Document:

Security Trust Deed

 Exhibit 10.4 
 EXECUTION VERSION 
 31 December 2008 
 SECURITY TRUST DEED 
 between

 CONSTAR INTERNATIONAL U.K. LIMITED 
 as a Company 
 and 
 CITICORP USA, INC. 
 CITICORP NORTH AMERICA, INC. 
 CITIBANK, N.A. 
 WELLS FARGO
FOOTHILL, LLC 
 as Secured Parties 
 and 
 CITIBANK, N.A., LONDON BRANCH 
 as Security Trustee 
 WEIL, GOTSHAL & MANGES 

 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
 www.weil.com 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 1
	  	INTERPRETATION	  	1
			
	 2
	  	DECLARATION OF TRUST	  	2
			
	 3
	  	DELEGATION BY SECURITY TRUSTEE	  	3
			
	 4
	  	INVESTMENT BY SECURITY TRUSTEE	  	3
			
	 5
	  	APPLICATION OF PROCEEDS	  	3
			
	 6
	  	SECURITY TRUSTEE’S RIGHTS AND DUTIES	  	4
			
	 7
	  	ADDITIONAL POWERS	  	9
			
	 8
	  	APPOINTMENT AND RESIGNATION OF SECURITY TRUSTEES	  	9
			
	 9
	  	REMUNERATION	  	10
			
	 10
	  	TRANSFERS	  	12
			
	 11
	  	REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS	  	12
			
	 12
	  	PARTIAL INVALIDITY	  	13
			
	 13
	  	PERPETUITY PERIOD	  	13
			
	 14
	  	COUNTERPARTS	  	13
			
	 15
	  	GOVERNING LAW	  	13
			
	 16
	  	JURISDICTION	  	13
		
	 SCHEDULE 1 Form of Accession Undertaking
	  	14

  

 i 

 THIS SECURITY TRUST DEED (this “Deed”) is made on 31 December 2008 
 AMONG: 
  

	(1)	CONSTAR INTERNATIONAL U.K. LIMITED, a company with limited liability incorporated under the laws of England and Wales with company number 02407933 (“Constar
UK”); 

  

	(2)	CITICORP USA, INC. (the “Administrative Agent”); 

  

	(3)	CITICORP USA, INC.; 

  

	(4)	CITICORP NORTH AMERICA, INC. 

  

	(5)	CITIBANK, N.A. 

  

	(6)	WELLS FARGO FOOTHILL, LLC; and 

  

	(7)	CITIBANK, N.A., LONDON BRANCH, as trustee for the Secured Parties (the “Security Trustee”), which expression includes all other persons for the time being
the security trustee or trustees for the Secured Parties under this Deed). 

 WHEREAS 
  

	(A)	The Companies have granted to the Security Trustee certain security in respect of the Secured Obligations owed by the Companies to the Secured Parties under the Loan
Documents. 

  

	(B)	The Security Trustee has agreed to act as the trustee of the Trust Property under this Deed for the benefit of the Secured Parties upon the terms and conditions contained in
it. 

  

	(C)	The Security Trustee intends this Deed to, and it shall, take effect as a deed. 

  

	1	INTERPRETATION 

 1.1 Definitions In this Deed the following
terms have the meanings given to them in this Clause 1.1. 
 “Accession Undertaking” means an undertaking in the form set out in Schedule 1
(Form of Accession Undertaking) hereto. 
 “Companies” means, collectively, Constar UK and any additional company which becomes a
party to this Deed and “Company” shall mean any of them as the context may require. 
 “Debenture” means the debenture
dated on or about the date of this Deed and made between Constar UK and the Security Trustee. 
 “Exposure” means at any time in relation to
a Secured Party all amounts which are owing, actually or contingently, at such time by the Companies to such Secured Party under the Loan Documents, whether or not due. 
 “Facility Agreement” means the facility agreement dated on or about the date of this Deed between the Borrower, the Lenders, Citicorp USA, Inc. as administrative agent and the Security Trustee.

 “Trust Property” means: 
  

	(a)	all assets and rights from time to time transferred, mortgaged, charged, assigned to and/or vested in the Security Trustee under or in connection with any UK Security
Document; 

  

	(b)	the security interests from time to time constituted by or pursuant to or evidenced by the UK Security Documents; 

  

	(c)	all representations, obligations, covenants, warranties or other contractual provisions in favour of the Security Trustee (other than any made or granted solely for its own
benefit) made or granted in or pursuant to any of the UK Security Documents; 

  

	(d)	all sums received or recovered by the Security Trustee under, pursuant to or in connection with this Deed and/or any UK Security Document or the exercise of any of the
Security Trustee’s powers under or in connection therewith and which are required to be held by the Security Trustee upon trust on the terms of this Deed and/or any UK Security Document; and 

  

	(e)	all income and other sums at any time received or receivable by the Security Trustee in respect of the Trust Property (or any part thereof). 

 “UK Security Documents” means this Deed, the Debenture and any other document entered into from time to time by any of the Companies pursuant to which
each such Company undertakes a liability to the Security Trustee as security trustee for the Secured Parties in respect of any of the Secured Obligations or which creates or evidences a security interest in favour of the Security Trustee as security
trustee for the Secured Parties over any of the assets of such Company as security for any of the Secured Obligations or which creates or evidences any right or interest related thereto. 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature. 
 1.2 Interpretation 
  

	(a)	Unless otherwise defined in this Deed, terms defined and references construed in the Facility Agreement or the Debenture have the same meanings in this Deed and the
construction rules set out in Section 1.5 (Certain Terms) of the Facility Agreement shall apply to this Deed as though they were set out in full in this Deed except that references to “this Agreement” shall be construed as
references to this Deed. The Administrative Agent undertakes to deliver a copy of any amendment to the Facility Agreement to the Security Trustee and unless and until the Security Trustee receives such amendment, it shall be entitled to assume that
no such amendment has been made. 

  

	(b)	The terms of the other Loan Documents and of any side letters between the parties thereto in relation to the Loan Documents are incorporated into this Deed to the extent
required for any purported disposition of the Trust Property to be a valid disposition in accordance with Section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989. 

 1.3 Third Party Rights A person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Deed. 
 1.4 Effect as a Deed This Deed is intended to take effect as a deed notwithstanding the fact that a party may only execute this Deed under
hand. 
  

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	2	DECLARATION OF TRUST 

 The Security Trustee declares that it shall
hold the Trust Property on trust for the Secured Parties on the terms contained in this Deed. Each of the parties to this Deed agrees that the Security Trustee shall have those duties, obligations and responsibilities expressly specified in this
Deed and the UK Security Documents (and no others shall be implied) and, without limiting the foregoing, each of the Secured Parties authorises, ratifies, confirms and approves the Security Trustee’s entering into the Debenture. In exercising
its rights, powers and discretions under the UK Security Documents, the Security Trustee shall act subject to and in accordance with this Deed. If there is any conflict between the provisions of this Deed and the other UK Security Documents, the
provisions of this Deed shall prevail. The rights, power and discretions conferred upon the Security Trustee by this Deed shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the
Security Trustee by general law or otherwise. 
  

	3	DELEGATION BY SECURITY TRUSTEE 

 The Security Trustee may at any
time and from time to time upon notice to the Administrative Agent delegate by power of attorney or in any other manner to any person or persons all or any of the rights, powers and discretions which are for the time being exercisable by the
Security Trustee under this Deed or any of the UK Security Documents. Any such delegation may be made upon such terms and conditions (including power to sub-delegate) as the Security Trustee may think fit. The Security Trustee shall not be in any
way liable or responsible to the Companies, any Secured Party or any other person for any claim, loss or damage arising from any act, default, omission or misconduct on the part of any such delegate or sub-delegate except in the case of fraud,
wilful misconduct or gross negligence on the part of the Security Trustee in the appointment of such delegate or sub-delegate. 
  

	4	INVESTMENT BY SECURITY TRUSTEE 

 Pending appropriation and
distribution under Clause 5 (Application of Proceeds), the Security Trustee shall place any sum received, recovered or held by it in respect of the Trust Property in a suspense account and shall invest an amount equal to the balance from
time to time standing to the credit of that suspense account in any of the investments authorised by paragraph (o) of Clause 6.2 (Supplemental Provisions Relating to Security Trustee) with power from time to time in its
absolute discretion to vary any such investments. The income from those investments shall be credited to the relevant suspense account when received by the Security Trustee. 
  

	5	APPLICATION OF PROCEEDS

 5.1 Order of Application The
Security Trustee shall appropriate and distribute all sums received, recovered or held by it in respect of the Trust Property as set out in Section 2.13 (Payments and Computations) of the Facility Agreement (but without prejudice to the
right of the Secured Parties (or any of them) to recover any shortfall from the Companies). 
 5.2 Timing of Distributions Distributions by the
Security Trustee shall be made at such times as the Security Trustee in its absolute discretion determines to be as soon as reasonably practical, having regard to all relevant circumstances. 
 5.3 Distribution Deemed to be Made Gross As between the Secured Parties, a Secured Party shall be deemed to have received from the Security Trustee any amount
which the Security Trustee is at any time required by law to deduct or withhold on account of tax from any 

  

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distribution made by the Security Trustee to that Secured Party under this Deed. However, this shall not prejudice any right which that Secured Party may
have against the Companies under the Loan Documents or any other person (whether under a grossing-up clause or otherwise) but, as between the Secured Parties, any such indebtedness shall rank after all other Secured Obligations. 
 5.4 Basis of Distribution For the purpose of any distribution by the Security Trustee, the Security Trustee may fix a date as at which the amount of the Secured
Obligations is to be calculated. Any such date must not be more than 10 days before the proposed date of the relevant distribution. For the purposes of determining the amount of any payment to be made pursuant to Clause 5.1 (Order of
Application) to any Secured Party, the Security Trustee shall be entitled to call for a certificate of the amount, currency and nature of any Secured Obligation due, owing or incurred to the relevant Secured Party at the date fixed by the
Security Trustee for such purpose and as to such other matters as the Security Trustee may deem necessary or desirable to enable it to make a distribution. The Security Trustee shall be entitled to rely on any such certificate. 
 5.5 Unwinding Any appropriation or distribution which later transpires to have been, or is agreed by the Security Trustee to have been, invalid, or which has to
be refunded, shall be refunded and shall be deemed never to have been made provided that the Security Trustee shall be under no obligation to make such repayment or refund unless it has first received the requisite amount from the recipient of such
invalid or refundable appropriation or distribution. 
  

	6	SECURITY TRUSTEE’S RIGHTS AND DUTIES 

 6.1 Rights and Duties

  

	(a)	The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in this Deed and the UK Security Documents and shall not have any
implied duties, obligations or responsibilities. In performing or carrying out its duties, obligations and responsibilities, the Security Trustee shall be considered to be acting only in a mechanical and administrative capacity (save as expressly
provided in this Deed or the UK Security Documents) and shall not have or be deemed to have any duty, obligation or responsibility to or relationship of trust or agency with the Companies. 

  

	(b)	The Security Trustee shall act solely in accordance with any instructions given to it by the Administrative Agent and shall assume that (i) any instructions received by
it from the Administrative Agent are duly given by or on behalf of the Secured Parties (or the requisite proportion of them) in accordance with the terms of the Loan Documents and (ii) unless it has received actual written notice of revocation,
that any instructions or directions given by the Administrative Agent have not been revoked and no revocation of any such instructions by the Administrative Agent shall affect any action taken by the Security Trustee in reliance upon such
instruction or direction prior to actual receipt of the notice of revocation. The Security Trustee shall carry out all dealings with the Secured Parties through the Administrative Agent. 

  

	(c)	If the Administrative Agent in issuing any instruction breaches any rights or restrictions set out in the Loan Documents this shall not invalidate the instruction unless the
Administrative Agent informs the Security Trustee in relation to the instruction made or given by it before the Security Trustee commences to act on such instruction that such instruction was invalid and should not be acted on. If the Security
Trustee is so informed after it has commenced to act on an instruction the validity of any action taken shall not be affected but the Security Trustee shall take no further action in accordance with such instruction, except to the extent that it has
become legally obliged to do so; 

  

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	(d)	The Security Trustee shall not be obliged to take any action or proceedings under or in relation to any Loan Document unless it has received a request or instruction from the
Administrative Agent and shall not be responsible for any delay or failure to take any such action or proceedings; 

  

	(e)	The Security Trustee is a party to the UK Security Documents solely for the purpose of being a beneficiary of the Trust Property and the Security Trustee assumes none of the
obligations of the other Secured Parties under the UK Security Documents as a result thereof. 

 6.2 Supplemental Provisions Relating to
Security Trustee Notwithstanding that the Security Trustee may be entitled to remuneration, the Security Trustee shall have all the rights, powers, discretions, privileges and immunities which gratuitous trustees have or may have in England and,
by way of supplement to the Trustee Act 1925 and the Trustee Act 2000, it is expressly declared as follows: 
  

	(a)	The Security Trustee may execute each of the UK Security Documents and all such further documents as may be approved by the Lenders or the Administrative Agent for execution
by the Security Trustee. 

  

	(b)	The Security Trustee may, acting in good faith, rely on any communication, certificate, legal opinion or other document believed by it to be genuine.

  

	(c)	The Security Trustee may, acting in good faith, rely as to any matter of fact which might reasonably be expected to be within the knowledge of the relevant Company or a
statement by or on behalf of the relevant Company. 

  

	(d)	The Security Trustee may, acting in good faith, accept as sufficient evidence a certificate signed by any person believed by it to be a director or otherwise authorised
officer or agent of the relevant Company to the effect that any particular dealing, transaction, step or thing is, in the opinion of the person so certifying, suitable or expedient or as to any other fact or matter upon which the Security Trustee
may require to be satisfied. The Security Trustee shall be in no way bound to call for further evidence or be responsible for any loss that may be occasioned by acting on any such certificate. 

  

	(e)	The Security Trustee may obtain and pay for such legal or other expert advice or other expert advice or services as it may deem necessary or desirable and rely on any such
advice. In relation to any of the provisions of this Deed, any of the UK Security Documents, or any other agreement, matter or thing relating to any Company or the Trust Property, the Security Trustee may act on the opinion or advice of or any
information obtained from any lawyer, accountant, architect, engineer, surveyor, broker, consultant, valuer or other expert, whether obtained by the Security Trustee or otherwise, and shall not be responsible for any loss occasioned by so acting.

  

	(f)	Any opinion, advice or information referred to in paragraph (e) of this Clause 6.2 (Supplemental Provisions Relating to Security Trustee) above may be
sent or obtained by letter, telex message, facsimile, transmission, cablegram, telephone or any other means. The Security Trustee shall not be liable for acting on any opinion, advice or information purporting to be so conveyed although the same
shall contain some error or shall be authentic. 

  

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	(g)	Subject to the terms of this Deed and the UK Security Documents, the Security Trustee may retain for its own benefit and without liability to account any fee or other sum
receivable by it for its own account. 

  

	(h)	The Security Trustee may accept deposits from, lend money to, provide any advisory or other services to, or engage in any kind of banking or other business with, any Company
or any other Secured Party or, in either case, a subsidiary or associated company of any such person (and, in each case, may do so without liability to account or disclose any such arrangements to any person). 

  

	(i)	The Security Trustee may perform any of its duties, obligations and responsibilities under this Deed or the UK Security Documents by or through any of its personnel and/or
may employ and pay an agent to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Security Trustee (including the receipt and payment of money). Any agent who is a lawyer, accountant,
architect, auctioneer, engineer, surveyor, broker, consultant, valuer or other person engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any
partner or employee of his in connection with the trusts hereof. 

  

	(j)	The Security Trustee may refrain from doing anything which would or might in its opinion be contrary to any law of any applicable jurisdiction or any directive or regulation
of any agency of any state or which would or might otherwise render it liable to any person and may do anything which is, in its absolute discretion, necessary to comply with any such law, directive or regulation. 

  

	(k)	The Security Trustee shall not be liable for any failure, omission or defect in perfecting the security interests created by or pursuant to the UK Security Documents
including without prejudice to the generality of the foregoing: 

  

	 	(i)	failure to obtain any licence, consent or other authority for the execution, delivery, validity, legality, adequacy, performance, enforceability or admissibility in evidence
of any UK Security Document; 

  

	 	(ii)	failure to effect or procure registration of or otherwise protect any of the security interests created by the UK Security Documents by registering under any applicable
registration laws in any territory by any notice, caution, filing, registration or other entry prescribed by or pursuant to the provisions of the said laws; 

  

	 	(iii)	failure to require the deposit with it of any deed or document certifying, representing or constituting the title of any Company to any of the property mortgaged, charged,
assigned or otherwise encumbered by or pursuant to any of the UK Security Documents; or 

  

	 	(iv)	failure to require any further assurances in relation to any of the UK Security Documents. 

  

	(l)	 The Security Trustee may accept without enquiry, requisition, objection or investigation of such title as any Company may have to that part of the assets
belonging to it (or any part thereof) which is the subject matter of this Deed or any of the UK Security Documents and shall not be liable for any failure or omission to ascertain or investigate 

  

 6 

	 	 
the title of any Company or other person to any asset now or at any time hereafter subject or purporting to be subject to any security interests created by
or pursuant to the UK Security Documents. 

  

	(m)	The Security Trustee and every Receiver, delegate, sub-delegate, attorney, agent or other person appointed under this Deed or any of the UK Security Documents may indemnify
itself or himself out of the Trust Property against all actions, charges, claims, costs, damages, demands, expenses, liability, loss or proceedings which may be brought, made or preferred against or suffered, incurred or sustained by it or him in
relation to, in connection with, or arising out of the entry into, this Deed or any UK Security Document, the taking or holding of any of the guarantees and/or security given or created by or pursuant to the UK Security Documents and/or in the
execution of any right or trust vested in any of them by this Deed or any UK Security Document and/or in respect of any other matter or thing done or omitted to be done in any way relating to this Deed or any UK Security Document and/or acting as
Security Trustee or any such other capacity other than those costs, damages, expenses, liabilities or losses which are directly attributable to the gross negligence or wilful misconduct of such person. 

  

	(n)	The Security Trustee may place any or all title deeds and other documents certifying, representing or constituting the title to any of the assets subject to the security
conferred by the UK Security Documents and for the time being in its hands in any safe deposit, safe or receptacle selected by the Security Trustee or with any banker or banking company or company whose business includes undertaking the safe custody
of documents or any solicitor or firm of solicitors. The Security Trustee may in its absolute discretion make any such arrangements as it thinks fit for allowing any of the Companies or its solicitors or auditors or other advisers access to or
possession of any such title deeds and other documents when necessary or convenient. The Security Trustee shall not be responsible for any loss incurred in connection with any such deposit, access or possession. 

  

	(o)	All moneys which under the trusts contained in this Deed are received or held by the Security Trustee may be invested in the name of or under the control of the Security
Trustee in any investment for the time being authorised by English law for the investment by trustees of trust moneys or by placing the same on deposit in the name of or under the control of the Security Trustee at such bank, financial institution
or company (including the Security Trustee) as the Security Trustee may think fit and the Security Trustee may at any time vary, exchange, transfer or transpose any such investments for or into other such investments. The Security Trustee shall not
be responsible for any loss occasioned thereby, whether by depreciation in value or otherwise. Any investment may, at the discretion of the Security Trustee, be made or retained in the names of nominees. 

  

	(p)	The Security Trustee may refrain from taking any (or any further) action or exercising any right, power or discretion vested in it under this Deed or any UK Security Document
until it has been indemnified and/or secured to its satisfaction against any and all actions, charges, claims, costs, damages, demands, expenses, liabilities, losses and proceedings (including legal, accountants’ and other professional fees)
which might be brought, made or preferred against or suffered, incurred or sustained by it as a result. 

  

	(q)	Neither the Security Trustee nor any of its personnel or agents makes, or shall at any time be deemed to make, any representation or warranty (express or implied) as to, or
shall be responsible or liable to any person for: 

  

 7 

	 	(i)	the adequacy, accuracy or completeness of any representation, warranty, statement or information in this Deed or any other UK Security Document, any notice, report or other
document, statement or information circulated, delivered or made to any Secured Party whether orally or otherwise and whether before, on or after the date of this Deed; 

  

	 	(ii)	the execution, delivery, validity, legality, priority, ranking, adequacy, performance, enforceability or admissibility in evidence of this Deed or any UK Security Document or
any other document referred to in paragraph (a) above or of any security created thereby or any obligations imposed thereby or assumed thereunder; or 

  

	 	(iii)	anything done or not done by it or any of them under or in connection with this Deed or any other UK Security Document or any other notice or document save in the case of its
or their own gross negligence or wilful misconduct. 

  

	(r)	The Security Trustee may upon a disposal to any third party of any property the subject of any of the security interests created under any of the UK Security Documents by any
Receiver, or by any Company where the Security Trustee has consented to the disposal, release such property from such security. 

 6.3 No
Duty to Enquire The Security Trustee may assume without enquiry that each Company and/or each other person is duly performing and observing and/or, as the case may be, is in compliance with all the representations, warranties, undertakings,
covenants, conditions, provisions and obligations contained in any UK Security Document on its part to be performed, observed or complied with and that no Event of Default or the like has occurred unless an officer of the Security Trustee (while
active on matters relating to the Companies) acquires actual knowledge to the contrary and that if the Security Trustee receives any instructions or directions from the Administrative Agent to take any action in relation to the Trust Property, it
may assume that all applicable conditions under the Loan Documents for taking that action have been satisfied. 
 6.4 No Duty to Collect Payments The
Security Trustee shall not have any duty to ensure that any payment or other financial benefit in respect of any of the Trust Property is duly and punctually paid, received or collected as and when the same becomes due and payable or to secure that
the correct amounts (if any) are paid or received or to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property paid, distributed, accruing or offered at any time by way of interest, dividend, redemption,
bonus, rights, preference, option, warrant or otherwise on, or in respect of or in substitution for any of the Trust Property. 
 6.5 Indemnity to
Security Trustee To the extent that any Company does not do so on demand or is not obliged to do so, each Secured Party shall indemnify the Security Trustee in the proportion which its Exposure bears to the aggregate Exposures of all the Secured
Parties for the time being (or, if the Exposures of each of the Secured Parties are zero, immediately prior to their being reduced to zero) against any action, charge, claim, cost, damage, demand, expense, liability, loss or proceeding or sustained
or incurred by the Security Trustee in complying with any instructions from the Lenders (via the Administrative Agent) or otherwise sustained or incurred by the Security Trustee in connection with this Deed or any UK Security Document or its rights,
powers, discretions, duties, obligations and responsibilities under any such document except to the extent that they are attributable to the gross negligence or wilful default of the Security Trustee. 
  

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 6.6 Security Trustee as a Secured Party Notwithstanding that the Security Trustee is also a Secured Party, the
Security Trustee shall be entitled to take, or refrain from taking, in any capacity any action which it would be entitled to take, or refrain from taking, in that capacity if it were not acting in any other capacity. The Security Trustee may enter
into any banking, financial or business contracts or any other transactions or arrangements with any of the Companies, the Secured Parties, or any other party to any UK Security Document, or any subsidiary, holding company or associated company
thereof, (whether in relation to the Secured Obligations or in any other manner whatever) or in relation to the Trust Property. The Security Trustee shall not be required to disclose any such contract, transaction or arrangement to any of the
Secured Parties and shall be in no way accountable to any of the Companies or (save as otherwise provided in this Deed) to any of the Secured Parties for any profits or benefits arising from any such contract or transaction or from any contract of
loan or deposit or any other contract or transaction or arrangement which any person not being a trustee of this Deed could or might have entered into with any of the Companies or any other party to any UK Security Document, or any subsidiary,
holding company or associated company thereof, or in relation to the Trust Property. 
  

	7	ADDITIONAL POWERS 

 The rights and trusts conferred upon the
Security Trustee by this Deed and the UK Security Documents shall be in addition to any which may from time to time be vested in the Security Trustee by the general law. 
  

	8	APPOINTMENT AND RESIGNATION OF SECURITY TRUSTEES 

 8.1
Appointment The statutory power to appoint new or additional trustees shall be vested in the Security Trustee. 
 8.2 Separate Security Trustees
At any time or times (whether for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts are to be performed or for any other purpose or reason whatsoever), the
Security Trustee shall have power to appoint any person to act either as separate trustee, or as co-trustee jointly with the Security Trustee, with (subject to the provisions of this Deed) such of the rights, powers and discretions (including the
right to reasonable remuneration and indemnity), duties and obligations vested in the Security Trustee by this Deed or any UK Security Document as shall be conferred or imposed by the instrument of its or his appointment. The Security Trustee shall
have power to remove any such separate trustee or co-trustee. Any such separate trustee or co-trustee shall be entitled to all rights, powers and discretions as are conferred on it or him by the Security Trustee by the instrument of its or his
appointment. Such reasonable remuneration as the Security Trustee may pay to such person, together with any attributable reasonable costs, charges, losses, expenses and other reasonable sums expended, paid, incurred or debited in account in
performing its or his function as such separate trustee or co-trustee, shall for the purposes of this Deed be treated as expended, paid, incurred or debited in account by the Security Trustee. 
 8.3 Resignation of Security Trustees 
  

	(a)	Subject to this Clause 8.3, the Security Trustee may resign its appointment under this Deed at any time without assigning any reason therefor by giving not less than 30
days’ prior written notice to that effect to the Administrative Agent and the Lenders and the Companies. 

  

 9 

	(b)	Subject to the prior satisfaction of the conditions set out in Clause 8.3(c), the resignation of the Security Trustee and appointment of a successor Security Trustee
shall take effect upon the appointment of such successor Security Trustee pursuant to a deed of appointment duly executed and delivered by each party thereto, whereupon: 

  

	 	(i)	the retiring Security Trustee shall cease to be a party to the Loan Documents in its capacity as such and shall be discharged from any further obligation thereunder (but
without prejudice to any liabilities accrued thereunder but unperformed by the retiring Security Trustee) but shall remain entitled to the benefit of this Deed; and 

  

	 	(ii)	the successor Security Trustee and each other party to the Loan Documents shall have the same rights and obligations amongst themselves as they would have had if the
successor Security Trustee had been a party thereto in place of the retiring Security Trustee. 

 The retiring Security Trustee
shall make available to the successor Security Trustee all records and documents held by it as Security Trustee, and shall co operate with the successor Security Trustee in order to ensure an orderly transition. 
  

	(c)	The Security Trustee shall not be entitled to resign unless and until: 

  

	 	(i)	all deeds and documents have been executed and all acts and things have been done which are necessary to transfer and vest in the successor Security Trustee all the rights,
interests and obligations of the Security Trustee under the Loan Documents; and 

  

	 	(ii)	the Lenders are satisfied that the Security continues or will continue to constitute perfected and enforceable interests in favour of the successor Security Trustee,

 and each of the Companies shall execute and deliver all deeds and documents and do all acts and things as the Lenders, the
retiring Security Trustee or the successor Security Trustee may require in relation to the appointment of the successor Security Trustee provided that the Companies shall not be required to enter into any documents which contain terms more onerous
than the terms contained within this Deed. 
  

	(d)	The successor Security Trustee shall promptly notify the other parties of its appointment. 

  

	(e)	The Companies shall pay to the successor Security Trustee reasonable remuneration. 

 8.4 Survival of Provisions If a successor to the Security Trustee is appointed under the provisions of Clause 8.2 (Separate Security Trustees), the retiring Security Trustee shall be discharged
from any further obligations hereunder but shall remain entitled to the benefits of the provisions of Clause 6 (Security Trustee’s Rights and Duties), this Clause 8 and Clause 9 (Remuneration). 
  

	9	REMUNERATION 

 9.1 
  

	(a)	 In the event of the occurrence of (i) an Event of Default which is continuing or (ii) the Security Trustee considering it necessary or expedient or
(iii) being requested by a Company or any of the other Secured Parties to undertake duties which the Security 

  

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Trustee deems to be of an exceptional nature and/or outside the scope of the normal duties of the Security Trustee under the Loan Documents, the Companies
shall pay to the Security Trustee any additional remuneration (together with any applicable VAT) as may be agreed between them. 

  

	(b)	If the Security Trustee and the Companies fail to agree upon whether such duties are of an exceptional nature or otherwise outside the scope of the normal duties of the
Security Trustee under the Loan Documents or upon any additional remuneration, that dispute shall be determined by a investment bank (acting as an expert and not as an arbitrator) selected by the Security Trustee and approved by the Companies or,
failing approval, nominated (on the application of the Security Trustee ) by the President for the time being of the Law Society of England and Wales (the costs and expense of the nomination and of the investment bank being payable by the Companies)
and the determination of any investment bank shall be final and binding upon the parties to this Deed. 

 9.2 Each of the Companies
shall, from time to time on demand of the Security Trustee, reimburse the Security Trustee for all costs and expenses (including reasonable legal fees) together with any applicable VAT incurred by the Security Trustee and any Receiver in connection
with: 
  

	(a)	the negotiation, preparation and execution of this Deed and the UK Security Documents and the completion of the transactions and perfection of the Collateral contemplated in
the UK Security Documents; and 

  

	(b)	the exercise, preservation and/or enforcement of any of the rights, powers and remedies of or the performance of the duties of the Security Trustee or any Receiver of the
Security and any proceedings instituted by or against the Security Trustee and/or any Receiver as a consequence of taking or holding the Collateral or of enforcing those rights, powers and remedies (on a full indemnity basis).

 9.3 The Companies shall jointly and severally pay all stamp, registration, notarial and other Taxes or fees paid or payable by the
Security Trustee in connection with any action taken or contemplated by or on behalf of the Security Trustee for enforcing or resolving any doubt concerning, or for any other purpose in relation to this Deed or the other UK Security Documents and
shall, from time to time, indemnify the Security Trustee on demand against any liabilities, costs, claims and expenses resulting from any failure to pay or any delay in paying any Tax or fee. 
 9.4 The Companies shall jointly and severally, as a separate and independent obligation and notwithstanding any release or discharge of all or any part of the
security constituted by the UK Security Documents, indemnify the Security Trustee and every Receiver or any person appointed by them under this Deed or any other UK Security Document (and their respective officers and employees) against all costs,
claims, losses, expenses (including reasonable legal fees) and liabilities (together with any applicable VAT), whether or not reasonably foreseeable, incurred by any of them in relation to or arising out of; 
  

	(a)	any failure by any of the Companies to comply with obligations under this Clause 9), 

  

	(b)	the taking, holding, protection or enforcement of the security constituted by the UK Security Documents, 

  

 11 

	(c)	the exercise of any of the rights, powers, discretions and remedies vested in any of them by the Loan Documents or by law, 

  

	(d)	any default by any Company in the performance of any of the obligations expressed to be assumed by it in the Loan Documents, and 

  

	(e)	which otherwise relate to any of the security constituted by the UK Security Documents or the performance of the terms of this Deed or exercise of any of the rights, powers,
discretions and remedies conferred on such parties by this Deed or any other Loan Document (otherwise than as a result of its gross negligence or wilful misconduct). 

 9.5 The Security Trustee may, in priority to any payment to the other Secured Parties, indemnify itself out of the assets the subject of any security constituted by the UK Security Documents in respect of, and
pay and retain, all sums necessary to give effect to the indemnity in Clause 9.5 from the Companies and shall have a lien on such assets and the proceeds of the enforcement of the security in respect thereof for all moneys payable to it under this
Clause. 
 9.6 Unless otherwise specifically stated in any discharge of this Deed the provisions of this Clause 9 shall continue in full force and
effect notwithstanding such discharge. 
  

	10	TRANSFERS 

 10.1 Transfers by Secured Parties This Deed shall
benefit the Security Trustee, each other Secured Party and each of their respective successors and permitted assigns and transferees. Any reference to any Secured Party or the Security Trustee shall be read and construed accordingly. 
 10.2 Accession to this Deed The parties hereto confirm that any person becoming a Lender in accordance with the terms and conditions of the Facility Agreement,
shall be entitled to the benefits of the provisions contained herein as if originally named a party hereto. In addition, each party hereto (including parties subsequently becoming bound by this Deed) irrevocably authorises the Security Trustee to
agree on its behalf with any other person intended to become a party hereto as a Secured Party to the execution of an Accession Undertaking so as to make such person a party to this Deed as a Secured Party. The parties hereto further agree that this
authorisation is given to secure the interests of the parties under this Deed and is accordingly irrevocable. 
 10.3 Recognition of Transfers and
Transferees The Security Trustee shall not be required to recognise any transfer or transferee which does not comply with the requirements of this Clause 10 (Transfers). 
  

	11	REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS 

 11.1 No Implied
Waivers, Remedies Cumulative Except as otherwise provided in this Deed, all rights, powers and discretions of the Security Trustee may be exercised at any time and from time to time at the absolute discretion of the Security Trustee. No failure
on the part of the Security Trustee to exercise, and no delay on its part in exercising, any right, power or discretion under this Deed or any UK Security Document will operate as a waiver thereof, nor will any single or partial exercise of
any right, power or discretion preclude any other or further exercise thereof or the exercise of any other right, power or discretion. The rights and remedies provided in this Deed and the UK Security Documents are cumulative and not exclusive of
any rights or remedies provided by law. 
  

 12 

 11.2 Amendments, Waivers and Consents Any provision of this Deed and the other UK Security Documents may be
amended, released or a waiver given in respect of it only if the Companies and the Requisite Lenders so agree in writing. Any such waiver, release and any consent or approval by the Security Trustee under this Deed or the other UK Security
Documents, shall not be effective unless it is in writing, may be given subject to any conditions thought fit by the person(s) giving it may be withdrawn or modified at any time, and shall be effective only in the instance and for the purpose for
which it is given. 
 11.3 Determinations Any determination by the Security Trustee pursuant to this Deed shall be conclusive in the absence of
manifest error. 
  

	12	PARTIAL INVALIDITY 

 The illegality, invalidity or unenforceability
of any provision of this Deed under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. 
  

	13	PERPETUITY PERIOD 

 The perpetuity period for each trust created by
this Deed shall be eighty years from the date of this Deed. 
  

	14	COUNTERPARTS 

 This Deed may be executed in any number of
counterparts, each of which when executed and delivered constitutes an original of this Deed, but all the counterparts shall together constitute one and the same agreement. 
  

	15	GOVERNING LAW 

 This Deed shall be governed by and construed in
accordance with the laws of England. 
  

	16	JURISDICTION 

 16.1 Jurisdiction of English Courts

  

	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity
or termination of this Deed and the other UK Security Documents to which a Company is a party). 

  

	(b)	The parties agree that the courts of England are the most appropriate and convenient courts to settle such disputes and accordingly no party shall argue to the contrary.

  

	(c)	This Clause 16.1 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to such a dispute in
any other court with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions. 

 IN WITNESS whereof this Deed has been entered into as a deed on the date stated at the beginning. 
  

 13 

 SCHEDULE 1 
 Form of Accession Undertaking 
 To: The Security Trustee, on its own behalf and on behalf of each of the other
parties to the Security Trust Deed referred to below. 
 THIS UNDERTAKING is made the      day of
                    , [        ] by the new Secured Party (the “Acceding Secured Party”) in
relation to the Security Trust Deed (the “Security Trust Deed”) dated 31 December 2008 between, inter alias, the Companies and the Security Trustee. Terms defined in the Security Trust Deed shall bear the same meanings herein.

 In consideration of the Acceding Secured Party being accepted as a Secured Party for the purposes of the Security Trust Deed by the parties thereto as
from such date, the Acceding Secured Party hereby confirms that, as from [date], it intends to be party to the Security Trust Deed as a Secured Party, undertakes to perform all the obligations expressed therein to be assumed by Secured Parties and
agrees that it shall be bound by all the provisions of the Security Trust Deed, as if it had been an original party thereto. 
 This Undertaking shall be
governed by and construed in accordance with English law. 
 Executed as a Deed by: 
 [Name of acceding party] 
 acting by:
[                            ] 
 in the presence of: 
 Name: 
 Address: 
  

					
	Countersigned by the Security Trustee	 		 	
			
	  
	 		 	
	for and on behalf of	 		 	Date:

  

 14 

 SIGNATORIES 
 THE COMPANIES 
 CONSTAR INTERNATIONAL U.K. LIMITED  
  

					
	Signed as a deed by Chris Phelan in the presence of:	    	 /s/ Chris Phelan
	 	
		    	Director	 	

  

			
		 	
	 /s/ Ian Atkinson
	 	
	SIGNATURE OF WITNESS	 	
		
	NAME OF WITNESS:	 	
	Ian Atkinson	 	
		
	ADDRESS:	 	
	 Constar International UK Ltd.
 Moor Lane Trading Estate

 Sherburn in Elmet, LS25 6ES
	 	
		
	OCCUPATION:	 	
	Accountant	 	

  

 [SIGNATURE PAGE TO THE
SECURITY TRUST DEED] 

 THE SECURITY TRUSTEE 
 CITIBANK, N.A., LONDON BRANCH 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

 THE SECURED PARTIES 
 CITICORP USA, INC. 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

  

 [SIGNATURE PAGE TO THE
SECURITY TRUST DEED] 

 CITICORP USA, INC. 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

 CITICORP NORTH AMERICA, INC. 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

  

 [SIGNATURE PAGE TO THE
SECURITY TRUST DEED] 

 WELLS FARGO FOOTHILL, LLC 
  

					
	Signed as a deed by MARK A. BRADFORD in the presence of:	    	 /s/ Mark Bradford
	 	
		    	Vice President	 	

  

			
		 	
	 /s/ Michael Baranowski
	 	
	 Michael Baranowski
 Wells Fargo Foothill-Loan
Portfolio Manager
 2450 Colorado Avenue, Ste. 3000 West
 Santa
Monica, CA 90404

  

 [SIGNATURE PAGE TO THE
SECURITY TRUST DEED] 

 ADMINISTRATIVE AGENT 
 CITICORP USA, INC. 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

 ISSUER 
 CITIBANK N.A. 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	 Scott Goodwin
 Associate, Asset-Based Finance

390 Greenwich Street, 1st Floor
 New York, NY 10013
	 	

  

 [SIGNATURE PAGE TO THE
SECURITY TRUST DEED]Debenture

 Exhibit 10.5 
 EXECUTION VERSION 
 31 December 2008 
 DEBENTURE 
 between 
 CONSTAR INTERNATIONAL U.K. LIMITED 
 as Chargor 
 and 
 CITIBANK, N.A., LONDON BRANCH 
 as Security Trustee 
 This Debenture is entered into subject to and with the benefit of the terms of a Security Trust Deed 
 (as defined herein) 
 WEIL, GOTSHAL & MANGES 

 ONE SOUTH PLACE LONDON EC2M 2WG

 020 7903 1000 
 WWW.WEIL.COM 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 1
	  	INTERPRETATION	  	1
			
	 2
	  	COVENANT TO PAY	  	4
			
	 3
	  	CREATION OF FIXED SECURITY	  	4
			
	 4
	  	ASSIGNMENTS	  	7
			
	 5
	  	FLOATING CHARGE	  	8
			
	 6
	  	CONTINUING SECURITY	  	9
			
	 7
	  	REPRESENTATIONS AND WARRANTIES	  	12
			
	 8
	  	UNDERTAKINGS OF CHARGOR	  	14
			
	 9
	  	PROVISIONS RELATING TO SHARES	  	17
			
	 10
	  	ACCOUNT BANK	  	19
			
	 11
	  	ENFORCEMENT OF SECURITY	  	20
			
	 12
	  	RECEIVER	  	21
			
	 14
	  	POWER OF ATTORNEY	  	23
			
	 15
	  	DELEGATION	  	24
			
	 16
	  	NO LIABILITY AS MORTGAGEE IN POSSESSION	  	24
			
	 17
	  	PROTECTION OF THIRD PARTIES	  	24
			
	 18
	  	STAMP DUTIES	  	25
			
	 19
	  	ADDITIONAL PROVISIONS	  	25
			
	 20
	  	REMEDIES AND WAIVERS	  	26
			
	 21
	  	NOTICES	  	26
			
	 22
	  	COSTS AND EXPENSES	  	27
			
	 23
	  	CURRENCY OF ACCOUNT	  	27
			
	 24
	  	ASSIGNMENTS, ETC.	  	28
			
	 25
	  	SET-OFF	  	28
			
	 26
	  	COVENANT TO RELEASE	  	28
			
	 27
	  	GOVERNING LAW	  	29
			
	 28
	  	JURISDICTION OF ENGLISH COURTS	  	29
			
	 29
	  	COUNTERPARTS AND EFFECTIVENESS	  	29
		
	 SCHEDULE 1 PART I INTELLECTUAL PROPERTY RIGHTS
	  	30

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
		
		  	Page
		
	 SCHEDULE 1 PART II CHARGED SHARES
	  	31
		
	 SCHEDULE 2 NOTICE OF ASSIGNMENT OF INSURANCES PART I FORM OF NOTICE OF ASSIGNMENT OF INSURANCES
	  	32
		
	 SCHEDULE 2 NOTICE OF ASSIGNMENT OF INSURANCES PART II FORM OF ACKNOWLEDGEMENT OF ASSIGNMENT OF INSURANCES
	  	34
		
	 SCHEDULE 3 NOTICE TO ACCOUNT BANK PART I FORM OF NOTICE OF CHARGE OVER BANK ACCOUNTS
	  	35
		
	 SCHEDULE 3 NOTICE TO ACCOUNT BANK PART II FORM OF ACKNOWLEDGEMENT OF CHARGE OVER BANK ACCOUNTS
	  	37
		
	 SCHEDULE 4 NOTICE OF ASSIGNMENT OF MATERIAL CONTRACT PART I FORM OF NOTICE OF ASSIGNMENT
	  	38
		
	 SCHEDULE 4 NOTICE OF ASSIGNMENT OF MATERIAL CONTRACT PART II FORM OF ACKNOWLEDGEMENT OF ASSIGNMENT OF MATERIAL
CONTRACTS
	  	40
		
	 SIGNATORIES
	  	41

  

 ii 

 THIS DEBENTURE (this “Debenture”) is made as a deed on the 31st day of December 2008 

BETWEEN: 
  

	(1)	CONSTAR INTERNATIONAL U.K. LIMITED, a company incorporated under the laws of England and Wales with registered number 02407933 (the “Chargor”); and

  

	(2)	CITIBANK, N.A., LONDON BRANCH, acting as trustee for the Secured Parties pursuant to the terms of the Security Trust Deed (together with its successors and assigns, the
“Security Trustee”). 

 WHEREAS: 
  

	(A)	The Secured Parties have entered into the Facility Agreement pursuant to which Loans and other financial accommodations will be made available to the Borrower subject to
certain conditions, one of which is that the Chargor enter into this Debenture. 

  

	(B)	The Sole Director of the Chargor is satisfied that the Chargor will receive direct and indirect economic benefits from the loans and other extensions of credit under the
Facility Agreement and that entering into the Guaranty and this Debenture is for the purposes and to the benefit of the Chargor and its business. 

  

	(C)	The Security Trustee and the Chargor intend this Debenture to, and it shall, take effect as a deed. 

  

	(D)	The Security Trustee is holding the benefit of this Debenture on trust for the Secured Parties in accordance with the terms of the Security Trust Deed.

  

	1	INTERPRETATION 

 1.1 Definitions In this Debenture the
following terms have the meanings given to them in this Clause 1.1, except where the context otherwise requires. 
 “Account Bank” means
such bank or financial institution with which the Security Accounts are from time to time maintained pursuant to Clause 10 (Account Bank). 
 “Charged Assets” means all the assets, rights and property of the Chargor which are the subject of any security constituted or intended to be constituted by this Debenture. 
 “Collateral Account” means each account maintained from time to time by the Chargor for the purposes of Clause 8.5(a) (Book Debts and Receipts)
at such branch of the Account Bank as the Security Trustee may from time to time approve (acting reasonably). 
 “Default Interest” is the
rate of interest as set out in Section 2.10(c) (Default Interest) of the Facility Agreement. 
 “Excluded Property” has the
meaning given to it in Clause 3.2 (Material Contracts Containing Prohibition on Charging). 
  

 1 

 “Facility Agreement” means the credit agreement dated on or about the date hereof among the Borrower,
the original lenders and issuers party thereto and Citicorp USA, Inc. as agent for the lenders and issuers party thereto. 
 “Financial Collateral
Assets” means the Shares, the Related Rights, the Security Collateral and all moneys standing from time to time to the credit of each Security Account in each case mortgaged or charged under this Debenture. 
 “Financial Collateral Regulations” means the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226). 
 “First Mortgage Collateral” has the meaning given to it in the Intercreditor Agreement. 
 “Floating Charge Assets” has the meaning given to it in Clause 5.1 (Creation of Floating Charge). 
 “Insurances” means all contracts and policies of insurance (including, for the avoidance of doubt, all cover notes) of whatever nature which are, from time to time, taken out by or on behalf of the Chargor or (to the extent
of such interest) in which the Chargor has an interest (and including key man policies) other than those directly relating to the First Mortgage Collateral. 
 “Intellectual Property Rights” means all know-how, patents, trade marks, service marks, designs, utility models, business names, domain names, topographical or similar rights, copyrights (including rights in computer
software), moral rights, inventions, confidential information and other intellectual property monopoly rights and all interests (including by way of licence) subsisting anywhere in the world in any of the foregoing (in each case whether registered
or not and including all applications for the same) other than those directly relating to the First Mortgage Collateral. 
 “Issuer” means
each company listed in Part II (Charged Shares) of Schedule 1 hereto. 
 “Material Contracts” means: 
  

	(a)	the Sale and Purchase Agreement dated 1 December 2004 between the Chargor and Britvic Soft Drinks Limited in relation to the Britvic Huddersfield plant;

  

	(b)	the Sale and Purchase Agreement dated 1 December 2004 between the Chargor and Britvic Soft Drinks Limited in relation to the Britvic Rugby plant;

  

	(c)	the Supply Agreement dated 27 February 2002 between Coca-Cola Enterprises Limited and the Chargor; 

  

	(d)	the Supplemental Letter Agreement dated 7 December 2001 between Cott Beverages Limited and the Chargor to the Asset Sale Agreement, Supply Agreement and Marketing
Support Agreement; and 

  

	(e)	Sale and Purchase Letter Agreement dated 13 October 2004 between Coca-Cola Enterprises Limited, the Chargor and Constar International Holland (Plastics) B.V.

 and any other agreement that the Security Trustee in its good faith judgment deems to be material. 
  

 2 

 “Realisations Accounts” means each account maintained from time to time by the Security Trustee for the
purposes of Clause 11.5 (Contingencies) at such branch of the Account Bank as the Security Trustee may from time to time approve. 
 “Receiver” means a receiver and manager or other receiver, in either case, appointed pursuant to this Debenture. 
 “Related Rights” means: 
  

	(a)	any dividend or interest paid or payable in relation to any of the Shares; 

  

	(b)	any stock, shares, securities, rights, moneys or property accruing or offered at any time, (whether by way of redemption, substitution, exchange, bonus or preference, under
option rights or otherwise) to or in respect of any of the Shares or in substitution or exchange for or otherwise derived from any of the Shares; and 

  

	(c)	any dividend, interest or other income in respect of any asset referred to in paragraph (b) above. 

 “Secured Obligations” has the meaning set out in the Facility Agreement, PROVIDED THAT no obligation or liability shall be included in the definition of
“Secured Obligations” to the extent that, if it were so included, this Debenture (or any part thereof) would constitute unlawful financial assistance within the meaning of Sections 151 and 152 of the Companies Act 1985. 
 “Security Accounts” means the Collateral Accounts and the Realisations Accounts. 
 “Security Collateral” has the meaning set out in Clause 3.1(a)(iii)(Fixed Charges). 
 “Security Period” means the period beginning on the date of this Debenture and ending on the date upon which the Security Trustee is satisfied that: 
  

	(a)	no Secured Party is under any commitment, obligation or liability (whether actual or contingent) to make Loans or provide other financial accommodation to the Borrower under
any of the Loan Documents; and 

  

	(b)	all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full in cash or the security interests contemplated to be created hereby have
been unconditionally and irrevocably released and discharged in full. 

 “Security Trust Deed” means the security trust deed
dated on or about the date hereof between, inter alios, the Security Trustee, the Lenders named therein from time to time and the Chargor. 
 “Shares” means the shares (if any) specified in Part II (Charged Shares) of Schedule 1 hereto. 
 1.2 Interpretation 

  

	(a)	 Unless expressly defined in this Debenture, capitalised terms defined in the Facility Agreement or in the Security Trust Deed have the same meanings in this
Debenture and the construction rules set out in Section 1.5 (Certain Terms) of the Facility 

  

 3 

	 	 
Agreement shall apply to this Debenture as though they were set out in full in this Debenture except that references to “this Agreement”
shall be construed as references to this Debenture. 

  

	(b)	The terms of the other Loan Documents and of any side letters between the parties hereto in relation to the Loan Documents are incorporated into this Debenture to the extent
required for any purported disposition of the Charged Assets to be a valid disposition in accordance with Section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989. 

 1.3 Certificates A certificate of the Security Trustee or any Secured Party setting forth the amount of any Secured Obligation due from the Chargor shall be
prima facie evidence of such amount in the absence of manifest error. 
 1.4 Third Party Rights A person who is not a party to this Debenture
has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Debenture. 
  

	2	COVENANT TO PAY 

 2.1 Covenant to Pay The Chargor, as primary
obligor and not merely as surety, hereby undertakes to the Security Trustee that it will pay or discharge each of the Secured Obligations when due and payable in the manner provided for in the Loan Documents. 
 2.2 Default Interest The Chargor agrees to pay Default Interest on any amount not paid when due under this Debenture (after as well as before judgment) from the
due date until the date such amount is unconditionally and irrevocably paid and discharged in full. 
 2.3 Covenant to Make Facility Available For the
purposes of Section 94(1)(c) of the Law of Property Act 1925, each Lender and Issuer, by the Security Trustee’s execution of this Debenture, hereby covenants with and undertakes to the Chargor, to the intent that each such covenant and
undertaking shall be binding on each Lender and Issuer severally in accordance with Article II (The Facility) of the Facility Agreement as if the same applied to this Clause 2.3 mutatis mutandis, that each Lender will perform its
obligations under the Facility Agreement to make the Facility available to the Borrower on and conditional to the terms set forth in the Facility Agreement. 
  

	3	CREATION OF FIXED SECURITY 

 3.1 Fixed Charges The Chargor,
as continuing security for the payment, discharge and performance of all the Secured Obligations, hereby charges and agrees to charge in favour of the Security Trustee with full title guarantee in accordance with the Law of Property (Miscellaneous
Provisions) Act 1994: 
  

	(a)	by way of first fixed charge: 

  

	 	(i)	 all of the Chargor’s present and future book and other debts, and all other moneys due and owing to the Chargor or which may become due and owing to it
at any time in the future and the benefit of all rights, securities and guarantees of any nature whatsoever now or at any time enjoyed or held by it in relation to any of the foregoing including, in each case, the proceeds of the same, all liens,
reservations of title, rights of tracing and other rights enabling the Chargor to enforce such debts provided that without prejudice to any other 

  

 4 

	 	 
provision of this Clause 3 (including paragraph (a)(ii) hereof) such proceeds shall be released automatically from the fixed charge effected by this
paragraph (i) upon these proceeds being credited to any Realisations Account; 

  

	 	(ii)	all moneys (including interest) from time to time standing to the credit of each of the Chargor’s present and future accounts (including each Security Account) with any
bank, financial institution or other person in any jurisdiction and all rights in relation thereto and the debts represented thereby provided that without prejudice to any other provision of this Clause 3, any monies paid out of such accounts
without breaching the terms of any Loan Document and not paid into another such account in the name of the Chargor shall be released from the fixed charge hereby effected upon the proceeds so being paid out; 

  

	 	(iii)	its present and future interest in all stocks, shares, debentures, notes, bonds, warrants, coupons or other securities and investments now or in the future owned by the
Chargor from time to time together with all Related Rights accruing thereto not charged pursuant to Clause 3.3 (Charge on Shares) (the “Security Collateral”); 

  

	 	(iv)	to the extent not effectively assigned under Clause 4.1 (Assignments) all rights, interests and benefits to and in respect of the Insurances and all claims (and
proceeds thereof) and returns of premiums in respect thereof to which the Chargor is now or may at any future time become entitled; 

  

	 	(v)	(to the extent that the same do not fall within any other sub-paragraph of this paragraph (a) and are not effectively assigned under Clause 4.1 (Assignments)) all of the
Company’s rights and benefits under all Material Contracts; 

  

	 	(vi)	any beneficial interest, claim or entitlement of the Chargor to any assets in any pension fund; 

  

	 	(vii)	the Chargor’s present and future goodwill (including all brand names not otherwise subject to a fixed charge under this Debenture); 

  

	 	(viii)	the benefit of all present and future licences, consents and authorisations (statutory or otherwise) held in connection with the Chargor’s business or the use of any of
the Charged Assets other than those directly relating to the First Mortgage Collateral and the right to recover and receive all compensation which may at any time become payable to it in respect thereof; 

  

	 	(ix)	the Chargor’s present and future uncalled capital; and 

  

	 	(x)	 all the Chargor’s present and future Intellectual Property Rights (including the Intellectual Property Rights, if any, specified in Part I of Schedule 1
(Intellectual Property Rights)), subject to any necessary third party’s consent to such charge being obtained. To the extent that any such Intellectual Property Rights are not capable of being charged (whether by reason of lack of any
such consent as aforesaid or otherwise) and, if the same is required, pending the grant of any such consent as aforesaid or otherwise the charge thereof purported to be effected by this sub-paragraph (xi) shall operate as an 

  

 5 

	 	 
assignment of any and all damages, compensation, remuneration, profit, rent or income which the Chargor may derive therefrom or be awarded or entitled to in
respect thereof, as continuing security for the payment, discharge and performance of the Secured Obligations. 

 3.2 Material Contracts
Containing Prohibition on Charging 
  

	(a)	Until the relevant consent has been obtained, there shall be excluded from the charge created by Clause 3.1 (Fixed Charges) without prejudice to Clause 4.2
(Non-Assignable Material Contracts), any Material Contract which by its terms either precludes absolutely the Chargor from creating any charge over such Material Contract or requires the consent of any third party prior to the creation of
such Charge, and such consent has not previously been obtained (each an “Excluded Property”). 

  

	(b)	With regard to each Excluded Property the Chargor undertakes to (i) (A) provide the Security Trustee with a list of all consents needed as soon as practicable after
the date hereof and (B) make an application for the consent of the relevant third party to the creation of the charge contained in Clause 3.1 (Fixed Charges) or to be created pursuant to Clause 8.8 (Maintenance of Property) or
Clause 13 (Further Assurances) within 14 days of the date hereof, or if later within 14 days of the date on which the obligation to create such charge arises, and (ii) use all reasonable endeavours to obtain such consent as soon as
possible and keep the Security Trustee informed of the progress of the Chargor’s negotiations with each such third party. 

  

	(c)	Forthwith, upon receipt of the relevant third party’s consent as aforesaid, the relevant Excluded Property shall thereupon stand charged to the Security Trustee pursuant
to the terms of Clause 3.1 (Fixed Charges) above. If required by the Security Trustee at any time following receipt of such consent, the Chargor will execute a valid charge or assignment in such form as the Security Trustee shall reasonably
require. 

 3.3 Charge on Shares The Chargor, as continuing security for the payment, discharge and performance of all the Secured
Obligations, hereby with full title guarantee: 
  

	(a)	mortgages and charges and agrees to mortgage and charge to the Security Trustee the Shares held now or in the future by it and/or any nominee on its behalf, by way of first
legal mortgage; and 

  

	(b)	mortgages and charges and agrees to mortgage and charge to the Security Trustee the Related Rights held now or in the future by it and/or any nominee on its behalf, by way of
first legal mortgage; and 

  

	(c)	(to the extent they are not effectively mortgaged or charged pursuant to paragraph (a) or (b) above), charges the Shares and the Related Rights held now or in the future
by it and/or any nominee on its behalf, by way of first fixed charge, 

 PROVIDED THAT: 
  

	 	(i)	 whilst no Event of Default has occurred which is continuing, the Chargor shall be entitled (notwithstanding the security contemplated to be created hereby)
to 

  

 6 

	 	 
receive all dividends, interest and income from and any property accruing or in respect of the Charged Assets; and 

  

	 	(ii)	whilst no Event of Default has occurred which is continuing, the Chargor shall be entitled (notwithstanding the security contemplated to be created hereby) to exercise, any
voting or other rights attached to any of the Charged Assets, provided that it shall not exercise any voting rights in a manner which would prejudice the security created under this Debenture. 

 3.4 Financial Collateral The parties agree and acknowledge that: 
  

	(a)	the Financial Collateral Assets constitute financial collateral, and 

  

	(b)	this Debenture and the obligations of the Chargor under this Debenture are a security financial collateral arrangement, 

 (in each case) for the purposes of the Financial Collateral Regulations. 
  

	4	ASSIGNMENTS 

 4.1 Assignments Subject to Clause 4.2
(Non-Assignable Material Contracts), the Chargor hereby assigns and agrees to assign to the Security Trustee, with full title guarantee in accordance with the Law of Property (Miscellaneous Provisions) Act 1994 and as continuing security for
the payment, discharge and performance of all Secured Obligations: 
  

	(a)	all of its rights, title, interests (if any) to all proceeds of the Insurances received by the Chargor; and 

  

	(b)	(to the extent the same do not fall within any other provision of this Clause 4 or within the definition of Excluded Property) all of its rights, title, interest and benefits under
the Material Contracts, any letters of credit issued in its favour and all bills of exchange and other negotiable instruments held by it, 

 in
each case, together with the benefit of all powers and remedies for enforcing the same. 
 4.2 Non-Assignable Material Contracts To the extent that
any such right, title and interest described in Clause 4.1(b) (Assignments) is not assignable or capable of assignment: 
  

	(a)	the assignment purported to be effected by Clause 4.1(b) (Assignments) shall operate as an assignment of any and all damages, compensation, remuneration, profit, rent
or income which the Chargor may derive therefrom or be awarded or entitled to in respect thereof, with full title guarantee as continuing security for the payment, discharge and performance of the Secured Obligations; and 

 

	(b)	the Chargor shall hold the benefit of any such right, title and interest on trust for the Security Trustee. 

 4.3 Insurances and Material Contracts Whilst no Event of Default has occurred which is continuing (and subject always to the terms of the Facility Agreement):

  

 7 

	(a)	the Chargor may exercise its rights under the Insurances and the Material Contracts, provided that the exercise of those rights in the manner proposed would not result in a
Default; and 

  

	(b)	any payments received by the Chargor under or in respect of the Material Contracts shall be paid by the Chargor into a Collateral Account and be subject to the provisions of
Clause 8.5 (Book Debts and Receipts) pending application in accordance with the terms of this Debenture. 

  

	5	FLOATING CHARGE 

 5.1 Creation of Floating Charge The
Chargor, as owner with full title guarantee in accordance with the Law of Property (Miscellaneous Provisions) Act 1994 and by way of a first floating charge, charges in favour of the Security Trustee (as trustee for the Secured Parties) as
continuing security for the payment, discharge and performance of the Secured Obligations, all its undertaking, property, assets and rights (for the avoidance of doubt including, without limitation, all inventory, work in progress, raw materials,
investment property and instruments) whatsoever and wheresoever both present and future to the extent such assets have not otherwise been validly and effectively mortgaged or charged pursuant to Clause 3 (Creation of Fixed Security) or Clause
4 (Assignments) (the “Floating Charge Assets”) provided that such Floating Charge Assets shall not include any First Mortgage Collateral. 
 5.2 Conversion of Floating Charge 
  

	(a)	Notwithstanding anything expressed or implied in this Debenture, the Security Trustee may, by notice to the Security Trustee, convert the floating charge created by Clause
5.1 (Creation of Floating Charge) with immediate effect into a fixed charge as regards all or any of the Floating Charge Assets specified in such notice if: 

  

	 	(i)	an Event of Default has occurred and is continuing; 

  

	 	(ii)	the Chargor creates or attempts to create any Lien over all or any of the Floating Charge Assets save as permitted by the Facility Agreement; 

  

	 	(iii)	the Security Trustee considers such Floating Charge Assets to be in danger of being seized or sold under or pursuant to any form of distress, attachment, execution or other
legal process or otherwise to be in jeopardy; 

  

	 	(iv)	the Security Trustee becomes aware or has reason to believe that bona fide and non-vexatious steps have been or are being taken which, in the opinion of the Security Trustee,
are reasonably likely to lead to the making of an application to appoint an administrator in relation to the Chargor (or such administrator has been appointed) or the making of a petition to wind up the Chargor or that any application has been made
or any petition has been presented, which in the reasonable opinion of the Security Trustee is reasonably likely to result in the winding up of the Chargor or the appointment of such administrator; or 

  

	 	(v)	 the Chargor fails to comply, or takes or threatens to take any action which in the reasonable opinion of the Security Trustee is likely to result in the
Chargor 

  

 8 

	 	 
failing to comply with its obligations under Clause 8.4 (Restrictions on Dealing). 

  

	(b)	The floating charge hereby created may not be converted into a fixed charge solely by reason of: 

  

	 	(i)	the obtaining of a moratorium; or 

  

	 	(ii)	anything done with a view to obtaining a moratorium, 

 under the Insolvency Act 2000. 
  

	(c)	The floating charge created by Clause 5.1 (Creation of Floating Charge) shall (in addition to the circumstances in which the same will occur under general law)
automatically be converted into a fixed charge: 

  

	 	(i)	if an administrator is appointed or the Security Trustee receives notice of an intention to appoint an administrator; or 

  

	 	(ii)	upon the convening of any meeting of the members of the Chargor to consider a resolution to voluntarily wind up the Chargor (or not to wind up the Chargor); or

  

	 	(iii)	upon the presentation of a petition to compulsorily wind up the Chargor (save for a petition which is frivolous, vexatious or an abuse of process which is dismissed within 14
days); or 

  

	 	(iv)	if there occurs in relation to the Chargor or any of its assets in any country or territory in which it is incorporated or carries on business or to the jurisdiction of whose
courts it or any of its assets is subject any event which corresponds in that country or territory with any of those mentioned in paragraphs (i) to (iii) (inclusive) of this Clause 5.2(c); or 

  

	 	(v)	if the Chargor fails to comply with its obligations under Clause 8.4 (Restrictions on Dealing). 

  

	(d)	Service by the Security Trustee of a notice pursuant to Clause 5.2(a) (Conversion of Floating Charge) in relation to any of the Floating Charge Assets shall not be
construed as a waiver or abandonment of the Security Trustee’s rights to serve similar notices in respect of any other of the Floating Charge Assets or of any other of the rights of the Secured Parties (or any of them) under any Loan Document
and shall remove from the Chargor any right which the Chargor has to deal with the relevant assets without the prior written permission (in the case of dealing) of the Security Trustee. 

  

	6	CONTINUING SECURITY 

 6.1 Continuing Security The security
constituted by this Debenture shall be continuing security which shall extend to all the Secured Obligations and shall not be considered as satisfied or discharged by any intermediate payment or settlement of all or any of the Secured Obligations.

  

 9 

 6.2 Breaking of Accounts If for any reason the security constituted hereby ceases to be a continuing security in
respect of the Chargor (other than by way of discharge of such security in accordance with the terms of this Debenture) or the Security Trustee or any other Secured Party receives, or is deemed to be affected by, notice, whether actual or
constructive of any Lien affecting the Charged Assets, the Security Trustee may open a new account with or continue any existing account with the Chargor. If the Security Trustee does not open a new account, it shall nevertheless be treated as if it
had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee will be deemed to be credited or treated as being credited to the new account
and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless of any payments into or out
of any such account. 
 6.3 Avoided Payments Where any release or discharge or other arrangement in respect of all or part of the Secured Obligations
(or in respect of any security for those Secured Obligations including the security created under this Debenture) is made in reliance on any payment, security or other disposition which is avoided or must be restored in an insolvency, liquidation or
otherwise and whether or not the Security Trustee has conceded or compromised any claim that any payment, security or other disposition will or should be avoided, the liability of the Chargor for the payment of the Secured Obligations and the
obligations of the Chargor under this Debenture shall continue as if such release, discharge or other arrangement had not been made. 
 6.4 Waiver of
Defences The obligations of the Chargor hereunder will not be affected by any act, omission, circumstance, matter or thing which but for this provision would release or prejudice any of its obligations hereunder or prejudice or diminish such
obligations in whole or in part, including (whether or not known to the Chargor or the Security Trustee or any other person whatsoever): 
  

	(a)	any time, indulgence or waiver granted to, or composition with, any Loan Party or any other person; or 

  

	(b)	the taking, variation, compromise, exchange, renewal or release of, refusal or neglect to perfect, take up or enforce any rights or remedies against, or any security over
assets of any Loan Party or any other person or any non-presentment or non-observance of any formality or other requirement in respect of any instruments or any failure to realise the full value of any other security; or 

  

	(c)	any incapacity or lack of powers, authority or dissolution or change in the members or status of any Loan Party or any other person; or 

  

	(d)	any variation (however fundamental and whether or not involving any increase in the liability of any Loan Party or any other person thereunder) or replacement of any Loan
Document or any other document or security so that references to that Loan Document or other document or security in this Debenture shall include each such variation or replacement; or 

  

	(e)	the unenforceability, illegality or invalidity of any obligation of any Loan Party or any other person under any Loan Document or of any other security the Security Trustee
may hold in respect of the Secured Obligations (or any of them) or otherwise; or 

  

 10 

	(f)	any postponement, discharge, reduction, non-provability or other similar circumstances affecting any obligation of any Loan Party or any other person under any Loan Document
resulting from any insolvency, liquidation or dissolution proceedings or from any law, regulation or order or otherwise. 

 The Security
Trustee shall not be concerned to see or investigate the powers or authorities of any Loan Party or any of its respective officers or agents, and moneys obtained or Secured Obligations incurred in the purported exercise of such powers or authorities
or by any person purporting to be such Loan Party shall be deemed to form a part of the Secured Obligations, and “Secured Obligations” shall be construed accordingly. 
 6.5 Immediate Recourse Neither the Security Trustee nor any Secured Party shall be required to proceed against or enforce any other rights or security it may have or hold in respect of the Secured Obligations
or claim payment from any other person before enforcing the security constituted by this Debenture and the Chargor waives any right it may have of first requiring the Security Trustee or any other Secured Party to do so. 
 6.6 No Competition Until all the Secured Obligations have been unconditionally and irrevocably discharged in full, any rights (if any) which the Chargor may have:

  

	(a)	to be subrogated to any rights or security of or moneys held, received or receivable by the Security Trustee or any other Secured Party (or any agent or trustee on its
behalf) with respect to the Secured Obligations; or 

  

	(b)	to be entitled to any right of contribution or indemnity from any other person; or 

  

	(c)	to claim, rank, prove or vote as a creditor of such other person or its estate in competition with the Security Trustee or any other Secured Party (or any agent or trustee on
its behalf), 

 shall be exercised by the Chargor only if and to the extent that the Security Trustee so requires and in such manner and upon
such terms as the Security Trustee may specify and the Chargor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for the Security Trustee for application in accordance with the
terms hereof as if such moneys, rights or security were held or received by the Security Trustee under this Debenture. 
 6.7 Appropriations Until all
the Secured Obligations have been unconditionally and irrevocably paid and discharged in full in cash, the Security Trustee and each other Secured Party (or any agent or trustee on its behalf) may: 
  

	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of the Secured Obligations or apply and enforce the same in such
manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Chargor shall not be entitled to the benefit of the same; and 

  

	(b)	hold in a suspense account any moneys received from the Chargor or any other person in respect of the Secured Obligations. 

 6.8 Additional Security This Debenture is in addition to and shall not in any way be prejudiced by, prejudicial to or affect or merge with any other security now
or hereafter held 

  

 11 

 
by the Security Trustee or any other Secured Party (or any agent or trustee on behalf of any of them) for the Secured Obligations or any of them. 

6.9 Security Held by Chargor The Chargor will not without the prior written consent of the Security Trustee hold any security, guarantee, indemnity, bond or
other assurance from any other person in respect of the Chargor’s liabilities hereunder. The Chargor will hold any security held by it in breach of this provision on trust for the Security Trustee (as trustee as aforesaid) and shall on request
promptly deposit the same and/or charge the same to the Security Trustee in such a manner as the Security Trustee may require as security for due and punctual performance and discharge by the Chargor of the Secured Obligations. 
 6.10 Remedies Not Exclusive 
  

	(a)	The rights and remedies of the Security Trustee and any Receiver provided for in this Debenture: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of any rights or remedies provided by law; and 

  

	 	(iii)	may be waived only in writing and specifically. 

 Delay in exercising or non-exercise of any such right is not a waiver of that right. 
  

	(b)	The Security Trustee may waive any breach by the Chargor of any of its obligations hereunder. 

 6.11 Protection of the Security Trustee The Security Trustee shall not be liable in respect of any loss or damage which arises out of the exercise, or the attempted or purported exercise of, or the failure to
exercise any of its powers, unless such loss or damage is caused by its gross negligence or wilful default. 
  

	7	REPRESENTATIONS AND WARRANTIES 

 The Chargor makes each of the
representations and warranties set out in this Clause 7 and acknowledges that the Security Trustee and the Secured Parties have entered into the Loan Documents in reliance on those representations and warranties. Where there is a conflict between
the representations and warranties set out in this Clause 7 and those appearing in Article IV (Representations and Warranties) of the Facility Agreement as to the Chargor, the representations and warranties in the Facility Agreement shall
prevail. 
 7.1 No Filing or Stamp Taxes Under the laws of England in force at the date hereof, it is not necessary that this Debenture be filed,
recorded or enrolled with any court or other authority (save for registration under Section 395 of the Companies Act 1985 or at any Intellectual Property registry pursuant to the terms of Clause 8.12 (Intellectual Property)) or that any
stamp, registration or similar tax be paid on or in relation to this Debenture. 
 7.2 Shares 
  

	(a)	 If the Chargor is listed in Part II of Schedule 1 as an owner of any Shares, it is and, from and after the date hereof will (subject to the terms of the
Facility Agreement) 

  

 12 

	 	 
remain the legal and beneficial owner of the Shares and the Related Rights and it or its nominee is and will remain the absolute legal owner of the Shares
and the Related Rights and, with full title guarantee, it is able to mortgage and has so mortgaged the Shares and the Related Rights; 

  

	(b)	the security created over the Shares and the Related Rights under this Debenture constitutes a first priority security interest over the Shares and the Related Rights;

  

	(c)	the Shares and the Related Rights are within the Chargor’s disposition and control and neither the terms of the Shares and the Related Rights nor of the Memorandum and
Articles of Association of any Issuer restrict or otherwise limit the right to mortgage, charge or pledge the Shares and the Related Rights in favour of the Security Trustee; 

  

	(d)	the Shares are duly authorised, validly issued, fully paid or credited as fully paid and no calls have been made in respect thereof which remain unpaid or can be made in
respect thereof in the future; 

  

	(e)	except as stated in Clause 3 (Creation of Fixed Security), the Chargor has not sold or granted any rights of pre-emption over or agreed to sell or grant any right of
pre-emption over or otherwise disposed of or agreed to dispose of the benefit of all or any of its rights, title and interest in and to all or any part of the Shares or Related Rights; and 

  

	(f)	the Shares are non-assessable and neither the Shares nor the Related Rights are subject to any options to purchase or similar rights of any person. 

7.3 Material Contracts Each of the Material Contracts is in full force and effect. The obligations of the Chargor in the Material Contracts are legal, valid,
binding and enforceable obligations of the Chargor subject to equitable remedies and matters affecting creditors’ rights generally. The Chargor is not in default under any Material Contract and, to the best of its knowledge, no other party to a
Material Contract is in default under such Material Contract. 
 7.4 Intellectual Property Rights 
  

	(a)	The Intellectual Property Rights owned by or licensed to the Chargor (including the Intellectual Property Rights specified in Part I (Intellectual Property Rights) of
Schedule 1) are all of the Intellectual Property Rights required by it in order for it to carry on its business as it is being conducted and to the Chargor’s knowledge, the Chargor, in carrying on its business does not infringe any Intellectual
Property Rights of any third party in a manner which would have a Material Adverse Effect. 

  

	(b)	Except as disclosed in writing to the Security Trustee prior to the date hereof, the Intellectual Property Rights owned by or licensed to the Chargor (including the
Intellectual Property Rights listed in Part I (Intellectual Property Rights) of Schedule 1) are free of any Liens (except for any Liens created by or pursuant to this Debenture or permitted by the terms of the Facility Agreement) and any
other rights or interests (including any licences) in favour of third parties. 

  

	(c)	 None of the Intellectual Property Rights owned by or licensed to the Chargor (including the Intellectual Property Rights listed in Part I (Intellectual
Property 

  

 13 

	 	 
Rights) of Schedule 1) is being infringed in a manner which would have a Material Adverse Effect and there is no threatened such infringement of any
such Intellectual Property Right. 

 7.5 Charged Assets 
  

	(a)	The Chargor has not received notice of any adverse claim in respect of any of the Charged Assets (including the Shares and the Related Rights). 

  

	(b)	Except for any Liens granted to the Security Trustee pursuant to this Debenture and any other Liens permitted to exist on the Charged Assets under the Facility Agreement:

  

	 	(i)	the Chargor is the legal and beneficial owner of the Charged Assets which it purports to charge on the date hereof and, with full title guarantee, is able to mortgage or
charge and has so mortgaged or charged such Charged Assets. 

  

	 	(ii)	the Charged Assets are within the Chargor’s disposition and control and the terms of the Charged Assets do not restrict or otherwise limit the right to transfer,
mortgage, charge or pledge the Charged Assets in favour of the Security Trustee. 

 7.6 Financial Assistance There is no obligation or
liability which is included in the definition of “Secured Obligations” to the extent that, if it were so included, this Debenture (or any part thereof) would constitute unlawful financial assistance within the meaning of Sections 151 and
152 of the Companies Act 1985. 
 7.7 Representations and Warranties in the Facility Agreement The Chargor repeats the representations and warranties
as to it given by the Borrower in Article IV (Representations and Warranties) of the Facility Agreement. 
 7.8 Times of Making Representations and
Warranties The representations and warranties set out in this Clause 7: 
  

	(a)	will survive the execution of each Loan Document and each drawdown under the Facility Agreement; and 

  

	(b)	are made on the date hereof and are deemed to be repeated on and as of each date required by Subsection (i) of Section 3.2(b) (Representations and Warranties; No
Defaults) of the Facility Agreement during the Security Period with reference to the facts and circumstances then existing. 

  

	8	UNDERTAKINGS OF CHARGOR 

 8.1 Duration The undertakings in
this Clause 8 shall remain in force throughout the Security Period. 
 8.2 Maintenance of Legal Validity The Chargor shall obtain, comply with the
terms of and do all that is necessary to: 
  

 14 

	(a)	maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of England to enable it lawfully to enter
into and perform its obligations under this Debenture; and 

  

	(b)	ensure the legality, validity, enforceability or admissibility in evidence of this Debenture and that otherwise than permitted by the Security Trustee (acting in its absolute
discretion) the Charged Assets remain subject to the laws and regulations of England. 

 8.3 Untrue Representations The Chargor shall
notify the Security Trustee of the occurrence of any event which results in or may reasonably be expected to result in any of the representations and warranties contained in Clause 7 (Representations and Warranties) being untrue in any
material respect. 
 8.4 Restrictions on Dealing The Chargor undertakes that, except as permitted under the terms of this Debenture or any other Loan
Document it will not: 
  

	(a)	create or permit to subsist any Lien over all or any of its assets, rights or property other than the Liens created pursuant to this Debenture or any other Loan Document; or

  

	(b)	lease, sell, transfer, assign or otherwise dispose of or agree to lease, sell, transfer, assign or otherwise dispose of, all or any part of its assets, rights or property,
including the Charged Assets or any interest therein. 

 8.5 Book Debts and Receipts The Chargor shall: 
  

	(a)	get in and realise its: 

  

	 	(i)	securities to the extent held by way of temporary investment; 

  

	 	(ii)	book and other debts and other moneys, including, but without prejudice to the generality of the foregoing, debts and moneys arising from any Material Contract; and

  

	 	(iii)	royalties, fees and income of like nature in relation to any Intellectual Property Right owned by it, 

 in each case, in the ordinary course of its business and pay the proceeds of such getting in and realisation into such Collateral Account(s) as the
Security Trustee may from time to time specify and, pending such payment, hold the proceeds of such getting in and realisation upon trust for the Security Trustee; 
  

	(b)	not withdraw all or any moneys (including interest) standing to the credit of any Collateral Account following notice from the Security Trustee during the continuance of an
Event of Default; and 

  

	(c)	not assign or otherwise transfer, and not create or permit to exist any Lien (other than a Permitted Lien) over any Collateral Account or any interest therein.

 8.6 Material Contracts No Chargor shall amend (except for amendments of a minor technical or administrative nature), terminate or
waive any provision of any Material Contract 

  

 15 

 
and the Chargor shall duly and promptly perform its obligations under each Material Contract and diligently pursue its rights and remedies thereunder except
where any of the foregoing would not result either individually or in aggregate in a Material Adverse Effect. 
 8.7 Intellectual Property Rights The
Chargor shall: 
  

	(a)	take all reasonable steps and practical steps to preserve and enforce all of the Intellectual Property Rights which are used or useful to the conduct of the Chargor’s
business or which are required by it in order to carry on its business; and 

  

	(b)	not without the prior written consent of the Security Trustee (acting on the instructions of the Requisite Lenders): 

  

	 	(i)	sell, transfer, license or otherwise dispose of all or any part of its Intellectual Property Rights; or 

  

	 	(ii)	permit any such Intellectual Property Rights which are registered to be abandoned or cancelled, to lapse or to be liable to any claim of abandonment for non-use or otherwise.

 8.8 Maintenance of Property The Chargor shall (except as otherwise permitted pursuant to the terms of the Facility Agreement):

  

	(a)	Noting of Interest procure that a note of the Security Trustee’s interest is endorsed upon all policies of insurance which shall at any time during the
subsistence of this security be effected, maintained or held by the Chargor or any person on its behalf pursuant to Clause 7.5 (Maintenance of Insurance) of the Facility Agreement; 

  

	(b)	Maintenance of Insurances (i) not do or permit anything to be done in or upon or relating to the Charged Assets or any part thereof which may make void or
voidable any Insurance in connection therewith, (ii) comply with obligations as to insurance as set out in the Loan Documents and (iii) comply with any insurance obligations under leases and do all things reasonable to ensure that the
landlord maintains adequate insurances of any leasehold property; 

  

	(c)	Premiums pay or procure the payment of all premiums and do all other things reasonably necessary to keep all of the Insurances in force and, on demand of the
Security Trustee (acting reasonably) and, where practicable, produce, or procure the production to the Security Trustee the receipt for the payment of each such premium; 

  

	(d)	Taxes and Outgoings pay as and when the same shall become due and payable by it all taxes, rates, duties, charges, assessments and outgoings whatsoever (whether
parliamentary, parochial, local or of any other description) which shall be assessed, charged or imposed upon or payable in respect of the Charged Assets or any part thereof (save to the extent that payment of the same is being contested in good
faith by proper proceedings and adequate reserves have been set aside for the payment thereof); 

  

	(e)	 Notices as soon as reasonably practicable after the receipt by the Chargor and in any event within 14 days from such receipt of any
application, requirement, order or notice served or given by any public or local or any other authority with respect to the Charged Assets (or any part thereof), give written notice thereof to the Security 

  

 16 

	 	 
Trustee and within 14 days after demand therefor produce the same or a copy thereof to the Security Trustee and inform it of the steps taken or proposed to
be taken to comply with any such requirement thereby made or implicit therein or how and why the Chargor, acting in good faith, intends to dispute such application, order or notice; 

  

	(f)	Statutes duly and punctually perform and observe in all material respects all its material obligations in connection with the Charged Assets under any present
or future statue or any regulation, order or notice made or given thereunder; 

 8.9 Shares No Chargor will take any action whereby the
rights attaching to the Shares or the Related Rights are altered or diluted except to the extent permitted by the Security Trustee. 
 8.10 Notice of
Assignment The Chargor shall promptly give notice of the assignment pursuant to Clause 4 (Assignments) of this Debenture of its rights, title and interest (if any): 
  

	(a)	in and to the Insurances, by sending a notice in the form of Part I (Form of Notice of Assignment of Insurances) of Schedule 2 duly completed to each of the other
parties to the Insurances; and 

  

	(b)	in and to the Material Contracts, by sending a notice in the form of Part I (Form of Notice of Assignment) of Schedule 4 duly completed to each of the other parties to
the Material Contracts, 

 and the Chargor shall use its reasonable endeavours to procure (i) in the case of Insurances, that each such
other party acknowledges such notice in the form of Part II (Form of Acknowledgement of Assignment of Insurances) of Schedule 2 and (ii) in the case of Material Contracts, that each such other party acknowledges such notice in the form
of Part II (Form of Acknowledgement of Assignment of Material Contracts) of Schedule 4. 
 8.11 Notice of Charge over Bank Account The Chargor
will forthwith give notice to each Account Bank (and forthwith on any change in the identity of any Account Bank shall give notice to the new Account Bank) of this Debenture in the form of Part I (Form of Notice of Charge over Bank Accounts)
of Schedule 3 and shall use its reasonable endeavours to procure that the Account Bank or new Account Bank (as the case may be) acknowledges such notice in the form of Part II (Form of Acknowledgement of Charge over Bank Accounts) of Schedule
3. 
 8.12 Intellectual Property In respect of the Intellectual Property Rights specified in Part I (Intellectual Property Rights) of Schedule
1 the title to which is registered with the Trade Marks Registry and in respect of any other registered trademarks of the Chargor against which this Debenture may be noted, the Chargor shall forthwith file such form with the Trade Marks Registry as
necessary to register its interest within any applicable time periods. 
  

	9	PROVISIONS RELATING TO SHARES 

 9.1 Deposit of Certificates
The Chargor shall, as soon as reasonably practicable: 
  

	(a)	 deposit with the Security Trustee (or as the Security Trustee may direct) all bearer instruments, share certificates and other documents of title or evidence
of ownership in relation to the Shares and their Related Rights and/or the Security Collateral, as are 

  

 17 

	 	 
owned by it or in which it has or acquires an interest entitling it to control such documents; 

  

	(b)	execute and deliver to the Security Trustee all such stock transfer forms and other documents as may be reasonably requested by the Security Trustee in order to enable the
Security Trustee (or its nominee), in accordance with paragraph (c) below, to be registered as the owner or otherwise to obtain a legal title to the Shares and their Related Rights and/or the Security Collateral; and 

 

	(c)	at any time following the occurrence of an Event of Default which is continuing, if the Security Trustee so requests, procure that all such stock transfer forms are forthwith
registered with the relevant person and that share certificates in the name of the Security Trustee (or such nominee) in respect of the Shares and their Related Rights and/or the Security Collateral are forthwith delivered to the Security Trustee.

 9.2 Registration on Transfer The Chargor hereby authorises the Security Trustee: 
  

	(a)	to arrange for any of the Shares and their Related Rights and/or the Security Collateral to be registered in the name of the Security Trustee (or its nominee) at any time
following an Event of Default which is continuing; or 

  

	(b)	(under its powers of realisation) upon enforcement of the security created hereby following the occurrence of an Event of Default which is continuing, to transfer or cause the
Shares and their Related Rights and/or the Security Collateral to be transferred to and registered in the name of the Security Trustee (or its nominee) or any purchaser or transferee, 

 and each the Chargor undertakes from time to time promptly to execute and sign all transfers, contract notes, powers of attorney and other documents (and to procure the
registration of any such transfer of the Shares and their Related Rights and/or the Security Collateral in the relevant shareholders’ or other register) that may be required by the Security Trustee in connection therewith. 
 9.3 Liability to Perform Notwithstanding anything to the contrary herein contained, the Chargor shall remain liable to observe and perform all of the conditions
and obligations assumed by it in respect of the Charged Assets and, without limitation, to pay all calls or other payments that may become due in respect of any of the Charged Assets. Notwithstanding the provisions of Clause 9.6 (Calls), the
Security Trustee shall not be required in any manner to perform or fulfil any obligation of the Chargor in respect of the Charged Assets, or to make any payment, or to make any enquiry as to the nature or sufficiency of any payment received by it,
or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled hereunder at any time or times. 
 9.4 Subsequently Acquired Security Collateral The Chargor shall, as soon as reasonably practicable, upon it (or any nominee of the Chargor) becoming the
registered owner of and receiving share certificates in respect of any Shares and their Related Rights and/or the Security Collateral after the date hereof, deliver to the Security Trustee all share certificates in respect thereof together with
share transfer documentation in respect of such Shares and their Related Rights and/or the Security Collateral duly executed in blank by or on behalf of the Chargor (or such nominee) as appropriate. 
  

 18 

 9.5 Powers 
  

	(a)	At any time after an Event of Default has occurred which is continuing and without any further consent or authority on the part of the Chargor, the Security Trustee may
exercise (or refrain from exercising) at its discretion in the name of the Chargor (or the registered holder) in respect of the Shares and their Related Rights and/or the Security Collateral any voting rights and any powers or rights under the terms
thereof or otherwise which may be exercised by the person or persons in whose name or names the Charged Assets are registered or who is the holder thereof. 

  

	(b)	If the Security Trustee takes any such action as is referred to in paragraph (a) above, it shall give notice to the Chargor as soon as practicable.

  

	(c)	For the purposes of giving effect to this Clause 9.5 (Powers) and to the extent that the Shares and their Related Rights and/or the Security Collateral remain
registered in the name of the Chargor, the Chargor hereby irrevocably appoints the Security Trustee (or its nominee) as its proxy to exercise all voting and other rights in respect thereof. 

 9.6 Calls To the extent that the Chargor fails to comply with its obligations under Clause 9.3 (Liability to Perform) the Security Trustee may (if it
thinks fit) make such payment on behalf of the Chargor. Any sums so paid by the Security Trustee shall be repayable by the Chargor to the Security Trustee on demand (which demand shall be made promptly following the making of the payment by the
Security Trustee) together with interest at the Default Rate from the date of such payment by the Security Trustee until the date of payment by the Chargor, and pending such repayment shall constitute part of the Secured Obligations. 
 9.7 Provision of Information The Chargor shall, within such time as required of the Borrower pursuant to Article VI (Reporting Covenants) of the Facility
Agreement, or if not so referenced, promptly, send to the Security Trustee, following receipt by the Chargor, a copy of every balance sheet, profit and loss account, report or other notice, statement or circular sent or delivered by each Issuer to
its members. 
  

	10	ACCOUNT BANK 

 10.1 Identity of Account Bank The initial
Account Bank is National Westminster Bank plc. The Account Bank may be changed at any time: 
  

	(a)	to any alternative that the Security Trustee reasonably requires; and 

  

	(b)	to any other bank or financial institution with the agreement of the Chargor and the Security Trustee, 

 but, in each case, provided that such change shall only become effective upon the proposed new Account Bank agreeing with the Security Trustee and the Chargor, in a
manner satisfactory to the Security Trustee, to fulfil the role of Account Bank hereunder. 
 10.2 Transfer of Balances Forthwith upon any change to
the Account Bank pursuant to Clause 10.1 (Identity of Account Bank) becoming effective, any amounts standing to the credit of each Collateral Account maintained with the old Account Bank shall be transferred to the corresponding Collateral
Account maintained with the new Account Bank appointed 

  

 19 

 
pursuant to Clause 10.1 (Identity of Account Bank). The Chargor hereby irrevocably agrees to give all authorisations and instructions necessary for
any such transfer to be made. 
 10.3 Further Perfection The Chargor shall do all such things (including the execution of bank mandate forms) as the
Security Trustee may reasonably request in order to facilitate any change of Account Bank pursuant to Clause 10.1 (Identity of Account Bank) or any transfer of credit balances pursuant to Clause 10.2 (Transfer of Balances). 

 

	11	ENFORCEMENT OF SECURITY 

 11.1 Security Enforceable The
security constituted hereby shall become immediately enforceable at any time after an Event of Default has occurred which is continuing. 
 11.2
Enforcement After the security constituted hereby has become enforceable in accordance with the terms of this Debenture the Security Trustee may, in its absolute discretion, enforce all or any part of the security created hereby and exercise any
other rights or remedies conferred on it hereunder or by law in such manner as it sees fit and may, without notice to the Chargor and without demand for payment, apply the proceeds of such enforcement in or towards discharge of the Secured
Obligations in such order and in such amounts as the Security Trustee sees fit or otherwise in accordance with the terms hereof. 
 11.3 Law of Property
Act Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this Debenture. 
 11.4 Statutory Powers The powers conferred on
mortgagees or receivers by the Law of Property Act 1925, the Insolvency Act 1986 and the Financial Collateral Regulations shall apply to this Debenture except insofar as they are expressly or impliedly excluded and, where there is ambiguity or
conflict between the powers contained in such Acts and those contained in this Debenture, those contained in this Debenture shall prevail. For the purposes of all powers implied by statute, the Secured Obligations shall be deemed to have become due
and payable on the date hereof. Such powers and rights shall, for the avoidance of doubt, include the right to appropriate all or any part of the Financial Collateral Assets in or towards the satisfaction of the Secured Obligations and, for this
purpose, the value of such Financial Collateral Assets so appropriated shall be such amount as the Security Trustee so determines having taken into account advice obtained by it from an independent investment or accountancy firm of national standing
selected by it. 
 11.5 Contingencies 
  

	(a)	If the Security Trustee enforces the security constituted by this Debenture (whether by the appointment of a Receiver or otherwise) at a time when no amounts are due under
any of the Loan Documents (but at a time when amounts may become so due), the Security Trustee (or such Receiver) may pay the proceeds of any recoveries effected by it into such number of Realisations Accounts as it considers appropriate.

  

	(b)	The Security Trustee (or such Receiver) may (subject to the payment of any claims having priority to the security constituted by this Debenture) withdraw amounts standing to
the credit of the Realisations Accounts to: 

  

	 	(i)	meet all costs, charges and expenses incurred and payments made by the Security Trustee (or such Receiver) in the course of such enforcement; 

  

 20 

	 	(ii)	pay remuneration to the Receiver as and when the same becomes due and payable; 

  

	 	(iii)	satisfy the Secured Obligations as and when the same become due and payable; and 

 in each case, together with interest thereon (after, as well as before, judgment and payable on demand) at the Default Rate from the date the same become due and payable until the date the same are unconditionally and
irrevocably paid and discharged in full. 
  

	12	RECEIVER 

 12.1 Appointment of Receiver 
  

	(a)	At any time after the security constituted by this Debenture becomes enforceable in accordance with its terms or if an application is made for the appointment of or notice is
given of intention to appoint an administrator in respect of the Chargor or if requested by the Chargor, the Security Trustee may without further notice appoint under seal or in writing under its hand any one or more qualified persons to be a
Receiver of all or any part of the Charged Assets in like manner in every respect as if the Security Trustee had become entitled under the Law of Property Act 1925 to exercise the power of sale thereby conferred. 

  

	(b)	The Security Trustee is not entitled to appoint a Receiver solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under
the Insolvency Act 2000 except with leave of the court. 

  

	(c)	As used in this clause “qualified person” means a person who, under the Insolvency Act 1986, is qualified to act as a receiver of the property of the Chargor
with respect to which he is appointed. 

 12.2 Powers of Receiver 
  

	(a)	Every Receiver appointed in accordance with Clause 12.1 (Appointment of Receiver) shall have and be entitled to exercise all of the powers set out in paragraph
(b) of this Clause 12.2 in addition to those conferred by the Law of Property Act 1925 on any receiver appointed thereunder. If at any time there is more than one Receiver of all or any part of the Charged Assets, each such Receiver may (unless
otherwise stated in any document appointing him) exercise all of the powers conferred on a Receiver under this Debenture individually and separately from each other Receiver. 

  

	(b)	The powers referred to in the first sentence of paragraph (a) of this Clause 12.2 above are: 

  

	 	(i)	Take Possession to take immediate possession of, get in and collect the Charged Assets or any part thereof; 

  

	 	(ii)	Carry on Business to carry on the business of the Chargor as such Receiver may think fit; 

  

 21 

	 	(iii)	Protection of Assets to make and effect all insurances and do all other acts which the Chargor might do in the ordinary conduct of its business or is obliged to
do under the terms of this Debenture as well for the protection as for the improvement of the Charged Assets and any permissions, consents or licences, in each case as such Receiver may in its absolute discretion think fit; 

 

	 	(iv)	Employees to appoint and discharge managers, officers, agents, accountants, servants, workmen and others for the purposes hereof upon such terms as to
remuneration or otherwise as such Receiver may think proper and to discharge any such persons appointed by the Chargor; 

  

	 	(v)	Borrow Money for the purpose of exercising any of the powers, authorities and discretions conferred on him by or pursuant to this Debenture and/or of defraying
any costs, charges, losses or expenses (including his remuneration) which shall be incurred by such Receiver in the exercise thereof or for any other purpose, to raise and borrow money either unsecured or on the security of the Charged Assets or any
part thereof either in priority to the security constituted by this Debenture or otherwise and generally on such terms and conditions as such Receiver may think fit and no person lending such money shall be concerned to enquire as to the propriety
or purpose of the exercise of such power or to see to the application of any money so raised or borrowed; 

  

	 	(vi)	Sell Assets to sell, exchange, convert into money and realise all or any part of the Charged Assets by public auction or private contract and generally in such
manner and on such terms as such Receiver shall think proper. Without prejudice to the generality of the foregoing, such Receiver may do any of these things for a consideration consisting of cash, debentures or other obligations, shares, stock or
other valuable consideration and any such consideration may be payable in a lump sum or by instalments spread over such period as such Receiver may think fit; 

  

	 	(vii)	Compromise to settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or
claims to be a creditor of the Chargor or relating in any way to the Charged Assets or any part thereof; 

  

	 	(viii)	Legal Actions to bring, prosecute, enforce, defend and abandon any actions, suits and proceedings in relation to the Charged Assets or any part thereof as may
seem to such Receiver to be expedient; 

  

	 	(ix)	Receipts to give valid receipts for all moneys and execute all assurances and things which may be proper or desirable for realising the Charged Assets;

  

	 	(x)	Subsidiaries to form a subsidiary or subsidiaries of the Chargor and transfer to any such subsidiary all or any part of the Charged Assets; and

  

	 	(xi)	 General Powers to do all such other acts and things as such Receiver may consider desirable or necessary for realising the Charged Assets or
any part thereof or incidental or conducive to any of the matters, powers or authorities conferred on a Receiver under or by virtue of this Debenture; to exercise in relation to the Charged Assets or any part thereof all such powers, authorities

  

 22 

	 	 
and things as such Receiver would be capable of exercising if such Receiver were the absolute beneficial owner of the same; and to use the name of the
Chargor for all or any of such purposes. 

 12.3 Removal and Remuneration The Security Trustee may from time to time by writing
under its hand remove any Receiver appointed by it and may, whenever it may deem it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated and may from time to time fix the remuneration of
any Receiver appointed by it. 
 12.4 Security Trustee May Exercise Powers of Receiver To the fullest extent permitted by law, all or any of the
powers, authorities and discretions which are conferred by this Debenture (either expressly or implied) upon a Receiver may be exercised by the Security Trustee at any time after the security constituted by this Debenture has become enforceable in
accordance with its terms in relation to the whole of such Charged Assets or any part thereof without first appointing a Receiver of such property or any part thereof or notwithstanding the appointment of a Receiver of such property or any part
thereof. 
 12.5 Application of Proceeds Any moneys received by the Security Trustee or by any Receiver appointed by it pursuant to this Debenture
and/or under the powers hereby conferred shall, after the security constituted in this Debenture shall have become enforceable in accordance with its terms, but subject to the payment of any claims having priority to the security constituted by this
Debenture and to the Security Trustee’s and such Receiver’s rights under Clauses 11.5 (Contingencies) and 12.2 (Powers of Receiver), be applied against the amounts due and payable under the Loan Documents in accordance with
the provisions of Clause 5 (Application of Proceeds) of the Security Trust Deed. 
  

	13	FURTHER ASSURANCES 

 13.1 The Chargor shall, at its own
expense from time to time, execute and give all such assurances and do all acts and things as the Security Trustee may require or consider desirable under the laws of any jurisdiction governing the Charged Assets to enable the Security Trustee to
perfect or protect the security intended to be created hereby over the Charged Assets or any part thereof or to facilitate the sale of the Charged Assets or any part thereof or the exercise by the Security Trustee of any of the rights, powers,
authorities and discretions vested in it or any Receiver of the Charged Assets or any part thereof or any such delegate or sub-delegate as aforesaid, including to facilitate vesting all or part of such assets in the name of the Security Trustee or
in the names of its nominee, agent or any purchaser. To that intent, without prejudice to the generality of the foregoing and subject to the terms and conditions set out in the other Clauses of this Debenture, the Chargor shall execute all
transfers, sales, dispositions and appropriations (whether to the Security Trustee or otherwise) and shall give all notices, orders and directions and make all registrations which the Security Trustee may (in its absolute discretion) consider
expedient. 
 13.2 Without prejudice to the generality of Clause 13.1 but subject to the other terms and conditions of this Debenture, the Chargor
will forthwith at the request of the Security Trustee execute a legal mortgage, charge or other security at any time over all or any of the Charged Assets subject to or intended to be subject to the security constituted by this Debenture in such
form as the Security Trustee may require but containing terms no more onerous than those in this Debenture. 
  

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	14	POWER OF ATTORNEY 

 14.1 Appointment The Chargor hereby, by
way of security and in order more fully to secure the performance of its obligations hereunder, irrevocably appoints the Security Trustee and every Receiver of the Charged Assets (or any part thereof) appointed hereunder and any person nominated for
the purpose by the Security Trustee or any Receiver in writing under hand by an officer of the Security Trustee or any Receiver severally as its attorney and on its behalf and in its name or otherwise to execute and do all such assurances, acts and
things which the Chargor is required to do under the covenants and provisions contained in this Debenture (including to make any demand upon or to give any notice or receipt to any person owing moneys to the Chargor and to execute and deliver any
charges, legal mortgages, assignments or other security and any transfers of securities) and generally in its name and on its behalf to exercise all or any of the powers, authorities and discretions conferred by or pursuant to this Debenture or by
statute on the Security Trustee or any such Receiver, delegate or sub-delegate and (without prejudice to the generality of the foregoing) to seal and deliver and otherwise perfect any deed, assurance, agreement, instrument or act which it may
reasonably deem proper in or for the purpose of exercising any of such powers, authorities and discretions provided that the power of attorney granted pursuant to this Clause 14.1 shall not be exercisable until the occurrence of an Event of Default
which is continuing. 
 14.2 Ratification The Chargor hereby ratifies and confirms and agrees to ratify and confirm whatever any such attorney as is
mentioned in Clause 14.1 (Appointment) shall do or purport to do in good faith in the exercise or purported exercise of all or any of the powers, authorities and discretions referred to in such Clause 14.1 (Appointment). 
  

	15	DELEGATION 

 The Security Trustee or any Receiver appointed
hereunder may at any time and from time to time delegate by power of attorney or in any other manner to any properly qualified person or persons all or any of the powers, authorities and discretions which are for the time being exercisable by the
Security Trustee or such Receiver under this Debenture in relation to the Charged Assets or any part thereof. Any such delegation may be made upon such terms (including power to sub-delegate) and subject to such regulations as the Security Trustee
or such Receiver may think fit. Neither the Security Trustee nor any Receiver shall be in way liable or responsible to the Chargor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate or
sub-delegate. 
  

	16	NO LIABILITY AS MORTGAGEE IN POSSESSION 

 Neither the Security
Trustee nor its nominee nor any Receiver shall by reason of entering into possession of the Charged Assets or any of them be liable to account as mortgagee in possession or be liable for any loss on realisation or for any default or omission for
which a mortgagee in possession might otherwise be liable. Every Receiver duly appointed by the Security Trustee under the powers set forth herein shall be deemed to be the agent of the Chargor for all purposes and shall as such agent for all
purposes be deemed to be in the same position as a Receiver duly appointed by a mortgagee under the Law of Property Act 1925. The Chargor alone shall be responsible for each Receiver’s contracts, engagements, acts, omissions, defaults and
losses and for all liabilities incurred by him and neither the Security Trustee nor the Receiver shall incur any liability therefor (either to the Chargor or to any other person whatsoever) or for any other reason whatsoever other than for their
gross negligence or wilful default. 
  

 24 

	17	PROTECTION OF THIRD PARTIES 

 No purchaser, mortgagee or other
person or company dealing with the Security Trustee or the Receiver or its or his agents shall be concerned to enquire whether the Secured Obligations have become due and payable or whether any power which the Receiver is purporting to exercise has
become exercisable or whether any of the Secured Obligations remains outstanding or to see to the application of any money paid to the Security Trustee or to such Receiver. 
  

	18	STAMP DUTIES 

 The Chargor shall pay and, forthwith on demand,
indemnify the Security Trustee against any liability it incurs in respect of any stamp, registration and similar tax which is or becomes payable in connection with the entry into, performance or enforcement of this Debenture. 
  

	19	ADDITIONAL PROVISIONS 

 19.1 Redemption of Prior Mortgages
The Security Trustee may, at any time after the security constituted by this Debenture has become enforceable in accordance with its terms, redeem any prior Lien against the Charged Assets or any part thereof or procure the transfer thereof to
itself and may settle and pass the accounts of the prior mortgagee, chargee or encumbrancer. Any accounts so settled and passed shall be conclusive and binding on the Chargor. All principal moneys, interest, costs, charges and expenses of and
incidental to such redemption and transfer shall be paid by the Chargor to the Security Trustee on demand. 
 19.2 Provisions Severable 
  

	(a)	If a provision of this Debenture is, or but for this Clause 19.2 would be, held to be illegal, invalid or unenforceable, in whole or in part, in any jurisdiction the
provision shall be ineffective to the extent of such illegality, invalidity or unenforceability without rendering the remaining provisions of this Debenture illegal, invalid or unenforceable, and any such illegality, invalidity or unenforceability
in any jurisdiction shall not invalidate or render invalid or unenforceable such provisions in any other jurisdiction. 

  

	(b)	If a provision of this Debenture is held to be illegal, invalid or unenforceable, in whole or in part and paragraph (a) of this Clause 19.2 cannot be used to make it
legal, valid and enforceable, either party to this Debenture may require the other party to enter into a deed under which that other party undertakes in the terms of the original provision, but subject to such amendments as are necessary or required
in order to make the provision legal, valid and enforceable. No party will be obliged to enter into a deed that would increase its liability beyond that contained in this Debenture had all its provisions been legal, valid and enforceable.

 19.3 Potentially Avoided Payments If the Security Trustee considers that an amount paid to the Security Trustee or any Secured Party
under any Loan Document is capable of being avoided or otherwise set aside on the liquidation or administration of the person by whom such amount is paid, then for the purposes of this Debenture, such amount shall be regarded as not having been
paid. 
  

 25 

 19.4 Variation This Debenture shall not be varied except by an agreement in writing between the parties of even
date herewith or later. 
  

	20	REMEDIES AND WAIVERS 

 A delay in exercising, or failure to
exercise, any right or remedy under this Debenture does not constitute a waiver of such or other rights or remedies and does not operate to prevent the exercise or enforcement of any such right or remedy. No single or partial exercise of any right
or remedy under this Debenture prevents further exercise of such or other rights or remedies. The rights, powers and remedies provided in this Debenture are cumulative and not exclusive of any rights and remedies provided by law. The Security
Trustee may, in connection with the exercise of its powers, join or concur with any person in any transaction scheme or arrangement whatsoever. A waiver given or consent granted by the Security Trustee under this Debenture will be effective only if
given in writing and then only in the instance and for the purpose for which it is given. 
  

	21	NOTICES 

 21.1 Communications in Writing A notice, other
communication or document given under this Debenture other than as set out in Section 11.8 (Notices, Etc.) of the Facility Agreement shall be in writing and signed by or on behalf of the person giving it and, unless otherwise stated, may
be made or delivered personally, posted or faxed in accordance with Clause 21.3 (Delivery). 
 21.2 Addresses The address and fax number (and
the department or officer, if any, for whose attention the notice, other communication or document is to be made or delivered) of each party for any notice, communication or document to be made or delivered under or in connection with this Debenture
is that identified with its name below, or any substitute address, fax number or department or officer as the relevant party notifies to the other party by not less than five Business Days notice. 
 21.3 Delivery 
  

	(a)	Any notice, other communication or document so addressed shall be deemed to have been received: 

  

	 	(i)	if personally delivered, at the time of delivery; 

  

	 	(ii)	if sent by pre-paid, recorded delivery or registered post, two Business Days (in the place where the notice was received) after the date of posting to the relevant address;

  

	 	(iii)	if sent by registered air-mail, (in the place where the notice was received) five Business Days (in the place where the notice was received) after the date of posting to the
relevant address; and 

  

	 	(iv)	if sent by fax, as per the transmission report from the machine from which the fax was sent received in legible form, save that if such notice, communication or document is
received after normal working hours (which shall be deemed to be 8.30 a.m. and 5.30 p.m. on any Business Day in the country of the recipient), such notice, communication or document shall be deemed to have been received on the next Business Day,

  

 26 

 and, if a particular department or officer is specified as part of its address details provided under
Clause 21.2 (Addresses), if addressed to that department or officer. 
  

	(b)	Any communication or document to be made or delivered to the Security Trustee shall be effective only when actually received by the Security Trustee and then only if the same
is expressly marked for the attention of the department or officer identified with the Security Trustee’s signature below or such other department or officer as the Security Trustee shall from time to time specify for this purpose.

  

	(c)	For the avoidance of doubt, notice given under this Debenture shall not be validly served if given by e-mail. 

  

	22	COSTS AND EXPENSES 

 22.1 Costs and Expenses The Chargor
shall, on demand of the Security Trustee, reimburse to the Security Trustee all costs and expenses (including reasonable legal fees), and any VAT thereon, reasonably and properly incurred by the Security Trustee in connection with the negotiation,
preparation, execution, modification, amendment, release and/or preservation of any of its rights under this Debenture. 
 22.2 Indemnity The Chargor
shall indemnify the Security Trustee on demand against any and all properly incurred costs, claims, losses, expenses (including reasonable legal fees) and liabilities, and any VAT thereon, which the Security Trustee may incur as a result of the
occurrence of any Event of Default or the exercise by the Security Trustee of any of its rights and powers under this Debenture. 
 22.3 Interest The
amounts payable under Clauses 22.1 (Costs and Expenses) and 22.2 (Indemnity) above shall bear Default Interest (compounded monthly) (payable after as well as before judgment), from the dates on which they were paid or incurred by the
Security Trustee to the date of payment thereof by the Chargor. 
  

	23	CURRENCY OF ACCOUNT 

 23.1 Currency of Account All payments
hereunder shall be made in immediately available funds in the currency and to the account specified by the Security Trustee in the corresponding demand. 
 23.2 Currency Conversion If notwithstanding Clause 23.1 (Currency of Account) any monies are received or held by the Security Trustee in a currency other than that specified in such demand, such monies may be converted into
the currency specified in the demand issued by the Security Trustee pursuant to Clause 23.1 (Currency of Account) to cover the Secured Obligations in that other currency at the spot rate of exchange quoted by a prime clearing bank selected by
the Security Trustee (acting reasonably) then prevailing for purchasing that other currency with the existing currency. 
 23.3 No Discharge No
payment to the Security Trustee (whether under any judgment or court order or otherwise) shall discharge the obligation or liability of the Chargor unless and until the Security Trustee shall have received payment in full in the currency in which
the obligation or liability was incurred and to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability 

  

 27 

 
expressed in that currency the Security Trustee shall have a further separate cause of action against the Chargor to recover the amount of the shortfall.

 23.4 Currency Indemnity If any sum due from the Chargor under this Debenture or any order or judgment given or made in relation hereto has to be
converted from the currency (the “first currency”) in which the same is payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of (1) making or filing a
claim or proof against the Chargor; (2) obtaining an order or judgment in any court or other tribunal; or (3) enforcing any order or judgment given or made in relation hereto, the Chargor shall indemnify and hold harmless the Security
Trustee from and against any loss suffered or incurred as a result of any discrepancy between (A) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (B) the rate
or rates of exchange at which the Security Trustee may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim
or proof. 
  

	24	ASSIGNMENTS, ETC. 

 24.1 The Security Trustee The Security
Trustee may assign and transfer all of its respective rights and obligations hereunder to a replacement Security Trustee appointed in accordance with the terms of the Facility Agreement. Upon such assignment and transfer taking effect, the
replacement Security Trustee shall be and be deemed to be acting as Security Trustee for the Secured Parties for the purposes of this Debenture in place of the old Security Trustee. 
 24.2 The Chargor No Chargor shall be entitled to transfer or assign all or any of its rights or obligations in respect of this Debenture without the prior written consent of the Security Trustee. 
  

	25	SET-OFF 

 Where an Event of Default has occurred and is continuing
unwaived, the Security Trustee may (but shall not be obliged to) set off any obligation which is due and payable by the Chargor and unpaid against any obligation (whether or not matured) owed by the Security Trustee to the Chargor, regardless of the
place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Security Trustee may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
set-off. If either obligation is unliquidated or unascertained, the Security Trustee may set off in an amount estimated by it in good faith to be the amount of that obligation. 
  

	26	COVENANT TO RELEASE 

 Upon the expiry of the Security Period or as
otherwise permitted under the terms of the Facility Agreement (but not otherwise), the Security Trustee shall (or procure that its nominees shall), at the request and cost of the Chargor, execute and do all such deeds, acts and things as may be
necessary to release the relevant Charged Assets from the security constituted hereby including the payment of any moneys standing to the credit of the Realisations Accounts to the Chargor. The Security Trustee shall not be bound to return the
identical Shares which were deposited, held or transferred and each Chargor shall accept Shares of the same class and denomination. 
  

 28 

	27	GOVERNING LAW 

 This Debenture is governed by, and shall be
construed in accordance with, English law. 
  

	28	JURISDICTION OF ENGLISH COURTS 

 28.1 The courts of England
have exclusive jurisdiction to settle any dispute arising out of or in connection with this Debenture (including a dispute regarding the existence, validity or termination of this Debenture). 
 28.2 The parties to this Debenture agree that the courts of England are the most appropriate and convenient courts to settle such disputes and accordingly no
party shall argue to the contrary. 
 28.3 This Clause 28 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be
prevented from taking proceedings relating to such a dispute in any other court with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions. 
  

	29	COUNTERPARTS AND EFFECTIVENESS 

 29.1 Counterparts This
Debenture may be executed in any number of counterparts, each of which when executed and delivered constitutes an original of this Debenture, but all the counterparts shall together constitute one and the same agreement. 
 29.2 Effectiveness This Debenture shall come into effect as a Deed on the date set forth above. 
 IN WITNESS WHEREOF this Debenture has been executed as a Deed by the parties hereto on the date stated at the beginning of this Debenture. 
  

 29 

 SIGNATORIES 
 CONSTAR INTERNATIONAL U.K. LIMITED 
  

					
	Signed as a deed by Chris Phelan in the presence of:	    	 /s/ Chris Phelan
	 	
		    	Director	 	

  

			
	 /s/ Ian Atkinson
	 	
	SIGNATURE OF WITNESS	 	
		
	NAME OF WITNESS:	 	
	Ian Atkinson	 	
		
	ADDRESS:	 	
	 Constar International UK Ltd.
 Moor Lane
Trading Estate
 Sherburn in Elmet, LS25 6ES

		
	OCCUPATION:	 	
	Accountant	 	

  

 [SIGNATURE PAGE TO UK
DEBENTURE] 

 THE SECURITY TRUSTEE 
 CITIBANK, N.A., LONDON BRANCH 
  

					
	Signed as a deed by DAVID JAFFE in the presence of:	    	 /s/ David Jaffe
	 	
		    	Director	 	

  

			
		 	
	 /s/ Scott Goodwin
	 	
	Scott Goodwin	 	
	 Associate, Asset-Based Finance
 390 Greenwich Street, 1
st Floor
 New York, NY 10013
	 	

  

 [SIGNATURE PAGE TO UK
DEBENTURE]

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