Document:

mchexhibit108.htm

    Exhibit 10.8

      INDEMNITY

       

      THIS INDEMNITY (this “Indemnity”) by
Millennium Petrochemicals Inc.
a Virginia corporation (“Millennium Indemnitor”), is in favor of EQUISTAR
CHEMICALS, LP, a Delaware limited partnership (the “Partnership”).

       

      RECITALS:

       

                 A.           The
indemnity provided in this Indemnity reasonably may be expected to benefit,
directly or indirectly, Millennium Indemnitor.  Further, it is in the
best interests of Millennium Indemnitor to provide the indemnity set forth
hereunder, and such indemnity is necessary or convenient to the conduct,
promotion or attainment of the business of Millennium Indemnitor.

       

      B.           This
Indemnity is issued pursuant to Section 8.6(b) of the Amended and Restated
Limited Partnership Agreement of the Partnership, dated as of December 19, 2007,
among Lyondell Petrochemical LP4, Inc., Lyondell Petrochemical L.P. Inc.,
Millennium Petrochemicals GP LLC, Millennium Petrochemicals Partners, LP
(“Millennium LP1”), Lyondell (Pelican) Petrochemical L.P.1, Inc. and Lyondell
LP3 Partners, LP, as amended and supplemented through April 15, 2008 (the
“Partnership Agreement”).

       

      C.           This
Indemnity is provided in replacement of a prior indemnity of the Millennium
Indemnitor dated as of December 19, 2007.

       

      AGREEMENTS:

       

                 NOW,
THEREFORE, effective as of December 20, 2007, Millennium Indemnitor hereby
agrees as follows:

       

      1.           Notwithstanding
any other provision of this Indemnity but subject to paragraph 6 below,
Millennium Indemnitor shall be obligated to contribute to the Partnership (the
“Contribution Obligation”) on behalf of Millennium LP1 the lesser amount $600
million or the aggregate principal amount of the  Referenced
Obligations then outstanding, but only after the holders of the Referenced
Obligations shall have pursued their remedies to compel payment of the
Referenced Obligations by the Partnership, and if, after exhaustion of all
available remedies, including, without limitation, the liquidation of assets,
payment cannot be obtained from the Partnership.  For purposes of this
Indemnity, Referenced Obligations are:

       

      (1)           the
Partnership’s Debentures due 2026 in the principal amount of $150
million;

       

      (2)           up
to $450 million of any bank borrowings of the Partnership secured by its
inventory, and

       

      (3)           to
the extent $450 million exceeds any bank borrowings secured by inventory, trade
accounts payable by the Partnership to unrelated parties up to the amount equal
to $450 million less the bank borrowings secured by inventory.

       

      2.           The
obligations of Millennium Indemnitor hereunder to the Partnership shall not be
subject to any reduction, limitation, impairment or termination for any reason,
and shall not be subject to any defense or setoff, counterclaim, recoupment or
termination whatsoever, by reason of the invalidity, illegality or
unenforceability of the Referenced Obligation, any impossibility in the
performance of the Referenced Obligation or otherwise, subject to
paragraph 6 below.  Without limiting the generality of the
foregoing, except as aforesaid, the obligations of Millennium Indemnitor
hereunder shall not be discharged or impaired or otherwise affected by any
waiver or modification of any of the Referenced Obligation, by any default,
failure or delay, willful or otherwise, in the performance of the Referenced
Obligation, or by any other act or omission which may or might in any manner or
to any extent vary the risk of Millennium Indemnitor or otherwise operate as a
discharge of Millennium Indemnitor as a matter of law or equity.

       

                 3.           Millennium
Indemnitor further agrees that its obligations hereunder shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Referenced Obligation is rescinded or must otherwise
be restored by the Partnership upon the bankruptcy or reorganization of an
Issuer or otherwise, unless those obligations of Millennium Indemnitor have
otherwise been terminated in accordance with the terms of this
Indemnity.

       

      4.           The
Partnership agrees that it shall not assign any of its right, title and interest
in and to this Indemnity.  This Indemnity shall not be construed to
create any right in the holders of the Referenced Obligations or any other
person (other than Millennium Indemnitor, the Partnership, Lyondell
Petrochemical LP4, Inc., Lyondell Petrochemical L.P. Inc., Lyondell (Pelican)
Petrochemical L.P.1, Inc. and Lyondell LP3 Partners, LP , and, in each case,
their respective successors and permitted assigns), or to be a contract in whole
or in part for the benefit of the holders of the Debt, or any other person
except the Partnership.  Accordingly, the holders of the Debt shall
not, by reason of this Indemnity, have a greater or superior claim compared to
other obligees of the Partnership, to or as a result of any amounts contributed
by Millennium Indemnitor to the Partnership pursuant to this Indemnity.

       

      5.           Notwithstanding
any other provision of this Indemnity, this Indemnity shall terminate on December 15,
2017.

       

      6.           This
Indemnity shall be construed and interpreted in accordance with and governed by
the laws of the State of Texas.

       

      7.           This
Indemnity may be executed in one or more counterparts, each of which shall
constitute an original and all of which when taken together shall constitute one
and the same original document.

       

      8.           The
existence of this Indemnity shall not prohibit the Partnership from refinancing
or repaying any Debt at any time, subject to the other provisions of the
Partnership Agreement.

       

      9.           Nothing
in this Indemnity shall be construed or interpreted to amend the Partnership
Agreement in any respect.

       

      10.           All
notices, requests and other communications that are required or may be given
under this Indemnity shall be in writing and shall be deemed to have been duly
given if and when (i) transmitted by facsimile with proof of confirmation from
the transmitting machine or (ii) delivered by commercial courier or other hand
delivery as follows:

       

      

      
        	
                If
      to the Partnership:

              	
                Equistar
      Chemicals, LP

              

      

      
        	
                 
      

              	
                1221
      McKinney Street

              

      

      
        	
                 
      

              	
                Houston,
      Texas 77252-2583

              

      

      
        	
                 
      

              	
                Attention:  General
      Counsel

              

      

      
        	
                 
      

              	
                Facsimile
      Number:  (713) 309-4718

              

      

       

      
        	
                If
      to Indemnitor:

              	
                Millennium
      Petrochemical Inc.

              

      

                                             1221 McKinney
Street

                                     Houston,
Texas 77252-2583

      
        	
                 
      

              	
                Attention:  General
      Counsel

              

      

      
        	
                 
      

              	
                Facsimile
      Number:  (713) 309-4718

              

      

       

      11.           The
indemnity agreement dated as of December 19, 2007 between the Millennium
Indemnitor and the Partnership is hereby terminated and superseded in all
respects by this agreement.

       

      
        	
                 
      

              	
                Executed
      on or before April 15, 2008

              

      

       

      MILLENNIUM
PETROCHEMICALS INC.

      

      
        	
                By:

              	
                /s/
      EDWARD J. DINEEN

              
	 
      	
                Edward
      J. Dineen

              
	 
      	
                Vice
      President

              
	 
      	
                Date
      of execution: April 14, 2008

              

      

      ACCEPTED
AND AGREED

       

      EQUISTAR
CHEMICALS, LP

       

      
        	
                By:

              	
                /s/
      ALLEN C. HOLMES

              
	 
      	
                Allen
      C. Holmes

              
	 
      	
                Vice
      President

              
	 
      	
                Date
      of execution: April 14, 2008Exhibit 10.1

 

PROMISSORY NOTE MODIFICATION
AGREEMENT

 

THIS PROMISSORY NOTE MODIFICATION AGREEMENT (“Modification”)
is made and entered into on January 31, 2008 by and among Northern
Technologies International Corporation (collectively “Borrower”) and NATIONAL
CITY BANK, A NATIONAL BANKING ASSOCIATION (“Bank”).

 

WHEREAS, Bank agreed to lend to Borrower an amount
not to exceed the sum of Six Hundred Thousand and 00/100 Dollars ($600,000.00)
(“Loan”), which Loan was evidenced by a certain Commercial Note: Demand Line of
Credit dated December 14, 2006 in the face amount of Six Hundred Thousand
and 00/100 Dollars ($600,000.00) (as extended, amended or otherwise modified to
date, the “Note”) (the said Note and any other instrument or document given in
connection with or to secure the Loan being collectively referred to as “Loan
Documents”).

 

WHEREAS, the parties hereto desire to modify the Note
as hereinafter provided.

 

NOW, THEREFORE, in consideration of the foregoing
promises and the covenants contained herein, the parties hereto agree as
follows:

 

Liability of Borrower. Borrower hereby ratifies and
reconfirms Borrower’s obligations and all liability to Bank under the terms and
conditions of the Loan Documents and acknowledges that Borrower has no defenses
to or rights of set-off against Borrower’s obligations and all liability to
Bank thereunder. Borrower further acknowledges that Bank has performed all of
Bank’s obligations under the Loan Documents.

 

Modification. The Note is hereby modified to provide
that, effective as of January 31, 2008 the face amount of the Note shall
be permanently increased to the sum of Eight Hundred Thousand and 00/100
Dollars ($800,000.00).

 

The next payment is due February 15, 2008 and
monthly thereafter as set forth in the above mentioned note. Payments prior to
the first scheduled payment above have been made as evidenced by the books and
records of Bank.

 

Ratification of Loan Documents. The Loan Documents
are in all respects ratified and confirmed by the parties hereto and incorporated
by reference herein, and each of the Loan Documents and this Modification shall
be read, taken and construed as one and the same instrument. Capitalized terms
used herein and not otherwise defined shall have the meanings given to them in
the Note. In the event of any conflict between the terms and provisions of this
Modification and the terms and provisions of the Note, the terms and provisions
of this Modification shall control. NOTWITHSTANDING ANY PROVISION OR INFERENCE
TO THE CONTRARY HEREIN, BORROWER ACKNOWLEDGES THAT THE NOTE IS A DEMAND NOTE
AND THAT BANK SHALL CONTINUE TO HAVE NO OBLIGATION TO EXTEND ANY CREDIT TO OR
FOR THE ACCOUNT OF BORROWER BY REASON OF THE NOTE.

 

Confession of Judgment. Borrower hereby authorizes
any attorney at law to appear in any state or federal court of record in the
United States of America after the maturity hereof (whether occurring by lapse
of time or acceleration), to waive the issuance and service of process, to
admit the maturity of the Note and the amount then appearing due, to confess
judgment against Borrower in favor of the holder hereof for the amount then
appearing due, together with interest and costs of suit, and thereupon to
release all errors and to waive all rights of appeal and stay of execution. No
judgment shall bar any subsequent judgment. Should any judgment be vacated for
any reason, this warrant of attorney nevertheless may thereafter be used for
obtaining additional judgments.

 

IN WITNESS WHEREOF, the undersigned have caused this
Modification to be executed as of the day and year first above written.

 

WARNING-BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT
TO NOTICE AND COURT TRIAL.  IF YOU DO NOT
PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR
KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS
OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED
GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR
ANY OTHER CAUSE.

 

	
   

  	
  By: 

  	
  Matthew Wolsfeld

  
	
   

  	
  Its: CFO

  
	
   

  	
   

  
	
   

  	
  NATIONAL CITY BANK, A
  NATIONAL BANKING ASSOCIATION

  
	
   

  	
  By 

  	
  Joseph McMullen, Jr.

  
	
   

  	
  Its: VP

  

 

 

1

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