from time to time set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and the statements and
pronouncements of the Financial Accounting Standards Board, or in such other 

  

 17 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
statements by such other entity as may be in general use by significant segments of the accounting profession, that are applicable to the circumstances as of
the date of determination. 
  
 “General
Intangible” has the meaning given to such term in the UCC. 
  
 “Governmental Authority” means any nation, sovereign or government, any state or other political subdivision thereof and any entity or authority exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including any central bank or stock exchange. 
  
 “Guarantor” means the UK Guarantor and each Subsidiary Guarantor. 
  
 “Guaranty” means the guaranty in substantially the form of Exhibit H (Form of Guaranty), executed by the Guarantors. 

 
 “Guaranty Obligation” means, as applied to any Person,
any direct or indirect liability, contingent or otherwise, of such Person with respect to any Indebtedness of another Person, if the purpose or intent of such Person in incurring the Guaranty Obligation is to provide assurance to the obligee of such
Indebtedness that such Indebtedness will be paid or discharged, that any agreement relating thereto will be complied with, or that any holder of such Indebtedness will be protected (in whole or in part) against loss in respect thereof, including (a)
the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of Indebtedness of another Person and (b) any liability
of such Person for Indebtedness of another Person through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such Indebtedness or any security therefor or to provide funds for the payment or discharge of such
Indebtedness (whether in the form of a loan, advance, stock purchase, capital contribution or otherwise), (ii) to maintain the solvency or any balance sheet item, level of income or financial condition of another Person, (iii) to make take-or-pay or
similar payments, if required, regardless of non-performance by any other party or parties to an agreement, (iv) to purchase, sell or lease (as lessor or lessee) property, or to purchase or sell services, primarily for the purpose of enabling the
debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss or (v) to supply funds to, or in any other manner invest in, such other Person (including to pay for property or services irrespective of whether
such property is received or such services are rendered), if in the case of any agreement described under clause (b)(i), (ii), (iii), (iv) or (v) above the primary purpose or intent thereof is to provide assurance
that Indebtedness of another Person will be paid or discharged, that any agreement relating thereto will be complied with or that any holder of such Indebtedness will be protected (in whole or in part) against loss in respect thereof. The amount of
any Guaranty Obligation shall be equal to the amount of the Indebtedness so guaranteed or otherwise supported. 
  
 “Hedging Contracts” means all Interest Rate Contracts, foreign exchange contracts, currency swap or option agreements, forward contracts,
commodity swap, purchase or option agreements, other commodity price hedging arrangements and all other similar agreements or arrangements designed to alter the risks of any Person arising from fluctuations in interest rates, currency values or
commodity prices. 
  
 “Indebtedness” of any
Person means without duplication (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments or that bear interest, (c) all reimbursement and all obligations

  

 18 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
with respect to letters of credit, bankers’ acceptances, surety bonds and performance bonds, whether or not matured, (d) all indebtedness for the
deferred purchase price of property or services, other than trade payables incurred in the ordinary course of business that are not overdue, (e) all indebtedness of such Person created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (f) all Capital Lease
Obligations of such Person and the present value of future rental payments under all synthetic leases, (g) all Guaranty Obligations of such Person, (h) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for
value any Stock or Stock Equivalents of such Person, valued, in the case of redeemable preferred stock, at the greater of its voluntary liquidation preference and its involuntary liquidation preference plus accrued and unpaid dividends, (i) all
payments that such Person would have to make in the event of an early termination on the date Indebtedness of such Person is being determined in respect of Hedging Contracts of such Person and (j) all Indebtedness of the type referred to above
secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including Accounts and General Intangibles) owned by such Person, even though such Person has
not assumed or become liable for the payment of such Indebtedness. 
  
 “Indemnified Matter” has the meaning specified in Section 11.4 (Indemnities). 
  
 “Indemnitee” has the meaning specified in Section 11.4 (Indemnities). 
  
 “Initial Appraisals” has the meaning specified in Section
3.1(h) (Conditions Precedent to Initial Loans and Letters of Credit). 
  
 “Intercreditor Agreement” means that certain Access, Use and Intercreditor Agreement, dated as of February 11, 2005 by and among the Administrative Agent and The Bank of New York as trustee under the
First Mortgage Notes Indenture substantially in the form attached hereto as Exhibit K (Form of Intercreditor Agreement). 
  
 “Interest Coverage Ratio” means, with respect to any Person for any period, the ratio of (a) EBITDA of such Person for such period to (b)
Cash Interest Expense of such Person for such period. 
  
 “Interest Expense” means, for any Person for any period, (a) Consolidated total interest expense of such Person and its Subsidiaries for such period and including, in any event, interest capitalized during such period and
net costs under Interest Rate Contracts for such period minus (b) any Consolidated interest income of such Person and its Subsidiaries for such period. 
  

“Interest Period” means, in the case of any Eurodollar Rate Loan, (a) initially, the period commencing on the date such Eurodollar
Rate Loan is made or on the date of conversion of a Base Rate Loan to such Eurodollar Rate Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its Notice of Borrowing or Notice of Conversion or Continuation given
to the Administrative Agent pursuant to Section 2.2 (Borrowing Procedures) or 2.11 (Conversion/Continuation Option) and (b) thereafter, if such Loan is continued, in whole or in part, as a Eurodollar Rate Loan pursuant to Section
2.11 (Conversion/Continuation Option), a period commencing on the last day of the immediately preceding Interest Period therefor and ending one, two, three or six months thereafter (or, during the period from the Closing until the earlier of (x)
45 Business Days after the Closing Date and 

  

 19 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
(y) the time at which the Arranger has determined that a successful syndication has been completed, one or two weeks thereafter), as selected by the Borrower
in its Notice of Conversion or Continuation given to the Administrative Agent pursuant to Section 2.11 (Conversion/Continuation Option); provided, however, that all of the foregoing provisions relating to Interest Periods in
respect of Eurodollar Rate Loans are subject to the following: 
  
 (i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless the result of such extension would be to extend
such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day; 
  
 (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; 
  
 (iii) the Borrower may not select any Interest Period that ends after the date of a scheduled principal payment on the Loans as set forth
in Article II (The Facility) unless, after giving effect to such selection, the aggregate unpaid principal amount of the Loans for which Interest Periods end after such scheduled principal payment shall be equal to or less than the principal
amount to which the Loans are required to be reduced after such scheduled principal payment is made; 
  
 (iv) the Borrower may not select any Interest Period in respect of Loans having an aggregate principal amount of less than $5,000,000; and

  
 (v) there shall be outstanding at any one
time no more than five (5) Interest Periods in the aggregate. 
  
 “Interest Rate Contracts” means all interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and interest rate insurance. 
  
 “Inventory” has the meaning given to such term in the UCC. 
  
 “Investment” means, with respect to any Person, (a) any
purchase or other acquisition by such Person of (i) any Security issued by, (ii) a beneficial interest in any Security issued by, or (iii) any other equity ownership interest in, any other Person, (b) any purchase by such Person of all or a
significant part of the assets of a business conducted by any other Person, or all or substantially all of the assets constituting the business of a division, branch or other unit operation of any other Person, (c) any loan, advance (other than
deposits with financial institutions available for withdrawal on demand, prepaid expenses, accounts receivable and similar items made or incurred in the ordinary course of business as presently conducted) or capital contribution by such Person to
any other Person, including all Indebtedness of any other Person to such Person arising from a sale of property by such Person other than in the ordinary course of its business and (d) any Guaranty Obligation incurred by such Person in respect of
Indebtedness of any other Person. 
  

 20 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “IRS” means the Internal Revenue Service of the United States or any successor
thereto. 
  
 “Issue” means, with respect to any
Letter of Credit, to issue (including any deemed issuance pursuant to Section 2.4(k) (Letters of Credit)), extend the expiry of, renew or increase the maximum face amount (including by deleting or reducing any scheduled decrease in
such maximum face amount) of, such Letter of Credit. The terms “Issued” and “Issuance” shall have a corresponding meaning. 
  
 “Issuer” means each Lender or Affiliate of a Lender that (a) is listed on the signature pages hereof as an “Issuer” or (b)
hereafter becomes an Issuer with the approval of the Administrative Agent and the Borrower by agreeing pursuant to an agreement with and in form and substance satisfactory to the Administrative Agent and the Borrower to be bound by the terms hereof
applicable to Issuers. 
  
 “Land” of any Person
means all of those plots, pieces or parcels of land now owned, leased or hereafter acquired or leased or purported to be owned, leased or hereafter acquired or leased (including, in respect of the Loan Parties, as reflected in the most recent
Financial Statements) by such Person. 
  
 “Landlord
Waiver” means a letter or agreement in form and substance reasonably acceptable to the Administrative Agent and executed by a landlord in respect of Inventory of the Borrower, the Domestic Subsidiaries or the UK Guarantor located at any
leased premises of the Borrower, the Domestic Subsidiaries or the UK Guarantor pursuant to which such landlord, among other things, waives or subordinates on terms and conditions reasonably acceptable to the Administrative Agent any Lien such
landlord may have in respect of such Inventory. 
  
 “Leases” means, with respect to any Person, all of those leasehold estates in real property of such Person, as lessee, as such may be amended, supplemented or otherwise modified from time to time. 
  
 “Lender” means the Swing Loan Lender and each other
financial institution or other entity that (a) is listed on the signature pages hereof as a “Lender” or (b) from time to time becomes a party hereto by execution of an Assignment and Acceptance. 
  
 “Letter of Credit” means any letter of credit Issued
pursuant to Section 2.4 (Letters of Credit). 
  
 “Letter of Credit Obligations” means, at any time, the aggregate of all liabilities at such time of the Borrower to all Issuers with respect to Letters of Credit, whether or not any such liability is contingent, including,
without duplication, the sum of (a) the Reimbursement Obligations at such time and (b) the Letter of Credit Undrawn Amounts at such time. 
  
 “Letter of Credit Reimbursement Agreement” has the meaning specified in Section 2.4(a)(v) (Letters of Credit). 
  
 “Letter of Credit Request” has the meaning specified in
Section 2.4(c) (Letters of Credit). 
  
 “Letter of
Credit Sublimit” means $25,000,000. 
  

 21 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Letter of Credit Undrawn Amounts” means, at any time, the aggregate undrawn face
amount of all Letters of Credit outstanding at such time. 
  
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, lien (statutory or other), security interest or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness or the performance of any other obligation, including any conditional sale or other title retention agreement, the interest of a lessor under a
Capital Lease and any financing lease having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the UCC or comparable law of any jurisdiction naming the owner of the asset to which such
Lien relates as debtor. 
  
 “Loan” means any loan
made by any Lender pursuant to this Agreement. 
  
 “Loan
Documents” means, collectively, this Agreement, the Revolving Credit Notes (if any), the Guaranty, the Fee Letter, each Letter of Credit Reimbursement Agreement, each Cash Management Document, the Collateral Documents and each certificate,
agreement or document executed by a Loan Party and delivered to the Administrative Agent or any Lender in connection with or pursuant to any of the foregoing. 
  

“Loan Party” means each of the Borrower, the UK Guarantor, each other Guarantor and each other Subsidiary of the Borrower that
executes and delivers a Loan Document. 
  
 “Material
Adverse Change” means a material adverse change in any of (a) the condition (financial or otherwise), business, performance, prospects, operations, contingent liabilities, material agreement or properties of the Borrower and its
Subsidiaries, taken as a whole, (b) the legality, validity or enforceability of any Loan Document or any Related Document, (c) the perfection or priority of the Liens granted pursuant to the Collateral Documents, (d) the ability of the Borrower to
repay the Obligations or of the other Loan Parties to perform their respective obligations under the Loan Documents or (e) the rights and remedies of the Administrative Agent, the Lenders or the Issuers under the Loan Documents. 
  
 “Material Adverse Effect” means an effect that results in or
causes, or could reasonably be expected to result in or cause, a Material Adverse Change. 
  
 “Maximum Credit” means, at any time, (a) the lesser of (i) the Revolving Credit Commitments in effect at such time and (ii) the Borrowing Base at such time minus (b) the amount of any
Availability Reserve in effect at such time. 
  
 “Moody’s” means Moody’s Investors Services, Inc. 
  
 “Monthly Available Credit” means, as of the date of determination, the average daily Available Credit for the immediately preceding calendar month. 
  
 “Multiemployer Plan” means a multiemployer plan, as defined
in Section 4001(a)(3) of ERISA, to which the Borrower, any of its Subsidiaries or any ERISA Affiliate has any obligation or liability, contingent or otherwise. 
  

 22 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Net Cash Proceeds” means proceeds received by the Borrower or any of its
Subsidiaries after the Closing Date in cash or Cash Equivalents from any (a) Asset Sale, other than (x) the sale of assets or property securing the First Mortgage Notes to the extent that the proceeds thereof are required to be applied to the
obligations in respect of the First Mortgage Notes and (y) an Asset Sale permitted under Section 8.4 (a), (b), (c), (d) or (e) (Sale of Assets), net of (i) the reasonable cash costs of sale, assignment or other
disposition, (ii) taxes paid or reasonably estimated to be payable as a result thereof and (iii) any amount required to be paid or prepaid on Indebtedness (other than the Obligations) secured by the assets subject to such Asset Sale,
provided, however, that evidence of each of clauses (i), (ii) and (iii) above is provided to the Administrative Agent in form and substance satisfactory to it, (b) Property Loss Event or (c)(i) Equity Issuance
(other than any such issuance of common Stock of the Borrower occurring in the ordinary course of business to any director, member of the management or employee of the Borrower or its Subsidiaries or to any Affiliate of the Borrower that is not a
Subsidiary of the Borrower) or (ii) any Debt Issuance permitted under Section 8.1(j) or (p) (Indebtedness), in each case net of brokers’ and advisors’ fees and other costs incurred in connection with such transaction;
provided, however, that in the case of this clause (c), evidence of such costs is provided to the Administrative Agent in form and substance satisfactory to it. 
  
 “Non-Cash Interest Expense” means, with respect to any Person for any period, the sum of the following
amounts to the extent included in the definition of Interest Expense (a) the amount of debt discount and debt issuance costs amortized, (b) charges relating to write-ups or write-downs in the book or carrying value of existing Financial Covenant
Debt, (c) interest payable in evidences of Indebtedness or by addition to the principal of the related Indebtedness and (d) other non-cash interest. 
  
 “Non-Consenting Lender” has the meaning specified in Section 11.1(c) (Amendments, Waivers, Etc.). 
  
 “Non-Funding Lender” has the meaning specified in Section
2.2(d) (Borrowing Procedures). 
  
 “Non-U.S.
Lender” means each Lender (or the Administrative Agent) that is not a United States person as defined in Section 7701(a)(30) of the Code. 
  
 “Non-U.S. Person” means any Person that is not a Domestic Person. 
  
 “Notice of Borrowing” has the meaning specified in Section 2.2(a) (Borrowing Procedures).

  
 “Notice of Conversion or Continuation” has
the meaning specified in Section 2.11 (Conversion/Continuation Option). 
  
 “Obligations” means the Loans, the Letter of Credit Obligations and all other amounts, obligations, covenants and duties owing by the Borrower to the Administrative Agent, any Lender, any Issuer, any
Affiliate of any of them or any Indemnitee, of every type and description (whether by reason of an extension of credit, opening or amendment of a letter of credit or payment of any draft drawn or other payment thereunder, loan, guaranty,
indemnification, foreign exchange or currency swap transaction, interest rate hedging transaction or otherwise), present or future, arising under this Agreement, any other Loan Document (including Cash Management Documents and Hedging Contracts that
are Loan Documents), 

  

 23 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and
however acquired and whether or not evidenced by any note, guaranty or other instrument or for the payment of money, including all letter of credit, cash management and other fees, interest, charges, expenses, attorneys’ fees and disbursements,
Cash Management Obligations and other sums chargeable to the Borrower under this Agreement, any other Loan Document (including Cash Management Documents and Hedging Contracts that are Loan Documents) and all obligations of the Borrower under any
Loan Document to provide cash collateral for any Letter of Credit Obligation. 
  
 “Orderly Liquidation Percentage” means the orderly liquidation value on an as-is-where-is basis (net of costs and expenses incurred in connection with liquidation) of inventory as a percentage of the
cost of such Inventory, which percentage shall be determined by reference to the most recent third-party Appraisal of such Inventory received by the Administrative Agent. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 
  
 “Permit” means any permit, approval, authorization, license,
variance or permission required from a Governmental Authority under an applicable Requirement of Law. 
  
 “Person” means an individual, partnership, corporation (including a business trust), joint stock company, estate, trust, limited
liability company, unincorporated association, joint venture or other entity or a Governmental Authority. 
  
 “Pledge and Security Agreement” means an agreement, in substantially the form of Exhibit I-1 (Form of Pledge and
Security Agreement), executed by the Borrower and its Domestic Subsidiaries. 
  
 “Pledged Debt Instruments” has the meaning specified in the applicable Security Agreement. 
  
 “Pledged Stock” has the meaning specified in the applicable Security Agreement. 
  
 “Pro Forma Basis” means, with respect to any determination
for any period, that such determination shall be made giving pro forma effect to each acquisition consummated during such period, together with all transactions relating thereto consummated during such period (including any incurrence,
assumption, refinancing or repayment of Indebtedness), as if such acquisition and related transactions had been consummated on the first day of such period, in each case based on historical results accounted for in accordance with GAAP and, to the
extent applicable, reasonable assumptions that are specified in details in the relevant Compliance Certificate, Financial Statement or other document provided to the Administrative Agent or any Lender in connection herewith in accordance with
Regulation S-X of the Securities Act of 1933. 
  
 “Proceeds” has the meaning given to such term in the UCC. 
  
 “Projections” means those financial projections dated February 9, 2005 covering the fiscal years ending in 2005 through 2008 inclusive, delivered to the Lenders by the Borrower. 
  
 “Property Loss Event” means (a) any loss of or damage to
property of the Borrower or any of its Subsidiaries (other than assets or property securing the First Mortgage 

  

 24 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Notes to the extent that the proceeds thereof are required to be applied to the obligations in respect of the First Mortgage Notes) that results in the
receipt by such Person of proceeds of insurance whose Dollar Equivalent exceeds $3,000,000 (individually or in the aggregate) or (b) any taking of property of the Borrower or any of its Subsidiaries that results in the receipt by such Person of a
compensation payment in respect thereof whose Dollar Equivalent exceeds $3,000,000 (individually or in the aggregate). 
  
 “Protective Advances” means all expenses, disbursements and advances incurred by the Administrative Agent pursuant to the Loan Documents
after the occurrence and during the continuance of an Event of Default that the Administrative Agent, in its sole discretion, deems necessary or desirable to preserve or protect the Collateral or any portion thereof or to enhance the likelihood, or
maximize the amount, of repayment of the Obligations. 
  
 “Purchasing Lender” has the meaning specified in Section 11.7 (Sharing of Payments, Etc.). 
  
 “Ratable Portion” or (other than in the expression “equally and ratably”) “ratably” means, with respect to any
Revolving Credit Lender, the percentage obtained by dividing (a) the Revolving Credit Commitment of such Revolving Credit Lender by (b) the aggregate Revolving Credit Commitments of all Revolving Credit Lenders (or, at any time after the Revolving
Credit Termination Date, the percentage obtained by dividing the aggregate outstanding principal balance of the Revolving Credit Outstandings owing to such Revolving Credit Lender by the aggregate outstanding principal balance of the Revolving
Credit Outstandings owing to all Revolving Credit Lenders). 
  
 “Real Property” of any Person means the Land of such Person, together with the right, title and interest of such Person, if any, in and to the streets, the Land lying in the bed of any streets, roads or avenues, opened or
proposed, in front of, the air space and development rights pertaining to the Land and the right to use such air space and development rights, all rights of way, privileges, liberties, tenements, hereditaments and appurtenances belonging or in any
way appertaining thereto, all fixtures, all easements now or hereafter benefiting the Land and all royalties and rights appertaining to the use and enjoyment of the Land, including all alley, vault, drainage, mineral, water, oil and gas rights,
together with all of the buildings and other improvements now or hereafter erected on the Land and any fixtures appurtenant thereto. 
  
 “Register” has the meaning specified in Section 11.2(c) (Assignments and Participations). 
  
 “Reimbursement Date” has the meaning specified in Section
2.4(h) (Letters of Credit). 
  
 “Reimbursement
Obligations” means, as and when matured, the obligation of the Borrower to pay, on the date payment is made or scheduled to be made to the beneficiary under each such Letter of Credit (or at such other date as may be specified in the
applicable Letter of Credit Reimbursement Agreement), all amounts of each drafts and other requests for payments drawn under Letters of Credit, and all other matured reimbursement or repayment obligations of the Borrower to any Issuer with respect
to amounts drawn under Letters of Credit. 
  
 “Related
Documents” means the First Mortgage Notes Indenture, the Senior Sub Notes Indenture and each other document and instrument executed with respect to either thereof. 
  

 25 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Release” means, with respect to any Person, any release, spill, emission, leaking,
pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration, in each case, of any Contaminant into the indoor or outdoor environment or into or out of any property owned, leased or operated by such Person, including the
movement of Contaminants through or in the air, soil, surface water, ground water or property. 
  
 “Remedial Action” means all actions required to (a) clean up, remove, treat or in any other way address any Contaminant in the indoor or outdoor environment, (b) prevent the Release or threat of
Release or minimize the further Release so that a Contaminant does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment or (c) perform pre-remedial studies and investigations and post-remedial
monitoring and care. 
  
 “Requirement of Law”
means, with respect to any Person, the common law and all federal, state, local and foreign laws, treaties, rules and regulations, orders, judgments, decrees and other determinations of, concessions, grants, franchises, licenses and other
Contractual Obligations with, any Governmental Authority or arbitrator, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
  
 “Requisite Lenders” means, collectively, Revolving Credit
Lenders having more than fifty percent (50%) of the aggregate outstanding amount of the Revolving Credit Commitments or, after the Revolving Credit Termination Date, more than fifty percent (50%) of the aggregate Revolving Credit Outstandings. A
Non-Funding Lender shall not be included in the calculation of “Requisite Lenders.” 
  
 “Responsible Officer” means, with respect to any Person, any of the principal executive officers, managing members or general partners of
such Person but, in any event, with respect to financial matters, the chief financial officer, treasurer or controller of such Person. 
  
 “Restricted Payment” means (a) any dividend, distribution or any other payment whether direct or indirect, on account of any Stock or
Stock Equivalent of the Borrower or any of its Subsidiaries now or hereafter outstanding and (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Stock or Stock
Equivalent of the Borrower or any of its Subsidiaries now or hereafter outstanding. 
  
 “Revolving Credit Commitment” means, with respect to each Revolving Credit Lender, the commitment of such Revolving Credit Lender to make Revolving Loans and acquire interests in other Revolving
Credit Outstandings in the aggregate principal amount outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name on Schedule I (Revolving Credit Commitments) under the caption “Revolving Credit
Commitment,” as amended to reflect each Assignment and Acceptance executed by such Revolving Credit Lender and as such amount may be reduced pursuant to this Agreement. 
  
 “Revolving Credit Lender” means each Lender other than the Swing Loan Lender. 
  
 “Revolving Credit Note” means a promissory note of the
Borrower payable to the order of any Revolving Credit Lender in a principal amount equal to the amount of such Revolving Credit Lender’s Revolving Credit Commitment evidencing the aggregate Indebtedness 

  

 26 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of the Borrower to such Revolving Credit Lender resulting from the Revolving Loans owing to such Revolving Credit Lender. 
  
 “Revolving Credit Outstandings” means, at any particular
time, the sum of (a) the principal amount of the Revolving Loans outstanding at such time, (b) the Letter of Credit Obligations outstanding at such time and (c) the principal amount of the Swing Loans outstanding at such time. 
  
 “Revolving Credit Termination Date” shall mean the earliest
of (a) the Scheduled Termination Date, (b) the date of termination of all of the Revolving Credit Commitments pursuant to Section 2.5 (Reduction and Termination of the Revolving Credit Commitments) and (c) the date on which the Obligations
become due and payable pursuant to Section 9.2 (Remedies). 
  
 “Revolving Loan” has the meaning specified in Section 2.1 (The Revolving Credit Commitments). 
  
 “S&P” means Standard & Poor’s Rating Services. 
  
 “Sarbanes-Oxley Act” means the United States Sarbanes-Oxley Act of 2002. 
  
 “Scheduled Termination Date” means the fourth anniversary of
the Closing Date. 
  
 “Secured Obligations”
means, in the case of the Borrower, the Obligations and, in the case of any other Loan Party, the obligations of such Loan Party under the Guaranty and the other Loan Documents to which it is a party. 
  
 “Secured Parties” means the Lenders, the Issuers, the
Administrative Agent, the Security Trustee and any other holder of any Secured Obligation. 
  
 “Securities Account” has the meaning given to such term in the UCC. 
  
 “Securities Account Control Agreement” has the meaning specified in the applicable Security Agreement. 
  
 “Securities Intermediary” has the meaning given to such term
in the UCC. 
  
 “Security” means any Stock, Stock
Equivalent, voting trust certificate, bond, debenture, note or other evidence of Indebtedness, whether secured, unsecured, convertible or subordinated, or any certificate of interest, share or participation in, any temporary or interim certificate
for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing, but shall not include any evidence of the Obligations. 
  
 “Security Agreements” means the Pledge and Security Agreement, the UK Debenture, the UK Share Mortgage, the
UK Security Trust Deed and each other pledge, debenture, security agreement (or similar agreement for the purpose of providing a Lien in favor of a Secured Party) executed and delivered by a Loan Party in connection with this Agreement. 

 
 “Security Trustee” means Citibank, N.A., London Branch,
as Security Trustee under the UK Security Trust Deed. 
  

 27 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Selling Lender” has the meaning specified in Section 11.7 (Sharing of
Payments, Etc.). 
  
 “Senior Sub Notes
Indenture” means the Indenture, dated as of November 20, 2002, between the Borrower and Wells Fargo Bank Minnesota, National Association, as Trustee. 
  

“Senior Sub Notes” means the 11% Senior Subordinated Notes due 2012 issued pursuant to the Senior Sub Notes Indenture. 
  
 “Solvent” means, with respect to any Person as of any date
of determination, that, as of such date, (a) the value of the assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such
Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such
liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
  
 “Special IP Subsidiary” means any Subsidiary that the
Borrower may, with the consent of the Administrative Agent, create to own certain Intellectual Property acquired after the date hereof. 
  
 “Special Purpose Vehicle” means any special purpose funding vehicle identified as such in writing by any Lender to the Administrative
Agent. 
  
 “Specific IP Subsidiary” means any
direct or indirect Subsidiary of the Borrower whose sole purpose is holding and licensing intellectual property acquired from a third party on a single occasion after the date hereof and identified to, and approved on the date hereof by, the
Administrative Agent 
  
 “Standby Letter of
Credit” means any Letter of Credit that is not a Documentary Letter of Credit. 
  
 “Stock” means shares of capital stock (whether denominated as common stock or preferred stock), beneficial, partnership or membership interests, participations or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability company or equivalent entity, whether voting or non-voting. 
  
 “Stock Equivalents” means all securities convertible into or exchangeable for Stock and all warrants, options or other rights to purchase
or subscribe for any Stock, whether or not presently convertible, exchangeable or exercisable. 
  
 “Subordinated Debt” has the meaning specified in Section 8.1(p)(Indebtedness). 
  
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other business entity of which
an aggregate of 50% or more of the outstanding Voting Stock is, at the time, directly or indirectly, owned or controlled by such Person or one or more Subsidiaries of such Person. 
  

 28 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “Subsidiary Guarantor” means each Domestic Subsidiary of the Borrower (other than
any Special IP Subsidiary or Specific IP Subsidiary). 
  
 “Substitute Institution” has the meaning specified in Section 2.17 (Substitution of Lenders). 
  
 “Swing Loan” has the meaning specified in Section 2.3 (Swing Loans). 
  
 “Swing Loan Lender” means Citicorp or any other Revolving
Credit Lender that becomes the Administrative Agent or agrees, with the approval of the Administrative Agent and the Borrower, to act as the Swing Loan Lender hereunder, in each case in its capacity as the Swing Loan Lender hereunder. 
  
 “Swing Loan Request” has the meaning specified in Section
2.3(b) (Swing Loans). 
  
 “Swing Loan
Sublimit” means $15,000,000. 
  
 “Tax
Affiliate” means, with respect to any Person, (a) any Subsidiary of such Person and (b) any Affiliate of such Person with which such Person files or is eligible to file consolidated, combined or unitary tax returns. 
  
 “Tax Return” has the meaning specified in Section 4.8(a)
(Taxes). 
  
 “Taxes” has the meaning
specified in Section 2.16(a) (Taxes). 
  
 “Title IV
Plan” means a pension plan, other than a Multiemployer Plan, covered by Title IV of ERISA and to which the Borrower, any of its Subsidiaries or any ERISA Affiliate has any obligation or liability, contingent or otherwise. 
  
 “UCC” has the meaning specified in the applicable Security
Agreement. 
  
 “UK Debenture” means the
debenture, in substantially the form of Exhibit I-2 (Form of UK Debenture), executed by the UK Guarantor. 
  
 “UK Guarantor” means Constar International U.K. Limited, a company organized under the laws of England and Wales. 
  
 “UK Pension Plan” means any arrangement or practice to
provide pensions, gratuities, lump sums or other “relevant benefits” within the meaning of Section 612 of the Income and Corporation Taxes Act 1988 to or for the benefit of any UK employee of the Borrower or its Subsidiaries or the
dependants of any such employee. 
  
 “UK Pensions
Regulator” means the Regulator as defined in Section 1 of the Pensions Act 2004. 
  
 “UK Regulation” has the meaning specified in Section 4.6 (Solvency). 
  

 29 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 “UK Security Trust Deed” means the security trust deed, in substantially the form of
Exhibit I-4 (Form of UK Security Trust Deed) , executed by Constar International UK Limited and the Security Trustee. 
  
 “UK Share Mortgage” means the share mortgage over the shares of the UK Guarantor, in substantially the form of Exhibit I-3 (Form of UK
Share Mortgage), by Constar Foreign Holdings, Inc. in favor of the Citibank, N.A., as Security Trustee. 
  
 “Unfunded Pension Liability” means, with respect to the Borrower or any of its Subsidiaries at any time, the sum of (a) the amount, if
any, by which the present value of all accrued benefits under each (i) Title IV Plan (other than any Title IV Plan subject to Section 4063 of ERISA), (ii) UK Pension Plan and (iii) any other defined benefit pension plan maintained outside the US for
the benefit of employees of the Borrower or its Subsidiaries, exceeds the fair market value of all assets of such plan allocable to such benefits in accordance with Title IV of ERISA or other applicable foreign law, as determined as of the most
recent valuation date for such plan using the actuarial assumptions in effect under such plan, (b) the aggregate amount of withdrawal liability that could be assessed under Section 4063 with respect to each Title IV Plan subject to such section,
separately calculated for each such Title IV Plan as of its most recent valuation date and (c) for a period of five years following a transaction reasonably likely to be covered by Section 4069 of ERISA, the liabilities (whether or not accrued) that
could be avoided by the Borrower, any of its Subsidiaries or any ERISA Affiliate as a result of such transaction. 
  
 “Unused Commitment Fee” has the meaning specified in Section 2.12(a) (Fees). 
  
 “Updated Appraisal” means each appraisal (other than the
Initial Appraisals) that is conducted after the Closing Date pursuant to Section 6.12(b)(Borrowing Base Determination) for purpose of determining the Borrowing Base, in form and substance to the Administrative Agent and performed by an
appraiser that is satisfactory to the Administrative Agent. 
  
 “Voting Stock” means Stock of any Person having ordinary power to vote in the election of members of the board of directors, managers, trustees or other controlling Persons, of such Person (irrespective of whether, at the
time, Stock of any other class or classes of such entity shall have or might have voting power by reason of the happening of any contingency). 
  
 “Wholly-Owned Subsidiary” of any Person means any Subsidiary of such Person, all of the Stock of which (other than director’s
qualifying shares, as may be required by law) is owned by such Person, either directly or indirectly through one or more Wholly-Owned Subsidiaries of such Person. 
  
 “Withdrawal Liability” means, with respect to the Borrower or any of its Subsidiaries at any time, the
aggregate liability incurred (whether or not assessed) with respect to all Multiemployer Plans pursuant to Section 4201 of ERISA or for increases in contributions required to be made pursuant to Section 4243 of ERISA. 
  

	 	Section	1.2  Computation of Time Periods 

  
 In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.” 
  

 30 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	1.3  Accounting Terms and Principles 

  
 (a) Except as set forth below, all accounting terms not specifically defined herein shall be construed in conformity with GAAP and all accounting
determinations required to be made pursuant hereto (including for purpose of measuring compliance with Article V (Financial Covenants)) shall, unless expressly otherwise provided herein, be made in conformity with GAAP. 
  
 (b) If any change in the accounting principles used in the preparation of the
most recent Financial Statements referred to in Section 6.1 (Financial Statements) is hereafter required or permitted by the rules, regulations, pronouncements and opinions of the Financial Accounting Standards Board or the American Institute
of Certified Public Accountants (or any successors thereto) and such change is adopted by the Borrower with the agreement of the Borrower’s Accountants and results in a change in any of the calculations of the Borrowing Base or in any of the
calculations required by Article V (Financial Covenants) or VIII (Negative Covenants) that would not have resulted had such accounting change not occurred, the parties hereto agree to enter into negotiations in order to amend such
provisions so as to equitably reflect such change such that the criteria for evaluating compliance with such covenants by the Borrower shall be the same after such change as if such change had not been made; provided, however, that no
change in GAAP that would affect a calculation that measures compliance with any covenant contained in Article V (Financial Covenants) or VIII (Negative Covenants) shall be given effect until such provisions are amended to reflect such
changes in GAAP. 
  
 (c) For purposes of making all financial
calculations to determine compliance with Article V (Financial Covenants), all components of such calculations shall be adjusted to include or exclude, as the case may be, without duplication, such components of such calculations attributable
to any business or assets that have been acquired by the Borrower or any of its Subsidiaries after the first day of the applicable period of determination and prior to the end of such period, as determined in good faith by the Borrower on a Pro
Forma Basis. 
  

	 	Section	1.4  Conversion of Foreign Currencies 

  
 (a) Financial Covenant Debt. Financial Covenant Debt denominated in any currency other than Dollars shall be calculated using the Dollar Equivalent
thereof as of the date of the Financial Statements on which such Financial Covenant Debt is reflected. 
  
 (b) Dollar Equivalents. The Administrative Agent shall determine the Dollar Equivalent of any amount as required hereby, and a determination
thereof by the Administrative Agent shall be conclusive absent manifest error. The Administrative Agent may, but shall not be obligated to, rely on any determination made by any Loan Party in any document delivered to the Administrative Agent. The
Administrative Agent may determine or redetermine the Dollar Equivalent of any amount on any date either in its own discretion or upon the request of any Lender or Issuer. 
  
 (c) Rounding-Off. The Administrative Agent may set up appropriate rounding off mechanisms or otherwise round-off
amounts hereunder to the nearest higher or lower amount in whole Dollar or cent to ensure amounts owing by any party hereunder or that otherwise need to be calculated or converted hereunder are expressed in whole Dollars or in whole cents, as may be
necessary or appropriate. 
  

 31 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	1.5  Certain Terms 

  
 (a) The terms “herein,” “hereof”, “hereto” and “hereunder” and similar terms refer to
this Agreement as a whole and not to any particular Article, Section, subsection or clause in, this Agreement. 
  
 (b) Unless otherwise expressly indicated herein, (i) references in this Agreement to an Exhibit, Schedule, Article, Section, clause or sub-clause refer to
the appropriate Exhibit or Schedule to, or Article, Section, clause or sub-clause in this Agreement and (ii) the words “above” and “below”, when following a reference to a clause or a sub-clause of any Loan
Document, refer to a clause or sub-clause within, respectively, the same Section or clause. 
  
 (c) Each agreement defined in this Article I shall include all appendices, exhibits and schedules thereto. Unless the prior written consent of the Requisite Lenders is required hereunder for an amendment,
restatement, supplement or other modification to any such agreement and such consent is not obtained, references in this Agreement to such agreement shall be to such agreement as so amended, restated, supplemented or modified. 
  
 (d) References in this Agreement to any statute shall be to such statute as
amended or modified from time to time and to any successor legislation thereto, in each case as in effect at the time any such reference is operative. 
  
 (e) The term “including” when used in any Loan Document means “including without limitation” except when used in the
computation of time periods. 
  
 (f) The terms
“Lender,” “Issuer” and “Administrative Agent” include, without limitation, their respective successors. 
  
 (g) Upon the appointment of any successor Administrative Agent pursuant to Section 10.7 (Successor Administrative Agent), references to Citicorp in
Section 10.4 (The Administrative Agent Individually) and to Citibank in the definitions of Base Rate, Dollar Equivalent and Eurodollar Rate shall be deemed to refer to the financial institution then acting as the Administrative Agent or one
of its Affiliates if it so designates. 
  
 ARTICLE II

  
 THE FACILITY

  

	 	Section	2.1  The Revolving Credit Commitments 

  
 On the terms and subject to the conditions contained in this Agreement, each Revolving Credit Lender severally agrees to make loans in Dollars (each a
“Revolving Loan”) to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date in an aggregate principal amount at any time outstanding for all such loans
by such Revolving Credit Lender not to exceed such Revolving Credit Lender’s Revolving Credit Commitment; provided, however, that at no time shall any Revolving Credit Lender be obligated to make a Revolving Loan in excess of such
Revolving Credit Lender’s Ratable Portion of the Available Credit. Within the limits of the Revolving Credit Commitment 

  

 32 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of each Revolving Credit Lender, amounts of Revolving Loans repaid may be reborrowed under this Section 2.1. 
  

	 	Section	2.2  Borrowing Procedures 

  
 (a) Each Borrowing shall be made on notice given by the Borrower to the Administrative Agent not later than 11:00 a.m. (New York time) (i) one Business
Day, in the case of a Borrowing of Base Rate Loans, and (ii) three Business Days, in the case of a Borrowing of Eurodollar Rate Loans, prior to the date of the proposed Borrowing. Each such notice shall be in substantially the form of Exhibit C
(Form of Notice of Borrowing) (a “Notice of Borrowing”), specifying (A) the date of such proposed Borrowing, (B) the aggregate amount of such proposed Borrowing, (C) whether any portion of the proposed Borrowing will be of Base
Rate Loans or Eurodollar Rate Loans, (D) the initial Interest Period or Periods for any such Eurodollar Rate Loans and (E) the Available Credit (after giving effect to the proposed Borrowing). The Revolving Loans shall be made as Base Rate Loans
unless, subject to Section 2.14 (Special Provisions Governing Eurodollar Rate Loans), the Notice of Borrowing specifies that all or a portion thereof shall be Eurodollar Rate Loans; provided, however, that, unless the Administrative
Agent shall otherwise consent in its sole discretion, all Revolving Loans shall be made as Base Rate Loans (or Eurodollar Rate Loans having an Interest Period of one or two weeks) until the earlier of (x) 45 Business Days after the Closing Date and
(y) the time at which the Arranger has determined that a successful syndication has been completed. Notwithstanding anything to the contrary contained in Section 2.3(a) (Swing Loans), if any Notice of Borrowing requests a Borrowing of Base
Rate Loans, the Administrative Agent may make a Swing Loan available to the Borrower in an aggregate amount not to exceed such proposed Borrowing, and the aggregate amount of the corresponding proposed Borrowing shall be reduced accordingly by the
principal amount of such Swing Loan. Each Borrowing shall be in an aggregate amount of not less than $5,000,000 in the case of any Eurodollar Rate Loan, or $2,000,000 in the case of any Base Rate Loan, and, in each case, in an integral multiple of
$1,000,000 in excess thereof. 
  
 (b) The Administrative Agent
shall give to each Revolving Credit Lender prompt notice of the Administrative Agent’s receipt of a Notice of Borrowing and, if Eurodollar Rate Loans are properly requested in such Notice of Borrowing, the applicable interest rate determined
pursuant to Section 2.14(a) (Determination of Interest Rate). Each Revolving Credit Lender shall, before 11:00 a.m. (New York time) on the date of the proposed Borrowing, make available to the Administrative Agent at its address referred to
in Section 11.8 (Notices, Etc.), in immediately available funds, such Revolving Credit Lender’s Ratable Portion of such proposed Borrowing. Upon fulfillment (or due waiver in accordance with Section 11.1 (Amendments, Waivers,
Etc.)) (i) on the Closing Date, of the applicable conditions set forth in Section 3.1 (Conditions Precedent to Initial Loans and Letters of Credit) and (ii) at any time (including the Closing Date), of the applicable conditions set forth
in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit), and after the Administrative Agent’s receipt of such funds, the Administrative Agent shall make such funds available to the Borrower. 
  
 (c) Unless the Administrative Agent shall have received notice from a
Revolving Credit Lender prior to the date of any proposed Borrowing that such Revolving Credit Lender will not make available to the Administrative Agent such Revolving Credit Lender’s Ratable Portion of such Borrowing (or any portion thereof),
the Administrative Agent may assume that such Revolving Credit Lender has made such Ratable Portion available to the Administrative Agent on the date of such Borrowing in accordance with this Section 2.2 and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower on 

  

 33 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
such date a corresponding amount. If and to the extent that such Revolving Credit Lender shall not have so made such Ratable Portion available to the
Administrative Agent, such Revolving Credit Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Revolving
Credit Lender, the Federal Funds Rate for the first Business Day and thereafter at the interest rate applicable at the time to the Loans comprising such Borrowing. If such Revolving Credit Lender shall repay to the Administrative Agent such
corresponding amount, such corresponding amount so repaid shall constitute such Revolving Credit Lender’s Loan as part of such Borrowing for purposes of this Agreement. If the Borrower shall repay to the Administrative Agent such corresponding
amount, such payment shall not relieve such Revolving Credit Lender of any obligation it may have hereunder to the Borrower. 
  
 (d) The failure of any Revolving Credit Lender to make on the date specified any Loan or any payment required by it (such Lender being a
“Non-Funding Lender”), including any payment in respect of its participation in Swing Loans and Letter of Credit Obligations, shall not relieve any other Revolving Credit Lender of its obligations to make such Loan or payment on
such date but no such other Revolving Credit Lender shall be responsible for the failure of any Non-Funding Lender to make a Loan or payment required under this Agreement. 
  

	 	Section	2.3 Swing Loans 

  
 (a) On the terms and subject to the conditions contained in this Agreement, the Swing Loan Lender may, in its sole discretion, make, in Dollars, loans
(each a “Swing Loan”) otherwise available to the Borrower under the Facility from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date in an aggregate principal amount
at any time outstanding (together with the aggregate outstanding principal amount of any other Loan made by the Swing Loan Lender hereunder in its capacity as a Lender or the Swing Loan Lender) not to exceed the Swing Loan Sublimit; provided,
however, that at no time shall the Swing Loan Lender make any Swing Loan to the extent that, after giving effect to such Swing Loan, the aggregate Revolving Credit Outstandings would exceed the Maximum Credit. Each Swing Loan shall be a Base
Rate Loan and must be repaid in full within seven days after its making or, if sooner, upon any Borrowing hereunder and shall in any event mature no later than the Revolving Credit Termination Date. Within the limits set forth in the first sentence
of this clause (a), amounts of Swing Loans repaid may be reborrowed under this clause (a). 
  
 (b) In order to request a Swing Loan, the Borrower shall telecopy (or forward by electronic mail or similar means) to the Administrative Agent a duly
completed request in substantially the form of Exhibit D (Form of Swing Loan Request), setting forth the requested amount and date of such Swing Loan (a “Swing Loan Request”), to be received by the Administrative Agent not
later than 1:00 p.m. (New York time) on the day of the proposed borrowing. The Administrative Agent shall promptly notify the Swing Loan Lender of the details of the requested Swing Loan. Subject to the terms of this Agreement, the Swing Loan Lender
may make a Swing Loan available to the Administrative Agent and, in turn, the Administrative Agent shall make such amounts available to the Borrower on the date of the relevant Swing Loan Request. The Swing Loan Lender shall not make any Swing Loan
in the period commencing on the first Business Day after it receives written notice from the Administrative Agent or any 

  

 34 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Revolving Credit Lender that one or more of the conditions precedent contained in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit)
shall not on such date be satisfied and ending when such conditions are satisfied. The Swing Loan Lender shall not otherwise be required to determine that, or take notice whether, the conditions precedent set forth in Section 3.2 (Conditions
Precedent to Each Loan and Letter of Credit) have been satisfied in connection with the making of any Swing Loan. 
  
 (c) The Swing Loan Lender shall notify the Administrative Agent in writing (which writing may be a telecopy or electronic mail) weekly, by no later than
10:00 a.m. (New York time) on the first Business Day of each week, of the aggregate principal amount of its Swing Loans then outstanding. 
  
 (d) The Swing Loan Lender may demand at any time that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Loan
Lender, in the manner provided in clause (e) below, such Revolving Credit Lender’s Ratable Portion of all or a portion of the outstanding Swing Loans, which demand shall be made through the Administrative Agent, shall be in writing and
shall specify the outstanding principal amount of Swing Loans demanded to be paid. 
  
 (e) The Administrative Agent shall forward each notice referred to in clause (c) above and each demand referred to in clause (d) above to each Revolving Credit Lender on the day such notice or such
demand is received by the Administrative Agent (except that any such notice or demand received by the Administrative Agent after 2:00 p.m. (New York time) on any Business Day or any such demand received on a day that is not a Business Day shall not
be required to be forwarded to the Revolving Credit Lenders by the Administrative Agent until the next succeeding Business Day), together with a statement prepared by the Administrative Agent specifying the amount of each Revolving Credit
Lender’s Ratable Portion of the aggregate principal amount of the Swing Loans stated to be outstanding in such notice or demanded to be paid pursuant to such demand, and, notwithstanding whether or not the conditions precedent set forth in
Sections 3.2 (Conditions Precedent to Each Loan and Letter of Credit) and 2.1 (The Revolving Credit Commitments) shall have been satisfied (which conditions precedent the Revolving Credit Lenders hereby irrevocably waive), each
Revolving Credit Lender shall, before 11:00 a.m. (New York time) on the Business Day next succeeding the date of such Revolving Credit Lender’s receipt of such notice or demand, make available to the Administrative Agent, in immediately
available funds, for the account of the Swing Loan Lender, the amount specified in such statement. Upon such payment by a Revolving Credit Lender, such Revolving Credit Lender shall, except as provided in clause (f) below, be deemed to have
made a Revolving Loan. The Administrative Agent shall use such funds to repay the Swing Loans to the Swing Loan Lender. To the extent that any Revolving Credit Lender fails to make such payment available to the Administrative Agent for the account
of the Swing Loan Lender, the Borrower shall repay such Swing Loan on demand. 
  
 (f) Upon the occurrence of a Default under Section 9.1(f) (Events of Default), each Revolving Credit Lender shall acquire, without recourse or warranty, an undivided participation in each Swing Loan otherwise
required to be repaid by such Revolving Credit Lender pursuant to clause (e) above, which participation shall be in a principal amount equal to such Revolving Credit Lender’s Ratable Portion of such Swing Loan, by paying to the Swing
Loan Lender on the date on which such Revolving Credit Lender would otherwise have been required to make a payment in respect of such Swing Loan pursuant to clause (e) above, in immediately available funds, an amount equal to such Revolving
Credit Lender’s Ratable Portion 

  

 35 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of such Swing Loan. If all or part of such amount is not in fact made available by such Revolving Credit Lender to the Swing Loan Lender on such date, the
Swing Loan Lender shall be entitled to recover any such unpaid amount on demand from such Revolving Credit Lender together with interest accrued from such date at the Federal Funds Rate for the first Business Day after such payment was due and
thereafter at the rate of interest then applicable to Base Rate Loans. 
  
 (g) From and after the date on which any Revolving Credit Lender (i) is deemed to have made a Revolving Loan pursuant to clause (e) above with respect to any Swing Loan or (ii) purchases an undivided participation interest in a Swing
Loan pursuant to clause (f) above, the Swing Loan Lender shall promptly distribute to such Revolving Credit Lender such Revolving Credit Lender’s Ratable Portion of all payments of principal of and interest received by the Swing
Loan Lender on account of such Swing Loan other than those received from a Revolving Credit Lender pursuant to clause (e) or (f) above. 
  

	 	Section	2.4  Letters of Credit 

  
 (a) On the terms and subject to the conditions contained in this Agreement, each Issuer agrees to Issue at the request of the Borrower and for the account
of the Borrower one or more Letters of Credit from time to time on any Business Day during the period commencing on the Closing Date and ending on the earlier of the Revolving Credit Termination Date and 30 days prior to the Scheduled Termination
Date; provided, however, that no Issuer shall be under any obligation to Issue (and, upon the occurrence of any of the events described in clauses (ii), (iii), (iv) and (v)(A) below, shall not Issue) any
Letter of Credit upon the occurrence of any of the following: 
  
 (i) any order, judgment or decree of any Governmental Authority or arbitrator shall purport by its terms to enjoin or restrain such Issuer from Issuing such Letter of Credit or any Requirement of Law applicable to
such Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the Issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuer is not otherwise compensated) not in effect on the date of this
Agreement or result in any unreimbursed loss, cost or expense that was not applicable, in effect or known to such Issuer as of the date of this Agreement and that such Issuer in good faith deems material to it; 
  
 (ii) such Issuer shall have received any written notice of
the type described in clause (d) below; 
  
 (iii) after giving effect to the Issuance of such Letter of Credit, the aggregate Revolving Credit Outstandings would exceed the Maximum Credit at such time; 
  
 (iv) after giving effect to the Issuance of such Letter of Credit, the sum of (i) the Letter of Credit
Undrawn Amounts at such time and (ii) the Reimbursement Obligations at such time exceeds the Letter of Credit Sublimit; or 
  
 (v) (A) any fees due in connection with a requested Issuance have not been paid, (B) such Letter of Credit is requested to be Issued in a
form that is not 

  

 36 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
acceptable to such Issuer or (C) the Issuer for such Letter of Credit shall not have received, in form and substance reasonably acceptable to it and, if
applicable, duly executed by the Borrower, applications, agreements and other documentation (collectively, a “Letter of Credit Reimbursement Agreement”) such Issuer generally employs in the ordinary course of its business for the
Issuance of letters of credit of the type of such Letter of Credit. 
  
 None of
the Lenders (other than the Issuers in their capacity as such) shall have any obligation to Issue any Letter of Credit. 
  
 (b) In no event shall (i) any Letter of Credit be issued within 30 days of the Scheduled Termination Date or (ii) the expiration date of any Letter of
Credit be more than one year after the date of issuance thereof; provided, however, that any Letter of Credit with a term less than or equal to one year may provide for the renewal thereof for additional periods less than or equal to
one year, as long as, on or before the expiration of each such term and each such period, the Borrower and the Issuer of such Letter or Credit shall have the option to prevent such renewal; and provided, further, that, for any Letter of
Credit having an expiration date after the Scheduled Termination Date, the Borrower agrees to deliver to the Administrative Agent on or prior to the Scheduled Termination Date a letter of credit or letters of credit in form and substance acceptable
to the Administrative Agent and issued by a bank acceptable to the Administrative Agent, in each case in its sole discretion, and/or cash collateral in an amount equal to 105% of the maximum drawable amount of any such Letter of Credit. 

 
 (c) In connection with the Issuance of each Letter of Credit, the Borrower
shall give the relevant Issuer and the Administrative Agent at least two Business Days’ prior written notice, in substantially the form of Exhibit E (Form of Letter of Credit Request) (or in such other written or electronic form as is
acceptable to the Issuer), of the requested Issuance of such Letter of Credit (a “Letter of Credit Request”). Such notice shall be irrevocable and shall specify the Issuer of such Letter of Credit, the face amount of the Letter of
Credit requested, the date of Issuance of such requested Letter of Credit, the date on which such Letter of Credit is to expire (which date shall be a Business Day) and, in the case of an issuance, the Person for whose benefit the requested Letter
of Credit is to be issued. Such notice, to be effective, must be received by the relevant Issuer and the Administrative Agent not later than 11:00 a.m. (New York time) on the second Business Day prior to the requested Issuance of such Letter of
Credit. 
  
 (d) Subject to the satisfaction of the conditions set
forth in this Section 2.4, the relevant Issuer shall, on the requested date, Issue a Letter of Credit on behalf of the Borrower in accordance with such Issuer’s usual and customary business practices. No Issuer shall Issue any Letter of
Credit in the period commencing on the first Business Day after it receives written notice from any Revolving Credit Lender that one or more of the conditions precedent contained in Section 3.2 (Conditions Precedent to Each Loan and Letter of
Credit) or clause (a) above (other than those conditions set forth in clauses (a)(i), (a)(v)(B) and (C) above and, to the extent such clause relates to fees owing to the Issuer of such Letter of Credit and its Affiliates,
clause (a)(v) (A) above) are not on such date satisfied or duly waived and ending when such conditions are satisfied or duly waived. No Issuer shall otherwise be required to determine that, or take notice whether, the conditions precedent set
forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) have been satisfied in connection with the Issuance of any Letter of Credit. 
  

 37 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (e) The Borrower agrees that, if requested by the Issuer of any Letter of Credit, it shall execute a
Letter of Credit Reimbursement Agreement in respect to any Letter of Credit Issued hereunder. In the event of any conflict between the terms of any Letter of Credit Reimbursement Agreement and this Agreement, the terms of this Agreement shall
govern. 
  
 (f) Each Issuer shall comply with the following:

  
 (i) give the Administrative Agent written
notice (or telephonic notice confirmed promptly thereafter in writing), which writing may be a telecopy or electronic mail, of the Issuance of any Letter of Credit Issued by it, of all drawings under any Letter of Credit Issued by it and of the
payment (or the failure to pay when due) by the Borrower of any Reimbursement Obligation when due (which notice the Administrative Agent shall promptly transmit by telecopy, electronic mail or similar transmission to each Lender); 
  
 (ii) upon the request of any Revolving Credit Lender,
furnish to such Revolving Credit Lender copies of any Letter of Credit Reimbursement Agreement to which such Issuer is a party and such other documentation as may reasonably be requested by such Revolving Credit Lender; and 
  
 (iii) no later than 10 Business Days following the last day
of each calendar month, provide to the Administrative Agent (and the Administrative Agent shall provide a copy to each Lender requesting the same) and the Borrower separate schedules for Documentary Letters of Credit and Standby Letters of Credit
issued by it, in form and substance reasonably satisfactory to the Administrative Agent, setting forth the aggregate Letter of Credit Obligations, in each case outstanding at the end of each month, and any information requested by the Borrower or
the Administrative Agent relating thereto. 
  
 (g) Immediately
upon the issuance by an Issuer of a Letter of Credit in accordance with the terms and conditions of this Agreement, such Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender, and each Revolving Credit Lender shall be
deemed irrevocably and unconditionally to have purchased and received from such Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Revolving Credit Lender’s Ratable Portion, in such Letter of
Credit and the obligations of the Borrower with respect thereto (including all Letter of Credit Obligations with respect thereto) and any security therefor and guaranty pertaining thereto. 
  
 (h) The Borrower agrees to pay to the Issuer of any Letter of Credit the
amount of all Reimbursement Obligations owing to such Issuer under any Letter of Credit issued for its account no later than the date that is the next succeeding Business Day after the Borrower receives written notice from such Issuer that payment
has been made under such Letter of Credit (the “Reimbursement Date”), irrespective of any claim, set-off, defense or other right that the Borrower may have at any time against such Issuer or any other Person. In the event that any
Issuer makes any payment under any Letter of Credit and the Borrower shall not have repaid such amount to such Issuer pursuant to this clause (h) or any such payment by the Borrower is rescinded or set aside for any reason, such Reimbursement
Obligation shall be payable on demand with interest thereon computed (i) from the date on which such Reimbursement Obligation arose to the Reimbursement Date, at the rate of interest applicable during such period to Revolving Loans that are Base
Rate Loans and (ii) from the Reimbursement Date until the date of repayment in full, at the rate of interest applicable during such period to past due Revolving 

  

 38 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Loans that are Base Rate Loans, and such Issuer shall promptly notify the Administrative Agent, which shall promptly notify each Revolving Credit Lender of
such failure, and each Revolving Credit Lender shall promptly and unconditionally pay to the Administrative Agent for the account of such Issuer the amount of such Revolving Credit Lender’s Ratable Portion of such payment in immediately
available Dollars. If the Administrative Agent so notifies such Revolving Credit Lender prior to 11:00 a.m. (New York time) on any Business Day, such Revolving Credit Lender shall make available to the Administrative Agent for the account of such
Issuer its Ratable Portion of the amount of such payment on such Business Day in immediately available funds. Upon such payment by a Revolving Credit Lender, such Revolving Credit Lender shall, except during the continuance of a Default or Event of
Default under Section 9.1(f) (Events of Default) and notwithstanding whether or not the conditions precedent set forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) shall have been satisfied (which conditions
precedent the Revolving Credit Lenders hereby irrevocably waive), be deemed to have made a Revolving Loan to the Borrower in the principal amount of such payment. Whenever any Issuer receives from the Borrower a payment of a Reimbursement Obligation
as to which the Administrative Agent has received for the account of such Issuer any payment from a Revolving Credit Lender pursuant to this clause (h), such Issuer shall pay over to the Administrative Agent any amount received in excess of
such Reimbursement Obligation and, upon receipt of such amount, the Administrative Agent shall promptly pay over to each Revolving Credit Lender, in immediately available funds, an amount equal to such Revolving Credit Lender’s Ratable Portion
of the amount of such payment adjusted, if necessary, to reflect the respective amounts the Revolving Credit Lenders have paid in respect of such Reimbursement Obligation. 
  
 (i) If and to the extent such Revolving Credit Lender shall not have so made its Ratable Portion of the amount of the
payment required by clause (h) above available to the Administrative Agent for the account of such Issuer, such Revolving Credit Lender agrees to pay to the Administrative Agent for the account of such Issuer forthwith on demand any such
unpaid amount together with interest thereon, for the first Business Day after payment was first due at the Federal Funds Rate and, thereafter, until such amount is repaid to the Administrative Agent for the account of such Issuer, at a rate per
annum equal to the rate applicable to Base Rate Loans under the Facility. 
  
 (j) The Borrower’s obligation to pay each Reimbursement Obligation and the obligations of the Revolving Credit Lenders to make payments to the Administrative Agent for the account of the Issuers with respect to
Letters of Credit shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, including the occurrence of any Default or Event of
Default, and irrespective of any of the following: 
  
 (i) any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision therein; 
  
 (ii) any amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or any Loan
Document; 
  
 (iii) the existence of any claim,
set off, defense or other right that the Borrower, any other party guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or other Affiliate thereof or any other Person may at any time have against the beneficiary under any Letter
of Credit, any Issuer, the Administrative Agent or any 

  

 39 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Lender or any other Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreement or transaction;

  
 (iv) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
  
 (v) payment by the Issuer under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit; and 
  
 (vi) any other act or omission to act or delay of any kind of the Issuer, the Lenders, the Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the
foregoing, that might, but for the provisions of this Section 2.4, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 
  
 Any action taken or omitted to be taken by the relevant Issuer under or in connection with any Letter of Credit, if taken or omitted in the
absence of gross negligence or willful misconduct, shall not result in any liability of such Issuer to the Borrower or any Lender. In determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof,
the Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary and, in making any payment under any Letter of Credit, the Issuer may
rely exclusively on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due to the
beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any
other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever, and any noncompliance in any immaterial respect of
the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the Issuer. 
  
 (k) Schedule 2.4 (Existing Letters of Credit) contains a schedule of certain letters of credit issued prior to the
Closing Date by Citibank, N.A. for the account of the Borrower. On the Closing Date (i) such letters of credit, to the extent outstanding, shall be automatically and without further action by the parties thereto converted to Letters of Credit issued
pursuant to this Section 2.4 for the account of the Borrower and subject to the provisions hereof, and for this purpose the fees specified in Section 2.12(b) (Fees) shall be payable (in substitution for any fees set forth in the
applicable letter of credit reimbursement agreements or applications relating to such letters of credit) as if such letters of credit had been issued on the Closing Date, (ii) the issuers of such Letters of Credit shall be deemed to be
“Issuers” hereunder solely for the purpose of maintaining such letters of credit, (iii) the Dollar Equivalent of the face amount of such letters of credit shall be included in the calculation of Letter of Credit Obligations and (iv)
all liabilities of the Borrower with respect to such letters of credit shall constitute Obligations. No letter of credit converted in accordance with this clause (k) shall be amended, extended or renewed without the prior written consent of
the Administrative Agent. 
  

 40 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	2.5 Reduction and Termination of the Revolving Credit Commitments 

  
 (a) The Borrower may, upon at least five Business Days’ prior notice to the Administrative Agent, terminate in whole or
reduce in part ratably the unused portions of the respective Revolving Credit Commitments of the Revolving Credit Lenders; provided, however, that each partial reduction shall be in an aggregate amount of not less than $5,000,000 or an
integral multiple of $1,000,000 in excess thereof. 
  

	 	Section	2.6 Repayment of Loans 

  
 The Borrower promises to repay the entire unpaid principal amount of the Revolving Loans and the Swing Loans on the Scheduled Termination Date or earlier,
if otherwise required by the terms hereof. 
  

	 	Section	2.7 Evidence of Debt 

  
 (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing Indebtedness of the Borrower to such Lender
resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 
  
 (b) The Administrative Agent shall maintain accounts in accordance with its usual practice in which it shall record (i) the
amount of each Loan made and, if a Eurodollar Rate Loan, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable by the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder from the Borrower, whether such sum constitutes principal or interest (and the type of Loan to which it applies), fees, expenses or other amounts due under the Loan Documents and each Lender’s share thereof, if
applicable. 
  
 (c) The entries made in the accounts maintained
pursuant to clauses (a) and (b) above shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations recorded therein; provided, however, that the failure
of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms. 
  
 (d) Notwithstanding any other provision of the Agreement, in the event that
any Revolving Credit Lender requests that the Borrower execute and deliver a promissory note or notes payable to such Revolving Credit Lender in order to evidence the Indebtedness owing to such Revolving Credit Lender by the Borrower hereunder, the
Borrower shall promptly execute and deliver a Revolving Credit Note or Revolving Credit Notes to such Revolving Credit Lender evidencing the Revolving Loans of such Revolving Credit Lender, substantially in the form of Exhibit B (Form of
Revolving Credit Note). 
  

	 	Section	2.8 Optional Prepayments 

  
 The Borrower may prepay the outstanding principal amount of the Revolving Loans and Swing Loans in whole or in part at any time; provided,
however, that if any prepayment of any Eurodollar Rate Loan is made by the Borrower other than on the last day of an 

  

 41 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Interest Period for such Loan, the Borrower shall also pay any amount owing pursuant to Section 2.14(e) (Breakage Costs). 
  

	 	Section	2.9 Mandatory Prepayments 

  
 (a) Upon receipt by the Borrower or any of its Subsidiaries of Net Cash Proceeds arising (i) from an Asset Sale, Property Loss Event or Debt Issuance, the
Borrower shall immediately prepay the Loans (or provide cash collateral in respect of Letters of Credit) in an amount equal to 100% of such Net Cash Proceeds and (ii) from an Equity Issuance, the Borrower shall immediately prepay the Loans (or
provide cash collateral in respect of Letters of Credit) in an amount equal to 100% of such Net Cash Proceeds. Subject to the provisions of Section 2.13(g) (Payments and Computations), any such mandatory prepayment shall be applied as
follows: first, to repay the outstanding principal balance of the Swing Loans until such Swing Loans shall have been repaid in full; second, to repay the outstanding principal balance of the Revolving Loans until such Revolving Loans
shall have been paid in full; and then, if an Event of Default shall have occurred and be continuing, to provide cash collateral for any Letter of Credit Obligations in an amount equal to 105% of such Letter of Credit Obligations in the
manner set forth in Section 9.3 (Actions in Respect of Letters of Credit) until all such Letter of Credit Obligations have been fully cash collateralized in the manner set forth therein. 
  
 (b) If at any time, the aggregate principal amount of Revolving Credit
Outstandings exceeds the aggregate Maximum Credit at such time, the Borrower shall forthwith prepay the Swing Loans first and then the Revolving Loans then outstanding in an amount equal to such excess. If any such excess remains after repayment in
full of the aggregate outstanding Swing Loans and Revolving Loans, the Borrower shall provide cash collateral for the Letter of Credit Obligations in the manner set forth in Section 9.3 (Actions in Respect of Letters of Credit) in an amount
equal to 105% of such excess. 
  
 (c) The Borrower hereby
irrevocably waives the right to direct the application of all funds in the Cash Collateral Account and agrees that the Administrative Agent may and shall, except as provided in Section 2.13(g) (Payments and Computations), apply all
payments in respect of any Obligations and all available funds in the Cash Collateral Account on a daily basis as follows: first, to repay the outstanding principal amount of the Swing Loans until such Swing Loans have been repaid in full;
second, to repay the outstanding principal balance of the Revolving Loans until such Revolving Loans shall have been repaid in full; and then to any other Obligation then due and payable. The Administrative Agent agrees so to apply
such funds and the Borrower consents to such application. If (i) following such application or (ii) after all Letters of Credit shall have expired or be fully drawn and all Revolving Credit Commitments shall have been terminated, there are no Loans
outstanding and no other Obligations that are then due and payable, then the Administrative Agent shall cause any remaining funds in the Cash Collateral Account to be paid at the written direction of the Borrower (or, in the absence of such
direction, to the Borrower or another Person lawfully entitled thereto). 
  

	 	Section	2.10 Interest 

  
 (a) Rate of Interest. All Loans and the outstanding amount of all other Obligations (other than pursuant to Hedging Contracts that are Loan
Documents, to the extent such Hedging Contracts provide for the accrual of interest on unpaid obligations) shall bear interest, in the case of Loans, on the unpaid principal amount thereof from the date such Loans are made and, in the case of such
other Obligations, from the date such other Obligations are due 

  

 42 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
and payable until, in all cases, paid in full, except as otherwise provided in clause (c) below, as follows: 
  
 (i) if a Base Rate Loan or such other Obligation, at a rate
per annum equal to the sum of (A) the Base Rate as in effect from time to time and (B) the Applicable Margin; and 
  
 (ii) if a Eurodollar Rate Loan, at a rate per annum equal to the sum of (A) the Eurodollar Rate determined for the applicable
Interest Period and (B) the Applicable Margin in effect from time to time during such Eurodollar Interest Period. 
  
 (b) Interest Payments. (i) Interest accrued on each Base Rate Loan (other than Swing Loans) shall be payable in arrears (A) on the first Business
Day of each calendar month, commencing on the first such day following the making of such Base Rate Loan and (B) if not previously paid in full, at maturity (whether by acceleration or otherwise) of such Base Rate Loan, (ii) interest accrued on
Swing Loans shall be payable in arrears on the first Business Day of the immediately succeeding calendar month, (iii) interest accrued on each Eurodollar Rate Loan shall be payable in arrears (A) on the last day of each Interest Period applicable to
such Loan and, if such Interest Period has a duration of more than three months, on each date during such Interest Period occurring every three months from the first day of such Interest Period, (B) upon the payment or prepayment thereof in full or
in part and (C) if not previously paid in full, at maturity (whether by acceleration or otherwise) of such Eurodollar Rate Loan and (iv) interest accrued on the amount of all other Obligations shall be payable on demand from and after the time such
Obligation becomes due and payable (whether by acceleration or otherwise). The Borrower hereby consents to the payment by the Swing Loan Lender of all scheduled payments of interest hereunder with proceeds of a Swing Line Loan made at the option of
the Administrative Agent in accordance with the provisions of Section 2.13(h) (Payments and Computations). 
  
 (c) Default Interest. Notwithstanding the rates of interest specified in clause (a) above or elsewhere herein, effective immediately upon
the occurrence of an Event of Default and for as long thereafter as such Event of Default shall be continuing, the principal balance of all Loans and the amount of all other Obligations then due and payable shall bear interest at a rate that is two
percent per annum in excess of the rate of interest applicable to such Loans or other Obligations from time to time. Such interest shall be payable on demand. 
  

	 	Section	2.11 Conversion/Continuation Option 

  
 (a) The Borrower may elect (i) at any time on any Business Day, to convert Base Rate Loans (other than Swing Loans) or any portion thereof to Eurodollar
Rate Loans and (ii) at the end of any applicable Interest Period, to convert Eurodollar Rate Loans or any portion thereof into Base Rate Loans or to continue such Eurodollar Rate Loans or any portion thereof for an additional Interest Period;
provided, however, that the aggregate amount of the Eurodollar Loans for each Interest Period must be in the amount of at least $ 5,000,000 or an integral multiple of $1,000,000 in excess thereof. Each conversion or continuation shall
be allocated among the Loans of each Revolving Credit Lender in accordance with such Revolving Credit Lender’s Ratable Portion. Each such election shall be in substantially the form of Exhibit F (Form of Notice of Conversion or
Continuation) (a “Notice of Conversion or Continuation”) and shall be made by giving the Administrative Agent at least three Business Days’ prior written notice specifying (A) the amount and type of Loan being converted or
continued, (B) in the case 

  

 43 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of a conversion to or a continuation of Eurodollar Rate Loans, the applicable Interest Period and (C) in the case of a conversion, the date of such
conversion. 
  
 (b) The Administrative Agent shall promptly notify
each Lender of its receipt of a Notice of Conversion or Continuation and of the options selected therein. Notwithstanding the foregoing, (i) unless the Administrative Agent shall otherwise consent in its sole discretion, no conversion in whole or in
part of Base Rate Loans to Eurodollar Rate Loans (other than Eurodollar Rate Loans having an Interest Period of one or two weeks) shall be permitted at any time prior to the earlier of (x) 45 Business Days after the Closing Date and (y) the time at
which the Arranger has determined that a successful syndication has been completed and (ii) no conversion in whole or in part of Base Rate Loans to Eurodollar Rate Loans and no continuation in whole or in part of Eurodollar Rate Loans upon the
expiration of any applicable Interest Period shall be permitted at any time at which (A) a Default or an Event of Default shall have occurred and be continuing or (B) the continuation of, or conversion into, a Eurodollar Rate Loan would violate any
provision of Section 2.14 (Special Provisions Governing Eurodollar Rate Loans). If, within the time period required under the terms of this Section 2.11, the Administrative Agent does not receive a Notice of Conversion or Continuation
from the Borrower containing a permitted election to continue any Eurodollar Rate Loans for an additional Interest Period or to convert any such Loans, then, upon the expiration of the applicable Interest Period, such Loans shall be automatically
converted to Base Rate Loans. Each Notice of Conversion or Continuation shall be irrevocable. 
  

	 	Section	2.12 Fees 

  
 (a) Unused Commitment Fee. The Borrower agrees to pay in immediately available Dollars to each Revolving Credit Lender a commitment fee on the
actual daily amount by which the Revolving Credit Commitment of such Revolving Credit Lender exceeds such Revolving Credit Lender’s Ratable Portion of the sum of (i) the aggregate outstanding principal amount of Revolving Loans and (ii) the
outstanding amount of the aggregate Letter of Credit Obligations (the “Unused Commitment Fee”) from the date hereof through the Revolving Credit Termination Date at the Applicable Unused Commitment Fee Rate, payable in arrears (x)
on the first Business Day of each calendar month, commencing on the first such Business Day following the Closing Date and (y) on the Revolving Credit Termination Date. 
  
 (b) Letter of Credit Fees. The Borrower agrees to pay the following amounts with respect to Letters of Credit issued
by any Issuer: 
  
 (i) to the Administrative
Agent for the account of each Issuer of a Letter of Credit, with respect to each Letter of Credit issued by such Issuer, an issuance fee equal to 0.25% per annum of the daily maximum undrawn face amount of such Letter of Credit, payable in
arrears (A) on the first Business Day of each calendar month, commencing on the first such Business Day following the issuance of such Letter of Credit and (B) on the Revolving Credit Termination Date; 
  
 (ii) to the Administrative Agent for the ratable benefit of
the Revolving Credit Lenders, with respect to each Letter of Credit, a fee accruing in Dollars at a rate per annum equal to the Applicable Margin for Revolving Loans that are Eurodollar Rate Loans on the daily maximum undrawn face amount of
such Letter of Credit, payable in arrears (A) on the first Business Day of each calendar month, commencing on the first such Business Day following the issuance of such Letter of 

  

 44 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Credit and (B) on the Revolving Credit Termination Date; provided, however, that during the continuance of an Event of Default, such fee shall
be increased by two percent per annum (instead of, and not in addition to, any increase pursuant to Section 2.10(c) (Interest)) and shall be payable on demand; and 
  
 (iii) to the Issuer of any Letter of Credit, with respect to the issuance, amendment or transfer of each
Letter of Credit and each drawing made thereunder, documentary and processing charges in accordance with such Issuer’s standard schedule for such charges in effect at the time of issuance, amendment, transfer or drawing, as the case may be.

  
 (c) Additional Fees. The Borrower and the UK Guarantor
have jointly and severally agreed to pay to the Administrative Agent and the Arranger additional fees, the amount and dates of payment of which are embodied in the Fee Letter. 
  
 (d) Payment of Fees. The Borrower hereby consents to the payment by the Swing Loan Lender of all fees payable
hereunder (including fees payable under the Fee Letter) with proceeds of a Swing Loan made at the option of the Administrative Agent in accordance with the provisions of Section 2.13(h) (Payments and Computations). 
  

	 	Section	2.13 Payments and Computations 

  
 (a) The Borrower shall make each payment hereunder (including fees and expenses) not later than 12:00 noon (New York time) on the day when due, in the
currency specified herein (or, if no such currency is specified, in Dollars) to the Administrative Agent at its address referred to in Section 11.8 (Notices, Etc.) in immediately available funds without set-off or counterclaim. The
Administrative Agent shall promptly thereafter cause to be distributed immediately available funds relating to the payment of principal, interest or fees to the Lenders, in accordance with the application of payments set forth in clause (f)
or (g) below, as applicable, for the account of their respective Applicable Lending Offices; provided, however, that amounts payable pursuant to Section 2.15 (Capital Adequacy), Section 2.16 (Taxes) or
Section 2.14(c) or (d) (Special Provisions Governing Eurodollar Rate Loans) shall be paid only to the affected Lender or Lenders and amounts payable with respect to Swing Loans shall be paid only to the Swing Loan Lender. Payments
received by the Administrative Agent after 12:00 noon (New York time) shall be deemed to be received on the next Business Day. 
  
 (b) All computations of interest and of fees shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual
number of days (including the first day but excluding the last day) occurring in the period for which such interest and fees are payable. Each determination by the Administrative Agent of a rate of interest hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
  
 (c) Each payment by
the Borrower of any Loan, Reimbursement Obligation (including interest or fees in respect thereof) and each reimbursement of various costs, expenses or other Obligation shall be made in the currency in which such Loan was made, such Letter of Credit
issued or such cost, expense or other Obligation was incurred; provided, however, that (i) the Letter of Credit Reimbursement Agreement for a Letter of Credit may specify another currency for the Reimbursement Obligation in respect of
such Letter of Credit and (ii) other than for payments in respect of a Loan or Reimbursement Obligation, Loan Documents duly executed 

  

 45 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
by the Administrative Agent or any Hedging Contract may specify other currencies of payment for Obligations created by or directly related to such Loan
Document or Hedging Contract. 
  
 (d) Whenever any payment
hereunder shall be stated to be due on a day other than a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of
interest or fees, as the case may be; provided, however, that if such extension would cause payment of interest on or principal of any Eurodollar Rate Loan to be made in the next calendar month, such payment shall be made on the
immediately preceding Business Day. All repayments of any Revolving Loans shall be applied as follows: first, to repay such Loans outstanding as Base Rate Loans and then, to repay such Loans outstanding as Eurodollar Rate Loans, with
those Eurodollar Rate Loans having earlier expiring Eurodollar Interest Periods being repaid prior to those having later expiring Eurodollar Interest Periods. 
  

(e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due hereunder that the
Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be
distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have made such payment in full to the Administrative Agent, each Lender shall repay to the
Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon (at the Federal Funds Rate for the first Business Day and thereafter at the rate applicable to Base Rate Loans) for each day from the date
such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent. 
  
 (f) Except for payments and other amounts received by the Administrative Agent and applied in accordance with the provisions of clause (g) below
(or required to be applied in accordance with Section 2.9 (Mandatory Prepayments)), all payments and any other amounts received by the Administrative Agent from or for the benefit of the Borrower shall be applied as follows: first, to
pay principal of, and interest on, any portion of the Loans the Administrative Agent may have advanced pursuant to the express provisions of this Agreement on behalf of any Lender, for which the Administrative Agent has not then been reimbursed by
such Lender or the Borrower, second, to pay all other Obligations then due and payable and third, as the Borrower so designates. Payments in respect of Swing Loans received by the Administrative Agent shall be distributed to the Swing
Loan Lender; payments in respect of Revolving Loans received by the Administrative Agent shall be distributed to each Revolving Credit Lender in accordance with such Revolving Credit Lender’s Ratable Portion; and all payments of fees and all
other payments in respect of any other Obligation shall be allocated among such of the Lenders and Issuers as are entitled thereto and, for such payments allocated to the Revolving Credit Lenders, in proportion to their respective Ratable Portions.

  
 (g) The Borrower hereby irrevocably waives the right to direct
the application of any and all payments in respect of the Obligations and any proceeds of Collateral after the occurrence and during the continuance of an Event of Default and agrees that, notwithstanding the provisions of Section 2.9
(Mandatory Prepayments) and clause (f) above, the Administrative Agent may, and, upon either (A) the written direction of the Requisite Lenders or (B) the acceleration of the Obligations pursuant to Section 9.2 (Remedies), shall
apply all payments in respect of any Obligations and all funds on deposit in any Cash Collateral Account and all other proceeds of Collateral in the following order: 
  
 (i) first, to pay interest on and then principal of any portion of the Revolving Loans that
the Administrative Agent may have advanced on behalf of any Lender for which the Administrative Agent has not then been reimbursed by such Lender or the Borrower; 
  

 46 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (ii) second, to pay Secured Obligations in respect of any expense
reimbursements or indemnities and Facility Cash Management Obligations then due to the Administrative Agent; 
  
 (iii) third, to pay Secured Obligations in respect of any expense reimbursements or indemnities and Facility Cash Management
Obligations then due to the Lenders and the Issuers; 
  
 (iv) fourth, to pay Secured Obligations in respect of any fees then due to the Administrative Agent, the Lenders and the Issuers; 
  
 (v) fifth, to pay interest then due and payable in respect of the Loans and Reimbursement Obligations; 
  
 (vi) sixth, to pay or prepay principal amounts
on the Loans and Reimbursement Obligations, to provide cash collateral for outstanding Letter of Credit Undrawn Amounts in the manner described in Section 9.3 (Actions in Respect of Letters of Credit), and to pay amounts owing with respect to
Hedging Contracts to the extent of any Availability Reserve imposed by the Administrative Agent with respect thereto, ratably to the aggregate principal amount of such Loans, Reimbursement Obligations and Letter of Credit Undrawn Amounts, and
Obligations owing with respect to Hedging Contracts; and 
  
 (vii) seventh, to the ratable payment of all other Obligations owing with respect to Hedging Contracts; and 
  
 (viii) eighth, to the ratable payment of all other Secured Obligations; 
  
 provided, however, that if sufficient funds are not available to fund all
payments to be made in respect of any Secured Obligation described in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) above the available funds being applied with respect to any such
Secured Obligation (unless otherwise specified in such clause) shall be allocated to the payment of such Secured Obligation ratably, based on the proportion of the Administrative Agent’s and each Lender’s or Issuer’s interest in the
aggregate outstanding Secured Obligations described in such clauses; provided, however, that payments that would otherwise be allocated to the Revolving Credit Lenders shall be allocated first to repay Protective Advances and
Swing Loans pro rata and then to the Revolving Credit Lenders. The order of priority set forth in clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) above may at any time and from time
to time be changed by the agreement of the Requisite Lenders without necessity of notice to or consent of or approval by the Borrower, any Secured Party that is not a Lender or Issuer or by any other Person that is not a Lender or Issuer. The order
of priority set forth in clauses (i), (ii), (iii) and (iv) above may be changed only with the prior written consent of the Administrative Agent in addition to that of the Requisite Lenders. 
  
 (h) At the option of the Administrative Agent, principal on the Swing Loans,
Reimbursement Obligations, interest, fees, expenses and other sums due and payable in respect of 

  

 47 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
the Revolving Loans and Protective Advances may be paid from the proceeds of Swing Loans or Revolving Loans. The Borrower hereby authorizes the Swing Loan
Lender to make such Swing Loans pursuant to Section 2.3(a) (Swing Loans) and the Revolving Credit Lenders to make such Revolving Loans pursuant to Section 2.2(a) (Borrowing Procedures) from time to time in the amounts of any and all
principal payable with respect to the Swing Loans, Reimbursement Obligations, interest, fees, expenses and other sums payable in respect of the Revolving Loans and Protective Advances, and further authorizes the Administrative Agent to give the
Lenders notice of any Borrowing with respect to such Swing Loans and Revolving Loans and to distribute the proceeds of such Swing Loans and Revolving Loans to pay such amounts. The Borrower agrees that all such Swing Loans and Revolving Loans so
made shall be deemed to have been requested by it (irrespective of the satisfaction of the conditions in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit), which conditions the Lenders irrevocably waive) and directs that
all proceeds thereof shall be used to pay such amounts. 
  

	 	Section	2.14 Special Provisions Governing Eurodollar Rate Loans 

  
 (a) Determination of Interest Rate 
  
 The Eurodollar Rate for each Interest Period for Eurodollar Rate Loans shall be determined by the Administrative Agent pursuant to the procedures set
forth in the definition of “Eurodollar Rate.” The Administrative Agent’s determination shall be presumed to be correct absent manifest error and shall be binding on the Borrower. 
  
 (b) Interest Rate Unascertainable, Inadequate or Unfair 
  
 In the event that (i) the Administrative Agent determines that adequate and
fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Rate then being determined is to be fixed or (ii) the Requisite Lenders notify the Administrative Agent that the Eurodollar Rate for any
Interest Period will not adequately reflect the cost to the Revolving Credit Lenders of making or maintaining such Loans for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Revolving Credit Lenders,
whereupon each Eurodollar Loan shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan and the obligations of the Revolving Credit Lenders to make Eurodollar Rate Loans or to convert Base Rate
Loans into Eurodollar Rate Loans shall be suspended until the Administrative Agent shall notify the Borrower that the Requisite Lenders have determined that the circumstances causing such suspension no longer exist. 
  
 (c) Increased Costs 
  
 If at any time any Revolving Credit Lender determines that the introduction
of, or any change in or in the interpretation of, any law, treaty or governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Eurodollar Rate) or the
compliance by such Revolving Credit Lender with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Revolving Credit
Lender of agreeing to make or making, funding or maintaining any Eurodollar Rate Loans, then the Borrower shall from time to time, upon demand by such Revolving Credit Lender (with a copy of such demand to the Administrative Agent), pay to the
Administrative Agent for the account of such Revolving Credit Lender additional amounts sufficient to compensate such 

  

 48 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Revolving Credit Lender for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower and the Administrative
Agent by such Revolving Credit Lender, shall be conclusive and binding for all purposes, absent manifest error. 
  
 (d) Illegality 
  
 Notwithstanding any other provision of this Agreement, if any Revolving Credit Lender determines that the introduction of, or any change in or in the
interpretation of, any law, treaty or governmental rule, regulation or order after the date of this Agreement shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Revolving Credit
Lender or its Eurodollar Lending Office to make Eurodollar Rate Loans or to continue to fund or maintain Eurodollar Rate Loans, then, on notice thereof and demand therefor by such Revolving Credit Lender to the Borrower through the Administrative
Agent, (i) the obligation of such Revolving Credit Lender to make or to continue Eurodollar Rate Loans and to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended, and each such Revolving Credit Lender shall make a Base Rate Loan as
part of any requested Borrowing of Eurodollar Rate Loans and (ii) if the affected Eurodollar Rate Loans are then outstanding, the Borrower shall immediately convert each such Loan into a Base Rate Loan. If, at any time after a Revolving Credit
Lender gives notice under this clause (d), such Revolving Credit Lender determines that it may lawfully make Eurodollar Rate Loans, such Revolving Credit Lender shall promptly give notice of that determination to the Borrower and the
Administrative Agent, and the Administrative Agent shall promptly transmit the notice to each other Lender. The Borrower’s right to request, and such Revolving Credit Lender’s obligation, if any, to make Eurodollar Rate Loans shall
thereupon be restored. 
  
 (e) Breakage Costs 

 
 In addition to all amounts required to be paid by the Borrower pursuant
to Section 2.10 (Interest), the Borrower shall compensate each Revolving Credit Lender, upon demand, for all losses, expenses and liabilities (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or
other funds acquired by such Revolving Credit Lender to fund or maintain such Revolving Credit Lender’s Eurodollar Rate Loans to the Borrower but excluding any loss of the Applicable Margin on the relevant Loans) that such Revolving Credit
Lender may sustain (i) if for any reason (other than solely by reason of such Lender being a Non-Funding Lender) a proposed Borrowing, conversion into or continuation of Eurodollar Rate Loans does not occur on a date specified therefor in a Notice
of Borrowing or a Notice of Conversion or Continuation given by the Borrower or in a telephonic request by it for borrowing or conversion or continuation or a successive Interest Period does not commence after notice therefor is given pursuant to
Section 2.11 (Conversion/Continuation Option), (ii) if for any reason any Eurodollar Rate Loan is prepaid (including mandatorily pursuant to Section 2.9 (Mandatory Prepayments)) on a date that is not the last day of the applicable
Interest Period, (iii) as a consequence of a required conversion of a Eurodollar Rate Loan to a Base Rate Loan as a result of any of the events indicated in clause (d) above or (iv) as a consequence of any failure by the Borrower to repay
Eurodollar Rate Loans when required by the terms hereof. The Revolving Credit Lender making demand for such compensation shall deliver to the Borrower concurrently with such demand a written statement as to such losses, expenses and liabilities, and
this statement shall be conclusive as to the amount of compensation due to such Revolving Credit Lender, absent manifest error. 
  

 49 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (f) Limitation of Borrower’s Liability 
  
 Notwithstanding the foregoing, no Lender shall be entitled to compensation
under this Section 2.14 for any costs incurred with respect to any date that it has such costs unless it shall have notified the Borrower that it will demand compensation for such costs under this Section 2.14 not more than 120 days
after the later of (i) such date and (ii) the date on which it shall have become aware of such costs; provided, that the foregoing shall in no way operate in derogation of the undertaking contained in the last sentence of this clause
(f). In the event that any Lender determines that any event or circumstance that will lead to a claim under this Section 2.14 has occurred or will occur, such Lender will use its best efforts to so notify the Borrower; provided,
that any failure to provide such notice shall in no way impair the rights of such Lender to demand and receive compensation under this Section 2.14, but without prejudice to any claims of the Borrower for compensation for actual damages
sustained as a result of any failure to observe this undertaking. 
  

	 	Section	2.15 Capital Adequacy 

  
 If at any time any Lender determines that (a) the adoption of, or any change in or in the interpretation of, any law, treaty or governmental rule,
regulation or order after the date of this Agreement regarding capital adequacy, (b) compliance with any such law, treaty, rule, regulation or order or (c) compliance with any guideline or request or directive from any central bank or other
Governmental Authority (whether or not having the force of law) shall have the effect of reducing the rate of return on such Lender’s (or any corporation controlling such Lender’s) capital as a consequence of its obligations hereunder or
under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change, compliance or interpretation, then, upon demand from time to time by such Lender (with a copy
of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender for such
reduction. A certificate as to such amounts submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding for all purposes absent manifest error. Notwithstanding the foregoing, no Lender shall be entitled to
compensation under this Section 2.15 for any reductions suffered with respect to any date that such reductions are incurred unless it shall have notified the Borrower that it will demand compensation for such reductions under this Section
2.15 not more than 120 days after the later of (i) such date and (ii) the date on which it shall have become aware of such reductions; provided, that the foregoing shall in no way operate in derogation of the undertaking contained in the
last sentence of this Section 2.15. In the event that any Lender determines that any event or circumstance that will lead to a claim under this Section 2.15 has occurred or will occur, such Lender will use its best efforts to so notify
the Borrower; provided, that any failure to provide such notice shall in no way impair the rights of such Lender to demand and receive compensation under this Section 2.15, but without prejudice to any claims of the Borrower for
compensation for actual damages sustained as a result of any failure to observe this undertaking. 
  

	 	Section	2.16 Taxes 

  
 (a) Any and all payments by any Loan Party under each Loan Document shall be made free and clear of and without deduction for any and all present or
future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding (i) in the case of each Lender, Issuer and the Administrative Agent (A) taxes measured by its net income, and franchise taxes
imposed on it, and similar taxes imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such Lender, Issuer or the 

  

 50 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Administrative Agent (as the case may be) is organized and (B) any United States withholding taxes payable with respect to payments under the Loan Documents
under laws (including any statute, treaty or regulation) in effect on the Closing Date (or, in the case of an Eligible Assignee, the date of the Assignment and Acceptance) applicable to such Lender, Issuer or the Administrative Agent, as the case
may be, but not excluding any United States withholding taxes payable as a result of any change in such laws occurring after the Closing Date (or the date of such Assignment and Acceptance) and (ii) in the case of each Lender or Issuer, taxes
measured by its net income and franchise taxes imposed on it as a result of a present or former connection between such Lender or Issuer (as the case may be) and the jurisdiction of the Governmental Authority imposing such tax or any taxing
authority thereof or therein (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If any Taxes shall be required by law to be deducted from or in
respect of any sum payable under any Loan Document to any Lender, any Issuer or the Administrative Agent (w) the sum payable shall be increased as may be necessary so that, after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.16), such Lender, Issuer or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (x) the relevant Loan Party
shall make such deductions, (y) the relevant Loan Party shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law and (z) the relevant Loan Party shall deliver to the Administrative
Agent evidence of such payment. 
  
 (b) In addition, each Loan
Party agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies of the United States or any political subdivision thereof or any applicable foreign jurisdiction, and all
liabilities with respect thereto, in each case arising from any payment made under any Loan Document or from the execution, delivery or registration of, or otherwise with respect to, any Loan Document (collectively, “Other Taxes”).
Each Loan Party authorizes the Administrative Agent to pay such Other Taxes in the name of such Loan Party and, for such purpose, to submit a Notice of Borrowing for Revolving Loans in the currency such Other Taxes are owed (or, if not available, in
Dollars) (i) after the occurrence of any Event of Default and in respect of any event occurring on the Closing Date and (ii) otherwise, with the consent of such Loan Party, in the name of the Loan Party owing such Other Taxes and in an aggregate
principal amount not to exceed all amounts owing in respect of such Other Taxes. If such a Notice of Borrowing is prepared by the Administrative Agent, the Borrowing corresponding thereto shall be made without regard to the conditions precedent set
forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) and the proceeds thereof shall be disbursed to the Administrative Agent in the name of the Borrower and shall be used by the Administrative Agent solely to pay such
Other Taxes (any excess thereof to be used to repay such Borrowing). The Administrative Agent may also make Swing Loans and Protective Advances to pay such Other Taxes in the name of such Loan Party and may pay such Other Taxes and seek separate
reimbursement of such Other Taxes hereunder as a Secured Obligation. 
  
 (c) Each Loan Party shall, jointly and severally, indemnify each Lender, Issuer and the Administrative Agent for the full amount of Taxes and Other Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on amounts payable
under this Section 2.16) paid by such Lender, Issuer or the Administrative Agent (as the case may be) and any liability (including for penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or
Other Taxes were correctly or legally asserted. This indemnification shall 

  

 51 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
be made within 30 days from the date such Lender, Issuer or the Administrative Agent (as the case may be) makes written demand therefor. 
  
 (d) Within 30 days after the date of any payment of Taxes or Other Taxes by
any Loan Party, the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 11.8 (Notices, Etc.), the original or a certified copy of a receipt evidencing payment thereof. 
  
 (e) Without prejudice to the survival of any other agreement of any Loan
Party hereunder or under the Guaranty, the agreements and obligations of such Loan Party contained in this Section 2.16 shall survive the payment in full of the Obligations. 
  
 (f) Prior to the Closing Date in the case of each Non-U.S. Lender that is a signatory hereto, and on the date of the
Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Non-U.S. Lender and from time to time thereafter if requested by the Borrower or the Administrative Agent, each Non-U.S. Lender that is entitled at such time
to an exemption from United States withholding tax, or that is subject to such tax at a reduced rate under an applicable tax treaty, shall provide the Administrative Agent and the Borrower with two completed originals of each of the following: (i)
Form W-8ECI (claiming exemption from withholding because the income is effectively connected with a U.S. trade or business) or any successor form, (ii) Form W-8BEN (claiming exemption from, or a reduction of, withholding tax under an income tax
treaty) or any successor form, (iii) in the case of a Non-U.S. Lender claiming exemption under Sections 871(h) or 881(c) of the Code, a Form W-8BEN (claiming exemption from withholding under the portfolio interest exemption) or any successor form or
(iv) any other applicable form, certificate or document prescribed by the IRS certifying as to such Non-U.S. Lender’s entitlement to such exemption from United States withholding tax or reduced rate with respect to all payments to be made to
such Non-U.S. Lender under the Loan Documents. Unless the Borrower and the Administrative Agent have received forms or other documents satisfactory to them indicating that payments under any Loan Document to or for a Non-U.S. Lender are not subject
to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, the Loan Parties and the Administrative Agent shall withhold amounts required to be withheld by applicable Requirements of Law from such
payments at the applicable statutory rate. 
  
 (g) Any Revolving
Credit Lender claiming any additional amounts payable pursuant to this Section 2.16 shall use its reasonable efforts (consistent with its internal policies and Requirements of Law) to change the jurisdiction of its Applicable Lending Office
if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that would be payable or may thereafter accrue and would not, in the sole determination of such Revolving Credit Lender, be otherwise
disadvantageous to such Revolving Credit Lender; provided, that the Borrower shall not be required to indemnify or to pay any additional amounts to any Revolving Credit Lender (or Eligible Assignee) with respect to any Taxes pursuant to this
Section 2.16 to the extent that such Revolving Credit Lender (or Eligible Assignee) fails to comply with the provisions of this clause (g) (and, in such case, the Borrower may deduct and withhold all Taxes required by law as a result
of such non-compliance from payments to such Revolving Credit Lender (or Eligible Assignee)). Additionally, no Lender shall be entitled to any payment under this Section 2.16 more than 120 days after such Lender became aware of its
entitlement to such payment; provided, that the foregoing shall in no way operate in derogation of the undertaking contained in the last sentence of this clause (g). In the event that any Lender determines that any event or
circumstance that will lead to a claim for payment under this Section  

  

 52 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
2.16 has occurred or will occur, such Lender will use its best efforts to so notify the Borrower; provided, that any failure to provide such
notice shall in no way impair the rights of such Lender to demand and receive payment under this Section 2.16, but without prejudice to any claims of the Borrower for compensation for actual damages sustained as a result of any failure to
observe this undertaking. 
  

	 	Section	2.17 Substitution of Lenders 

  
 (a) In the event that (i)(A) any Revolving Credit Lender makes a claim under Section 2.14(c) (Increased Costs) or 2.15 (Capital Adequacy),
(B) it becomes illegal for any Revolving Credit Lender to continue to fund or make any Eurodollar Rate Loan and such Revolving Credit Lender notifies the Borrower pursuant to Section 2.14(d) (Illegality), (C) any Loan Party is required to
make any payment pursuant to Section 2.16 (Taxes) that is attributable to a particular Revolving Credit Lender or (D) any Revolving Credit Lender becomes a Non-Funding Lender and (ii) in the case of clause (i)(A) above, as a
consequence of increased costs in respect of which such claim is made, the effective rate of interest payable to such Revolving Credit Lender under this Agreement with respect to its Loans materially exceeds the effective average annual rate of
interest payable to the Requisite Lenders under this Agreement (any such Revolving Credit Lender, an “Affected Lender”), the Borrower may substitute any Lender and, if reasonably acceptable to the Administrative Agent, any other
Eligible Assignee (a “Substitute Institution”) for such Affected Lender hereunder, after delivery of a written notice (a “Substitution Notice”) by the Borrower to the Administrative Agent and the Affected Lender
within a reasonable time (in any case not to exceed 90 days) following the occurrence of any of the events described in clause (i) above that the Borrower intends to make such substitution; provided, however, that, if more than
one Revolving Credit Lender claims increased costs, illegality or right to payment arising from the same act or condition and such claims are received by the Borrower within 30 days of each other, then the Borrower may substitute all, but not
(except to the extent the Borrower has already substituted one of such Affected Lenders before the Borrower’s receipt of the other Affected Lenders’ claim) less than all, Revolving Credit Lenders making such claims. 
  
 (b) If the Substitution Notice was properly issued under this Section
2.17, the Affected Lender shall sell, and the Substitute Institution shall purchase, all rights and claims of such Affected Lender under the Loan Documents, and the Substitute Institution shall assume, and the Affected Lender shall be relieved
of, the Affected Lender’s Revolving Credit Commitments and all other prior unperformed obligations of the Affected Lender under the Loan Documents (other than in respect of any damages (other than exemplary or punitive damages, to the extent
permitted by applicable law) in respect of any such unperformed obligations). Such purchase and sale (and the corresponding assignment of all rights and claims hereunder) shall be effective on (and not earlier than) the later of (i) the receipt by
the Affected Lender of its Ratable Portion of the Revolving Credit Outstandings, together with any other Obligations owing to it, (ii) the receipt by the Administrative Agent of an agreement in form and substance satisfactory to it and the Borrower
whereby the Substitute Institution shall agree to be bound by the terms hereof and (iii) the payment in full to the Affected Lender in cash of all fees, unreimbursed costs and expenses and indemnities accrued and unpaid through such effective date.
Upon the effectiveness of such sale, purchase and assumption, the Substitute Institution shall become a “Lender” hereunder for all purposes of this Agreement having a Revolving Credit Commitment in the amount of such Affected
Lender’s Revolving Credit Commitment assumed by it and such 

  

 53 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Revolving Credit Commitment of the Affected Lender shall be terminated; provided, however, that all indemnities under the Loan Documents shall
continue in favor of such Affected Lender. 
  
 (c) Each Revolving
Credit Lender agrees that, if it becomes an Affected Lender and its rights and claims are assigned hereunder to a Substitute Institution pursuant to this Section 2.17, it shall execute and deliver to the Administrative Agent an Assignment and
Acceptance to evidence such assignment, together with any Revolving Credit Note (if such Loans are evidenced by a Revolving Credit Note) evidencing the Loans subject to such Assignment and Acceptance; provided, however, that the
failure of any Affected Lender to execute an Assignment and Acceptance shall not render such assignment invalid. 
  

	 	Section	2.18 Facility Increase 

  
 The Borrower may from time to time request an increase in the aggregate Revolving Credit Commitments by an aggregate amount of up to $30,000,000 (each
such increase, a “Facility Increase”). Each Facility Increase shall be made on notice given by the Borrower to the Administrative Agent not later than 12:00 noon (New York time) ten Business Days prior to the date of the proposed
Facility Increase. Each such notice (a “Notice of Facility Increase”) shall be in a form satisfactory to the Administrative Agent and shall specify (i) the date of such proposed Facility Increase (the “Facility Increase
Effective Date”), (ii) the aggregate amount of such proposed Facility Increase, which shall in an amount not less than $10,000,000 or in an integral multiple of $5,000,000 in excess thereof (the “Facility Increase Amount”),
(iii) that, at the time of and after giving effect to such Facility Increase, the Borrower shall be in pro forma compliance with the financial covenants set forth in Article V (Financial Covenants) hereof, and (iv) that no Default or
Event of Default has occurred and is continuing, or will result from such Facility Increase. The Administrative Agent shall give to each Revolving Credit Lender prompt notice of the Administrative Agent’s receipt of a Notice of Facility
Increase and shall offer such Facility Increase to each of the existing Revolving Credit Lenders and, if the Administrative Agent so determines in its sole discretion, to other Eligible Assignees acceptable to the Administrative Agent in its sole
discretion (the “Offerees”). Each Offeree shall have until the second Business Day preceding the Facility Increase Effective Date to commit in writing to all or a portion of the Facility Increase. In the event that the Offerees
deliver commitments with respect to such Facility Increase in an amount in excess of the Facility Increase Amount, then the Administrative Agent shall allocate the Facility Increase to the Offerees committing to the Facility Increase on any basis
the Administrative Agent determines is appropriate in consultation with the Borrower. On the Facility Increase Effective Date, (A) each Eligible Assignee committing to a portion of such Facility Increase shall execute an assumption agreement
satisfactory to the Administrative Agent pursuant to which such Eligible Assignee agrees to be bound by the terms of this Agreement as a Revolving Credit Lender, (B) the Revolving Credit Commitments will be increased by the Facility Increase Amount
in accordance with the allocations determined by the Administrative Agent, and (C) each Revolving Credit Lender, after giving effect to such Facility Increase, shall purchase or sell the Loans held by it from or to the other Revolving Credit
Lenders, as directed by the Administrative Agent, such that after giving effect to such purchases and sales each Revolving Credit Lender holds its Ratable Portion of the outstanding Loans. In the event the commitments of the Offerees in respect of
such Facility Increase are less than the Facility Increase Amount, none of the Revolving Credit Lenders or the Administrative Agent shall have any obligation to commit to the uncommitted portion of such Facility Increase, and the Borrower may elect
either to reduce the Facility Increase Amount accordingly or to terminate its request for a Facility Increase. Notwithstanding the foregoing, no 

  

 54 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Facility Increase shall be effected unless the conditions set forth in Section 3.2 (Conditions Precedent to each Loan and Letter of Credit) are
satisfied on the Facility Increase Effective Date and, if requested by the Administrative Agent or any Lender, the Administrative Agent shall have received an opinion of counsel to the Borrower satisfactory to the Administrative Agent addressing
such matters relating to such Facility Increase and the Credit Agreement as the Administrative Agent may require. 
  
 ARTICLE III 
  
 CONDITIONS TO LOANS AND LETTERS OF CREDIT 
  

	 	Section	3.1  Conditions Precedent to Initial Loans and Letters of Credit 

  
 The obligation of each Revolving Credit Lender to make the Loans requested to be made by it on the Closing Date and the
obligation of each Issuer to Issue Letters of Credit on the Closing Date is subject to the satisfaction or due waiver in accordance with Section 11.1 (Amendments, Waivers, Etc.) of each of the following conditions precedent on or before
February 11, 2005: 
  
 (a) Certain Documents. The
Administrative Agent shall have received on or prior to the Closing Date each of the following, each dated the Closing Date unless otherwise indicated or agreed to by the Administrative Agent, in form and substance satisfactory to the Administrative
Agent and in sufficient copies for each Lender: 
  
 (i) this Agreement, duly executed and delivered by the Borrower and, for the account of each Lender requesting the same, a Revolving Credit Note of the Borrower conforming to the requirements set forth herein; 
  
 (ii) the Guaranty, duly executed by each Guarantor;

  
 (iii) the Intercreditor Agreement, duly
executed by each party thereto; 
  
 (iv) each
Security Agreement duly executed and delivered by each Loan Party as set forth on Schedule 3.1(a)(iv) (Security Agreements) opposite such Security Agreement, together with each of the following: 
  
 (A) evidence satisfactory to the Administrative Agent that,
upon the filing and recording of instruments delivered at the Closing, the Administrative Agent (for the benefit of the Secured Parties) shall have a valid and perfected first priority security interest (or comparable security interest) in the
Collateral contemplated thereby, including (x) such documents duly executed by each Loan Party as the Administrative Agent may request with respect to the perfection of its security interests in such Collateral (including financing statements under
the UCC, patent, trademark and copyright security agreements suitable for filing with the Patent and Trademark Office or the Copyright Office, as the case may be, and other applicable documents under the laws of any jurisdiction with respect to the
perfection of Liens created by the applicable Security Agreement) and (y) copies of UCC search reports as of a recent date 

  

 55 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
listing all effective financing statements that name any Loan Party as debtor, together with copies of such financing statements, none of which shall cover
such Collateral, except for those that shall be terminated on the Closing Date or are otherwise permitted hereunder; 
  
 (B) all certificates, instruments and other documents representing all Pledged Stock being pledged pursuant to such Security Agreement and
stock powers for such certificates, instruments and other documents executed in blank; 
  
 (C) all instruments representing Pledged Debt Instruments being pledged pursuant to such Security Agreement duly endorsed in favor of the
Administrative Agent or in blank; 
  
 (D) all
Deposit Account Control Agreements, duly executed by the corresponding Deposit Account Bank and Loan Party, that, in the reasonable judgment of the Administrative Agent, shall be required for the Loan Parties to comply with Section 7.12 (Control
Accounts; Approved Deposit Accounts); and 
  
 (E) Securities Account Control Agreements duly executed by the appropriate Loan Party and (1) all Securities Intermediaries with respect to all Securities Accounts and securities entitlements of the Borrower and each Guarantor and (2) all
futures commission agents and clearing houses with respect to all commodities contracts and commodities accounts held by the Borrower and each Guarantor; 
  
 (v) a favorable opinion of (A) Dechert LLP, counsel to the Loan Parties, in substantially the form of Exhibit G (Form of Opinion of
Counsel for the Loan Parties), (B) Dechert LLP, counsel to the Loan Parties in the United Kingdom, in each case addressed to the Administrative Agent and the Lenders and addressing such other matters as any Lender through the Administrative
Agent may reasonably request including, without limitation, the enforceability of all applicable Loan Documents, compliance with all laws and regulations (including Regulation U of the Board of Governors of the Federal Reserve System), the
perfection of all security interests purported to be granted and no conflicts with material agreements (including, without limitation, the First Mortgage Notes Indenture and the Senior Sub Notes Indenture) and (C) counsel to the Administrative Agent
as to the enforceability of this Agreement and the other Loan Documents to be executed on the Closing Date; 
  
 (vi) a copy of each Related Document and each Disclosure Document certified as being complete and correct by a Responsible Officer of the
Borrower; 
  
 (vii) a copy of the articles or
certificate of incorporation (or equivalent Constituent Document) of each Loan Party, certified as of a recent date by the Secretary of State of the state of organization of such Loan Party, if applicable, together with certificates of such official
attesting to the good standing of each such Loan Party; 
  

 56 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (viii) a certificate of the Secretary or an Assistant Secretary of each Loan Party
certifying (A) the names and true signatures of each officer of such Loan Party that has been authorized to execute and deliver any Loan Document or other document required hereunder to be executed and delivered by or on behalf of such Loan Party,
(B) the by-laws (or equivalent Constituent Document) of such Loan Party as in effect on the date of such certification, (C) the resolutions of such Loan Party’s Board of Directors (or equivalent governing body) approving and authorizing the
execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and (D) that there have been no changes in the certificate of incorporation (or equivalent Constituent Document) of such Loan Party from the
certificate of incorporation (or equivalent Constituent Document) delivered pursuant to clause (vii) above; 
  
 (ix) a certificate of a Responsible Officer of the Borrower, stating that the Borrower and its Subsidiaries taken as a whole are Solvent
after giving effect to the initial Loans and Letters of Credit, the application of the proceeds thereof in accordance with Section 7.9 (Application of Proceeds) and the payment of all estimated legal, accounting and other fees related hereto
and thereto; 
  
 (x) a certificate of a
Responsible Officer of the Borrower to the effect that (A) the condition set forth in Section 3.2(b) (Conditions Precedent to Each Loan and Letter of Credit) has been satisfied and (B) no litigation not listed on Schedule 4.7
(Litigation) shall have been commenced against any Loan Party or any of its Subsidiaries that would have a Material Adverse Effect; 
  
 (xi) evidence satisfactory to the Administrative Agent that the insurance policies required by Section 7.5 (Maintenance of
Insurance) and any Collateral Document are in full force and effect, together with, unless otherwise agreed by the Administrative Agent, endorsements naming the Administrative Agent, on behalf of the Secured Parties, as an additional insured or
loss payee under all insurance policies to be maintained with respect to the properties of the Borrower and its Subsidiaries; and 
  
 (xii) such other certificates, documents, agreements and information respecting any Loan Party as any Lender through the Administrative
Agent may reasonably request. 
  
 (b) Cash Management. The
Administrative Agent shall have received evidence that, as of the Closing Date, the procedures with respect to cash management required by the Collateral Documents have been established and are currently being maintained by each Loan Party, together
with copies of all executed lockbox agreements and Deposit Account Control Agreements executed by such Loan Party in connection therewith. 
  
 (c) Landlord Waivers and Bailee’s Letters. The Administrative Agent shall have received such Landlord Waivers and Bailee’s Letters as the
Administrative Agent shall request in its sole discretion. 
  
 (d)
Fee and Expenses Paid. There shall have been paid to the Administrative Agent, for the account of the Administrative Agent and the Lenders, as applicable, all fees and expenses (including reasonable fees and expenses of counsel) due and
payable on or before the Closing Date (including all such fees described in the Fee Letter). 
  

 57 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (e) Refinancing of Existing Credit Agreement. (i) All obligations under the Existing Credit
Agreement shall have been repaid in full except for letters of credit listed on Schedule 2.4 (Existing Letters of Credit) hereto, (ii) the Existing Credit Agreement and all Loan Documents (as defined therein) shall have been terminated on
terms satisfactory to the Administrative Agent and all liens and security interests granted thereunder shall have been released and/or terminated and (iii) the Administrative Agent shall have received a payoff letter duly executed and delivered by
the Borrower and the Existing Agent or other evidence of such termination in each case in form and substance satisfactory to the Administrative Agent. 
  
 (f) Related Documents. The Administrative Agent shall be satisfied that (i) the terms and conditions of the First Mortgage Notes Indenture shall
not have been amended, waived or modified without the approval of the Administrative Agent, (ii) the First Mortgage Notes Indenture and the other Related Documents shall have been approved by all corporate action of the Borrower and each of the
other parties thereto, shall have been executed and delivered by each such party, shall be in full force and effect and there shall not have occurred and be continuing any material breach or default thereunder and (iii) the Borrower shall have
issued First Mortgage Notes in a principal amount of not less then $190,000,000. 
  
 (g) Consents, Etc. The Borrower and its Subsidiaries shall have received all consents and authorizations required pursuant to any material Contractual Obligation with any other Person (including, without
limitation, all consents to the assignment of receivables by the UK Guarantor) and shall have obtained all Permits of, and effected all notices to and filings with, any Governmental Authority, in each case, as may be necessary to allow each of the
Borrower and its Subsidiaries lawfully (i) to execute, deliver and perform, in all material respects, their respective obligations hereunder and under the Loan Documents and the Related Documents to which each of them, respectively, is, or shall be,
a party and each other agreement or instrument to be executed and delivered by each of them, respectively, pursuant thereto or in connection therewith, and (ii) to create and perfect the Liens on the Collateral to be owned by each of them in the
manner and for the purpose contemplated by the Loan Documents. 
  
 (h) Field Examination; Initial Appraisals. The Administrative Agent shall be satisfied with the results of a field examination of the Borrower and its Subsidiaries conducted by Citicorp’s internal auditors no more than one month
prior to the Closing Date and shall have received appraisals (the “Initial Appraisals”) of all Inventory, Accounts of the Borrower and the UK Guarantor, each in form and substance satisfactory to the Administrative Agent.

  
 (i) Minimum Available Credit. After giving effect to
the Loans to be made and the Letters of Credit to be Issued on the Closing Date, the Available Credit shall not be less than $25,000,000. 
  

	 	Section	3.2  Conditions Precedent to Each Loan and Letter of Credit 

  
 The obligation of each Revolving Credit Lender on any date (including the Closing Date) to make any Loan and of each Issuer
on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent: 
  
 (a) Request for Borrowing or Issuance of Letter of Credit. With respect to any Loan, the Administrative Agent shall have received a duly executed
Notice of Borrowing (or, in the case of Swing Loans, a duly executed Swing Loan Request), and, with respect to any Letter 

  

 58 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of Credit, the Administrative Agent and the Issuer shall have received a duly executed Letter of Credit Request. 
  
 (b) Representations and Warranties; No Defaults. The following
statements shall be true on the date of such Loan or Issuance, both before and after giving effect thereto and, in the case of any Loan, to the application of the proceeds thereof: 
  
 (i) the representations and warranties set forth in Article IV (Representations and Warranties) and
in the other Loan Documents shall be true and correct on and as of the Closing Date and shall be true and correct in all material respects on and as of any such date after the Closing Date with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date; and 
  
 (ii) no Default or Event of Default shall have occurred and
be continuing. 
  
 (c) Maximum Credit. After giving effect
to the Loans or Letters of Credit requested to be made or Issued on any such date and the use of proceeds thereof,) the Revolving Credit Outstandings shall not exceed the Maximum Credit at such time. 
  
 (d) No Legal Impediments. The making of the Loans or the Issuance of
such Letter of Credit on such date does not violate any Requirement of Law on the date of or immediately following such Loan or Issuance of such Letter of Credit and is not enjoined, temporarily, preliminarily or permanently. 
  
 (e) Additional Matters. The Administrative Agent shall have received
such additional documents, information and materials as any Lender, through the Administrative Agent, may reasonably request to the extent such additional documents, information and materials are reasonably available to the Borrower; provided
that in no event shall the Borrower be required to deliver any pricing or other acquisition terms in respect of raw resin in any detail beyond the detail contained in the Borrowing Base Certificate delivered in connection with the Closing Date.

  
 Each submission by the Borrower to the Administrative Agent of a Notice of
Borrowing or a Swing Loan Request and the acceptance by the Borrower of the proceeds of each Loan requested therein, and each submission by the Borrower to an Issuer of a Letter of Credit Request, and the Issuance of each Letter of Credit requested
therein, shall be deemed to constitute a representation and warranty by the Borrower as to the matters specified in clause (b) above on the date of the making of such Loan or the Issuance of such Letter of Credit. 
  

	 	Section	3.3  Determinations of Initial Borrowing Conditions 

  
 For purposes of determining compliance with the conditions specified in Section 3.1 (Conditions Precedent to Initial Loans and Letters of Credit),
each Revolving Credit Lender shall be deemed to have consented to, approved, accepted or be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Revolving Credit
Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice 

  

 59 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
from such Revolving Credit Lender prior to the initial Borrowing, borrowing of Swing Loans or Issuance or deemed Issuance hereunder specifying its objection
thereto and such Revolving Credit Lender shall not have made available to the Administrative Agent such Revolving Credit Lender’s Ratable Portion of such Borrowing or Swing Loans. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 To induce the Lenders, the Issuers and the Administrative Agent to enter into this Agreement, the Borrower represents and
warrants each of the following to the Lenders, the Issuers and the Administrative Agent, on and as of the Closing Date and after giving effect to the making of the Loans and the other financial accommodations on the Closing Date and on and as of
each date as required by Section 3.2(b)(i) (Conditions Precedent to Each Loan and Letter of Credit): 
  

	 	Section	4.1 Corporate Existence; Compliance with Law 

  
 The Borrower and each of its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where such qualification is necessary, except where the failure to be so qualified or in good standing would not, in the
aggregate, have a Material Adverse Effect, (c) has all requisite power and authority and the legal right to own, pledge, mortgage and operate its properties, to lease the property it operates under lease and to conduct its business as now or
currently proposed to be conducted, (d) is in compliance with its Constituent Documents, (e) is in compliance with all applicable Requirements of Law except where the failure to be in compliance would not, in the aggregate, have a Material Adverse
Effect and (f) has all necessary Permits from or by, has made all necessary filings with, and has given all necessary notices to, each Governmental Authority having jurisdiction, to the extent required for such ownership, operation and conduct,
except for Permits or filings that can be obtained or made by the taking of ministerial action to secure the grant or transfer thereof or the failure to obtain or make would not, in the aggregate, have a Material Adverse Effect. 
  

	 	Section	4.2  Corporate Power; Authorization; Enforceable Obligations 

  
 (a) The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party and the
consummation of the transactions contemplated thereby: 
  
 (i) are within such Loan Party’s corporate, limited liability company, partnership or other powers; 
  
 (ii) have been or, at the time of delivery thereof pursuant to Article III (Conditions To Loans And Letters Of Credit) will have
been duly authorized by all necessary action, including the consent of shareholders, partners and members where required; 
  
 (iii) do not and will not (A) contravene such Loan Party’s or any of its Subsidiaries’ respective Constituent Documents, (B)
violate any other Requirement of 

  

 60 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Law applicable to such Loan Party (including Regulations T, U and X of the Federal Reserve Board), or any order or decree of any Governmental Authority or
arbitrator applicable to such Loan Party, (C) conflict with or result in the breach of, or constitute a default under, or result in or permit the termination or acceleration of, any Related Document or any other material Contractual Obligation of
such Loan Party or any of its Subsidiaries or (D) result in the creation or imposition of any Lien upon any property of such Loan Party or any of its Subsidiaries, other than those in favor of the Secured Parties pursuant to the Collateral
Documents; and 
  
 (iv) do not require the
consent of, authorization by, approval of, notice to, or filing or registration with, any Governmental Authority or any other Person, other than those listed on Schedule 4.2 (Consents) and that have been or will be, prior to the Closing Date,
obtained or made, copies of which have been or will be delivered to the Administrative Agent pursuant to Section 3.1 (Conditions Precedent to Initial Loans and Letters of Credit), and each of which on the Closing Date will be in full force
and effect and, with respect to the Collateral, filings required to perfect the Liens created by the Collateral Documents. 
  
 (b) This Agreement has been, and each of the other Loan Documents will have been upon delivery thereof pursuant to the terms of this Agreement, duly
executed and delivered by each Loan Party party thereto. This Agreement is, and the other Loan Documents will be, when delivered hereunder, the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party
in accordance with its terms. 
  

	 	Section	4.3 Ownership of Borrower; Subsidiaries 

  
 (a) As of the Closing Date, the authorized capital stock of the Borrower consists of 75,000,000 shares of common stock, $0.01 par value per share, of
which 12,591,075 shares were issued and were outstanding as of November 9, 2004 and 5,000,000 shares of preferred stock, $0.01 par value per share, of which none are outstanding. All of the outstanding capital stock of the Borrower has been validly
issued, is fully paid and non-assessable. Except as set forth on Schedule 4.3 (Ownership of the Borrower; Subsidiaries), no Stock of the Borrower is subject to any option, warrant, right of conversion or purchase or any similar right, and
there are no agreements or understandings to which the Borrower is a party with respect to the voting, sale or transfer of any shares of Stock of the Borrower or any agreement restricting the transfer or hypothecation of any such shares. 

 
 (b) Set forth on Schedule 4.3 (Ownership of the Borrower;
Subsidiaries) is a complete and accurate list showing, as of the Closing Date, all Subsidiaries of the Borrower and, as to each such Subsidiary, the jurisdiction of its organization, the number of shares of each class of Stock authorized (if
applicable), the number outstanding on the Closing Date and the number and percentage of the outstanding shares of each such class owned (directly or indirectly) by the Borrower. No Stock of any Subsidiary of the Borrower is subject to any
outstanding option, warrant, right of conversion or purchase of any similar right. All of the outstanding Stock of each Subsidiary of the Borrower owned (directly or indirectly) by the Borrower has been validly issued, is fully paid and
non-assessable (to the extent applicable) and is owned by the Borrower or a Subsidiary of the Borrower, free and clear of all Liens (other than the Lien in favor of the Secured Parties created pursuant to a Security Agreement), options, warrants,
rights of conversion or purchase or any similar rights. Neither the Borrower nor any such Subsidiary is a party to, or has knowledge of, any agreement restricting the transfer or hypothecation of any Stock of any 

  

 61 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
such Subsidiary, other than the Loan Documents. The Borrower does not own or hold, directly or indirectly, any Stock of any Person other than such
Subsidiaries and Investments permitted by Section 8.3 (Investments). 
  

	 	Section	4.4  Financial Statements 

  
 (a) The Consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2003, and the related Consolidated statements of income,
retained earnings and cash flows of the Borrower and its Subsidiaries for the fiscal year then ended, certified by the Borrower’s Accountants, and the unaudited Consolidated interim balance sheet of the Borrower and its Subsidiaries and the
related Consolidated statements of income, retained earnings and cash flows of the Borrower and its Subsidiaries for the 12 months ended September 30, 2004, copies of which have been furnished to each Lender, fairly present in all material respects,
subject, in the case of said balance sheets and said statements of income, retained earnings and cash flows for the 12 months ended September 30, 2004, to the absence of footnote disclosure and normal recurring year-end audit adjustments, the
Consolidated financial condition of the Borrower and its Subsidiaries as at such dates and the Consolidated results of the operations of the Borrower and its Subsidiaries for the period ended on such dates, all in conformity with GAAP. 

 
 (b) None of the Borrower or any of its Subsidiaries has any material
obligation, contingent liability or liability for taxes, long-term leases or unusual forward or long-term commitment that is not reflected in the Financial Statements referred to in clause (a) above or in the notes thereto and not otherwise
permitted by this Agreement. 
  
 (c) The Projections have been
prepared by the Borrower in light of the past operations of its business, and reflect projections for the four-year period beginning on January 1, 2005 on a quarterly basis for the first year and on a year-by-year basis thereafter. The Projections
are based upon estimates and assumptions stated therein, all of which the Borrower believes to be reasonable and fair in light of current conditions and current facts known to the Borrower and, as of the Closing Date, reflect the Borrower’s
good faith and reasonable estimates of the future financial performance of the Borrower and its Subsidiaries and of the other information projected therein for the periods set forth therein. 
  

	 	Section	4.5  Material Adverse Change 

  
 Since December 31, 2003, there has been no Material Adverse Change and there have been no events or developments that, in the aggregate, have had a
Material Adverse Effect. 
  

	 	Section	4.6  Solvency 

  
 Both before and after giving effect to (a) the Loans and Letter of Credit Obligations to be made or extended on the Closing Date or such other date as
Loans and Letter of Credit Obligations requested hereunder are made or extended, (b) the disbursement of the proceeds of such Loans pursuant to the instructions of the Borrower, (c) the consummation of the other financing transactions contemplated
hereby and (d) the payment and accrual of all transaction costs in connection with the foregoing, the Borrower and its Subsidiaries, taken as a whole, are Solvent. For the purposes of Article 3 of the Council Regulation (EC) No 1346/2000 on
insolvency proceedings (the “UK Regulation”) the centre of main interests of the UK Guarantor is situated in England and Wales. 
  

 62 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	4.7  Litigation 

  
 Except as set forth on Schedule 4.7 (Litigation), there are no pending or, to the knowledge of the Borrower, threatened actions, investigations or
proceedings affecting the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator other than those that, in the aggregate, would not have a Material Adverse Effect. The performance of any action by any Loan Party
required or contemplated by any Loan Document or any Related Document is not restrained or enjoined (either temporarily, preliminarily or permanently). 
  

	 	Section	4.8  Taxes 

  
 (a) All federal, state, local and foreign income and franchise and other material tax returns, reports and statements (collectively, the “Tax
Returns”) required to be filed by the Borrower, the UK Guarantor or any of their respective Tax Affiliates have been filed with the appropriate Governmental Authorities in all jurisdictions in which such Tax Returns are required to be
filed, all such Tax Returns are true and correct in all material respects, and all taxes, charges and other impositions reflected therein or otherwise due and payable have been paid prior to the date on which any fine, penalty, interest, late charge
or loss may be added thereto for non-payment thereof except where contested in good faith and by appropriate proceedings if adequate reserves therefor have been established on the books of the relevant Loan Party or such Tax Affiliate in conformity
with GAAP. As of the Closing Date, no Tax Return is under audit or examination by any Governmental Authority and no notice of such an audit or examination or any assertion of any claim for Taxes has been given or made by any Governmental Authority.
Proper and accurate amounts have been withheld by the Borrower, the UK Guarantor and each of their respective Tax Affiliates from their respective employees for all periods in full and complete compliance with the tax, social security and
unemployment withholding provisions of applicable Requirements of Law and such withholdings have been timely paid to the respective Governmental Authorities. 
  
 (b) None of the Borrower, the UK Guarantor or any of their respective Tax Affiliates has (i) as of the Closing Date executed or filed with the IRS or any
other Governmental Authority any agreement or other document extending, or having the effect of extending, the period for the filing of any Tax Return or the assessment or collection of any charges, (ii) incurred any obligation under any tax sharing
agreement or arrangement other than those of which the Administrative Agent has received a copy prior to the date hereof or (iii) been a member of an affiliated, combined or unitary group other than the group of which the Borrower (or its Tax
Affiliate) is the common parent. 
  
 (c) The Borrower does not
intend to treat the Loans and the Letters of Credit and the related transactions contemplated hereby as being a “reportable transaction” (within the meaning of Treasury Regulation Section 1.6 011-4 of the Code). 
  

	 	Section	4.9  Full Disclosure 

  
 (a) The information prepared or furnished by or on behalf of the Borrower in connection with this Agreement or the Related Documents or the consummation
of the transactions contemplated hereunder and thereunder taken as a whole, including the information contained in the Disclosure Documents, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein or herein not misleading as of the date made. All facts known to the Borrower and material to an 

  

 63 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
understanding of the financial condition, business, properties or prospects of the Borrower and its Subsidiaries taken as one enterprise have been disclosed
to the Lenders or otherwise have been disclosed in public filings of the Borrower accessible to the Administrative Agent as provided in Section 6.6 (SEC Filings, Press Releases). 
  
 (b) The Borrower has delivered to each Lender a true, complete and correct copy of each Disclosure Document. The Disclosure
Documents comply as to form in all material respects with all applicable requirements of all applicable state and Federal securities laws. 
  

	 	Section	4.10  Margin Regulations 

  
 The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U
of the Federal Reserve Board), and no proceeds of any Loan will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock in contravention of Regulation T, U or X
of the Federal Reserve Board. 
  

	 	Section	4.11  No Burdensome Restrictions; No Defaults 

  
 (a) None of the Borrower or any of its Subsidiaries (i) is a party to any Contractual Obligation the compliance with one or more of which would have, in
the aggregate, a Material Adverse Effect or the performance of which by any thereof, either unconditionally or upon the happening of an event, would result in the creation of a Lien (other than a Lien permitted under Section 8.2 (Liens, Etc.))
on the assets of any thereof or (ii) is subject to one or more charter or corporate restrictions that would, in the aggregate, have a Material Adverse Effect. 
  
 (b) None of the Borrower or any of its Subsidiaries is in default under or with respect to any Contractual Obligation owed
by it and, to the knowledge of the Borrower, no other party is in default under or with respect to any Contractual Obligation owed to any Loan Party or to any Subsidiary of any Loan Party, other than, in either case, those defaults that, in the
aggregate, would not have a Material Adverse Effect. 
  
 (c) No
Default or Event of Default has occurred and is continuing. 
  
 (d) To the best knowledge of the Borrower, there are no Requirements of Law applicable to any Loan Party or any Subsidiary of any Loan Party the compliance with which by such Loan Party or such Subsidiary, as the case may be, would, in the
aggregate, have a Material Adverse Effect. 
  

	 	Section	4.12  Investment Company Act; Public Utility Holding Company Act 

  
 None of the Borrower or any of its Subsidiaries is (a) an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended or (b) a “holding
company” or an “affiliate”, a “holding company” or a “subsidiary company” of a “holding company”, as each such term is defined and used in the Public Utility Holding
Company Act of 1935, as amended. 
  

 64 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	4.13  Use of Proceeds 

  
 The proceeds of the Loans and the Letters of Credit (together with the proceeds of the First Mortgage Notes are being used by the Borrower) (and, to the
extent provided to them by the Borrower, each other Loan Party) solely to (a) refinance the Indebtedness and other obligations outstanding under the Existing Credit Agreement, (b) pay related transaction costs, fees and expenses, (c) finance all or
any part of the purchase price or other cost of construction or improvement of any property and (d) provide working capital from time to time for the Borrower and its Subsidiaries and for other general corporate purposes; provided, however,
that to the extent that the Borrower is not permitted by the Senior Sub Notes Indenture to incur additional indebtedness other than “Purchase Money Indebtedness” (as defined in Senior Sub Notes Indenture), Borrowings and Letters of
Credit shall be used solely for the purposes described in clause (c) above as permitted by the Senior Sub Notes Indenture. 
  

	 	Section	4.14  Insurance 

  
 All policies of insurance of any kind or nature of the Borrower or any of its Subsidiaries, including policies of life, fire, theft, product liability,
public liability, property damage, other casualty, employee fidelity, workers’ compensation and employee health and welfare insurance, are in full force and effect and are of a nature and provide such coverage as is sufficient and as is
customarily carried by businesses of the size and character of such Person. None of the Borrower or any of its Subsidiaries has been refused insurance for any material coverage for which it had applied or had any policy of insurance terminated
(other than at its request). 
  

	 	Section	4.15  Labor Matters 

  
 (a) There are no strikes, work stoppages, slowdowns or lockouts pending or threatened against or involving the Borrower or any of its Subsidiaries, other
than those that, in the aggregate, would not have a Material Adverse Effect. 
  
 (b) There are no unfair labor practices, grievances, complaints or arbitrations pending, or, to the Borrower’s knowledge, threatened, against or involving the Borrower or any of its Subsidiaries, other than those
that, in the aggregate, would not have a Material Adverse Effect. 
  
 (c) Except as set forth on Schedule 4.15 (Labor Matters), as of the Closing Date, there is no collective bargaining agreement covering any employee of the Borrower or any of its Subsidiaries. 
  
 (d) Schedule 4.15 (Labor Matters) sets forth, as of the date hereof,
all material consulting agreements, executive employment agreements, executive compensation plans, deferred compensation agreements, employee stock purchase and stock option plans and severance plans of the Borrower and any of its
Subsidiaries. 
  

	 	Section	4.16 ERISA; Pension Matters 

  
 (a) Schedule 4.16 (List of Plans; Pension Matters) separately identifies as of the date hereof all Title IV Plans, all Multiemployer Plans and all
other employee pension plans 

  

 65 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
within the meaning of Section 3(2) of ERISA and all UK Pension Plans to which the Borrower or any of its Subsidiaries has any obligation or liability,
contingent or otherwise. 
  
 (b) Each employee benefit plan of the
Borrower or any of its Subsidiaries intended to qualify under Section 401 of the Code does so qualify, and any trust created thereunder is exempt from tax under the provisions of Section 501 of the Code, except where such failures, in the aggregate,
would not have a Material Adverse Effect. 
  
 (c) Each Title IV
Plan is in compliance in all material respects with applicable provisions of ERISA, the Code and other Requirements of Law except for non-compliances that, in the aggregate, would not have a Material Adverse Effect. 
  
 (d) There has been no, nor is there reasonably expected to occur any, ERISA
Event other than those that, in the aggregate, would not have a Material Adverse Effect. 
  
 (e) Except to the extent set forth on Schedule 4.16 (List of Plans; Pension Matters), none of the Borrower, any of the Borrower’s Subsidiaries or any ERISA Affiliate would have any Withdrawal Liability as
a result of a complete withdrawal as of the date hereof from any Multiemployer Plan. 
  
 (f) As of the December 31, 2004, the Constar Pension Plan and the Constar Supplemental Executive Retirement Plan were underfunded on a GAAP basis by approximately $21,600,000 and $600,000, respectively, and if
terminated as of December 31, 2004, would be underfunded on a termination basis by approximately $35,000,000. As of December 31, 2004, the Borrower’s and its Subsidiaries’ UK and Holland pension plans were underfunded on a GAAP basis by
approximately $4,100,000. 
  
 (g) Each UK Pension Plan is approved
by the UK Inland Revenue for the purposes of Chapter I or Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988. 
  
 (h) Each UK Pension Plan is in compliance in all material respects with all applicable legal and administrative requirements and its trusts, powers and
provisions and the Borrower and its Subsidiaries have complied with Article 141 of the Treaty of Rome except for non-compliances that, in the aggregate, would not have a Material Adverse Effect. 
  
 (i) None of the Borrower, its Subsidiaries or any Person connected with, or
an associate of, the UK Guarantor have committed any, act or failure to act which could fall within Subsection (5) of Section 38 to the Pensions Act 2004 other than those that, in the aggregate, would not have a Material Adverse Effect. 

 

	 	Section	4.17 Environmental Matters 

  
 (a) The operations of the Borrower and each of its Subsidiaries have been and are in compliance with all Environmental Laws, including obtaining and
complying with all required environmental, health and safety Permits, other than non-compliances that, in the aggregate, would not have a reasonable likelihood of a Material Adverse Effect. 
  
 (b) None of the Borrower or any of its Subsidiaries or any Real Property
currently or, to the knowledge of the Borrower, previously owned, operated or leased by or for the Borrower or any of its Subsidiaries is subject to any pending or, to the knowledge of the 

  

 66 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Borrower, threatened, claim, order, agreement, notice of violation, notice of potential liability or is the subject of any pending or threatened proceeding
or governmental investigation under or pursuant to Environmental Laws other than those that, in the aggregate, are not reasonably likely to result in the Borrower and its Subsidiaries incurring Environmental Liabilities and Costs which would have a
Material Adverse Effect. 
  
 (c) Except as disclosed on
Schedule 4.17 (Environmental Matters), none of the Borrower or any of its Subsidiaries is a treatment, storage or disposal facility requiring a Permit under the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., the
regulations thereunder or any state analog. 
  
 (d) There are no
facts, circumstances or conditions arising out of or relating to the operations or ownership of the Borrower or any of its Subsidiaries of Real Property owned, operated or leased by the Borrower or any of its Subsidiaries that are not specifically
accrued for in the financial information furnished to the Lenders other than those that, in the aggregate, would not have a reasonable likelihood of the Borrower and its Subsidiaries incurring Environmental Liabilities and Costs which would have a
Material Adverse Effect. 
  
 (e) As of the date hereof, no
Environmental Lien has attached to any property of the Borrower or any of its Subsidiaries and, to the knowledge of the Borrower, no facts, circumstances or conditions exist that could reasonably be expected to result in any such Lien attaching to
any such property. 
  
 (f) The Borrower and each of its
Subsidiaries has provided the Lenders with copies of all material, non-routine environmental, health or safety audits, studies, assessments, inspections, investigations or other environmental health and safety reports prepared by third party
environmental consultants relating to the operations of the Borrower or any of its Subsidiaries or any Real Property of any of them that are in the possession, custody or control of the Borrower or any of its Subsidiaries as of the Closing Date.

  

	 	Section	4.18  Intellectual Property 

  
 The Borrower and its Subsidiaries own or license or otherwise have the right to use all licenses, permits, patents, patent applications, trademarks,
trademark applications, service marks, trade names, copyrights, copyright applications, Internet domain names, franchises, authorizations and other intellectual property rights (including all Intellectual Property as defined in the applicable
Security Agreement) that are necessary for the operations of their respective businesses, without infringement upon or conflict with the rights of any other Person with respect thereto which would have a Material Adverse Effect, including all trade
names associated with any private label brands of the Borrower or any of its Subsidiaries. To the Borrower’s knowledge, no license, permit, patent, patent application, trademark, trademark application, service mark, trade name, copyright,
copyright application, Internet domain name, franchise, authorization, other intellectual property right (including all “Intellectual Property” as defined in the applicable Security Agreement), slogan or other advertising device, product,
process, method, substance, part or component, or other material now employed, or now contemplated to be employed, by the Borrower or any of its Subsidiaries (i) infringes upon or conflicts with any rights owned by any other Person and (ii) no claim
or litigation regarding any of the foregoing is pending or threatened which in the case of (i) or (ii) would have a Material Adverse Effect. 
  

 67 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	4.19 Title; Real Property 

  
 (a) Each of the Borrower and its Subsidiaries has good and marketable title to, or valid leasehold interests in, all Real Property and good title to all
personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent Financial Statements delivered by the Borrower, and none of such properties and assets is subject to any Lien, except Liens
permitted under Section 8.2 (Liens, Etc.). The Borrower and its Subsidiaries have received all deeds, assignments, waivers, consents, non-disturbance and recognition or similar agreements, bills of sale and other documents in respect of, and
have duly effected all recordings, filings and other actions necessary to establish, protect and perfect, the Borrower’s and its Subsidiaries’ right, title and interest in and to all such property except where the failure would not have a
Material Adverse Effect. 
  
 (b) Set forth on Schedule 4.19
(Real Property) is a complete and accurate list of all Real Property of the Borrower and its Subsidiaries and showing, as of the Closing Date, the current street address (including, where applicable, county, state and other relevant
jurisdictions), record owner and, where applicable, lessee thereof. 
  
 (c) Except for properties described as leased by the Borrower and its Subsidiaries on Schedule 4.19 (Real Property), as of the Closing Date, neither the Borrower nor any of its Subsidiaries owns or holds, or is obligated under or a
party to, any lease, option, right of first refusal or other contractual right to purchase, acquire, sell, assign, dispose of or lease any Real Property of such Loan Party or any of its Subsidiaries. 
  
 (d) As of the Closing Date, no portion of any Real Property of the Borrower
or any of its Subsidiaries has suffered any material damage by fire or other casualty loss that has not heretofore been completely repaired and restored to good working order. 
  
 (e) All Permits required to have been issued or appropriate to enable all Real Property of the Borrower or any of its
Subsidiaries to be lawfully occupied and used for all of the purposes for which they are currently occupied and used have been lawfully issued and are in full force and effect, other than those that, in the aggregate, would not have a Material
Adverse Effect. 
  
 (f) None of the Borrower or any of its
Subsidiaries has received any notice, or has any knowledge, of any pending, threatened or contemplated condemnation proceeding affecting any Real Property of the Borrower or any of its Subsidiaries or any part thereof, except those that, in the
aggregate, would not have a Material Adverse Effect. 
  

	 	Section	4.20 Related Documents 

  
 (a) The execution, delivery and performance by each Loan Party of the Related Documents to which it is a party and the consummation of the transactions
contemplated thereby by such Loan Party: 
  
 (i)
are within such Loan Party’s respective corporate, limited liability company, partnership or other powers; 
  
 (ii) have been duly authorized by all necessary corporate or other action, including the consent of stockholders where required;

  

 68 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (iii) do not and will not (A) contravene or violate any Loan Party’s or any of
its Subsidiaries’ respective Constituent Documents, (B) violate any other Requirement of Law applicable to any Loan Party or any order or decree of any Governmental Authority or arbitrator, (C) conflict with or result in the breach of,
constitute a default under, or result in or permit the termination or acceleration of, any Contractual Obligation of any Loan Party or any of its Subsidiaries, except for those that, in the aggregate, would not have a Material Adverse Effect or (D)
result in the creation or imposition of any Lien upon any property of any Loan Party or any of its Subsidiaries other than a Lien permitted under Section 8.2 (Liens, Etc.); and 
  
 (iv) do not require the consent of, authorization by, approval of, notice to, or filing or registration
with, any Governmental Authority or any other Person, other than those that (A) will have been obtained at the Closing Date, each of which will be in full force and effect on the Closing Date, none of which will on the Closing Date impose materially
adverse conditions upon the exercise of control by the Borrower over the UK Guarantor or over any of its other Subsidiaries and (B) in the aggregate, if not obtained, would not have a Material Adverse Effect. 
  
 (b) Each of the Related Documents has been or at the Closing Date will have
been duly executed and delivered by each Loan Party party thereto and at the Closing Date will be the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms. 

 
 (c) None of the Related Documents has been amended or modified in any
respect and no provision therein has been waived, except in each case to the extent permitted by Section 8.12 (Modification of Related Documents), and each of the representations and warranties therein were true and correct in all material
respects as of the date made and no default or event that, with the giving of notice or lapse of time or both, would be a default has occurred thereunder. 
  
 (d) The Obligations constitute “Senior Indebtedness” as defined in the Senior Sub Notes Indenture. 
  
 ARTICLE V 
  
 FINANCIAL COVENANTS 
  
 The Borrower agrees with the Lenders, the Issuers and the Administrative Agent to each of the following as long as any
Obligation or any Revolving Credit Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent in writing: 
  

	 	Section	5.1 Maximum Liquidity 

  
 The Borrower shall maintain Available Credit of not less than $10,000,000. 
  

	 	Section	5.2 Minimum Interest Coverage Ratio 

  
 The Borrower shall maintain an Interest Coverage Ratio, as determined on any day when Available Credit has been less than $15,000,000 for three
consecutive Business Days, 

  

 69 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
for the four consecutive Fiscal Quarters ended closest to such day, of at least the minimum ratio set forth below opposite such Fiscal Quarter ending closest
to such day: 
  

			
	 FISCAL QUARTER ENDING

	  	 MINIMUM INTEREST COVERAGE
RATIO

	 December 31, 2004
	  	1.50 to 1
	 March 31, 2005
	  	1.50 to 1
	 June 30, 2005
	  	1.50 to 1
	 September 30, 2005
	  	1.50 to 1
	 December 31, 2005
	  	1.60 to 1
	 March 31, 2006
	  	1.65 to 1
	 June 30, 2006
	  	1.75 to 1
	 September 30, 2006
	  	1.75 to 1
	 December 31, 2006
	  	1.85 to 1
	 March 31, 2007
	  	1.90 to 1
	 June 30, 2007 through the Scheduled
Termination Date
	  	2.00 to 1

  

	 	Section	5.3 Capital Expenditures 

  
 The Borrower shall not make or incur, or permit to be made or incurred, Capital Expenditures during each of the Fiscal Years set forth below to be, in the
aggregate, in excess of the maximum amount set forth below for such Fiscal Year: 
  

				
	 FISCAL YEAR

	  	MAXIMUM CAPITAL
EXPENDITURES

	 2005
	  	$	45,000,000
	 2006
	  	$	42,500,000
	 2007
	  	$	47,500,000
	 2008
	  	$	47,500,000

  
 provided, however, that
to the extent that actual Capital Expenditures for any such Fiscal Year shall be less than the maximum amount set forth above for such Fiscal Year (without giving effect to any carryover permitted by this proviso), 75% of the difference between said
stated maximum amount and the amount of such actual Capital Expenditures shall, in addition, be available for Capital Expenditures in the next succeeding Fiscal Year. 
  

 70 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 ARTICLE VI 
  
 REPORTING COVENANTS 
  
 The Borrower agrees with the Lenders, the Issuers and the Administrative Agent to each of the following, as long as any
Obligation or any Revolving Credit Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent in writing: 
  

	 	Section	6.1 Financial Statements 

  
 The Borrower shall furnish to the Administrative Agent (with sufficient copies for each of the Lenders) each of the following: 
  
 (a) Monthly Reports.    Within 30 days after the
end of each fiscal month in each Fiscal Year that is the last month in a Fiscal Quarter, financial information regarding the Borrower and its Subsidiaries consisting of Consolidated unaudited balance sheets as of the close of such month and the
related statements of income and cash flow for such month and that portion of the current Fiscal Year ending as of the close of such month, setting forth in comparative form the figures for the corresponding period in the prior year and the figures
contained in the Projections or, if applicable, the latest business plan provided pursuant to clause (f) below for the current Fiscal Year, in each case certified by chief financial officer of the Borrower as fairly presenting the
Consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in accordance with GAAP (subject to the absence of footnote disclosure and
normal year-end audit adjustments). 
  
 (b) Quarterly
Reports.    Within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, financial information regarding the Borrower and its Subsidiaries consisting of Consolidated unaudited balance sheets as
of the close of such quarter and the related statements of income and cash flow for such quarter and that portion of the Fiscal Year ending as of the close of such quarter, setting forth in comparative form the figures for the corresponding period
in the prior year and the figures contained in the Projections or, if applicable, the latest business plan provided pursuant to clause (f) below for the current Fiscal Year, in each case certified by the chief financial officer of the
Borrower as fairly presenting in all material respects the Consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in accordance with
GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments); provided however, that delivery of a Form 10-Q of the Borrower that is in compliance with all applicable Requirements of Law shall satisfy the
delivery requirements of this clause (b). 
  
 (c) Annual
Reports.    Within 90 days after the end of each Fiscal Year, financial information regarding the Borrower and its Subsidiaries consisting of Consolidated and condensed consolidating balance sheets of the Borrower and the
Guarantors as of the end of such year and related statements of income and cash flows of the Borrower and its Subsidiaries for such Fiscal Year, all prepared in conformity with GAAP and certified, in the case of such Consolidated Financial
Statements, without qualification as to the scope of the audit or as to the Borrower being a going concern by the Borrower’s Accountants, together with the report of such accounting firm stating that (i) such Financial Statements fairly present
in all material respects the Consolidated financial position of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years (except for changes with which the Borrower’s Accountants shall concur and that shall have been disclosed in the notes to the Financial Statements) and (ii) the examination by the Borrower’s Accountants in
connection with such Consolidated Financial Statements has been made in accordance with generally accepted auditing standards; provided however, that delivery of a Form 10-K of the Borrower that is in compliance with all applicable
Requirements of Law shall satisfy the delivery requirements of this clause (c) (including with respect to the condensed consolidating statements so long as such statements are included in the Form 10-K delivered herewith). 
  
 (d) Compliance Certificate.    Together with each
delivery of any Financial Statement pursuant to clause (b) or (c) above, a certificate of a Responsible Officer of the 

  

 71 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Borrower (each, a “Compliance Certificate”) (i) showing in reasonable detail the calculations used in demonstrating compliance with each of
the financial covenants contained in Article V (Financial Covenants) that is tested on a quarterly basis and (ii) stating that no Default or Event of Default has occurred and is continuing or, if a Default or an Event of Default has occurred
and is continuing, stating the nature thereof and the action that the Borrower proposes to take with respect thereto. 
  
 (e) Corporate Chart and Other Collateral Updates.    Together with each delivery of any Financial Statement pursuant to
clause (b) or (c) above, (i) a certificate of a Responsible Officer of the Borrower certifying that the Corporate Chart attached thereto (or the last Corporate Chart delivered pursuant to this clause (e)) is true, correct,
complete and current as of the date of such Financial Statement and (ii) a certificate of a Responsible Officer of the Borrower in form and substance satisfactory to the Administrative Agent that all certificates, statements, updates and other
documents (including updated schedules) required to be delivered pursuant to the Security Agreements by any Loan Party in the preceding Fiscal Quarter have been delivered thereunder (or such delivery requirement was otherwise duly waived or
extended). The reporting requirements set forth in this clause (e) are in addition to, and are not intended to and shall not replace or otherwise modify, any obligation of any Loan Party under any Loan Document (including other notice or
reporting requirements). Compliance with the reporting obligations in this clause (e) shall only provide notice to the Administrative Agent and shall not, by itself, modify any obligation of any Loan Party under any Loan Document, update any
Schedule to this Agreement or any schedule to any other Loan Document or cure, or otherwise modify in any way, any failure to comply with any covenant, or any breach of any representation or warranty, contained in any Loan Document or any other
Default or Event of Default. 
  
 (f) Business
Plan.    Not later than the earlier of 30 days after the end of each Fiscal Year and the tenth business day following the approval of such business and financial plans by the board of directors of the Borrower, and containing
substantially the types of financial information contained in the Projections, (i) the annual business plan of the Borrower and its Subsidiaries on a Consolidated basis for the next succeeding Fiscal Year approved by the Board of Directors of the
Borrower, (ii) forecasts prepared by management of the Borrower for each Fiscal Quarter in the next succeeding Fiscal Year and (iii) forecasts prepared by management of the Borrower for each of the succeeding Fiscal Years through the Fiscal Year in
which the Revolving Credit Termination Date is scheduled to occur, including, in each instance described in clauses (ii) and (iii) above, (x) a projected year-end Consolidated balance sheet and income statement and statement of cash
flows and (y) a statement of all of the material assumptions on which such forecasts are based. 
  
 (g) Management Letters, Etc.    Within five Business Days after receipt thereof by any Loan Party, copies of each management
letter, exception report or similar letter or report received by such Loan Party from its independent certified public accountants (including the Borrower’s Accountants). 
  
 (h) Intercompany Loan Balances.    Together with each delivery of any Financial Statement
pursuant to clause (a) above, a summary of the outstanding balance of all intercompany Indebtedness as of the last day of the fiscal month covered by such Financial Statement, certified by a Responsible Officer of the Borrower. 
  

 72 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	6.2 Default Notices 

  
 As soon as practicable, and in any event within five Business Days after a Responsible Officer of any Loan Party has actual knowledge of the existence of
any Default, Event of Default or other event having had a Material Adverse Effect or having any reasonable likelihood of causing or resulting in a Material Adverse Change, the Borrower shall give the Administrative Agent notice specifying the nature
of such Default or Event of Default or other event, including the anticipated effect thereof, which notice, if given by telephone, shall be promptly confirmed in writing on the next Business Day. 
  

	 	Section	6.3 Litigation 

  
 Promptly after the commencement thereof, the Borrower shall give the Administrative Agent written notice of the commencement of all actions, suits and
proceedings before any domestic or foreign Governmental Authority or arbitrator affecting the Borrower or any of its Subsidiaries that (i) seeks injunctive or similar relief or (ii) in the reasonable judgment of the Borrower or such Subsidiary,
expose the Borrower or such Subsidiary to liability in an amount aggregating $1,000,000 or more or that, if adversely determined, would have a Material Adverse Effect. 
  

	 	Section	6.4 Asset Sales 

  
 Prior to any Asset Sale whose Net Cash Proceeds (or the Dollar Equivalent thereof) are anticipated to exceed $2,000,000, the Borrower shall send the
Administrative Agent a notice (a) describing such Asset Sale or the nature and material terms and conditions of such transaction and (b) stating the estimated Net Cash Proceeds anticipated to be received by the Borrower or any of its Subsidiaries.

  

	 	Section	6.5 Notices under Related Documents 

  
 Promptly after the sending or filing thereof, the Borrower shall send the Administrative Agent copies of all material notices, certificates or reports
delivered pursuant to, or in connection with, any Related Document not already provided hereunder. 
  

	 	Section	6.6 SEC Filings; Press Releases 

  
 Promptly after the sending or filing thereof, the Borrower shall send the Administrative Agent copies of (a) all reports that the Borrower sends to its
security holders generally, (b) all reports and registration statements that the Borrower or any of its Subsidiaries files with the Securities and Exchange Commission or any national or foreign securities exchange or the National Association of
Securities Dealers, Inc., (c) all press releases and (d) all other statements concerning material changes or developments in the business of the Borrower or any of its Subsidiaries made available by the Borrower or any of its Subsidiaries to the
public or any other creditor. Information required to be delivered pursuant to this Section 6.6 (SEC Filings; Press Releases) shall be deemed to have been delivered on the date which the Borrower provides notice to the Administrative Agent
that such information has been posted on the Borrower’s website on the Internet at www.constar.net, at www.sec.gov or at another website identified in such notice and accessible by the Lenders without charge; provided, that (i) such notice may
be included in a certificate delivered pursuant to clause (d) of Section 6.1 (Financial Statements) and (ii) the Borrower shall deliver paper copies of the information referred to in this Section 6.6 (SEC  

  

 73 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Filings; Press Releases) to the Administrative Agent for distribution to (x) any Lender to which the above referenced websites are for any reason not
available if such Lender has so notified the Borrower and (y) any Lender that has notified the Borrower that it desires paper copies of all such information. 
  

	 	Section	6.7 Labor Relations 

  
 Promptly after becoming aware of the same, the Borrower shall give the Administrative Agent written notice of (a) any material labor dispute to which the
Borrower or any of its Subsidiaries is or may become a party, including any strikes, lockouts or other disputes relating to any of such Person’s plants and other facilities, and (b) any Worker Adjustment and Retraining Notification Act or
related liability incurred with respect to the closing of any plant or other facility of any such Person. 
  

	 	Section	6.8 Tax Returns 

  
 Upon the request of any Lender, through the Administrative Agent, the Borrower shall provide copies of all federal, state, local and foreign tax returns
and reports filed by the Borrower or any Subsidiary of the Borrower in respect of taxes measured by income (excluding sales, use and like taxes). 
  

	 	Section	6.9 Insurance 

  
 As soon as is practicable and in any event within 90 days after the end of each Fiscal Year, the Borrower shall furnish the Administrative Agent (in
sufficient copies for each of the Lenders) with (a) a report in form and substance satisfactory to the Administrative Agent and the Lenders outlining all material insurance coverage maintained as of the date of such report by the Borrower or any of
its Subsidiaries and the duration of such coverage and (b) an insurance broker’s statement that all premiums then due and payable with respect to such coverage have been paid and confirming that the Administrative Agent has been named as loss
payee on all insurance policies relating to the Collateral and as additional insured under all liability policies. 
  

	 	Section	6.10 ERISA Matters; Pension Matters 

  
 The Borrower shall furnish the Administrative Agent (with sufficient copies for each of the Lenders) each of the following: 
  
 (a) promptly and in any event within 30 days after the Borrower, any
Subsidiary of the Borrower or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred, written notice describing such ERISA Event; 
  
 (b) promptly and in any event within 10 days after the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate knows or has reason to know that a
request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a written statement of a Responsible Officer of the Borrower describing such waiver request and the action, if
any, the Borrower, its Subsidiaries and ERISA Affiliates propose to take with respect thereto and a copy of any notice filed with the PBGC or the IRS pertaining thereto; 
  

 74 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (c) simultaneously with the date that the Borrower, any Subsidiary of the Borrower or any ERISA
Affiliate files a notice of intent to terminate any Title IV 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, a copy of each
notice; 
  
 (d) as soon as is practicable and in any event within
60 days of the report of a formal actuarial valuation of a UK Pension Plan prepared for the trustees of such plan under Section 56 of the Pensions Act 1995 or Section 224 of the Pensions Act 2004 being finalized by the actuary to the UK Pension Plan
a copy of such actuarial valuation report; and 
  
 (e) promptly
and in any event within 10 days of the Borrower or any Subsidiary of the Borrower giving notice (or becoming aware that the trustees of a UK Pension Plan have given notice) to the UK Pensions Regulator of a notifiable event for the purposes of
Section 69 of the Pensions Act 2004, a copy of each notice. 
  

	 	Section	6.11 Environmental Matters 

  
 The Borrower shall provide the Administrative Agent promptly and in any event within 10 days after the Borrower or any Subsidiary of the Borrower learns
of any of the following, written notice of each of the following: 
  
 (a) that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of a Release or threatened Release that could reasonably be expected to subject such Loan Party to Environmental Liabilities and Costs whose
Dollar Equivalent shall exceed $3,000,000; 
  
 (b) the receipt by
the Borrower or any of its Subsidiaries of notification that any real or personal property of such Person is or is reasonably likely to be subject to any Environmental Lien; 
  
 (c) the receipt by the Borrower or any of its Subsidiaries of any notice of violation of or potential liability under, or
knowledge by such Person that there exists a condition that could reasonably be expected to result in a violation of or liability under, any Environmental Law, except for violations and liabilities the consequence of which, in the aggregate, would
not be reasonably likely to subject the Borrower or any of its Subsidiaries collectively to Environmental Liabilities and Costs whose Dollar Equivalent shall exceed $3,000,000; 
  
 (d) the commencement of any judicial or administrative proceeding or investigation alleging a violation of or liability
under any Environmental Law, that, in the aggregate, if adversely determined, would have a reasonable likelihood of subjecting the Borrower or any of its Subsidiaries collectively to Environmental Liabilities and Costs whose Dollar Equivalent shall
exceed $3,000,000; 
  
 (e) any proposed acquisition of stock,
assets or real estate, any proposed leasing of property or any other action by the Borrower or any of its Subsidiaries other than those the consequences of which, in the aggregate, have reasonable likelihood of subjecting the Loan Parties
collectively to Environmental Liabilities and Costs whose Dollar Equivalent shall exceed $3,000,000; 
  

 75 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (f) any proposed action by the Borrower or any of its Subsidiaries or any proposed change in
Environmental Laws that, in the aggregate, have a reasonable likelihood of requiring the Loan Parties to obtain additional environmental, health or safety Permits or make additional capital improvements to obtain compliance with Environmental Laws
that, in the aggregate, would have cost $3,000,000 or more or that shall subject the Borrower or any of its Subsidiaries to additional Environmental Liabilities and Costs whose Dollar Equivalent shall exceed $3,000,000; and 
  
 (g) upon written request by any Lender through the Administrative Agent, a
report providing an update of the status of any environmental, health or safety compliance, hazard or liability issue identified in any notice or report delivered pursuant to this Section 6.11. 
  

	 	Section	6.12 Borrowing Base Determination 

  
 (a) The Borrower shall deliver, (i) if Available Credit is greater than or equal to $25,000,000, as soon as available and in any event not later than ten
days after the last day of each fiscal month, a Borrowing Base Certificate as of the last day of such fiscal month, (ii) if Available Credit is less than $25,000,000, as soon as available and in any event not later than three Business Days after the
first day of each week and (iii) at its discretion, three Business Days after the first day of each week (for a minimum of eight (8) consecutive weeks), a Borrowing Base Certificate as of the last day of the immediately preceding week, in each case,
executed by a Responsible Officer of the Borrower. 
  
 (b) The
Borrower shall, and shall cause the UK Guarantor to, conduct, or cause to be conducted, at its expense and upon request of the Administrative Agent, and present to the Administrative Agent for approval, such appraisals, investigations and reviews as
the Administrative Agent shall reasonably request for the purpose of determining the Borrowing Base, all upon notice and at such times during normal business hours and as often as may be reasonably requested. The Borrower shall furnish to the
Administrative Agent any information that the Administrative Agent may reasonably request regarding the determination and calculation of the Borrowing Base including correct and complete copies of any invoices, underlying agreements, instruments or
other documents and the identity of all Account Debtors in respect of Accounts referred to therein. 
  
 (c) The Borrower shall promptly notify the Administrative Agent in writing in the event that at any time the Borrower receives or otherwise gains
knowledge that (i) the Borrowing Base is less than 90% of the Borrowing Base reflected in the most recent Borrowing Base Certificate delivered pursuant to clause (a) above, (ii) the outstanding Revolving Credit Outstandings exceed the
Borrowing Base as a result of a decrease therein, in which case such notice shall also include the amount of such excess, (iii) the Available Credit is less than $15,000,000 and is less than $10,000,000. 
  
 (d) The Administrative Agent may, at the Borrower’s sole cost and
expense, make test verifications of the Accounts and physical verifications of the Inventory in any manner and through any medium that the Administrative Agent considers advisable, and the Borrower shall furnish all such assistance and information
as the Administrative Agent may require in connection therewith and at any time a Default or Event of Default shall be continuing, upon the Administrative Agent’s request and at the expense of the Borrower, the Borrower shall cause independent
public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial 

  

 76 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
balances for, the Accounts; provided, however, that unless a Default or Event of Default shall be continuing, the Administrative Agent shall
provide two (2) days prior written notice of its requests and unless a Default or Event of Default shall be continuing, the Administrative Agent shall request no more than four such verifications during any calendar year. 
  

	 	Section	6.13 Customer Contracts 

  
 Promptly after any Loan Party becoming aware of the same, the Borrower shall give the Administrative Agent prior to the Closing Date written notice of any
cancellation, termination or loss of any material Contractual Obligation with customers or other material customer arrangement. 
  

	 	Section	6.14 Tax Reporting 

  
 Promptly after the Borrower determines that it intends to treat the Loans and the Letters of Credit and the related transactions contemplated hereby as a
“reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4 of the Code, the Borrower shall give the Administrative Agent written notice thereof and shall deliver to the Administrative Agent all IRS forms required
in connection therewith. 
  

	 	Section	6.15 Other Information 

  
 The Borrower shall provide the Administrative Agent or any Lender with such other information respecting the business, properties, condition, financial or
otherwise, or operations of the Borrower or any Subsidiary of the Borrower as the Administrative Agent or such Lender through the Administrative Agent may from time to time reasonably request. 
  
 ARTICLE VII 
  
 AFFIRMATIVE COVENANTS 
  
 The Borrower agrees with the Lenders, the Issuers and the Administrative
Agent to each of the following, as long as any Obligation or any Revolving Credit Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent in writing: 
  

	 	Section	7.1 Preservation of Corporate Existence, Etc. 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, preserve and maintain its legal existence, rights (charter and statutory) and franchises,
except as permitted by Sections 8.4 (Sale of Assets) and 8.7 (Restriction on Fundamental Changes). 
  

	 	Section	7.2 Compliance with Laws, Etc. 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, comply with all applicable Requirements of Law, Contractual Obligations and Permits,
except where the failure so to comply would not, in the aggregate, have a Material Adverse Effect. 
  

 77 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	7.3 Conduct of Business 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, (a) conduct its business in the ordinary course and consistent with past practice;
provided, that businesses reasonably related to the current business of the Borrower and its Subsidiaries will be permitted, and (b) use its reasonable efforts, in the ordinary course and consistent with past practice, to preserve its
business and the goodwill and business of the customers, advertisers, suppliers and others having business relations with the Borrower or any of its Subsidiaries, except in each case where the failure to comply with the covenants in each of
clauses (a) and (b) above would not, in the aggregate, have a Material Adverse Effect. 
  

	 	Section	7.4 Payment of Taxes, Etc. 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge before the same shall become delinquent, all lawful governmental
claims, taxes, assessments, charges and levies, except where contested in good faith, by proper proceedings and adequate reserves therefor have been established on the books of the Borrower or the appropriate Subsidiary in conformity with GAAP.

  

	 	Section	7.5 Maintenance of Insurance 

  
 The Borrower shall (a) maintain for itself, and the Borrower shall cause to be maintained for each of its Subsidiaries, insurance with responsible and
reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such Subsidiary
operates, and, in any event, all insurance required by any Collateral Documents and (b) cause all such insurance to name the Administrative Agent on behalf of the Secured Parties as additional insured or loss payee, as its interest may appear, as
appropriate, and to provide that no cancellation, material addition in amount or material change in coverage shall be effective until after 30 days’ written notice thereof to the Administrative Agent. 
  

	 	Section	7.6 Access 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, from time to time permit the Administrative Agent and the Lenders, or any agents or
representatives thereof, within two Business Days after written notification of the same (except that during the continuance of an Event of Default, no such notice shall be required) to (a) examine and make copies of and abstracts from the records
and books of account of the Borrower and each of its Subsidiaries, (b) visit the properties of the Borrower and each of its Subsidiaries, (c) discuss the affairs, finances and accounts of the Borrower and each of its Subsidiaries with any of their
respective officers or directors and (d) communicate directly with any of its certified public accountants (including the Borrower’s Accountants). The Borrower shall authorize its certified public accountants (including the Borrower’s
Accountants), and shall cause the certified public accountants of any of its Subsidiaries, if any, to disclose to the Administrative Agent or any Lender any and all financial statements and other information of any kind, as the Administrative Agent
or any Lender reasonably requests and that such accountants may have with respect to the business, financial condition, results of operations or other affairs of the Borrower or any of its Subsidiaries. 
  

 78 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	7.7  Keeping of Books 

  
 The Borrower shall, and shall cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made
in conformity with GAAP of all financial transactions and the assets and business of the Borrower and each such Subsidiary. 
  

	 	Section	7.8  Maintenance of Properties, Etc. 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, maintain and preserve (a) in good working order and condition all of its properties
necessary in the conduct of its business, (b) all rights, permits, licenses, approvals and privileges (including all Permits) used or useful or necessary in the conduct of its business and (c) all registered patents, trademarks, trade names,
copyrights and service marks with respect to its business, except where failure to so maintain and preserve the items set forth in clauses (a), (b) and (c) above would not, in the aggregate, have a Material Adverse Effect.

  

	 	Section	7.9  Application of Proceeds 

  
 The Borrower (and, to the extent distributed to them by the Borrower, each of its Subsidiaries) shall use the entire amount of the proceeds of the Loans
as provided in Section 4.13 (Use of Proceeds). 
  

	 	Section	7.10  Environmental 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, take such Remedial Action and undertake such investigation or other action as required by
Environmental Laws or as any Governmental Authority requires or as is appropriate and consistent with good business practice to address the Release or event and otherwise ensure material compliance with Environmental Laws except where it is
contesting its obligation to comply by appropriate means. 
  

	 	Section	7.11  Additional Collateral and Guaranties 

  
 To the extent not delivered to the Administrative Agent on or before the Closing Date (including in respect of after-acquired property and Persons that
become Subsidiaries of any Loan Party after the Closing Date), the Borrower agrees promptly to do, or cause each of its Subsidiaries to do, each of the following, unless otherwise agreed by the Administrative Agent: 
  
 (a) deliver to the Administrative Agent such duly-executed supplements and
amendments to the Guaranty in form and substance reasonably satisfactory to the Administrative Agent and as the Administrative Agent deems necessary or advisable in order to ensure that each Subsidiary of the Borrower planning to enter, having
entered, having agreed to enter or which the Borrower has agreed to cause to enter into Guaranty Obligations of the Indebtedness of the Borrower under either of the First Mortgage Notes Indenture or the Senior Sub Notes Indenture (an
“Additional Guarantor”) guaranties, as primary obligor and not as surety, the full and punctual payment when due of the Obligations or any part thereof; provided, however, that, unless (x) the Borrower and the
Administrative Agent otherwise agree or (y) such Non-U.S. Person or Subsidiary has entered into Guaranty Obligations in respect of the First Mortgage Notes Indenture or the Senior Sub Notes Indenture having substantially similar tax consequences;
provided, in no event shall any Non-U.S. Person (other than the UK Guarantor) or any Subsidiary 

  

 79 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
of any Non-U.S. Person be required to guaranty the payment of the Obligations; and provided, further, that the Borrower may form Special IP
Subsidiaries and a Specific IP Subsidiary that will not be required to guaranty the payment of the Obligations; 
  
 (b) deliver to the Administrative Agent such duly-executed joinder and amendments to the applicable Security Agreement and, if applicable, other
Collateral Documents, in form and substance reasonably satisfactory to the Administrative Agent and as the Administrative Agent deems necessary or advisable in order to (i) effectively grant to the Administrative Agent, for the benefit of the
Secured Parties, a valid, perfected and enforceable first-priority security interest in the Stock and Stock Equivalents and other debt Securities owned directly or indirectly by any Loan Party, or any Additional Guarantor and (ii) effectively grant
to the Administrative Agent, for the benefit of the Secured Parties, a valid, perfected and enforceable first-priority security interest (or comparable right or interest) in all Collateral of each Loan Party or each Additional Guarantor other than
assets or property securing the First Mortgage Notes; provided, however, that, unless the Borrower and the Administrative Agent otherwise agree, in no event shall the Borrower or any of its Subsidiaries be required to pledge (i) in
excess of 65% of the outstanding Voting Stock of any Non-U.S. Person (other than the UK Guarantor) that is a direct Subsidiary of the Borrower or of any Subsidiary of the Borrower that is a Domestic Person, (ii) unless such Stock is otherwise held
by the Borrower or any Subsidiary of the Borrower that is a Domestic Person, any of the Stock of any Non-U.S. Person (other than the UK Guarantor) that is a Subsidiary of such direct Subsidiary or (iii) the Stock of the Specific IP Subsidiary.

  
 (c) deliver to the Administrative Agent all certificates,
instruments and other documents representing all Pledged Stock, Pledged Debt Instruments and all other Stock, Stock Equivalents and other debt Securities being pledged pursuant to the joinders, amendments and foreign agreements executed pursuant to
clause (b) above, together with (i) in the case of certificated Pledged Stock and other certificated Stock and Stock Equivalents, undated stock powers endorsed in blank and (ii) in the case of Pledged Debt Instruments and other certificated
debt Securities, endorsed in blank, in each case executed and delivered by a Responsible Officer of the pledgor; 
  
 (d) to take such other actions necessary or advisable to ensure the validity or continuing validity of the guaranties required to be given pursuant to
clause (a) above or to create, maintain or perfect the security interest required to be granted pursuant to clause (a) above, including the filing of UCC financing statements in such jurisdictions as may be required by the Collateral
Documents or by law or as may be reasonably requested by the Administrative Agent; 
  
 (e) to take all actions necessary or advisable to ensure that in connection with a liquidation of the Collateral, the Administrative Agent shall have full use of all intellectual property held by any Special IP
Subsidiary; provided, however, that if the terms of any license, sublicense or agreement related to the foregoing intellectual property prohibit or do not permit the assignment or sublicense of the necessary rights to the Administrative
Agent, the Borrower shall use commercially reasonable efforts to obtain the consent of the counterparty thereto; and 
  
 (f) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
  

 80 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	7.12  Control Accounts; Approved Deposit Accounts 

  
 (a) The Borrower shall, and shall cause each of its Domestic Subsidiaries and the UK Guarantor to, (i) deposit in an Approved Deposit Account all cash
they receive, (ii) not establish or maintain any Securities Account that is not a Control Account and (iii) not establish or maintain any Deposit Account other than with a Deposit Account Bank; provided, however, that the Borrower and
each of its Subsidiaries may (i) maintain payroll, withholding tax and other fiduciary accounts, (ii) maintain accounts with the Administrative Agent and (iii) maintain other accounts as long as the aggregate balance in all such accounts does not
exceed $1,000,000. 
  
 (b) The Borrower shall, and shall cause
each of its Subsidiaries, to (i) instruct each Account Debtor or other Person obligated to make a payment to any of them under any Account or General Intangible to make payment, or to continue to make payment, to an Approved Deposit Account and (ii)
deposit in an Approved Deposit Account immediately upon receipt all Proceeds of such Accounts and General Intangibles received by the Borrower or any of its Subsidiaries from any other Person. 
  
 (c) In the event that (i) the Borrower, any Subsidiary of the Borrower or any
Deposit Account Bank shall, after the date hereof, terminate an agreement with respect to the maintenance of an Approved Deposit Account for any reason, (ii) the Administrative Agent shall demand such termination as a result of the failure of a
Deposit Account Bank to comply with the terms of the applicable Deposit Account Control Agreement or (iii) the Administrative Agent determines in its sole discretion that the financial condition of a Deposit Account Bank has materially deteriorated,
the Borrower shall, and shall cause each of its Subsidiaries to, notify all of their respective obligors that were making payments to such terminated Approved Deposit Account to make all future payments to another Approved Deposit Account.

  
 (d) In the event that (i) the Borrower, any Subsidiary of the
Borrower or any Approved Securities Intermediary shall, after the date hereof, terminate an agreement with respect to the maintenance of a Control Account for any reason, (ii) the Administrative Agent shall demand such termination as a result of the
failure of an Approved Securities Intermediary to comply with the terms of the applicable Securities Account Control Agreement or (iii) the Administrative Agent determines in its sole discretion that the financial condition of an Approved Securities
Intermediary has materially deteriorated, the Borrower shall, and shall cause each of its Subsidiaries to, notify all of its obligors that were making payments to such terminated Control Account to make all future payments to another Control
Account. 
  
 (e) The Administrative Agent may establish one or
more Cash Collateral Accounts with such depositaries and Securities Intermediaries as it in its sole discretion shall determine. The Borrower agrees that each such Cash Collateral Account shall be under the sole dominion and control of the
Administrative Agent and that the Administrative Agent shall be the Entitlement Holder with respect to each such Cash Collateral Account that is a Securities Account and the only Person authorized to give Entitlement Orders with respect to each such
Securities Account. Without limiting the foregoing, funds on deposit in any Cash Collateral Account may be invested (but the Administrative Agent shall be under no obligation to make any such investment) in Cash Equivalents at the direction of the
Administrative Agent and, except during the continuance of an Event of Default, the Administrative Agent agrees with the Borrower to issue Entitlement Orders for such investments in Cash Equivalents as requested by the Borrower; provided,
however, that the Administrative Agent shall not have any responsibility for, or bear 

  

 81 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
any risk of loss of, any such investment or income thereon. None of the Borrower, any Subsidiary of the Borrower or any other Person claiming on behalf of or
through the Borrower or any Subsidiary of the Borrower shall have any right to demand payment of any funds held in any Cash Collateral Account at any time prior to the termination of all outstanding Letters of Credit and the payment in full of all
then outstanding and payable monetary Obligations. The Administrative Agent shall apply all funds on deposit in a Cash Collateral Account as provided in Section 2.9(c) (Mandatory Prepayments). 
  

	 	Section	7.13 Landlord Waivers and Bailee’s Letters 

  
 The Borrower shall, and shall cause each of its Subsidiaries to use commercially reasonably efforts to, within 30 days after the Closing Date (or such
later date as shall be acceptable to the Administrative Agent in its sole discretion), deliver such Landlord Waivers and Bailee’s Letters as the Administrative Agent shall request in its sole discretion exercised reasonably. 
  

	 	Section	7.14 Real Property 

  
 (a) The Borrower shall, and shall cause each of its Subsidiaries to, (i) comply in all material respects with all of their respective obligations under
all of their respective Leases now or hereafter held respectively by them, including the Leases set forth in Schedule 4.19 (Real Property), except where any of them is contesting its obligations by appropriate proceedings, (ii) not modify,
amend, cancel, extend unless in accordance with its terms or otherwise change in any materially adverse manner any term, covenant or condition of any such Lease, (iii) not assign or sublet any other Lease if such assignment or sublet would have a
Material Adverse Effect, (iv) provide the Administrative Agent with a copy of each notice of default under any Lease received by the Borrower or any Subsidiary of the Borrower which would cause a Material Adverse Effect immediately upon receipt
thereof and deliver to the Administrative Agent a copy of each notice of default sent by the Borrower or any Subsidiary of the Borrower under any material Lease simultaneously with its delivery of such notice under such Lease and (v) notify the
Administrative Agent at least 14 days prior to the date the Borrower or any Subsidiary of the Borrower takes possession of, or becomes liable under, any new leased premises or Lease, whichever is earlier. 
  
 (b) At least 15 Business Days prior to (i) entering into any Lease (other
than a renewal of an existing Lease) for the principal place of business and chief executive office of the Borrower or any Guarantor or any other Lease (including any renewal) in which the Dollar Equivalent of the annual rental payments are
anticipated to equal or exceed $1,000,000 or (ii) acquiring any material owned Real Property, the Borrower shall provide the Administrative Agent written notice thereof. 
  

	 	Section	7.15 Obligations as “Senior Indebtedness” 

  
 All Obligations under this Agreement shall qualify as “Senior Indebtedness” under the Senior Sub Notes Indenture. 
  

	 	Section	7.16 UK Pension Plans 

  
 The Borrower shall, and shall cause each of its Subsidiaries to, use its reasonable efforts to ensure that the UK Pension Plans preserve and maintain
their tax approval and comply 

  

 82 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
with all applicable legal and administrative requirements (including, without limitation, statutory requirements relating to funding). 
  

	 	Section	7.17 Post-Closing Covenants 

  
 The Borrower shall comply, and shall cause each of its Subsidiaries to comply, with the terms and conditions set forth on Schedule 7.17 (Post-Closing
Covenants). 
  
 ARTICLE VIII 
  
 NEGATIVE COVENANTS 
  
 The Borrower agrees with the Lenders, the Issuers and the Administrative
Agent to each of the following, as long as any Obligation or any Revolving Credit Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent in writing: 
  

	 	Section	8.1 Indebtedness 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or otherwise become or remain
directly or indirectly liable with respect to any Indebtedness except for the following: 
  
 (a) the Secured Obligations (other than in respect of Hedging Contracts not permitted to be incurred pursuant to clause (i) below) and Guaranty Obligations in respect thereto; 
  
 (b) Indebtedness existing on the date of this Agreement and disclosed on
Schedule 8.1 (Existing Indebtedness); 
  
 (c) Guaranty
Obligations incurred by the Borrower or any Guarantor in respect of Indebtedness of the Borrower or any Guarantor that is otherwise permitted by this Section 8.1 (other than clause (a) above); 
  
 (d) Capital Lease Obligations and purchase money Indebtedness incurred by the
Borrower or a Subsidiary of the Borrower to finance the acquisition of fixed assets; provided, however, that the Capital Expenditure related thereto is otherwise permitted by Section 5.3 (Capital Expenditures) and that the
Dollar Equivalent of the aggregate outstanding principal amount of all such Capital Lease Obligations and purchase money Indebtedness shall not exceed $15,000,000 at any time; 
  
 (e) Renewals, extensions, refinancings and refundings of Indebtedness permitted by clauses (b) or (d)
above or this clause (e); provided, however, that any such renewal, extension, refinancing or refunding is in an aggregate principal amount not greater than the principal amount of, and is on terms no less favorable to the
Borrower or any Subsidiary of the Borrower obligated thereunder, including as to weighted average maturity and final maturity, than the Indebtedness being renewed, extended, refinanced or refunded; 
  

 83 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (f) a sale and leaseback transaction permitted pursuant to Section 8.16(b) (Operating
Leases; Sale/Leasebacks), to the extent such transaction would constitute Indebtedness; 
  
 (g) Indebtedness arising from intercompany loans (i) from the Borrower to any Guarantor, (ii) from any Guarantor to the Borrower or any other Guarantor or (iii) from the Borrower or any Guarantor to any Subsidiary of
the Borrower that is not a Guarantor; provided, however, that, in the case of this clause (iii), the Investment represented by such intercompany loan to such Subsidiary is permitted under Section 8.3 (Investments);

  
 (h) Indebtedness arising under any performance or surety bond
entered into in the ordinary course of business; 
  
 (i)
Obligations under Hedging Contracts permitted under Section 8.17 (No Speculative Transactions); 
  
 (j) Indebtedness in respect of (i) the First Mortgage Notes not to exceed $225,000,000 plus any interest accrued in connection therewith, and (ii) the
Senior Sub Notes not to exceed $175,000,000 plus any interest accrued in connection therewith; 
  
 (k) Indebtedness arising from honoring by a bank or other financial institution of a check draft of similar instrument against insufficient funds; provided that such debt is outstanding no more than two
Business Days; 
  
 (l) Indebtedness of any Foreign Subsidiary to
the Borrower or any Loan Party in an aggregate principal amount not to exceed $10,000,000; provided such Indebtedness shall be evidenced by a promissory note that is in form and substance satisfactory to the Administrative Agent and which
shall be pledged to the Administrative Agent; 
  
 (m) Indebtedness
owed to (including obligations in respect of letters of credit for the benefit of) any Person providing worker’s compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any
Subsidiary of the Borrower, pursuant to reimbursement or indemnification obligations to such Person; 
  
 (n) Indebtedness arising from agreements of the Borrower or any Subsidiary of the Borrower providing for indemnification, adjustment of purchase price or
similar obligations, in each case, incurred in connection with the disposition of any business, assets or a Subsidiary, other than Guaranty Obligations incurred by any Person acquiring all or any portion of such business, assets or such Subsidiary
for the purpose of financing such acquisition; 
  
 (o) unsecured
Indebtedness not otherwise permitted under this Section 8.1; provided, however, that the Dollar Equivalent of the aggregate outstanding principal amount of all such unsecured Indebtedness shall not exceed $5,000,000 at any time;
and 
  
 (p) unsecured Indebtedness of the Borrower that is
subordinated to the payment in full of the Obligations on terms satisfactory to the Requisite Lenders (all such Indebtedness permitted to be incurred pursuant to this clause (p) being “Subordinated Debt”); provided,
however, that the aggregate Dollar Equivalent of the principal amount of all such unsecured Indebtedness shall not exceed $25,000,000 at any time. 
  

 84 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	8.2 Liens, Etc. 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, create or suffer to exist, any Lien upon or with respect to any of their
respective properties or assets, whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries to assign, any right to receive income, except for the following: 
  
 (a) Liens created pursuant to the Loan Documents; 
  
 (b) Liens existing on the date of this Agreement and disclosed on Schedule 8.2 (Existing Liens); 
  
 (c) Customary Permitted Liens on the assets of the Borrower and its
Subsidiaries; 
  
 (d) purchase money Liens granted by the Borrower
or any of its Subsidiaries (including the interest of a lessor under a Capital Lease and purchase money Liens to which any property is subject at the time, on or after the date hereof, of the Borrower’s or such Subsidiary’s acquisition
thereof) securing Indebtedness permitted under Section 8.1(d) (Indebtedness) and limited in each case to the property purchased with the proceeds of such purchase money Indebtedness or subject to such Capital Lease; 
  
 (e) any Lien securing the renewal, extension, refinancing or refunding of any
Indebtedness secured by any Lien permitted by clause (b) or (d) above or this clause (e) without any change in the assets subject to such Lien and to the extent such renewal, extension, refinancing or refunding is permitted by
Section 8.1(e) (Indebtedness); 
  
 (f) Liens in
favor of lessors securing operating leases or, to the extent such transactions create a Lien hereunder, sale and leaseback transactions, in each case to the extent such operating leases or sale and leaseback transactions are permitted hereunder;

  
 (g) Liens securing the First Mortgage Notes; 
  
 (h) Liens on the assets that are not otherwise Collateral of a Foreign
Subsidiary of the Borrower securing Indebtedness permitted under Section 8.1(l) (Indebtedness); 
  
 (i) Liens resulting from operation of law with respect to any judgments, awards or orders not resulting in an Event of Default under Section 9.1
(Events of Default); provided, however, that the Dollar Equivalent of the aggregate outstanding amount of such judgments, awards or orders shall not exceed $4,000,000 at any time; and 
  
 (j) Liens not otherwise permitted by the foregoing clauses of this Section
8.2 securing obligations or other liabilities (other than Indebtedness) of the Borrower or any of its Subsidiaries; provided, however, that the Dollar Equivalent of the aggregate outstanding amount of all such obligations and
liabilities shall not exceed $2,500,000 at any time. 
  

 85 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	8.3 Investments 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, make or maintain any Investment except for the following:

  
 (a) Investments existing on the date of this Agreement and
disclosed on Schedule 8.3 (Existing Investments); 
  
 (b)
Investments in cash and Cash Equivalents held in a Deposit Account or a Control Account in compliance with Section 7.12(a) (Control Accounts; Approved Deposit Accounts); 
  
 (c) Investments in payment intangibles, chattel paper (each as defined in the UCC) and Accounts, notes receivable and
similar items arising or acquired in the ordinary course of business consistent with the past practice of the Borrower and its Subsidiaries; 
  
 (d) Investments received in settlement of amounts due to the Borrower or any Subsidiary of the Borrower effected in the ordinary course of business;

  
 (e) Investments by (i) the Borrower in any Guarantor or any
Guarantor in the Borrower or any other Guarantor, (ii) any Subsidiary of the Borrower that is not a Guarantor in the Borrower or any other Subsidiary of the Borrower or (iii) the Borrower or any Guarantor in a Subsidiary that is not a Guarantor;
provided, however, that (x) each Investment in Special IP Subsidiaries shall permitted only to the extent approved by the Administrative Agent in its reasonable discretion and (y) the Dollar Equivalent of the aggregate outstanding
amount of all Investments permitted pursuant to this clause (iii) shall not exceed $15,000,000 at any time; 
  
 (f) loans or advances to employees of the Borrower or any Subsidiaries of the Borrower in the ordinary course of business as presently conducted other
than any loans or advances that would be in violation of Section 402 of the Sarbanes-Oxley Act; provided, however, that the Dollar Equivalent of the aggregate principal amount of all loans and advances permitted pursuant to this
clause (f) shall not exceed $1,000,000 at any time; 
  
 (g)
Guaranty Obligations permitted by Section 8.1 (Indebtedness); 
  
 (h) Investments in Hedging Contracts not prohibited by Section 8.17 (No Speculative Transactions); and 
  
 (i) Investments not otherwise permitted hereby; provided, however, that (x) each Investment in Special IP Subsidiaries shall permitted only
to the extent approved by the Administrative Agent in its reasonable discretion and (y) the Dollar Equivalent of the aggregate outstanding amount of all such Investments shall not exceed $7,500,000 at any time. 
  

	 	Section	8.4 Sale of Assets 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, sell, convey, transfer, lease or otherwise dispose of, any of their respective
assets or any interest therein (including the sale or factoring at maturity or collection of any accounts) to any Person, or permit or suffer any other Person to acquire any interest in any of their respective assets or, except in the case of the
Borrower, issue or sell any shares of their Stock or any Stock Equivalents (any such disposition being an “Asset Sale”), except for the following: 
  
 (a) the sale or disposition of Cash Equivalents, Inventory or, if in connection with the compromise or collection thereof
and for fair market value, Accounts that are not Eligible Trade Receivables, in each case in the ordinary course of business; 
  

 86 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (b) the sale or disposition of Equipment that has become obsolete or is replaced in the ordinary
course of business; 
  
 (c) (i) a true lease or sublease of Real
Property not constituting Indebtedness and not constituting a sale and leaseback transaction and (ii) a sale of assets pursuant to a sale and leaseback transaction, in each case as permitted under Section 8.16 (Operating Leases;
Sale/Leasebacks); 
  
 (d) assignments and licenses of
intellectual property of the Borrower and its Subsidiaries in the ordinary course of business; 
  
 (e) any Asset Sale to the Borrower or any Guarantor; and 
  
 (f) as long as no Default or Event of Default is continuing or would result therefrom, any other Asset Sale for Fair Market Value, payable in cash upon such sale; provided, however, that with respect to
any such Asset Sale pursuant to this clause (f), (i) the Dollar Equivalent of the aggregate consideration received during any Fiscal Year for all such Asset Sales (other than the sale or disposition of (x) the Real Property located in
Reserve, Louisiana and (y) Constar Ambalaj Sanayi Ve Ticaret S.A.) shall not exceed (x) $10,000,000 per Fiscal Year and (y) $20,000,000 in the aggregate and (ii) all Net Cash Proceeds of such Asset Sale are applied to the payment of the Obligations
as set forth in, and to the extent required by, Section 2.9 (Mandatory Prepayments). 
  

	 	Section	8.5 Restricted Payments 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, declare, order, pay, make or set apart any sum for any
Restricted Payment except for the following: 
  
 (a) Restricted
Payments by any Subsidiary of the Borrower to the Borrower or any Guarantor; and 
  
 (b) dividends and distributions declared and paid on the common Stock of the Borrower and payable only in common Stock of the Borrower. 
  

	 	Section	8.6 Prepayment and Cancellation of Indebtedness 

  
 (a) The Borrower shall not, and shall not permit any of its Subsidiaries to, cancel any claim or Indebtedness owed to any of them except (i) in the
ordinary course of business consistent with past practice and (ii) in respect of intercompany Indebtedness among the Borrower and the Guarantors. 
  
 (b) The Borrower shall not, and shall not permit any of its Subsidiaries to, prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness; provided, however, that the Borrower and each of its Subsidiaries may (i) prepay the Obligations in accordance with the
terms of this Agreement, (ii) make regularly scheduled or otherwise required repayments or redemptions of Indebtedness, (iii) prepay Indebtedness under the Existing Credit Agreement with the proceeds of the initial Borrowings hereunder, (iv) prepay
any Indebtedness payable to the Borrower by any of its Subsidiaries, (v) prepay purchase money 

  

 87 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Indebtedness permitted under Section 8.1(d) (Indebtedness), (vi) prepay sale and leaseback Indebtedness permitted under Section 8.1(f)
(Indebtedness), (vii) prepay Indebtedness arising from intercompany loans permitted under Section 8.1(g) (Indebtedness), (viii) prepay Indebtedness permitted under Section 8.1(o) (Indebtedness), (ix) prepay, redeem, purchase,
defease or satisfy the First Mortgage Notes so long as Available Credit shall not be less than $60,000,000 (x) on a pro forma basis after giving effect to such prepayment, redemption, purchase, defeasance or satisfaction and (y) on an average
basis for the thirty (30) days immediately preceding such prepayment, redemption, purchase, defeasance or satisfaction and (x) renew, extend, refinance and refund Indebtedness, as long as such renewal, extension, refinancing or refunding is
permitted under Section 8.1(e) (Indebtedness); provided further however ̧ that no prepayment, redemption, purchase, defeasance or satisfaction of the kind described in subclauses (v), (vi), ((vii) (to the
extent such Indebtedness constitutes intercompany loans from the Borrower or any Guarantor to any Subsidiary of the Borrower that is not a Guarantor)), (viii) and (ix) above shall be permitted if a Default or Event of Default shall be
continuing or would result therefrom. 
  

	 	Section	8.7 Restriction on Fundamental Changes 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, (a)(i) merge with any Person, (ii) consolidate with any Person, (iii) acquire all
or substantially all of the Stock or Stock Equivalents of any Person or (iv) acquire all or substantially all of the assets of any Person or all or substantially all of the assets constituting the business of a division, branch or other unit
operation of any Person, (b) enter into any joint venture or partnership with any Person or (c) acquire or create any Subsidiary unless, after giving effect to such creation or acquisition, such Subsidiary is a Wholly-Owned Subsidiary of the
Borrower, the Borrower is in compliance with Section 7.11 (Additional Collateral and Guaranties) and the Investment in such Subsidiary is permitted under Section 8.3(c) (Investments). 
  

	 	Section	8.8 Change in Nature of Business 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, make any material change in the nature or conduct of its business as carried on
at the date hereof and businesses reasonably related thereto. 
  

	 	Section	8.9 Transactions with Affiliates 

  
 The Borrower shall not and, shall not permit any of its Subsidiaries to, except as otherwise expressly permitted herein, do any of the following: (a) make
any Investment in an Affiliate of the Borrower that is not a Subsidiary of the Borrower, (b) transfer, sell, lease, assign or otherwise dispose of any asset to any Affiliate of the Borrower that is not a Subsidiary of the Borrower (other than
Restricted Payments to the Borrower permitted under Section 8.5 (Restricted Payments)), (c) merge into or consolidate with or purchase or acquire assets from any Affiliate of the Borrower that is not a Subsidiary of the Borrower, (d) repay
any Indebtedness to any Affiliate of the Borrower that is not a Subsidiary of the Borrower or (e) enter into any other transaction directly or indirectly with or for the benefit of any Affiliate of the Borrower that is not a Guarantor (including
guaranties and assumptions of obligations of any such Affiliate), except for, in the case of this clause (e), (i) transactions in the ordinary course of business on a basis no less favorable to the Borrower or, as the case may be, such
Subsidiary thereof as would be obtained in a comparable arm’s length transaction with a Person not an Affiliate thereof, (ii) salaries and other director or employee compensation to officers or directors of the Borrower 

  

 88 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
or any of its Subsidiaries commensurate with current compensation levels, (iii) Restricted Payments to the Borrower permitted under Section 8.5
(Restricted Payments) and (iv) the Crown Agreements and any amendments, modifications or extensions thereto after the Closing Date that do not materially affect the rights and privileges of the Borrower or any of its Subsidiaries and do not
materially affect the interests of the Administrative Agent, the Lenders and the Issuers under the Loan Documents or in the Collateral. 
  

	 	Section	8.10 Limitations on Restrictions on Subsidiary Distributions; No New Negative Pledge 

  
 Except pursuant to the Loan Documents, the Senior Subordinated Notes Indenture, the First Mortgage Notes Indenture, any
agreements governing purchase money Indebtedness or Capital Lease Obligations permitted by Section 8.1(b), (d) or (e) (Indebtedness) (in which latter case, any prohibition or limitation shall only be effective against the assets
financed thereby), any agreement governing Indebtedness permitted by Section 8.1(l) (Indebtedness) and any purchase agreement relating to any Asset Sale not prohibited by Section 8.4 (Sale of Assets), the Borrower shall not and shall
not permit any of its Subsidiaries to, (a) agree to enter into or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of such Subsidiary to pay dividends or make any other distribution or transfer
of funds or assets or make loans or advances to or other Investments in, or pay any Indebtedness owed to the Borrower or any other Subsidiary of the Borrower or (b) enter into or suffer to exist or become effective any agreement prohibiting or
limiting the ability of the Borrower or any Subsidiary of the Borrower to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, to secure the Obligations, including
any agreement requiring any other Indebtedness or Contractual Obligation to be equally and ratably secured with the Obligations. 
  

	 	Section	8.11 Modification of Constituent Documents 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, change its capital structure (including in the terms of its outstanding Stock) or
otherwise amend its Constituent Documents, except for changes and amendments that do not materially affect the rights and privileges of the Borrower or any of its Subsidiaries and do not materially affect the interests of the Administrative Agent,
the Lenders and the Issuers under the Loan Documents or in the Collateral. 
  

	 	Section	8.12 Modification of Related Documents 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, (a) alter, rescind, terminate, amend, supplement, waive or otherwise modify any
provision of any Related Document (except for modifications to the terms of the Subordinated Debt (or any indenture or agreement in connection therewith) permitted under Section 8.13 (Modification of Debt Agreements) and modifications that do
not materially affect the rights and privileges of the Borrower or any of its Subsidiaries under such Related Document and that do not materially affect the interests of the Secured Parties under the Loan Documents or in the Collateral) or (b)
permit any breach or default to exist under any Related Document or take or fail to take any action thereunder, if to do so could reasonably be expected to have a Material Adverse Effect. 
  

 89 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	8.13 Modification of Debt Agreements 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, change or amend the terms of any Subordinated Debt (or any indenture or agreement
or other material document entered into in connection therewith) if the effect of such amendment is to (a) increase the interest rate on such Subordinated Debt, (b) change the dates upon which payments of principal or interest are due on such
Subordinated Debt other than to extend such dates, (c) change any default or event of default other than to delete or make less restrictive any default provision therein, or add any covenant with respect to such Subordinated Debt, (d) change the
subordination provisions of such Subordinated Debt, (e) change the redemption or prepayment provisions of such Subordinated Debt other than to extend the dates therefor or to reduce the premiums payable in connection therewith or (f) change or amend
any other term if such change or amendment would materially increase the obligations of the obligor or confer additional material rights to the holder of such Subordinated Debt in a manner adverse to the Borrower, any Subsidiary of the Borrower, the
Administrative Agent or any Lender. 
  

	 	Section	8.14 Accounting Changes; Fiscal Year 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, change its (a) accounting treatment and reporting practices or tax reporting
treatment, except as permitted by GAAP or any Requirement of Law and disclosed to the Lenders and the Administrative Agent (but only to the extent that Section 1.3(b) (Accounting Terms and Principles) is complied with) or (b) fiscal year.

  

	 	Section	8.15 Margin Regulations 

  
 The Borrower shall and shall not permit any of its Subsidiaries to, use all or any portion of the proceeds of any credit extended hereunder to purchase or
carry margin stock (within the meaning of Regulation U of the Federal Reserve Board) in contravention of Regulation U of the Federal Reserve Board. 
  

	 	Section	8.16 Operating Leases; Sale/Leasebacks 

  
 (a) The Borrower shall not, and shall not permit any of its Subsidiaries to, become or remain liable as lessee or guarantor or other surety with respect
to any operating lease, unless the Dollar Equivalent of the aggregate amount of all rents paid or accrued under all such operating leases shall not exceed $30,000,000 in any Fiscal Year. 
  
 (b) The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any sale and leaseback transaction
if, after giving effect to such sale and leaseback transaction, the Dollar Equivalent of the aggregate Fair Market Value of all properties covered by sale and leaseback transactions would exceed $15,000,000. 
  

	 	Section	8.17 No Speculative Transactions 

  
 The Borrower shall not, and shall not permit any of its Subsidiaries to, engage in any speculative transaction or in any transaction involving Hedging
Contracts except for the sole purpose of hedging in the normal course of business and consistent with industry practices. 
  

 90 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	8.18 Compliance with ERISA; Pension Matters 

  
 (a) The Borrower shall not, and shall not permit any of its Subsidiaries or any ERISA Affiliate to, cause or permit to occur, (a) an event that could
result in the imposition of a Lien under Section 412 of the Code or Section 302 or 4068 of ERISA or (b) ERISA Events that would have a Material Adverse Effect in the aggregate. 
  
 (b) The Borrower shall not, and shall not permit any of its Subsidiaries or any ERISA Affiliate to, make any payment of any
Unfunded Pension Liability exceeding an amount that would, in the aggregate, have a Material Adverse Effect. 
  
 (c) The Borrower shall not, and shall not permit any of its Subsidiaries or any Person connected with, or an associate of, the UK Guarantor to, cause or
permit to occur an act or failure to act which could be reasonably expected to fall within Subsection 5 of Section 38 to the Pensions Act 2004 unless, in relation to that act or failure to act, a clearance statement is made by the UK Pensions
Regulator in accordance with Subsection 2 of Section 42 to the Pensions Act 2004 or, prior to that section coming into force, equivalent clearance being made by the Occupational Pensions Regulatory Authority (as defined in Section 1 of the Pensions
Act 1995). 
  
 ARTICLE IX 
  
 EVENTS OF DEFAULT

  

	 	Section	9.1 Events of Default 

  
 Each of the following events shall be an Event of Default: 
  
 (a) the Borrower shall fail to pay any principal of any Loan or any Reimbursement Obligation when the same becomes due and payable; or 
  
 (b) the Borrower shall fail to pay any interest on any Loan, any fee under
any of the Loan Documents or any other Obligation (other than one referred to in clause (a) above) and such non-payment continues for a period of three Business Days after the due date therefor; or 
  
 (c) any representation or warranty made or deemed made by any Loan Party in
any Loan Document or by any Loan Party (or any of its officers) in connection with any Loan Document shall prove to have been incorrect in any material respect when made or deemed made; or 
  
 (d) any Loan Party shall fail to perform or observe (i) any term, covenant or
agreement contained in Article V (Financial Covenants), Section 6.1 (Financial Statements), 6.2 (Default Notices), 6.12 (Borrowing Base Determination), 7.1 (Preservation of Corporate Existence, Etc.), 7.6
(Access), 7.9 (Application of Proceeds), 7.11 (Additional Collateral and Guaranties), 7.12 (Control Accounts; Approved Deposit Accounts) or Article VIII (Negative Covenants) or (ii) any other term, covenant or
agreement contained in this Agreement or in any other Loan Document if such failure under this clause (ii) shall remain unremedied for 30 days after the earlier of (A) the date on which a Responsible Officer of the Borrower becomes aware of

  

 91 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
such failure and (B) the date on which written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or 

 
 (e) (i) the Borrower or any Subsidiary of the Borrower shall fail to make
any payment on any Indebtedness (other than the Obligations) or any Guaranty Obligation in respect of Indebtedness of any other Person, and, in each case, such failure relates to Indebtedness having a principal amount of $3,000,000 or more, when the
same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness, if
the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or (iii) any such Indebtedness shall become or be declared to be due and payable, or be required to be prepaid or repurchased
(other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or 
  
 (f) (i) the Borrower or any Subsidiary of the Borrower shall generally not pay its debts as such debts become due, shall admit in writing its inability to
pay its debts generally or shall make a general assignment for the benefit of creditors, (ii) any proceeding shall be instituted by or against the Borrower or any Subsidiary of the Borrower seeking to adjudicate it a bankrupt or insolvent, or
seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts, under any Requirement of Law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a custodian, receiver, trustee or other similar official for it or for any substantial part of its property; provided, however, that, in the case of any such proceedings instituted
against the Borrower or any Subsidiary of the Borrower (but not instituted the Borrower or any Subsidiary of the Borrower), the such proceedings shall remain undismissed or unstayed for a period of 30 days or more or any action sought in such
proceedings shall occur or (iii) the Borrower or any Subsidiary of the Borrower shall take any corporate action to authorize any action set forth in clauses (i) and (ii) above; or 
  
 (g) one or more judgments or orders (or other similar process) involving, in
the case of money judgments, an aggregate amount whose Dollar Equivalent exceeds $4,000,000, to the extent not covered by insurance, shall be rendered against one or more of the Borrower and its Subsidiaries; or 
  
 (h) an ERISA Event shall occur and the Dollar Equivalent of the amount of all
liabilities and deficiencies resulting therefrom, whether or not assessed, exceeds $4,000,000 in the aggregate; or 
  
 (i) a contribution notice or financial support direction being issued by the UK Pension Regulator against the Borrower or its Subsidiaries in accordance
with the UK Pension Regulator’s powers under Sections 38 to 51 of the Pensions Act 2004 and the Dollar Equivalent of the amount of all liabilities resulting therefrom exceeds $4,000,000 in the aggregate; or 
  
 (j) the termination or winding-up of a UK Pension Plan where the Dollar
Equivalent of the resulting liability of the UK Guarantors to fund any deficit in the UK Pension Plan exceeds, in aggregate, $4,000,000; or 
  

 92 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (k) any provision of any Loan Document after delivery thereof shall for any reason fail or cease to
be valid and binding on, or enforceable against, any Loan Party party thereto, or any Loan Party shall so state in writing; or 
  
 (l) any Collateral Document shall for any reason fail or cease to create a valid and enforceable Lien on any Collateral purported to be covered thereby
or, except as permitted by the Loan Documents, such Lien shall fail or cease to be a perfected and first priority Lien, or any Loan Party shall so state in writing; or 
  
 (m) there shall occur any Change of Control; or 
  
 (n) one or more of the Borrower and the Subsidiaries of the Borrower shall have entered into one or more consent or
settlement decrees or agreements or similar arrangements with a Governmental Authority or one or more judgments, orders, decrees or similar actions shall have been entered against one or more of the Borrower and the Subsidiaries of the Borrower
based on or arising from the violation of or pursuant to any Environmental Law, or the generation, storage, transportation, treatment, disposal or Release of any Contaminant and, in connection with all the foregoing, the Borrower or any Subsidiary
of the Borrower is likely to incur Environmental Liabilities and Costs whose Dollar Equivalent exceeds $4,000,000 in the aggregate that were not reflected in the Projections or the Financial Statements delivered pursuant to Section 4.4 (Financial
Statements) prior to the date hereof. 
  

	 	Section	9.2 Remedies 

  
 During the continuance of any Event of Default, the Administrative Agent (a) may, and, at the request of the Requisite Lenders, shall, by notice to the
Borrower declare that all or any portion of the Revolving Credit Commitments be terminated, whereupon the obligation of each Revolving Credit Lender to make any Loan and each Issuer to Issue any Letter of Credit shall immediately terminate and (b)
may, and, at the request of the Requisite Lenders, shall, by notice to the Borrower, declare the Loans, all interest thereon and all other amounts and Obligations payable under this Agreement to be forthwith due and payable, whereupon the Loans, all
such interest and all such amounts and Obligations shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided,
however, that upon the occurrence of the Events of Default specified in Section 9.1(f) (Events of Default), (x) the Revolving Credit Commitments of each Revolving Credit Lender to make Loans and the commitments of each Revolving Credit
Lender and Issuer to Issue or participate in Letters of Credit shall each automatically be terminated and (y) the Loans, all such interest and all such amounts and Obligations shall automatically become and be due and payable, without presentment,
demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. In addition to the remedies set forth above, the Administrative Agent may exercise any remedies provided for by the Collateral Documents in
accordance with the terms thereof or any other remedies provided by applicable law. 
  

	 	Section	9.3 Actions in Respect of Letters of Credit 

  
 At any time (i) upon the Revolving Credit Termination Date, (ii) after the Revolving Credit Termination Date when the aggregate funds on deposit in Cash
Collateral Accounts shall be less than 105% of the Letter of Credit Obligations, (iii) as may be required by Section 2.9 (Mandatory Prepayments), the Borrower shall pay to the Administrative Agent in 

  

 93 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
immediately available funds at the Administrative Agent’s office referred to in Section 11.8 (Notices, Etc.), for deposit in a Cash Collateral
Account, (x) in the case of clauses (i) and (ii) above, the amount required to that, after such payment, the aggregate funds on deposit in the Cash Collateral Accounts equals or exceeds 105% of the sum of all outstanding Letter of
Credit Obligations and (y) in the case of clause (iii) above, the amount required by Section 2.9 (Mandatory Prepayments). The Administrative Agent may, from time to time after funds are deposited in any Cash Collateral Account, apply
funds then held in such Cash Collateral Account to the payment of any amounts, in accordance with Section 2.9(c) (Mandatory Prepayments) and Section 2.13(g) (Payments and Computations), as shall have become or shall become due and
payable by the Borrower to the Issuers or Lenders in respect of the Letter of Credit Obligations. The Administrative Agent shall promptly give written notice of any such application; provided, however, that the failure to give such
written notice shall not invalidate any such application. 
  

	 	Section	9.4 Rescission 

  
 If at any time after termination of the Revolving Credit Commitments or acceleration of the maturity of the Loans, the Borrower shall pay all arrears of
interest and all payments on account of principal of the Loans and Reimbursement Obligations that shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates
specified herein) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Loans due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 11.1 (Amendments,
Waivers, Etc.), then upon the written consent of the Requisite Lenders and written notice to the Borrower, the termination of the Revolving Credit Commitments or the acceleration and their consequences may be rescinded and annulled;
provided, however, that such action shall not affect any subsequent Event of Default or Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders and the
Issuers to a decision that may be made at the election of the Requisite Lenders, and such provisions are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any acceleration
hereunder, even if the conditions set forth herein are met. 
  
 ARTICLE X 
  
 THE
ADMINISTRATIVE AGENT 
  

	 	Section	10.1 Authorization and Action 

  
 (a) Each Lender and each Issuer hereby appoints Citicorp as the Administrative Agent hereunder and each Lender and each Issuer authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are
reasonably incidental thereto. Without limiting the foregoing, each Lender and each Issuer hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the
Administrative Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents and, in the case of the Collateral Documents, to act as agent for the Lenders, Issuers and the other
Secured Parties under such Collateral Documents. 
  

 94 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (b) As to any matters not expressly provided for by this Agreement and the other Loan Documents
(including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the instructions of the Requisite Lenders, and such instructions shall be binding upon all Lenders and each Issuer; provided, however, that the Administrative Agent shall not be required to take any action that (i) the
Administrative Agent in good faith believes exposes it to personal liability unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders and the Issuers with respect to such action or (ii) is contrary to this
Agreement or applicable law. The Administrative Agent agrees to give to each Lender and each Issuer prompt notice of each notice given to it by any Loan Party pursuant to the terms of this Agreement or the other Loan Documents. 
  
 (c) In performing its functions and duties hereunder and under the other Loan
Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuers and its duties are entirely administrative in nature. The Administrative Agent does not assume and shall not be deemed to have assumed any obligation other
than as expressly set forth herein and in the other Loan Documents or any other relationship as the agent, fiduciary or trustee of or for any Lender, Issuer or holder of any other Obligation. The Administrative Agent may perform any of its duties
under any Loan Document by or through its agents or employees. 
  
 (d) The Arranger shall have no obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity. 
  

	 	Section	10.2 Administrative Agent’s Reliance, Etc. 

  
 None of the Administrative Agent, any of its Affiliates or any of their respective directors, officers, agents or employees shall be liable for any action
taken or omitted to be taken by it, him, her or them under or in connection with this Agreement or the other Loan Documents, except for its, his, her or their own gross negligence or willful misconduct. Without limiting the foregoing, the
Administrative Agent (a) may treat the payee of any Revolving Credit Note as its holder until such Revolving Credit Note has been assigned in accordance with Section 11.2 (Assignments and Participations), (b) may rely on the Register to the
extent set forth in Section 11.2(c) (Assignments and Participations), (c) may consult with legal counsel (including counsel to the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall
not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (d) makes no warranty or representation to any Lender or Issuer and shall not be responsible to any
Lender or Issuer for any statements, warranties or representations made by or on behalf of the Borrower or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document, (e) shall not have any duty to ascertain or to
inquire either as to the performance or observance of any term, covenant or condition of this Agreement or any other Loan Document, as to the financial condition of any Loan Party or as to the existence or possible existence of any Default or Event
of Default, (f) shall not be responsible to any Lender or Issuer for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be
created under or in connection with, this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto or thereto and (g) shall incur no liability under or in respect of this Agreement or any other Loan Document
by acting upon any notice, consent, certificate or other instrument or 

  

 95 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
writing (which writing may be a telecopy or electronic mail) or any telephone message believed by it to be genuine and signed or sent by the proper party or
parties. 
  

	 	Section	10.3 Posting of Approved Electronic Communications 

  
 (a) Each of the Lenders, the Issuers and the Borrower agree, and the Borrower shall cause each Guarantor to agree, that the Administrative Agent may, but
shall not be obligated to, make the Approved Electronic Communications available to the Lenders and Issuers by posting such Approved Electronic Communications on IntraLinksTM or a substantially similar electronic platform chosen by the Administrative Agent to be its electronic transmission
system (the “Approved Electronic Platform”). 
  
 (b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the
Closing Date, a dual firewall and a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization method whereby each user may access the Approved Electronic Platform only on a
deal-by-deal basis, each of the Lenders, the Issuers, and the Borrower acknowledges and agrees, and the Borrower shall cause each Guarantor to acknowledge and agree, that the distribution of material through an electronic medium is not necessarily
secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and
sufficiency of which is hereby acknowledged, each of the Lenders, the Issuers, and the Borrower hereby approves, and the Borrower shall cause each Guarantor to approve, distribution of the Approved Electronic Communications through the Approved
Electronic Platform and understands and assumes, and the Borrower shall cause each Guarantor to understand and assume, the risks of such distribution. 
  
 (c) THE APPROVED ELECTRONIC COMMUNICATIONS AND THE
APPROVED ELECTRONIC PLATFORM ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
NONE OF THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY
OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES
(THE “AGENT AFFILIATES”) WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF
THE APPROVED ELECTRONIC COMMUNICATIONS AND THE APPROVED ELECTRONIC PLATFORM AND EACH
EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC
COMMUNICATIONS AND THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS) IS MADE BY
THE AGENT AFFILIATES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR
THE APPROVED ELECTRONIC PLATFORM. 
  
 (d) Each of the Lenders, the Issuers, and the Borrower agree, and the Borrower shall cause each Guarantor to agree, that the Administrative Agent may, but (except as may be required by applicable law) shall not be
obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies. 
  

 96 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

	 	Section	10.4 The Administrative Agent Individually 

  
 With respect to its Ratable Portion, Citicorp shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and
liabilities as and to the extent set forth herein for any other Lender. The terms “Lenders”, “Revolving Credit Lenders”, “Requisite Lenders” and any similar terms shall, unless the context clearly
otherwise indicates, include, without limitation, the Administrative Agent in its individual capacity as a Lender, a Revolving Credit Lender or as one of the Requisite Lenders. Citicorp and its Affiliates may accept deposits from, lend money to, and
generally engage in any kind of banking, trust or other business with, any Loan Party as if Citicorp were not acting as the Administrative Agent. 
  

	 	Section	10.5 Lender Credit Decision 

  
 Each Lender and each Issuer acknowledges that it shall, independently and without reliance upon the Administrative Agent or any other Lender conduct its
own independent investigation of the financial condition and affairs of the Borrower and each other Loan Party in connection with the making and continuance of the Loans and with the issuance of the Letters of Credit. Each Lender and each Issuer
also acknowledges that it shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement and other Loan Documents. 
  

	 	Section	10.6 Indemnification 

  
 Each Revolving Credit Lender agrees to indemnify the Administrative Agent and each of its Affiliates, and each of their respective directors, officers,
employees, agents and advisors (to the extent not reimbursed by the Borrower), from and against such Revolving Credit Lender’s aggregate Ratable Portion of any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses and disbursements (including fees, expenses and disbursements of financial and legal advisors) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against, the Administrative Agent or any of its
Affiliates, directors, officers, employees, agents and advisors in any way relating to or arising out of this Agreement or the other Loan Documents or any action taken or omitted by the Administrative Agent under this Agreement or the other Loan
Documents; provided, however, that no Revolving Credit Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s or such Affiliate’s gross negligence or willful misconduct. Without limiting the foregoing, each Revolving Credit Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any
out-of-pocket expenses (including fees, expenses and disbursements of financial and legal advisors) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of its rights or responsibilities under, this Agreement or the other Loan Documents, to the extent that the Administrative Agent is not reimbursed for such
expenses by the Borrower or another Loan Party. 
  

	 	Section	10.7 Successor Administrative Agent 

  
 The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation, the Requisite
Lenders shall 

  

 97 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Requisite Lenders, and
shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent,
selected from among the Lenders. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be required upon the occurrence and during the
continuance of an Event of Default). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges
and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. After
such resignation, the retiring Administrative Agent shall continue to have the benefit of this Article XI as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan
Documents. 
  

	 	Section	10.8 Concerning the Collateral and the Collateral Documents 

  
 (a) Each Lender and each Issuer agrees that any action taken by the Administrative Agent or the Requisite Lenders (or, where required by the express terms
of this Agreement, a greater proportion of the Lenders) in accordance with the provisions of this Agreement or of the other Loan Documents, and the exercise by the Administrative Agent or the Requisite Lenders (or, where so required, such greater
proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders, Issuers and other Secured Parties. Without limiting the generality
of the foregoing, the Administrative Agent shall have the sole and exclusive right and authority to (i) act as the disbursing and collecting agent for the Lenders and the Issuers with respect to all payments and collections arising in connection
herewith and with the Collateral Documents, (ii) execute and deliver each Collateral Document and accept delivery of each such agreement delivered by the Borrower or any of its Subsidiaries, (iii) act as collateral agent for the Lenders, the Issuers
and the other Secured Parties for purposes of the perfection of all security interests and Liens created by such agreements and all other purposes stated therein, provided, however, that the Administrative Agent hereby appoints,
authorizes and directs each Lender and Issuer to act as collateral sub-agent for the Administrative Agent, the Lenders and the Issuers for purposes of the perfection of all security interests and Liens with respect to the Collateral, including any
Deposit Accounts maintained by a Loan Party with, and cash and Cash Equivalents held by, such Lender or such Issuer, (iv) manage, supervise and otherwise deal with the Collateral, including the making of Protective Advances in an aggregate amount
not to exceed the lesser of $5,000,000 and the aggregate amount of the unused Revolving Credit Commitments, (v) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and Liens created or
purported to be created by the Collateral Documents and (vi) except as may be otherwise specifically restricted by the terms hereof or of any other Loan Document, exercise all remedies given to the Administrative Agent, the Lenders, the Issuers and
the other Secured Parties with respect to the Collateral under the Loan Documents relating thereto, applicable law or otherwise. 
  

 98 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (b) Each of the Lenders and the Issuers hereby consents to the release and hereby directs, in
accordance with the terms hereof, the Administrative Agent to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by the Administrative Agent for the benefit of the Lenders and the Issuers against any of the
following: 
  
 (i) all of the Collateral and all
Loan Parties, upon termination of the Revolving Credit Commitments and payment and satisfaction in full of all Loans, all Reimbursement Obligations and all other Obligations that the Administrative Agent has been notified in writing are then due and
payable (and, in respect of contingent Letter of Credit Obligations, with respect to which cash collateral has been deposited or a back-up letter of credit has been issued, in either case in the appropriate currency and on terms satisfactory to the
Administrative Agent and the applicable Issuers); 
  
 (ii) any assets that are subject to a Lien permitted by Section 8.2(d) or (e) (Liens, Etc.); and 
  
 (iii) any part of the Collateral sold or disposed of by a Loan Party if such sale or disposition is permitted by this Agreement (or
permitted pursuant to a waiver or consent to a transaction otherwise prohibited by this Agreement). 
  
 Each of the Lenders and the Issuers hereby directs the Administrative Agent to execute and deliver or file such termination and partial release statements and do such other things as are necessary to release Liens to
be released pursuant to this Section 10.8 promptly upon the effectiveness of any such release. 
  

	 	Section	10.9 Collateral Matters Relating to Related Obligations 

  
 The benefit of the Loan Documents and of the provisions of this Agreement relating to the Collateral shall extend to and be available in respect of any
Secured Obligation arising under any Hedging Contract or Cash Management Obligation or that is otherwise owed to Persons other than the Administrative Agent, the Lenders and the Issuers (collectively, “Related Obligations”) solely
on the condition and understanding, as among the Administrative Agent and all Secured Parties, that (a) the Related Obligations shall be entitled to the benefit of the Loan Documents and the Collateral to the extent expressly set forth in this
Agreement and the other Loan Documents and to such extent the Administrative Agent shall hold, and have the right and power to act with respect to, the Guaranty and the Collateral on behalf of and as agent for the holders of the Related Obligations,
but the Administrative Agent is otherwise acting solely as agent for the Lenders and the Issuers and shall have no fiduciary duty, duty of loyalty, duty of care, duty of disclosure or other obligation whatsoever to any holder of Related Obligations,
(b) all matters, acts and omissions relating in any manner to the Guaranty, the Collateral, or the omission, creation, perfection, priority, abandonment or release of any Lien, shall be governed solely by the provisions of this Agreement and the
other Loan Documents and no separate Lien, right, power or remedy shall arise or exist in favor of any Secured Party under any separate instrument or agreement or in respect of any Related Obligation, (c) each Secured Party shall be bound by all
actions taken or omitted, in accordance with the provisions of this Agreement and the other Loan Documents, by the Administrative Agent and the Requisite Lenders, each of whom shall be entitled to act at its sole discretion and exclusively in its
own interest given its own Revolving Credit Commitments and its own interest in the Loans, Letter of Credit Obligations and other Obligations to it arising under this Agreement or the other Loan Documents, without any duty or liability to any other
Secured Party or as to any Related Obligation and without 

  

 99 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
regard to whether any Related Obligation remains outstanding or is deprived of the benefit of the Collateral or becomes unsecured or is otherwise affected or
put in jeopardy thereby, (d) no holder of Related Obligations and no other Secured Party (except the Administrative Agent, the Lenders and the Issuers, to the extent set forth in this Agreement) shall have any right to be notified of, or to direct,
require or be heard with respect to, any action taken or omitted in respect of the Collateral or under this Agreement or the Loan Documents and (e) no holder of any Related Obligation shall exercise any right of setoff, banker’s lien or similar
right except to the extent provided in Section 11.6 (Right of Set-off) and then only to the extent such right is exercised in compliance with Section 11.7 (Sharing of Payments, Etc.). 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  

	 	Section	11.1 Amendments, Waivers, Etc. 

  
 (a) No amendment or waiver of any provision of this Agreement or any other Loan Document nor consent to any departure by any Loan Party therefrom shall in
any event be effective unless the same shall be in writing and signed by the Requisite Lenders (or by the Administrative Agent with the consent of the Requisite Lenders) and, in the case of any amendment, by the Borrower, and then any such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by each Lender directly affected
thereby, in addition to the Requisite Lenders (or the Administrative Agent with the consent thereof), do any of the following: 
  
 (i) waive any condition specified in Section 3.1 (Conditions Precedent to Initial Loans and Letters of Credit) or 3.2(b)
(Conditions Precedent to Each Loan and Letter of Credit), except with respect to a condition based upon another provision hereof, the waiver of which requires only the concurrence of the Requisite Lenders and, in the case of the conditions
specified in Section 3.1 (Conditions Precedent to Initial Loans and Letters of Credit), subject to the provisions of Section 3.3 (Determinations of Initial Borrowing Conditions); 
  
 (ii) increase the Revolving Credit Commitment of such Lender
or subject such Lender to any additional obligation; 
  
 (iii) extend the scheduled final maturity of any Loan owing to such Lender, or waive, reduce or postpone any scheduled date fixed for the payment or reduction of principal or interest of any such Loan or fees owing to such Lender (it being
understood that Section 2.9 (Mandatory Prepayments) does not provide for scheduled dates fixed for payment) or for the reduction of such Lender’s Revolving Credit Commitment; 
  
 (iv) reduce, or release the Borrower from its obligations to repay, the principal amount of any Loan or
Reimbursement Obligation owing to such Lender (other than by the payment or prepayment thereof); 
  

 100 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (v) reduce the rate of interest on any Loan or Reimbursement Obligations outstanding
and owing to such Lender or any fee payable hereunder to such Lender; 
  
 (vi) expressly subordinate any of the Secured Obligations or any Liens securing the Secured Obligations; 
  
 (vii) postpone any scheduled date fixed for payment of such interest or fees owing to such Lender or waive any such payment; 

 
 (viii) change the aggregate Ratable Portions of Lenders
required for any or all Lenders to take any action hereunder; 
  
 (ix) release all or substantially all of the Collateral except as provided in Section 10.8(b) (Concerning the Collateral and the Collateral Documents) or release the Borrower from its payment obligation to such
Lender under this Agreement or the Revolving Credit Notes owing to such Lender (if any) or release any Guarantor from its obligations under the Guaranty except in connection with the sale or other disposition of a Guarantor (or all or substantially
all of the assets thereof) permitted by this Agreement (or permitted pursuant to a waiver or consent of a transaction otherwise prohibited by this Agreement); 
  

(x) increase any of the percentages relating to the advance rates set forth in the definition of “Borrowing Base” above the
maximum percentages stated therein on the date hereof; or 
  
 (xi) amend Section 10.8(b) (Concerning the Collateral and the Collateral Documents), Section 11.7 (Sharing of Payments, Etc.), this Section 11.1 or either definition of the terms
“Requisite Lenders” or “Ratable Portion”; 
  
 and provided, further, that (x) no amendment, waiver or consent shall, unless in writing and signed by any Special Purpose Vehicle that has been granted an option pursuant to Section 11.2(f) (Assignments and
Participations), affect the grant or nature of such option or the right or duties of such Special Purpose Vehicle hereunder, (y) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the
Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or the other Loan Documents and (z) no amendment, waiver or consent shall, unless in writing and signed by the Swing Loan Lender
in addition to the Lenders required above to take such action, affect the rights or duties of the Swing Loan Lender under this Agreement or the other Loan Documents; and provided, further, that the Administrative Agent may, with the
consent of the Borrower, amend, modify or supplement this Agreement to cure any typographical error, defect or inconsistency, so long as such amendment, modification or supplement does not adversely affect the right of any Lender or any Issuer.

  
 (b) The Administrative Agent may, but shall have no obligation
to, with the written concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was
given. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  

 101 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (c) If, in connection with any proposed amendment, modification, waiver or termination (a
“Proposed Change”) requiring the consent of all affected Lenders, the consent of Requisite Lenders is obtained but the consent of other Revolving Credit Lenders whose consent is required is not obtained (any such Revolving Credit
Lender whose consent is not obtained as described in this Section 11.1 being referred to as a “Non-Consenting Lender”), then, as long as the Revolving Credit Lender acting as the Administrative Agent is not a Non-Consenting
Lender, at the Borrower’s request, any Eligible Assignee acceptable to the Administrative Agent shall have the right with the Administrative Agent’s consent and in the Administrative Agent’s sole discretion (but shall have no
obligation) to purchase from such Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall, upon the Administrative Agent’s request, sell and assign to the Revolving Credit Lender acting as the Administrative Agent or such
Eligible Assignee, all of the Revolving Credit Commitments, and Revolving Credit Outstandings of such Non-Consenting Lender for an amount equal to the principal balance of all Loans held by the Non-Consenting Lender and all accrued and unpaid
interest and fees with respect thereto through the date of sale; provided, however, that such purchase and sale shall not be effective until (x) the Administrative Agent shall have received from such Eligible Assignee an agreement in
form and substance satisfactory to the Administrative Agent and the Borrower whereby such Eligible Assignee shall agree to be bound by the terms hereof and (y) such Non-Consenting Lender shall have received payments of all Loans held by it and all
accrued and unpaid interest and fees with respect thereto through the date of the sale. Each Revolving Credit Lender agrees that, if it becomes a Non-Consenting Lender, it shall execute and deliver to the Administrative Agent an Assignment an
Acceptance to evidence such sale and purchase and shall deliver to the Administrative Agent any Revolving Credit Note (if the assigning Revolving Credit Lender’s Loans are evidenced by a Revolving Credit Note) subject to such Assignment and
Acceptance; provided, however, that the failure of any Non-Consenting Lender to execute an Assignment and Acceptance shall not render such sale and purchase (and the corresponding assignment) invalid. 
  

	 	Section	11.2 Assignments and Participations 

  
 (a) Each Revolving Credit Lender may sell, transfer, negotiate or assign to one or more Eligible Assignees all or a portion of its rights and obligations
hereunder (including all of its rights and obligations with respect to the Revolving Loans, the Swing Loans and the Letters of Credit); provided, however, that (i) if any such assignment shall be of the assigning Revolving Credit
Lender’s Revolving Credit Outstandings and Revolving Credit Commitments, such assignment shall cover the same percentage of such Revolving Credit Lender’s Revolving Credit Outstandings and Revolving Credit Commitments, (ii) the aggregate
amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event (if less than the assignor’s entire interest) be less than $5,000,000 or an
integral multiple of $1,000,000 in excess thereof, except, in either case, (A) with the consent of the Borrower and the Administrative Agent or (B) if such assignment is being made to a Lender or an Affiliate or Approved Fund of such Lender and
(iii) if such Eligible Assignee is not, prior to the date of such assignment, a Lender or an Affiliate or Approved Fund of a Lender, such assignment shall be subject to the prior consent of the Administrative Agent and the Borrower (which consents
shall not be unreasonably withheld or delayed); and provided, further, that, notwithstanding any other provision of this Section 11.2, the consent of the Borrower shall not be required (x) for any assignment occurring when any
Event of Default shall have occurred and be continuing and (y) for any assignment by any Affiliate of the Administrative Agent made within 15 Business Days after the Closing Date of its Revolving Credit Commitment held on the Closing Date.

  

 102 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (b) The parties to each such assignment shall execute and deliver to the Administrative Agent, for
its acceptance and recording, an Assignment and Acceptance, together with any Revolving Credit Note (if the assigning Revolving Credit Lender’s Loans are evidenced by a Revolving Credit Note) subject to such assignment. Upon the execution,
delivery, acceptance and recording of any Assignment and Acceptance and, other than in respect of assignments made pursuant to Section 2.17 (Substitution of Lenders) and Section 11.1(c) (Amendments, Waivers, Etc.), the receipt
by the Administrative Agent from the assignee of an assignment fee in the amount of $3,500 from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder shall become a party hereto and, to the extent that
rights and obligations under the Loan Documents have been assigned to such assignee pursuant to such Assignment and Acceptance, have the rights and obligations of a Revolving Credit Lender and, if such Revolving Credit Lender were an Issuer, of such
Issuer hereunder and thereunder, (ii) the Revolving Credit Notes (if any) corresponding to the Loans assigned thereby shall be transferred to such assignee by notification in the Register and (iii) the assignor thereunder shall, to the extent that
rights and obligations under this Agreement have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except for those surviving the payment in full of the Obligations) and be released from its obligations under the
Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Revolving Credit Lender’s rights and
obligations under the Loan Documents, such Revolving Credit Lender shall cease to be a party hereto). 
  
 (c) The Administrative Agent shall maintain at its address referred to in Section 11.8 (Notices, Etc.) a copy of each Assignment and Acceptance
delivered to and accepted by it and a register for the recording of the names and addresses of the Lenders and the Revolving Credit Commitments of and principal amount of the Loans and Letter of Credit Obligations owing to each Lender from time to
time (the “Register”). Any assignment pursuant to this Section 11.2 shall not be effective until such assignment is recorded in the Register. The entries in the Register shall be conclusive and binding for all purposes,
absent manifest error, and the Loan Parties, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender for all purposes of this Agreement. The Register shall be available for inspection by the
Borrower, the Administrative Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. 
  
 (d) Notwithstanding anything to the contrary contained in clause (b) above, the Loans (including the Revolving Credit Notes evidencing such Loans)
are registered obligations and the right, title, and interest of the Lenders and their assignees in and to such Loans shall be transferable only upon notation of such transfer in the Register. A Revolving Credit Note shall only evidence the
Lender’s or an assignee’s right, title and interest in and to the related Loan, and in no event is any such Revolving Credit Note to be considered a bearer instrument or obligation. This Section 11.2 shall be construed so that the
Loans are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code and any related regulations (or any successor provisions of the Internal Revenue Code
or such regulations). Solely for purposes of this and for tax purposes only, the Administrative Agent shall act as the Borrower’s agent for purposes of maintaining such notations of transfer in the Register. 
  
 (e) Upon its receipt of an Assignment and Acceptance executed by an assigning
Revolving Credit Lender and an assignee, the Administrative Agent shall, if such 

  

 103 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Assignment and Acceptance has been completed, (i) accept such Assignment and Acceptance, (ii) record or cause to be recorded the information contained
therein in the Register and (iii) give prompt notice thereof to the Borrower. Within five Business Days after its receipt of such notice, the Borrower, at its own expense, shall, if requested by such assignee, execute and deliver to the
Administrative Agent, new Revolving Credit Notes to the order of such assignee in an amount equal to the Revolving Credit Commitments assumed by it pursuant to such Assignment and Acceptance and, if the assigning Revolving Credit Lender has
surrendered any Revolving Credit Note for exchange in connection with the assignment and has retained Revolving Credit Commitments hereunder, new Revolving Credit Notes to the order of the assigning Revolving Credit Lender in an amount equal to the
Revolving Credit Commitments retained by it hereunder. Such new Revolving Credit Notes shall be dated the same date as the surrendered Revolving Credit Notes and be in substantially the form of Exhibit B (Form of Revolving Credit Note).

  
 (f) In addition to the other assignment rights provided in
this Section 11.2, each Revolving Credit Lender may do each of the following: 
  
 (i) grant to a Special Purpose Vehicle the option to make all or any part of any Loan that such Revolving Credit Lender would otherwise be
required to make hereunder and the exercise of such option by any such Special Purpose Vehicle and the making of Loans pursuant thereto shall satisfy (once and to the extent that such Loans are made) the obligation of such Revolving Credit Lender to
make such Loans thereunder, provided, however, that (x) nothing herein shall constitute a commitment or an offer to commit by such a Special Purpose Vehicle to make Loans hereunder and no such Special Purpose Vehicle shall be liable
for any indemnity or other Obligation (other than the making of Loans for which such Special Purpose Vehicle shall have exercised an option, and then only in accordance with the relevant option agreement) and (y) such Lender’s obligations under
the Loan Documents shall remain unchanged, such Lender shall remain responsible to the other parties for the performance of its obligations under the terms of this Agreement and shall remain the holder of the Obligations for all purposes hereunder;
and 
  
 (ii) assign, as collateral or otherwise,
any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to payments of principal or interest on the Loans), to (A) without notice to or consent of the Administrative Agent or the Borrower, any Federal
Reserve Bank (pursuant to Regulation A of the Federal Reserve Board) and (B) without consent of the Administrative Agent or the Borrower, (1) any holder of, or trustee for the benefit of, the holders of such Revolving Credit Lender’s Securities
and (2) any Special Purpose Vehicle to which such Revolving Credit Lender has granted an option pursuant to clause (i) above; 
  
 provided, however, that no such assignment or grant shall release such Revolving Credit Lender from any of its obligations hereunder except as expressly
provided in clause (i) above and except, in the case of a subsequent foreclosure pursuant to an assignment as collateral, if such foreclosure is made in compliance with the other provisions of this Section 11.2 other than this
clause (f) or clause (g) below. Each party hereto acknowledges and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any such Special Purpose
Vehicle, such party shall not institute against, or join any other Person in instituting against, any Special Purpose Vehicle that has been granted an option pursuant to this clause (f) any bankruptcy, reorganization, insolvency or
liquidation proceeding 

  

 104 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
(such agreement shall survive the payment in full of the Obligations). The terms of the designation of, or assignment to, such Special Purpose Vehicle shall
not restrict such Lender’s ability to, or grant such Special Purpose Vehicle the right to, consent to any amendment or waiver to this Agreement or any other Loan Document or to the departure by the Borrower from any provision of this Agreement
or any other Loan Document without the consent of such Special Purpose Vehicle except, as long as the Administrative Agent and the Lenders, Issuers and other Secured Parties shall continue to, and shall be entitled to continue to, deal solely and
directly with such Lender in connection with such Lender’s obligations under this Agreement, to the extent any such consent would reduce the principal amount of, or the rate of interest on, any Obligations, amend this clause (f) or
postpone any scheduled date of payment of such principal or interest. Each Special Purpose Vehicle shall be entitled to the benefits of Sections 2.15 (Capital Adequacy) and 2.16 (Taxes) and of Section 2.14(d) (Illegality) as if
it were such Lender; provided, however, that anything herein to the contrary notwithstanding, the Borrower shall not, at any time, be obligated to make under Section 2.15 (Capital Adequacy), 2.16 (Taxes) or 2.14(d)
(Illegality) to any such Special Purpose Vehicle and any such Lender any payment in excess of the amount the Borrower would have been obligated to pay to such Lender in respect of such interest if such Special Purpose Vehicle had not been
assigned the rights of such Lender hereunder. 
  
 (g) Each Lender
may sell participations to one or more Persons in or to all or a portion of its rights and obligations under the Loan Documents (including all its rights and obligations with respect to the Revolving Loans and Letters of Credit). The terms of such
participation shall not, in any event, require the participant’s consent to any amendments, waivers or other modifications of any provision of any Loan Documents, the consent to any departure by any Loan Party therefrom, or to the exercising or
refraining from exercising any powers or rights such Lender may have under or in respect of the Loan Documents (including the right to enforce the obligations of the Loan Parties), except if any such amendment, waiver or other modification or
consent would (i) reduce the amount, or postpone any date fixed for, any amount (whether of principal, interest or fees) payable to such participant under the Loan Documents, to which such participant would otherwise be entitled under such
participation or (ii) result in the release of all or substantially all of the Collateral other than in accordance with Section 10.8(b) (Concerning the Collateral and the Collateral Documents). In the event of the sale of any participation by
any Lender, (w) such Lender’s obligations under the Loan Documents shall remain unchanged, (x) such Lender shall remain solely responsible to the other parties for the performance of such obligations, (y) such Lender shall remain the holder of
such Obligations for all purposes of this Agreement and (z) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Each participant shall be entitled to the benefits of Sections 2.15 (Capital Adequacy) and 2.16 (Taxes) and of Section 2.14(d) (Illegality) as if it were a Lender; provided, however, that anything
herein to the contrary notwithstanding, the Borrower shall not at any time, be obligated to make under Section 2.15 (Capital Adequacy), 2.16 (Taxes) or 2.14(d) (Illegality) to the participants in the rights and obligations of
any Lender (together with such Lender) any payment in excess of the amount the Borrower would have been obligated to pay to such Lender in respect of such interest had such participation not been sold. 
  
 (h) Any Issuer may at any time assign its rights and obligations hereunder to
any other Lender by an instrument in form and substance satisfactory to the Borrower, the Administrative Agent, such Issuer and such Lender. If any Issuer ceases to be a Lender hereunder by virtue of any assignment made pursuant to this Section
11.2, then, as of the effective 

  

 105 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
date of such cessation, such Issuer’s obligations to Issue Letters of Credit pursuant to Section 2.4 (Letters of Credit) shall terminate and such
Issuer shall be an Issuer hereunder only with respect to outstanding Letters of Credit issued prior to such date. 
  

	 	Section	11.3 Costs and Expenses 

  
 (a) The Borrower agrees upon demand to pay, or reimburse the Administrative Agent for, all of the Administrative Agent’s reasonable internal and
external audit, legal, appraisal, valuation, filing, document duplication and reproduction and investigation expenses and for all other reasonable out-of-pocket costs and expenses of every type and nature (including the reasonable fees, expenses and
disbursements of the Administrative Agent’s counsel, Weil, Gotshal & Manges LLP, local legal counsel, auditors, accountants, appraisers, printers, insurance and environmental advisors, and other consultants and agents) incurred by the
Administrative Agent in connection with any of the following: (i) the Administrative Agent’s audit and investigation of the Borrower and its Subsidiaries in connection with the preparation, negotiation or execution of any Loan Document or the
Administrative Agent’s periodic audits of the Borrower or any of its Subsidiaries, as the case may be, (ii) the preparation, negotiation, execution or interpretation of this Agreement (including, without limitation, the satisfaction or
attempted satisfaction of any condition set forth in Article III (Conditions To Loans And Letters Of Credit)), any Loan Document or any proposal letter or commitment letter issued in connection therewith, or the making of the Loans hereunder,
(iii) the creation, perfection or protection of the Liens under any Loan Document (including any reasonable fees, disbursements and expenses for local counsel in various jurisdictions), (iv) the ongoing administration of this Agreement and the
Loans, including consultation with attorneys in connection therewith and with respect to the Administrative Agent’s rights and responsibilities hereunder and under the other Loan Documents and costs of the Approved Electronic Platform, (v) the
protection, collection or enforcement of any Obligation or the enforcement of any Loan Document, (vi) the commencement, defense or intervention in any court proceeding relating in any way to the Obligations, any Loan Party, any of the
Borrower’s Subsidiaries (whether or not a Loan Party), the Related Documents, this Agreement or any other Loan Document, (vii) the response to, and preparation for, any subpoena or request for document production with which the Administrative
Agent is served or deposition or other proceeding in which the Administrative Agent is called to testify, in each case, relating in any way to the Obligations, any Loan Party, any of the Borrower’s Subsidiaries (whether or not a Loan Party),
the Related Documents, this Agreement or any other Loan Document or (viii) any amendment, consent, waiver, assignment, restatement, or supplement to any Loan Document or the preparation, negotiation and execution of the same. 
  
 (b) The Borrower further agrees to pay or reimburse the Administrative Agent
and each of the Lenders and Issuers upon demand for all out-of-pocket costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel and costs of settlement), incurred by the Administrative Agent, such
Lenders or such Issuers in connection with any of the following: (i) in enforcing any Loan Document or Obligation or any security therefor or exercising or enforcing any other right or remedy available by reason of an Event of Default, (ii) in
connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out” or in any insolvency or bankruptcy proceeding, (iii) in commencing, defending or intervening in any litigation or
in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to the Obligations, any Loan Party, any of the Borrower’s Subsidiaries (whether or not a Loan Party) and related to or arising out of the
transactions contemplated hereby or by any other Loan Document or Related 

  

 106 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Document or (iv) in taking any other action in or with respect to any suit or proceeding (bankruptcy or otherwise) described in clause (i), (ii)
or (iii) above. 
  

	 	Section	11.4 Indemnities 

  
 (a) The Borrower agrees to indemnify and hold harmless the Administrative Agent, the Arranger, each Lender and each Issuer and each of their respective
Affiliates, and each of the directors, officers, employees, agents, trustees, representatives, attorneys, consultants and advisors of or to any of the foregoing (including those retained in connection with the satisfaction or attempted satisfaction
of any condition set forth in Article III (Conditions To Loans And Letters Of Credit)) (each such Person being an “Indemnitee”) from and against any and all claims, damages, liabilities, obligations, losses, penalties,
actions, judgments, suits, costs, disbursements and expenses, joint or several, of any kind or nature (including fees, disbursements and expenses of financial and legal advisors to any such Indemnitee) that may be imposed on, incurred by or asserted
against any such Indemnitee in connection with or arising out of any investigation, litigation or proceeding, whether or not such investigation, litigation or proceeding is brought by any such Indemnitee or any of its directors, security holders or
creditors or any such Indemnitee, director, security holder or creditor is a party thereto, whether direct, indirect, or consequential and whether based on any federal, state or local law or other statutory regulation, securities or commercial law
or regulation, or under common law or in equity, or on contract, tort or otherwise, in any manner relating to or arising out of this Agreement, any other Loan Document, any Obligation, any Letter of Credit, any Disclosure Document, any Related
Document, or any act, event or transaction related or attendant to any thereof, or the use or intended use of the proceeds of the Loans or Letters of Credit or in connection with any investigation of any potential matter covered hereby
(collectively, the “Indemnified Matters”); provided, however, that the Borrower shall not have any liability under this Section 11.4 to an Indemnitee with respect to any Indemnified Matter that has resulted
primarily from the gross negligence or willful misconduct of that Indemnitee, as determined by a court of competent jurisdiction in a final non-appealable judgment or order. Without limiting the foregoing, “Indemnified Matters”
include (i) all Environmental Liabilities and Costs arising from or connected with the past, present or future operations of the Borrower or any of its Subsidiaries involving any property subject to a Collateral Document, or damage to real or
personal property or natural resources or harm or injury alleged to have resulted from any Release of Contaminants on, upon or into such property or any contiguous real estate, (ii) any costs or liabilities incurred in connection with any Remedial
Action concerning the Borrower or any of its Subsidiaries, (iii) any costs or liabilities incurred in connection with any Environmental Lien and (iv) any costs or liabilities incurred in connection with any other matter under any Environmental Law,
including the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (49 U.S.C. § 9601 et seq.) and applicable state property transfer laws, whether, with respect to any such matter, such Indemnitee is a mortgagee
pursuant to any leasehold mortgage, a mortgagee in possession, the successor in interest to the Borrower or any of its Subsidiaries, or the owner, lessee or operator of any property of the Borrower or any of its Subsidiaries by virtue of
foreclosure, except, with respect to those matters referred to in clauses (i), (ii), (iii) and (iv) above, to the extent (x) incurred following foreclosure by the Administrative Agent, any Lender or any Issuer, or the
Administrative Agent, any Lender or any Issuer having become the successor in interest to the Borrower or any of its Subsidiaries and (y) attributable solely to acts of the Administrative Agent, such Lender or such Issuer or any agent on behalf of
the Administrative Agent, such Lender or such Issuer. 
  

 107 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (b) The Borrower shall indemnify the Administrative Agent, the Lenders and each Issuer for, and hold
the Administrative Agent, the Lenders and each Issuer harmless from and against, any and all claims for brokerage commissions, fees and other compensation made against the Administrative Agent, the Lenders and the Issuers for any broker, finder or
consultant with respect to any agreement, arrangement or understanding made by or on behalf of any Loan Party or any of its Subsidiaries in connection with the transactions contemplated by this Agreement. 
  
 (c) The Borrower agrees that any indemnification or other protection provided
to any Indemnitee pursuant to this Agreement (including pursuant to this Section 11.4) or any other Loan Document shall (i) survive payment in full of the Obligations and (ii) inure to the benefit of any Person that was at any time an
Indemnitee under this Agreement or any other Loan Document. 
  

	 	Section	11.5 Limitation of Liability 

  
 (a) The Borrower agrees that no Indemnitee shall have any liability (whether in contract, tort or otherwise) to any Loan Party or any of their respective
Subsidiaries or any of their respective equity holders or creditors for or in connection with the transactions contemplated hereby and in the other Loan Documents and Related Documents, except to the extent such liability is determined in a final
non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnitee’s gross negligence or willful misconduct. In no event, however, shall any Indemnitee be liable on any theory of liability for
any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). The Borrower hereby waives, releases and agrees (each for itself and on behalf of its Subsidiaries) not
to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  
 (b) IN NO EVENT SHALL ANY AGENT
AFFILIATE HAVE ANY LIABILITY TO ANY LOAN PARTY, LENDER, ISSUER OR ANY
OTHER PERSON FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT
OR CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY OR ANY
AGENT AFFILIATE’S TRANSMISSION OF APPROVED ELECTRONIC COMMUNICATIONS THROUGH THE
INTERNET OR ANY USE OF THE APPROVED ELECTRONIC PLATFORM, EXCEPT TO
THE EXTENT SUCH LIABILITY OF ANY AGENT AFFILIATE IS FOUND IN A
FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO
HAVE RESULTED PRIMARILY FORM SUCH AGENT AFFILIATE’S GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT. 
  

	 	Section	11.6 Right of Set-off 

  
 Upon the occurrence and during the continuance of any Event of Default each Lender and each Affiliate of a Lender is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Lender or its
Affiliates to or for the credit or the account of the Borrower or any other Loan Party against any and all of the Obligations now or hereafter existing whether or not such Lender shall have made any demand under this Agreement or any other Loan
Document and even though such Obligations may be unmatured. Each Lender agrees promptly to notify the Borrower 

  

 108 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
after any such set-off and application made by such Lender or any of its Affiliates; provided, however, that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of each Lender under this Section 11.6 are in addition to the other rights and remedies (including other rights of set-off) that such Lender may have. 
  

	 	Section	11.7 Sharing of Payments, Etc. 

  
 (a) If any Revolving Credit Lender (directly or through an Affiliate thereof) obtains any payment (whether voluntary, involuntary, through the exercise of
any right of set-off (including pursuant to Section 11.6 (Right of Set-off) or otherwise) of the Loans owing to it, any interest thereon, fees in respect thereof or amounts due pursuant to Section 11.3 (Costs and Expenses) or
11.4 (Indemnities) (other than payments pursuant to Sections 2.14 (Special Provisions Governing Eurodollar Rate Loans), 2.15 (Capital Adequacy) or 2.16 (Taxes)) or otherwise receives any Collateral or any
“Proceeds” (as defined in the applicable Security Agreement) of Collateral (other than payments pursuant to Sections 2.14 (Special Provisions Governing Eurodollar Rate Loans), 2.15 (Capital Adequacy) or 2.16
(Taxes)) (in each case, whether voluntary, involuntary, through the exercise of any right of set-off or otherwise (including pursuant to Section 11.6 (Right of Set-off)) in excess of its Ratable Portion of all payments of such Obligations
obtained by all the Revolving Credit Lenders, such Revolving Credit Lender (a “Purchasing Lender”) shall forthwith purchase from the other Lenders (each, a “Selling Lender”) such participations in their Loans or
other Obligations as shall be necessary to cause such Purchasing Lender to share the excess payment ratably with each of them. 
  
 (b) If all or any portion of any payment received by a Purchasing Lender is thereafter recovered from such Purchasing Lender, such purchase from each
Selling Lender shall be rescinded and such Selling Lender shall repay to the Purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Selling Lender’s ratable share (according to the proportion
of (i) the amount of such Selling Lender’s required repayment in relation to (ii) the total amount so recovered from the Purchasing Lender) of any interest or other amount paid or payable by the Purchasing Lender in respect of the total amount
so recovered. 
  
 (c) The Borrower agrees that any Purchasing
Lender so purchasing a participation from a Selling Lender pursuant to this Section 11.7 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as
fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. 
  

	 	Section	11.8 Notices, Etc. 

  
 (a) Addresses for Notices. All notices, demands, requests, consents and other communications provided for in this Agreement shall be given in
writing, or by any telecommunication device capable of creating a written record (including electronic mail), and addressed to the party to be notified as follows: 
  
 (i) if to the Borrower: 
  
 CONSTAR INTERNATIONAL INC. 
 1 Crown Way 
 Philadelphia, PA 19154-4599

 Attention: William Rymer 
 Telecopy no: (215) 552-3715 
 E-Mail Address: wrymer@constar.net 
  

 109 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (ii) if to any Revolving Credit Lender, at its Domestic Lending Office specified
opposite its name on Schedule II (Applicable Lending Offices and Addresses for Notices) or on the signature page of any applicable Assignment and Acceptance; 
  
 (iii) if to any Issuer, at the address set forth under its name on Schedule II (Applicable Lending
Offices and Addresses for Notices); and 
  
 (iv) if to the Administrative Agent or the Swing Loan Lender: 
  
 CITICORP USA, INC. 
 388 Greenwich Street, 19th Floor 
 New York, New York 10013 
 Attention: David
Jaffe, Director 
 Telecopy no: (212) 816-2613 
 E-Mail Address: david.jaffe@citigroup.com 
  
 with a copy to: 
  
 WEIL, GOTSHAL & MANGES LLP 
 767 Fifth Avenue, 
 New York, New York 10153-0119 
 Attention:
Ronald F. Daitz, Esq. 
 Telecopy no: (212) 310-8007 
 E-Mail Address: ronald.daitz@weil.com 
  
 or at
such other address as shall be notified in writing (x) in the case of the Borrower, the Administrative Agent and the Swing Loan Lender, to the other parties and (y) in the case of all other parties, to the Borrower and the Administrative Agent.

  
 (b) Effectiveness of Notices. All notices, demands,
requests, consents and other communications described in clause (a) above shall be effective (i) if delivered by hand, including any overnight courier service, upon personal delivery, (ii) if delivered by mail, when deposited in the mails,
(iii) if delivered by posting to an Approved Electronic Platform, an Internet website or a similar telecommunication device requiring that a user have prior access to such Approved Electronic Platform, website or other device, when such notice,
demand, request, consent and other communication shall have been made generally available on such Approved Electronic Platform, Internet website or similar device to the class of Person being notified (regardless of whether any such Person must
accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact information, compliance with a standard user agreement or undertaking a duty of
confidentiality) and (iv) if delivered by electronic mail or any other telecommunications device, when transmitted to an electronic mail address (or by another means of electronic delivery) as provided in clause (a) above; provided,
however, that notices and communications to the Administrative Agent pursuant to Article II (The Facility) or X (The Administrative Agent) shall not be effective until received by the Administrative Agent. 
  

 110 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (c) Use of Electronic Platform. Notwithstanding clauses (a) and (b) above
(unless the Administrative Agent requests that the provisions of clause (a) and (b) above be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of, any Approved Electronic
Communication by any other means, the Loan Parties shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications electronically (in a format acceptable to the
Administrative Agent) to oploanswebadmin@citigroup.com or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify the Borrower. Nothing in this clause (c) shall prejudice the right
of the Administrative Agent or any Lender or Issuer to deliver any Approved Electronic Communication to any Loan Party in any manner authorized in this Agreement. 
  

	 	Section	11.9 No Waiver; Remedies 

  
 No failure on the part of any Lender, Issuer or the Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law. 
  

	 	Section	11.10 Binding Effect 

  
 This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent
shall have been notified by each Lender and Issuer that such Lender or Issuer has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and Issuer and, in each case, their
respective successors and assigns; provided, however, that Borrower shall not have the right to assign its respective rights hereunder or any interest herein without the prior written consent of the Lenders. 
  

	 	Section	11.11 Governing Law 

  
 This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the
State of New York. 
  

	 	Section	11.12 Submission to Jurisdiction; Service of Process 

  
 (a) Any legal action or proceeding with respect to this Agreement or any other Loan Document may be brought in the courts of the State of New York located
in the City of New York or of the United States of America for the Southern District of New York, and, by execution and delivery of this Agreement, the Borrower hereby accepts for itself and in respect of its property, generally and unconditionally,
the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or
hereafter have to the bringing of any such action or proceeding in such respective jurisdictions. 
  
 (b) Nothing contained in this Section 11.12 shall affect the right of the Administrative Agent or any Lender to serve process in any other manner
permitted by law or commence legal proceedings or otherwise proceed against the Borrower or any other Loan Party in any other jurisdiction. 
  

 111 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 (c) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due
hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent
could purchase Dollars with such other currency at the spot rate of exchange quoted by the Administrative Agent at 11:00 a.m. (New York time) on the Business Day preceding that on which final judgment is given, for the purchase of Dollars, for
delivery two Business Days thereafter. 
  

	 	Section	11.13  Waiver of Jury Trial 

  
 EACH OF THE ADMINISTRATIVE AGENT, THE LENDERS,
THE ISSUERS AND THE BORROWER IRREVOCABLY WAIVES TRIAL BY JURY IN ANY
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT. 
  

	 	Section	11.14  Marshaling; Payments Set Aside 

  
 None of the Administrative Agent, any Lender or any Issuer shall be under any obligation to marshal any assets in favor of the Borrower or any other party
or against or in payment of any or all of the Obligations. To the extent that the Borrower makes a payment or payments to the Administrative Agent, the Lenders or the Issuers or any such Person receives payment from the proceeds of the Collateral or
exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, right and remedies therefor, shall be revived and continued in full force and effect as if such
payment had not been made or such enforcement or setoff had not occurred. 
  

	 	Section	11.15  Section Titles 

  
 The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto, except when used to reference a section. Any reference to the number of a clause, sub-clause or subsection hereof immediately followed by a reference in parenthesis to the title of the Section containing such
clause, sub-clause or subsection is a reference to such clause, sub-clause or subsection and not to the entire Section; provided, however, that, in case of direct conflict between the reference to the title and the reference to the
number of such Section, the reference to the title shall govern absent manifest error. If any reference to the number of a Section (but not to any clause, sub-clause or subsection thereof) is followed immediately by a reference in parenthesis to the
title of a Section, the title reference shall govern in case of direct conflict absent manifest error. 
  

	 	Section	11.16  Execution in Counterparts 

  
 This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached
to the same document. Delivery of an executed signature page of this Agreement by facsimile transmission or by posting on the Approved Electronic 

  

 112 

 CREDIT AGREEMENT 
 CONSTAR INTERNATIONAL INC. 
  

 
Platform shall be as effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all parties shall be
lodged with the Borrower and the Administrative Agent. 
  

	 	Section	11.17  Entire Agreement 

  
 This Agreement, together with all of the other Loan Documents and all certificates and documents delivered hereunder or thereunder, embodies the entire
agreement of the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. In the event of any conflict between the terms of this Agreement and any other Loan Document, the terms of this Agreement shall
govern. 
  

	 	Section	11.18  Confidentiality 

  
 Each Lender and the Administrative Agent agree to use all reasonable efforts to keep information obtained by it pursuant hereto and the other Loan
Documents confidential in accordance with such Lender’s or the Administrative Agent’s, as the case may be, customary practices and agrees that it shall only use such information in connection with the transactions contemplated by this
Agreement and not disclose any such information other than (a) to such Lender’s or the Administrative Agent’s, as the case may be, employees, representatives and agents that are or are expected to be involved in the evaluation of such
information in connection with the transactions contemplated by this Agreement and are advised of the confidential nature of such information, (b) to the extent such information presently is or hereafter becomes available to such Lender or the
Administrative Agent, as the case may be, on a non-confidential basis from a source other than the Borrower or any other Loan Party, (c) to the extent disclosure is required by law, regulation or judicial order or requested or required by bank
regulators or auditors or (d) to current or prospective assignees, participants and Special Purpose Vehicles grantees of any option described in Section 11.2(f) (Assignments and Participations), contractual counterparties in any Hedging
Contract permitted hereunder and to their respective legal or financial advisors, in each case and to the extent such assignees, participants, grantees or counterparties agree to be bound by, and to cause their advisors to comply with, the
provisions of this Section 11.18.  
  
 [SIGNATURE PAGES FOLLOW] 
  

 113 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	 CONSTAR INTERNATIONAL INC.
 as Borrower

		
	By:	 	 /s/ WILLIAM S. RYMER

			
	 Name:
	 	 
	Title:	 	 

  

			
	 CITICORP USA, INC.,
 as Administrative Agent, Swing Loan Lender and Lender

		
	By:	 	 /s/ DAVID JAFFE

			
	 Name:
	 	 David Jaffe

	Title:	 	 Director and Vice President

  

			
	 CITICORP NORTH AMERICA,
INC.,
 as Lender

		
	By:	 	 /s/ DAVID JAFFE

			
	 Name:
	 	 David Jaffe

	Title:	 	 Director and Vice President

  

			
	 CITIBANK, N.A., 
 as Issuer

		
	By:	 	 /s/ DAVID JAFFE

			
	 Name:
	 	 David Jaffe

	Title:	 	 Director and Vice President

  
 [SIGNATURE PAGE TO CREDIT AGREEMENT]Pledge And Security Agreement

 Exhibit 10.2 
  
 EXHIBIT I-1 
 TO 
 Credit Agreement 
  
 PLEDGE AND SECURITY AGREEMENT 
  

Dated as of February 11, 2005 
  
 among 
  
 CONSTAR INTERNATIONAL INC. 
 as a Grantor 
  
 and

  
 Each Other Grantor 
 From Time to Time Party Hereto 
  
 and 
  
 CITICORP USA, INC. 

 as Administrative Agent 
  
 WEIL, GOTSHAL & MANGES LLP 
 767 FIFTH AVENUE 
 NEW YORK, NEW YORK 10153-0119 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page 1

	 ARTICLE I
	  	 DEFINED TERMS
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
			
	 Section 1.2
	  	 Certain Other Terms
	  	5
			
	 ARTICLE II
	  	 GRANT OF SECURITY INTEREST
	  	6
			
	 Section 2.1
	  	 Collateral
	  	6
			
	 Section 2.2
	  	 Grant of Security Interest in Collateral
	  	7
			
	 Section 2.3
	  	 Cash Collateral Accounts
	  	7
			
	 ARTICLE III
	  	 REPRESENTATIONS AND WARRANTIES
	  	7
			
	 Section 3.1
	  	 Title; No Other Liens
	  	7
			
	 Section 3.2
	  	 Perfection and Priority
	  	8
			
	 Section 3.3
	  	 Jurisdiction of Organization; Chief Executive Office
	  	8
			
	 Section 3.4
	  	 Inventory
	  	8
			
	 Section 3.5
	  	 Pledged Collateral
	  	8
			
	 Section 3.6
	  	 Accounts
	  	9
			
	 Section 3.7
	  	 Intellectual Property
	  	9
			
	 Section 3.8
	  	 Deposit Accounts; Securities Accounts
	  	10
			
	 Section 3.9
	  	 Commercial Tort Claims
	  	10
			
	 ARTICLE IV
	  	 COVENANTS
	  	10
			
	 Section 4.1
	  	 Generally
	  	10
			
	 Section 4.2
	  	 Maintenance of Perfected Security Interest; Further Documentation
	  	10
			
	 Section 4.3
	  	 Changes in Locations, Name, Etc.
	  	11
			
	 Section 4.4
	  	 Pledged Collateral
	  	12
			
	 Section 4.5
	  	 Accounts
	  	13
			
	 Section 4.6
	  	 Delivery of Instruments and Chattel Paper
	  	13
			
	 Section 4.7
	  	 Intellectual Property
	  	14
			
	 Section 4.8
	  	 Payment of Obligations
	  	15
			
	 Section 4.9
	  	 Notice of Commercial Tort Claims
	  	16
			
	 ARTICLE V
	  	 REMEDIAL PROVISIONS
	  	16
			
	 Section 5.1
	  	 Code and Other Remedies
	  	16
			
	 Section 5.2
	  	 Accounts and Payments in Respect of General Intangibles
	  	17
			
	 Section 5.3
	  	 Pledged Collateral
	  	18
			
	 Section 5.4
	  	 Proceeds to be Turned Over To Administrative Agent
	  	19
			
	 Section 5.5
	  	 Registration Rights
	  	19

  

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

					
			
	 Section 5.6
	  	 Deficiency
	  	20
			
	 Section 5.7
	  	 License of Intellectual Property
	  	20
			
	 ARTICLE VI
	  	 THE ADMINISTRATIVE AGENT
	  	20
			
	 Section 6.1
	  	 Administrative Agent’s Appointment as Attorney-in-Fact
	  	20
			
	 Section 6.2
	  	 Duty of Administrative Agent
	  	22
			
	 Section 6.3
	  	 Authorization of Financing Statements
	  	22
			
	 Section 6.4
	  	 Authority of Administrative Agent
	  	23
			
	 ARTICLE VII
	  	 MISCELLANEOUS
	  	23
			
	 Section 7.1
	  	 Amendments in Writing
	  	23
			
	 Section 7.2
	  	 Notices
	  	23
			
	 Section 7.3
	  	 No Waiver by Course of Conduct; Cumulative Remedies
	  	23
			
	 Section 7.4
	  	 Successors and Assigns
	  	24
			
	 Section 7.5
	  	 Counterparts
	  	24
			
	 Section 7.6
	  	 Severability
	  	24
			
	 Section 7.7
	  	 Section Headings
	  	24
			
	 Section 7.8
	  	 Entire Agreement
	  	24
			
	 Section 7.9
	  	 Governing Law
	  	24
			
	 Section 7.10
	  	 Additional Grantors
	  	25
			
	 Section 7.11
	  	 Release of Collateral
	  	25
			
	 Section 7.12
	  	 Reinstatement
	  	25

  

 ii 

  
 ANNEXES
AND SCHEDULES 
  

			
	Annex 1	  	Form of Deposit Account Control Agreement
		
	Annex 2	  	Form of Securities Account Control Agreement
		
	Annex 3	  	Form of Pledge Amendment
		
	Annex 4	  	Form of Joinder Agreement
		
	Annex 5	  	Form of Short Form Intellectual Property Security Agreement
		
	Schedule I	  	First Mortgage Collateral
		
	Schedule 1	  	Jurisdiction of Organization; Principal Executive Office
		
	Schedule 2	  	Pledged Collateral
		
	Schedule 3	  	Filings
		
	Schedule 4	  	Location of Inventory
		
	Schedule 5	  	Intellectual Property
		
	Schedule 6	  	Bank Accounts; Control Accounts
		
	Schedule 7	  	Commercial Tort Claims

  

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 PLEDGE AND SECURITY
AGREEMENT, dated as of February 11, 2005, by CONSTAR INTERNATIONAL INC. (the “Borrower”) and each of the other entities listed on the signature pages
hereof or that becomes a party hereto pursuant to Section 7.10 (Additional Grantors) (each a “Grantor” and, collectively, the “Grantors”), in favor of Citicorp USA, Inc. (“CUSA”), as agent
(in such capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 
  
 W I T N E S S E T
H: 
  
 WHEREAS, pursuant to the
Credit Agreement, dated as of February 11, 2005 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders and Issuers party thereto and
CUSA, as agent for the Lenders and Issuers, the Lenders and the Issuers have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 
  
 WHEREAS, the Grantors other than the Borrower are party to the
Guaranty pursuant to which they have guaranteed the Obligations (as defined in the Credit Agreement); and 
  
 WHEREAS, it is a condition precedent to the obligation of the Lenders and the Issuers to make their respective extensions of credit to the
Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent; 
  
 NOW, THEREFORE, in consideration of the premises and to induce the Lenders, the Issuers and the Administrative Agent to
enter into the Credit Agreement and to induce the Lenders and the Issuers to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent as follows: 
  

	 	ARTICLE I	 DEFINED TERMS 

  

	 	Section	1.1 Definitions 

  
 (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein have the meanings given to them in the Credit Agreement.

  
 (b) Terms used herein without definition that are defined in
the UCC (as defined below) have the meanings given to them in the UCC, including the following terms (which are capitalized herein): 
  
 “Account Debtor” 
  
 “Account” 
  
 “Certificated Security” 
  
 “Chattel Paper” 
  
 “Commercial Tort Claim” 
  
 “Commodity Account” 
  

 1 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 “Control Account” 
  
 “Deposit Account” 
  

“Documents” 
  
 “Entitlement Holder” 
  
 “Entitlement Order” 
  
 “Financial Asset” 
  
 “General Intangible” 
  
 “Goods” 
  
 “Instruments” 
  
 “Inventory” 
  
 “Investment Property” 
  
 “Letter-of-Credit Right” 
  
 “Proceeds” 
  
 “Securities Account” 
  
 “Securities Intermediary” 
  
 “Security” 
  
 “Security Entitlement” 
  
 (c) The following terms shall have the following meanings: 
  
 “Additional Pledged Collateral” means any Pledged Collateral acquired by any Grantor after the date hereof and in which a security
interest is granted pursuant to Section 2.2 (Grant of Security Interest in Collateral), including, to the extent a security interest is granted therein pursuant to Section 2.2 (Grant of Security Interest in Collateral), (i) all Stock
and Stock Equivalents of any Person that are acquired by any Grantor after the date hereof, together with all certificates, instruments or other documents representing any of the foregoing and all Security Entitlements of any Grantor in respect of
any of the foregoing, (ii) all additional Indebtedness from time to time owed to any Grantor by any obligor on the Pledged Debt Instruments and the Instruments evidencing such Indebtedness and (iii) all interest, cash, Instruments and other property
or Proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any of the foregoing. “Additional Pledged Collateral” may be General Intangibles, Instruments or Investment Property.

  
 “Agreement” means this Pledge and Security
Agreement. 
  

 2 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 “Collateral” has the meaning specified in Section 2.1 (Collateral).

  
 “Copyright Licenses” means any written
agreement naming any Grantor as licensor or licensee granting any right under any Copyright, including the grant of any right to copy, publicly perform, create derivative works, manufacture, distribute, exploit or sell materials derived from any
Copyright. 
  
 “Copyrights” means (a) all
copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in
connection therewith, including all registrations, recordings and applications in the United States Copyright Office or in any foreign counterparts thereof, and (b) the right to obtain all renewals thereof. 
  
 “Deposit Account Control Agreement” means a letter
agreement, substantially in the form of Annex 1 (Form of Deposit Account Control Agreement) (with such changes as may be agreed to by the Administrative Agent), executed by the Grantor, the Administrative Agent and the relevant
financial institution. 
  
 “Domestic Person”
means any “United States person” under and as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986. 
  
 “Excluded Equity” means (i) any Voting Stock in excess of 65% of the total outstanding Voting Stock of any direct Subsidiary of any
Grantor that is a Non-U.S. Person (other than the UK Guarantor, (ii) the Voting Stock of the Specific IP Subsidiary, and (iii) the voting stock of Constar Ambalaj Sanjay Ve Ticaret A.S. For the purposes of this definition, “Voting
Stock” means, as to any issuer, the issued and outstanding shares of each class of capital stock or other ownership interests of such issuer entitled to vote (within the meaning of Treasury Regulations § 1.956-2(c)(2)). 
  
 “Excluded Property” means, collectively, (i) Excluded Equity
and (ii) any permit, lease, license, contract, instrument or other agreement or document held by any Grantor that prohibits or requires the consent of any Person other than the Borrower and its Affiliates as a condition to the creation by such
Grantor of a Lien thereon, or any permit, lease, license contract or other agreement or document held by any Grantor to the extent that any Requirement of Law applicable thereto prohibits the creation of a Lien thereon, but only, in each case, to
the extent, and for so long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other Requirement of Law; provided, however, “Excluded Property” shall not
include any Proceeds, substitutions or replacements of Excluded Property (unless such Proceeds, substitutions or replacements would constitute Excluded Property). 
  
 “First Mortgage Collateral” means the Collateral set forth on Schedule I (First Mortgage
Collateral). 
  
 “Intellectual Property”
means, collectively, all rights, priorities and privileges of any Grantor relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including Copyrights, Copyright Licenses, Patents, Patent
Licenses, Trademarks, Trademark Licenses, trade secrets and Internet domain names, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

  

 3 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 “Intercompany Note” means any promissory note evidencing loans made by any Grantor
or any of its Subsidiaries to any of its Subsidiaries or another Grantor. 
  
 “LLC” means each limited liability company in which a Grantor has an interest, including those set forth on Schedule 2 (Pledged Collateral). 
  
 “LLC Agreement” means each operating agreement with respect
to a LLC, as each agreement has heretofore been, and may hereafter be, amended, restated, supplemented or otherwise modified from time to time. 
  
 “Material Intellectual Property” means Intellectual Property owned by or licensed to a Grantor and material to the conduct of any
Grantor’s business. 
  
 “Partnership” means
each partnership in which a Grantor has an interest, including those set forth on Schedule 2 (Pledged Collateral). 
  
 “Partnership Agreement” means each partnership agreement governing a Partnership, as each such agreement has heretofore been, and may
hereafter be, amended, restated, supplemented or otherwise modified. 
  
 “Patents” means (a) all letters patent of the United States, any other country or any political subdivision thereof and all reissues and extensions thereof, (b) all applications for letters patent of the United States or
any other country and all divisionals, continuations and continuations-in-part thereof and (c) all rights to obtain any reissues, continuations or continuations-in-part of the foregoing. 
  
 “Patent License” means all agreements, whether written or oral, providing for the grant by or to any
Grantor of any right to manufacture, have manufactured, use, import, sell or offer for sale any invention covered in whole or in part by a Patent. 
  
 “Pledged Certificated Stock” means all Certificated Securities and any other Stock and Stock Equivalent of a Person (other than Excluded
Equity) evidenced by a certificate, Instrument or other equivalent document, in each case owned by any Grantor, including all Stock listed on Schedule 2 (Pledged Collateral). 
  
 “Pledged Collateral” means, collectively, the Pledged Stock, Pledged Debt Instruments, any other Investment
Property of any Grantor, all chattel paper, certificates or other Instruments representing any of the foregoing and all Security Entitlements of any Grantor in respect of any of the foregoing, but not Excluded Property. Pledged Collateral may be
General Intangibles, Instruments or Investment Property. 
  
 “Pledged Debt Instruments” means all right, title and interest of any Grantor in Instruments evidencing any Indebtedness owed to such Grantor, including all Indebtedness described on Schedule 2 (Pledged Collateral),
issued by the obligors named therein. 
  
 “Pledged
Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock. For purposes of this Agreement, the term “Pledged Stock” shall not include any Excluded Equity. 
  

 4 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 “Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person
that is not a Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or general partner in any Partnership or as a member of any LLC and all right, title and interest of any Grantor in, to and under any
Partnership Agreement or LLC Agreement to which it is a party. 
  
 “Securities Account Control Agreement” means a letter agreement, substantially in the form of Annex 2 (Form of Securities Account Control Agreement) (with such changes as may be agreed to by the Administrative
Agent), executed by the relevant Grantor, the Administrative Agent and the relevant Approved Securities Intermediary. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Trademark License” means any agreement, whether written or oral, providing for the grant by or to any
Grantor of any right to use any Trademark. 
  
 “Trademarks” means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and, in each case,
all goodwill associated therewith, whether now existing or hereafter adopted or acquired, all registrations and recordings thereof and all applications in connection therewith, in each case whether in the United States Patent and Trademark Office or
in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, and (b) the right to obtain all renewals thereof. 

 
 “UCC” means the Uniform Commercial Code as from time to
time in effect in the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Administrative Agent’s and the Secured
Parties’ security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such
other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions. 
  
 Section 1.2 Certain Other Terms 
  
 (a) In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.”

  
 (b) The terms “herein,”
“hereof,” “hereto” and “hereunder” and similar terms refer to this Agreement as a whole and not to any particular Article, Section, subsection or clause in this Agreement. 
  
 (c) References herein to an Annex, Schedule, Article, Section, subsection or
clause refer to the appropriate Annex or Schedule to, or Article, Section, subsection or clause in this Agreement. 
  

 5 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. 
  
 (e) Where the context requires,
provisions relating to any Collateral, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or any relevant part thereof. 
  
 (f) Any reference in this Agreement to a Loan Document shall include all appendices, exhibits and schedules thereto, and, unless specifically stated
otherwise, all amendments, restatements, supplements or other modifications thereto, as the same may be in effect at any time such reference becomes operative. 
  

(g) The term “including” means “including without limitation” except when used in the computation of time periods.

  
 (h) The terms “Lender,”
“Issuer,” “Administrative Agent” and “Secured Party” include their respective successors. 
  
 (i) References in this Agreement to any statute shall be to such statute as amended or modified and in effect from time to time. 
  

	 	ARTICLE II	 GRANT OF SECURITY INTEREST 

  
 Section 2.1 Collateral 
  
 For the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by a Grantor
or in which a Grantor now has or at any time in the future may acquire any right, title or interests is collectively referred to as the “Collateral”: 
  
 (a) all Accounts; 
  
 (b) all Chattel Paper; 
  
 (c) all Deposit Accounts; 
  
 (d) all Documents; 
  
 (e) all General Intangibles; 
  
 (f) all Instruments; 
  
 (g) all Inventory; 
  
 (h) all Investment Property; 
  
 (i) all Letter-of-Credit Rights; 
  
 (j) the Commercial Tort Claims described on Schedule 7 (Commercial Tort Claims) and on any supplement thereto received by the Administrative Agent
pursuant to Section 4.9 (Notice of Commercial Tort Claims); 
  

 6 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 (k) all books and records pertaining to the other property described in this Section 2.1;

  
 (l) all property of any Grantor held by the Administrative
Agent or any other Secured Party, including all property of every description, in the possession or custody of or in transit to the Administrative Agent or such Secured Party for any purpose, including safekeeping, collection or pledge, for the
account of such Grantor or as to which such Grantor may have any right or power; 
  
 (m) all other Goods and personal property of such Grantor, whether tangible or intangible and wherever located; and 
  
 (n) to the extent not otherwise included, all Proceeds; 
  
 provided, however, that “Collateral” shall not include (i) any Excluded Property or (ii) First Mortgage Collateral; and provided,
further, that if and when any property shall cease to be Excluded Property, such property shall be deemed at all times from and after the date hereof to constitute Collateral. 
  
 Section 2.2 Grant of Security Interest in Collateral

  
 Each Grantor, as collateral security for the full,
prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of such Grantor, hereby mortgages, pledges and hypothecates to the Administrative Agent for the benefit of the
Secured Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a lien on and security interest in, all of its right, title and interest in, to and under the Collateral of such Grantor; provided, however,
that, if and when any property that at any time constituted Excluded Property becomes Collateral, the Administrative Agent shall have, and at all times from and after the date hereof be deemed to have had, a security interest in such property.

  
 Section 2.3 Cash Collateral Accounts 

 
 The Administrative Agent has established a Deposit Account at Citibank,
N.A., designated as “Citicorp USA, Inc. – Constar International Inc. Cash Collateral Account”. Such Deposit Account shall be a Cash Collateral Account.  
  

	 	ARTICLE III	 REPRESENTATIONS AND WARRANTIES 

  
 To induce the Lenders, the Issuers and the Administrative Agent to enter into the Credit Agreement, each Grantor hereby
represents and warrants each of the following to the Administrative Agent, the Lenders, the Issuers and the other Secured Parties: 
  
 Section 3.1 Title; No Other Liens 
  
 Except for the Lien granted to the Administrative Agent pursuant to this Agreement and the other Liens permitted to exist on the Collateral under the
Credit Agreement, such Grantor (a) is the record and beneficial owner of the Pledged Collateral pledged by it hereunder constituting Instruments or Certificated Securities, (b) is the Entitlement Holder of all such Pledged Collateral constituting
Investment Property held in a Securities Account and (c) has 

  

 7 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder, free and clear of any other Lien. 
  
 Section 3.2 Perfection and Priority 
  
 The security interest granted pursuant to this Agreement shall constitute a
valid and continuing perfected security interest in favor of the Administrative Agent in the Collateral for which perfection is governed by the UCC or filing with the United States Copyright Office upon (a) in the case of all Collateral in which a
security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 3 (Filings) (which, in the case of all filings and other documents referred to on such
schedule, have been delivered to the Administrative Agent in completed and duly executed form), (b) the delivery to the Administrative Agent of all Collateral consisting of Instruments and Certificated Securities, if any, in each case properly
endorsed for transfer to the Administrative Agent or in blank, (c) the execution of Securities Account Control Agreements with respect to Investment Property not in certificated form, (d) the execution of Deposit Account Control Agreements with
respect to all Deposit Accounts of a Grantor and (e) all appropriate filings having been made with the United States Copyright Office with respect to registered copyrights and copyright applications in the United States. Such security interest shall
be prior to all other Liens on the Collateral except for Customary Permitted Liens having priority over the Administrative Agent’s Lien by operation of law or otherwise as permitted under the Credit Agreement. 
  
 Section 3.3 Jurisdiction of Organization; Chief Executive Office

  
 Such Grantor’s jurisdiction of organization,
legal name, organizational identification number, if any, and the location of such Grantor’s chief executive office or sole place of business, in each case as of the date hereof, is specified on 
 Schedule 1        First Mortgage Collateral 
 Schedule 2 (Jurisdiction of Organization; Principal Executive Office). 
  
 Section 3.4 Inventory 
  
 On the date hereof, such Grantor’s Inventory (other than mobile goods and Inventory in transit) are kept at the
locations listed on Schedule 4 (Location of Inventory). 
  
 Section 3.5 Pledged Collateral 
  
 (a) The
Pledged Stock pledged hereunder by such Grantor is listed on Schedule 2 (Pledged Collateral) and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule 2 (Pledged
Collateral). 
  
 (b) All of the Pledged Stock issued by a
Subsidiary of the Borrower (other than Pledged Stock in limited liability companies and partnerships) has been duly authorized, validly issued and is fully paid and nonassessable. 
  
 (c) Each of the Pledged Stock constitutes the legal, valid and binding obligation of the obligor with respect thereto,
enforceable in accordance with its terms, subject to the effects of applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, 

  

 8 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
moratorium and other similar laws relating to or affecting creditors’ rights generally, and general equitable principles (whether considered in a
proceeding in equity or at law). 
  
 (d) All Pledged Collateral
and, if applicable, any Additional Pledged Collateral, consisting of Certificated Securities or Instruments has been delivered to the Administrative Agent in accordance with Section 4.4(a) (Pledged Collateral) and Section 7.11 of the Credit
Agreement. 
  
 (e) All Pledged Collateral held by a
Securities Intermediary in a Securities Account is in a Control Account. 
  
 (f) Other than Pledged Stock constituting General Intangibles, there is no Pledged Collateral other than that represented by Certificated Securities or Instruments in the possession of the Administrative Agent or that
consist of Financial Assets held in a Control Account. 
  
 Section 3.6 Accounts 
  
 No amount payable
to such Grantor under or in connection with any Account is evidenced by any Instrument or Chattel Paper that has not been delivered to the Administrative Agent, properly endorsed for transfer, to the extent delivery is required by Section 4.4
(Pledged Collateral). 
  
 Section 3.7 Intellectual
Property 
  
 (a) Schedule 5 (Intellectual
Property) lists all Material Intellectual Property of such Grantor on the date hereof, separately identifying that owned by such Grantor and that licensed to such Grantor. The Material Intellectual Property set forth on Schedule 5
(Intellectual Property) for such Grantor constitutes all of the Intellectual Property rights material to the current conduct of its business. 
  
 (b) All Material Intellectual Property set forth on Schedule 5 (Intellectual Property) owned by such Grantor is (i) to the knowledge of such
Grantor, valid, subsisting, unexpired and enforceable, (ii) has not been adjudged invalid and has not been abandoned, and (iii) to the knowledge of such Grantor, the use thereof in the business of such Grantor does not infringe, misappropriate,
dilute or violate the intellectual property rights of any other Person. 
  
 (c) Except as set forth in Schedule 5 (Intellectual Property), none of the Material Intellectual Property owned by such Grantor is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or
franchisor. 
  
 (d) No holding, decision or judgment has been
rendered by any Governmental Authority that would limit, cancel or question the validity of, or such Grantor’s rights in, any Material Intellectual Property. 
  
 (e) No action or proceeding seeking to limit, cancel or question the validity of any Material Intellectual Property owned by
such Grantor or such Grantor’s ownership interest therein is pending or, to the knowledge of such Grantor, threatened. There are no claims, judgments or settlements to be paid by such Grantor relating to the Material Intellectual Property other
than license or related fees due in the normal course of business. 
  

 9 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 Section 3.8 Deposit Accounts; Securities Accounts 
  
 The only Deposit Accounts or Securities Accounts maintained by any Grantor
on the date hereof are those listed on Schedule 6 (Bank Accounts; Control Accounts), which sets forth such information separately for each Grantor. 
  
 Section 3.9 Commercial Tort Claims 
  
 The only Commercial Tort Claims in favor of any Grantor existing on the date hereof (regardless of whether the amount,
defendant or other material facts can be determined and regardless of whether such Commercial Tort Claim has been asserted, threatened or has otherwise been made known to the obligee thereof or whether litigation has been commenced for such claims)
are those listed on Schedule 7 (Commercial Tort Claims), which sets forth such information separately for each Grantor. 
  

	 	ARTICLE IV	 COVENANTS 

  
 Each Grantor agrees with the Administrative Agent to the following, as long as any Obligation or Revolving Credit Commitment remains outstanding and, in
each case, unless the Requisite Lenders otherwise consent in writing: 
  
 Section 4.1 Generally 
  
 Such Grantor
shall (a) except for the security interest created by this Agreement, not create or suffer to exist any Lien upon or with respect to any Collateral, except Liens permitted under Section 8.2 (Liens, Etc.) of the Credit Agreement, (b) not use
or permit any Collateral to be used unlawfully or in violation of any provision of this Agreement, any other Loan Document, any Related Document, any Requirement of Law or any policy of insurance covering the Collateral, (c) not sell, transfer or
assign (by operation of law or otherwise) any Collateral except as permitted under the Credit Agreement, (d) not enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or
transfer any Collateral, except as permitted under the Credit Agreement, if such restriction would have a Material Adverse Effect and (e) promptly notify the Administrative Agent of its entry into any agreement or assumption of undertaking that
restricts the ability to sell, assign or transfer any Collateral regardless of whether or not it has a Material Adverse Effect. 
  
 Section 4.2 Maintenance of Perfected Security Interest; Further Documentation 
  
 (a) Such Grantor shall maintain the security interest in its assets created by this Agreement as a perfected security
interest having at least the priority described in Section 3.2 (Perfection and Priority) and Section 2.2 (Grant of Security Interest in Collateral) and shall defend such security interest and such priority against the
claims and demands of all Persons. 
  
 (b) Such Grantor shall
furnish to the Administrative Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all in
reasonable detail and in form and substance satisfactory to the Administrative Agent. 
  

 10 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 (c) At any time and from time to time, upon the written request of the Administrative Agent, and at
the sole expense of the applicable Grantor, such Grantor shall promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further action as the Administrative Agent may reasonably request for the
purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including the filing of any financing or continuation statement under the UCC (or other similar laws) in effect in any jurisdiction
with respect to the security interest created hereby and the execution and delivery of Deposit Account Control Agreements and Securities Account Control Agreements. 
  
 (d) Each Grantor shall take such actions as are necessary to cause the Constituent Documents of any Person that is an LLC or
Partnership governing any Pledged Stock provide that, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall be entitled to exercise all of the rights of the Grantor granting the security interest
therein, and that a transferee or assignee of Stock of such Person shall become a member, partner or, as the case may be, other holder of such Pledged Stock to the same extent as the Grantor in such Person entitled to participate in the management
of such Person and, upon the transfer of the entire interest of such Grantor, such Grantor ceases to be a member, partner or, as the case may be, other holder of such Pledged Stock. 
  
 Section 4.3 Changes in Locations, Name, Etc. 
  
 (a) Except upon 15 days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of
(i) all additional financing statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein and (ii) if applicable, a written supplement
to Schedule 4 (Location of Inventory) showing (A) any additional locations at which Inventory shall be kept or (B) any changes in any location where Inventory shall be kept that would require the Administrative Agent to take any action to
maintain a perfected security interest in such Collateral, such Grantor shall not do any of the following: 
  
 (i) permit any Inventory with a value in excess of [$1,000,000] to be kept at a location other than those listed on Schedule 4
(Location of Inventory), except for Inventory in transit; 
  
 (ii) change its jurisdiction of organization or its location, in each case from that referred to in Section 3.3 (Jurisdiction of Organization; Chief Executive Office); or 
  
 (iii) change its legal name or any trade name used to
identify it in the conduct of its business or ownership of its properties or organizational identification number, if any, or corporation, limited liability company or other organizational structure to such an extent that any financing statement
filed in connection with this Agreement would become misleading. 
  
 (b) Each Grantor shall keep and maintain at its own cost and expense satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other
dealings with the Collateral. 
  

 11 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 Section 4.4 Pledged Collateral 
  
 (a) Such Grantor shall (i) deliver to the Administrative Agent, all
certificates and Instruments, representing or evidencing any Pledged Collateral (including Additional Pledged Collateral) owned by such Grantor, whether now existing or hereafter acquired, in suitable form for transfer by delivery or, as applicable,
accompanied by such Grantor’s endorsement, where necessary, or duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative Agent, together, in respect of any Additional Pledged
Collateral, with a Pledge Amendment, duly executed by the Grantor, in substantially the form of Annex 3 (Form of Pledge Amendment), an acknowledgment and agreement to a Joinder Agreement duly executed by the Grantor, in substantially the form
in the form of Annex 4 (Form of Joinder Agreement), or such other documentation acceptable to the Administrative Agent and (ii) maintain all other Pledged Collateral owned by such Grantor constituting Investment Property in a Control Account.
Such Grantor authorizes the Administrative Agent to attach each Pledge Amendment to this Agreement. The Administrative Agent shall have the right, at any time in its discretion and without notice to the Grantor, to transfer to or to register in its
name or in the name of its nominees any Pledged Collateral. The Administrative Agent shall have the right at any time to exchange any certificate or instrument representing or evidencing any Pledged Collateral issued by any Person under the control
of the Borrower, or which by its terms or authorizing documentation so permits, for certificates or instruments of smaller or larger denominations. 
  
 (b) Except as provided in Article V (Remedial Provisions), such Grantor shall be entitled to receive all cash dividends paid in respect of
the Pledged Collateral (other than liquidating or distributing dividends) with respect to the Pledged Collateral. Any sums paid upon or in respect of any Pledged Collateral upon the liquidation or dissolution of any issuer of any Pledged Collateral,
any distribution of capital made on or in respect of any Pledged Collateral or any property distributed upon or with respect to any Pledged Collateral pursuant to the recapitalization or reclassification of the capital of any issuer of Pledged
Collateral or pursuant to the reorganization thereof shall, unless otherwise subject to a perfected security interest in favor of the Administrative Agent, be delivered to the Administrative Agent to be held by it hereunder as additional collateral
security for the Secured Obligations. If any sum of money or property so paid or distributed in respect of any Pledged Collateral shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the
Administrative Agent, hold such money or property in trust for the Administrative Agent, as additional security for the Secured Obligations. 
  
 (c) Except as provided in Article V (Remedial Provisions), such Grantor shall be entitled to exercise all voting, consent and corporate,
partnership, limited liability company and similar rights with respect to the Pledged Collateral; provided, however, that no vote shall be cast, consent given or right exercised or other action taken by such Grantor that would impair
the Collateral, be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document or, without prior notice to the Administrative Agent, enable or permit any issuer of Pledged
Collateral within its control to issue any Stock or other equity Securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any Stock or other equity Securities of any nature of any
issuer of Pledged Collateral. 
  

 12 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 (d) Such Grantor shall not grant “control” (within the meaning of such term under Article
9-106 of the UCC) over any Investment Property to any Person other than the Administrative Agent. 
  
 (e) In the case of each Grantor that is an issuer of Pledged Collateral, such Grantor agrees to be bound by the terms of this Agreement relating to the
Pledged Collateral issued by it and shall comply with such terms insofar as such terms are applicable to it. In the case of any Grantor that is a holder of any Stock or Stock Equivalent in any Person that is an issuer of Pledged Collateral, such
Grantor consents to (i) the exercise of the rights granted to the Administrative Agent hereunder (including those described in Section 5.3 (Pledged Collateral)), and (ii) the pledge by each other Grantor, pursuant to the terms hereof, of the
Pledged Stock in such Person and to the transfer of such Pledged Stock to the Administrative Agent or its nominee and to the substitution of the Administrative Agent or its nominee as a holder of such Pledged Stock with all the rights, powers and
duties of other holders of Pledged Stock of the same class and, if the Grantor having pledged such Pledged Stock hereunder had any right, power or duty at the time of such pledge or at the time of such substitution beyond that of such other holders,
with all such additional rights, powers and duties. Such Grantor agrees to execute and deliver to the Administrative Agent such certificates, agreements and other documents as may be necessary to evidence, formalize or otherwise give effect to the
consents given in this clause (e). 
  
 (f) Each applicable
Grantor shall not, without the consent of the Administrative Agent, agree to any amendment of any Constituent Document that in any way adversely affects the perfection of the security interest of the Administrative Agent in the Pledged Collateral
pledged by such Grantor hereunder, including any amendment electing to treat any membership interest or partnership interest that is part of the Pledged Collateral as a “security” under Section 8-103 of the UCC, or any election to turn any
previously uncertificated Stock that is part of the Pledged Collateral into certificated Stock. 
  
 Section 4.5 Accounts 
  
 (a) Such Grantor shall not, other than in the ordinary course of business consistent with its past practice, (i) grant any extension of the time of
payment of any Account, (ii) compromise or settle any Account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Account, (iv) allow any credit or discount on any Account or (v) amend,
supplement or modify any Account in any manner that could adversely affect the value thereof. 
  
 Section 4.6 Delivery of Instruments and Chattel Paper 
  
 If any amount in excess of $100,000 payable under or in connection with any Collateral owned by a Grantor shall be or become evidenced by an Instrument or
Chattel Paper, such Grantor shall immediately deliver such Instrument or Chattel Paper to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, or, if consented to by the Administrative Agent, shall mark all
such Instruments and Chattel Paper with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest of Citicorp USA, Inc., as Administrative Agent”. 
  

 13 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 Section 4.7 Intellectual Property 
  
 (a) Such Grantor shall (i) continue to use each Trademark that is Material
Intellectual Property in order to maintain such Trademark in full force and effect with respect to each class of goods for which such Trademark is currently used, free from any claim of abandonment for non-use, except where such Grantor in its
reasonable business judgment has determined to abandon such Trademark, (ii) maintain the quality of products and services offered under such Trademark, consistent with current practice, to the extent the loss of such Trademark would have a Material
Adverse Effect, (iii) use such Trademark with the appropriate notice of registration and all other notices and legends required by applicable Requirements of Law, (iv) not adopt or use any mark that is confusingly similar or a colorable imitation of
such Trademark unless the Administrative Agent shall obtain a perfected security interest in such mark pursuant to this Agreement and (v) subject to (i) of this Section 4.7(a) not (and not permit any licensee or sublicensee thereof to) do any
act or knowingly omit to do any act whereby such Trademark (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed in any way. 
  
 (b) Such Grantor shall not do any act, or omit to do any act, whereby any Patent that is Material Intellectual Property may
become forfeited, abandoned or dedicated to the public. 
  
 (c)
Such Grantor (i) shall not (and shall not permit any licensee or sublicensee thereof to) do any act or omit to do any act whereby any portion of the Copyrights that is Material Intellectual Property may become invalidated or otherwise impaired and
(ii) shall not do any act whereby any portion of the Copyrights that is Material Intellectual Property may fall into the public domain. 
  
 (d) Such Grantor shall not do any act, or omit to do any act, whereby any trade secret that is Material Intellectual Property may become publicly
available or otherwise unprotectable. 
  
 (e) Such Grantor shall
not knowingly use any Material Intellectual Property to infringe, misappropriate, or violate the intellectual property rights of any other Person. 
  
 (f) Such Grantor shall notify the Administrative Agent immediately if it knows, or has reason to know, that any application or registration relating to
any Material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United
States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, right to use, interest in, or the validity of, any Material Intellectual Property or such
Grantor’s right to register the same or to own and maintain the same. 
  
 (g) Whenever such Grantor, either by itself or through any agent, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark Office,
the United States Copyright Office or any similar office or agency within or outside the United States or, if applicable, register any Internet domain name, such Grantor shall report such filing to the Administrative Agent within five Business Days
after the last day of the fiscal quarter in which such filing occurs. Upon request 

  

 14 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, all agreements, instruments, documents and papers as the
Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in any Copyright, Patent, Trademark or, if applicable, Internet domain name and, as applicable, the goodwill and general intangibles of such
Grantor relating thereto or represented thereby. 
  
 (h) Such
Grantor shall take all reasonable actions necessary or reasonably requested by the Administrative Agent, including in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or
agency and, if applicable, any Internet domain name registrar, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration or issuance of any Copyright, Trademark, Patent or, if applicable,
Internet domain name that is Material Intellectual Property, including, by way of example, filing of applications for renewal, affidavits of use, affidavits of incontestability and opposition and interference and cancellation proceedings.

  
 (i) In the event that any Material Intellectual Property owned
by any Grantor is or has been infringed upon or misappropriated or diluted by a third party, such Grantor shall notify the Administrative Agent promptly after such Grantor learns thereof, such Grantor shall take action that may be appropriate in its
reasonable judgment under the circumstances to protect such Material Intellectual Property. 
  
 (j) Unless otherwise agreed to by the Administrative Agent, such Grantor shall execute and deliver to the Administrative Agent for filing in (i) the United States Copyright Office a short-form copyright security
agreement in the form attached hereto as Annex 5 (Form of Short Form Intellectual Property Security Agreement), (ii) in the United States Patent and Trademark Office and with the Secretary of State of all appropriate States of the United
States a short-form patent security agreement in the form attached hereto as Annex 5 (Form of Short Form Intellectual Property Security Agreement), and (iii) the United States Patent and Trademark Office a short-form trademark security
agreement in form attached hereto as Annex 5 (Form of Short Form Intellectual Property Security Agreement) and (iv) with, if applicable, the appropriate Internet domain name registrar, a duly executed form of assignment of such Internet
domain name to the Administrative Agent (together with appropriate supporting documentation as may be requested by the Administrative Agent) in form and substance reasonably acceptable to the Administrative Agent. In the case of clause (iv)
above, such Grantor hereby authorizes the Administrative Agent to file such assignment in such Grantor’s name and to otherwise perform in the name of such Grantor all other necessary actions to complete such assignment, and each Grantor agrees
to perform all appropriate actions deemed necessary by the Administrative Agent for the Administrative Agent to ensure, if applicable, such Internet domain name is registered in the name of the Administrative Agent. 
  
 Section 4.8 Payment of Obligations 
  
 Such Grantor shall pay and discharge or otherwise satisfy at or before
maturity or before they become delinquent, as the case may be, all taxes, assessments and governmental charges or levies imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including claims
for labor, materials and supplies) against or with respect to the Collateral, except that no such charge need be paid if the amount or validity thereof is currently being contested in good faith by appropriate proceedings, reserves in conformity
with 

  

 15 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
GAAP with respect thereto have been provided on the books of such Grantor and such proceedings could not reasonably be expected to result in the sale,
forfeiture or loss of any material portion of the Collateral or any interest therein. 
  
 Section 4.9 Notice of Commercial Tort Claims 
  
 Such Grantor agrees that, if it shall acquire any interest in any Commercial Tort Claim (whether from another Person or because such Commercial Tort Claim shall have come into existence) other than a Commercial Tort
Claim that is First Mortgage Collateral, (i) such Grantor shall, immediately upon such acquisition deliver to the Administrative Agent, in each case in form and substance satisfactory to the Administrative Agent, a notice of the existence and nature
of such Commercial Tort Claim and deliver a supplement to Schedule 7 (Commercial Tort Claims) containing a specific description of such Commercial Tort Claim, (ii) the provision of Section 2.1 (Collateral) shall apply to such
Commercial Tort Claim and (iii) such Grantor shall execute and deliver to the Administrative Agent, in each case in form and substance satisfactory to the Administrative Agent, any certificate, agreement and other document, and take all other
action, deemed by the Administrative Agent to be reasonably necessary or appropriate for the Administrative Agent to obtain, on behalf of the Lenders, a first-priority, perfected security interest in all such Commercial Tort Claims. Any supplement
to Schedule 7 (Commercial Tort Claims) delivered pursuant to this Section 4.9 (Notice of Commercial Tort Claims) shall, after the receipt thereof by the Administrative Agent, become part of Schedule 7 (Commercial Tort Claims)
for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt. 
  

	 	ARTICLE V	 REMEDIAL PROVISIONS 

  
 Section 5.1 Code and Other Remedies 
  
 During the continuance of an Event of Default, the Administrative Agent may exercise, in addition to all other rights and remedies granted to it in this
Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing,
the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of
which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon any Collateral, and may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver any Collateral (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or
elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent shall have the right upon any such
public sale or sales, and, to the extent permitted by the UCC and other applicable law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption of any Grantor, which
right or equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places that the Administrative Agent shall
reasonably select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of 

  

 16 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
any action taken by it pursuant to this Section 5.1, after deducting all reasonable costs and expenses of every kind incurred in connection therewith
or incidental to the care or safekeeping of any Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and any other Secured Party hereunder, including reasonable attorneys’ fees and disbursements, to the
payment in whole or in part of the Secured Obligations, in such order as the Credit Agreement shall prescribe, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law,
need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any other Secured Party
arising out of the exercise by them of any rights hereunder except for claims arising solely from the gross negligence or willful misconduct of the Administrative Agent or such Secured Party. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 
  
 Section 5.2 Accounts and Payments in Respect of General Intangibles 
  
 (a) Any payment of Accounts or payment in respect of General Intangibles, when collected by any Grantor, shall be forthwith
deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent, in an Approved Deposit Account or a Cash Collateral Account, subject to withdrawal by the Administrative Agent as provided in Section
5.4 (Proceeds to be Turned Over To Administrative Agent). Until so turned over or turned over, such payment shall be held by such Grantor in trust for the Administrative Agent, segregated from other funds of such Grantor. 
  
 (b) At the Administrative Agent’s request, each Grantor shall deliver to
the Administrative Agent all documents evidencing, and relating to, the agreements and transactions that gave rise to the Accounts or payments in respect of General Intangibles, including all orders, invoices and shipping receipts. 
  
 (c) The Administrative Agent may, without notice, limit or terminate the
authority of a Grantor to collect its Accounts or amounts due under General Intangibles or any thereof. 
  
 (d) The Administrative Agent in its own name or in the name of others may communicate with Account Debtors to verify with them to the Administrative
Agent’s satisfaction the existence, amount and terms of any Account or amounts due under any General Intangible. 
  
 (e) Upon the request of the Administrative Agent at any time during the continuance of an Event of Default, each Grantor shall notify Account Debtors that
the Accounts or General Intangibles have been collaterally assigned to the Administrative Agent and that payments in respect thereof shall be made directly to the Administrative Agent. In addition, the Administrative Agent may at any time during the
continuance of an Event of Default enforce such Grantor’s rights against such Account Debtors and obligors of General Intangibles. 
  
 (f) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Accounts and payments in respect of General
Intangibles to observe and perform all the conditions and obligations to be observed and performed by it 

  

 17 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Administrative Agent nor any other Secured Party shall have
any obligation or liability under any agreement giving rise to an Account or a payment in respect of a General Intangible by reason of or arising out of this Agreement or the receipt by the Administrative Agent nor any other Secured Party of any
payment relating thereto, nor shall the Administrative Agent nor any other Secured Party be obligated in any manner to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an Account or a payment in respect of a
General Intangible, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 
  
 Section 5.3 Pledged Collateral 
  
 (a) During the continuance of an Event of Default, upon notice by the Administrative Agent to the relevant Grantor or Grantors, (i) the Administrative
Agent shall have the right to receive any Proceeds of the Pledged Collateral and make application thereof to the Obligations in the order set forth in the Credit Agreement and (ii) the Administrative Agent or its nominee may exercise (A) any voting,
consent, corporate and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B) any right of conversion,
exchange and subscription and any other right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at its discretion any of the Pledged Collateral upon the merger,
amalgamation, consolidation, reorganization, recapitalization or other fundamental change in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee,
depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it; provided,
however, that the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 
  
 (b) In order to permit the Administrative Agent to exercise the voting and
other consensual rights that it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute and deliver (or cause to be
executed and delivered) to the Administrative Agent all such proxies, dividend payment orders and other instruments as the Administrative Agent may from time to time reasonably request and (ii) without limiting the effect of clause (i) above,
such Grantor hereby grants to the Administrative Agent an irrevocable proxy to vote all or any part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be
entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall
be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or
agent thereof) during the continuance of an Event of Default and which proxy shall only terminate upon the payment in full of the Secured Obligations. 
  

 18 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 (c) Each Grantor hereby expressly authorizes and instructs each issuer of any Pledged Collateral
pledged hereunder by such Grantor to (i) comply with any instruction received by it from the Administrative Agent in writing that (A) states that an Event of Default has occurred and is continuing and (B) is otherwise in accordance with the terms of
this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that such issuer shall be fully protected in so complying and (ii) unless otherwise expressly permitted hereby, pay any dividend or other payment
with respect to the Pledged Collateral directly to the Administrative Agent. 
  
 Section 5.4 Proceeds to be Turned Over To Administrative Agent 
  
 Unless otherwise expressly provided in the Credit Agreement, all Proceeds received by the Administrative Agent hereunder in cash or Cash Equivalents shall
be held by the Administrative Agent in a Cash Collateral Account and applied to the Obligations in accordance with the Credit Agreement. All Proceeds that are held by the Administrative Agent in a Cash Collateral Account (or by such Grantor in trust
for the Administrative Agent) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied as provided in the Credit Agreement. 
  
 Section 5.5 Registration Rights 
  
 (a) If the Administrative Agent shall determine to exercise its right to
sell any the Pledged Collateral pursuant to Section 5.1 (Code and Other Remedies), and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Collateral, or any portion thereof to be registered under
the provisions of the Securities Act, the relevant Grantor shall cause the issuer thereof to (i) execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all such instruments and documents, and do or cause to
be done all such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to register the Pledged Collateral, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts
to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Collateral, or that portion thereof to be sold and (iii) make all
amendments thereto or to the related prospectus that, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange
Commission applicable thereto. Each Grantor agrees to cause such issuer to comply with the provisions of the securities or “Blue Sky” laws of any jurisdiction that the Administrative Agent shall designate and to make available to its
security holders, as soon as practicable, an earnings statement (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act. 
  
 (b) Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any Pledged Collateral by reason of certain
prohibitions contained in the Securities Act and applicable state securities laws or otherwise or may determine that a public sale is impracticable or not commercially reasonable and, accordingly, may resort to one or more private sales thereof to a
restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that
any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall 

  

 19 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any Pledged
Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such issuer would agree to do so. 
  
 (c) Each Grantor agrees to use its best efforts to do or cause to be done all
such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Collateral pursuant to this Section 5.5 valid and binding and in compliance with all other applicable Requirements of Law. Each Grantor
further agrees that a breach of any covenant contained in this Section 5.5 will cause irreparable injury to the Administrative Agent and other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate
remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 5.5 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any
defense against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement. 
  
 Section 5.6 Deficiency 
  
 Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Secured
Obligations and the fees and disbursements of any attorney employed by the Administrative Agent or any other Secured Party to collect such deficiency. 
  
 Section 5.7 License of Intellectual Property 
  
 For the purpose of enabling the Administrative Agent to enforce any Lien held by either of them upon any of the Collateral and to the extent appropriate,
in the good faith opinion of the Administrative Agent, to lease, sell, or otherwise dispose of any of the Collateral at such time as such Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor grants to
the Administrative Agent for the benefit of Secured Parties, a nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license, or sublicense during the continuance of an Event of Default any
Intellectual Property now or hereafter owned, or licensed from a third party for use, by any Grantor (except to the extent the terms of any of the licenses, sublicenses or agreements related to the foregoing Intellectual Property prohibit or do not
permit such grant of license or do not empower the Grantor to grant such license to such Administrative Agent), and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be
recorded or stored and to all computer software and programs used for the compilation or printout thereof. 
  

	 	ARTICLE VI	 THE ADMINISTRATIVE AGENT 

  
 Section 6.1 Administrative Agent’s Appointment as Attorney-in-Fact 
  
 (a) Each Grantor hereby irrevocably constitutes and appoints the
Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in
its own name, for the purpose of 

  

 20 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
carrying out the terms of this Agreement, to take any appropriate action and to execute any document or instrument that may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do
any of the following during the continuance of an Event of Default: 
  
 (i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any check, draft, note, acceptance or other instrument for the payment of moneys due under any Account or
General Intangible or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any such
moneys due under any Account or General Intangible or with respect to any other Collateral whenever payable; 
  
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any agreement, instrument, document or paper as the
Administrative Agent may request to evidence the Administrative Agent’s security interest in such Intellectual Property and the goodwill and General Intangibles of such Grantor relating thereto or represented thereby; 
  
 (iii) pay or discharge taxes and Liens levied or placed on
or threatened against the Collateral, effect any repair or pay any insurance called for by the terms of this Agreement (including all or any part of the premiums therefor and the costs thereof); 
  
 (iv) execute, in connection with any sale provided for in
Section 5.1 (Code and Other Remedies) or 5.5 (Registration Rights), any endorsement, assignment or other instrument of conveyance or transfer with respect to the Collateral; or 
  
 (v) (A) direct any party liable for any payment under any
Collateral to make payment of any moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct, (B) ask or demand for, collect, and receive payment of and receipt for, any moneys, claims and
other amounts due or to become due at any time in respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification,
notice and other document in connection with any Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of
any Collateral, (E) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Administrative Agent may deem appropriate, (G) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Trademark pertains) throughout the world for such term or terms, on such conditions,
and in such manner as the Administrative Agent shall in its sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, sell, transfer, pledge and make any
agreement with respect to or otherwise deal with any Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s
expense, at any time, or from time to 

  

 21 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
time, all acts and things that the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative
Agent’s and the other Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
  
 Anything in this clause (a) to the contrary notwithstanding, the Administrative Agent agrees that it shall not exercise any right
under the power of attorney provided for in this clause (a) unless an Event of Default shall be continuing. 
  
 (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any
obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
  
 (c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 6.1, shall be payable by
such Grantor to the Administrative Agent on demand. 
  
 (d) Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is
terminated and the security interests created hereby are released. 
  
 Section 6.2 Duty of Administrative Agent 
  
 The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar
property for its own account. Neither the Administrative Agent, any other Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on the
Administrative Agent hereunder are solely to protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to exercise any such powers. The Administrative
Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
  
 Section 6.3 Authorization of Financing Statements 
  

Each Grantor authorizes the Administrative Agent and its Affiliates, counsel and other representatives, at any time and from time to time, to file or
record financing statements, amendments to financing statements, and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Administrative Agent reasonably determines appropriate to
perfect the security interests of the Administrative Agent under this Agreement, and such financing statements and amendments may described the Collateral covered thereby as “all assets of the debtor other than real property, Equipment and
Commercial Tort Claims directly relating to Equipment and real property”, “all personal property of the debtor 

  

 22 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
other than Equipment and Commercial Tort Claims directly relating to Equipment and real property” or words of similar effect. Each Grantor hereby also
authorizes the Administrative Agent and its Affiliates, counsel and other representatives, at any time and from time to time, to file continuation statements with respect to previously filed financing statements. A photographic or other reproduction
of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. 
  

Section 6.4 Authority of Administrative Agent 
  

Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the
Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the
Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the
Administrative Agent shall be conclusively presumed to be acting as agent for the Administrative Agent and the other Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or
entitlement, to make any inquiry respecting such authority. 
  

	 	ARTICLE VII	 MISCELLANEOUS 

  
 Section 7.1 Amendments in Writing 
  
 None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 11.1
(Amendments, Waivers, Etc.) of the Credit Agreement; provided, however, that annexes to this Agreement may be supplemented (but no existing provisions may be modified and no Collateral may be released) through Pledge Amendments and
Joinder Agreements, in substantially the form of Annex 3 (Form of Pledge Amendment) and Annex 4 (Form of Joinder Agreement) respectively, in each case duly executed by the Administrative Agent and each Grantor directly affected
thereby. 
  
 Section 7.2 Notices 
  
 All notices, requests and demands to or upon the Administrative Agent or any
Grantor hereunder shall be effected in the manner provided for in Section 11.8 (Notices, Etc.) of the Credit Agreement; provided, however, that any such notice, request or demand to or upon any Grantor shall be addressed to the
Borrower’s notice address set forth in such Section 11.8. 
  
 Section 7.3 No Waiver by Course of Conduct; Cumulative Remedies 
  
 Neither the Administrative Agent nor any other Secured Party shall by any act (except by a written instrument pursuant to Section 7.1 (Amendments in Writing)), delay, indulgence, omission or otherwise be deemed
to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any other Secured Party, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by
the Administrative Agent or any other 

  

 23 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Administrative Agent or
such other Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

 
 Section 7.4 Successors and Assigns 
  
 This Agreement shall be binding upon the successors and assigns of each
Grantor and shall inure to the benefit of the Administrative Agent and each other Secured Party and their successors and assigns; provided, however, that no Grantor may assign, transfer or delegate any of its rights or obligations
under this Agreement without the prior written consent of the Administrative Agent. 
  
 Section 7.5 Counterparts 
  
 This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Signature pages may be detached from multiple counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by
telecopy shall be effective as delivery of a manually executed counterpart. 
  
 Section 7.6 Severability 
  
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

Section 7.7 Section Headings 
  
 The Article and Section titles contained in this Agreement are, and shall be, without substantive meaning or content of any kind whatsoever and are not
part of the agreement of the parties hereto. 
  
 Section 7.8
Entire Agreement 
  
 This Agreement together with the
other Loan Documents represents the entire agreement of the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. 
  
 Section 7.9 Governing Law 
  
 This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
  

 24 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 Section 7.10 Additional Grantors 
  
 If, pursuant to Section 7.11 (Additional Collateral and Guaranties)
of the Credit Agreement, the Borrower shall be required to cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the Administrative Agent a Joinder Agreement substantially in the
form of Annex 4 (Form of Joinder Agreement) and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date. 
  
 Section 7.11 Release of Collateral 
  
 (a) At the time provided in Section 10.8(b)(i) (Concerning the
Collateral and the Collateral Documents) of the Credit Agreement, the Collateral shall be released from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination) of the
Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any
Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral of such Grantor held by the Administrative Agent hereunder and execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination. 
  
 (b) If the
Administrative Agent shall be directed or permitted pursuant to Section 10.8(b)(ii) or (iii) (Concerning the Collateral and the Collateral Documents) of the Credit Agreement to release any Lien created hereby upon any Collateral
(including any Collateral sold or disposed of by any Grantor in a transaction permitted by the Credit Agreement), such Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the terms and conditions
set forth in, Section 10.8(b)(ii) or (iii) (Concerning the Collateral and the Collateral Documents) of the Credit Agreement. In connection therewith, the Administrative Agent, at the request and sole expense of the Borrower,
shall execute and deliver to the Borrower or the applicable Grantor all releases or other documents, including, without limitation, UCC termination statements, reasonably necessary or desirable for the release of the Lien created hereby on such
Collateral. At the request and sole expense of the Borrower, a Grantor shall be released from its obligations hereunder in the event that all the capital stock of such Grantor shall be so sold or disposed; provided, however, that the
Borrower or the applicable Grantor shall have delivered to the Administrative Agent, at least ten Business Days prior to the date of the proposed release, a written request for release identifying the relevant Grantor and the terms of the sale or
other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrower in form and substance satisfactory to the Administrative Agent stating that such transaction
is in compliance with the Credit Agreement and the other Loan Documents. 
  
 Section 7.12 Reinstatement 
  
 Each Grantor further agrees that, if any payment made by any Loan Party or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or
preferential or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by any Secured Party to such Loan Party, its estate, trustee, receiver or any other party, including any Grantor, under any

  

 25 

 PLEDGE AND SECURITY AGREEMENT 

CONSTAR INTERNATIONAL INC. 
  

 
bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing
such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the Lien granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by
virtue of such cancellation or surrender, such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other
Collateral securing the obligations of any Grantor in respect of the amount of such payment. 
  
 [SIGNATURE PAGES FOLLOW] 
  

 26 

 IN WITNESS WHEREOF, each of the undersigned has caused this Pledge and Security Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	 CONSTAR INTERNATIONAL INC.,
 as Grantor

		
	By:	 	 /s/ WILLIAM RYMER

	 Name:
	 	 William Rymer

	 Title:
	 	 Executive Vice President

	
	 CONSTAR, INC.,
 as Grantor

		
	By:	 	 /s/ WILLIAM RYMER

	 Name:
	 	 William Rymer

	 Title:
	 	 Executive Vice President

	
	 BFF INC.,
 as Grantor

		
	By:	 	 /s/ WILLIAM RYMER

	 Name:
	 	 William Rymer

	 Title:
	 	 Executive Vice President

	
	 DT, INC.,
 as Grantor

		
	By:	 	 /s/ WILLIAM RYMER

	 Name:
	 	 William Rymer

	 Title:
	 	 Executive Vice President

	
	 CONSTAR FOREIGN HOLDINGS,
INC.,
 as Grantor

		
	By:	 	 /s/ WILLIAM RYMER

	 Name:
	 	 William Rymer

	 Title:
	 	 Executive Vice President

  

 [SIGNATURE PAGE TO PLEDGE AND
SECURITY AGREEMENT] 

			
	 ACCEPTED AND AGREED
 as of the date first above written:

	
	 CITICORP USA, INC.,
 as Administrative Agent

		
	By:	 	 /s/ DAVID JAFFE

	 Name:
	 	 David Jaffe

	 Title:
	 	 Director and Vice President

  

 [SIGNATURE PAGE TO PLEDGE AND
SECURITY AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]