Document:

CENTENE CORPORATION EMPLOYEE DEFERRED COMPENSATION PLAN

    Exhibit
      10.4

     

    

      CENTENE
        CORPORATION EMPLOYEE DEFERRED COMPENSATION PLAN

       

      ARTICLE
        I

      PURPOSE
        AND EFFECTIVE DATE

      

      The
        purpose of the Centene Corporation Voluntary Nonqualified Deferred Compensation
        Plan (“Plan”) is to aid Centene Corporation and its subsidiaries in retaining
        and attracting executive employees by providing them with tax deferred savings
        opportunities. The Plan provides a select group of management and highly
        compensated employees within the meaning of Sections 201(2), 301(a)(3) and
        401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended
        (ERISA) of Centene Corporation with the opportunity to elect to defer receipt
        of
        specified portions of compensation, and to have these deferred amounts treated
        as if invested in specified hypothetical investment benchmarks. The Plan
        shall
        be effective for deferral elections made hereunder on or after June 1, 2002.
        

       

      ARTICLE
        II

      DEFINITIONS

      

      For
        the
        purposes of this Plan, the following words and phrases shall have the meanings
        indicated, unless the context clearly indicates otherwise: 

      

      Section
        2.01 

      Administrative
        Committee. “Administrative
        Committee” means the committee appointed by the Centene Corporation Voluntary
        Nonqualified Deferred Compensation Plan Committee of the Board. 

      

      Section
        2.02 

      Base
        Salary. “Base
        Salary” means the base rate of cash compensation paid by the Company to or for
        the benefit of a Participant for services rendered or labor performed while
        a
        Participant, including base pay a Participant could have received in cash
        in
        lieu of (A) deferrals pursuant to Section 4.02 and (B) contributions made
        on his
        behalf to any qualified plan maintained by the Company or to any cafeteria
        plan
        under Section 125 of the Internal Revenue Code maintained by the Company.
        

      

      Section
        2.03 

      Base
        Salary Deferral. “Base
        Salary Deferral” means the amount of a Participant’s Base Salary which the
        Participant elects to have withheld on a pre-tax basis from his Base Salary
        and
        credited to his Deferral Account pursuant to Section 4.02. 

      

      Section
        2.04 

      Beneficiary.
        “Beneficiary”
        means the person, persons or entity designated by the Participant to receive
        any
        benefits payable under the Plan pursuant to Article IX. 

      Board.
        “Board” means the Board of Directors of Centene Corporation. 

      

      Section
        2.06 

      Code.
        “Code”
        shall mean the Internal Revenue Code of 1986, as amended. References to any
        provision of the Code or regulation (including a proposed regulation) thereunder
        shall include any successor provisions or regulations. 

      

      Section
        2.07 

      Company.
        “Company”
        means Centene Corporation, its successors, any subsidiary or affiliated
        organizations authorized by the Board or the Centene Corporation Voluntary
        Nonqualified Deferred Compensation Plan Committee to participate in the Plan
        and
        any organization into which or with which Centene Corporation may merge or
        consolidate or to which all or substantially all of its assets may be
        transferred. 

      

      Section
        2.08 

      Deferral
        Account. “Deferral
        Account” means the account maintained on the books of the Administrative
        Committee for each Participant pursuant to Article VI. 

      

      Section
        2.10 

      Deferral
        Period. “Deferral
        Period” is defined in Section 4.02. 

      

      Section
        2.11 

      Deferred
        Amount. “Deferred
        Amount” is defined in Section 4.02. 

      

      Section
        2.12 

      Designee.
        “Designee”
        shall mean the Company’s senior human resources officers or 

      other
        individuals to whom the Committee has delegated the authority to take action
        under the Plan. Wherever Committee is referenced in the plan, it shall be
        deemed
        to also refer to Designee. 

      

      Section
        2.13 

      Disability.
        “Disability”
        means eligibility for disability benefits under the terms of the Company’s
        Long-Term Disability Plan maintained by the Company. 

      

      Section
        2.14 

      Eligible
        Compensation. “Eligible
        Compensation” means any Base Salary, Incentive Compensation, Bonuses and/or
        restricted stock otherwise payable with respect to a Plan Year. 

      

      Section
        2.15 

      ERISA.“ERISA”
        means the Employee Retirement Income Security Act of 1974, as amended.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Section
          2.16 

        Form
          of Payment. “Form
          of
          Payment” means payment in one lump sum or in substantially equal annual
          installments of 2 to 15 years.

      

       

      Section
        2.17 

      Hardship
        Withdrawal. “Hardship
        Withdrawal” means the early payment of all or part of the balance in a Deferral
        Account(s) in the event of an Unforeseeable Emergency. 

      

      Section
        2.18 

      Hypothetical
        Investment Benchmark. “Hypothetical
        Investment Benchmark” shall mean the phantom investment benchmarks which are
        used to measure the return credited to a Participant’s Deferral Account.

      

      Section
        2.19 

      Incentive
        Compensation. “Incentive
        Compensation” means the amount awarded to a Participant for a Plan Year under
        any incentive plan maintained by the Company. 

      

      Section
        2.20 

      Incentive
        Deferral. “Incentive
        Deferral” means the amount of a Participant’s Incentive Compensation which the
        Participant elects to have withheld on a pre-tax basis from his Incentive
        Compensation and credited to his account pursuant to Section 4.02. 

      

      Section
        2.21 

      Matching
        Contribution. “Matching
        Contribution” means the amount of annual matching contribution that the Company
        will make to the plan. 

      

      Section
        2.22 

      Participant.
        “Participant”
        means any individual who is eligible or makes an election to participate
        in this
        Plan and who elects to participate by filing a Participation Agreement as
        provided in Article IV. 

      

      Section
        2.23 

      Participation
        Agreement.“Participation
        Agreement” means an agreement filed by a Participant in accordance with Article
        IV. 

      

      Section
        2.24 

      Plan
        Year. “Plan
        Year” means a twelve-month period beginning January 1 and ending the following
        December 31. 

      

      Section
        2.25 

      Retirement.
        “Retirement”
        means retirement of a Participant from the Company after attaining age 65
        or age
        55 with at least 5 years of service (in accordance with the method of
        determining years of service adopted by the Company). 

      

      Section
        2.26 

      Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee.
        “Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee” means
        the compensation committee of the Board. 

      

      Section
        2.27 

      Termination
        of Employment.
        “Termination of Employment” means the cessation of a Participant’s services as a
        full-time employee of the Company for any reason other than Retirement.

      

      Section
        2.28 

      Unforeseeable
        Emergency.“Unforeseeable
        Emergency” means severe financial hardship to the Participant resulting from a
        sudden and unexpected illness or accident of the Participant or a dependent
        of
        the Participant, loss of the Participant’s property due to casualty, or other
        similar extraordinary and unforeseeable circumstances arising as a result
        of
        events beyond the control of the Participant. 

      

      Section
        2.29 

      Valuation
        Date. “Valuation
        Date” means the last day of each calendar month or such other date as the
        Administrative Committee in its sole discretion may determine. 

       

      ARTICLE
        III 

      ADMINISTRATION

      

      Section
        3.01 

      Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee and
        Administrative Committee Duties.
        This
        Plan shall be administered by the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee. A majority of the members of the Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee shall
        constitute a quorum for the transaction of business. All resolutions or other
        action taken by the Centene Corporation Voluntary Nonqualified Deferred
        Compensation Plan Committee shall be by a vote of a majority of its members
        present at any meeting or, without a meeting, by an instrument in writing
        signed
        by all its members. Members of the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee may participate in a meeting of such
        committee by means of a conference telephone or similar communications equipment
        that enables all persons participating in the meeting to hear each other,
        and
        such participation in a meeting shall constitute presence in person at the
        meeting and waiver of notice of such meeting. 

      

      The
        Centene Corporation Voluntary Nonqualified Deferred Compensation Plan Committee
        shall be responsible for the administration of this Plan and shall have all
        powers necessary to administer this Plan, including discretionary authority
        to
        determine eligibility for benefits and to decide claims under the terms of
        this
        Plan, except to the extent that any such powers are vested in any other person
        administering this Plan by the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee. The Centene Corporation Voluntary
        Nonqualified Deferred Compensation Plan Committee may from time to time
        establish rules for the administration of this Plan, and it shall have the
        exclusive right to interpret this Plan and to decide any matters arising
        in
        connection with the administration and operation of this Plan. All rules,
        interpretations and decisions of the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee shall be conclusive and binding on the
        Company, Participants and Beneficiaries. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Centene Corporation Voluntary Nonqualified Deferred Compensation Plan Committee
        has delegated to the Administrative Committee responsibility for performing
        certain administrative and ministerial functions under this Plan. The
        Administrative Committee shall be responsible for determining in the first
        instance issues related to eligibility, Hypothetical Investment Benchmarks,
        distribution of Deferred Amounts, determination of account balances, crediting
        of hypothetical earnings and debiting of hypothetical losses and of
        distributions, in-service withdrawals, deferral elections and any other duties
        concerning the day-to-day operation of this Plan. The Centene Corporation
        Voluntary Nonqualified Deferred Compensation Plan Committee shall have
        discretion to delegate to the Administrative Committee such additional duties
        as
        it may determine. The Administrative Committee may designate one of its members
        as a chairperson and may retain and supervise outside providers, third party
        administrators, record keepers and professionals (including in-house
        professionals) to perform any or all of the duties delegated to it hereunder.
        

      

      Neither
        the Centene Corporation Voluntary Nonqualified Deferred Compensation Plan
        Committee nor a member of the Board nor any member of the Administrative
        Committee shall be liable for any act or action hereunder, whether of omission
        or commission, by any other member or employee or by any agent to whom duties
        in
        connection with the administration of this Plan have been delegated or for
        anything done or omitted to be done in connection with this Plan. The Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee and
        the
        Administrative Committee shall keep records of all of their respective
        proceedings and the Administrative Committee shall keep records of all payments
        made to Participants or Beneficiaries and payments made for expenses or
        otherwise. 

      

      The
        Company shall, to the fullest extent permitted by law, indemnify each director,
        officer or employee of the Company (including the heirs, executors,
        administrators and other personal representatives of such person), each member
        of the Centene Corporation Voluntary Nonqualified Deferred Compensation Plan
        Committee and Administrative Committee against expenses (including attorneys’
fees), judgments, fines, amounts paid in settlement, actually and reasonably
        incurred by such person in connection with any threatened, pending or actual
        suit, action or proceeding (whether civil, criminal, administrative or
        investigative in nature or otherwise) in which such person may be involved
        by
        reason of the fact that he or she is or was serving this Plan in any capacity
        at
        the request of the Company, the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee or Administrative Committee. 

      

      Any
        expense incurred by the Company, the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee or the Administrative Committee relative
        to
        the administration of this Plan shall be paid by the Company and/or may be
        deducted from the Deferral Accounts of the Participants as determined by
        the
        Centene Corporation Voluntary Nonqualified Deferred Compensation Plan Committee.
        

      

      Section
        3.02 

      Claim
        Procedure. If
        a
        Participant or Beneficiary makes a written request alleging a right to receive
        payments under this Plan or alleging a right to receive an adjustment in
        benefits being paid under this Plan, such actions shall be treated as a claim
        for benefits. All claims for benefits under this Plan shall be sent to the
        Administrative Committee. If the Administrative Committee determines that
        any
        individual who has claimed a right to receive benefits, or different benefits,
        under this Plan is not entitled to receive all or any part of the benefits
        claimed, the Administrative Committee shall inform the claimant in writing
        of
        such determination and the reasons therefor in terms calculated to be understood
        by the claimant. The notice shall be sent within 90 days of the claim unless
        the
        Administrative Committee determines that additional time, not exceeding 90
        days,
        is needed and so notifies the Participant. The notice shall make specific
        reference to the pertinent Plan provisions on which the denial is based,
        and
        shall describe any additional material or information that is necessary.
        Such
        notice shall, in addition, inform the claimant of the procedure that the
        claimant should follow to take advantage of the review procedures set forth
        below in the event the claimant desires to contest the denial of the claim.
        The
        claimant may within 90 days thereafter submit in writing to the Administrative
        Committee a notice that the claimant contests the denial of his or her claim
        and
        desires a further review by the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Plan Committee. The Centene Corporation Voluntary
        Nonqualified Deferred Compensation Plan Committee shall within 60 days
        thereafter review the claim and authorize the claimant to review pertinent
        documents and submit issues and comments relating to the claim to the Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee.
        The
        Centene Corporation Voluntary Nonqualified Deferred Compensation Plan Committee
        will render a final decision on behalf of the Company with specific reasons
        therefor in writing and will transmit it to the claimant within 60 days of
        the
        written request for review, unless the Chairperson of the Centene Corporation
        Voluntary Nonqualified Deferred Compensation Plan Committee determines that
        additional time, not exceeding 60 days, is needed, and so notifies the
        Participant. If the Committee fails to respond to a claim filed in accordance
        with the foregoing within 60 days or any such extended period, the Company
        shall
        be deemed to have denied the claim. 

      
ARTICLE
        IV

      PARTICIPATION

      

      Section
        4.01 

      Participation.
        Participation
        in the Plan shall be limited to executives who (i) meet such eligibility
        criteria as the Centene Corporation Voluntary Nonqualified Deferred Compensation
        Plan Committee shall establish from time to time, and (ii) elect to participate
        in this Plan by filing a Participation Agreement with the Administrative
        Committee. A Participation Agreement must be filed prior to the December
        31st
        immediately preceding the Plan Year for which it is effective. The
        Administrative Committee shall have the discretion to establish special
        deadlines regarding the filing of Participation Agreements for Participants.
        

      

      Section
        4.02 

      Contents
        of Participation Agreement.
        Subject
        to Article VIII, each Participation Agreement shall set forth: (i) the amount
        of
        Eligible Compensation for the Plan Year or performance period to which the
        Participation Agreement relates that is to be deferred under the Plan (the
        “Deferred Amount”), expressed as either a dollar amount or a percentage of the
        Base Salary and Incentive Compensation for such Plan Year or performance
        period;
        provided, that the minimum Deferred Amount for any Plan Year or performance
        period shall not be less than 1%; (ii) the period after which payment of
        the
        Deferred Amount is to be made or begin to be made (the “Deferral Period”), which
        shall be the earlier of (A) a number of full years, not less than three,
        and (B)
        the period ending upon the Retirement or prior termination of employment
        of the
        Participant, and (iii) the form in which payments are to be made, which may
        be a
        lump sum or in substantially equal annual installments of 1 to 15 years.
        

      

      Section
        4.03 

      Modification
        or Revocation of Election by Participant. A
        Participant may not change the amount of his Base Salary Deferrals during
        a Plan
        Year. However, a Participant may discontinue a Base Salary Deferral election
        at
        any time by filing, on such forms and subject to such limitations and
        restrictions as the Administrative Committee may prescribe in its discretion,
        a
        revised Participation Agreement with the Administrative Committee. If approved
        by the Administrative Committee, revocation shall take effect as of the first
        payroll period next following its filing. If a Participant discontinues a
        Base
        Salary Deferral election during a Plan Year, he will not be permitted to
        elect
        to make Base Salary Deferrals again until the later of the next Plan Year
        or 12
        months from the date of discontinuance. In addition, the Deferral Period
        may be
        extended if an amended Participation Agreement is filed with the Administrative
        Committee at least one full calendar year before the Deferral Period (as
        in
        effect before such amendment) ends; provided, that only one such amendment
        may
        be filed with respect to each Participation Agreement. 

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      ARTICLE
        V

      DEFERRED
        COMPENSATION

      Section
        5.01 

      Elective
        Deferred Compensation.
        The
        Deferred Amount of a Participant with respect to each Plan Year of participation
        in the Plan shall be credited by the Administrative Committee to the
        Participant’s Deferral Account as and when such Deferred Amount would otherwise
        have been paid to the Participant. To the extent that the Company is required
        to
        withhold any taxes or other amounts from the Deferred Amount pursuant to
        any
        state, Federal or local law, such amounts shall be taken out of other
        compensation eligible to be paid to the Participant that is not deferred
        under
        this Plan. 

      

      
        Section
          5.02 

      

      Vesting
        of Deferral Account.
        Except
        as provided in Section 7.02, a Participant shall be 100% vested in his/her
        Deferral Account at all times. 

      

      ARTICLE
        VI 

      MAINTENANCE
        AND INVESTMENT OF ACCOUNTS

      

      Section
        6.01 

      Maintenance
        of Accounts. Separate
        Deferral Accounts shall be maintained for each Participant. More than one
        Deferral Account may be maintained for a Participant as necessary to reflect
        (a)
        various Hypothetical Investment Benchmarks and/or (b) separate Participation
        Agreements specifying different Deferral Periods and/or forms of payment.
        A
        Participant’s Deferral Account(s) shall be utilized solely as a device for the
        measurement and determination of the amounts to be paid to the Participant
        pursuant to this Plan, and shall not constitute or be treated as a trust
        fund of
        any kind. The Administrative Committee shall determine the balance of each
        Deferral Account, as of each Valuation Date, by adjusting the balance of
        such
        Deferral Account as of the immediately preceding Valuation Date to reflect
        changes in the value of the deemed investments thereof, credits and debits
        pursuant to Section 5.01 and Section 6.02 and distributions pursuant to Article
        VII with respect to such Deferral Account since the preceding Valuation Date.
        

      

      Section
        6.02 

      Hypothetical
        Investment Benchmarks. (a)
        Each
        Participant shall be entitled to direct the manner in which his/her Deferral
        Accounts will be deemed to be invested, selecting among the Hypothetical
        Investment Benchmarks specified in Appendix A hereto, as amended by the Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee from
        time to time, and in accordance with such rules, regulations and procedures
        as
        the Centene Corporation Voluntary Nonqualified Deferred Compensation Plan
        Committee may establish from time to time. Notwithstanding anything to the
        contrary herein, earnings and losses based on a Participant’s investment
        elections shall begin to accrue as of the date such Participant’s Deferral
        Amounts are credited to his/her Deferral Accounts. 

      

      Section
        6.03 

      Statement
        of Accounts. The
        Administrative Committee shall submit to each Participant quarterly statements
        of his/her Deferral Account(s), in such form as the Administrative Committee
        deems desirable, setting forth the balance to the credit of such Participant
        in
        his/her Deferral Account(s) as of the end of the most recently completed
        quarter. 

       

      ARTICLE
        VII 

      BENEFITS

      Section
        7.01 

      Time
        and Form of Payment. At
        the
        end of the Deferral Period for each Deferral Account, the Company shall pay
        to
        the Participant the balance of such Deferral Account at the time or times
        elected by the Participant in the applicable Participation Agreement; provided
        that if the Participant has elected to receive payments from a Deferral Account
        in a lump sum, the Company shall pay the balance in such Deferral Account
        (determined as of the most recent Valuation Date preceding the end of the
        Deferral Period) in a lump sum in cash as soon as practicable after the end
        of
        the Deferral Period. If the Participant has elected to receive payments from
        a
        Deferral Account in installments, the Company shall make annual cash only
        payments from such Deferral Account, each of which shall consist of an amount
        equal to (i) the balance of such Deferral Account as of the most recent
        Valuation Date preceding the payment date times (ii) a fraction, the numerator
        of which is one and the denominator of which is the number of remaining
        installments (including the installment being paid). The first such installment
        shall be paid as soon as practicable after the end of the Deferral Period
        and
        each subsequent installment shall be paid on or about the anniversary of
        such
        first payment. Each such installment shall be deemed to be made on a pro
        rata
        basis from each of the different deemed investments of the Deferral Account
        (if
        there is more than one such deemed investment). 

      

      Section
        7.02 

      Matching
        Contribution. Each
        Participant who elects to make deferrals of Eligible Compensation to the
        Plan
        will receive a Matching Contribution equal to 50% of the first 6% of that
        Participant’s deferred Eligible Compensation offset by any Matching
        Contributions made under the Participant’s 401(k) plan. All Matching
        Contributions will be subject to Vesting as defined in 7.03. Matching
        Contributions will be credited to the Participant’s Deferral Account in the
        first quarter following the year for which the Contributions were due. The
        Matching Contributions shall follow the Participant’s Hypothetical Investment
        Benchmarks for the deferral of the Eligible Compensation to which it relates.
        The amount of the Matching Contribution may vary from payroll period to payroll
        period throughout the Plan Year, may be based on a formula which takes into
        account a Participant’s overall compensation, and otherwise may be subject to
        maximum or minimum limitations. The Matching Contribution shall be invested
        among the same Hypothetical Investment Benchmarks as defined in 6.02 in the
        same
        proportion as the elections made by the participant governing the deferrals
        of
        the participant. The Matching Contribution shall be distributed to the
        participant according to the election made by the participant governing his/her
        deferrals and will vest according to the provisions governing matching
        contributions in the Company’s 401(k) plan. 

      

      Section
        7.03 

      Matching
        Contribution Vesting.
        Participant’s will vest in Matching Contributions as set forth under the
        Participant’s 401(k) plan. The vesting schedule is:

       

      
        
          	 Less than 1 year	 	
                   
0%

                
	 1 year 	 	
                   10%

                
	 2 years	 	
                   30%

                
	 3 years 	 	
                   60%

                
	 4 years	 	
                   80%

                
	 5 years or more 	 	
                   100%

                

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Section
        7.04 

      Retirement.
        Subject
        to Section 7.01 and Section 7.07 hereof, if a Participant has elected to
        have
        the balance of his/her Deferral Account distributed upon Retirement, the
        account
        balance of the Participant (determined as of the most recent Valuation Date
        preceding such Retirement) shall be distributed upon Retirement in installments
        or a lump sum in accordance with the Plan and as elected in the Participant
        Agreement. 

       

      Section
        7.05 

      In-Service
        Distributions. Subject
        to Section 7.01 and Section 7.07 hereof, if a Participant has elected to
        defer
        Eligible Compensation under the Plan for a stated number of years, the account
        balance of the Participant (determined as of the most recent Valuation Date
        preceding such Deferral Period) shall be distributed in installments or a
        lump
        sum in accordance with the Plan and as elected in the Participant Agreement.
        

      

      Section
        7.06 

      Other
        Than Retirement. Notwithstanding
        the provisions of Section 7.05 and Section 

      7.06
        hereof and any Participation Agreement, if a Participant dies, has a Termination
        of Employment or Disability prior to Retirement and prior to receiving full
        payment of his/her Deferral Account(s), the Company shall pay the remaining
        balance (determined as of the most recent Valuation Date preceding such event)
        to the Participant or the Participant’s Beneficiary or Beneficiaries (as the
        case may be) in a lump sum in cash only (notwithstanding Section 7.01 hereof)
        as
        soon as practicable following the occurrence of such event, unless the
        Administrative Committee in its sole discretion determines otherwise. Subject
        to
        Section 6.02(a) hereof, the amount distributable under the preceding sentence
        of
        this Section 7.07 shall be based on the Participant’s investments elections.

      

      Section
        7.07 

      Hardship
        Withdrawals. Notwithstanding
        the provisions of Section 7.01 and any Participation Agreement, a Participant
        shall be entitled to early payment of all or part of the balance in his/her
        Deferral Account(s) in the event of an Unforeseeable Emergency, in accordance
        with this Section 7.07. A distribution pursuant to this Section 7.07 may
        only be
        made to the extent reasonably needed to satisfy the Unforeseeable Emergency
        need, and may not be made if such need is or may be relieved (i) through
        reimbursement or compensation by insurance or otherwise, (ii) by liquidation
        of
        the Participant’s assets to the extent such liquidation would not itself cause
        severe financial hardship, or (iii) by cessation of participation in the
        Plan.
        An application for an early payment under this Section 7.07 shall be made
        to the
        Administrative Committee in such form and in accordance with such procedures
        as
        the Administrative Committee shall determine from time to time. The
        determination of whether and in what amount and form a distribution will
        be
        permitted pursuant to this Section 7.07 shall be made by the Administrative
        Committee. 

      

      Section
        7.08 

      Voluntary
        Early Withdrawal. Notwithstanding
        the provisions of Section 7.01 and any Participation Agreement, a Participant
        shall be entitled to elect to withdraw all of the balance in his/her Deferral
        Account(s) in accordance with this Section 7.08 by filing with the
        Administrative Committee such forms, in accordance with such procedures,
        as the
        Administrative Committee shall determine from time to time. As soon as
        practicable after receipt of such form by the Administrative Committee, the
        Company shall pay an amount equal to ninety percent of the balance in such
        Participant’s Deferral Account(s) (determined as of the most recent Valuation
        Date preceding the date such election is filed) to the electing Participant
        in a
        lump sum in cash, and the Participant shall forfeit the remainder of such
        Deferral Account(s). All Participation Agreements previously filed by a
        Participant who elects to make a withdrawal under this Section 7.08 shall
        be
        null and void after such election is filed (including without limitation
        Participation Agreements with respect to Plan Years or performance periods
        that
        have not yet been completed), and such a Participant shall not thereafter
        be
        entitled to file any Participation Agreements under the Plan with respect
        to the
        first Plan Year that begins after such election is made. 

      

      Section
        7.09 

      Withholding
        of Taxes. Notwithstanding
        any other provision of this Plan, the Company shall withhold from payments
        made
        hereunder any amounts required to be so withheld by any applicable law or
        regulation. 

      

      ARTICLE
        VIII 

      BENEFICIARY
        DESIGNATION

      Section
        8.01 

      Beneficiary
        Designation.
        Each
        Participant shall have the right, at any time, to designate any person, persons
        or entity as his Beneficiary or Beneficiaries. A Beneficiary designation
        shall
        be made, and may be amended, by the Participant by filing a written designation
        with the Administrative Committee, on such form and in accordance with such
        procedures as the Administrative Committee shall establish from time to time.
        

      

      Section
        8.02 

      No
        Beneficiary Designation. If
        a
        Participant fails to designate a Beneficiary as provided above, or if all
        designated Beneficiaries predecease the Participant, then the Participant’s
        Beneficiary shall be deemed to be the Participant’s estate. 

      

      ARTICLE
        IX 

      AMENDMENT
        AND TERMINATION OF PLAN

      

      Section
        9.01 

      Amendment.
        The
        Board
        or the Centene Corporation Voluntary Nonqualified Deferred Compensation
        Committee may at any time amend this Plan in whole or in part, provided,
        however, that no amendment shall be effective to decrease the balance in
        any
        Deferral Account as accrued at the time of such amendment, nor shall any
        amendment otherwise have a retroactive effect. 

      

      Section
        9.02 

      Company’s
        Right to Terminate. The
        Board
        or the Centene Corporation Voluntary Nonqualified Deferred Compensation
        Committee may at any time terminate the Plan with respect to future
        Participation Agreements. The Board or the Centene Corporation Voluntary
        Nonqualified Deferred Compensation Committee may also terminate the Plan
        in its
        entirety at any time for any reason, including without limitation if, in
        its
        judgment, the continuance of the Plan, the tax, accounting, or other effects
        thereof, or potential payments thereunder would not be in the best interests
        of
        the Company, and upon any such termination, the Company shall immediately
        pay to
        each Participant in a lump sum the accrued balance in his Deferral Account
        (determined as of the most recent Valuation Date preceding the termination
        date). 

      
        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            
ARTICLE
            X 

        

      

      MISCELLANEOUS

      Section
        10.01 

      Unfunded
        Plan. This
        Plan
        is intended to be an unfunded plan maintained primarily for the purpose of
        providing deferred compensation for a select group of management or highly
        compensated employees, within the meaning of Sections 201, 301 and 401 of
        ERISA.
        All payments pursuant to the Plan shall be made from the general funds of
        the
        Company and no special or separate fund shall be established or other
        segregation of assets made to assure payment. No Participant or other person
        shall have under any circumstances any interest in any particular property
        or
        assets of the Company as a result of participating in the Plan. Notwithstanding
        the foregoing, the Company may (but shall not be obligated to) create one
        or
        more grantor trusts, the assets of which are subject to the claims of the
        Company’s creditors, to assist it in accumulating funds to pay its obligations
        under the Plan. 

       

      Section
        10.02 

      Nonassignability.
        Except
        as
        specifically set forth in the Plan with respect to the designation of
        Beneficiaries, neither a Participant nor any other person shall have any
        right
        to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
        encumber, transfer, hypothecate or convey in advance of actual receipt the
        amounts, if any, payable hereunder, or any part thereof, which are, and all
        rights to which are, expressly declared to be unassignable and non-transferable.
        No part of the amounts payable shall, prior to actual payment, be subject
        to
        seizure or sequestration for the payment of any debts, judgments, alimony
        or
        separate maintenance owed by a Participant or any other person, nor be
        transferable by operation of law in the event of a Participant’s or any other
        person’s bankruptcy or insolvency. Hypothetical Investment Benchmarks. (a) Each
        Participant shall be entitled to direct the manner in which his/her Deferral
        Accounts will be deemed to be invested, selecting among the Hypothetical
        Investment Benchmarks specified in Appendix A hereto, as amended by the Centene
        Corporation Voluntary Nonqualified Deferred Compensation Plan Committee from
        time to time, and in accordance with such rules, regulations and procedures
        as
        the Centene Corporation Voluntary Nonqualified Deferred Compensation Plan
        Committee may establish from time to time. Notwithstanding anything to the
        contrary herein, earnings and losses based on a Participant’s investment
        elections shall begin to accrue as of the date such Participant’s Deferral
        Amounts are credited to his/her Deferral Accounts. 

      

      Section
        10.03 

      Validity
        and Severability. The
        invalidity or unenforceability of any provision of this Plan shall not affect
        the validity or enforceability of any other provision of this Plan, which
        shall
        remain in full force and effect, and any prohibition or unenforceability
        in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction. 

      

      Section
        10.04 

      Governing
        Law. The
        validity, interpretation, construction and performance of this Plan shall
        in all
        respects be governed by the laws of the State of Missouri, without reference
        to
        principles of conflict of law, except to the extent preempted by federal
        law.

      

      Section
        10.05 

      Employment
        Status. This
        Plan
        does not constitute a contract of employment or impose on the Participant
        or the
        Company any obligation for the Participant to remain an employee of the Company
        or change the status of the Participant’s employment or the policies of the
        Company and its affiliates regarding termination of employment. 

      

      Section
        10.06 

      Underlying
        Incentive Plans and Programs. Nothing
        in this Plan shall prevent the Company from modifying, amending or terminating
        the compensation or the incentive plans and programs pursuant to which cash
        awards are earned and which are deferred under this Plan. 

      

      Section
        10.07 

      Severance.
        Notwithstanding
        anything to the contrary herein the Centene Corporation Voluntary Nonqualified
        Deferred Compensation Committee may, in its sole and exclusive discretion,
        determine that the Deferral Account of a Participant who has incurred a
        Termination of Employment and who receives or will receive severance payments
        from the Company shall be paid in installments, at such intervals as the
        Centene
        Corporation Voluntary Nonqualified Deferred Compensation Committee may decide.
        

      

      [Attestation
        per board resolution]Exhibit 10.1

 

THIRD AMENDMENT TO CREDIT
AGREEMENT

 

This THIRD
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 19,
2007, is entered into by and among Huntsman International LLC, a Delaware
limited liability company (the “Borrower”), the undersigned financial
institutions, including Deutsche Bank AG New York Branch, in their capacities
as lenders (collectively, the “Lenders,” and each individually, a “Lender”)
and Deutsche Bank AG New York Branch, as Administrative Agent (“Administrative
Agent”) and as Collateral Agent (“Collateral Agent”) for the
Lenders.  Terms used herein and not
otherwise defined herein shall have the same meanings as specified in the
Credit Agreement (as defined below).

RECITALS:

A.                                   The
Borrower, the Lenders, the Agents named therein and the Administrative Agent
have heretofore entered into that certain Credit Agreement dated as of August
16, 2005 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”).

B.                                     The
Borrower has requested that the Credit Agreement be amended to replace the Term
B Dollar Loans and the Term B Euro Loans with a new tranche of Dollar
denominated term loans thereunder (the “New Term Loans”) in an amount
equal to the sum of the aggregate principal amount of the Term B Dollar Loans
outstanding on the Replacement Effective Date (as defined in Section 3)
and the Dollar Equivalent of the aggregate principal amount of the Term B Euro
Loans outstanding on the Replacement Effective Date (the “Existing Term
Loans”).  The New Term Loans shall
have terms identical with, and have the same rights and obligations under the
Loan Documents as, the Existing Term Loans, except as such terms are amended
hereby.

C.                                     Each
Term Loan B Dollar Lender and Term B Euro Lender that has an Existing Term Loan
(collectively, the “Existing Term Loan Lenders”) and that executes and
delivers a signature page to this Amendment (a “Lender Addendum”) and
agrees to convert its Existing Term Loans into New Term Loans (collectively,
the “Converting Term Loan Lenders”) will be deemed (i) to have agreed to
the terms of this Amendment and (ii) to have agreed to have its Existing Term
Loans converted into New Term Loans, in a principal amount (the “Converting
Term Loan Amount”) equal to the aggregate Dollar Equivalent principal
amount of such Converting Term Loan Lender’s Existing Term Loans, or, if such
Existing Term Loan Lender has agreed to convert less than all of its Existing
Term Loans, the amount set forth opposite such Converting Term Loan Lender’s
name on Schedule A hereto.

D.                                    Each
Person (other than a Converting Term Loan Lender in its capacity as such) that
executes and delivers a Lender Addendum and agrees to make New Term Loans (the “Additional
Term Loan Lenders” and, together with the Converting Term Loan Lenders, the
“New Term Loan Lenders”), including any Existing Term Loan Lender that
notifies Deutsche Bank Securities Inc. (“DBS”) that it does not desire
to be a Converting Term Loan Lender but is willing to undertake a commitment to
make New Term Loans, will be deemed to have (i) agreed to the terms of this
Amendment and (ii) committed to make and fund New Term Loans to the Borrower on
the Replacement Effective Date (the “Additional Term Loans”), in an
amount equal to (x) such Additional Term Loan Lender’s Term B Loan Commitment
(as defined in the Credit

Agreement as
amended hereby (the “New Term Commitment”)) minus (y) the aggregate
principal amount of Existing Term Loans held by such Additional Term Loan
Lender that will be converted to New Term Loans on the Replacement Effective
Date (the “Converting Term Loans”) (if any).  The proceeds of the Additional Term Loans
will be used by the Borrower to repay in full the outstanding principal amount
of the Existing Term Loans that are not Converting Term Loans.

E.                                      The
Borrower has further requested that the Lenders amend the Credit Agreement to
effect the changes described above and certain other changes described herein,
and the Lenders have agreed, subject to the terms and conditions hereinafter
set forth, to amend the Credit Agreement to effect such changes as set forth
below.

F.                                      This
Amendment constitutes a Loan Document and these Recitals shall be construed as
part of this Amendment.

NOW, THEREFORE, in consideration of the recitals
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

SECTION 1                               Replacement
of Term B Loans.

(a)                                  Subject
to the terms and conditions set forth herein, (i) each Converting Term Loan
Lender agrees to convert its Existing Term Loans into New Term Loans on the
Replacement Effective Date in a principal amount equal to such Converting Term
Loan Lender’s Converting Term Loan Amount; and (ii) each Additional Term Loan
Lender agrees to make New Term Loans on the Replacement Effective Date to the
Borrower in a principal amount equal to (x) such Additional Term Loan Lender’s
New Term Commitment minus (y) the outstanding principal amount of such
Additional Term Loan Lender’s Converting Term Loans (if any).  For purposes hereof, a Person shall become a
party to the Credit Agreement (as amended hereby) and a New Term Loan Lender on
the Replacement Effective Date by executing and delivering to the
Administrative Agent, on or prior to the Replacement Effective Date, a Lender
Addendum in its capacity as a New Term Loan Lender.

(b)                                 Each
Additional Term Loan Lender will make and fund Additional Term Loans on the
Replacement Effective Date by transfer to the Administrative Agent, in the
manner contemplated by Section 2.5 of the Credit Agreement.  The commitments of the Additional Term Loan
Lenders and the conversion undertakings of the Converting Term Loan Lenders are
several and no such Lender will be responsible for any other Lender’s failure
to make or acquire by conversion New Term Loans.

(c)                                  All
New Term Loans made on the Replacement Effective Date (including pursuant to a
conversion of Existing Term Loans to New Term Loans) shall be Eurocurrency
Loans with an Interest Period of one month. 
Any Interest Period in effect on the Replacement Effective Date for
Existing Term Loans that will be converted to New Term Loans shall be
terminated on the Replacement Effective Date.

(d)                                 On
the Replacement Effective Date, the Borrower shall apply all the cash proceeds
of the Additional Term Loans and such other funds as may be necessary to (i)
prepay in

 2
 

full all Existing Term Loans other than
Converting Term Loans, (ii) pay all accrued and unpaid interest on all Existing
Term Loans (including, for the avoidance of doubt, Converting Term Loans),
(iii) pay to each Existing Term Loan Lender any amounts payable pursuant to
Section 3.5  of the Credit Agreement as a
result of the prepayment of such Lenders’ Existing Term Loans on the
Replacement Effective Date, (iv) pay to each Converting Term Loan Lender any
amounts that would be payable pursuant to Section 3.5 of the Credit Agreement
if such Lender’s Converting Term Loans had been prepaid on the Replacement
Effective Date and (v) pay to DBS or the Administrative Agent any fees or
expense reimbursements owed to it by the Borrower on the Replacement Effective
Date in connection with this Amendment and the transactions contemplated
hereby.  The repayment of the Existing
Term Loans contemplated hereby constitutes a voluntary prepayment by the
applicable Borrower pursuant to Section 4.3 of the Credit Agreement (it being
agreed that the Lenders hereby waive the notice requirements of such Section
4.3  in connection with such
prepayment).  The Borrower hereby
irrevocably directs the Administrative Agent to apply the proceeds of the
Additional Term Loans immediately upon receipt thereof to make the payments
specified in this clause (d) and, with respect to any Converting Term Loans, to
take such actions as is deemed necessary or appropriate to effectuate the
conversion as described herein.

(e)                               On
and after the Replacement Effective Date, each reference in the Credit
Agreement to (i) “Term B Loans” shall be deemed a reference to the New Term
Loans, (ii) “Term Loans” shall be deemed to include a reference to the New Term
Loans, and (iii) “Term B Dollar Lender” shall be deemed to include a reference
to the New Term Loan Lenders. 
Notwithstanding the foregoing, the provisions of the Credit Agreement
with respect to indemnification, reimbursement of costs and expenses, increased
costs and break funding payments shall continue in full force and effect with
respect to, and for the benefit of, each Existing Term Loan Lender in respect
of such Lender’s Existing Term Loans.

SECTION 2                               Amendments.
As of the Third Amendment Effective Date (as defined in Section 4
hereto), the Credit Agreement (including the Schedules and the Exhibits
thereto) is amended to read in its entirety as set forth on Exhibit A
hereto.

SECTION 3                               Conditions
to Effectiveness of the Replacement of the Term B Loans.  The provisions of Section 1 of this
Amendment shall become effective upon the date of the satisfaction of all of
the conditions set forth in this Section 3 (the “Replacement
Effective Date”), with any documents delivered to Administrative Agent
dated the Replacement Effective Date unless otherwise noted:

3.1.                             Proper
Execution and Delivery of Amendment. 
Borrower, the Administrative Agent and each New Term Loan Lender shall
have duly executed and delivered to Administrative Agent this Amendment or, in
the case of a New Term Lender, a Lender Addendum hereto.

3.2.                             Delivery
of Credit Party Documents.

(a)                                  Notes.  The Borrower shall have duly executed and
delivered to the Administrative Agent the Term B Dollar Notes payable to the
order of each applicable New Term Loan Lender which has requested a Term B
Dollar Note in the amount of their respective

 3
 

Term B Dollar Loan and all other Loan
Documents shall have been duly executed and delivered by the appropriate Credit
Party to  the Administrative Agent, all
of which shall be in full force and effect;

(b)                                 Execution
and Delivery of Officer’s Certificate. 
Administrative Agent shall have received a certificate of a Responsible
Officer of the Borrower in the form of Exhibit B attached hereto.

(c)                                  Reaffirmation
of Guaranty and Security Documents. 
Administrative Agent shall have received a Reaffirmation of Guaranty and
Security Documents executed by a Responsible Officer of each Subsidiary
Guarantor in the form of Exhibit C attached hereto and such other
reaffirmations and amendments to the Security Documents as Administrative Agent
shall reasonably request.

(d)                                 Interest.  The Borrower shall have paid to all Lenders
simultaneously with the Replacement Effective Date all accrued and unpaid
interest on the Loans to the Replacement Effective Date.

(e)                                  Payment
of Fees.  The Borrower shall have
paid in full to Administrative Agent and DBS all fees due and payable pursuant
to the fee letter by and among the Administrative Agent, DBS and the Borrower
dated on or before the date hereof.

(f)                                    Representations
and Warranties.  The representations
and warranties of the Borrower and the other Credit Parties contained in this
Amendment and the other Loan Documents shall be true and correct in all
material respects as of the Replacement Effective Date, with the same effect as
though made on such date (except to the extent expressly made as of a specified
date, in which event such representation and warranty is true and correct in all
material respects as of such specified date).

(g)                                 No
Defaults. No Unmatured Event of Default or Event of Default under the
Credit Agreement or this Amendment shall have occurred and be continuing.

(h)                                 Incumbency.  The Administrative Agent shall have received
a certificate of the secretary or assistant secretary, or equivalent officer,
or any manager (in the case of a limited liability company) of each Credit
Party, dated the Replacement Effective Date, as to the incumbency and signature
of the officers of each Credit Party executing any document (in form and
substance satisfactory to the Administrative Agent) and any certificate or
other document or instrument to be delivered pursuant hereto or thereto by or
on behalf of each Credit Party, together with evidence of the incumbency of
such secretary, assistant secretary, or equivalent officer or any manager (in
the case of a limited liability company).

(i)                                     Approvals.  All necessary governmental (domestic and
foreign) and third party approvals in connection with this Amendment and the
transactions contemplated hereby and otherwise referred to herein shall have
been obtained and remain in effect, and all applicable waiting periods shall
have expired without any action being taken by any competent authority which
restrains, prevents or imposes materially adverse conditions upon the
consummation of all or any part of this Amendment or the transactions
contemplated hereby and otherwise referred to herein except for those approvals
of non-Governmental Authorities under contracts which are not

 4
 

material and which are not required to be
delivered at the closing thereof. 
Additionally, there shall not exist any judgment, order, injunction or
other restraint issued or filed or a hearing seeking injunctive relief or other
restraint pending or notified prohibiting or imposing material adverse
conditions upon all or any part of this Amendment or the transactions
contemplated hereby.

(j)                                     Litigation.  No litigation by any entity (private or
governmental) shall be pending or, to the best knowledge of the Borrower,
threatened with respect to this Amendment, any other Loan Document or any
documentation executed in connection herewith or the transactions contemplated
hereby, or which the Administrative Agent or the Required Lenders shall
determine could reasonably be expected to have a Material Adverse Effect.

(k)                                  Opinions
of Counsel.  The Administrative Agent
shall have received from (i) Vinson & Elkins L.L.P., special counsel to the
Borrower, and (ii) Stoel Rives, special counsel to certain Subsidiaries of the
Borrower, an opinion addressed to the Administrative Agent and each of the
Lenders and dated the Replacement Effective Date, which shall be in form and
substance acceptable to the Administrative Agent.

(l)                                     Solvency.  The Administrative Agent shall have received
a solvency certificate, in form and substance reasonably satisfactory to the
Administrative Agent, executed by a Responsible Officer on behalf of the
Borrower with respect to the solvency of the Borrower.

(m)                               Whitewash
Procedures.  The Administrative Agent
shall have confirmed that whitewash procedures with respect to TG are not
required.

(n)                                 Debt
Ratings.  The Borrower shall have
received a senior secured debt rating with the respect to the Loans from each
of S&P and Moody’s.

(o)                                 Other
Matters.  All corporate and other
proceedings taken in connection with this Amendment at or prior to the date of
this Amendment, and all documents incident thereto will be reasonably
satisfactory in form and substance to the Administrative Agent; and the
Administrative Agent shall have received such other instruments and documents
as the Administrative Agent shall reasonably request in connection with the
execution of this Amendment, and all such instruments and documents shall be
reasonably satisfactory in form and substance to the Administrative Agent.

Each Lender and the
Administrative Agent hereby agrees that by its execution and delivery of its
signature page hereto, such Person approves of and consents to each of the
matters set forth in Section 3 which must be approved by, or which must
be satisfactory to, the New Term Lenders or such Person, as the case may be; provided
that, in the case of any agreement or document which must be approved by, or
which must be satisfactory to, the New Term Lenders, Administrative Agent or
the Borrower shall have delivered a copy of such agreement or document to such
Person if so requested on or prior to the Replacement Effective Date.

SECTION 4                               Conditions
to the Effectiveness of the Amendment. 
The provisions of Section 2 of this Amendment shall become
effective immediately following the Replacement Effective Date and the
replacement of the Term B Dollar Lenders and the Term B Euro Lenders with the
New Term Lenders upon the date of the satisfaction of all of the conditions set
forth in

 5
 

this Section 4
(the “Third Amendment Effective Date”), with any documents delivered to
Administrative Agent dated the Third Amendment Effective Date unless otherwise
noted.

4.1.                            Replacement Effective Date.  The Replacement Effective Date shall have
occurred.

4.2.                            Proper Execution and Delivery of the Amendment.  In addition to the parties that have executed
and delivered this Amendment as set forth in Section 3.1, the Required
Lenders (after giving effect to the making of the New Term Loans pursuant to Section
1) shall have executed and delivered to Administrative Agent this Amendment
or, in the case of a Lender, a Lender Addendum hereto.

SECTION 5                               References
to and Effect on the Credit Agreement. 
On and after the Third Amendment Effective Date each reference in the
Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words
of like import, and each reference to the Credit Agreement, as the case may be,
in the Loan Documents and all other documents (the “Ancillary Documents”)
delivered in connection with the Credit Agreement shall mean and be a reference
to the Credit Agreement as amended hereby.

Except as specifically
amended above, the Credit Agreement, and the other Loan Documents and all other
Ancillary Documents shall remain in full force and effect and are hereby
ratified and confirmed.

The execution, delivery
and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of the Lenders or
Administrative Agent under the Credit Agreement, the Loan Documents or the
Ancillary Documents.

SECTION 6                               Costs
and Expenses.  Borrower agrees to
pay all reasonable costs and expenses of the Administrative Agent in connection
with the negotiation, preparation, printing, typing, reproduction, execution
and delivery of this Amendment and all other documents furnished pursuant
hereto or in connection herewith, including without limitation, the reasonable
fees and out-of-pocket expenses of Winston & Strawn LLP, special counsel to
Administrative Agent and any local counsel retained by Administrative Agent
relative thereto as well as the fees and out-of-pocket expenses of counsel,
independent public accountants and other outside experts retained by Administrative
Agent in connection with the administration of this Amendment.

 6
 

SECTION 7                               Miscellaneous.

7.1.                            Execution
in Counterparts.  This Amendment
may be executed in one or more counterparts, each of which, when executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same document with the same
force and effect as if the signatures of all of the parties were on a single
counterpart, and it shall not be necessary in making proof of this Amendment to
produce more than one (1) such counterpart. 
Delivery of an executed signature page to this Amendment or a Lender
Addendum by telecopy shall be deemed to constitute delivery of an originally
executed signature page hereto.

7.2.                            Governing
Law.  THIS AMENDMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR
ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF SAID STATE.

7.3.                            Headings.  Headings used in
this Amendment are for convenience of reference only and shall not affect the
construction of this Amendment.

7.4.                            Integration.  This Amendment, the
other agreements and documents executed and delivered pursuant to this
Amendment and the Credit Agreement constitute the entire agreement among the
parties hereto with respect to the subject matter hereof.

7.5.                            Binding
Effect. 
This Amendment shall be binding upon and inure to the benefit of and be
enforceable by the Borrower, the Administrative Agent and the Lenders and their
respective successors and assigns. 
Except as expressly set forth to the contrary herein, this Amendment
shall not be construed so as to confer any right or benefit upon any Person
other than the Borrower, the Administrative Agent and the Lenders and their
respective successors and permitted assigns.

[signature page follows]

 7

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered by their duly authorized
officers as of the day and year first above written.

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG NEW YORK BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

Signature Page to Huntsman
International LLC

Third Amendment to Credit
Agreement

LENDER ADDENDUM TO

THIRD AMENDMENT TO

THE HUNTSMAN

INTERNATIONAL LLC

CREDIT AGREEMENT

This Lender Addendum (this “Lender Addendum”) is referred to in, and is a
signature page to, the Third Amendment (the “Amendment”)  to
the Credit Agreement dated as of April     , 2007 (as
amended, the “Credit Agreement”)  among
HUNTSMAN INTERNATIONAL LLC, a Delaware limited liability company, and the
AGENTS and LENDERS from time to time party thereto.  Capitalized terms used but not defined in
this Lender Addendum have the meanings assigned to such terms in the Amendment
or the Credit Agreement, as applicable.

By executing this Lender Addendum, (i) as a Converting
Term Loan Lender, the undersigned institution agrees  (A) to the
terms of the Amendment and the Credit Agreement as  amended  thereby and (B) on the terms and
subject to the conditions set forth in the Amendment and the Credit Agreement as amended  thereby,
to convert its Existing Term Loans into New Term Loans on the Replacement
Effective Date in the amount equal to such Converting Term Loan Lender’s
Converting Term Loan Amount, (ii) as an Additional Term Loan Lender, the
undersigned institution agrees  (A) to the terms of the Amendment
and the Credit Agreement as amended  thereby and (B) on the terms and
subject to the conditions set forth in the Amendment and the Credit Agreement as amended  thereby,
to make and fund New Term Loans on the Replacement Effective Date in the amount
equal to (x) such Additional Term Loan Lender’s New Term Commitment minus  (y) the outstanding principal
amount of such Additional Term Loan Lender’s Converting Term Loans (if any),
and (iii) as a Revolving Lender that is not a Converting Term Loan Lender or an
Additional Term Loan Lender, the undersigned institution agrees to the terms of
the Amendment and the Credit Agreement as amended thereby.

	
   

  	
  [INSERT NAME OF LENDER]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

SCHEDULE A TO

THIRD AMENDMENT TO THE

HUNTSMAN INTERNATIONAL LLC

CREDIT AGREEMENT

 

None.

EXHIBIT A TO

THIRD AMENDMENT TO THE

HUNTSMAN INTERNATIONAL LLC

CREDIT AGREEMENT

CREDIT AGREEMENT

among

HUNTSMAN INTERNATIONAL LLC,

as the Borrower,

DEUTSCHE BANK AG NEW YORK BRANCH,

as Administrative Agent,

DEUTSCHE BANK SECURITIES INC.,

as Joint Lead Arranger and Joint
Book Runner,

CREDIT SUISSE,

as Joint Lead Arranger and Joint
Book Runner,

CITIGROUP GLOBAL MARKETS INC.,

as Joint Book Runner

and

VARIOUS LENDING
INSTITUTIONS,

as Lenders

Dated as of August 16, 2005

 

as amended by:

 

Consent and First Amendment to
Credit Agreement dated as of December 12, 2005,

 

Consent and Second Amendment to
Credit Agreement and

Amendment to Security Documents dated as of June 30, 2006, and

 

Third
Amendment to Credit Agreement dated as of April 19, 2007

 

with

WACHOVIA BANK,
NATIONAL ASSOCIATION

as Co-Managing
Agent and Syndication Agent

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS

  	
   

  	
  1

  
	
  1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  1.2

  	
   

  	
  Accounting Terms; Financial Statements

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE II AMOUNT AND TERMS OF CREDIT

  	
   

  	
  48

  
	
  2.1

  	
   

  	
  The Commitments

  	
   

  	
  48

  
	
  2.2

  	
   

  	
  Notes

  	
   

  	
  52

  
	
  2.3

  	
   

  	
  Minimum Amount of Each Borrowing; Maximum Number of
  Borrowings

  	
   

  	
  52

  
	
  2.4

  	
   

  	
  Interest Rate Options

  	
   

  	
  52

  
	
  2.5

  	
   

  	
  Notice of Borrowing

  	
   

  	
  53

  
	
  2.6

  	
   

  	
  Conversion or Continuation

  	
   

  	
  54

  
	
  2.7

  	
   

  	
  Disbursement of Funds

  	
   

  	
  54

  
	
  2.8

  	
   

  	
  Pro Rata Borrowings

  	
   

  	
  55

  
	
  2.9

  	
   

  	
  Amount and Terms of Letters of Credit

  	
   

  	
  56

  
	
   

  	
   

  	
   

  
	
  ARTICLE III INTEREST AND FEES

  	
   

  	
  64

  
	
  3.1

  	
   

  	
  Interest

  	
   

  	
  64

  
	
  3.2

  	
   

  	
  Fees

  	
   

  	
  65

  
	
  3.3

  	
   

  	
  Computation of Interest and Fees

  	
   

  	
  65

  
	
  3.4

  	
   

  	
  Interest Periods

  	
   

  	
  65

  
	
  3.5

  	
   

  	
  Compensation for Funding Losses

  	
   

  	
  67

  
	
  3.6

  	
   

  	
  Increased Costs, Illegality, Etc.

  	
   

  	
  67

  
	
  3.7

  	
   

  	
  Replacement of Affected Lenders

  	
   

  	
  70

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV REDUCTION OF COMMITMENTS; PAYMENTS AND
  PREPAYMENTS

  	
   

  	
  71

  
	
  4.1

  	
   

  	
  Voluntary Reduction of Commitments

  	
   

  	
  71

  
	
  4.2

  	
   

  	
  Mandatory Reductions of Commitments

  	
   

  	
  71

  
	
  4.3

  	
   

  	
  Voluntary Prepayments

  	
   

  	
  72

  
	
  4.4

  	
   

  	
  Mandatory Prepayments

  	
   

  	
  73

  
	
  4.5

  	
   

  	
  Application of Prepayments.

  	
   

  	
  76

  
	
  4.6

  	
   

  	
  Method and Place of Payment

  	
   

  	
  77

  
	
  4.7

  	
   

  	
  Net Payments

  	
   

  	
  78

  

 

 i
 

 

	
  ARTICLE V CONDITIONS OF CREDIT

  	
   

  	
  80

  
	
  5.1

  	
   

  	
  Conditions Precedent to the Closing Date

  	
   

  	
  80

  
	
  5.2

  	
   

  	
  Conditions Precedent to All Credit Events

  	
   

  	
  87

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI REPRESENTATIONS AND WARRANTIES

  	
   

  	
  88

  
	
  6.1

  	
   

  	
  Corporate Status

  	
   

  	
  88

  
	
  6.2

  	
   

  	
  Corporate Power and Authority

  	
   

  	
  88

  
	
  6.3

  	
   

  	
  No Violation

  	
   

  	
  89

  
	
  6.4

  	
   

  	
  Governmental and Other Approvals

  	
   

  	
  89

  
	
  6.5

  	
   

  	
  Financial Statements; Financial Condition; Undisclosed
  Liabilities; Projections; etc.

  	
   

  	
  89

  
	
  6.6

  	
   

  	
  Litigation

  	
   

  	
  91

  
	
  6.7

  	
   

  	
  Disclosure

  	
   

  	
  91

  
	
  6.8

  	
   

  	
  Use of Proceeds; Margin Regulations

  	
   

  	
  91

  
	
  6.9

  	
   

  	
  Tax Returns and Payments

  	
   

  	
  92

  
	
  6.10

  	
   

  	
  Compliance With ERISA

  	
   

  	
  92

  
	
  6.11

  	
   

  	
  Ownership of Property

  	
   

  	
  93

  
	
  6.12

  	
   

  	
  Capitalization of the Borrower

  	
   

  	
  94

  
	
  6.13

  	
   

  	
  Subsidiaries

  	
   

  	
  94

  
	
  6.14

  	
   

  	
  Compliance With Law, Etc.

  	
   

  	
  95

  
	
  6.15

  	
   

  	
  Investment Company Act

  	
   

  	
  95

  
	
  6.16

  	
   

  	
  Subordination Provisions

  	
   

  	
  95

  
	
  6.17

  	
   

  	
  Environmental Matters

  	
   

  	
  95

  
	
  6.18

  	
   

  	
  Labor Relations

  	
   

  	
  96

  
	
  6.19

  	
   

  	
  Intellectual Property, Licenses, Franchises and Formulas

  	
   

  	
  96

  
	
  6.20

  	
   

  	
  Certain Fees

  	
   

  	
  97

  
	
  6.21

  	
   

  	
  Security Documents

  	
   

  	
  97

  
	
  6.22

  	
   

  	
  Anti-Terrorism Law

  	
   

  	
  98

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII AFFIRMATIVE COVENANTS

  	
   

  	
  99

  
	
  7.1

  	
   

  	
  Financial Statements

  	
   

  	
  99

  
	
  7.2

  	
   

  	
  Certificates; Other Information

  	
   

  	
  100

  
	
  7.3

  	
   

  	
  Notices

  	
   

  	
  101

  
	
  7.4

  	
   

  	
  Conduct of Business and Maintenance of Existence

  	
   

  	
  103

  
	
  7.5

  	
   

  	
  Payment of Obligations

  	
   

  	
  103

  
	
  7.6

  	
   

  	
  Inspection of Property, Books and Records

  	
   

  	
  103

  

 

 ii
 

 

	
  7.7

  	
   

  	
  ERISA

  	
   

  	
  104

  
	
  7.8

  	
   

  	
  Maintenance of Property, Insurance

  	
   

  	
  105

  
	
  7.9

  	
   

  	
  Environmental Laws

  	
   

  	
  106

  
	
  7.10

  	
   

  	
  Use of Proceeds

  	
   

  	
  107

  
	
  7.11

  	
   

  	
  Additional Security; Further Assurances

  	
   

  	
  107

  
	
  7.12

  	
   

  	
  End of Fiscal Years; Fiscal Quarters

  	
   

  	
  110

  
	
  7.13

  	
   

  	
  Maintenance of Ratings

  	
   

  	
  110

  
	
  7.14

  	
   

  	
  Certain Fees Indemnity

  	
   

  	
  110

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII NEGATIVE COVENANTS

  	
   

  	
  110

  
	
  8.1

  	
   

  	
  Liens

  	
   

  	
  110

  
	
  8.2

  	
   

  	
  Indebtedness

  	
   

  	
  112

  
	
  8.3

  	
   

  	
  Consolidation, Merger, Purchase or Sale of Assets, etc.

  	
   

  	
  115

  
	
  8.4

  	
   

  	
  Dividends or Other Distributions

  	
   

  	
  117

  
	
  8.5

  	
   

  	
  Certain Restrictions on Subsidiaries

  	
   

  	
  118

  
	
  8.6

  	
   

  	
  Issuance of Stock

  	
   

  	
  119

  
	
  8.7

  	
   

  	
  Loans and Investments

  	
   

  	
  119

  
	
  8.8

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  122

  
	
  8.9

  	
   

  	
  Lines of Business

  	
   

  	
  123

  
	
  8.10

  	
   

  	
  Fiscal Year

  	
   

  	
  123

  
	
  8.11

  	
   

  	
  Limitation on Voluntary Payments and Modifications of Indebtedness;
  Modifications of Certificate of Incorporation, By-Laws and Certain Other
  Agreements; Etc.

  	
   

  	
  123

  
	
  8.12

  	
   

  	
  Accounting Changes

  	
   

  	
  124

  
	
  8.13

  	
   

  	
  Permitted Accounts Receivable Securitization and Foreign Factoring
  Transactions

  	
   

  	
  125

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX FINANCIAL COVENANTS

  	
   

  	
  125

  
	
  9.1

  	
   

  	
  Senior Secured Leverage Ratio

  	
   

  	
  125

  
	
   

  	
   

  	
   

  
	
  ARTICLE X EVENTS OF DEFAULT

  	
   

  	
  125

  
	
  10.1

  	
   

  	
  Events of Default

  	
   

  	
  125

  
	
  10.2

  	
   

  	
  Rights Not Exclusive

  	
   

  	
  130

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI THE ADMINISTRATIVE AGENT

  	
   

  	
  130

  
	
  11.1

  	
   

  	
  Appointment

  	
   

  	
  130

  
	
  11.2

  	
   

  	
  Nature of Duties

  	
   

  	
  131

  
	
  11.3

  	
   

  	
  Exculpation, Rights Etc.

  	
   

  	
  131

  

 

 iii
 

 

	
  11.4

  	
   

  	
  Reliance

  	
   

  	
  132

  
	
  11.5

  	
   

  	
  Indemnification

  	
   

  	
  132

  
	
  11.6

  	
   

  	
  The Administrative Agent In Its Individual Capacity

  	
   

  	
  133

  
	
  11.7

  	
   

  	
  Notice of Default

  	
   

  	
  133

  
	
  11.8

  	
   

  	
  Holders of Obligations

  	
   

  	
  133

  
	
  11.9

  	
   

  	
  Resignation by the Administrative Agent

  	
   

  	
  133

  
	
  11.10

  	
   

  	
  Administrative Agent or the Collateral Agent as UK Security Trustee

  	
   

  	
  134

  
	
  11.11

  	
   

  	
  The Joint Lead Arrangers, Joint Book Runners, Co-Syndication Agents,
  Co-Documentation Agents and Senior Managing Agents.

  	
   

  	
  135

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII MISCELLANEOUS

  	
   

  	
  135

  
	
  12.1

  	
   

  	
  No Waiver; Modifications in Writing

  	
   

  	
  135

  
	
  12.2

  	
   

  	
  Further Assurances

  	
   

  	
  138

  
	
  12.3

  	
   

  	
  Notices, Etc

  	
   

  	
  138

  
	
  12.4

  	
   

  	
  Costs, Expenses and Taxes

  	
   

  	
  139

  
	
  12.5

  	
   

  	
  Confirmations

  	
   

  	
  141

  
	
  12.6

  	
   

  	
  Adjustment; Setoff

  	
   

  	
  141

  
	
  12.7

  	
   

  	
  Execution in Counterparts

  	
   

  	
  142

  
	
  12.8

  	
   

  	
  Binding Effect; Assignment; Addition and Substitution of Lenders

  	
   

  	
  143

  
	
  12.9

  	
   

  	
  CONSENT TO JURISDICTION; MUTUAL WAIVER OF JURY TRIAL

  	
   

  	
  146

  
	
  12.10

  	
   

  	
  GOVERNING LAW

  	
   

  	
  147

  
	
  12.11

  	
   

  	
  Severability of Provisions

  	
   

  	
  147

  
	
  12.12

  	
   

  	
  Headings

  	
   

  	
  147

  
	
  12.13

  	
   

  	
  Termination of Agreement

  	
   

  	
  147

  
	
  12.14

  	
   

  	
  Confidentiality

  	
   

  	
  147

  
	
  12.15

  	
   

  	
  Concerning the Collateral and the Loan Documents

  	
   

  	
  148

  
	
  12.16

  	
   

  	
  Intentionally Omitted

  	
   

  	
  151

  
	
  12.17

  	
   

  	
  Registry

  	
   

  	
  151

  
	
  12.18

  	
   

  	
  Accounts Receivable Securitization

  	
   

  	
  151

  
	
  12.19

  	
   

  	
  Certain Guarantee Obligations.

  	
   

  	
  152

  
	
  12.20

  	
   

  	
  Redesignation of Unrestricted Subsidiaries

  	
   

  	
  152

  
	
  12.21

  	
   

  	
  Administrative Agent and Collateral Agent as Joint Creditors

  	
   

  	
  153

  
	
  12.22

  	
   

  	
  Amendment With Respect to Revolver Events of Default.

  	
   

  	
  153

  

 

 iv
 

INDEX
OF EXHIBITS AND SCHEDULES

Exhibits

	
  Exhibit 2.1(c)

  	
   

  	
  Form of Swing Line Loan Participation Certificate

  
	
  Exhibit 2.2(a)(1)

  	
   

  	
  Form of Term B Dollar Note

  
	
  Exhibit 2.2(a)(2)

  	
   

  	
  Form of Revolving Note

  
	
  Exhibit 2.2(a)(3)

  	
   

  	
  Form of Swing Line Note

  
	
  Exhibit 2.5

  	
   

  	
  Form of Notice of Borrowing

  
	
  Exhibit 2.6

  	
   

  	
  Form of Notice of Conversion or Continuation

  
	
  Exhibit 2.9(b)

  	
   

  	
  Form of Notice of Issuance

  
	
  Exhibit 4.7(d)

  	
   

  	
  Form of Section 4.7(d)(i) Certificate

  
	
  Exhibit 5.1(c)

  	
   

  	
  Form of Pledge Agreement

  
	
  Exhibit 5.1(d)(i)

  	
   

  	
  Form of Subsidiary Guaranty Agreement

  
	
  Exhibit 5.1(d)(ii)

  	
   

  	
  Form of Headquarters Subsidiary Guaranty Agreement

  
	
  Exhibit 5.1(f)

  	
   

  	
  Form of Perfection Certificate

  
	
  Exhibit 5.1(s)(i)

  	
   

  	
  Form of Vinson & Elkins L.L.P. Legal Opinion

  
	
  Exhibit 5.1(s)(ii)

  	
   

  	
  Form of Stoel Rives LLP Legal Opinion

  
	
  Exhibit 5.1(s)(iii)

  	
   

  	
  Form of Alvord and Alvord Legal Opinion

  
	
  Exhibit 5.1(v)

  	
   

  	
  Form of Tax Sharing Agreement

  
	
  Exhibit 7.2(b)

  	
   

  	
  Form of Compliance Certificate

  
	
  Exhibit 8.7(g)

  	
   

  	
  Form of Subordination Provisions

  
	
  Exhibit 12.8(c)

  	
   

  	
  Form of Assignment and Assumption Agreement

  

 

 v
 

Schedules

	
  Schedule 1.1(a)

  	
   

  	
  Commitments

  
	
  Schedule 1.1(b)

  	
   

  	
  Calculation of the Mandatory Cost

  
	
  Schedule 1.1(c)

  	
   

  	
  Unrestricted Subsidiaries

  
	
  Schedule 2.9(j)

  	
   

  	
  Outstanding Letters of Credit

  
	
  Schedule 5.1(i)(iii)

  	
   

  	
  List of Foreign Intercompany Loan Security Document
  Deliveries

  
	
  Schedule 6.5(c)

  	
   

  	
  Existing Liabilities

  
	
  Schedule 6.5(e)

  	
   

  	
  Projections

  
	
  Schedule 6.12(a)

  	
   

  	
  Capitalization of the Borrower

  
	
  Schedule 6.13

  	
   

  	
  List of Subsidiaries

  
	
  Schedule 6.21(c)

  	
   

  	
  Owned and Leased Properties

  
	
  Schedule 7.8

  	
   

  	
  Insurance Levels

  
	
  Schedule 8.1(h)

  	
   

  	
  Existing Liens

  
	
  Schedule 8.2(b)(ii)

  	
   

  	
  Existing Indebtedness

  
	
  Schedule 8.5(a)

  	
   

  	
  Existing Restrictions on Subsidiaries

  
	
  Schedule 8.7(b)

  	
   

  	
  Existing Investments

  
	
  Schedule 8.7(h)

  	
   

  	
  Investments With Respect to Forgiveness of Certain
  Intercompany Debt

  
	
  Schedule 8.9

  	
   

  	
  IRIC Account Procedures

  
	
  Schedule 12.3

  	
   

  	
  Notice Information

  

 

 vi

CREDIT
AGREEMENT

THIS CREDIT
AGREEMENT is dated as of April 19, 2007 and is made by and among Huntsman
International LLC, a Delaware limited liability company (the “Borrower”),
the financial institutions party hereto including Deutsche Bank AG New York Branch,
in their capacities as lenders hereunder (collectively, the “Lenders,”
and each individually, a “Lender”), Deutsche Bank AG New York Branch, as
Administrative Agent (“Administrative Agent”) for the Lenders, Deutsche
Bank Securities Inc., as Joint Lead Arranger and Joint Book Runner, Credit
Suisse, as Joint Lead Arranger and Joint Book Runner and Citigroup Global
Markets Inc., as Joint Book Runner (collectively, the “Agents” and each
individually, an “Agent”).

WITNESSETH:

WHEREAS, on the
Closing Date, Huntsman LLC, a Delaware limited liability company (“HLLC”)
will merge with and into the Borrower, with the Borrower as the surviving
entity (the “Merger”) pursuant to the terms of the Merger Agreement (as
defined herein);

WHEREAS, this
Agreement will repay in full, extinguish and replace (i) that certain Revolving
Credit Agreement dated as of October 14, 2004 by and among HLLC, Deutsche
Bank Trust Company Americas (“DBTCA”), as administrative agent and the
lenders party thereto (the “Prior HLLC Revolving Credit Agreement”),
(ii) that certain Credit Agreement dated as of October 14, 2004 by and
among HLLC, DBTCA, as administrative agent and collateral agent and the lenders
party thereto (the “Prior HLLC Term Credit Agreement”) and (iii) that
certain Amended and Restated Credit Agreement dated as of July 13, 2004 by
and among the Borrower, Huntsman International Holdings LLC, the financial
institutions party thereto, DBTCA, as administrative agent, and the co-lead
arrangers, co-syndication agents and co-documentation agents identified therein
(the “Prior HI Credit Agreement” and together with the Prior HLLC
Revolving Credit Agreement and the Prior Term HLLC Credit Agreement the “Prior
Credit Agreements”);

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

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.1                                 Definitions

As used herein,
and unless the context requires a different meaning, the following terms have
the meanings indicated:

“Accounts
Receivable” means presently existing and hereafter arising or acquired
accounts receivable, notes, drafts, acceptances, general intangibles, choses in
action and other forms of obligations and receivables relating in any way to
Inventory or arising from the sale of 
Inventory or the rendering of services by the Borrower or its
Subsidiaries or howsoever

otherwise arising, including the right to payment of any interest or
finance charges with respect thereto and all proceeds of insurance with respect
thereto, together with all of the Borrower’s or its Subsidiaries’ rights as an
unpaid vendor, all pledged assets, guaranty claims, liens and security
interests held by or granted to the Borrower or its Subsidiaries to secure
payment of any Accounts Receivable and all books, customer lists, ledgers,
records and files (whether written or stored electronically) relating to any of
the foregoing.

“Acquired Debt”
has the meaning assigned to such term in Section 8.2(b)(xi).

“Acquisition”
has the meaning assigned to that term in Section 8.7(m).

“Additional
Security Documents” means all mortgages, pledge agreements, security
agreements, reaffirmations and other security documents entered into pursuant
to Section 7.11 with respect to additional Collateral, in each case, as
amended, supplemented or otherwise modified from time to time.

“Additional
Term Loans” means term loans and commitments to make term loans whose
contractual priority of payment is pari  passu in all respects
with the Term B Dollar Loans made pursuant to Section 2.1(a)(i) that (i)
have a Weighted Average Life to Maturity of not less than the Term Loan with
the then longest Weighted Average Life to Maturity and a final maturity no
earlier than latest Term Maturity Date; (ii) are on terms and conditions substantially
similar to those applicable to the existing Term Facilities and (iii) have
applicable margins (which, for such purposes only, shall be deemed to include
all upfront or similar compensation or original issue discount (amortized over
an assumed three year life) payable to all Lenders providing such loans, but
exclusive of any arrangement, structuring or other similar fees payable in
connection therewith that are not shared with all Lenders providing such loans)
determined as of the initial funding date for such loans not greater than 0.50%
above the applicable margins then in effect for Term B Dollar Loans (which, for
such purposes only, shall be deemed to include all upfront or similar
compensation or original issue discount (amortized over an assumed three year
life) paid to all Term B Dollar Lenders as of the initial funding date for such
Term B Dollar Loans, but exclusive of any arrangement, structuring or other
similar fees payable in connection therewith that are not shared with all Term
B Dollar Lenders).

“Administrative
Agent” has the meaning assigned to that term in the introduction to this
Agreement, and includes any successor Administrative Agent in such capacity.

“Affiliate”
means, with respect to any Person, any Person or group acting in concert in
respect of the Person in question that, directly or indirectly, controls
(including but not limited to all directors and officers of such Person) or is
controlled by or is under common control with such Person; provided that
no Agent nor any Affiliate of an Agent shall be deemed to be an Affiliate of
the Borrower.  For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any Person or group
of Persons, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of management and policies of such Person,
whether through the ownership of Voting Securities or by contract or otherwise.  A Person shall be deemed to control a Person
if such first Person possesses, directly or indirectly, the power to vote

 2
 

15% or more of the securities having ordinary voting power for the
election of directors, managers or similar governing body of such Person.

“Agent” has
the meaning assigned to that term in the introduction to this agreement and
includes any successor agent in any such capacity.

“Agreement”
means this Credit Agreement, as the same may at any time be amended,
supplemented or otherwise modified in accordance with the terms hereof and in
effect.

“Airstar
Aircraft Financing Documents” means operating leases and related documents
entered into by Airstar Corporation relating to aircraft owned or acquired by
it and any agreements or documents entered into by Airstar Corporation.

“Alternative
Currency” means, with respect to (i) Revolving Loans, Euros and Sterling,
and (ii) any Letter of Credit or Swing Line Loans, Euros, Sterling and any
currency which is freely transferable and convertible into Dollars.

“Applicable
Base Rate Margin” means at any date, (i) with respect to Revolving Loans
denominated in Dollars, the applicable percentage set forth in the following
table under the column Applicable Base Rate Margin for Revolving Loans opposite
the Most Recent Leverage Ratio as of such date and (ii) with respect to Term B
Dollar Loans, the applicable percentage set forth under the column Applicable
Base Rate Margin for Term B Dollar Loans opposite the Most Recent Senior
Secured Leverage Ratio as of such date: 

	
  Most Recent

  Leverage Ratio

  	
   

  	
  Applicable Base Rate

  Margin for Revolving

  Loans

  	
   

  
	
  Less than or
  equal to 2.00 to 1

  	
   

  	
  0.25

  	
  %

  
	
  Greater than
  2.00 to 1 but less than or equal to 2.50 to 1

  	
   

  	
  0.50

  	
  %

  
	
  Greater than 2.50 to 1

  	
   

  	
  0.75

  	
  %

  

 

	
  Most Recent

  Senior Secured Leverage Ratio

  	
   

  	
  Applicable Base Rate

  Margin for Term B

  Dollar Loans

  	
   

  
	
  Less than or equal to 2.25 to 1

  	
   

  	
  0.50

  	
  %

  
	
  Greater than 2.25 to 1

  	
   

  	
  0.75

  	
  %

  

“Applicable Commitment Fee Percentage” means at any date, 0.50%
per annum.

 3
 

“Applicable Currency” means as to any particular payment or
Loan, Dollars or the Alternative Currency in which such payment or Loan is
denominated or is payable.

“Applicable
Eurocurrency Margin” means at any date, (i) with respect to Term B Dollar
Loans, the applicable percentage set forth in the following table under the
column Applicable Eurocurrency Margin for Term B Dollar Loans opposite the Most
Recent Senior Secured Leverage Ratio on such date and (ii) with respect to
Revolving Loans, the applicable percentage set forth in the following table
under the column Applicable Eurocurrency Margin for Revolving Loans opposite
the Most Recent Leverage Ratio on such date:

	
  Most Recent

  Leverage Ratio

  	
   

  	
  Applicable

  Eurocurrency Margin for

  Revolving Loans

  	
   

  
	
  Less than or equal to 2.00 to 1

  	
   

  	
  1.25

  	
  %

  
	
  Greater than 2.00 to 1 but less than or equal to 2.50 to 1

  	
   

  	
  1.50

  	
  %

  
	
  Greater than 2.50 to 1

  	
   

  	
  1.75

  	
  %

  

 

	
  Most Recent

  Senior Secured Leverage Ratio

  	
   

  	
  Applicable Eurocurrency

  Margin for Term B

  Dollar Loans

  	
   

  
	
  Less than or equal to 2.25 to 1

  	
   

  	
  1.50

  	
  %

  
	
  Greater than 2.25 to 1

  	
   

  	
  1.75

  	
  %

  

 

“Asset
Disposition” means any sale, lease, transfer or other disposition (or
series of related sales, leases, transfers or dispositions) by the Borrower or
any of its Subsidiaries (other than Dividends or Tax Distributions to the
extent permitted under Section 8.4 or dispositions constituting a
Recovery Event) of all or any part of an interest in shares of Capital Stock of
a Subsidiary of the Borrower (other than directors’ qualifying shares and
similar arrangements required by Requirements of Law), property or other assets
(each referred to for the purposes of this definition as a “disposition”); provided
that a disposition permitted by Section 8.3(a) through 8.3(g)
or Section 8.3(j) through 8.3(n) shall not constitute an Asset
Disposition for purposes of this definition.

“Assigned
Dollar Value” shall mean (i) in respect of any Borrowing denominated in
Dollars, the amount thereof, (ii) in respect of the undrawn amount of any
Letter of Credit denominated in an Alternative Currency, the Dollar Equivalent
thereof based upon the applicable Exchange Rate as of (a) the date of issuance
of such Letter of Credit, and (b) thereafter as of the

 4
 

first Business Day of each month, (iii) in respect of any Letter of
Credit reimbursement obligations denominated in an Alternative Currency, the
Dollar Equivalent thereof determined based upon the applicable Exchange Rate as
of the date such reimbursement obligation was incurred and (iv) in respect of a
Borrowing denominated in an Alternative Currency, the Dollar Equivalent thereof
based upon the applicable Exchange Rate as of the last Exchange Rate
Determination Date; provided, however, in the case of Borrowings
in an Alternative Currency, if, as of the end of any Interest Period in respect
of such Borrowing, the Dollar Equivalent thereof determined based upon the
applicable Exchange Rate as of the date that is three Business Days before the
end of such Interest Period would be at least 5% more, or 5% less, than the “Assigned
Dollar Value” thereof that would otherwise be applicable, then on and after the
end of such Interest Period the “Assigned Dollar Value” of such Borrowing shall
be adjusted to be the Dollar Equivalent thereof determined based upon the
Exchange Rate that gave rise to such adjustment (subject to further adjustment
in accordance with this proviso thereafter), and the Administrative Agent shall
give the Borrower notice of such adjustment; provided, however,
that failure to give such notice shall not affect the Borrower’s Obligations
hereunder or result in any liability to the Administrative Agent.  The Assigned Dollar Value of a Loan included
in any Borrowing shall equal the pro rata portion of the Assigned Dollar Value
of such Borrowing represented by such Loan.

“Assignee”
has the meaning assigned to that term in Section 12.8(c).

“Assignment and
Assumption Agreement” means an Assignment and Assumption Agreement
substantially in the form of Exhibit 12.8(c), executed by any applicable
Lender, as assignor, and such Lender’s assignee in accordance with Section
12.8.

“Attorney Costs”
means all reasonable fees and disbursements of any law firm or other external
counsel and the reasonable allocated cost of internal legal services, including
all reasonable disbursements of internal counsel.

“Attributable
Debt” means as of the date of determination thereof with respect to an
Operating Financing Lease, the net present value (discounted according to GAAP
at the cost of debt implied in the lease) of the obligations of the lessee for
rental payments during the then remaining term of such Operating Financing
Lease.

“Available
Equity Proceeds” means, as of any date of determination, all Net Equity
Proceeds received by the Borrower after the Effective Date less the sum of the
amounts attributed to such proceeds that are utilized for (i) Restricted
Payments pursuant to Section 8.4(b), (ii) Unrestricted Investments
pursuant to Section 8.7(o) and (iii) payments in respect of Public Notes
pursuant to Section 8.11(i).

“Available
Liquidity” means, as of any date of determination, Cash, Cash Equivalents
and Foreign Cash Equivalents of the Borrower and its Subsidiaries plus the
Total Available Revolving Commitment as of such date.

“Available
Revolving Commitment” means, as to any Lender at any time an amount equal
to the amount, if any, by which (i) such Lender’s Revolving Commitment exceeds
(ii) the sum of (w) the Assigned Dollar Value of the aggregate principal amount
of Revolving

 5
 

Loans made by such Lender then outstanding, (x) such Lender’s Pro Rata
Share of the Assigned Dollar Value of LC Obligations, (y) such Lender’s Pro
Rata Share of the Assigned Dollar Value of the aggregate principal amount of
Swing Line Loans then outstanding and (z) such Lender’s Pro Rata Share of the
Overdraft Reserve, if any, at such time.

“Available
Unrestricted Subsidiary Investment Basket” means, as of any date of
determination, an amount equal to the Unrestricted Subsidiary Investment
Basket, as of such date, less the sum of the aggregate outstanding amount of
Investments made in Permitted Unconsolidated Ventures or Unrestricted
Subsidiaries pursuant to Section 8.7(j)(i).

“Average
Utilization” has the meaning assigned to that term in Section 3.2(a).

“Bank Guarantee”
means a direct guarantee issued for the account of the Borrower, and, if
requested, a Subsidiary of the Borrower, pursuant to this Agreement by a Facing
Agent, in form acceptable to the Facing Agent, ensuring that a liability
acceptable to the Facing Agent of the Borrower or a Subsidiary of a Borrower to
a third Person will be met.

“Bankruptcy
Code” means Title I of the Bankruptcy Reform Act of 1978, as amended, as
set forth in Title 11 of the United States Code, as hereafter amended.

“Base Rate”
means the greater of (i) the rate most recently announced by DB at its
principal office as its “prime rate”, which is not necessarily the lowest rate
made available by DB or (ii) the Federal Funds Rate plus 1/2 of 1% per
annum.  The “prime rate” announced by DB
is evidenced by the recording thereof after its announcement in such internal
publication or publications as DB may designate.  Any change in the Base Rate resulting from a
change in such “prime rate” announced by DB shall become effective without
prior notice to the Borrower as of 12:01 a.m. (New York City time) on the
Business Day on which each change in such “prime rate” is announced by DB.  DB may make commercial or other loans to
others at rates of interest at, above or below its “prime rate”.

“Base Rate Loan”
means any Loan which bears interest at a rate determined with reference to the
Base Rate.

“Benefited
Lender” has the meaning assigned to that term in Section 12.6(a).

“Board”
means the Board of Governors of the Federal Reserve System.

“Borrower”
has the meaning assigned to that term in the introduction to this Agreement.

“Borrowing”
means a group of Loans of a single Type made by the Lenders or the Swing Line
Lender, as appropriate, on a single date (or resulting from one or more
conversions or continuations, or a combination thereof, on a single date) and
in the case of Eurocurrency Loans, as to which a single Interest Period is, or
on such date of conversion or continuation, will be in effect; provided
that Base Rate Loans or Eurocurrency Loans acquired by a Replacement Lender
pursuant to Section 3.7 shall be considered part of any related
Borrowing of Eurocurrency Loans made, converted or continued by the Replaced
Lender.

 6
 

“Business Day”  means (i) as it relates to any payment,
determination, funding or notice to be made or given in connection with any
Dollar-denominated Loan, or otherwise to be made or given to or from the
Administrative Agent, a day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to close; provided,
however, that when used in connection with a Eurocurrency Loan, the term
“Business Day” shall also exclude any day on which banks are not open for
dealings in dollar deposits in the London interbank market; provided, further,
that when used in connection with any Letter of Credit, the term “Business Day”
shall also exclude any day on which commercial banks in the city in which the
Facing Agent for such Letter of Credit is domiciled are required by law to
close; and (ii) as it relates to any payment, determination, funding or notice
to be made or given in connection with any Loan or Letter of Credit denominated
in an Alternative Currency, any day (x) on which dealings in deposits in the
relevant Alternative Currency are carried out in the London interbank market,
and (y) on which commercial banks and foreign exchange markets are open for
business in London, New York City and the principal financial center for such
Alternative Currency.  For purposes of
this Agreement (other than for purposes of determining the end of any
applicable Interest Period and other than for purposes of any Loan, Letter of
Credit or action required to be taken outside of the United States), “Business
Day” shall not include Pioneer Day as recognized in the State of Utah in any
year.

“C4 Business
Sale” means the sale of Huntsman
Petrochemical Corporation and Huntsman Fuels, L.P. to Texas Petrochemicals L.P.
pursuant to that certain Asset Purchase Agreement dated as of April 5,
2006.

“Capital Stock”
means, with respect to any Person, any and all shares, interests,
participations, rights in or other equivalent ownership interests (however
designated) in such Person’s capital stock, partnership interests, membership
interests or other equivalent interests and any rights (other than debt
securities convertible into or exchangeable for capital stock), warrants or
options exchangeable for or convertible into any such ownership interests.

“Capitalized
Lease” means, at the time any determination thereof is to be made, any
lease of property, real or personal, in respect of which the present value of
the minimum rental commitment is capitalized on the balance sheet of the lessee
in accordance with GAAP.

“Capitalized
Lease Obligation” means, at the time any determination thereof is to be
made, the amount of the liability in respect of a Capitalized Lease which would
at such time be required to be capitalized on the balance sheet of the lessee
in accordance with GAAP.

“Cash”
means money, currency or the available credit balance in a Deposit Account.

“Cash
Equivalents” means any Investment in (i) a marketable obligation, maturing
within two years after issuance thereof, issued or guaranteed by the United
States of America or any instrumentality or agency thereof, (ii) a certificate
of deposit or banker’s acceptance, maturing within one year after issuance
thereof, issued by any Lender, or a national or state bank or trust company
organized and existing under the laws of the United States or any state thereof
or a European, Canadian or Japanese bank, in each case having capital, surplus
and undivided profits of at least $100,000,000 and whose long-term
unsecured debt has a rating of

 7
 

“A” or better by S&P or “A2” or better by Moody’s or the equivalent
rating by any other nationally recognized rating agency (provided that the
aggregate face amount of all Investments in certificates of deposit or bankers’
acceptances issued by the principal offices of or branches of European or
Japanese banks located outside the United States shall not at any time exceed
33-1/3% of all Investments described in this definition), (iii) open
market commercial paper, maturing within 270 days after issuance thereof, which
has a rating of “A1” or better by S&P or “P1” or better by Moody’s, or the
equivalent rating by any other nationally recognized rating agency, (iv)
repurchase agreements and reverse repurchase agreements with a term not in
excess of one year with any financial institution which has been elected a
primary government securities dealer by the Board or whose securities are rated
“AA-” or better by S&P or “Aa3” or better by Moody’s or the equivalent
rating by any other nationally recognized rating agency relating to marketable
direct obligations issued or unconditionally guaranteed by the United States of
America or any agency or instrumentality thereof and backed by the full faith
and credit of the United States of America, (v) “Money Market” preferred stock
maturing within six months after issuance thereof or municipal bonds issued by
a corporation organized under the laws of any state of the United States, which
has a rating of “A” or better by S&P or Moody’s or the equivalent rating by
any other nationally recognized rating agency, (vi) tax exempt floating rate
option tender bonds backed by letters of credit issued by a national or state
bank whose long-term unsecured debt has a rating of “AA” or better by
S&P or “Aa2” or better by Moody’s or the equivalent rating by any other
nationally recognized rating agency, and (vii) shares of any money market
mutual fund rated at least AAA or the equivalent thereof by S&P or at least
Aaa or the equivalent thereof by Moody’s or any other mutual fund holding
assets consisting (except for de minimis amounts)
of securitized products, such as asset backed securities and of the type
specified in clauses of (i) through (vi) above.

“Change of
Control” means the occurrence of one or more of the following events: (x)
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Exchange Act), other than Mr. Jon M. Huntsman, his spouse, direct
descendants, an entity controlled by any of the foregoing and/or by a trust of
the type described hereafter, and/or a trust for the benefit of any of the
foregoing (the “Huntsman Group”) or MatlinPatterson Global Opportunities
Partners L.P., or any Affiliate thereof (the “MP Group”), is or becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a person shall be deemed to have “beneficial
ownership” of all securities that such Person has the right to acquire, whether
such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 40% or more of the then outstanding Voting
Securities of Huntsman Corporation; (y) any “person” or “group” (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act), other than the
Huntsman Group, the MP Group or Huntsman Corporation (or any successor entity)
is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that a person shall be deemed to have “beneficial
ownership” of all securities that such Person has the right to acquire, whether
such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 40% or more of the then outstanding Voting
Securities of any Parent Company or the Borrower; or (z) the replacement of a
majority of the Board of Directors of Huntsman Corporation, the Board of
Directors or

 8
 

other group with similar powers of any Parent Company or the Board of
Managers of the Borrower over a two-year period from the managers or
directors who constituted such group, at the beginning of such period, and such
replacement shall not (A) have been approved by a vote of at least a majority
of the Board of Directors of Huntsman Corporation, the Board of Directors or
other group with similar powers of any Parent Company or the Board of Managers
of the Borrower, as the case may be, then still in office who either were
members of such group at the beginning of such period or whose election as a
member of such group was previously so approved or (B) have been elected or
nominated for election by one or more members of the Huntsman Group.  Change of Control shall also mean any “Change
of Control” as defined in any Public Note Documents that occurs at a time when
the market price (as determined by the Administrative Agent) of the Public
Notes to which the “Change of Control” applies is less than 103% of the
principal amount thereof, or if as a result thereof the holders of such Public
Notes collectively put or tender in excess of $50,000,000 in the aggregate of
such Public Notes.

“Closing Date”
means August 16, 2005.

“Code”
means the Internal Revenue Code of 1986, as from time to time amended,
including the regulations proposed or promulgated thereunder, or any successor
statute and the regulations proposed or promulgated thereunder.

“Collateral”
means all “Collateral” as defined in each of the Security Documents and all
other assets of each Credit Party pledged pursuant to any Security Document and
any other collateral pledged by any Credit Party to secure the Obligations.

“Collateral
Agent” means Deutsche Bank AG New York Branch in its capacity as Collateral
Agent under the Collateral Security Agreement, the Pledge Agreement or any
other applicable Security Document, or any successor Collateral Agent.

“Collateral
Security Agreement” has the meaning assigned to that term in Section
5.1(b).

“Commercial
Letter of Credit” means any letter of credit or similar instrument issued
pursuant to this Agreement for the purpose of supporting trade obligations of
the Borrower or any of its Subsidiaries in the ordinary course of business.

“Commitment”
means, with respect to each Lender, the aggregate of the Revolving Commitment
and Term Commitment, of such Lender and “Commitments” means such
commitments of all of the Lenders collectively.

“Commitment Fee”
has the meaning assigned to that term in Section 3.2(a).

“Commitment
Period” means, the period from and including the date hereof to but not
including the Revolver Termination Date or, in the case of the Swing Line
Commitment, five (5) Business Days prior to the Revolver Termination Date.

“Compliance
Certificate” has the meaning assigned to that term in Section 7.2(b).

“Consolidated
Cash Interest Expense” means, for any period, (i) Consolidated Interest
Expense, but excluding, however, interest expense not payable in cash,
amortization of discount and deferred financing costs, plus or minus, as the
case may be (ii) net amounts paid or received under Interest Rate Agreements
(with cap payments amortized over the life of the cap) and minus
interest income received in Cash or Cash Equivalents in respect of Investments

 9
 

permitted hereunder.  Subject to
adjustment as described in Section 1.2(c) for events occurring after the
Effective Date, for purposes of computing Consolidated Cash Interest Expense,
the Consolidated Cash Interest Expense for the second, third and fourth Fiscal
Quarters of 2006 shall be $74.8 million, $74.9 million and $74.8 million,
respectively.

“Consolidated
Debt” means, at any time, without duplication, the sum of (i) all
Indebtedness of the Borrower and its Subsidiaries determined on a consolidated
basis that would be required to be shown as debt on a balance sheet prepared in
accordance with GAAP and other Indebtedness under Operating Financing Leases
incurred pursuant to Section 8.2(b)(iv), less Cash, Cash Equivalents and
Foreign Cash Equivalents not subject to any Lien (other than a Lien in favor of
the Administrative Agent and/or the Collateral Agent) or transfer restriction
and (ii) Indebtedness of Borrower and its Subsidiaries of the type referred to
in clause (x) of the definition of such term.

“Consolidated
EBITDA” means, with respect to any Person, for any applicable period, the
sum (without duplication) of (i) Consolidated Net Income minus, to the extent
Consolidated Net Income has been increased thereby, any Port Arthur Fire
Insurance Income, and (ii) to the extent Consolidated Net Income has been
reduced thereby, (A) all income taxes of such Person and its Subsidiaries paid
or accrued in accordance with GAAP for such period (other than income taxes
attributable to extraordinary, unusual or nonrecurring gains or losses or taxes
attributable to sales or dispositions outside the ordinary course of business)
and Tax Distributions paid during such period, (B) Consolidated Interest
Expense, (C) Permitted Non-Cash Impairment and Restructuring Charges less any
non-cash items increasing Consolidated Net Income for such period, (D) the
amount of net loss resulting from the payment of any premiums or similar
amounts that are required to be paid under the express terms of the
instrument(s) governing any Indebtedness of the Borrower upon the repayment or
other extinguishment of such Indebtedness by the Borrower in accordance with
the express terms of such Indebtedness and (E) the Port Arthur Fire Add Back,
all as determined on a consolidated basis for such Person and its Subsidiaries
in accordance with GAAP.  For purposes of
computing Consolidated EBITDA, (i) all components of Consolidated EBITDA for
any such applicable period shall be computed without giving effect to any
extraordinary gains or losses (in accordance with GAAP) for such period and
(ii) subject to adjustment as described in Section 1.2(c) for events
occurring after the Effective Date, the Consolidated EBITDA for the second,
third and fourth Fiscal Quarters of 2006 shall be $395.9 million, $282.5
million and $231.7 million, respectively.

“Consolidated
Interest Expense” means, for any period, the total interest expense
(including that attributable to Capitalized Leases in accordance with GAAP) of
the Borrower and its Subsidiaries on a consolidated basis with respect to all
outstanding Indebtedness of the Borrower and its Subsidiaries, including,
without limitation, all commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers’ acceptance financing, all as
determined on a consolidated basis for the Borrower and its Subsidiaries in
accordance with GAAP, as modified by the last sentence of this definition.  Notwithstanding anything in this definition
to the contrary, as used in this definition, the term “interest” shall include,
without limitation, any discount in respect of sales of Receivables Facility
Assets pursuant to a Permitted Accounts Receivable Securitization (regardless
of whether such discount would constitute interest expense as determined in
accordance with GAAP) and any net payments made or

 10
 

received by the Borrower and its Subsidiaries with respect to Other
Hedging Agreements entered into by the Borrower or any of its Subsidiaries to
protect against fluctuations in currency values in connection with the
Permitted Accounts Receivable Securitization, and the term “discount” shall
include any amounts which would be interest under GAAP if the Permitted
Accounts Receivable Securitization were a debt financing.

“Consolidated
Net Income” and “Consolidated Net Loss” mean, respectively, with
respect to any Person, for any period, the sum of: (x) the aggregate net income
(or loss) of such Person and its Subsidiaries for such period on a consolidated
basis, determined in accordance with GAAP plus (y) cash dividends or
distributions paid to such Person or a Subsidiary of such Person by any other
Person (the “Payor”) other than a Subsidiary of the referent Person, to the
extent not otherwise included in Consolidated Net Income, which have been
derived from operating cash flow of the Payor; provided that there shall
be excluded therefrom (a) after-tax gains and losses from Asset Dispositions or
abandonments or reserves relating thereto, (b) after-tax items classified as
extraordinary or nonrecurring gains, (c) the net income of any Person acquired
in a “pooling of interests” transaction accrued prior to the date it becomes a
Subsidiary of the Person or is or is merged or consolidated with the Person or
any Subsidiary of the Person, (d) the net income (but not loss) of any
Subsidiary of the Person to the extent that the declaration of Dividends or
similar distributions by that Subsidiary of that income is restricted; provided
however, that the net income of Foreign Subsidiaries shall only be
excluded in any calculation of Consolidated Net Income of the Borrower as a
result of application of this clause (d) if the restriction on Dividends or
similar distributions results from consensual restrictions, (e) the net income
or loss of any Person, other than a Subsidiary or the Person, except to the
extent of cash Dividends or distributions paid to the Person or to a Subsidiary
that is a Wholly-Owned Subsidiary of the Person by such Person, (f) income or
loss attributable to discontinued operations (including, without limitation,
operations disposed of during such period whether or not such operations were
classified as discontinued) , (g) in the case of a successor to the referent
Person by consolidation or merger or as a transferee of the referent Person’s
assets, any earnings of the successor corporation prior to such consolidation,
merger or transfer of assets, (h) non-cash charges relating to asset
impairments, which charges do not require an accrual of or a reserve for cash
charges for any future period, (i) all gains or losses from the cumulative
effect of any change in accounting principals and (j) the net amount of all Tax
Distributions made during such period.

“Consolidated
Net Tangible Assets” means, for any Person, the total assets of such Person
and its Subsidiaries, as determined from a consolidated balance sheet of such
Person and its consolidated Subsidiaries prepared in accordance with GAAP, but
excluding therefrom all items that are treated as goodwill and other intangible
assets under GAAP.

“Contaminant”
means any material with respect to which 
any Environmental Law imposes a duty, obligation or standard of conduct,
including without limitation any pollutant contaminant (as those terms are
defined in 42 U.S.C. §9601(33)), toxic pollutant (as that term is defined in 33
U.S.C.  §1362(13)), hazardous substance
(as that term is defined in 42 U.S.C. §9601(14)), hazardous chemical (as that
term is defined by 29 CFR §1910.1200(c)), hazardous waste (as that term is
defined in 42 U.S.C.  §6903(5)), or any
state or local equivalent of such laws and regulations, including, without
limitation, radioactive material, special waste, polychlorinated biphenyls,
asbestos, petroleum, including crude oil or any petroleum-derived

 11
 

substance, (or any fraction thereof), solid waste (as that term is
defined in 42 U.S.C. § 6903(27)), or breakdown or decomposition product
thereof, or any constituent of any such substance or waste, including but not
limited to polychlorinated biphenyls and asbestos.

“Contractual
Obligation” means, as to any Person, any provision of any Securities issued
by such Person or of any indenture or credit agreement or any agreement,
instrument or other undertaking to which such Person is a party or by which it
or any of its property is bound or to which such property may be subject.

“Credit Event”
means the making of any Loan or the issuance of any Letter of Credit.

“Credit
Exposure” has the meaning assigned to that term in Section 12.8(b).

“Credit Party”
means the Borrower, each Subsidiary Guarantor and any guarantor which may
hereafter enter into a Guaranty with respect to the Obligations.

“Customary Permitted Liens” means:

(i)                                     Liens
for taxes, assessments, governmental charges or levies not yet due and payable
or which are being contested in good faith by appropriate proceedings
diligently pursued, provided that (x) any proceedings commenced for the
enforcement of such Liens shall have been stayed or suspended within 30 days of
the commencement thereof and (y) provision for the payment of all such taxes,
assessments, governmental charges or levies known to such Person has been made
on the books of such Person to the extent required by GAAP;

(ii)                                  mechanics’,
processor’s, materialmen’s, carriers’, warehouse-men’s, landlord’s and similar
Liens arising by operation of law and arising in the ordinary course of
business and securing obligations of such Person that are not overdue for a
period of more than 30 days or are being contested in good faith by appropriate
proceedings diligently pursued, provided that (x) any proceedings commenced for
the enforcement of such Liens shall have been stayed or suspended within 30
days of the commencement thereof and (y) provision for the payment of such
Liens has been made on the books of such Person to the extent required by GAAP;

(iii)                               Liens arising in
connection with worker’s compensation, unemployment insurance, old age pensions
and social security benefits which are not overdue or are being contested in
good faith by appropriate proceedings diligently pursued, provided that (A) any
proceedings commenced for the enforcement of such Liens shall have been stayed
or suspended within 30 days of the commencement thereof and (B) provision for
the payment of such Liens has been made on the books of such Person to the
extent required by GAAP;

(iv)                              (x)                                   Liens
incurred or deposits made in the ordinary course of business to secure the
performance of bids, tenders, statutory obligations, fee and expense
arrangements with trustees and fiscal agents (exclusive of obligations incurred
in connection with the borrowing of money or the payment of the deferred
purchase price of property) and customary deposits granted in the ordinary
course of business under Operating Financing Leases and (y) Liens securing
surety, indemnity, performance, appeal and release bonds, provided that

 12
 

full provision for the payment of all such obligations has been made on
the books of such Person to the extent required by GAAP;

(v)                                 Permitted
Real Property Encumbrances;

(vi)                              attachment,
judgment or other similar Liens arising in connection with court or arbitration
proceedings involving individually and in the aggregate liability of
$50,000,000 or less at any one time, provided the same are discharged, or that
execution or enforcement thereof is stayed pending appeal, within 60 days or,
in the case of any stay of execution or enforcement pending appeal, within such
lesser time during which such appeal may be taken;

(vii)                           leases or subleases granted
to others not interfering in any material respect with the business of the
Borrower or any of its Subsidiaries and any interest or title of a lessor under
any lease permitted by this Agreement or the Security Documents;

(viii)                        customary rights of set off,
revocation, refund or chargeback under deposit agreements or under the UCC of
banks or other financial institutions where the Borrower or any of its Subsidiaries
maintains deposits in the ordinary course of business permitted by this
Agreement; and

(ix)                                Environmental
Liens, to the extent that (w) any proceedings commenced for the enforcement of
such Liens shall have been suspended or are being contested in good faith, (x)
provision for all liability and damages that are the subject of said
Environmental Liens has been made on the books of such Person to the extent
required by GAAP and (y) such Liens do not relate to obligations exceeding
$10,000,000 in the aggregate at any one time; and (z) Liens in favor of customs
and revenue authorities arising as a matter of law to secure payment of custom
duties in connection with the importation of goods so long as such Liens attach
only to the imported goods and provided that such duties are not yet due or are
being contested in good faith and by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP.

“DB” means
Deutsche Bank AG New York Branch and its successors.

“DBTCA” has
the meaning assigned to that term in the Recitals to this Agreement.

“Default Rate”
means a variable rate per annum which shall be two percent (2%) per annum plus
either (i) the then applicable interest rate hereunder in respect of the amount
on which the Default Rate is being assessed or (ii) if there is no such
applicable interest rate, the Base Rate plus the Applicable Base Rate Margin,
but in no event in excess of that permitted by applicable law.

“Defaulting
Lender” means any Lender with respect to which a Lender Default is in
effect.

 13
 

“Deposit
Account” means a demand, time, savings, passbook or like account with a
bank, savings and loan association, credit union or like organization, other
than an account evidenced by a negotiable certificate of deposit.

“Dividends”
has the meaning assigned to that term in Section 8.4(a).

“Documents”
means the Loan Documents and the Transaction Documents.

“Dollar”
and “$” means the lawful currency of the United States of America.

“Dollar
Equivalent” means, at any time, (i) as to any amount denominated in
Dollars, the amount thereof at such time, and (ii) as to any amount denominated
in any Alternative Currency, the equivalent amount in Dollars as determined by
the Administrative Agent at such time on the basis of the Spot Rate.

“Domestic
Subsidiary” means any Subsidiary other than a Foreign Subsidiary not a
party to the Subsidiary Guaranty or a guaranty delivered pursuant to Section
7.11(h).

“Effective Date”
means the “Third Amendment Effective Date” as defined in the Third Amendment.

“Eligible
Assignee” means a commercial bank, investment company, financial
institution, financial company, Fund (whether a corporation, partnership, trust
or other entity) or insurance company in each case, together with its
Affiliates or Related Funds, which makes, purchases, holds or otherwise invests
in commercial loans or other similar extensions of credit in the ordinary
course of its business or any other Person approved by the Administrative Agent
and the Borrower, such approval not to be unreasonably withheld or delayed.

“Environmental
Claim” means any notice of violation, claim (including common law claims),
suit, written demand, abatement order, or other order or directive (conditional
or otherwise), by any Governmental Authority or any Person for any damage,
personal injury (including sickness, disease or death), tangible or intangible
property damage, contribution, cost recovery, indemnity, indirect or
consequential damages, damage to the environment, or for nuisance, pollution,
contamination or other adverse effects on the environment, human health, or
natural resources, or for fines, penalties, restrictions or injunctive relief,
resulting from or based upon (i) the occurrence or existence of a Release or
substantial threat of a material Release (whether sudden or non-sudden or
accidental or non-accidental) of, or exposure to, any Contaminant in, into or
onto the environment at, in, by, from or related to any real estate owned,
leased or operated at any time by the Borrower or any of its Subsidiaries (the “Premises”),
(ii) the use, handling, generation, transportation, storage, treatment or
disposal of Contaminants in connection with the operation of any Premises, or (iii)
the violation, or alleged violation, of any Environmental Laws relating to
environmental matters connected with the Borrower’s operations or any Premises.

“Environmental
Laws” means any and all applicable foreign, federal, state or local laws,
statutes, ordinances, codes, rules or regulations or orders, decrees, judgments
or directives issued by a Governmental Authority, or Environmental Permits or
Remedial Action standards, levels or objectives imposing liability or standards
of conduct for or relating to the protection of

 14

health, safety or the environment, including, but not limited to, the
following United States statutes, as now written and hereafter amended:  the Water Pollution Control Act, as codified
in 33 U.S.C. §1251 et seq., the Clean Air Act, as codified in 42 U.S.C.
§7401 et seq., the Toxic Substances Control Act, as codified in 15
U.S.C. §2601 et seq., the Solid Waste Disposal Act, as codified in 42
U.S.C. §6901 et seq., the Comprehensive Environmental Response,
Compensation and Liability Act, as codified in 42 U.S.C. §9601 et seq.,
the Emergency Planning and Community Right-to-Know Act of 1986, as codified in
42 U.S.C. §11001 et seq., and the Safe Drinking Water Act, as codified
in 42 U.S.C. §300f et seq., and any related regulations, as well as all
state and local equivalents.

“Environmental
Lien” means a Lien in favor of any Governmental Authority for (i) any
liability under Environmental Laws or Environmental Permits, or (ii) damages
relating to, or costs incurred by such Governmental Authority in response to, a
Release or threatened Release of a Contaminant into the environment.

“Environmental
Permits” means any and all permits, licenses, certificates, authorizations
or approvals of any Governmental Authority required by Environmental Laws or
necessary or reasonably required for the current and anticipated future
operation of the business of the Borrower or any Subsidiary of the Borrower.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as from time to time
amended.

“ERISA
Affiliate” means, with respect to any Person, any trade or business
(whether or not incorporated) which, together with such Person, is under common
control as described in Section 414(c) of the Code, is a member of a “controlled
group”, as defined in Section 414(b) of the Code, or is a member of an “affiliated
service group”, as defined in Section 414(m) of the Code which includes such
Person.  Unless otherwise qualified, all
references to an “ERISA Affiliate” in this Agreement shall refer to an ERISA
Affiliate of the Borrower or any Subsidiary.

“Euro”
means the lawful currency adopted by or which is adopted by participating
member states of the European Community relating to Economic and Monetary
Union.

“Eurocurrency
Loan” means any Loan bearing interest at a rate determined by reference to
the Eurocurrency Rate.

“Eurocurrency
Rate” means

(i)            in
the case of Dollar denominated loans, (A) the rate per annum equal to the rate
determined by Administrative Agent to be the offered rate that appears on the
Telerate Screen that displays an average British Bankers Association Interest
Settlement Rate for deposits in Dollars (for delivery on the first day of such
interest period) with a term equivalent to such interest period, determined as
of approximately 11:00 a.m. (London time) on the applicable Interest Rate
Determination Date and, in the event such rate is not available, (B) the
arithmetic average (rounded up to the nearest 1/100th of 1%) of the offered
quotation in the interbank eurodollar market by the Reference Lenders to first

 15
 

class banks for Dollar deposits of amounts in immediately available
funds with a term comparable to the interest period for which a Eurocurrency
Rate is determined, as of 11:00 a.m. (London time) on the applicable Interest
Rate Determination Date; or

(ii)           in
the case of Euro denominated loans, (A) the rate per annum equal to the rate
determined by Administrative Agent to be the offered rate that appears on the
appropriate page of the Telerate Screen that displays EURIBOR (for delivery on
the first day of such interest period) with a term equivalent to such interest
period, determined as of approximately 11:00 a.m. (London time) on the
applicable Interest Rate Determination Date and, in the event such rate is not
available, (B) the arithmetic average (rounded up to the nearest 1/100th of 1%) of the offered
quotation in the European interbank market by the Reference Lenders for Euro
deposits of amounts in immediately available funds with a term comparable to
the interest period for which a Eurocurrency Rate is determined, as of 11:00
a.m. (London time) on the applicable Interest Rate Determination Date; or

(iii)          in
the case of Sterling denominated loans, (A) the rate per annum equal to the
rate determined by Administrative Agent to be the offered rate that appears on
the appropriate page of the Telerate Screen that displays LIBOR (for delivery
on the first day of such interest period) with a term equivalent to such
interest period, determined as of approximately 11:00 a.m. (London time) on the
applicable Interest Rate Determination Date and, in the event such rate is not
available, (B) the arithmetic average (rounded up to the nearest 1/100th of 1%) of the offered
quotation in the London interbank market by the Reference Lenders for Sterling
deposits of amounts in immediately available funds with a term comparable to
the interest period for which a Eurocurrency Rate is determined, as of 11:00
a.m. (London time) on the applicable Interest Rate Determination Date.

In the case of Swing Line
Loans maintained at the Quoted Rate and Eurocurrency Loans, the cost of the
Lenders of complying with any Eurocurrency Reserve Requirements will be added
to the interest rate computed in the manner set forth in Schedule 1.1(b).

“Eurocurrency
Reserve Requirements” means, for any day as applied to a Eurocurrency Loan,
the aggregate (without duplication) of the maximum rates (expressed as a
decimal fraction) of reserve liquid asset or similar requirements in effect on
such day (including, without limitation, basic, supplemental, marginal and
emergency reserves under any regulations of the Board or other Governmental
Authority having jurisdiction with respect thereto), including without
limitation, under regulations issued from time to time by (a) the Board, (b)
any Governmental Authority of the jurisdiction of the relevant currency or (c)
any Governmental Authority of any jurisdiction in which advances in such
currency are made to which banks in any 
jurisdiction are subject for any category of deposits or liabilities
customarily used to fund loans in such currency or by reference to which
interest rates applicable to loans in such currency are determined, including
Mandatory Costs.

 16
 

“Event of
Default” has the meaning assigned to that term in Section 10.1.

“Excess Cash
Flow” means, an amount not less than zero calculated as of the close of
business on March 31 of each year (commencing March 31, 2008), equal to (i) the
sum of (a) the average daily aggregate Total Available Revolving Commitment
during the period of February 1 through and including March 31 of such year plus
(b) the amount, if any, by which the average available capacity under
Receivables Documents in existence during such period and subject to any
limitations on availability contained therein during the period of February 1
through and including March 31 of such year exceeds the actual average
Receivables Facility Attributed Indebtedness outstanding during the same period
plus (c) the average daily balance of Cash, Cash Equivalents and the
Dollar Equivalent as of March 31 of Foreign Cash Equivalents, held during the
period February 1 through and including March 31 of such year, less (ii)
the sum of (w) the aggregate amount of Net Sale Proceeds from Asset
Dispositions during the preceding twelve months, to the extent not reinvested
prior to March 31 of such year, plus (x) the aggregate amount of
proceeds from the issuance of Indebtedness issued to refinance other
Indebtedness and being held pending the payment of such other Indebtedness plus
(y) the aggregate amount during the preceding twelve months of cash proceeds
from Recovery Events received by the Borrower or any of its Subsidiaries during
the preceding twelve months, to the extent not reinvested prior to March 31 of
such year, plus (z) $850,000,000.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended and as codified in 15
U.S.C. §78a et seq. and as hereafter amended.

“Exchange Rate”
shall mean, on any day, (i) with respect to any Alternative Currency, the Spot
Rate at which Dollars are offered on such day by the Administrative Agent in
London or New York (as selected by the Administrative Agent) for such
Alternative Currency at approximately 11:00 A.M. (London time or New York time,
as applicable), and (ii) with respect to Dollars in relation to any specified Alternative
Currency, the Spot Rate at which such specified Alternative Currency is offered
on such day by the Administrative Agent in London or New York for Dollars at
approximately 11:00 A.M. (London time or New York time, as applicable).  The Administrative Agent shall provided the
Borrower with the then current Exchange Rate from time to time upon the
Borrower’s request therefor.

“Exchange Rate
Determination Date” means (i) for purposes of the determination of the
Exchange Rate of any stated amount on any Business Day in relation to any
Borrowing of Revolving Loans or Swing Line Loans in an Alternative Currency,
(A) the date which is two Business Days prior to such Borrowing in the case of
a Borrowing denominated in Euros or (B) the date of such Borrowing in the case
of a Borrowing denominated in Sterling, (ii) for purposes of the determination
of the Exchange Rate of any Stated Amount in relation to any issuance of any
Letter of Credit, on the date of such issuance and (iii) for the purpose of
determining the Exchange Rate to make determinations pursuant to Section
4.4(a), the last Business Day of each calendar month.

“Facility”
means any of the credit facilities established under this Agreement, i.e.,
any of the Term Facilities or the Revolving Facility.

 17
 

“Facing Agent”
means each of DB (in each case, including DB acting through any branch or
Affiliate) and any other Lender agreed to by such Lender, the Borrower and the
Administrative Agent.

“Federal Funds
Rate” means on any one day, the rate per annum equal to the weighted
average (rounded upwards, if necessary, to the nearest 1/100th of 1%) of the
rate on overnight federal funds transactions with members of the Federal
Reserve System only arranged by federal funds brokers, as published as of such
day by the Federal Reserve Bank of New York, or, if such rate is not so
published, the average of the quotations for such day on such transactions
received by DB from three federal funds brokers of recognized standing selected
by DB.

“Fee Letter”
means the letter agreement with respect to fees related to this Agreement
between the Borrower, DB and Deutsche Bank Securities Inc. dated on or before
the Effective Date.

“Fiscal Quarter”
has the meaning assigned to that term in Section 7.12.

“Fiscal Year”
has the meaning assigned to that term in Section 7.12.

“Foreign Cash
Equivalents” means (i) debt securities with a maturity of 365 days or less
issued by any member nation of the European Union, Switzerland or any other
country whose debt securities are rated by S&P and Moody’s A-1 or P-1, or
the equivalent thereof (if a short-term debt rating is provided by either) or
at least AA or Aa2, or the equivalent thereof (if a long-term unsecured debt
rating is provided by either)(each such jurisdiction, an “approved
jurisdiction”), or any agency or instrumentality of an approved
jurisdiction, provided that the full faith and credit of the approved
jurisdiction is pledged in support of such debt securities or such debt
securities constitute a general obligation of the approved jurisdiction and
(ii) debt securities in an aggregate principal amount not to exceed the Dollar
Equivalent of $40,000,000 with a maturity of 365 days or less issued by any
nation in which the Borrower or its Subsidiaries has cash which is the subject
of restrictions on export, any agency or instrumentality of such nation or any
bank or other organization organized in such nation.

“Foreign
Factoring Transactions” means transactions (other than pursuant to (a) any
Permitted Accounts Receivable Securitization or (b) a transaction described in Section
8.3(e)) for the sale or discounting of (i) the Accounts Receivable of a
Foreign Subsidiary and/or (ii) letters of credit the beneficiary of which is a
Foreign Subsidiary.

“Foreign
Pension Plan” means any plan, fund (including, without limitation, any
super-annuation fund) or other similar program established or maintained
outside of the United States of America by the Borrower or one or more of its
Subsidiaries or its Affiliates primarily for the benefit of employees of the
Borrower or such Subsidiaries or its Affiliates residing outside the United
States of America, which plan, fund, or similar program provides or results in,
retirement income, a deferral of income in contemplation of retirement or
payments to be made upon termination of employment, and which is not subject to
ERISA or the Code.

 18
 

“Foreign
Subsidiary” means any Subsidiary that is organized under the laws of a
jurisdiction other than the United States of America or any state thereof or
the District of Columbia and that is not a Subsidiary Guarantor.

“Fund”
means a Person that is a fund that makes, purchases, holds or otherwise invests
in commercial loans or similar extensions of credit in the ordinary course of
its business.

“GAAP”
means generally accepted accounting principles in the United States of America
as in effect from time to time.

“Governmental
Authority” means any nation or government, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial,
taxing, regulatory or administrative functions of government.

“Guarantee
Obligations” means, as to any Person, without duplication, any direct or
indirect obligation of such Person guaranteeing or intended to guarantee any
Indebtedness, Capitalized Lease, Operating Financing Lease (“primary
obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation
of such Person, whether or not contingent: 
(i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor; (ii) to advance or supply funds (x) for
the purchase or payment of any such primary obligation, or (y) to maintain
working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor; (iii) to purchase
property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation; or (iv) otherwise to assure or hold
harmless the owner of such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligations shall not include any
endorsements of instruments for deposit or collection in the ordinary course of
business.  The amount of any Guarantee
Obligation at any time shall be deemed to be an amount equal to the lesser of
(x) the stated or determinable amount at such time of the primary obligation in
respect of which such Guarantee Obligation is made or (y) the maximum amount
for which such Person may be liable pursuant to the terms of the instrument
embodying such Guarantee Obligation; or, if not stated or determinable, the
maximum liability (assuming full performance) in respect thereof reasonably
anticipated at such time.

“Guaranteed
Obligations” means (i) the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of the principal and interest
(whether such interest is allowed as a claim in a bankruptcy proceeding with
respect to the Borrower or otherwise) on each Note issued by the Borrower to
each Lender, and Loans made under this Agreement and all reimbursement
obligations and Unpaid Drawings with respect to Letters of Credit, together
with all other obligations (including obligations which, but for the automatic
stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities (including, without limitation, indemnities, fees and interest
thereon) of the Borrower to such Lender now existing or hereafter incurred
under, arising out of or in connection with this Agreement or any other Loan
Documents and the due performance and compliance with all terms, conditions and
agreements contained in the Loan Documents by the Borrower and (ii) the full
and prompt payment when due (whether by acceleration or otherwise) of all
obligations

 19
 

(including obligations which, but for the automatic stay under Section
362(a) of the Bankruptcy Code, would become due) of the Borrower (or, if
permitted by Section 8.2, its Subsidiaries) owing under any Interest
Rate Agreement or Other Hedging Agreement or any Overdraft Facility entered
into by the Borrower or any of its Subsidiaries with any Lender or any
Affiliate thereof (even if such Lender subsequently ceases to be a Lender under
this Agreement for any reason) so long as such Lender or Affiliate participates
in such Interest Rate Agreement or Other Hedging Agreement or Overdraft
Facility, as the case may be, and their subsequent assigns, if any, whether or
not in existence or hereafter arising, and the due performance and compliance
with all terms, conditions and agreements contained therein.

“Guaranty”
means, collectively, (i) the Subsidiary Guaranty and (ii) each guaranty delivered
by a Foreign Subsidiary pursuant to Section 7.11(h), in each case as the
same may be amended, supplemented or otherwise modified from time to time.

“Headquarters
Subsidiary Guaranty Agreement” has the meaning assigned to that term in Section
5.1(d)(ii) of this Agreement.

“Huntsman
Affiliate” means Huntsman Corporation or any of its Affiliates (other than
the Borrower and its Subsidiaries).

“Huntsman
Corporation” means Huntsman Corporation, a Delaware corporation.

“Huntsman Finco”
means Huntsman International Financial LLC, a direct Wholly-Owned Subsidiary of
the Borrower that is a limited liability company formed under the laws of
Delaware.

“Huntsman Group”
has the meaning assigned to that term in the definition of “Change in Control”
in this Section 1.1.

“Huntsman
Parent Company” means Huntsman Corporation or any entity of which the
Borrower is a direct or indirect Wholly-Owned Subsidiary.

“Immaterial
Subsidiary” means any Subsidiary of the Borrower, the Consolidated Net
Tangible Assets of which are less than 1% of the Borrower’s Consolidated Net
Tangible Assets (as of the end of the most recently completed Fiscal Quarter of
the Borrower for which financial statements are available) and which did not
account for more than 1% of the consolidated revenues of the Borrower and its
Subsidiaries for such period.

“Indebtedness”
means, as applied to any Person (without duplication):

(i)           all
obligations of such Person for borrowed money;

(ii)          the
deferred and unpaid balance of the purchase price of assets or services (other
than trade payables and other accrued liabilities incurred in the ordinary
course of business that are not overdue by more than 90 days unless being
contested in good faith) which purchase price is (x) due more than six months
from the date of incurrence of the obligation in respect thereof (or in the
case of long-term supply

 20
 

agreements, from the date of delivery of such assets
or services) or (y) evidenced by a note or a similar written instrument;

(iii)         all
Capitalized Lease Obligations;

(iv)        all
indebtedness secured by any Lien (other than Customary Permitted Liens) on any
property owned by such Person, whether or not such indebtedness has been
assumed by such Person or is nonrecourse to such Person;

(v)         notes
payable and drafts accepted representing extensions of credit whether or not
representing obligations for borrowed money (other than such notes or drafts
for the deferred purchase price of assets or services which does not constitute
Indebtedness pursuant to clause (ii) above);

(vi)        indebtedness
or obligations of such Person, in each case, evidenced by bonds, notes or
similar written instruments;

(vii)       the
face amount of all letters of credit and bankers’ acceptances issued for the
account of such Person, and without duplication, all drafts drawn thereunder
other than, in each case, commercial or standby letters of credit or the
functional equivalent thereof issued in connection with performance, bid or
advance payment obligations incurred in the ordinary course of business,
including, without limitation, performance requirements  under workers compensation or similar laws;

(viii)      all
obligations of such Person under Interest Rate Agreements or Other Hedging
Agreements;

(ix)         Guarantee
Obligations of such Person;

(x)          the
aggregate outstanding amount of Receivables Facility Attributed Indebtedness or
the gross proceeds from any similar transaction, regardless of whether such
transaction is effected without recourse to such Person or in a manner that
would not otherwise be reflected as a liability on a balance sheet of such
Person in accordance with GAAP; and

(xi)         the
Attributable Debt of any synthetic lease, tax retention operating lease,
off-balance sheet loan or similar off-balance sheet financing product to which
such Person is a party, where such transaction is considered borrowed money
indebtedness for tax purposes but is classified as an operating lease in
accordance with GAAP;

provided,
however, notwithstanding the foregoing, “Indebtedness” shall not include
deferred taxes or indebtedness of Borrower and/or its Subsidiaries incurred to
finance insurance premiums, if (a) such indebtedness is unsecured (except
as permitted by Section 8.1(k)), and (b) is in a principal amount
not in excess of the casualty and other insurance premiums to be paid by
Borrower and/or its Subsidiaries for a three year period beginning on the date
of any incurrence of such indebtedness.

“Indemnified
Party” has the meaning assigned to that term in Section 12.4(a).

 21
 

“Initial
Borrowing” means the first Borrowing by the Borrower under this Agreement.

“Initial Loan”
means the first Loan made by the Lenders under this Agreement.

“Intellectual
Property” has the meaning assigned to that term in Section 6.19.

“Intercompany
Loan” has the meaning assigned to that term in Section 8.7(g);

“Intercreditor
Agreement” means that certain Intercreditor Agreement, dated the date
hereof, by and among the Collateral Agent, Administrative Agent, DB as
beneficiary of the Mortgages, HSBC Bank USA, National Association (as successor
to HSBC Bank USA), as trustee for the Senior Secured Notes and the Borrower, in
the form of Exhibit B to the Collateral Security Agreement, as amended,
modified or supplemented in accordance with the terms thereof.

“Interest
Coverage Ratio” means, for any period, the ratio of Consolidated EBITDA to
Consolidated Cash Interest Expense for such period.

“Interest
Payment Date” means (i) as to any Base Rate Loan, each Quarterly Payment
Date to occur while such Loan is outstanding, (ii) as to any Eurocurrency Loan
having an Interest Period of three months or less, the last day of the Interest
Period applicable thereto and (iii) as to any Eurocurrency Loan having an
Interest Period longer than three months, each three (3) month anniversary of
the first day of the Interest Period applicable thereto and the last day of the
Interest Period applicable thereto; provided, however, that, in
addition to the foregoing, each of (A) the Revolver Termination Date, and (B)
the Term B Loan Maturity Date, shall be deemed to be an “Interest Payment Date”
with respect to any interest which is then accrued hereunder for such Loan.

“Interest
Period” has the meaning assigned to that term in Section 3.4.

“Interest Rate
Agreement” means any interest rate swap agreement, cross-currency interest
rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate futures contract, interest rate option contract or
other similar agreement or arrangement to which the Borrower or any Subsidiary
is a party.

“Interest Rate
Determination Date” means the date for calculating the Eurocurrency Rate
for an Interest Period, which date shall be (i) in the case of any Eurocurrency
Loan in Dollars, the second Business Day prior to first day of the related
Interest Period for such Loan or (ii) in the case of any Eurocurrency Loan in
an Alternative Currency, the date on which quotations would ordinarily be given
by prime banks in the London interbank market for deposits in the Applicable
Currency for value on the first day of the related Interest Period for such
Eurocurrency Loan; provided, however, that if for any such Interest Period with
respect to an Alternative Currency Loan, quotations would ordinarily be given
on more than one date, the Interest Rate Determination Date shall be the last of
those dates.

“Inventory”
means, inclusively, all inventory as defined in the Uniform Commercial Code in
effect in the State of New York from time to time and all goods,

 22
 

merchandise and other personal property wherever located, now owned or
hereafter acquired by the Borrower or any of its Subsidiaries of every kind or
description which are held for sale or lease or which are furnished or to be
furnished under a contract of service or are raw materials, work-in-process or
materials used or consumed or to be used or consumed in the Borrower’s or any
of its Subsidiaries’ businesses.

“Investment”
means, as applied to any Person, (i) any direct or indirect purchase or other
acquisition by that Person of, or a beneficial interest in, Securities of any
other Person, or a capital contribution by that Person to any other Person,
(ii) any direct or indirect loan or advance by that person to any other Person
(other than prepaid expenses or Accounts Receivable created or acquired in the
ordinary course of business), including all Indebtedness of such Person arising
from a sale of property by such first Person other than in the ordinary course
of its business or (iii) any purchase by that Person of all or a significant
part of the assets of a business conducted by another Person.  The amount of any Investment by any Person on
any date of determination shall be the sum of the acquisition price of the
gross assets acquired by such Person (including the amount of any liability
assumed in connection with the acquisition by such Person to the extent such
liability would be reflected as a liability on a balance sheet prepared in
accordance with GAAP) plus all additional capital contributions or
purchase price and earnout adjustments (positive or negative) paid (or
credited) in respect thereof, without any adjustments for increases or
decreases in value, or write-ups, write-downs or write-offs with respect to
such Investment minus the amount of all cash returns of principal or
capital thereon, cash dividends thereon and other cash returns on investment
thereon or liabilities expressly assumed by another Person (other than the
Borrower or another Subsidiary of the Borrower) in connection with the sale of
such Investment.  Whenever the term “outstanding”
is used in this Agreement with reference to an Investment, it shall take into
account the matters referred to in the preceding sentence.

“IRIC”
means International Risk Insurance Company, a Utah corporation.

“IRS” means
the United States Internal Revenue Service, or any successor or analogous
organization.

“Issuer”
means the issuer under, and as defined in, the relevant Receivables Documents.

“Joint Venture”
means any corporation, partnership, limited liability company, joint venture or
other similar legal arrangement (whether created by contract or conducted
through a separate legal entity) now or hereafter formed by the Borrower or any
of its Subsidiaries with another Person in order to conduct a common venture or
enterprise with such Person.

“LC Commission”
has the meaning assigned to that term in Section 2.9(e)(ii).

“LC Obligations”
means, at any time, an amount equal to the sum of (i) the Assigned Dollar Value
of the aggregate Stated Amount of the then outstanding Letters of Credit and
(ii) the Assigned Dollar Value of the aggregate amount of drawings under
Letters of Credit which have not then been reimbursed pursuant to Section
2.9(c).  The LC Obligation of
any

 23
 

Revolving Lender at any time shall mean the Dollar Equivalent of its
Pro Rata Share of the Assigned Dollar Value of the aggregate LC Obligations
outstanding at such time.

“Lender”
and “Lenders” have the respective meanings assigned to those terms in
the introduction to this Agreement and shall include any Person that becomes a “Lender”
in connection with the issuance of Additional Term Loans pursuant to Section
2.1(a)(ii).

“Lender Default”
means (i) the refusal (which has not been retracted) of a Lender (x) to make
available its portion of any Borrowing when the conditions precedent thereto,
in the determination of the Administrative Agent, have been met, or (y) to fund
its portion of any unreimbursed payment under Section 2.9(d) or (ii) a
Lender having notified in writing the Borrower and/or the Administrative Agent
that it does not intend to comply with its obligations under Section 2.1
or Section 2.9(d), as a result of any takeover of such Lender by any
regulatory authority or agency.

“Lending Office”
means, with respect to each Lender, the office specified under such Lender’
name on the administrative questionnaire delivered to the Administrative Agent
on or prior to the Effective Date, or on the signature page to any Assignment
and Assumption Agreement, with respect to each Type of Loan or such other
office as such Lender may designate in writing from time to time to Borrower
and Administrative Agent with respect thereto.

“Letter of
Credit Amendment Request” has the meaning assigned to that term in Section
2.9(b).

“Letter of
Credit Payment” means, as applicable (i) all payments made by a Facing
Agent pursuant to either a draft or demand for payment under a Letter of Credit
or (ii) all payments by Revolving Lenders to a Facing Agent in respect thereof
(whether or not in accordance with their Pro Rata Share).

“Letters of
Credit” means, collectively, all Commercial Letters of Credit, Standby
Letters of Credit and Bank Guarantees, in each case as issued pursuant to this
Agreement, and “Letter of Credit” means any one of such Letters of
Credit.

“Leverage Ratio”
means, for any Test Period, the ratio of Consolidated Debt as of the last day
of such Test Period to Consolidated EBITDA for such Test Period.

“Lien”
means (i) any judgment lien or execution, attachment, levy, distraint or
similar legal process and (ii) any mortgages, pledge, hypothecation, collateral
assignment, security interest, encumbrance, lien, charge or deposit arrangement
(other than a deposit to a Deposit Account in the ordinary course of business
and not intended as security) of any kind (including, without limitation, any
conditional sale or other title retention agreement or lease in the nature
thereof, any agreement to give any of the foregoing, or any sale of receivables
with recourse against the seller or any Affiliate of the seller).

“Loan”
means any Term B Dollar Loan, Swing Line Loan or Revolving Loan, and “Loans”
means all such Loans, collectively.

 24
 

“Loan Documents”
means, collectively, this Agreement, the Notes, each Letter of Credit, each
Security Document, each Guaranty and all other agreements, instruments and
documents executed in connection therewith, in each case as the same may at any
time be amended, supplemented, restated or otherwise modified and in effect.

“LPC” mean
Louisiana Pigment Company, and its successors and assigns.

“Majority
Lenders” of any Facility means those Non-Defaulting Lenders which would
constitute the Required Lenders under, and as defined in, this Agreement if all
outstanding Obligations of other Facilities under this Agreement were repaid in
full and all Commitments with respect thereto were terminated.

“Mandatory Cost”
means the cost imputed to the Lender(s) of compliance with the mandatory liquid
assets requirements of the Bank of England and/or the banking supervision or
other costs of the Financial Services Authority or European Central Bank or any
successor body exercising their functions in this respect as determined in
accordance with Schedule 1.1(b).

“Master Trust
Participating Subsidiaries” means each Subsidiary of the Borrower from time
to time party to the Master Trust Receivables Securitization.

“Master Trust
Pooling Agreement” means that certain Pooling Agreement among the Master
Trust Receivables Subsidiary, Huntsman (Europe) B.V.B.A. and J.P. Morgan Bank
(Ireland) plc, as amended.

“Master Trust
Receivables Facility Assets” means all “Receivables” and other “Receivable
Assets” (as defined in the Master Trust Pooling Agreement) of the Master Trust
Participating Subsidiaries.

“Master Trust
Receivables Securitization” means that certain receivables financing
program providing for the sale, contribution or other transfer of Master Trust
Receivables Facility Assets pursuant to the Master Trust Receivables
Securitization Documents by the Borrower and the Master Trust Participating
Subsidiaries to the Master Trust Receivables Subsidiary (directly or through
the Borrower or another Master Trust Participating Subsidiary) in a transaction
constituting a sale for GAAP purposes and in which, the Master Trust
Receivables Subsidiary shall finance the purchase of such Master Trust
Receivables Facility Assets by the sale, transfer, conveyance, lien, grant of a
participation or other interest or pledge of such Master Trust Receivables
Facility Assets directly or indirectly to one or more limited purpose financing
companies, special purpose entities and/or financial institutions, in each case,
on a limited recourse basis as to the Borrower and the Master Trust
Participating Subsidiaries.

“Master Trust
Receivables Securitization Documents” means all documents and deliveries in
connection with the Master Trust Receivables Securitization, as such documents
may be amended or modified from time to time to the extent permitted under this
Agreement.

“Master Trust
Receivables Subsidiary” means Huntsman Receivables Finance LLC, a limited
liability company organized under the laws of the State of Delaware.

 25
 

“Material
Adverse Effect” means a material adverse effect on (i) the business,
condition (financial or otherwise), assets, liabilities or operations of the
Borrower and its Subsidiaries taken as a whole, (ii) the ability of the
Borrower or any of its Subsidiaries to perform its respective obligations under
any Loan Document to which it is a party, or (iii) the validity or
enforceability of this Agreement or any of the Security Documents or the
material rights or remedies of the Administrative Agent, Collateral Agent or
and the Lenders hereunder or thereunder.

“Material
Agreement” means (i) any Contractual Obligation of the Borrower or any of
its Subsidiaries, the breach of which or the failure to maintain would be
reasonably likely to result in a Material Adverse Effect, (ii) the Public Note
Documents and (iii) any material Contractual Obligation entered into in
connection with an Acquisition.

“Material
Subsidiary” means any Subsidiary of the Borrower, the Consolidated Net
Tangible Assets of which were more than 2% of the Borrower’s Consolidated Net
Tangible Assets as of the end of the most recently completed Fiscal Year of the
Borrower for which audited financial statements are available; provided
that, in the event the aggregate of the Consolidated Total Assets of all
Subsidiaries that do not constitute Material Subsidiaries exceeds 5% of the
Borrower’s Consolidated Total Assets as of such date, the Borrower (or the
Administrative Agent, in the event the Borrower has failed to do so within 10
days of request therefor by the Administrative Agent) shall, to the extent
necessary, designate sufficient Subsidiaries to be deemed to be “Material
Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall
thereafter constitute Material Subsidiaries. 
Assets of Foreign Subsidiaries shall be converted into Dollars at the
rates used for purposes of preparing the consolidated balance sheet of the
Borrower included in such audited financial statements.

“Maximum
Commitment” means, when used with reference to any Lender, the aggregate of
such Lender’s Term Commitments and Revolving Commitment in the amounts not to
exceed those set forth opposite the name of such Lender on Schedule 1.1(a)
hereto, subject to reduction from time to time in accordance with the terms of
this Agreement.

“Minimum
Borrowing Amount” means, with respect to (i) Base Rate Loans, $3,000,000,
(ii) with respect to Eurocurrency Loans, $5,000,000, in the case of a Borrowing
in Dollars, £2,000,000, in the case of a Borrowing in Sterling, and €5,000,000,
in the case of a Borrowing in Euros and (iii) with respect to Swing Line Loans,
$500,000 or the Dollar Equivalent thereof in an Alternative Currency (or such
other amount as the Swing Line Lender may agree.)

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency
business thereof.

“Mortgage”
has the meaning assigned to that term in Section 5.1(e)(i) and shall
also include any mortgage or similar documents executed pursuant to Section
7.11.

“Mortgage
Policies” has the meaning assigned to that term in Section 5.1(e)(ii)

 26
 

“Mortgaged
Property” means the owned or leased real property subject to a Mortgage as
indicated on Schedule 6.21(c) and shall also include any owned or leased
real property subject to a Mortgage pursuant to Section 7.11.

“Most Recent
Leverage Ratio” means, at any date, the Leverage Ratio for the Test Period
ending as of the most recently ended Fiscal Quarter for which financial
statements have been delivered to the Lenders pursuant to Section 7.1; provided,
however, that if the Borrower fails to deliver such financial statements
as required by Section 7.1 and further fails to remedy such default
within five days of notice thereof from the Administrative Agent, then, without
prejudice to any other rights of any Lender hereunder, the Most Recent Leverage
Ratio shall be deemed to be the highest level as of the date such financial
statements were required to be delivered under Section 7.1.  The Most Recent Leverage Ratio for the period
from the Closing Date to the first date on which financial statements are
required to be delivered to the Lenders pursuant to Section 7.1 shall be
deemed to be 3.0 to 1.0.

“Most Recent
Senior Secured Leverage Ratio” means, at any date, the Senior Secured Leverage
Ratio for the Test Period ending as of the most recently ended Fiscal Quarter
for which financial statements have been delivered to the Lenders pursuant to Section
7.1; provided, however, that if the Borrower fails to deliver
such financial statements as required by Section 7.1 and further fails
to remedy such default within five days of notice thereof from the
Administrative Agent, then, without prejudice to any other rights of any Lender
hereunder, the Most Recent Senior Secured Leverage Ratio shall be deemed to be
the highest level as of the date such financial statements were required to be
delivered under Section 7.1.  The
Most Recent Senior Secured Leverage Ratio shall be deemed to be greater than
2.25 to 1.0 for the period from the Effective Date to the earlier of (A) the
date of delivery of the financial statements required by Section 7.1 and
a Compliance Certificate with respect to the Fiscal Quarter of the Borrower
ended September 30, 2007 or (B) the date three (3) Business Days following
delivery by the Borrower of a certificate of a Responsible Financial Officer
stating that (i) the US Commodity Business Sale has been consummated, (ii) no
Event of Default or Unmatured Event of Default has occurred and (iii)
certifying as to the Senior Secured Leverage Ratio calculated on a Pro Forma
Basis after giving effect to the US Commodity Business Sale and the repayment
of any Indebtedness with the Net Sale Proceeds therefrom that has occurred by
the date of such certificate.

“MP Group”
has the meaning assigned to that term in the definition of “Change in Control”
in this Section 1.1.

“Multiemployer
Plan” means any plan described in Section 4001(a)(3) of ERISA to which
contributions are or have, within the preceding six years, been made, or are or
were, within the preceding six years, required to be made, by the Borrower or
any of its ERISA Affiliates or any Subsidiary of the Borrower or ERISA
Affiliates of such Subsidiary.

“Net Equity
Proceeds” means the cash proceeds received from (i) any capital
contribution from any member of the Borrower or (ii) the issuance of Capital
Stock of the Borrower (other than to a Subsidiary or an employee stock
ownership plan), net of the actual liabilities for reasonably anticipated cash
taxes in connection with such incurrence, if any, any underwriting, brokerage
and other customary selling commissions incurred in connection with

 27
 

such incurrence, and reasonable legal, advisory and other fees and
expenses, incurred in connection with such incurrence.

“Net Offering
Proceeds” means the cash proceeds received from the incurrence of any
Indebtedness net of the actual liabilities for reasonably anticipated cash
taxes in connection with such issuance, if any, any underwriting, brokerage and
other customary selling commissions incurred in connection with such issuance,
and reasonable legal, advisory and other fees and expenses, incurred in
connection with such issuance.

“Net Sale
Proceeds” means, with respect to any Asset Disposition, an amount equal to
the sum of the aggregate cash payments received by the Borrower or any
Subsidiary of the Borrower from such Asset Disposition (including, without
limitation, cash received by way of deferred payment pursuant to a note
receivable, conversion of non-cash consideration, cash payments in respect of
purchase price adjustments or otherwise, but only as and when such cash is
received) minus the direct costs and expenses incurred in connection
therewith (including in the case of any Asset Disposition, the payment of the
outstanding principal amount of, premium, if any, and interest on any
Indebtedness (other than hereunder) required to be repaid as a result of such
Asset Disposition) and minus any provision for taxes in respect thereof
made in accordance with GAAP.  Any
proceeds received in a currency other than Dollars shall, for purposes of the
calculation of the amount of Net Sale Proceeds, be in an amount equal to the
Dollar Equivalent thereof as of the date of receipt thereof by the Borrower or
any Subsidiary of the Borrower.

“Non-Defaulting
Lender” means each Lender which is not a Defaulting Lender.

“Non-U.S.
Participant” means any Lender that is not a United States person within the
meaning of Code section 7701(a)(30).

“Note”
means any of the Swing Line Note, the Revolving Notes or the Term Notes and “Notes”
means all of such Notes collectively.

“Notice of
Borrowing” has the meaning assigned to that term in Section 2.5.

“Notice of
Conversion or Continuation” has the meaning assigned to that term in Section
2.6.

“Notice of
Issuance” has the meaning assigned to that term in Section 2.9(b).

“Notice Office”
means the office of the Administrative Agent located at 90 Hudson Street, 5th
Floor, Jersey City, New Jersey 07302, or such other office as the
Administrative Agent may designate to the Borrower and the Lenders from time to
time.

“Obligations”
means all liabilities and obligations of the Borrower and its Subsidiaries now
or hereafter arising under this Agreement and all of the other Loan Documents,
whether for principal, interest, fees, expenses, indemnities or otherwise, and
whether primary, secondary, direct, indirect, contingent, fixed or otherwise
(including obligations of performance).

“Operating
Financing Lease” means a lease of the type described in clause (xi)
of the definition of “Indebtedness”.

 28
 

“Organizational
Documents” means, with respect to any Person, such Person’s memorandum,
articles or certificate of incorporation, certificates of formation, bylaws,
partnership agreement, limited liability company agreement, joint venture
agreement or other similar governing documents and any document setting forth
the designation, amount and/or relative rights, limitations and preferences of
any class or series of such Person’s Capital Stock.

“Other Hedging
Agreement” means any foreign exchange contract, currency swap agreement,
futures contract, commodity agreements, option contract, synthetic cap or other
similar agreement other than an Interest Rate Agreement to which the Borrower
or any Subsidiary is a party.

“Overdraft
Facility” has the meaning assigned to that term in Section 8.2(b)(xii).

“Overdraft
Reserve” shall mean an amount, if any, equal to the amount by which
Indebtedness incurred by the Borrower or any of its Subsidiaries pursuant to Section
8.2(b)(xii) exceeds $60,000,000 (or the Dollar Equivalent thereof).

“Parent Company”
means each Person which owns, directly or indirectly, at least a majority of
the Voting Securities of the Borrower.

“Participants”
has the meaning assigned to that term in Section 12.8(b).

“Participating
Subsidiary” means any Subsidiary of the Borrower or other entity formed as
necessary or customary under the laws of the relevant jurisdiction that is a
participant in a Permitted Accounts Receivable Securitization.

“Patriot Act”
has the meaning assigned to that term in Section 6.22.

“Payment Office”
means (i) with respect to the Administrative Agent or Swing Line Lender, for
payments with respect to Dollar-denominated Loans, 90 Hudson Street, 5th Floor,
Jersey City, New Jersey 07302 Attn: Commercial Loan Division, or such other address
as the Administrative Agent or Swing Line Lender, as the case may be, may from
time to time specify in accordance with Section 12.3 or (ii) with
respect to the Administrative Agent or Swing Line Lender, for payments in an
Alternative Currency or with respect to a Letter of Credit denominated in an
Alternative Currency, such account at such bank or office in London (or such
other location) as the Administrative Agent or Swing Line Lender, as the case
may be, shall designate by notice to the Person required to make the relevant
payment.

“PBGC”
means the Pension Benefit Guaranty Corporation created by Section 4002(a) of
ERISA.

“Perfection
Certificates” has the meaning assigned to that term in Section 5.1(f).

“Permitted
Accounts Receivable Securitization” means any receivables financing program
providing for the sale, conveyance or contribution to capital of Receivables
Facility Assets or interests therein by the Borrower and its Participating
Subsidiaries to a Receivables Subsidiary in transactions purporting to be sales
(and treated as sales for GAAP purposes), which Receivables Subsidiary shall
finance the purchase of such Receivables Facility Assets by the

 29
 

direct (or, to the extent approved by the Administrative Agent as
evidenced by its written approval thereof, indirect) sale, transfer,
conveyance, lien, grant of participation or other interest or pledge of such
Receivables Facility Assets or interests therein to one or more limited purpose
financing companies, special purpose entities, trusts and/or financial
institutions, in each case, on a limited recourse basis as to the Borrower and
the Participating Subsidiaries (except to the extent a limitation on recourse
is not customary for similar transactions or is prohibited in the relevant
jurisdiction); provided that any such transaction shall be consummated
pursuant to documentation necessary or customary for such transactions in the
relevant jurisdiction (or otherwise satisfactory to the Administrative Agent as
evidenced by its written approval thereof) and shall provide for purchase price
percentages reasonably satisfactory to the Administrative Agent.  The Master Trust Receivables Securitization
shall be considered a Permitted Accounts Receivables Securitization hereunder.

“Permitted
Entrustment Loan Arrangement” means a coordinated credit-linked deposit and
loan facility arranged in compliance with the laws of the People’s Republic of
China pursuant to which a Foreign Subsidiary of the Borrower organized under
the laws of the People’s Republic of China makes loans or advances to another
Foreign Subsidiary of the Borrower through the use of an intermediary financial
institution in the People’s Republic of China.

“Permitted
Non-Cash Impairment and Restructuring Charges” means, with respect to any
Person, for any period, (i) the aggregate depreciation, amortization and other
non-cash charges of such Person and its Subsidiaries reducing Consolidated Net
Income of such Person and its Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP (excluding any such charges
constituting an extraordinary item or loss or any such charge which requires an
accrual of or a reserve for cash charges for any future period) and (ii) cash
charges taken after the Effective Date in an aggregate amount not to exceed
$100,000,000.

“Permitted
Liens” has the meaning assigned to that term in Section 8.1.

“Permitted Real
Property Encumbrances” means (i) those liens, encumbrances and other
matters affecting title to any Mortgaged Property listed in the applicable
title policy in respect thereof (or any update thereto) and found, on the date
of delivery of such title policy to the Administrative Agent in accordance with
the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to
any particular real property at any time, such easements, encroachments,
covenants, restrictions, rights of way, minor defects, irregularities or
encumbrances on title which do not, in the reasonable opinion of the
Administrative Agent, materially impair such real property for the purpose for
which it is held by the mortgagor or owner, as the case may be, thereof, or the
Lien held by the Administrative Agent, (iii) municipal and zoning laws,
regulations, codes and ordinances, which are not violated in any material respect
by the existing improvements and the present use made by the mortgagor or
owner, as the case may be, of such real property, (iv) general real estate
taxes and assessments not yet delinquent, and (v) such other items as the
Administrative Agent may consent to.

“Permitted
Refinancing Indebtedness” means, with respect to any Indebtedness, any
Indebtedness refinancing, extending, renewing or refunding such Indebtedness;
provided, however, that any such refinancing Indebtedness shall (i) be issued
by the same obligor as the Indebtedness being so refinanced (or by Huntsman
Corporation or a Parent Company) and be on

 30
 

terms, taken as a whole, not more restrictive than the terms of the
documents governing the Indebtedness being so refinanced; (ii) if the Indebtedness
being so refinanced is subordinated to the Obligations, be subordinated to the
Obligations on substantially the same terms (or on terms at least as favorable
to the Lenders) as Indebtedness being so refinanced; (iii) be in a principal
amount (as determined as of the date of the incurrence of such refinancing
Indebtedness in accordance with GAAP) not exceeding the principal amount of the
Indebtedness being refinanced on such date plus any call premiums, prepayment
fees, costs and expenses paid in connection with such refinancing; (iv) not
have a Weighted Average Life to Maturity less than the Indebtedness being
refinanced; (v) if the Indebtedness being refinanced is Public Notes, be
unsecured Indebtedness maturing no earlier than the then latest Term Maturity
Date; and (vi) be upon terms and subject to documentation which is in form and
substance reasonably satisfactory in all material respects to the
Administrative Agent.

“Permitted
Technology Licenses” has the meaning assigned to that term in Section
8.3(f) of this Agreement.

“Permitted
Unconsolidated Ventures” means an Investment in a Person not constituting a
Subsidiary of the Borrower which Person is not engaged in any business other
than that permitted under Section 8.9 for the Borrower and its Subsidiaries.

“Person”
means an individual or a corporation, partnership, limited liability company,
trust, incorporated or unincorporated association, joint venture, joint stock
company, Governmental Authority or other entity of any kind.

“Plan”
means any plan described in Section 4021(a) of ERISA and not excluded pursuant
to Section 4021(b) thereof, which is or has, within the preceding six years,
been established or maintained, or to which contributions are or have, within
the preceding six years, been made, by the Borrower or any of its ERISA
Affiliates or any Subsidiary of the Borrower or any ERISA Affiliates of such
Subsidiary, but not including any Multiemployer Plan.

“Plan
Administrator” has the meaning assigned to the term “administrator” in
Section 3(16)(A) of ERISA.

“Plan Sponsor”
has the meaning assigned to the term “plan sponsor” in Section 3(16)(B) of
ERISA.

“Pledge
Agreement” has the meaning assigned to that term in Section 5.1(c)
of this Agreement.

“Pledged
Receivables Subsidiary Notes” means the subordinated notes of the
Receivables Subsidiary, if any, issued to the Borrower or any Participating
Subsidiary in connection with a Permitted Accounts Receivable Securitization,
which subordinated notes are pledged pursuant to the Receivables Subsidiary
Pledge Agreement.

“Pledged
Receivables Subsidiary Stock” means all the issued and outstanding shares
of capital stock of the Receivables Subsidiary, which shares are pledged
pursuant to the Receivables Subsidiary Pledge Agreement.

 31
 

“Pledged
Securities” means, collectively, “Pledged Securities” as defined in the
Collateral Security Agreement or any other pledged securities under any
Security Document.

“Port Arthur
Fire Add Back” means, for any period that includes any Fiscal Quarter
ending after December 31, 2006 and on or before December 31, 2007, the sum
of (i) an amount not to exceed $50,000,000 per Fiscal Quarter (provided, that
any excess above $50,000,000 may be carried forward to the next Fiscal Quarter)
ending after December 31, 2006 and on or before December 31, 2007 included in
such period (and $0 for each Fiscal Quarter that ends thereafter included in
such period), equal to the net business interruption losses (calculated in
accordance with GAAP) for the applicable period, including the retained portion
of any business interruption claims that relate to the fire damage at the Port
Arthur, Texas olefins manufacturing plant (the “Port Arthur Plant Fire”)
and that are, or are expected to be, the subject of insurance claims by the
Borrower or its Subsidiaries but only to the extent such claims have not been
denied and have been, or in the reasonable judgment of the Borrower, are likely
to be, paid by the Borrower’s or its Subsidiaries’ insurance carriers or
represent the retained portion of any business interruption claims pertaining
to the deductible plus (ii) to the extent (A) deducted in determining
Consolidated Net Income for such period and (B) such charges are, or are
expected to be, the subject of insurance claims by the Borrower or its Subsidiaries
but only to the extent such claims have not been denied and have been, or in
the reasonable judgment of the Borrower, are likely to be, paid by the Borrower’s
or its Subsidiaries’ insurance carriers or represent the retained portion of
any physical property insurance claims pertaining to the deductible, any
charges payable in cash for the maintenance or repair of property damaged in
the Port Arthur Plant Fire to the extent of such damage.  The Port Arthur Fire Add Back shall be set
forth on the Compliance Certificate delivered pursuant to Section 7.2(b) for
each Fiscal Quarter ending after December 31 2006 and on or before September
30, 2008, and the Borrower shall, upon the request of the Administrative Agent,
deliver such detailed computations as are necessary to support such amount.

“Port Arthur
Fire Insurance Income” means, for any period, the amount of income of the
Borrower or any of its Subsidiaries for such period (as determined in
accordance with GAAP) related to insurance proceeds received or expected to be
received as a result of the Port Arthur Plant Fire, including, without
limitation, any related (i) payments in respect of claims on policies related
to business interruption insurance during such period, (ii) physical property
insurance proceeds received by the Borrower or any of its Subsidiaries during
such period and (iii) accruals for expected insurance income recoveries during
such period.

“Pro Forma
Basis” means, (a) with respect to the preparation of a pro forma financial
statement for any purpose relating to an Acquisition or for calculation of
Consolidated EBITDA for any period, a pro forma financial statement or
calculation prepared on the basis that (i) any Indebtedness incurred or
assumed in connection with such Acquisition was incurred or assumed on the
first day of the applicable period, (ii) if such Indebtedness bears a floating
interest rate, such interest shall be paid over such pro forma period at the
rate in effect on the date of such Acquisition, and (iii) all income and expense
associated with the assets or entity acquired in connection with such
Acquisition for the most recently ended four fiscal quarter period for which
such income and expense amounts are available shall be treated as being earned
or incurred by Borrower over the applicable period on a pro forma basis without
giving effect to any cost savings other than, to the extent desired to be
included by the Borrower, Pro Forma Cost

 32

Savings, (b) with respect
to the preparation of a pro forma financial statement for any purpose relating
to an Asset Disposition or for calculation of Consolidated EBITDA, a pro forma
financial statement or calculation prepared on the basis that (i) any Indebtedness
prepaid out of the proceeds of such Asset Disposition shall be deemed to have
been prepaid as of the first day of the applicable period, and (ii) all income
and expense (other than such expenses as the Borrower, in good faith, estimates
will not be reduced or eliminated as a consequence of such Asset Disposition)
associated with the assets or entity disposed of in connection with such Asset
Disposition shall be deemed to have been eliminated as of the first day of the
applicable period and (c) with respect to the preparation of a pro forma
financial statement for any purpose relating to an incurrence of Indebtedness
or the making of any payment, or both, a pro forma financial statement or
calculation prepared on the basis that (i) such Indebtedness incurred was
incurred or such payment was made on the first day of the applicable period and
(ii) if such Indebtedness bears a floating rate of interest, such interest was
paid over such pro forma period at the rate in effect on the date of incurrence
of such Indebtedness.

“Pro Forma Cost Savings” means, with respect to
the determination of Consolidated Net Income on a Pro Forma Basis, such cost
savings as would be permitted pursuant to Rule 11.02 of Regulation S-X
(assuming Regulation S-X applied to the acquisition in question), if prior to
the consummation of any Acquisition permitted by Section 8.7(m), the
Borrower’s certified public accountants shall have issued a comfort letter (in
a manner consistent with example d of SAS 72) or shall have performed procedures
agreed upon by the Borrower and Administrative Agent, in each case related to
the determination of such Consolidated Net Income on a Pro Forma Basis in
accordance with the applicable accounting requirements of Rule 11.02 of
Regulation S-X.

“Pro Rata Share” means, when used with
reference to any Lender and any described aggregate or total amount of any
Facility or Facilities, an amount equal to the result obtained by multiplying
such described aggregate or total amount by a fraction the numerator of which
shall be such Lender’s Commitment with respect to such Facility or Facilities
and the denominator of which shall be the aggregate Commitments outstanding for
all Lenders or, if no Commitments are then outstanding, with respect to such
Facility or Facilities such Lender’s aggregate Loans with respect to such
Facility or Facilities to the total Loans outstanding hereunder with respect to
such Facility or Facilities, and when used with reference to any Lender’s
percent interest, such fraction, expressed as a percentage.

“Projections” has the meaning assigned to that
term in Section 6.5(e).

“Public Note Documents” means the Senior
Secured (2010) Note Documents, the Senior Note (2012) Documents, the Senior
Subordinated (2013) Note Documents, the Senior Subordinated (2014) Note
Documents, the Senior Subordinated (2015) Note Documents and all documents
evidencing, guaranteeing or otherwise governing any Permitted Refinancing
Indebtedness of any Public Notes.

“Public Notes” means the Senior Secured Notes
(2010), the Senior Notes (2012), the Senior Subordinated Notes (2013), the
Senior Subordinated Notes (2014) and the Senior Subordinated Notes (2015), in
each case in the amounts outstanding on the Effective Date, and any notes
evidencing any Permitted Refinancing Indebtedness of any of the foregoing.

 33
 

“Quarterly Payment Date” means each March 31,
June 30, September 30 and December 31 of each year.

“Quoted Rate” means the rate of interest per
annum with respect to a Swing Line Loan denominated in an Alternative Currency
as determined by the Swing Line Lender at the time such Swing Line Loan is made
to the Borrower.

“Receivables Documents” shall mean all
documentation relating to any receivables financing program providing for the
sale of Receivables Facility Assets by the Borrower and its Subsidiaries
(whether or not to a Receivables Subsidiary) in transactions purporting to be
sales (and treated as sales for GAAP purposes) and shall include the Master
Trust Receivables Securitization Documents.

“Receivables Facility Assets” shall mean any
Accounts Receivable (whether now existing or arising in the future) of the
Borrower or any of its Subsidiaries, and any assets related thereto, including
without limitation (i) all collateral given by the respective account debtor or
on its behalf (but not by the Borrower or any of its Subsidiaries) securing
such Accounts Receivable, (ii) all contracts and all guarantees (but not by the
Borrower or any of its Subsidiaries) or other obligations directly related to
such Accounts Receivable, (iii) other related assets, and (iv) proceeds of all
of the foregoing.

“Receivables Facility Attributed Indebtedness”
at any time shall mean the aggregate Dollar Equivalent net outstanding amount
theretofore paid, directly or indirectly, by a funding source in respect of the
Receivables Facility Assets or interests therein sold, conveyed, contributed or
transferred or pledged pursuant to the relevant Receivables Documents
(including in connection with a Permitted Accounts Receivable Securitization)
(it being the intent of the parties that the amount of Receivables Facility
Attributed Indebtedness at any time outstanding approximate as closely as
possible the principal amount of Indebtedness which would be outstanding at
such time under the Receivables Documents if the same were structured as a
secured lending agreement rather than an agreement providing for the sale,
conveyance, contribution to capital, transfer or pledge of such Receivables
Facility Assets or interests therein).

“Receivables Subsidiary” means a special
purpose, bankruptcy remote Wholly-Owned Subsidiary of the Borrower which may be
formed for the sole and exclusive purpose of engaging in activities in
connection with the purchase, sale and financing of Accounts Receivable in
connection with and pursuant to one or more Permitted Accounts Receivable
Securitizations; provided, however, that if the law of a
jurisdiction in which the Borrower proposes to create a Receivables Subsidiary
does not provide for the creation of a bankruptcy remote entity that is
acceptable to the Borrower or requires the formation of one or more additional
entities (whether or not Subsidiaries of the Borrower), the Administrative
Agent may in its discretion permit the Borrower to form such other type of
entity in such jurisdiction to serve as a Receivables Subsidiary as is
necessary or customary for similar transactions in such jurisdiction.  The Master Trust Receivables Subsidiary shall
be considered a Receivables Subsidiary hereunder.

 34
 

“Receivables Subsidiary Pledge Agreement” means
the Pledge Agreement, Collateral Security Agreement and/or such other pledge or
security agreement in form reasonably satisfactory to the Administrative Agent
pursuant to which the Borrower or a Participating Subsidiary pledges the Pledged
Receivables Subsidiary Stock and the Pledged Receivables Subsidiary Notes to
the Collateral Agent for the benefit of the Lenders to secure the “Secured
Obligations” described in the Pledge Agreement or the Collateral Security
Agreement, as applicable.

“Recovery Event” means the receipt by the
Borrower or any of its Subsidiaries of any insurance or condemnation proceeds
payable (i) by reason of any theft, physical destruction or damage or any other
similar event with respect to any properties or assets of the Borrower or any
of its Subsidiaries, (ii) by reason of any condemnation, taking, seizing or
similar event with respect to any properties or assets of the Borrower or any
of its Subsidiaries and (iii) under any policy of insurance required to be maintained
under Section 7.8  provided, however, that in no event
shall payments made under business interruption insurance constitute a Recovery
Event.

“Reference Lenders” means the principal office
of Deutsche Bank AG and Citibank, N.A. in the relevant jurisdiction or such
other banks as may be appointed by the Administrative Agent in consultation
with the Borrower.

“Refunded Swing Line Loans” has the meaning
assigned to that term in Section 2.1(c)(ii).

“Regulation D” means Regulation D of the Board
as from time to time in effect and any successor to all or a portion thereof
establishing reserve requirements.

“Related Fund” means, with respect to any
Lender which is a Fund, any other Fund that is administered or managed by the
same investment advisor of such Lender or by an Affiliate of such investment
advisor.

“Release” means any release, spill, emission,
leaking, pumping, pouring, emptying, dumping, injection, deposit, disposal,
discharge, dispersal, escape, leaching or migration into the indoor or outdoor
environment, including the movement of Contaminants through or in the air,
soil, surface water or groundwater.

“Remedial Action” means actions required to (i)
clean up, remove, treat or in any other way address Contaminants in the indoor
or outdoor environment;  (ii) prevent,
minimize or otherwise address the Release or substantial threat of a material
Release of Contaminants so they do not migrate or endanger or threaten to
endanger public health or welfare or the indoor or outdoor environment; or
(iii) perform pre-response or post-response studies and investigations and
post-response monitoring and care or any other studies, reports or
investigations relating to Contaminants.

“Replaced Lender” has the meaning assigned to
that term in Section 3.7.

“Replacement Lender” has the meaning assigned
to that term in Section 3.7.

 35
 

“Reportable Event” means a “reportable event”
described in Section 4043(c) of ERISA or in the regulations thereunder with
respect to a Plan other than a reportable event for which the 30 day notice
requirement to the PBGC has been waived, any event requiring disclosure under
Section 4063(a) or 4062(e) of ERISA, receipt of a notice of withdrawal
liability with respect to a Multiemployer Plan pursuant to Section 4202 of
ERISA or receipt of a notice of reorganization or insolvency with respect to a
Multiemployer Plan pursuant to Section 4242 or 4245 of ERISA.

“Required Lenders” means Non-Defaulting Lenders
the sum of whose outstanding Term Loans and Revolving Commitments (or, after
the Total Revolving Commitment has been terminated, the Assigned Dollar Value
of outstanding Revolving Loans and the Assigned Dollar Value of LC Obligations)
constitute greater than 50% of the sum of (i) the total outstanding Dollar
Equivalent amount of Term Loans of Non-Defaulting Lenders and (ii) the Total
Revolving Commitment less the aggregate Revolving Commitments of Defaulting
Lenders (or, after the Total Revolving Commitment has been terminated, the
total Assigned Dollar Value of outstanding Revolving Loans of Non-Defaulting
Lenders and the aggregate Pro Rata Share of all Non-Defaulting Lenders of the
total Assigned Dollar Value of outstanding LC Obligations at such time).

“Required Note Offer Amount Proceeds” shall
mean (i) with respect to any Asset Disposition, the amount of any Net Sale
Proceeds which would be required by the terms of the Senior Secured Notes
(2010) Indenture to be applied to offer to purchase Senior Secured Notes (2010)
and (ii) with respect to the proceeds of any Recovery Event, the amount of any
such proceeds which would be required by the terms of the Senior Secured Notes
(2010) Indenture to offer to purchase Senior Secured Notes (2010); in each case
(x) including amounts which are required under the terms of the Senior Secured
Notes (2010) Indenture to be accumulated to make such an offer, (y) assuming no
reinvestment of such proceeds or expenditure of such proceeds to purchase
replacement properties or assets and (z) after giving effect to any prepayment
of Loans to the maximum extent permitted by the Senior Secured Notes (2010)
Indenture without requiring an offer to repurchase Senior Secured Notes (2010).

“Requirement of Law” means, as to any Person,
any law (including common law), treaty, rule or regulation or judgment, decree,
determination or award of an arbitrator or a court or other Governmental
Authority, including without limitation, any Environmental Law, in each case
applicable to or binding upon such Person or any of its property or to which
such Person or any of its property is subject.

“Responsible Financial Officer” means, as to
any Person, the chief financial officer, principal accounting officer, a
financial vice president, controller, manager (in the case of a limited
liability company) having responsibility for financial matters, treasurer or
assistant treasurer of such Person.

“Responsible Officer” means, as to any Person,
any of the chairman or vice chairman of the board of directors, the president,
any executive vice president, the vice president-controller, any vice president,
manager (in the case of a limited liability company) or any Responsible
Financial Officer of such Person.

 36
 

“Restricted Payment” has the meaning assigned
to that term in Section 8.4(a).

“Revolver
Event of Default” means any Event of Default under Section 10.1(c)
as a result of the Borrower failing to be in compliance with Section 9.1.

“Revolver Termination Date” means August 16,
2010 or such earlier date as the Revolving Commitments shall have been
terminated or otherwise reduced to $0 pursuant to this Agreement; provided,
that, if there shall occur a date (an “earlier date”) on which in excess
of $100,000,000 of Public Notes which have not been repaid or refinanced with
Permitted Refinancing Indebtedness in accordance with the terms of this
Agreement is scheduled to come due within three months, “Revolver
Termination Date” means such earlier date.

“Revolving Commitment” means, with respect to
any Revolving Lender, the obligation of such Revolving Lender to make Revolving
Loans and participate in Letters of Credit and Swing Line Loans, as such
commitment may be adjusted from time to time pursuant to this Agreement, which
commitment as of the date hereof is the amount set forth opposite such Lender’s
name on Schedule 1.1(a) hereto under the caption “Amount of Revolving
Commitment” as the same may be adjusted from time to time pursuant to the terms
hereof and “Revolving Commitments” means such commitments collectively,
which commitments equal $650,000,000 in the aggregate as of the date hereof.

“Revolving Facility” means the credit facility
under this Agreement evidenced by the Revolving Commitments and the Revolving
Loans.

“Revolving Lender” means any Lender which has a
Revolving Commitment or is owed a Revolving Loan (or a portion thereof).

“Revolving Loan” and “Revolving Loans”
have the meanings given in Section 2.1(b)(i).

“Revolving Note” has the meaning assigned to
that term in Section 2.2(a).

“Rubicon” means Rubicon Inc., and its
successors and assigns.

“Sale and Leaseback Transaction” means any
arrangement, directly or indirectly, whereby a seller or transferor shall sell
or otherwise transfer any real or personal property and then or thereafter
lease, or repurchase under an extended purchase contract, conditional sales or
other title retention agreement, the same or similar property.

“Scheduled Term B Dollar Repayments” means,
with respect to the principal payments on the Term B Dollar Loans for each date
set forth below, that percentage of the aggregate outstanding principal amount
of Term B Dollar Loans on the Effective Date set forth opposite thereto:

 37
 

Scheduled Term B Dollar Repayments

	
  Date

  	
   

  	
  Principal Payment

  
	
   

  	
   

  	
   

  
	
  March 31, 2008

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31, 2009

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31, 2010

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31, 2011

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31, 2012

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31, 2013

  	
   

  	
  1% of the aggregate principal amount as of the
  Effective Date

  
	
   

  	
   

  	
   

  
	
  Term B Loan Maturity
  Date

  	
   

  	
  100% of the aggregate principal amount of Term B
  Dollar Loans outstanding on the Term B Loan Maturity Date.

  

 

“Scheduled Term Repayments” mean, for any Term
Facility, the scheduled principal payments set forth in the “Scheduled Term
Repayments” definition applicable to such Term Facility.

“SEC” means the Securities and Exchange Commission
or any successor thereto.

“Secured Parties” has the meaning provided in
the respective Security Documents to the extent defined therein and shall
include any Person who is granted a security interest pursuant to any Loan
Document.

“Securities” means any stock, shares, voting
trust certificates, bonds, debentures, options, warrants, notes, or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for
the purchase or acquisition of, or any right to subscribe to, purchase or
acquire, any of the foregoing.

“Security Documents” means, collectively the
Collateral Security Agreement, the Pledge Agreement, the Mortgages, the UK
Security Documents and all other agreements, assignments, security agreements,
instruments and documents executed in connection therewith, in each case as the
same may at any time be amended, supplemented, restated or otherwise modified
and in effect.  For purposes of this
Agreement, “Security Documents” shall also include

 38
 

all guaranties,
mortgagees, pledge agreements, collateral assignments, subordination agreements
and other collateral documents and any reaffirmation of the foregoing in the
nature thereof entered into by the Borrower or any Subsidiary of the Borrower
on and after the date of this Agreement in favor of the Collateral Agent for
the benefit of the Secured Parties in satisfaction of the requirements of this
Agreement.

“Senior Note (2012) Documents” means the Senior
Notes (2012), the Senior Notes (2012) Indenture and all other documents
evidencing, guaranteeing or otherwise governing the terms of the Senior Notes
(2012).

“Senior Notes (2012)” means those certain
11-1/2% senior notes due July 15, 2012 issued pursuant to the terms of the
Senior Notes (2012) Indenture.

“Senior Notes (2012) Indenture” means that
certain Indenture dated as of June 22, 2004 among Borrower (as successor to Huntsman
LLC), the guarantors named therein and HSBC Bank USA, National Association, as
trustee (as the same may be amended in compliance with this Agreement,
including pursuant to the Supplemental Indenture dated as of July 11, 2005) and
any supplemental indenture or additional indenture to be entered into with
respect to the Senior Notes (2012) to the extent permitted under Section
8.11.

“Senior Secured (2010) Note Documents” means
the Senior Secured Notes (2010), the Senior Secured Notes (2010) Indenture and
all other documents evidencing, guaranteeing or otherwise governing the terms
of the Senior Secured Notes (2010).

“Senior Secured Leverage Ratio” means, as of
any date of determination, the ratio of (i) Consolidated Debt that is either
(x) secured by any Lien or (y) is Indebtedness of the Borrower or any
Subsidiary of the type referred to in clause (x) of the definition of such term
(other than any such Indebtedness of Foreign Subsidiaries that are not secured
by Liens) to (ii) Consolidated EBITDA for the most recently ended four Fiscal
Quarters for which financial statements have been delivered pursuant to Section
7.1.

“Senior Secured Notes (2010)” means those
certain 11-5/8% senior secured notes due October 15, 2010 issued pursuant to
the terms of the Senior Secured Notes (2010) Indenture, and secured by the
Collateral on a pari passu basis with the Obligations.

“Senior Secured Notes (2010) Indenture” means
that certain Indenture dated as of September 30, 2003 among Borrower (as
successor to Huntsman LLC), the guarantors named therein and HSBC Bank USA,
National Association (as successor to HSBC Bank USA), as trustee (as the same
may be amended in compliance with this Agreement, including pursuant to the
Supplemental Indenture dated as of July 13, 2005) and any supplemental
indenture or additional indenture to be entered into with respect to the Senior
Secured Notes (2010) to the extent permitted under Section 8.11.

“Senior Secured Notes (2010) Obligations” means
the obligations incurred by Borrower under the Senior Secured Notes (2010)
Indenture, as evidenced by the Senior Secured Notes (2010).

 39
 

“Senior Subordinated Note (2013) Documents”
means the Senior Subordinated Notes (2013), the Senior Subordinated Notes
(2013/2014) Indenture and all other documents evidencing, guaranteeing or
otherwise governing the terms of the Senior Subordinated Notes (2013).

“Senior Subordinated Notes (2013)” means those
certain 6-7/8% senior subordinated notes due November 2013 issued by the
Borrower pursuant to the terms of the Senior Subordinated Notes (2013/2014)
Indenture.

“Senior Subordinated Notes (2013/2014) Indenture”
means that certain Indenture dated as of November 13, 2006 among the Borrower,
the guarantors named therein and Wells Fargo, National Association, as trustee
(as the same may be amended in compliance with this Agreement, including
pursuant to the Supplemental Indenture dated February 2007) and any
supplemental indenture or additional indenture to be entered into with respect
to the Senior Subordinated Notes (2013) or the Senior Subordinated Notes (2014)
to the extent permitted under Section 8.11.

“Senior Subordinated Note (2014) Documents”
means the Senior Subordinated Notes (2014), the Senior Subordinated Notes
(2013/2014) Indenture and all other documents evidencing, guaranteeing or
otherwise governing the terms of the Senior Subordinated Notes (2014).

“Senior Subordinated Notes (2014)” means those
certain 7-7/8% senior subordinated notes due November 2014 issued by the
Borrower pursuant to the terms of the Senior Subordinated Notes (2013/2014)
Indenture.

“Senior Subordinated Note (2015) Documents”
means the Senior Subordinated Notes (2015), the Senior Subordinated Notes
(2015) Indenture and all other documents evidencing, guaranteeing or otherwise
governing the terms of the Senior Subordinated Notes (2015).

“Senior Subordinated Notes (2015)” shall mean
(i) those certain 7-3/8% senior subordinated notes due January 1, 2015
denominated in Dollars issued by the Borrower pursuant to the terms of the
Senior Subordinated Notes (2015) Indenture and (ii) those certain 7-1/2% senior
subordinated notes due January 1, 2015 denominated in Euros issued by the
Borrower pursuant to the terms of the Senior Subordinated Notes (2015)
Indenture.

“Senior Subordinated Notes (2015) Indenture”
shall mean that certain Indenture dated as of December 17, 2004 among Borrower,
the guarantors named therein and Wells Fargo Bank Minnesota, National
Association, as trustee (as the same may be amended in compliance with this
Agreement) and any supplemental indenture or additional indenture to be entered
into with respect to the Senior Subordinated Notes (2015) to the extent
permitted under Section 8.11.

“Solvent” means, when used with respect to (i)
any Person (other than subject to clause (ii)), that (x) the fair saleable
value of its assets is in excess of the total amount of its liabilities
(including for purposes of this definition all liabilities, whether or not
reflected on a balance sheet prepared in accordance with GAAP, and whether direct
or indirect, fixed or contingent, disputed or undisputed), (y) it is able to
pay its debts or obligations in the ordinary

 40
 

course as they mature and
(z) it has capital sufficient to carry on its business and all business in
which it is about to engage and (ii) for any Person other than a Domestic
Subsidiary, such Person has the ability to pay its debts as and when they fall
due and could not be deemed to be insolvent for the purposes of the law of such
Person’s jurisdiction of formation.  For
purposes of Section 6.5(b) “debt” means any liability on a claim, and “claim”
means (A) any right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured,
disputed, undisputed, legal, equitable, secured, or unsecured (including all
obligations, if any, under any Plan or the equivalent for unfunded past service
liability, and any other unfunded medical and death benefits) or (B) any right
to an equitable remedy for breach of performance if such breach gives rise to a
payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured
or unsecured.  In computing the amount of
contingent or unliquidated liabilities at any time, such liabilities will be
computed at the amount which, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

“Spot Rate” means, for any currency at any
date, the rate quoted by DB as the spot rate for the purchase by DB of such
currency with another currency through its foreign exchange trading office or
such other rate which the Administrative Agent may select based on reasonable
commercial practices.

“S&P” means Standard & Poor’s Ratings
Service, a division of the McGraw-Hill Companies, Inc., or any successor to the
rating agency business thereof.

“Standby Letters of Credit” means any of the
irrevocable standby letters of credit issued pursuant to this Agreement, in
form acceptable to the Facing Agent, together with any increases or decreases
in the Stated Amount thereof and any renewals, amendments and/or extensions
thereof.

“Stated Amount” or “Stated Amounts”
means, (i) with respect to any Letter of Credit issued in Dollars, the stated
or face amount of such Letter of Credit to the extent available at the time for
drawing (subject to presentment of all requisite documents), and (ii) with
respect to any Letter of Credit issued in any currency other than Dollars, the
Assigned Dollar Value of the stated or face amount of such Letter of Credit to
the extent available at the time for drawing (subject to presentment of all
requisite documents), in either case, as the same may be increased or decreased
from time to time in accordance with the terms of such Letter of Credit.  For purposes of calculating the Stated Amount
of any Letter of Credit at any time:

(A)          any increase in the
Stated Amount of any Letter of Credit by reason of any amendment to any Letter
of Credit shall be deemed effective under this Agreement as of the date Facing
Agent actually issues an amendment purporting to increase the Stated Amount of
such Letter of Credit, whether or not Facing Agent receives the consent of the
Letter of Credit beneficiary or beneficiaries to the amendment, except that if
the Borrower has required that the increase in Stated Amount be given effect as
of an earlier date and Facing Agent issues an amendment to that effect, then
such increase in Stated Amount shall be

 41
 

deemed effective under this Agreement as of such
earlier date requested by the Borrower; and

(B)           any reduction in the
Stated Amount of any Letter of Credit by reason of any amendment to any Letter
of Credit shall be deemed effective under this Agreement as of the later of (x)
the date Facing Agent actually issues an amendment purporting to reduce the
Stated Amount of such Letter of Credit, whether or not the amendment provides
that the reduction be given effect as of an earlier date, or (y) the date
Facing Agent receives the written consent (including by authenticated telex,
cable, SWIFT messages or facsimile transmission (with, in the case of a
facsimile transmission, a follow-up original hard copy)) of the Letter of
Credit beneficiary or beneficiaries to such reduction, whether written consent
must be dated on or after the date of the amendment issued by Facing Agent
purporting to effect such reduction.

“Sterling” means the lawful currency of the
United Kingdom.

“Subsidiary” of any Person means any
corporation, partnership (limited or general), limited liability company, trust
or other entity of which a majority of the Capital Stock (or equivalent
beneficial ownership or voting interest) having ordinary voting power to elect
a majority of the board of directors (if a corporation) or to select the
trustee or equivalent controlling interest, shall, at the time such reference
becomes operative, be directly or indirectly owned or controlled by such Person
or one or more of the other subsidiaries of such Person or any combination
thereof.  Unless otherwise qualified, all
references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer
to a Subsidiary or Subsidiaries of the Borrower.  Unless otherwise expressly provided, an
Unrestricted Subsidiary shall not be considered a “Subsidiary” of the Borrower
for purposes of this Agreement.

“Subsidiary Guarantor” means each Subsidiary of
the Borrower that is or becomes a party to the Subsidiary Guaranty or delivers
a guaranty pursuant to Section 7.11.

“Subsidiary Guaranty” means the guaranty
executed by the Subsidiary Guarantors, in form and substance satisfactory to
the Administrative Agent, and delivered as of the Closing Date, as the same may
be amended, supplemented or otherwise modified from time to time.

“Swing Line Commitment” means, with respect to
the Swing Line Lender at any date, the obligation of the Swing Line Lender to
make Swing Line Loans pursuant to Section 2.1(c) in the amount referred
to therein.

“Swing Line Lender” means DB in such capacity.

“Swing Line Loan Participation Certificate”
means a certificate, substantially in the form of Exhibit 2.1(c).

“Swing Line Loans” has the meaning assigned to
that term in Section 2.1(c)(i).

 42
 

“Swing Line Note” has the meaning assigned to
that term in Section 2.2(a).

“Tax Distributions” has the meaning provided in
Section 8.4.

“Tax Sharing Agreement” means that certain tax
sharing agreement dated as of the date hereof by and among Borrower, Huntsman
Corporation and other Subsidiaries of Huntsman Corporation referred to therein,
initially substantially in the form of Exhibit 5.1(v), as amended or
otherwise modified from time to time in accordance with Section 8.11.

“Taxes” has the meaning assigned to that term
in Section 4.7(a).

“Technology” has the meaning assigned to that
term in Section 8.3(f).

“Term B Dollar Commitment” means, with respect
to any Term B Lender signatory to the Third Amendment, the principal amount set
forth opposite such Lender’s name on Schedule 1.1(a) hereto or in any
Assignment and Assumption Agreement under the caption “Amount of Term B Dollar
Commitment”, as such commitment may be adjusted from time to time pursuant to
this Agreement or increased pursuant to Section 2.1(a)(ii), and “Term B
Dollar Commitments” means such commitments collectively, which commitments
equal $1,640,000,000 in the aggregate on the Effective Date.

“Term B Dollar Facility” means the credit
facility under this Agreement evidenced by the Term B Dollar Commitments and
the Term B Dollar Loans.

“Term B Dollar Lender” means any Lender which
has a Term B Dollar Commitment or has made (or a portion thereof) a Term B
Dollar Loan.

“Term B Dollar Loan” and “Term B Dollar
Loans” have the meanings assigned to those terms in Section 2.1(a)(i).

“Term B Dollar Note” and “Term B Dollar
Notes” have the meanings assigned to those terms in Section 2.2(a).

“Term B Loan Facility” means the Term B Dollar
Facility.

“Term B Loan Maturity Date” means April 19,
2014; provided, that, if there shall occur a date (an “earlier date”)
on which in excess of $100,000,000 of Public Notes which have not been repaid
or refinanced with Permitted Refinancing Indebtedness in accordance with the
terms of this Agreement is scheduled to come due within three months, “Term
B Loan Maturity Date” means such earlier date.

“Term Commitment” means, with respect to each
Lender and any Term Facility, the principal amount set forth opposite such
Lender’s name on Schedule 1.1(a) hereto or in any Assignment and
Assumption Agreement under the caption for the amount of commitment to such
Term Facility, as such commitments may be adjusted from time to time pursuant
to this Agreement, and “Term Commitments” means such commitments
collectively.

 43
 

“Term Facilities” means the Facilities under
the Agreement other than the Revolving Facility.

“Term Loan Ratable Share” shall mean, as of any
date of determination, a fraction, the numerator of which is the total
outstanding principal amount of Term Loans as of such date and the denominator
of which is an amount equal to the sum of (i) the total principal amount of
Term Loans outstanding as of such date and (ii) the total principal amount of
Senior Secured Notes (2010) outstanding as of such date.

“Term Loans” means the Loans under the Term
Facilities, collectively.

“Term Maturity Date” means, with respect to any
Term Facility, the scheduled maturity date for such Term Facility under this
Agreement.

“Term Note” and “Term Notes” means the
notes provided for in Section 2.2 that evidence indebtedness under the
Term Facilities, collectively.

“Term Percentage” means, at any time with
respect to any Term Facility, a fraction (expressed as a percentage) the
numerator of which is equal to the aggregate Assigned Dollar Value of all Loans
under such Term Facility outstanding at such time and the denominator of which
is equal to the aggregate Assigned Dollar Value of all Term Loans outstanding
at such time.

“Test Period” means, at any time the four
Fiscal Quarters of the Borrower then last ended.

“TG” means Tioxide Group Unlimited, a direct Subsidiary
of the Borrower that is a private unlimited company incorporated under the laws
of England and Wales with company number 00249759.

“Thai Holding Companies” means the Domestic
Subsidiaries of the Borrower whose sole asset, if any, is an ownership interest
in Huntsman (Thailand) Ltd., a corporation organized under the laws of
Thailand, and identified as such on Schedule 6.13.

“Third Amendment” means the Third Amendment to
this Agreement dated as of April 19, 2007.

“Total Assets” means, at any date of
determination, the total assets of the Borrower and its Subsidiaries, as
determined in accordance with GAAP at the end of the most recent Fiscal Quarter
for which financial statements were delivered pursuant to Section 7.1.

“Total Available Revolving Commitment” means,
at the time of any determination thereof is made, the sum of the respective
Available Revolving Commitments of the Lenders at such time.

“Total Commitment” means, at the time any
determination thereof is made, the sum of the Term Commitments and the
Revolving Commitments at such time.

 44
 

“Total Revolving Commitment” means, at any
time, the sum of the Revolving Commitments of each of the Lenders at such time.

“Transferee” has the meaning assigned to that
term in Section 12.8(d).

“Type” means any type of Loan, namely, a Base
Rate Loan or a Eurocurrency Loan.

“UCC” means the Uniform Commercial Code as in
effect from time to time in the relevant jurisdiction.

“UK Business Sale” means the sale all of the outstanding equity interests
of Huntsman Petrochemicals (UK) Limited to SABIC and the assumption by SABIC of
unfunded pension liabilities.

“UK Debenture” has the meaning assigned to that
term Section 5.1(b).

“UK Holdco 1” means Huntsman (Holdings) UK, a
direct Wholly-Owned Subsidiary of TG that is a private unlimited company
incorporated under the laws of England and Wales with company number 03768308.

“UK Pledge Agreements” means the English law
governed charges over shares in respect of the shares held by the Borrower or a
Subsidiary Guarantor in TG or UK Holdco 1 granted in favor of the UK Security
Trustee (as modified, supplemented or amended from time to time).

“UK Security Trustee” means the DB in its
capacity as UK Security Trustee under the UK Security Documents or any
successor UK Security Trustee.

“UK Security Documents” means the UK Pledge
Agreements and the UK Debenture.

“Unmatured Event of Default” means an event,
act or occurrence which with the giving of notice or the lapse of time (or
both) would become an Event of Default.

“Unpaid Drawing” has the meaning assigned to
that term in Section 2.9(c).

“Unrestricted Investment” has the meaning
assigned to that term in Section 8.4.

“Unrestricted Subsidiary” means  (i) each of the Persons identified on Schedule
1.1(c) hereto, (ii) any Subsidiary of the Borrower designated as an
Unrestricted Subsidiary in the manner provided below, (iii) any Subsidiary of
an Unrestricted Subsidiary created at or after the designation of its parent
company as an Unrestricted Subsidiary pursuant to clause (ii) above and (iv)
any Permitted Unconsolidated Venture that, as a result of an Investment
permitted under Section 8.7(j), (o) or (p), would
otherwise become a Subsidiary of the Borrower; provided, however,
that no Receivables Subsidiary may be an Unrestricted Subsidiary.  The Borrower may designate any Subsidiary
(including any newly acquired or newly formed Subsidiary but excluding any
Receivables Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary

 45
 

owns any Capital Stock
of, or owns or holds any Lien on any property of, the Borrower or any
Subsidiary of the Borrower that is not a Subsidiary of the Subsidiary to be so
designated; provided, that (x) each Subsidiary to be so designated an
Unrestricted Subsidiary and each of its Subsidiaries has not, at the time of
designation, and does not thereafter, create, incur, assume, guarantee or
otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which any lender has recourse to any of the assets of the Borrower
or any of its Subsidiaries (other than Unrestricted Subsidiaries), (y)
immediately before and immediately after the effectiveness of such designation,
no Unmatured Event of Default or Event of Default exists or will exist and
(z)  the Investment made in such Unrestricted
Subsidiary (valued at the fair market value of the Subsidiary at the time that
such Subsidiary is designated an Unrestricted Subsidiary and valued thereafter
in accordance with the definition of “Investments”) is permitted pursuant to Section
8.7.  Any such designation of an
Unrestricted Subsidiary shall be evidenced by delivery to the Administrative
Agent of (A) a copy of the resolutions of the Borrower giving effect to such
designation and (B) an officer’s certificate signed by two Responsible Financial
Officers of the Borrower certifying that such designation complies with the
foregoing provisions.  If, at any time, any Unrestricted Subsidiary
would fail to meet the requirements set forth in clause (x) above for an
Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes of this Agreement and the other Loan Documents and
Borrower shall take such applicable actions as required by Section 12.20
to redesignate such Unrestricted Subsidiary as a Subsidiary.

“Unrestricted Subsidiary Investment Basket”
means, as of any date of determination, an amount equal to the sum of (i) the
greater of  (A) $300,000,000 or (B) 3% of
Total Assets plus (ii) the after-tax amount of any cash returns of
principal or capital on Investments listed on Schedule 1.1(c) hereto or
made pursuant to Section 8.7(j), cash dividends thereon and other cash
returns on investment thereon, as the case may be, in each case, after the
Effective Date.

“US Commodity Business Sale” means the proposed
sale of the Borrower’s
U.S. base chemicals and polymers business to Flint Hills Resources pursuant to
the terms of the US Commodity Business Sale Agreement.

“US Commodity Business Sale Agreement” means
that certain Asset Purchase Agreement, dated February 15, 2007 among Flint
Hills Resources, LLC, the Borrower, Huntsman Petrochemical Corporation,
Huntsman International Chemicals Corporation, Huntsman Polymers Holdings
Corporation, Huntsman Expandable Polymers Company, LLC, Huntsman Polymers Corp.
and Huntsman Chemical Company of Canada, Inc., together with any amendments or
modifications thereto to the extent not materially adverse to the Lenders.

“Voting Securities” means any class of Capital
Stock of a Person pursuant to which the holders thereof have, at the time of
determination, the general voting power under ordinary circumstances to vote
for the election of directors, managers, trustees or general partners of such
Person (irrespective of whether or not at the time any other class or classes
will have or might have voting power by reason of the happening of any
contingency).

“Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by
dividing (i) the then outstanding principal amount of

 46
 

such Indebtedness into
(ii) the sum of each of the products obtained by multiplying (x) the amount of
each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect
thereof by (y) the number of years (calculated to the nearest one-twelfth) that
will elapse between such date and the scheduled due date of each such remaining
payment.

“Wholly-Owned Subsidiary” means, with respect
to any Person, any Subsidiary of such Person, all of the outstanding shares of
capital stock of which (other than qualifying shares required to be owned by
directors of Foreign Subsidiaries, or similar de minimis issuances
of capital stock to comply with Requirements of Law) are at the time owned
directly or indirectly by such Person and/or one or more Wholly-Owned
Subsidiaries of such Person; provided, that each of Huntsman Corporation
Hungary Rt. and its Wholly-Owned Subsidiaries shall be deemed to be a
Wholly-Owned Subsidiary.  For purposes of
this definition, ‘capital stock’ shall include equivalent ownership or
controlling interests having ordinary voting power in entities other than
corporations.

“written” or “in writing” means any form of
written communication or a communication by means of telecopier device or
authenticated telex, telegraph or cable.

The foregoing definitions shall be equally applicable
to both the singular and plural forms of the defined terms.  In the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each mean “to but excluding.”  The words “herein,” “hereof” and words of
similar import as used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision in this Agreement.  References to “Articles”, “Sections”, “paragraphs”,
“Exhibits” and “Schedules” in this Agreement shall refer to Articles, Sections,
paragraphs, Exhibits and Schedules of this Agreement unless otherwise expressly
provided; references to Persons include their respective permitted successors
and assigns or, in the case of governmental Persons, Persons succeeding to the
relevant functions of such persons; and all references to statutes and related
regulations shall include any amendments of same and any successor statutes and
regulations.  Unless otherwise expressly
provided herein, references to constitutive and Organizational Documents and to
agreements (including the Loan Documents) and other contractual instruments
shall be deemed to include subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are
not prohibited by any Loan Document.

1.2           Accounting Terms; Financial Statements

(a)           Except as otherwise expressly provided
herein (including without limitation, any modification to the terms hereof
pursuant to Section 8.12), all accounting terms used herein but not
expressly defined in this Agreement and all computations and determinations for
purposes of determining compliance with the financial requirements of this
Agreement shall be made in accordance with GAAP in effect on the date hereof
and on a basis consistent with the presentation of the financial statements and
projections delivered pursuant to, or otherwise referred to in, Sections
6.5(a) and 6.5(e). 
Notwithstanding the foregoing sentence, the financial statements
required to be delivered pursuant to Section 7.1 shall be prepared in
accordance with

 47
 

GAAP as in effect on the respective dates of their preparation.  Unless otherwise provided for herein,
wherever any computation is to be made with respect to any Person and its
Subsidiaries, such computation shall be made so as to exclude all items of
income, loss, assets and liabilities attributable to any Person that is not a
Subsidiary of such Person.  For purposes
of the financial terms set forth herein, whenever a reference is made to a
determination which is required to be made on a consolidated basis (whether in
accordance with GAAP or otherwise) for the Borrower and its Subsidiaries, such
determination shall be made as if each Unrestricted Subsidiary were
wholly-owned by a Person not an Affiliate of the Borrower.

(b)           Solely for purposes of delivery of the
financial statements required by Sections 6.5, 7.1(a) and (b),
Unrestricted Subsidiaries shall be deemed to be Subsidiaries; provided, however,
concurrently with the delivery of the officer’s certificate required by Section
7.2(b), for purposes of calculating compliance with the financial covenants
hereof, Borrower shall also deliver to Administrative Agent statements
excluding the Unrestricted Subsidiaries, and, upon request of Administrative
Agent, reflecting the relevant calculations pertaining to the Unrestricted
Subsidiaries existing on the Effective Date, in each case in form and substance
satisfactory to the Administrative Agent.

(c)           For purposes of computing the financial
ratios as of the end of any period, all components of such ratios for the
applicable period shall include or exclude, as the case may be, without
duplication, such components of such ratios attributable to any business or
assets that have been acquired or disposed of by the Borrower or any Subsidiary
of the Borrower (including through mergers or consolidations) after the first
day of such period and prior to the end of such period on a Pro Forma Basis as
determined in good faith by the Borrower and certified to by a Responsible
Officer of the Borrower to the Administrative Agent.

ARTICLE
II

AMOUNT
AND TERMS OF CREDIT

2.1           The Commitments

(a)           Term B Loan.

(i)            Subject
to the terms and conditions hereof and in the Third Amendment, each Term B
Dollar Lender agrees to make a loan in Dollars (the “Term B Dollar Loans”)
to the Borrower on the Third Amendment Effective Date in the aggregate
principal amount of such Lender’s Term B Dollar Commitment.  No amount of a Term B Loan which is repaid or
prepaid by the Borrower may be reborrowed hereunder.  The Term B Dollar Loans shall be denominated
in Dollars, shall be maintained as and/or converted into Base Rate Loans or
Eurocurrency Loans or a combination thereof, provided, that all Term B
Dollar Loans made by the Term B Dollar Lenders pursuant to the same Borrowing
shall, unless otherwise specifically provided herein, consist entirely of Term
B Dollar Loans of the same Type.

 48

(ii)           (A)
The Borrower shall have the right at any time following the date on which the
Administrative Agent notifies the Borrower that the initial syndication of the
Loans and Commitments with respect to this Agreement has occurred to the
Administrative Agent’s satisfaction (so long as (x) no Unmatured Event of
Default or Event of Default then exists and is continuing, (y) the Borrower
shall have delivered to Administrative Agent a Compliance Certificate for the
period of four full Fiscal Quarters immediately preceding the incurrence
described below (prepared in good faith and in a manner and using such
methodology which is consistent with the most recent financial statements
delivered pursuant to Section 7.1) giving pro forma effect to such
incurrence and evidencing compliance with the covenant set forth in Article
IX) and (z) such incurrence is not prohibited by the terms of any Public
Note Document), to incur from one or more existing Lenders and/or other Persons
that are Eligible Assignees and which, in each case, agree to make such term
loans to the Borrower, Additional Term Loans in Dollars or Euros (in maximum
amounts described below), which loans may be incurred as one or more tranches
of additional term loans as determined by Administrative Agent in an aggregate
principal amount not to exceed $1,000,000,000 so long as the proceeds of such
Additional Term Loans are used solely for (i) capital expenditures, (ii)
repayment of secured Indebtedness of the Borrower, (iii) repayment of Senior
Notes (2012) and (iv) to finance Acquisitions permitted by Section 8.3(b)
hereof.

(B) In the event that the
Borrower desires to incur Additional Term Loans, the Borrower will enter into
an amendment with the lenders (who shall by execution thereof become Lenders
hereunder if not theretofore Lenders) to provide for such Additional Term
Loans, which amendment shall set forth any terms and conditions of the
Additional Term Loans not covered by this Agreement as agreed by the Borrower
and such Lenders, and shall provide for the issuance of promissory notes to
evidence the Additional Term Loans if requested by the lenders advancing
Additional Term Loans (which notes shall constitute Term Notes for purposes of
this Agreement) and for such reaffirmations of or amendments to Security
Documents as Administrative Agent may reasonably require, with such amendment
to be in form and substance reasonably acceptable to Administrative Agent and
consistent with the terms of this Section 2.1(a)(ii) and of the other
provisions of this Agreement.  No consent
of any Lender (other than any Lender making Additional Term Loans) is required
to permit the Loans contemplated by this Section 2.1(a)(ii) or the
aforesaid amendment to effectuate the Additional Term Loans.  This section shall supercede any provisions
contained in this Agreement, including, without limitation, Section 12.1,
to the contrary.

(b)           Revolving Loans.  Each Revolving Lender, severally and for
itself alone, hereby agrees, on the terms and subject to the conditions
hereinafter set forth and in reliance upon the representations and warranties
set forth herein and in the other Loan Documents, to make loans to the Borrower
denominated in Dollars or an Alternative Currency on a revolving basis from
time to time during the Commitment Period, in an amount that will not
(i) exceed its Pro Rata Share of the Total Available Revolving Commitment
(each such loan by any Lender, a

 49
 

“Revolving Loan” and collectively, the “Revolving Loans”)
or (ii) cause the Assigned Dollar Value of Revolving Loans, Swing Line Loans
and LC Obligations denominated in an Alternative Currency to exceed
$200,000,000.  All Revolving Loans
comprising the same Borrowing hereunder shall be made by the Revolving Lenders
simultaneously and in proportion to their respective Revolving
Commitments.  Prior to the Revolver
Termination Date, Revolving Loans may be repaid and reborrowed by the Borrower
in accordance with the provisions hereof and, except as otherwise specifically
provided in Section 3.6, all Revolving Loans comprising the same
Borrowing shall at all times be of the same Type.

(c)           Swing Line Loans

(i)            Swing
Line Commitment.  Subject to the
terms and conditions hereof, the Swing Line Lender in its individual capacity
agrees to make swing line loans in Dollars, Euros or Sterling (or, at the
option of the Swing Line Lender, any other Alternative Currency) (“Swing
Line Loans”) to the Borrower on any Business Day from time to time during
the Commitment Period in an aggregate principal amount at any one time
outstanding not to exceed the Dollar Equivalent of Fifty Million Dollars
($50,000,000); provided, however, that in no event may the amount
of any Borrowing of Swing Line Loans (A) exceed the Total Available Revolving
Commitment immediately prior to such Borrowing (after giving effect to the use
of proceeds thereof), (B) cause the outstanding Revolving Loans of any Lender,
when added to such Lender’s Pro Rata Share of the then outstanding Swing Line
Loans and Pro Rata Share of the aggregate LC Obligations (exclusive of Unpaid Drawings
relating to LC Obligations which are repaid with the proceeds of, and
simultaneously with the incurrence of, Revolving Loans or Swing Line Loans) to
exceed such Lender’s Revolving Commitment or (C) cause the Assigned Dollar
Value of Revolving Loans, Swing Line Loans and LC Obligations denominated in an
Alternative Currency to exceed $150,000,000. 
Amounts borrowed by the Borrower under this Section 2.1(c)(i) may
be repaid and reborrowed until the Revolver Termination Date.

(ii)           Refunding
of Swing Line Loans.  The Swing Line
Lender, at any time in its sole and absolute discretion, may on behalf of the
Borrower (which hereby irrevocably directs the Swing Line Lender to so act on
its behalf) notify each Revolving Lender (including the Swing Line Lender) to
make a Revolving Loan in an amount equal to such Lender’s Pro Rata Share of the
Dollar Equivalent of the principal amount of the Swing Line Loans (the “Refunded
Swing Line Loans”) outstanding on the date such notice is given, provided,
however, that such notice shall be deemed to have automatically been
given upon the occurrence of an Event of Default under Sections 10.1(e)
or 10.1(f) or upon the occurrence of a Change of Control.  Unless any of the events described in Sections
10.1(e) or 10.1(f) shall have occurred (in which event the
procedures of Section 2.1(c)(iii) shall apply) and regardless of whether
the conditions precedent set forth in this Agreement to the making of a
Revolving Loan are then satisfied, each Lender shall make the proceeds of its
Revolving Loan available to the Swing Line Lender at the Payment Office prior
to 11:00 a.m., New York City time, in funds immediately available on the
Business Day next succeeding the date such notice

 50
 

is given.  The proceeds of such Revolving Loans shall be
immediately applied to repay the Refunded Swing Line Loans.

(iii)          Participation
in Swing Line Loans.  If, prior to
refunding a Swing Line Loan with a Revolving Loan pursuant to Section
2.1(c)(ii), one of the events described in Sections 10.1(e) or 10.1(f)
shall have occurred, or if for any other reason a Revolving Loan cannot be made
pursuant to Section 2.1(c)(ii), then, subject to the provisions of Section
2.1(c)(iv) below, each Revolving Lender will, on the date such Revolving
Loan was to have been made, purchase (without recourse or warranty) from the
Swing Line Lender an undivided participation interest in the Swing Line Loan in
an amount equal to its Pro Rata Share of the Dollar Equivalent of such Swing
Line Loan.  Upon request, each Revolving
Lender will immediately transfer to the Swing Line Lender, in immediately
available funds, the amount of its participation and upon receipt thereof the
Swing Line Lender will deliver to such Revolving Lender a Swing Line Loan
Participation Certificate dated the date of receipt of such funds and in such
amount.

(iv)          Lenders’
Obligations Unconditional.  Each
Revolving Lender’s obligation to make Revolving Loans in accordance with Section
2.1(c)(ii) and to purchase participating interests in accordance with Section
2.1(c)(iii) above shall, except as set forth in the last sentence of this
clause (iv), be absolute and unconditional and shall not, except as set forth
in the last sentence of this clause (iv), be affected by any circumstance,
including, without limitation, (A) any set-off, counterclaim, recoupment,
defense or other right which such Revolving Lender may have against the Swing
Line Lender, the Borrower or any other Person for any reason whatsoever; (B)
the occurrence or continuance of any Event of Default or Unmatured Event of
Default; (C) any adverse change in the condition (financial or otherwise) of
the Borrower or any other Person; (D) any breach of this Agreement by the
Borrower or any other Person; (E) any inability of the Borrower to satisfy the
conditions precedent to borrowing set forth in this Agreement on the date upon
which such participating interest is to be purchased or (F) any other
circumstance, happening or event whatsoever, whether or not similar to any of
the foregoing.  If any Revolving Lender
does not make available to the Swing Line Lender the amount required pursuant
to Section 2.1(c)(ii) or (iii) above, as the case may be, the
Swing Line Lender shall be entitled to recover such amount on demand from such
Revolving Lender, together with interest thereon for each day from the date of
non-payment until such amount is paid in full at the Federal Funds Rate for the
first two Business Days and at the Base Rate thereafter.  Notwithstanding the foregoing provisions of
this Section 2.1(c)(iv), no Revolving Lender shall be required to make a
Revolving Loan to the Borrower for the purpose of refunding a Swing Line Loan
pursuant to Section 2.1(c)(ii) above or to purchase a participating
interest in a Swing Line Loan pursuant to Section 2.1(c)(iii) if an
Event of Default or Unmatured Event of Default has occurred and is continuing
and, prior to the making by the Swing Line Lender of such Swing Line Loan, the
Swing Line Lender has received written notice from such Revolving Lender
specifying that such Event of Default or Unmatured Event

 51
 

of Default has
occurred and is continuing, describing the nature thereof and stating that, as
a result thereof, such Revolving Lender shall cease to make such Refunded Swing
Line Loans and purchase such participating interests, as the case may be; provided,
however, that the obligation of such Revolving Lender to make such
Refunded Swing Line Loans and to purchase such participating interests shall be
reinstated upon the earlier to occur of (y) the date upon which such Revolving
Lender notifies the Swing Line Lender that its prior notice has been withdrawn
and (z) the date upon which the Event of Default or Unmatured Event of Default
specified in such notice no longer is continuing.

2.2           Notes

(a)           Evidence of Indebtedness.  The Borrower’s obligation to pay the
principal of and interest on all the Loans made to it by each Lender shall, if
requested by a Lender, be evidenced, (1) if Term B Dollar Loans, by a
promissory note (each, a “Term B Dollar Note” and, collectively, the “Term
B Dollar Notes”) duly executed and delivered by the Borrower substantially
in the form of Exhibit 2.2(a)(1) hereto, with blanks appropriately
completed in conformity herewith, (2) if Revolving Loans, by a promissory note
(each, a “Revolving Note” and, collectively, the “Revolving Notes”)
duly executed and delivered by the Borrower substantially in the form of Exhibit
2.2(a)(2) hereto, with blanks appropriately completed in conformity
herewith and (3) if Swing Line Loans, by a promissory note (each, a “Swing
Line Note” and, collectively, the “Swing Line Notes”) duly executed
and delivered by the Borrower substantially in the form of Exhibit 2.2(a)(3)
hereto, with blanks appropriately completed in conformity herewith.

(b)           Notation of Payments.  Each Lender will note on its internal records
the amount of each Loan made by it, and each payment in respect thereof and
will, prior to any transfer of any of its Notes, endorse on the reverse side
thereof the outstanding principal amount of Loans evidenced thereby.  Failure to make any such notation, or any
error in any such notation, shall not affect the Borrower’s or any guarantor’s
obligations hereunder or under the other applicable Loan Documents in respect
of such Loans.

2.3           Minimum Amount of Each Borrowing; Maximum
Number of Borrowings

The aggregate principal amount of each Borrowing by
the Borrower hereunder shall be not less than the Minimum Borrowing Amount and,
if greater (other than with respect to Swing Line Loans), shall be in integral
multiples of (i) in the case of a Borrowing in Dollars, $1,000,000, (ii) in the
case of a Borrowing in Sterling, £750,000, or (iii) in the case of a Borrowing
in Euros, €1,000,000, above such minimum (or, if less, the then Total Available
Revolving Commitment).  More than one
Borrowing may be incurred on any date; provided that at no time shall
there be outstanding more than six Borrowings of Eurocurrency Loans for any
Facility.

2.4           Interest Rate Options

The Term Loans and the Revolving Loans shall, at the
option of the Borrower except as otherwise provided in this Agreement, be (i)
Base Rate Loans, (ii) Eurocurrency

 52
 

Loans, or (iii) part Base
Rate Loans and part Eurocurrency Loans; provided, that non-Dollar
denominated Revolving Loans may only be made as Eurocurrency Loans.  Dollar denominated Swing Line Loans shall be
made only as Base Rate Loans.  Non-Dollar
denominated Swing Line Loans shall bear interest at the applicable Quoted Rate.  As to any Eurocurrency Loan, any Lender may,
if it so elects, fulfill its commitment by causing a foreign branch or
affiliate to make or continue such Loan, provided that in such event that
Lender’s Loan shall, for the purposes of this Agreement, be considered to have
been made by that Lender and the obligation of the Borrower to repay that
Lender’s Loan shall nevertheless be to that Lender and shall be deemed held by
that Lender, for the account of such branch or affiliate.

2.5           Notice of Borrowing

Whenever the Borrower desires to make a Borrowing of
any Loan hereunder, it shall give the Administrative Agent at its office
located at 90 Hudson Street, 5th Floor, Jersey City, New Jersey 07302 (or such
other address as the Administrative Agent may hereafter designate in writing to
the parties hereto) (the “Notice Address”) at least one Business Day’s
prior written notice (or telephonic notice promptly confirmed in writing),
given not later than 1:00 p.m. (New York City time) of each Base Rate Loan, and
at least three Business Days’ prior written notice (or telephonic notice
promptly confirmed in writing), given not later than 1:00 p.m. (New York City
time), of each Dollar denominated Eurocurrency Loan to be made hereunder and at
least four Business Days prior written notice (or telephone notice promptly
confirmed in writing) given not later than 1:00 p.m. (New York time), of each
Loan denominated in an Alternative Currency; provided, however,
that a Notice of Borrowing with respect to the Initial Borrowing may, at the
discretion of the Administrative Agent, be delivered later than the time specified
above.  Whenever the Borrower desires
that Swing Line Lender make a Swing Line Loan under Section 2.1(c), it
shall deliver to Swing Line Lender prior to 1:00 p.m. (New York City time) on
the date of Borrowing (at least one Business Day prior to the date of Borrowing
for Swing Line Loans denominated in an Alternative Currency) written notice (or
telephonic notice promptly confirmed in writing).  Each such notice (each a “Notice of
Borrowing”), which shall be in the form of Exhibit 2.5 hereto, shall
be irrevocable, shall be deemed a representation by the Borrower that all
conditions precedent to such Borrowing have been satisfied and shall specify
(i) the aggregate principal amount of the Loans to be made pursuant to such
Borrowing, (ii) the date of Borrowing (which shall be a Business Day),  (iii) whether the Loans being made pursuant
to such Borrowing are to be Base Rate Loans or Eurocurrency Loans or both, (iv)
with respect to Eurocurrency Loans, the Interest Period to be applicable
thereto and (v) with respect to Revolving Loans, the amount of the Overdraft
Reserve at such time.  The Administrative
Agent shall as promptly as practicable give each Lender written or telephonic
notice (promptly confirmed in writing) of each proposed Borrowing, of such
Lender’s Pro Rata Share thereof and of the other matters covered by the Notice
of Borrowing.  Without in any way
limiting the Borrower’s obligation to confirm in writing any telephonic notice,
the Administrative Agent or the Swing Line Lender (in the case of Swing Line
Loans) may act without liability upon the basis of telephonic notice believed
by the Administrative Agent in good faith to be from a Responsible Officer of
the Borrower prior to receipt of written confirmation.  The Administrative Agent’s records shall,
absent manifest error, be final, conclusive and binding on the Borrower with
respect to evidence of the terms of such telephonic Notice of Borrowing.

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2.6           Conversion or Continuation

With respect to Dollar denominated Loans (other than
Swing Line Loans), the Borrower may elect (i) on any Business Day at any time
after the earlier of (x) the third Business Day following the Closing Date and
(y) the date the Administrative Agent notifies the Borrower that Base Rate
Loans or any portion thereof may be converted to Eurocurrency Loans and (ii) at
the end of any Interest Period with respect thereto, to convert Eurocurrency
Loans or any portion thereof into Base Rate Loans or to continue such
Eurocurrency Loans or any portion thereof for an additional Interest Period; provided,
however, that the aggregate principal amount of the Eurocurrency Loans
that will, upon such conversion, constitute a single Borrowing that must
satisfy Section 2.3.  With
respect to Euro or Sterling denominated Loans, the Borrower may elect, in the
same manner as described for conversions, to continue such Eurocurrency Loans
or any portion thereof for an additional Interest Period.  Each conversion or continuation of Loans of
each applicable Facility shall be allocated among the Loans of the Lenders for
such Facility in accordance with their respective Pro Rata Shares.  Each such election shall be in substantially
the form of Exhibit 2.6 hereto (a “Notice of Conversion or
Continuation”) and shall be made by giving the Administrative Agent at
least three Business Days’ (or one Business Day in the case of a conversion
into Base Rate Loans or four Business Days’ in the case of continuation of a
non-Dollar denominated Revolving Loan) prior written notice thereof to the
Notice Office given not later than 1:00 p.m. (New York City time) specifying
(i) the amount and type of conversion or continuation, (ii) in the case of a
conversion to or a continuation of Eurocurrency Loans, the Interest Period
therefor, and (iii) in the case of a conversion, the date of conversion (which
date shall be a Business Day and, if a conversion from Eurocurrency Loans,
shall also be the last day of the Interest Period therefor).  Notwithstanding the foregoing, no conversion
in whole or in part of Base Rate Loans to Eurocurrency Loans, and no
continuation in whole or in part of Dollar denominated Eurocurrency Loans upon
the expiration of any Interest Period therefor, shall be permitted at any time
at which an Unmatured Event of Default or an Event of Default shall have occurred
and be continuing.  The Borrower shall
not be entitled to specify an Interest Period in excess of one month for any
non-Dollar denominated Revolving Loan if an Unmatured Event of Default or an
Event of Default has occurred and is continuing.  If, within the time period required under the
terms of this Section 2.6, the Administrative Agent does not receive a
Notice of Conversion or Continuation from the Borrower containing a permitted
election to continue any Eurocurrency Loans for an additional Interest Period
or to convert any such Loans, then, upon the expiration of the Interest Period
therefor, such Loans will be automatically converted to Base Rate Loans or, in
the case of non-Dollar denominated Revolving Loans, Eurocurrency Loans with an
Interest Period of one month.  Each
Notice of Conversion or Continuation shall be irrevocable.

2.7           Disbursement of Funds

No later than 1:00 p.m. (local time at the place of
funding) on the date specified in each Notice of Borrowing, each Lender will
make available its Pro Rata Share of Loans, to fund the Borrowing requested to
be made on such date in Dollars, Euro or Sterling, as the case may be, and in
immediately available funds, at the Payment Office (for the account of such
non-U.S. office of the Administrative Agent as the Administrative Agent may
direct in the case of Eurocurrency Loans) and the Administrative Agent will
make available to the Borrower at its Payment Office the aggregate of the
amounts so made available by the Lenders not later than

 54
 

2:00 p.m. (local time in
the place of payment).  Unless the
Administrative Agent shall have been notified by any Lender at least one
Business Day prior to the date of Borrowing that such Lender does not intend to
make available to the Administrative Agent such Lender’s portion of the
Borrowing to be made on such date, the Administrative Agent may assume that
such Lender has made such amount available to the Administrative Agent on such
date of Borrowing and the Administrative Agent may, but shall not be required
to, in reliance upon such assumption, make available to the Borrower a
corresponding amount.  If such
corresponding amount is not in fact made available to the Administrative Agent
by such Lender on the date of Borrowing, the Administrative Agent shall be entitled
to recover such corresponding amount on demand from such Lender.  If such Lender does not pay such
corresponding amount forthwith upon the Administrative Agent’s demand therefor,
the Administrative Agent shall promptly notify the Borrower and, if so notified,
the Borrower shall immediately pay such corresponding amount to the
Administrative Agent.  The Administrative
Agent shall also be entitled to recover from the Borrower interest on such
corresponding amount in respect of each day from the date such corresponding
amount was made available by the Administrative Agent to the Borrower to the
date such corresponding amount is recovered by the Administrative Agent, at a
rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans,
applicable to the Type of Loan to which such corresponding amount related, for
the period in question; provided, however, that any interest paid
to the Administrative Agent in respect of such corresponding amount shall be
credited against interest payable by the Borrower to such Lender under Section
3.1 in respect of such corresponding amount.  Any amount due hereunder to the
Administrative Agent from any Lender which is not paid when due shall bear
interest payable by such Lender, from the date due until the date paid, at the
Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s
cost of funds for amounts in Euros or Sterling or any other Alternative
Currency) for the first three days after the date such amount is due and
thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%,
together with the Administrative Agent’s standard interbank processing
fee.  Further, such Lender shall be
deemed to have assigned any and all payments made of principal and interest on
its Loans, amounts due with respect to its Letters of Credit (or its
participations therein) and any other amounts due to it hereunder first to the
Administrative Agent to fund any outstanding Loans made available on behalf of
such Lender by the Administrative Agent pursuant to this Section 2.7
until such Loans have been funded (as a result of such assignment or otherwise)
and then to fund Loans of all Lenders other than such Lender until each Lender
has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of
such assignment or otherwise).  Such
Lender shall not have recourse against the Borrower with respect to any amounts
paid to the Administrative Agent or any Lender with respect to the preceding
sentence; provided, that such Lender shall have full recourse against
the Borrower to the extent of the amount of such Loans such Lender has been
deemed to have made pursuant to the preceding sentence.  Nothing herein shall be deemed to relieve any
Lender from its obligation to fulfill its Commitment hereunder or to prejudice
any rights which the Borrower may have against the Lender as a result of any
default by such Lender hereunder.

2.8           Pro Rata Borrowings

All Borrowings in respect of Loans (other than Swing
Line Loans) under this Agreement shall be advanced by the Lenders pro rata on
the basis of their Commitments to the applicable Facilities.  No Lender shall be responsible for any
default by any other Lender in its obligation to make Loans hereunder and each
Lender shall be obligated to make the Loans

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provided to be made by it
hereunder, regardless of the failure of any other Lender to fulfill its
Commitments hereunder.

2.9           Amount and Terms of Letters of Credit

(a)           Letter of Credit Commitments, Terms of
Letters of Credit.

(i)            Subject
to and upon the terms and conditions herein set forth, at any time and from
time to time on or after the Closing Date until a date which is thirty (30)
days prior to the Revolver Termination Date, each Facing Agent agrees,
severally not jointly, to issue each in its own name, but for the ratable
account of all Revolving Lenders (including the applicable Facing Agent), one
or more Letters of Credit, denominated in Dollars or an Alternative Currency,
for the account of the Borrower in a Stated Amount which together with the
aggregate Stated Amount of all other Letters of Credit then outstanding does
not exceed Two Hundred Million Dollars ($200,000,000); provided, however,
that a Facing Agent shall not issue or extend the expiration of any Letter of
Credit if, immediately after giving effect to such issuance or extension, the
sum of the Assigned Dollar Value of the Revolving Loans, the Swing Line Loans
and the LC Obligations would exceed the Total Revolving Commitment minus the
Overdraft Reserve.  Each Revolving Lender
severally, but not jointly, agrees to participate in each such Letter of Credit
issued by the applicable Facing Agent in an amount equal to its Pro Rata Share
and to make available to the applicable Facing Agent such Lender’s Pro Rata
Share of any payment made to the beneficiary of such Letter of Credit to the
extent not reimbursed by the Borrower; provided, however, that no
Revolving Lender shall be required to participate in any Letter of Credit to
the extent that such participation therein would exceed such Revolving Lender’s
then applicable Available Revolving Commitment. 
No Lender’s obligation to participate in any Letter of Credit or to make
available to the applicable Facing Agent such Revolving Lender’s Pro Rata Share
of any Letter of Credit Payment made by the applicable Facing Agent shall be
affected by any other Revolving Lender’s failure to participate in the same or
any other Letter of Credit or by any other Revolving Lender’s failure to make
available to the applicable Facing Agent such other Lender’s Pro Rata Share of
any Letter of Credit Payment.

(ii)           Each
Letter of Credit issued or to be issued hereunder shall be issued on a sight
basis, and (other than Bank Guarantees) shall have an expiration date of one
(1) year or less from the issuance date thereof; provided, however,
that each Standby Letter of Credit may provide by its terms that it will be
automatically extended for additional successive periods of up to one (1) year
unless the applicable Facing Agent shall have given notice to the applicable
beneficiary (with a copy to the Borrower) of the election by the applicable
Facing Agent (such election to be in the sole and absolute discretion of the
applicable Facing Agent) not to extend such Letter of Credit, such notice to be
given prior to the then current expiration date of such Letter of Credit; provided,
further, that no Standby Letter of Credit or extension thereof shall be
stated to expire later than the date five (5) days prior to the Revolver
Termination Date and no Commercial

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Letter of
Credit or extension thereof shall be stated to expire later than the day thirty
(30) days prior to the Revolver Termination Date.

(b)           Procedure for Issuance and Amendment of
Letters of Credit.  Whenever the
Borrower desires the issuance of a Letter of Credit hereunder, it shall give
the Administrative Agent and the applicable Facing Agent at least three (3)
Business Days’ prior written notice (or such shorter period as may be agreed to
by the Borrower,  the Administrative
Agent and the applicable Facing Agent) specifying the day of issuance thereof
(which day shall be a Business Day), such notice to be given prior to 12:00
p.m. (New York time) on the date specified for the giving of such notice.  Each such notice (each, a “Notice of
Issuance”) shall be in the form of Exhibit 2.9(b) hereto and shall
specify (A) the proposed issuance date and expiration date, (B) whether such
Letter of Credit is to be issued as a letter of credit or bank guarantee, (C)
the Borrower as the account party and, if desired by the Borrower, one or more
Subsidiaries as additional account parties, (D) the name and address of the
beneficiary, (E) the Stated Amount of such proposed Letter of Credit, (F) the
currency in which such proposed Letter of Credit is to be issued and (G) such
other information as Facing Agent may reasonably request.  In addition, each Notice of Issuance shall
contain a description of the terms and conditions to be included in such
proposed Letter of Credit (all of which terms and conditions shall be
acceptable in form to the applicable Facing Agent).  Promptly after issuance or extension of any
Letter of Credit, the applicable Facing Agent shall notify the Administrative
Agent of such issuance or extension and such notice of a Standby Letter of
Credit shall be accompanied by a copy of the Standby Letter of Credit.  Unless otherwise specified, all Standby
Letters of Credit and Commercial Letters of Credit will be governed by the
“Uniform Customs and Practice for Documentary Credits” and all Bank Guarantees
will be governed by the “Uniform Rules for Demand Guarantees”, in each case as
issued by the International Chamber of Commerce and as in effect on the date of
issuance of such Letter of Credit.  On
the Business Day specified by the Borrower and upon confirmation from the
Administrative Agent that the applicable conditions set forth in Article V
have been fulfilled or waived, the applicable Facing Agent will issue the
requested Letter of Credit to the applicable beneficiary.  From time to time while a Letter of Credit is
outstanding and prior to the Revolver Termination Date, the applicable Facing
Agent will, upon the written request of the Borrower received by the Facing
Agent (with a copy sent by the Borrower to the Administrative Agent) at least
three Business Days (or such shorter time as the Facing Agent and the
Administrative Agent may agree in a particular instance in their sole
discretion) prior to the proposed date of amendment, amend any Letter of Credit
issued by it.  Each such request for
amendment of a Letter of Credit shall be made by facsimile, confirmed
immediately in an original writing (each a “Letter of Credit Amendment
Request”) and shall specify in form and detail satisfactory to the Facing
Agent: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment
of the Letter of Credit (which shall be a Business Day); (iii) the nature of
the proposed amendment; and (iv) such other matters as the Facing Agent may
require.  The Facing Agent shall be under
no obligation to amend any Letter of Credit if: (A) the Facing Agent would have
no obligation at such time to issue such Letter of Credit in its amended form
under the terms of this Agreement, or (B) the beneficiary of any such Letter of
Credit does not accept the proposed amendment to the Letter of Credit.  The Facing Agent will provide a copy of any
amendment to the Administrative Agent and the Administrative Agent will
promptly notify the Lenders of the receipt by it of any amendment to a Letter
of Credit.  In the event that the Facing
Agent is other than the Administrative Agent, such Facing Agent will send by
facsimile transmission to the Administrative Agent, promptly on the first
Business Day of each week its

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daily maximum Dollar Equivalent amount available to be drawn under the
Commercial Letters of Credit issued by such Facing Agent for the previous
week.  The Administrative Agent shall
deliver to each Lender upon such calendar month end, and upon each commercial
letter of credit fee payment, a report setting forth the daily maximum Dollar
Equivalent amount available to be drawn for all Facing Agents during such
period.

(c)           Draws upon Letters of Credit;
Reimbursement Obligation.  In the
event of any drawing under any Letter of Credit by the beneficiary thereof, the
applicable Facing Agent shall give telephonic notice to the Borrower and the
Administrative Agent (x) confirming such drawing and (y) of the date on or
before which such Facing Agent intends to honor such drawing, and the Borrower
shall reimburse the applicable Facing Agent on the day on which such drawing is
honored in an amount in same day funds equal to the amount of such drawing
(each such amount so paid until reimbursed, an “Unpaid Drawing”); provided,
however, that, anything contained in this Agreement to the contrary
notwithstanding, (i) unless the Borrower shall have notified the Administrative
Agent and the applicable Facing Agent prior to 10:00 a.m. (New York City time)
on the Business Day on which the applicable Facing Agent intends to honor such
drawing that the Borrower intends to reimburse the applicable Facing Agent for
the amount of such drawing with funds other than the proceeds of Revolving
Loans, the Borrower shall be deemed to have timely given a Notice of Borrowing
to the Administrative Agent requesting each Revolving Lender to make Dollar
denominated Base Rate Loans on the date on which such drawing is honored in an
amount equal to the Dollar Equivalent of the amount of such drawing and the
Administrative Agent shall, if such Notice of Borrowing is deemed given,
promptly notify the Lenders thereof and (ii) unless any of the events described
in Section 10.1(e) or 10.1(f) shall have occurred (in which event
the procedures of Section 2.9(d) shall apply), each such Lender shall,
on the date such drawing is honored, make Revolving Loans which are Base Rate
Loans in the amount of its Pro Rata Share of the Dollar Equivalent of such
drawing, the proceeds of which shall be applied directly by the Administrative
Agent to reimburse the applicable Facing Agent for the amount of such drawing;
and provided, further, that, if for any reason, proceeds of
Revolving Loans are not received by the applicable Facing Agent on such date in
an amount equal to the amount of the Dollar Equivalent of such drawing, the
Borrower shall reimburse the applicable Facing Agent, on the Business Day
immediately following the date such drawing is honored, in an amount in same
day funds equal to the excess of the amount of the Dollar Equivalent of such
drawing over the Dollar Equivalent of the amount of such Revolving Loans, if
any, which are so received, plus accrued interest on such amount at the rate
set forth in Section 3.1(a).

(d)           Lenders’ Participation in Letters of
Credit.  In the event that (1) the
Borrower shall fail to reimburse the applicable Facing Agent as provided in Section
2.9(c) in an amount equal to the amount of any drawing honored by the
applicable Facing Agent under a Letter of Credit issued by it in accordance
with the terms hereof, or (2) any Bank Guarantee shall remain outstanding on
the Revolver Termination Date, the applicable Facing Agent shall promptly
notify the Administrative Agent and the Administrative Agent shall promptly
notify each Revolving Lender, of the unreimbursed amount of such drawing or the
amount of such Bank Guarantee, as applicable, and of such Lender’s respective
participation therein.  Each such
Revolving Lender shall purchase a participation interest in such LC Obligation
and shall make available to the applicable Facing Agent the Dollar Equivalent
of an amount equal to its Pro Rata Share of such drawing in same day funds, at
the office of the applicable Facing Agent specified

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in such notice, in each case not later than 1:00 p.m. (New York City
time) on the Business Day after the date such Lender is notified by the Administrative
Agent.  In the event that any such Lender
fails to make available to the applicable Facing Agent the amount of such
Lender’s participation in such Letter of Credit as provided in this Section
2.9(d), the applicable Facing Agent shall be entitled to recover such
amount on demand from such Lender together with interest at the Federal Funds
Rate for two Business Days and thereafter at the Base Rate.  Nothing in this Section 2.9(d) shall
be deemed to prejudice the right of any Lender to recover from the applicable
Facing Agent any amounts made available by such Lender to the applicable Facing
Agent pursuant to this Section 2.9(d) in the event that it is determined
by a court of competent jurisdiction that the payment with respect to a Letter
of Credit by the applicable Facing Agent in respect of which payment was made
by such Lender constituted gross negligence or willful misconduct on the part
of the applicable Facing Agent.  The
applicable Facing Agent shall distribute to each other Lender which has paid
all amounts payable by it under this Section 2.9(d) with respect to any
Letter of Credit issued by the applicable Facing Agent such other Revolving
Lender’s Pro Rata Share of all payments received by the applicable Facing Agent
from the Borrower in reimbursement of drawings honored by the applicable Facing
Agent under such Letter of Credit when such payments are received.  Each Lender’s obligation to make Revolving
Loans pursuant to Section 2.9(c) or to purchase participations pursuant
to this Section 2.9(d) as a result of a drawing under a Letter of Credit
shall be absolute and unconditional and without recourse to the applicable
Facing Agent and shall not be affected by any circumstance, including (i) any
set-off, counterclaim, recoupment, defense or other right which such Lender may
have against the Facing Agent, the Borrower or any other Person for any reason
whatsoever; (ii) the occurrence or continuance of an Event of Default or a
Material Adverse Effect; or (iii) any other circumstance, happening or event
whatsoever, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make Revolving Loans under Section 2.9(c)
is subject to the conditions set forth in Section 5.2.

(e)           Fees for Letters of Credit.

(i)            Facing
Agent Fees.  The Borrower agrees to
pay the following amount to the applicable Facing Agent with respect to the
Letters of Credit issued by it for the account of the Borrower:

(A)          with
respect to drawings made under any Letter of Credit, interest, payable on
demand, on the amount paid by Facing Agent in respect of each such drawing from
the date a drawing is honored up to (but not including) the date such amount is
reimbursed by the Borrower (including any such reimbursement out of the
proceeds of Revolving Loans, as the case may be, pursuant to Section 2.9(c))
at a rate which is at all times equal to 2% per annum in excess of the Base
Rate;

(B)          with
respect to the issuance or amendment of each Letter of Credit and each payment
made thereunder, documentary and processing charges in accordance with the
applicable Facing Agent’s standard schedule for such charges in effect at the
time of such issuance, amendment, transfer or payment, as the case may be; and

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(C)          a
facing fee as agreed from time to time by the Borrower and the applicable
Facing Agent for the applicable Letter of Credit or, with respect to DB as
Facing Agent, a facing fee equal to 1/8th of 1% per annum of outstanding LC
Obligations and unless otherwise agreed, shall be payable with respect to the
Assigned Dollar Value of the maximum Stated Amount under such outstanding
Letters of Credit payable in arrears on each Quarterly Payment Date, on the
Revolver Termination Date and thereafter, on demand together with customary
issuance and payment charges payable pursuant to clause (B) above; provided,
however, if calculation of the facing fee in the manner set forth above
would result in a facing fee of less than $500 per year per Letter of Credit
issued by any Facing Agent, the Borrower shall be obligated to pay such
additional amount to such Facing Agent so as to provide for a minimum facing
fee of $500 per year per Letter of Credit.

(ii)           Participating
Lender Fees.  The Borrower agrees to
pay to the Administrative Agent for distribution to each participating
Revolving Lender in respect of all Letters of Credit outstanding such Revolving
Lender’s Revolving Pro Rata Share of a commission equal to the then Applicable
Eurocurrency Margin for Revolving Loans per annum with respect to the maximum
Stated Amount under such outstanding Letters of Credit (the “LC Commission”),
payable in arrears on each Quarterly Payment Date, on the Revolver Termination
Date and thereafter, on demand.  The LC
Commission shall be computed from the first day of issuance of each Letter of
Credit and on the basis of the actual number of days elapsed over a year of 360
days.

Promptly upon receipt by a Facing Agent or the
Administrative Agent of any amount described in clause (i)(A) or (ii) of this Section
2.9(e), the applicable Facing Agent or the Administrative Agent shall
distribute to each Revolving Lender its Pro Rata Share, as the case may be, of
such amount as long as, in the case of amounts described in clause (i)(A), such
Lender has reimbursed the applicable Facing Agent in accordance with Section
2.9(c).  Amounts payable under clause
(i)(B) and (C) of this Section 2.9(e) shall be paid directly to the
applicable Facing Agent.

(f)            LC Obligations Unconditional.  The obligation of the Borrower to reimburse a
Facing Agent (or any Lender that has purchased a participation from or made a
Loan to enable the Borrower to reimburse the applicable Facing Agent) for
drawings made under any Letter of Credit issued by it and the obligations of
each Lender to purchase participations pursuant to Section 2.9(d) as a
result of such a drawing shall be unconditional and irrevocable and shall be
paid strictly in accordance with the terms of this Agreement under all
circumstances, including, without limitation, any of the following
circumstances:

(i)            any
lack of validity or enforceability of such Letter of Credit;

(ii)           the
existence of any claim, setoff, defense or other right which the Borrower or
any of its Affiliates may have at any time against a beneficiary or any
transferee of such Letter of Credit (or any persons or entities for which any
such beneficiary or transferee may be acting), the applicable Facing Agent, any

 60
 

Lender or any
other Person, whether in connection with this Agreement, the transactions
contemplated herein or any unrelated transaction (including any underlying
transaction between the Borrower or one of its Subsidiaries and the beneficiary
of such Letter of Credit);

(iii)          any
draft, demand, certificate or any other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect;

(iv)          payment
by the applicable Facing Agent under such Letter of Credit against presentation
of a demand, draft or certificate or other document which does not comply with
the terms of such Letter of Credit;

(v)           any
other circumstance or happening whatsoever, whether or not similar to any of
the foregoing; or

(vi)          the
fact that an Event of Default or an Unmatured Event of Default shall have
occurred and be continuing.

Notwithstanding the foregoing, neither the Borrower
nor the Lenders (other than the applicable Facing Agent in its capacity as
such) shall be liable for any obligation resulting from the gross negligence or
willful misconduct of the applicable Facing Agent, as determined by a court of
competent jurisdiction, with respect to any Letter of Credit.

(g)           Indemnification.  In addition to amounts payable as elsewhere
provided in this Agreement, the Borrower hereby agrees to protect, indemnify,
pay and save the applicable Facing Agent and the Lenders harmless from and
against any and all claims, demands, liabilities, damages, losses, costs,
charges and expenses (including Attorney Costs) (other than for Taxes, which
shall be covered by Section 4.7) which the applicable Facing Agent and
the Lenders may incur or be subject to as a consequence, direct or indirect, of
(i) the issuance of the Letters of Credit, other than as a result of the gross
negligence or willful misconduct of the applicable Facing Agent, as determined
by a court of competent jurisdiction, or (ii) the failure of the applicable
Facing Agent to honor a drawing under any Letter of Credit as a result of any
act or omissions, whether rightful or wrongful, of any present or future de
jure or de facto Governmental Authority (all such acts or omissions herein
called “Government Acts”) other than arising out of the gross negligence
or willful misconduct, as determined by a court of competent jurisdiction, of
the applicable Facing Agent.  As between
the Borrower on the one hand, and the applicable Facing Agent and the Lenders,
on the other hand, the Borrower assumes all risks of the acts and omissions of,
or misuse of the Letters of Credit issued by the applicable Facing Agent or by
the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the
foregoing, neither the applicable Facing Agent nor any of the Lenders shall be
responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or
legal effect of any document submitted by any party in connection with the
application for and issuance of or any drawing under such Letters of Credit,
even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) for the validity or
sufficiency of any instrument transferring or assigning or purporting to
transfer or assign any such Letter of Credit

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or the rights or benefits thereunder or proceeds thereof, in whole or
in part, which may prove to be invalid or ineffective for any reason; (iii) for
failure of the beneficiary of any such Letter of Credit to comply fully with
conditions required in order to draw upon such Letter of Credit; (iv) for
errors, omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, telegraph, telex, or otherwise, whether or not they
be in cipher; (v) for errors in interpretation of technical terms; (vi) for any
loss or delay in the transmission or otherwise of any document required in
order to make a drawing under any such Letter of Credit or of the proceeds
thereof; (vii) for the misapplication by the beneficiary of any such Letter of
Credit of the proceeds of any drawing under such Letter of Credit; and (viii)
for any consequences arising from causes beyond the control of the applicable
Facing Agent, including, without limitation, any Government Acts.  None of the above shall effect, impair, or
prevent the vesting of any of the applicable Facing Agent’s or any Lender’s
rights or powers hereunder.

In furtherance and extension and not in limitation of
the specific provisions hereinabove set forth, any action taken or omitted by
the applicable Facing Agent under or in connection with the Letters of Credit
issued by it or the related certificates, if taken or omitted in good faith,
shall not put the applicable Facing Agent under any resulting liability to the
Borrower.  Notwithstanding anything to
the contrary contained in this Agreement, the Borrower shall have no obligation
to indemnify or hold harmless the applicable Facing Agent in respect of any
claims, demands, liabilities, damages, losses, costs, charges or expenses
(including Attorney Costs) incurred by the applicable Facing Agent to the
extent arising out of the gross negligence or willful misconduct of the
applicable Facing Agent, as determined by a court of competent
jurisdiction.  The right of
indemnification in the first paragraph of this Section 2.9(g) shall
not prejudice any rights that the Borrower may otherwise have against the
applicable Facing Agent with respect to a Letter of Credit issued hereunder.

(h)           Stated Amount.  The Stated Amount of each Letter of Credit
shall not be less than the Dollar Equivalent of One Hundred Thousand Dollars
($100,000) or such lesser amount as the applicable Facing Agent has agreed to.

(i)            Increased Costs.  Subject to Section 4.7, if any time
after the date hereof any Facing Agent or any Lender determines that the
introduction of or any change after the Closing Date in any applicable law, rule,
regulation, order, guideline or request or in the interpretation or
administration thereof by any Governmental Authority charged with the
interpretation or administration thereof, or compliance by the applicable
Facing Agent or such Lender with any request or directive issued after the
Closing Date by any such authority (whether or not having the force of law),
shall either (i) impose, modify or make applicable any reserve, deposit,
capital adequacy or similar requirement against letters of credit issued by the
applicable Facing Agent or participated in by any Revolving Lender, or (ii)
impose on the applicable Facing Agent or any Revolving Lender any other
conditions relating, directly or indirectly, to the provisions of this
Agreement relating to Letters of Credit or any Letter of Credit; and the result
of any of the foregoing is to increase the cost to the applicable Facing Agent
or any Lender of issuing, maintaining or participating in any Letter of Credit,
or reduce the amount of any sum received or receivable by the applicable Facing
Agent or any Lender hereunder or reduce the rate of return on its capital with
respect to Letters of Credit, then, upon demand to the Borrower by the
applicable Facing Agent or any Lender (a copy of which demand shall be sent by
the applicable Facing Agent or such Lender to the Administrative Agent), the

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Borrower shall pay to the applicable Facing Agent or any Lender, as the
case may be, such additional amount or amounts as will compensate the
applicable Facing Agent or such Lender for such increased cost or reduction in
the amount receivable or reduction on the rate of return on its capital.  In determining such additional amounts
pursuant to the preceding sentence, the applicable Facing Agent or such Lender
will act reasonably and in good faith and will, to the extent the increased
costs or reductions in amounts receivable or reductions in rates of return
relate to Facing Agent’s or such Lender’s letters of credit in general and are
not specifically attributable to the Letters of Credit hereunder, use averaging
and attribution methods which are reasonable and which cover all letters of
credit similar to the Letters of Credit issued by or participated in by the
applicable Facing Agent or such Lender whether or not the documentation for
such other Letters of Credit permit the applicable Facing Agent or such Lender
to receive amounts of the type described in this Section 2.9(i).  The applicable Facing Agent or any Lender,
upon determining that any additional amounts will be payable pursuant to this Section
2.9(i), will give prompt written notice thereof to the Borrower, which
notice shall include a certificate submitted to the Borrower by the applicable
Facing Agent or such Lender (a copy of which certificate shall be sent by the
applicable Facing Agent or such Lender to the Administrative Agent), setting
forth in reasonable detail the basis for the calculation of such additional
amount or amounts necessary to compensate the applicable Facing Agent or such
Lender, although failure to give any such notice shall not release or diminish
the Borrower’s obligations to pay additional amounts pursuant to this Section
2.9(i); provided, however, if the applicable Facing Agent or
such Lender, as applicable, has intentionally withheld or delayed such notice,
the applicable Facing Agent or such Lender, as the case may be, shall not be
entitled to receive additional amounts pursuant to this Section 2.9(i)
for periods occurring prior to the 180th day before the giving of such
notice.  The certificate required to be
delivered pursuant to this Section 2.9(i) shall, absent manifest error,
be final, conclusive and binding on the Borrower.

(j)            Outstanding Letters of Credit.  The letters of credit set forth under the
caption “Letters of Credit outstanding on the Closing Date” as set forth on Schedule
2.9(j) attached to the First Amendment, were issued prior to the Closing
Date pursuant to one of the Prior Credit Agreements and will remain outstanding
as of the Closing Date and the letters of credit and bank guarantees set forth
under the caption “Letters of Credit and Bank Guarantees outstanding on the
First Amendment Effective Date” were issued pursuant to the credit facility of
Huntsman Advanced Materials Holdings LLC or otherwise issued by Facing Agent
prior to the First Amendment Effective Date and will remain outstanding as of
the First Amendment Effective Date (collectively, the “Outstanding Letters
of Credit”).  The Borrower, each
Facing Agent and each of the Lenders hereby agree with respect to the
Outstanding Letters of Credit that each such Outstanding Letters of Credit, for
all purposes under this Agreement, shall, from and after the Closing Date, be
deemed to be Letters of Credit governed by the terms and conditions of this
Agreement.  Each Revolving Lender further
agrees to participate in each such Outstanding Letter of Credit in an amount
equal to its Pro Rata Share of the Stated Amount of such Outstanding Letters of
Credit.

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ARTICLE
III

INTEREST
AND FEES

3.1           Interest

(a)           Base Rate Loans.  The Borrower agrees to pay interest in
respect of the unpaid principal amount of each Base Rate Loan, at a rate per
annum equal to the Base Rate plus the Applicable Base Rate Margin, from the
date the proceeds thereof are made available to the Borrower (or, if such Base
Rate Loan was converted from a Eurocurrency Loan, the date of such conversion)
until the earlier of (i) the maturity (whether by acceleration or otherwise) of
such Base Rate Loan and (ii) the conversion of such Base Rate Loan to a Eurocurrency
Loan pursuant to Section 2.6.

(b)           Eurocurrency Loans.  The Borrower agrees to pay interest in
respect of the unpaid principal amount of each Eurocurrency Loan at a rate per
annum equal to the relevant Eurocurrency Rate plus the Applicable Eurocurrency
Margin, from the date the proceeds thereof are made available to the Borrower
(or, if such Eurocurrency Loan was converted from a Base Rate Loan, the date of
such conversion) until the earlier of (i) the maturity (whether by acceleration
or otherwise) of such Eurocurrency Loan and (ii) the conversion of such
Eurocurrency Loan to a Base Rate Loan pursuant to Section 2.6.

(c)           Payment of Interest.  Interest on each Loan shall be payable in
arrears on each Interest Payment Date; provided, however, that
interest accruing pursuant to Section 3.1(e) and as otherwise set forth
in the penultimate sentence of this Section 3.1(c) shall be payable from
time to time on demand.  Interest shall
also be payable on all then outstanding Revolving Loans on the Revolver
Termination Date and on all Loans on the date of repayment (including
prepayment) thereof (except that accrued interest need not be paid in
connection with voluntary prepayments pursuant to Section 4.3 of Swing
Line Loans and Revolving Loans that are Base Rate Loans made on any day other
than a Quarterly Payment Date or the Revolver Termination Date; provided such
accrued interest is paid on the next Quarterly Payment Date) or on the date of
maturity (by acceleration or otherwise), as applicable, of such Loans.  During the existence of any Event of Default,
interest on any Loan shall be payable on demand.  Interest to be paid with respect to Loans
denominated in (x) Dollars shall be paid in Dollars and (y) in an Alternative
Currency shall be in such Alternative Currency.

(d)           Notification of Rate.  The Administrative Agent, upon determining
the interest rate for any Borrowing of Eurocurrency Loans for any Interest
Period, shall promptly notify the Borrower and the Lenders thereof.  Such determination shall, absent manifest
error and subject to Section 3.6, be final, conclusive and binding upon
all parties hereto.

(e)           Default Interest. Notwithstanding the
rates of interest specified herein, effective on the date of the occurrence of
any Event of Default and for so long thereafter as any such Event of Default
shall be continuing, and effective immediately upon any failure to pay any
Obligations or any other amounts due under any of the Loan Documents when due,
whether by acceleration or otherwise, the principal balance of each Loan then
outstanding and, to the extent permitted by applicable law, any interest
payment on each Loan not paid when due or other

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amounts then due and payable shall bear interest payable on demand,
after as well as before judgment, at a rate per annum equal to the Default
Rate.

(f)            Maximum Interest.  If any interest payment or other charge or
fee payable hereunder exceeds the maximum amount then permitted by applicable
law, the Borrower shall be obligated to pay the maximum amount then permitted
by applicable law and the Borrower shall continue to pay the maximum amount
from time to time permitted by applicable law until all such interest payments
and other charges and fees otherwise due hereunder (in the absence of such
restraint imposed by applicable law) have been paid in full.

3.2           Fees

(a)           Commitment Fees.  The Borrower shall pay to the Administrative
Agent for pro rata distribution to each Non-Defaulting Lender having a
Revolving Commitment (based on its Pro Rata Share) a commitment fee (the “Commitment
Fee”) for the period commencing on the Closing Date to and including the
Revolver Termination Date, computed at a rate equal to the Applicable
Commitment Fee Percentage per annum on the average daily Total Available
Revolving Commitment (“Average Utilization”), which shall be calculated
based upon the time period as to which such Commitment Fee is being paid.  Unless otherwise specified, accrued
Commitment Fees shall be due and payable (i) on each Quarterly Payment Date
occurring after the Closing Date, (ii) on the Revolver Termination Date and
(iii) upon any reduction or termination in whole or in part of the Revolving
Commitments, as the case may be (but only, in the case of a reduction, on the
portion of the Revolving Commitments then being reduced).

(b)           Arranger and Agency Fees.  The Borrower shall pay to the Administrative
Agent for its own account (or the account of its Affiliates), agency and other
Loan fees in the amount and at the times set forth in the Fee Letter.

3.3           Computation of Interest and Fees

Interest on all Loans and fees payable hereunder shall
be computed on the basis of the actual number of days elapsed over a year of
360 days; provided that interest on all Base Rate Loans shall be
computed on the basis of the actual number of days elapsed over a year of 365
or 366 days, as the case may be.  The
Administrative Agent shall, at any time and from time to time upon request of
the Borrower, deliver to the Borrower a statement showing the quotations used
by the Administrative Agent in determining any interest rate applicable to
Revolving Loans pursuant to this Agreement. 
Each change in the Applicable Base Rate Margin or Applicable Eurodollar
Margin or the Applicable Commitment Fee Percentage or any change in the LC
Commission as a result of a change in the Borrower’s Most Recent Leverage Ratio
shall become effective on the date upon which such change in such ratio occurs.

3.4           Interest Periods

At the time it gives any Notice of Borrowing or a
Notice of Conversion or Continuation with respect to any Borrowing bearing
interest with reference to the Eurocurrency Rate, the Borrower shall elect, by
giving the Administrative Agent written notice, the interest period (each an “Interest
Period”) applicable thereto, which Interest Period shall, at the option of
the Borrower, be one, two, three or six months or, if available or otherwise
satisfactory to each of

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the applicable Lenders
(as determined by each such applicable Lender in its sole discretion) a nine or
twelve month period, provided that:

(i)            all
Eurocurrency Loans comprising a single Borrowing shall at all times have the
same Interest Period;

(ii)           the
initial Interest Period for any Eurocurrency Loan shall commence on the date of
such Borrowing of such Eurocurrency Loan (including the date of any conversion
thereto from a Loan of a different Type) and each Interest Period occurring
thereafter in respect of such Eurocurrency Loan shall commence on the last day
of the immediately preceding Interest Period;

(iii)          if
any Interest Period relating to a Eurocurrency Loan begins on a day for which
there is no numerically corresponding day in the calendar month at the end of
such Interest Period, such Interest Period shall end on the last Business Day
of such calendar month;

(iv)          if
any Interest Period would otherwise expire on a day which is not a Business
Day, such Interest Period shall expire on the next succeeding Business Day; provided,
however, that if any Interest Period for a Eurocurrency Loan would
otherwise expire on a day which is not a Business Day but is a day of the month
after which no further Business Day occurs in such month, such Interest Period
shall expire on the next preceding Business Day;

(v)           at
any time when an Event of Default is then in existence, no Interest Period (a)
of more than one month may be selected with respect to any Loan denominated in
an Alternative Currency and (b) may be selected with respect to any Loan
denominated in Dollars;

(vi)          no
Interest Period shall extend beyond the applicable Term Maturity Date for any
Term Loan or the Revolver Termination Date for any Revolving Loan; and

(vii)         no
Interest Period in respect of any Borrowing of Term Loans for any Term Facility
shall be selected which extends beyond any date upon which a Scheduled Term
Repayment will be required to be made under Section 4.4(b) for such Term
Facility if the aggregate principal amount of all Term Loans which have
Interest Periods which will expire after such date will be in excess of the
aggregate principal amount of Term B Loans then outstanding less the aggregate
amount of such required prepayment.

Notwithstanding
anything to the contrary herein (i) with respect to Term B Dollar Loans, the
Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month
Interest Period for the first 30 days after the Effective Date or, if earlier,
the date on which the Administrative Agent informs the Borrower of the
completion of the syndication of the Term B Dollar Loans and (ii) if requested
by the Borrower, the Administrative Agent, in its discretion, may offer
Interest Periods shorter than one month.

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3.5           Compensation for Funding Losses

The Borrower shall compensate each Lender, upon its
written request (which request shall set forth the basis for requesting such
amounts, showing the calculation thereof in reasonable detail), for all losses,
expenses and liabilities (including, without limitation, any interest paid by
such Lender to lenders of funds borrowed by it to make or carry its
Eurocurrency Loans to the extent not recovered by the Lender in connection with
the liquidation or re-employment of such funds and including the compensation
payable by such Lender to a Participant) and any loss sustained by such Lender
in connection with the liquidation or re-employment of such funds (including,
without limitation, a return on such liquidation or re-employment that would
result in such Lender receiving less than it would have received had such
Eurocurrency Loan remained outstanding until the last day of the Interest
Period applicable to such Eurocurrency Loans) which such Lender may sustain as
a result of: (i) the continuation or Borrowing of, the conversion from or into,
a Eurocurrency Loan not occurring on the date specified therefor in a Notice of
Borrowing or Notice of Conversion or Continuation (whether or not withdrawn for
any reason (other than a default by such Lender or the Administrative Agent));
(ii) any payment, prepayment or conversion or continuation of any of its Eurocurrency
Loans occurring for any reason whatsoever on a date which is not the last day
of an Interest Period applicable thereto; (iii) any repayment of any of its
Eurocurrency Loans not being made on the date specified in a notice of payment
given by the Borrower; or (iv) (A) any other failure by the Borrower to repay
its Eurocurrency Loans when required by the terms of this Agreement or (B) an
election made by the Borrower pursuant to Section 3.7; provided
that such written request, including the calculation as to additional amounts
owed such Lender under this Section 3.5, is delivered to the Borrower
and the Administrative Agent by such Lender shall be delivered within 30 days
of such event.  Absent manifest error,
such request shall be final, conclusive and binding for all purposes.  Calculation of all amounts payable to a
Lender under this Section 3.5 shall be made as though that Lender had
actually funded its relevant Eurocurrency Loan through the purchase of a
Eurocurrency deposit bearing interest at the Eurocurrency Rate in an amount
equal to the amount of that Loan, having a maturity comparable to the relevant
Interest Period and through the transfer of such Eurocurrency deposit from an
offshore office of that Lender to a domestic office of that Lender in the
United States of America; provided, however, that each Lender may
fund each of its Eurocurrency Loans in any manner it sees fit and the foregoing
assumption shall be utilized only for the calculation of amounts payable under
this Section 3.5.

3.6           Increased Costs, Illegality, Etc.

(a)           Generally. Except as provided in Section 4.7,
in the event that any Lender shall have determined, in its reasonable, good
faith judgment, (which determination shall, absent manifest error, be final and
conclusive and binding upon all parties hereto but, with respect to clause (i)
below, may be made only by the Administrative Agent):

(i)            on
any Interest Rate Determination Date that, by reason of any change arising
after the date of this Agreement affecting the interbank Eurocurrency market,
adequate and fair means do not exist for ascertaining the applicable interest
rate on the basis provided for in the definition of Eurocurrency Rate; or

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(ii)           at
any time that such Lender shall incur increased costs or reduction in the amounts
received or receivable hereunder with respect to any Eurocurrency Loan because
of (x) any change arising after the date of this Agreement in any applicable
law or governmental rule, regulation, order, guideline or request (whether or
not having the force of law) or in the interpretation or administration thereof
and including the introduction of any new law or governmental rule, regulation,
order, guideline or request, such as, for example, but not limited to: (A) a
change in the basis of taxation of payments to such Lender of the principal of
or interest on the Notes or any other amounts payable hereunder (except for
taxes described in Sections 4.7(a)(i) through (vi)) or (B) a
change in official reserve requirements (but, in all events, excluding reserves
required under Regulation D to the extent included in the computation of the
Eurocurrency Rate) and/or (y) other circumstances arising after the date of
this Agreement affecting such Lender or the interbank Eurocurrency market or
the position of such Lender in such market (excluding, however, differences in
such Lender’s cost of funds from those of the Administrative Agent which are
solely the result of credit differences between such Lender and the
Administrative Agent); or

(iii)          at
any time that (x) the making or continuance of any Eurocurrency Loan has been
made (1) unlawful by any law or governmental rule, regulation or order, or (2)
impracticable as a result of a contingency occurring after the date of this
Agreement which materially and adversely affects the interbank Eurocurrency
market or (y) compliance by such Lender, acting in good faith, with any
governmental request (whether or not having force of law) is impossible;

then, and in any such event, such Lender (or the
Administrative Agent, in the case of clause (i) above) shall promptly give
notice (by telephone confirmed in writing) to the Borrower and, except in the
case of clause (i) above, to the Administrative Agent of such determination
(which notice the Administrative Agent shall promptly transmit to each of the
other Lenders).  Thereafter (x) in the
case of clause (i) above, Eurocurrency Loans shall no longer be available until
such time as the Administrative Agent notifies the Borrower and the Lenders that
the circumstances giving rise to such notice by the Administrative Agent no
longer exist, and any Notice of Borrowing or Notice of Conversion or
Continuation given by the Borrower with respect to Eurocurrency Loans (other
than with respect to conversions to Base Rate Loans) which have not yet been
advanced (including by way of conversion) shall be deemed rescinded by the
Borrower; (y) in the case of clause (ii) above, the Borrower shall pay to such
Lender, upon written demand therefor, such additional amounts (in the form of
an increased rate of, or a different method of calculating, interest, as such
Lender in its reasonable good faith judgment shall determine) as shall be
required to compensate such Lender for such increased costs or reductions in
amounts received or receivable hereunder, (such written demand as to the
additional amounts owed to such Lender, which shall show the basis for the
calculation thereof, submitted to the Borrower by such Lender shall, absent
manifest error, be final and conclusive and binding on all the parties hereto; provided,
that such Lender shall not be entitled to receive additional amounts pursuant
to this Section 3.6(a)(y) for any change or circumstance referred to in Section
3.6(a) occurring prior to the 180th day before the making of such demand
(unless the change is due to a law enacted with retroactive effect, in which
case the 180 day period shall be

 68
 

extended to include the period of retroactive effect);
and (z) in the case of clause (iii) above, the Borrower shall take one of the
actions specified in Section 3.6(b) as promptly as possible and, in any
event, within the time period required by law. 
In determining such additional amounts pursuant to clause (y) of the
immediately preceding sentence, each affected Lender shall act reasonably and
in good faith and will, to the extent the increased costs or reductions in
amounts receivable relate to such Lender’s loans in general and are not
specifically attributable to a Loan hereunder, use averaging and attribution
methods which are reasonable and which cover all loans similar to the Loans
made by such Lender whether or not the loan documentation for such other loans
permits the Lender to receive increased costs of the type described in this Section
3.6(a).

(b)           Eurocurrency Loans.  At any time that any Eurocurrency Loan is
affected by the circumstances described in Section 3.6(a)(ii) or (iii),
the Borrower may (and, in the case of a Eurocurrency Loan affected by the
circumstances described in Section 3.6(a)(iii), shall) either (i) if the
affected Eurocurrency Loan has not yet been made or the conversion to such
Eurocurrency Loan has not yet been accomplished, by giving the Administrative
Agent telephonic notice (confirmed in writing) on the same date that the
Borrower was notified by the affected Lender or the Administrative Agent
pursuant to Section 3.6(a)(ii) or (iii), cancel the respective
Borrowing, or (ii) if the affected Eurocurrency Loan is then outstanding, upon
at least three Business Days’ written notice to Administrative Agent, require
the affected Lender to convert such Eurocurrency Loan into a Base Rate Loan, provided,
that if more than one Lender is affected at any time, then all affected Lenders
must be treated the same pursuant to this Section 3.6(b).

(c)           Capital Requirements. If any Lender
determines that the introduction of or any change in any applicable law or
governmental rule, regulation, order, guideline or request (whether or not
having the force of law) concerning capital adequacy, or any change in
interpretation or administration thereof by any Governmental Authority, central
bank or comparable agency (in each case after the date of this Agreement), will
have the effect of increasing the amount of capital required or expected to be
maintained by such Lender or any corporation controlling such Lender based on
the existence of such Lender’s Commitments hereunder or its obligations
hereunder, then the Borrower shall pay to such Lender, upon its written notice
as hereafter described, such additional amounts as shall be required to
compensate such Lender or such other corporation for the increased cost to such
Lender or such other corporation or the reduction in the rate of return to such
Lender or such other corporation as a result of such increase of capital.  In determining such additional amounts, each
Lender will act reasonably and in good faith and will use averaging and
attribution methods which are reasonable and which will, to the extent the
increased costs or reduction in the rate of return relates to such Lender’s
commitments or obligations in general and are not specifically attributable to
the Commitments and obligations hereunder, cover all commitments and
obligations similar to the Commitments and obligations of such Lender hereunder
whether or not the loan documentation for such other commitments or obligations
permits such Lender to make the determination specified in this Section
3.6(c), and such Lender’s determination of compensation owing under this Section
3.6(c) shall, absent manifest error, be final and conclusive and binding on
all the parties hereto.  Each Lender,
upon determining that any additional amounts will be payable pursuant to this Section
3.6(c), will give prompt written notice thereof to the Borrower, which
notice shall show in reasonable detail the basis for calculation of such
additional amounts; provided that no Lender shall be entitled to receive

 69
 

additional amounts pursuant to this Section 3.6(c) for increased
costs incurred prior to the 180th day before the giving of such notice, unless
such increased costs are due to a change in law that provides for retroactive
effect, in which case the 180 day period shall be extended to include the
period of retroactive effect).

(d)           Change of Lending Office. Each Lender
which is or will be owed compensation pursuant to Section 3.6(a) or (c)
or 4.7 will, if requested by the Borrower, use reasonable efforts
(subject to overall policy considerations of such Lender) to cause a different
Lending Office to make or continue a Loan or Letter of Credit if such
designation will avoid the need for, or materially reduce the amount of, such
compensation to such Lender and will not, in the judgment of such Lender, be
otherwise disadvantageous to such Lender or Lending Office.  Nothing in this Section 3.6(d) shall
affect or postpone any of the obligations of the Borrower or the right of any
Lender provided for herein.

3.7           Replacement of Affected Lenders

(x)            So
long as no Event of Default or Unmatured Event of Default then exists, if any
Revolving Lender becomes a Defaulting Lender or otherwise defaults in its
Obligations to make Loans or fund Unpaid Drawings, (y) if any Lender (or in the
case of Section 2.9(i), Facing Agent) is owed increased costs under Section 2.9(i),
Section 3.6(a)(ii) or (iii), or Section 3.6(c), or the
Borrower is required to make any payments under Section 4.7(a) or (c)
to any Lender, or (z) as provided in Section 12.1(b) in the case of
certain refusals by a Lender to consent to certain proposed amendments,
changes, supplements, waivers, discharges or terminations with respect to this
Agreement which have been approved by the Required Lenders, the Borrower shall
have the right to replace such Lender (the “Replaced Lender”) with one
or more other Eligible Assignees acceptable to the Administrative Agent, provided
that no such Eligible Assignee is a Defaulting Lender at the time of such
replacement (collectively, the “Replacement Lender”), provided
further that (i) at the time of any replacement pursuant to this Section 3.7,
the Replaced Lender and Replacement Lender shall enter into one or more
assignment agreements, in form and substance satisfactory to such parties and
the Administrative Agent, pursuant to which the Replacement Lender shall
acquire all of the Commitments and outstanding Loans of, and participation in
Letters of Credit and Swing Line Loans by, the Replaced Lender (with the
assignment fee paid by either the Replacement Lender or the Borrower) and (ii)
all obligations of the Borrower owing to the Replaced Lender (including,
without limitation, such increased costs and excluding those specifically
described in clause (y) above in respect of which the assignment purchase price
has been, or is concurrently being paid) shall be paid in full to such Replaced
Lender concurrently with such replacement. 
Upon the execution of the respective assignment documentation, the
payment of amounts referred to in clause (ii) above and, if so requested by the
Replacement Lender, delivery to the Replacement Lender of the appropriate Note
or Notes executed by the Borrower, the Replacement Lender shall become a Lender
hereunder and, unless the Replaced Lender continues to have outstanding Loans
hereunder, the Replaced Lender shall cease to constitute a Lender hereunder,
except with respect to indemnification provisions under this Agreement, which
shall survive as to such Replaced Lender. 
Notwithstanding anything to the contrary contained above, no Lender that
acts as a Facing Agent may be replaced hereunder at any time during which such
Facing Agent has Letters of Credit outstanding hereunder, unless arrangements
satisfactory to such Facing Agent (including (1) the furnishing of a
standby letter of credit in form and substance, and issued by an issuer,
satisfactory to such Facing Agent or (2)

 70
 

the depositing of cash
collateral into a collateral account in amounts and pursuant to arrangements
satisfactory to such Facing Agent) have been made with respect to such
outstanding Letters of Credit.  The
Replaced Lender shall be required to deliver for cancellation its applicable
Notes to be canceled on the date of replacement, or if any such Note is lost or
unavailable, such other assurances or indemnification therefor as the Borrower
may reasonably request.

ARTICLE
IV

REDUCTION
OF COMMITMENTS; PAYMENTS AND PREPAYMENTS

4.1           Voluntary Reduction of Commitments

(a)           Upon at least three Business Days’ prior
written notice (or telephonic notice confirmed in writing) to the
Administrative Agent at the Notice Office (which notice the Administrative
Agent shall promptly transmit to each Lender), the Borrower shall have the
right, without premium or penalty, to terminate the unutilized portion of the
Revolving Commitments and/or, the Swing Line Commitment, as the case may be, in
part or in whole; provided that (i) any such voluntary termination of
the Revolving Commitments shall apply proportionately to, and shall permanently
reduce, the Revolving Commitments of each Revolving Lender; (ii) any partial
voluntary reduction of the Revolving Commitments pursuant to this Section
4.1 shall be in the amount of at least $10,000,000 and integral
multiples of $5,000,000 in excess of that amount and (iii) any such
voluntary termination of the Revolving Commitment shall occur simultaneously
with a voluntary prepayment, pursuant to Section 4.3 such that the total
of the Revolving Commitments shall not be reduced below the sum of the Assigned
Dollar Value of the aggregate principal amount of outstanding Revolving Loans,
Swing Line Loans and LC Obligations plus any Overdraft Reserve.

(b)           In the event of certain refusals by a Lender
to consent to certain proposed changes, waivers, discharges or terminations
with respect to this Agreement which have been approved by the Required Lenders
as provided in Section 12.1(b), the Borrower shall have the right, upon
five (5) Business Days’ prior written notice to the Administrative Agent (which
notice the Administrative Agent shall promptly transmit to each of the
Lenders), to terminate the entire Revolving Commitment of such Lender, so long
as (i) the Borrower repays all Loans, together with accrued and unpaid
interest, fees and all other amounts, due and owing to such Lender pursuant to Section
4.3(b) concurrently with the effectiveness of such termination at which
time Schedule 1.1(a) shall be deemed modified to reflect such changed
amounts and (ii) the Borrower cash collateralizes such Lender’s Pro Rata Share
of the LC Obligations (in the manner set forth in Section 4.4(a)) then
outstanding.  At such time, such Lender
shall no longer constitute a “Lender” for purposes of this Agreement, except
with respect to indemnifications in favor of such Lender under this Agreement
which shall survive as to such repaid Lender.

4.2           Mandatory Reductions of Commitments

(a)           Reduction of Revolving Commitments.
The Revolving Commitments shall be reduced at the time and in the amounts
required to be reduced pursuant to Section 4.4(c).

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(b)           Reduction of Term B Dollar Commitments. The Term B Dollar Commitments shall
terminate on the Effective Date after giving effect to the Term B Dollar Loans
on such date.

(c)           Proportionate Reductions. Each
reduction or adjustment to the Commitments pursuant to this Section 4.2
shall apply proportionately to the Commitments of each Lender under the
applicable Facility.

4.3           Voluntary Prepayments

(a)           The Borrower shall have the right to prepay
the Revolving Loans, any of the Term Loans or the Swing Line Loans in any
combination, in whole or in part, from time to time, without premium or penalty
except as set forth in Section 4.5(c), on the following terms and
conditions: (i) the Borrower shall give the Administrative Agent irrevocable
written notice at its Notice Office (or telephonic notice promptly confirmed in
writing) of its intent to prepay the Loans, whether such Loans are Term Loans,
Revolving Loans or Swing Line Loans, the amount of such prepayment and the
specific Borrowings to which such prepayment is to be applied, which notice
shall be given by the Borrower to the Administrative Agent by 12:00 p.m. (New
York City time) at least three Business Days prior in the case of Eurocurrency
Loans and at least one Business Day prior in the case of Base Rate Loans to the
date of such prepayment and which notice shall (except in the case of Swing
Line Loans) promptly be transmitted by the Administrative Agent to each of the
applicable Lenders; (ii) each partial prepayment of any Borrowing (other than a
Borrowing of Swing Line Loans) shall be in an aggregate Dollar Equivalent
principal amount of at least $5,000,000 and each partial prepayment of a Swing
Line Loan shall be in an aggregate principal amount of at least $500,000; provided,
that any partial prepayment of Eurocurrency Loans made pursuant to a single
Borrowing that reduces the aggregate principal amount of the outstanding Loans
made pursuant to such Borrowing to an amount less than the Minimum Borrowing
Amount applicable thereto shall be subject to the ante-penultimate sentence of Section
4.5(a); (iii) Eurocurrency Loans may be prepaid pursuant to this Section
4.3 on the last day of an Interest Period applicable thereto, or subject to
Section 3.5 on any other day; (iv) each prepayment in respect of any
Borrowing shall be applied pro rata among the Loans comprising such Borrowing; provided,
that such prepayment shall not be applied to any Revolving Loans of a
Defaulting Lender at any time when the aggregate amount of Revolving Loans of
any Non-Defaulting Lender exceeds such Non-Defaulting Lender’s Pro Rata Share
of all Revolving Loans then outstanding; (v) each voluntary prepayment of Term
Loans shall be applied first to the Scheduled Term Repayments of the Term
Facility being repaid due within the 12 month period following the date of such
prepayment in direct order of maturity and, thereafter, shall be applied to
reduce the remaining Scheduled Term Repayments on a pro rata basis (based upon
the then remaining principal amount of such Scheduled Term Repayments).  Unless otherwise specified by the Borrower,
such prepayment shall be applied first to the payment of Base Rate Loans and
second to the payment of such Eurocurrency Loans as the Borrower shall request
(and in the absence of such request, as the Administrative Agent shall
determine).  The notice provisions, the
provisions with respect to the minimum amount of any prepayment, and the provisions
requiring prepayments in integral multiples above such minimum amount of this Section
4.3 are for the benefit of the Administrative Agent and may be waived
unilaterally by the Administrative Agent.

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(b)           In the event of certain refusals by a Lender
to consent to certain proposed changes, waivers, discharges or terminations
with respect to this Agreement which have been approved by the Required Lenders
as provided in Section 12.1(b), the Borrower shall have the right, upon
five (5) Business Days’ prior written notice to the Administrative Agent (which
notice the Administrative Agent shall promptly transmit to each of the
Lenders), to repay all Loans, together with accrued and unpaid interest, fees and
all other amounts due and owing to such Lender in accordance with said Section
12.1(b), so long as (A) in the case of the repayment of Revolving Loans of
any Revolving Lender pursuant to this clause (b), the Revolving Commitment of
such Revolving Lender is terminated concurrently with such repayment pursuant
to Section 4.1(b) and (B) in the case of the repayment of Loans of any
Lender, the consents required by Section 12.1(b) in connection with the
repayment pursuant to this clause (b) shall have been obtained.

4.4           Mandatory Prepayments

(a)           Prepayment Upon Overadvance.  The Borrower shall prepay the outstanding
principal amount of Revolving Loans and/or Swing Line Loans on any date on
which the Assigned Dollar Value of all outstanding Revolving Loans, Swing Line
Loans and LC Obligations (after giving effect to any other repayments or
prepayments on such day) plus any Overdraft Reserve exceeds the Total Revolving
Commitment then in effect (including, without limitation, solely as a result of
fluctuation in Exchange Rates), in the amount of such excess and in the
applicable currency; provided, however, that if such excess is
solely as a result of fluctuation in Exchange Rates, (i) the Borrower shall not
be obligated to pay such amount until four Business Days after notice from the
Administrative Agent and (ii) the Borrower shall not be obligated to pay such
amount unless such excess is greater than the Dollar Equivalent of an amount
equal to 5% of the Total Revolving Commitment. 
If, after giving effect to the prepayment of all outstanding Revolving
Loans and Swing Line Loans pursuant to this Section 4.4(a), the
aggregate Assigned Dollar Value of LC Obligations plus any Overdraft Reserve
exceeds the Total Revolving Commitment then in effect, the Borrower shall cash
collateralize LC Obligations by depositing, pursuant to a cash collateral
agreement to be entered into in form and substance reasonably satisfactory to
the Administrative Agent, cash with the Administrative Agent in an amount equal
to the difference between the Assigned Dollar Value of such LC Obligations plus
any Overdraft Reserve and the Total Revolving Commitment then in effect.  The Administrative Agent shall establish in
its name for the benefit of the Revolving Lenders a collateral account into
which it shall deposit such cash to hold as collateral security for the LC
Obligations.

(b)           Scheduled Term Repayments.  The Borrower shall cause to be paid Scheduled
Term Repayments for each Term Facility on the Term Loans until the Term Loans
are paid in full in the amounts and currencies and at the times specified in
each of the Scheduled Term Repayment definitions to the extent that prepayments
have not previously been applied to such Scheduled Term Repayments (and such
Scheduled Term Repayments have not otherwise been reduced) pursuant to the
terms hereof.  Payments to be made
pursuant to this Section 4.4(b) with respect to Term B Dollar Loans
shall be paid in Dollars.

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(c)           Mandatory Prepayment Upon Asset
Disposition or Recovery Event.

(i)            On
the first Business Day after the date of receipt thereof by the Borrower and/or
any of its Subsidiaries of Net Sale Proceeds from any Asset Disposition (other
than the US Commodity Business Sale, the UK Business Sale or the C4 Business
Sale) or the proceeds of a Recovery Event (or in the case of a receipt thereof
by a Foreign Subsidiary of the Borrower, such later date as is practicable (but
in any event not later than the 360th day or such earlier day as the Borrower
is obligated to make an offer to purchase any Public Notes due to such Asset
Disposition or Recovery Event) in the event that such mandatory repayment would
result in the provisions of Sections 151 et seq. of the Companies Act 1985 of
England being breached or in any Foreign Subsidiary breaching any similar
applicable law in its country of incorporation), the Borrower shall cause to be
paid a mandatory repayment of principal of Loans pursuant to the terms of Section
4.5(a) in an amount equal to the greater of (A) the Term Loan Ratable Share
of such Net Sale Proceeds or such proceeds from a Recovery Event and (B) 100%
of such Net Sale Proceeds or such proceeds from a Recovery Event less the
applicable Required Note Offer Amount Proceeds; provided, that so long
as no Event of Default or Unmatured Event of Default then exists, if either (i)
the proceeds of any single or series of related Recovery Events or (ii) the Net
Sale Proceeds of any single or series of related Asset Dispositions are less
than $10,000,000 in the aggregate, then no prepayment shall be required
pursuant to this Section 4.4(c)(i), with respect to such Recovery
Event(s) or Asset Disposition(s) (but if greater than $10,000,000, the entire
amount of the proceeds or the Net Sale Proceeds, as applicable, shall be
required to be prepaid and not only the portion of the proceeds or the Net Sale
Proceeds, as applicable, in excess of $10,000,000); provided, further,
that if such Asset Disposition is permitted by Section 8.3(h) or (i),
the Net Sale Proceeds therefrom shall not be required to be so applied on such
date to the extent that (x) no Event of Default or Unmatured Event of Default
then exists and (y) the Borrower delivers a certificate to the Administrative
Agent on or prior to such date stating that an amount equal to such Net Sale
Proceeds are expected to be used to purchase assets used or to be used in the
businesses referred to in Section 8.9 within 360 days following the date
of receipt of such Net Sale Proceeds from such Asset Disposition (which
certificate shall set forth the estimates of the proceeds to be so expended) or
to redeem, repurchase or otherwise acquire up to $300,000,000 in aggregate
principal amount of obligations under the Senior Secured Notes (2010) or the
Senior Notes (2012) in accordance with the terms of Section 8.11(i); provided,
however, that if such Asset Disposition is for an amount in excess of
7.5% of the Consolidated Net Tangible Assets of the Borrower and its
Subsidiaries as of the end of the immediately preceding Fiscal Quarter for
which the Borrower has delivered financial statements required by Section
7.1, the Net Sale Proceeds in excess of the amount equal to 7.5% of
Consolidated Net Tangible Assets as of such date shall be required to be so
applied as a mandatory repayment of principal of Loans pursuant to the terms of
Section 4.5(a) on the date thirty (30) days following receipt thereof
unless the Borrower has received from S&P or Moody’s by such date a
reaffirmation of its debt ratings giving effect to such Asset Disposition and
the proposed use of the proceeds therefrom; provided, further,
that (1) if all or any

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portion of
such Net Sale Proceeds not so applied to the repayment of Loans are not so used
(or contractually committed to be used) within such 360 day period as provided
above, such remaining portion shall be applied on the last day of the period or
such earlier date as the Borrower is obligated to make an offer to purchase
Senior Secured Notes (2010) due to such Asset Disposition as a mandatory
repayment of principal of outstanding Loans as provided above in this Section
4.4(c) and (2) if all or any portion of such Net Sale Proceeds are a result
of an Asset Disposition involving the sale of Collateral owned by the Borrower
or a Domestic Subsidiary (other than the Capital Stock of a Foreign
Subsidiary), then such Net Sale Proceeds shall be required to be reinvested in
assets located in the United States constituting Collateral (to the extent not
used to repay Loans pursuant to this Section 4.4(c)).

(ii)           The
Lenders, by execution hereof, hereby irrevocably instruct the Administrative
Agent, upon the request of the Borrower, to waive (A) up to $200,000,000 of Net
Sale Proceeds otherwise required to prepay the Loans hereunder in any Fiscal
Year, (B) up to $50,000,000 in the aggregate of Net Sale Proceeds received in
connection with Sale and Leaseback Transactions of transportation assets and
(C) to the extent not previously waived, Net Sales Proceeds from the C4
Business Sale and the UK Business Sale.

(iii)          Notwithstanding
anything to the contrary in this Section 4.4(c), if the Borrower or any
of its Subsidiaries are required by the terms of any Public Note Document to
make an offer to purchase Public Notes due to an Asset Disposition (other than
the US Commodity Business Sale and the Asset Dispositions described in clause
(ii)(C) above) but would not otherwise be required to make a mandatory prepayment
of the Loans applied pursuant to the terms of Section 4.5(a), the
Borrower shall cause to be made a mandatory prepayment of the Loans pursuant to
Section 4.5(a) in an amount equal to the greater of (A) the Term Loan
Ratable Share of the Net Sale Proceeds from such Asset Disposition and (B) 100%
of such Net Sale Proceeds from such Asset Disposition less the applicable
Required Note Offer Amount Proceeds.

(d)           Mandatory Prepayment With Excess Cash
Flow.  As soon as practicable and in
any event by April 30th of each year (commencing April 30, 2006), the
Borrower shall cause to be paid a mandatory repayment of principal of Loans
applied pursuant to the terms of Section 4.5(a) in an amount equal to
50% of Excess Cash Flow of the Borrower and its Subsidiaries for the Fiscal
Year then most recently ended; provided, that so long as no Event of
Default or Unmatured Event of Default then exists, (i) if the Most Recent
Leverage Ratio is less than 3.5 to 1.0, then, instead of 50%, an amount equal
to 25% of Excess Cash Flow of the Borrower and its Subsidiaries for such Fiscal
Year shall be applied as a mandatory repayment of Loans as provided in Section
4.5 and (ii) if the Most Recent Leverage Ratio is less than 3.0 to 1.0
then no mandatory prepayment shall be required to be applied from Excess Cash
Flow.

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4.5           Application of Prepayments.

(a)           Prepayments.  Except as expressly provided in this
Agreement, all prepayments of principal made by the Borrower pursuant to Sections
4.4(c) and (d) shall be applied (i) first, to the payment of
the unpaid principal amount of the Term Loans (with, except as provided in the
next succeeding sentence, the Term Percentage for each Term Facility of such
repayment to be applied as a repayment of Term Loans of such Term Facility), second,
to the prepayment of the then outstanding balance of Swing Line Loans, third,
to the payment, pro rata, of the then outstanding balance of the Revolving
Loans (and the Revolving Commitments shall be permanently reduced by the amount
of the required prepayment not applied to the Term Loans), and fourth,
to the cash collateralization of LC Obligations; (ii) within each of the
foregoing Loans, first to the payment of Base Rate Loans and second to the
payment of Eurocurrency Loans; and (iii) with respect to Eurocurrency Loans, in
such order as the Borrower shall request (and in the absence of such request,
as the Administrative Agent shall determine). 
Each prepayment of Term Loans made pursuant to Section 4.4(c)
and (d) shall be allocated first to the Term Loans based on the
aggregate principal amount of the Scheduled Term Repayments due within the
twelve month period following the date of such prepayment in direct order of
maturity, and, thereafter, shall be allocated second to the Term Loans
in proportional amounts equal to the Term Percentage for each Term Facility (in
each case, after giving effect to the prepayments made to the Scheduled Term
Repayments due within such twelve month period as specified above), as the case
may be, of such remaining prepayment, if any, and, within each Term Loan, shall
be applied to reduce the remaining Scheduled Term Repayments on a pro rata
basis (based upon the then remaining principal amount of such Scheduled Term
Repayments).  If any prepayment of
Eurocurrency Loans made pursuant to a single Borrowing shall reduce the
outstanding Loans made pursuant to such Borrowing to an amount less than the
Minimum Borrowing Amount, such Borrowing shall immediately be converted into
Base Rate Loans, in the case of Loans denominated in Dollars, or into Loans
with one month Interest Periods, in the case of Loans denominated in an
Alternative Currency.  All prepayments
shall include payment of accrued interest on the principal amount so prepaid,
shall be applied to the payment of interest before application to principal and
shall include amounts payable, if any, under Section 3.5.  All payments received in Dollars which are
required to be applied in Euros and/or Sterling shall be converted to Euros or
Sterling, as the case may be, at the Spot Rate on the date of such prepayment.

(b)           Payments.  All Scheduled Term Repayments, all mandatory
prepayments and unless otherwise specified by the Borrower, all voluntary
prepayments shall be applied (i) first to the payment of Base Rate Loans, if
any, and second to the payment of Eurocurrency Loans and (ii) with respect to
Eurocurrency Loans, in such order as the Borrower shall request (and in the
absence of such request, as the Administrative Agent shall determine).  All payments shall include payment of accrued
interest on the principal amount so paid, shall be applied to the payment of
interest before application to principal and shall include amounts payable, if
any, under Section 3.5.  Each
payment applied to the Term Loans shall, to the extent permitted by applicable
laws, be deemed to apply to the portion thereof that was used to repay and
replace the loans originally incurred by the Borrower to purchase the Capital
Stock of TG.

(c)           Call Protection.  In the event that prior to the first
anniversary of the Effective Date, the Borrower makes any prepayment of all or
part of the Term B Dollar Loans in

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connection with any replacement or refinancing of the Term B Dollar
Loans with or from the proceeds of a new term loan having an “Applicable
Eurocurrency Margin” (or other equivalent term) that, at any time prior to the
first anniversary of the Effective Date is, or could upon satisfaction of
certain conditions be, less than the Applicable Eurocurrency Margin for the
Term B Dollar Loans, the Borrower shall pay a prepayment fee to Administrative
Agent for the benefit of the Term B Dollar Lenders equal to 1% of the principal
amount of the Term B Dollar Loans so refinanced, provided that the foregoing
prepayment fee shall not be applicable if such prepayment is made in connection
with the termination of all of the Revolving Commitments and a repayment of all
of the Loans hereunder.  Solely for
purposes of this Section 4.5(c), any amendment, restatement or other
modification to this Agreement prior to the first anniversary of the Effective
Date that reduces the Applicable Eurocurrency Margin applicable to the Term B
Dollar Loans shall be treated as if the Term B Dollar Loans were refinanced in
full.

4.6           Method and Place of Payment

(a)           Except as otherwise specifically provided
herein, all payments under this Agreement shall be made to the Administrative
Agent, for the ratable account of the Lenders entitled thereto, not later than
1:00 p.m. (New York City time) on the date when due and shall be made in
immediately available funds and in each case to the account specified therefor
for the Administrative Agent or if no account has been so specified at the
Payment Office.  The Administrative Agent
will thereafter cause to be distributed on the same day (if payment was actually
received by the Administrative Agent prior to 1:00 p.m. (New York City time) on
such day) like funds relating to the payment of principal or interest or fees
ratably to the Lenders entitled to receive any such payment in accordance with
the terms of this Agreement.  If and to
the extent that any such distribution shall not be so made by the
Administrative Agent in full on the same day (if payment was actually received
by the Administrative Agent prior to 1:00 p.m. (New York City time) on such
day), the Administrative Agent shall pay to each Lender its ratable amount
thereof and each such Lender shall be entitled to receive from the
Administrative Agent, upon demand, interest on such amount at the overnight
Federal Funds Rate (or the applicable cost of funds with respect to amounts
denominated in Euros or Sterling) for each day from the date such amount is
paid to the Administrative Agent until the date the Administrative Agent pays
such amount to such Lender.

(b)           Any payments under this Agreement which are made
by the Borrower later than 1:00 p.m. (New York City time) shall, for the
purpose of calculation of interest, be deemed to have been made on the next
succeeding Business Day.  Whenever any
payment to be made hereunder shall be stated to be due on a day which is not a
Business Day, the due date thereof shall be extended to the next succeeding
Business Day and, with respect to payments of principal, interest shall be
payable during such extension at the applicable rate in effect immediately
prior to such extension, except that with respect to Eurocurrency Loans, if
such next succeeding applicable Business Day is not in the same month as the
date on which such payment would otherwise be due hereunder or under any Note,
the due date with respect thereto shall be the next preceding Business Day.

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4.7           Net Payments

(a)           All payments made by the Borrower hereunder
or under any Loan Document will be made without setoff, counterclaim or other
defense.  All payments hereunder and
under any of the Loan Documents (including, without limitation, payments on
account of principal and interest and fees) shall be made by the Borrower free
and clear of and without deduction or withholding for or on account of any
present or future tax, duty, levy, impost, assessment or other charge of
whatever nature now or hereafter imposed by any Governmental Authority, but
excluding therefrom (i) any tax imposed on or measured by the overall net
income (including franchise taxes imposed in lieu of net income taxes) of the
Lender or the lending office of the Lender in respect of which the payment is
made by the United States or by the jurisdiction (or any political subdivision
or taxing authority thereof) in which the Lender is incorporated or the
jurisdiction (or political subdivision or taxing authority thereof) in which
its lending office is located, (ii) any branch profits tax imposed by the
United States or any similar tax imposed by the jurisdiction in which the
Borrower is located, (iii) in the case of any Lender organized under the
laws of any jurisdiction other than the United States or any state thereof
(including the District of Columbia), any taxes imposed by the United States by
means of withholding at the source unless such withholding results from a
change in applicable law, treaty or regulations or the interpretation or
administration thereof (including, without limitation, any guideline or policy
not having the force of law) by any authority charged with the administration
thereof subsequent to the date such Lender becomes a Lender hereunder, (iv) any
taxes to which the Lender is subject (to the extent of the tax rate then in
effect) on the date this Agreement is executed or to which such Lender would be
subject on such date if a payment hereunder had been received by the Lender on
such date and with respect to any Lender that becomes a party hereto after the
date hereof, any taxes to which such Lender is subject on the date it becomes a
party hereto (other than taxes which each of the other Lenders is entitled to
reimbursements for pursuant to the terms of this Agreement), (v) taxes to which
the Lender becomes subject subsequent to the date referred to in clause (iv)
above as a result of a change in the residence, place of incorporation, or
principal place of business of the Lender, a change in the branch or lending
office of the Lender participating in the transactions set forth herein or
other similar circumstances or as a result of the recognition by the Lender of
gain on the sale, assignment or participation by the Lender of the
participating interests in its creditor positions hereunder and (vi) any
withholding tax that is imposed as a result of a Lender’s failure to comply
with the provisions of Section 4.7(d) (such tax or taxes, other
than the tax or taxes described in Sections 4.7(a)(i) through (vi),
being herein referred to as “Tax” or “Taxes”).  If the Borrower is required by law to make
any deduction or withholding of any Taxes from any payment due hereunder or
under any of the Loan Documents, then the amount payable will be increased to
such amount which, after deduction from such increased amount of all such Taxes
required to be withheld or deducted therefrom, will not be less than the amount
due and payable hereunder had no such deduction or withholding been required.  A certificate as to any additional amounts
payable to a Lender under this Section 4.7 submitted to the Borrower by
such Lender shall show in reasonable detail the amount payable and the
calculations used to determine in good faith such amount and shall, absent
manifest error, be final, conclusive and binding upon all parties hereto.

(b)           If the Borrower makes any payment hereunder
or under any of the Loan Documents in respect of which it is required by law to
make any deduction or withholding of any Taxes, it shall pay the full amount to
be deducted or withheld to the relevant taxation or other

 78
 

authority within the time allowed for such payment under applicable law
and shall deliver to the Lenders within 30 days after it has made such payment
to the applicable authority an original or certified copy of a receipt issued
by the relevant Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably
satisfactory to the Lender or Administrative Agent.

(c)           Without prejudice to the other provisions of
Section 4.7, if any Lender, or the Administrative Agent on its behalf,
is required by law to make any payment on account of Taxes on or in relation to
any amount received or receivable hereunder or under any of the Loan Documents
by such Lender, or the Administrative Agent on its behalf, or any liability for
Tax in respect of any such payment is imposed, levied or assessed against any
Lender or the Administrative Agent on its behalf, the Borrower will promptly,
following receipt of the certificate described in the immediately following
sentence, indemnify such person against such Tax payment or liability, together
with any interest, penalties and expenses (including reasonable counsel fees
and expenses) payable or incurred in connection therewith, including any tax of
any Lender or the Administrative Agent arising by virtue of payments under this
Section 4.7(c), computed in a manner consistent with this Section
4.7(c).  A certificate as to the
amount of such payment by such Lender, or the Administrative Agent on its
behalf, showing calculations thereof in reasonable detail, absent manifest
error, shall be final, conclusive and binding upon all parties hereto for all
purposes.

(d)           (i)            To
the extent permitted by applicable law, each Lender that is a Non-U.S.
Participant shall deliver to Borrower and Administrative Agent on or prior to
the Initial Borrowing date (or in the case of a Lender that is an Assignee, on
the date of such assignment to such Lender) two accurate and complete original
signed copies of IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other
applicable form prescribed by the IRS) certifying to such Lender’s entitlement
to a complete exemption from, or a reduced rate of, United States withholding
tax on interest payments to be made under this Agreement or any Note.  If a Lender that is a Non-U.S. Participant is
claiming a complete exemption from withholding on interest pursuant to Section
881(c) of the Code, the Lender shall deliver (along with two accurate and
complete original signed copies of IRS Form W-8BEN) a certificate substantially
in the form of Exhibit 4.7(d) (any such certificate, a Section
4.7(d)(i) Certificate”).  In
addition, each Lender that is a Non-U.S. Participant agrees that from time to
time after the Initial Borrowing date, (or in the case of a Lender that is an
Assignee, after the date of the assignment to such Lender), when a lapse in
time (or change in circumstances occurs) renders the prior certificates hereunder
obsolete or inaccurate in any material respect, such Lender shall, to the
extent permitted under applicable law, deliver to the Borrower and
Administrative Agent two new and accurate and complete original signed copies
of an IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable
forms prescribed by the IRS), and if applicable, a new Section 4.7(d)(i)
Certificate, to confirm or establish the entitlement of such Lender or
Agent to an exemption from, or reduction in, United States withholding tax on
interest payments to be made under this Agreement or any Note.

(ii)           Each
Lender that is not a Non-U.S. Participant (other than any such Lender which is
taxed as a corporation for U.S. federal income tax purposes) shall provide two
properly completed and duly executed copies of IRS Form W-9 (or any successor
or other applicable form) to Borrower and Administrative Agent

 

 79

certifying
that such Lender is exempt from United States backup withholding tax.  To the extent that a form provided pursuant
to this Section 4.7(d)(ii) is rendered obsolete or inaccurate in any
material respects as result of change in circumstances with respect to the
status of a Lender, such Lender or Agent shall, to the extent permitted by
applicable law, deliver to Borrower and Administrative Agent revised forms
necessary to confirm or establish the entitlement to such Lender’s exemption
from United States backup withholding tax.

(e)           Each Lender agrees that, as promptly as
practicable after it becomes aware of the occurrence of any event or the
existence of any condition that would cause the Borrower to make a payment in
respect of any Taxes to such Lender pursuant to Section 4.7(a) or a
payment in indemnification for any Taxes pursuant to Section 4.7(c), it
will use reasonable efforts to make, fund or maintain the Loan (or portion
thereof) of such Lender with respect to which the aforementioned payment is or
would be made through another lending office of such Lender if as a result
thereof the additional amounts which would otherwise be required to be paid by
such the Borrower in respect of such Loans (or portions thereof) or
participation in Letters of Credit pursuant to Section 4.7(a) or Section
4.7(c) would be materially reduced, and if, as determined by such Lender,
in its reasonable discretion, the making, funding or maintaining of such Loans
or participation in Letters of Credit (or portions thereof) through such other
lending office would not otherwise materially adversely affect such Loans or
such Lender.  The Borrower agrees to pay
all reasonable expenses incurred by any Lender in utilizing another lending office
of such Lender pursuant to this Section 4.7(e).

(f)            If the Administrative Agent or any Lender
(or Participant) receives any refund with respect to any Taxes as to which it
has been indemnified by the Borrower, or with respect to which the Borrower has
paid additional amounts pursuant to this Section 4.7, it shall pay over
to the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this
Section 4.7 with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses of the Administrative Agent or such Lender (or
Participant) and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that the
Borrower, upon the request of the Administrative Agent or such Lender (or
Participant), agrees to repay the amount paid over to the Borrower, to the
Administrative Agent or such Lender (or Participant), together with any
interest, penalties and additions to tax, in the event the Administrative Agent
or such Lender (or Participant) is required to repay such refund to such
Governmental Authority.  This paragraph
shall not be construed to require the Administrative Agent or any Lender (or
Participant) to make available its tax returns (or any other information
relating to its taxes which it deems confidential) to the Borrower or any other
Person.

ARTICLE V

CONDITIONS
OF CREDIT

5.1           Conditions Precedent to the Closing Date

The obligation of the Lenders to make the Initial Loan
and the obligation of the Facing Agent to issue and the Lenders to participate
in Letters of Credit under this Agreement

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were subject to the
fulfillment, on or prior to the Closing Date, of each of the following
conditions (capitalized terms used in this Article but not defined herein have
the meanings ascribed to such terms in this Agreement prior to giving effect to
the Third Amendment):

(a)           Credit Agreement and Notes.  The Borrower, the Administrative Agent and
each Lender shall have duly executed and delivered to the Administrative Agent,
with a signed counterpart for each Lender, this Agreement (including all
schedules and exhibits), and the Borrower shall have duly executed and
delivered to the Administrative Agent the Notes payable to the order of each
applicable Lender which has requested a Note in the amount of their respective
Commitments and all other Loan Documents shall have been duly executed and
delivered by the appropriate Credit Party to Agent, all of which shall be in
full force and effect;

(b)           Collateral Security Agreement; UK
Debenture.  The Borrower and each
Subsidiary Guarantor shall have duly authorized, executed and delivered a
Collateral Security Agreement in form and substance satisfactory to the
Administrative Agent (as modified, supplemented or amended from time to time,
the “Collateral Security Agreement”) and shall have delivered to
Collateral Agent all the Pledged Securities and Pledged Intercompany Notes
referred to therein then owned, if any, by such Credit Party, (y) endorsed in
blank in the case of promissory notes constituting Pledged Securities referred
to therein then owned, if any, by such Credit Party, and (z) together with
executed and undated stock powers, in the case of capital stock constituting
Pledged Securities and the other documents and instruments required to be
delivered under the Collateral Security Agreement and TG shall have duly
authorized, executed and delivered an English law governed Guarantee and
Debenture in favor of the UK Security Trustee in form and substance satisfactory
to the Administrative Agent (as modified, supplemented or amended from time to
time, the “UK Debenture”) together with:

(i)            proper
financing statements (Form UCC-1 or such other financing statements or similar
notices as shall be required by local law) fully executed for filing under the
UCC or other appropriate filing offices of each jurisdiction as may be
necessary or, in the reasonable opinion of the Administrative Agent, desirable
to perfect the security interests purported to be created by the Collateral
Security Agreement;

(ii)           certified
copies of Requests for Information or Copies (Form UCC-7), or equivalent
reports, listing all effective financing statements or similar notices that
name the Borrower or its Subsidiaries (by its actual name or any trade name,
fictitious name or similar name), or any division or other operating unit
thereof, as debtor and that are filed in the jurisdiction referred to in said
clause (i), together with copies of such other financing statements (none of
which shall cover the Collateral except to the extent evidencing Permitted
Liens or for which the Administrative Agent shall have received satisfactory
evidence of release);

(iii)          evidence
of the completion (or arrangements acceptable to the Administrative Agent for
the completion) of all other recordings and filings of, or with respect to, the
Collateral Security Agreement and the UK Debenture and all other actions as may
be necessary or, in the opinion of the Administrative Agent,

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desirable to
perfect the security interests intended to be created by the Collateral
Security Agreement, the UK Debenture or any other Security Document;

(iv)          such
amendments, modifications or supplements to the Pledged Intercompany Notes as
may be reasonably requested by the Administrative Agent, each such amendment,
modification or supplement to be in a form reasonably satisfactory to the
Administrative Agent; and

(v)           evidence
that all other actions necessary, or in the reasonable opinion of the
Administrative Agent, desirable to perfect the security interests purported to
be taken by the Collateral Security Agreement have been taken;

(c)           Pledge Agreement; Charges Over Shares.  (i) The Borrower and each Subsidiary
Guarantor shall have duly executed and delivered a Pledge Agreement in the form
of Exhibit 5.1(c) (as modified, supplemented or amended from time to
time, the “Pledge Agreement”) and (ii) the Borrower or the applicable
Subsidiary Guarantors shall have duly executed and delivered English law
governed charges over shares in form and substance satisfactory to the
Administrative Agent (as modified, supplemented or amended from time to time,
the “UK Pledge Agreements”) in respect to any shares of TG or UK Holdco
1 held by the Borrower or a Subsidiary Guarantor;

(d)           Subsidiary Guaranty Agreements.

(i)            Subsidiary
Guaranty.  Each Subsidiary Guarantor
shall have duly executed and delivered the Subsidiary Guaranty substantially in
the form of Exhibit 5.1(d)(i);

(ii)           Headquarters
Subsidiary Guaranty Agreement. 
Huntsman Headquarters Corporation shall have duly executed and delivered
the Headquarters Subsidiary Guaranty Agreement substantially in the form of Exhibit
5.1(d)(ii);

(e)           Mortgages; Mortgage Policies; Surveys.  The Administrative Agent shall have received:

(i)            fully
executed counterparts of a deed of trust, all in form and substance
satisfactory to the Administrative Agent (the “Mortgages”), which
Mortgage shall cover the Mortgaged Property of the Borrower or a Domestic
Subsidiary, together with a recording instruction letter from Vinson &
Elkins L.L.P., addressed to and accepted by the relevant title insurance
company under which such title insurance company accepts delivery of executed
counterparts of the applicable Mortgage to be promptly delivered to the
appropriate recorder’s office for recording in all places to the extent
necessary or desirable, in the reasonable judgment of the Administrative Agent,
to create a valid and enforceable first priority lien (subject to Permitted
Real Property Encumbrances) on the applicable Mortgaged Property, subject only
to Permitted Liens, in favor of Collateral Agent (or such other trustee as may
be required or desired under local law) for the benefit of the Secured Parties;

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(ii)           mortgagee
title insurance policies issued by title insurance companies satisfactory to
the Administrative Agent (the “Mortgage Policies”) with respect to the
Mortgaged Properties in amounts satisfactory to the Administrative Agent
assuring the Administrative Agent that the Mortgages with respect to such
Mortgaged Properties are valid and enforceable first priority mortgage liens on
the respective Mortgaged Properties, free and clear of all defects,
encumbrances and other Liens except Permitted Liens, and the Mortgage Policies
shall be in form and substance satisfactory to the Administrative Agent and
shall include, as appropriate, an endorsement for future advances under this
Agreement and the Notes and for any other matter that the Administrative Agent
in its discretion may request, shall not include an exception for mechanics’
liens, and shall provide for affirmative insurance and such reinsurance as the
Administrative Agent in its discretion may request; and

(iii)          to
the extent requested by the Administrative Agent, a survey, in form and
substance satisfactory to the Administrative Agent, of each Mortgaged Property
dated a recent date acceptable to the Administrative Agent, certified by a
licensed professional surveyor satisfactory to the Administrative Agent, provided,
however, in the event that any survey delivered pursuant to this
provision is dated on a date which is more than six (6) months prior to the
Closing Date, but less than one (1) year prior to the Closing Date, such survey
shall be acceptable so long as such survey otherwise complies with the
ALTA/ACSM standards required by the Administrative Agent, and the owner and/or
lessee of the Mortgaged Property delivers a “no change survey affidavit” in a
form which is acceptable to the title insurance company issuing the Mortgage
Policy, so that the title insurance company will delete any general survey
exception in such Mortgage Policy;

(f)            Perfection.             Each Credit Party shall have delivered to
the Administrative Agent true and correct copies of Perfection Certificates in
the form of Exhibit 5.1(f) (the “Perfection Certificates”), each
of which shall be in full force and effect and in form and substance
satisfactory to the Administrative Agent as of the Closing Date;

(g)           Termination of Prior Credit Agreements.         On the Closing Date, the
total commitments under each of the Prior Credit Agreements shall have been
terminated, all loans thereunder shall have been repaid in full, together with
interest thereon, and all other amounts owing pursuant to such agreements shall
have been repaid in full and such agreements shall have been terminated on
terms and conditions satisfactory to the Administrative Agent and the Required
Lenders and be of no further force or effect and the creditors thereunder shall
have terminated, released or modified all security interests and Liens on the
assets owned by the Borrower and its Subsidiaries in a manner satisfactory to
the Administrative Agent, it being understood and agreed that for all purposes
under this Agreement, such repayment shall be deemed to occur simultaneously
with the effectiveness of this Agreement;

(h)           Intercreditor Agreement and Public Note
Document Deliveries.  The
Administrative Agent shall have received (i) a fully executed copy of the
Intercreditor

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Agreement and (ii) copies of all opinions and certificates delivered
pursuant to the terms of any Public Note Document in connection with the
Transactions;

(i)            Documents.  The Administrative Agent shall have received
certified copies of:

(i)            the
UK Holdco Note executed by UK Holdco 1 payable to Huntsman Finco;

(ii)           Foreign
Intercompany Notes executed by each Foreign Subsidiary that received an
Intercompany Loan from UK Holdco 1 in connection with the Prior HI Credit
Agreement;

(iii)          Foreign
Intercompany Loan Security Documents, in form and substance acceptable to the
Administrative Agent, executed by each Foreign Subsidiary listed on Schedule
5.1(i)(iii); and

(iv)          the
UK Petrochem Holdings Note, along with the guaranty of the UK Petrochem
Holdings Note by TG;

(j)            Corporate Proceedings.    The Administrative Agent shall have
received from each Credit Party a certificate, dated the Closing Date, signed
by a Responsible Officer of such Person, and attested to by the secretary or
any assistant secretary, or equivalent officer, or any manager (in the case of
a limited liability company) of such Person with appropriate insertions,
together with copies of such Person’s Organizational Documents and the consents
of the members of such Person referred to in such certificate and all of the
foregoing (including each such Organizational Document and consent) shall be
satisfactory to the Administrative Agent; and

(i)            All
corporate and/or limited liability company and legal proceedings and all
instruments and agreements to be executed by each Credit Party in connection
with the transactions contemplated by this Agreement and the Loan Documents
shall be reasonably satisfactory in form and substance to the Administrative
Agent, and the Administrative Agent shall have received all information and
copies of all certificates, documents and papers, including good standing
certificates, bring-down certificates and any other records of corporate and/or
limited liability company proceedings and governmental approvals, if any, which
the Administrative Agent reasonably may have requested in connection therewith,
such documents and papers, where appropriate, to be certified by proper
corporate or governmental authorities;

(ii)           The
ownership and capital structure (including without limitation, the terms of any
capital stock, options, warrants or other securities issued by Borrower or any
of its Subsidiaries) of the Borrower and its Subsidiaries shall be in form and
substance reasonably satisfactory to the Administrative Agent and the Lenders;

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(k)           Foreign Intercompany Loan Corporate
Proceedings. The Administrative Agent shall have received from each Foreign
Subsidiary of the Borrower party to a Foreign Intercompany Loan Security
Document, a copy (certified as being a true, complete and up to date copy by
the secretary of such Person) of such Person’s Organizational Documents;

(l)            Incumbency.  The Administrative Agent shall have received
a certificate of the secretary or assistant secretary, or equivalent officer,
or any manager (in the case of a limited liability company) of each Credit
Party, dated the Closing Date, as to the incumbency and signature of the
officers of each such Person executing any document (in form and substance
satisfactory to the Administrative Agent) and any certificate or other document
or instrument to be delivered pursuant hereto or thereto by or on behalf of
such Person, together with evidence of the incumbency of such secretary,
assistant secretary, or equivalent officer or any manager (in the case of a
limited liability company);

(m)          Financial Statements.  The
Borrower shall have delivered to the Administrative Agent and each Lender the
financial statements as provided in Section 6.5(a) in form and substance
satisfactory to the Administrative Agent and the Required Lenders;

(n)           Approvals.  All necessary governmental (domestic and
foreign) and third party approvals in connection with this Agreement and the
transactions contemplated hereby and otherwise referred to herein shall have
been obtained and remain in effect, and all applicable waiting periods shall
have expired without any action being taken by any competent authority which
restrains, prevents or imposes materially adverse conditions upon the
consummation of all or any part of this Agreement or the transactions
contemplated hereby and otherwise referred to herein except for those approvals
of non-Governmental Authorities under contracts which are not material and
which are not required to be delivered at the closing thereof.  Additionally, there shall not exist any
judgment, order, injunction or other restraint issued or filed or a hearing
seeking injunctive relief or other restraint pending or notified prohibiting or
imposing material adverse conditions upon all or any part of this Agreement or
the transactions contemplated hereby, or the making of the Loans or the
issuance of Letters of Credit;

(o)           Litigation.  No litigation by any entity (private or
governmental) shall be pending or, to the best knowledge of the Borrower,
threatened with respect to this Agreement, any other Loan Document or any
documentation executed in connection herewith or the transactions contemplated
hereby, or which the Administrative Agent or the Required Lenders shall
determine could reasonably be expected to have a Material Adverse Effect;

(p)           Public Notes.        HLLC shall have delivered to the Administrative
Agent certified copies of all material documents executed in connection with
the Transaction pursuant to any Public Note Documents, including any
certificates and legal opinions relating thereto, each in form and substance
acceptable to the Administrative Agent;

(q)           Merger.   The Merger shall have been consummated in
accordance with the Merger Agreement and applicable law.  The Administrative Agent shall have received
copies of the Merger Agreement and all certificates and other documents
delivered thereunder.  The Administrative
Agent shall be reasonably satisfied with the material terms and conditions of
the Merger;

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(r)            Pro Forma Balance Sheet.  The Administrative Agent shall have received
the Pro Forma Balance Sheet in form and substance satisfactory to the Administrative
Agent and the Required Lenders;

(s)           Opinions of Counsel.  The Administrative Agent shall have received
from (i) Vinson & Elkins L.L.P., special counsel to the Borrower, an
opinion addressed to the Administrative Agent and each of the Lenders and dated
the Closing Date, which shall be in substantially the form of Exhibit
5.1(s)(i), (ii) Stoel Rives LLP, special Utah counsel to the Borrower, an
opinion addressed to the Administrative Agent and each of the Lenders and dated
the Closing Date, which shall be in substantially the form of Exhibit
5.1(s)(ii), (iii) Alvord and Alvord, special Surface Transportation
Board Counsel, an opinion addressed to the Administrative Agent and each of the
Lenders and dated the Closing Date, which shall be in substantially the form of
Exhibit 5.1(s)(iii) or shall have made arrangements satisfactory to
the Administrative Agent for receipt of such opinion within thirty (30) days
after the Closing Date and (iv) local counsel to the Borrower (in the United
States and in England), an opinion addressed to the Administrative Agent and
each of the Lenders and dated the Closing Date, in form and substance
satisfactory to the Administrative Agent, covering the perfection of the
security interests granted pursuant to the Security Documents;

(t)            Fees.  The Borrower shall have paid to the Agents
and the Lenders all costs, fees and expenses (including, without limitation,
legal fees and expenses) payable to the Agents and the Lenders to the extent
then due including all breakage, if any, and other fees, interest and expenses
due and owing under the Prior Credit Agreements as if paid in full;

(u)           Solvency.  The Administrative Agent shall have received
a solvency certificate, in form and substance reasonably satisfactory to the
Administrative Agent, executed by a Responsible Officer on behalf of the
Borrower with respect to the solvency of the Borrower;

(v)           Tax Sharing Agreement.  The Administrative Agent shall have received
a certified copy of the fully executed Tax Sharing Agreement;

(w)          Environmental Report.  The Administrative Agent shall have received
access to copies of the most recent environmental risk assessment reports in
the possession of the Borrower or its Subsidiaries or performed at the request
of the Borrower or its Subsidiaries for any current and former facilities of
the Borrower or its Subsidiaries;

(x)            Insurance.  The Administrative Agent shall be satisfied
with the insurance coverage in effect on the Closing Date pertaining to the
assets of the Borrower and the Subsidiary Guarantors, and shall have received
evidence satisfactory to it that the Administrative Agent shall have been named
as a loss payee, mortgagee and additional insured on all such policies of
insurance, as appropriate;

(y)           Whitewash Procedures.  The Administrative Agent shall be satisfied
that each element of the whitewash procedures with respect to TG has been
completed;

(z)            Officer’s Certificate.  The
Administrative Agent shall have received a certificate executed by a
Responsible Officer on behalf of the Borrower, dated the Closing Date and in
form and substance satisfactory to the Administrative Agent;

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(aa)         Existing Indebtedness. 
After giving effect to this Agreement and the other transactions
contemplated hereby, Borrower and its Subsidiaries shall not have any
Indebtedness outstanding except for the Loans, the Public Notes and the
Indebtedness listed on Schedule 8.2(b) (to this Agreement prior to
giving effect to the Third Amendment) and other Indebtedness permitted by Section
8.2;

(bb)         Debt Ratings.  The Borrower shall have received a prospective
senior secured debt rating with the respect to the Loans from each of S&P
and Moody’s; and

(cc)         Other Matters.  All corporate and other proceedings taken in
connection with this Agreement at or prior to the date of this Agreement, and
all documents incident thereto will be reasonably satisfactory in form and
substance to the Administrative Agent; and the Administrative Agent shall have
received such other instruments and documents as the Administrative Agent shall
reasonably request in connection with the execution of this Agreement, and all
such instruments and documents shall be reasonably satisfactory in form and
substance to the Administrative Agent.

5.2           Conditions Precedent to All Credit Events

The obligation of each Lender to make Loans (including
Loans made on the Effective Date) and the obligation of any Facing Agent to
issue or any Lender to participate in any Letter of Credit hereunder in each
case shall be subject to the fulfillment at or prior to the time of each such
Credit Event of each of the following conditions:

(a)           Representations and Warranties.  The representations and warranties contained
in this Agreement and the other Loan Documents shall each be true and correct
in all material respects at and as of such time, as though made on and as of
such time, except to the extent such representations and warranties are
expressly made as of a specified date in which event such representation and
warranties shall be true and correct as of such specified date;

(b)           No Default.  No Event of Default or Unmatured Event of
Default shall have occurred and shall then be continuing on such date or will
occur after giving effect to such Credit Event;

(c)           Notice of Borrowing; Notice of Issuance.

(i)            Prior
to the making of each Loan, the Administrative Agent shall have received a
Notice of Borrowing meeting the requirements of Section 2.5.

(ii)           Prior
to the issuance of each Letter of Credit, the Administrative Agent and the
respective Facing Agent shall have received a Notice of Issuance meeting the
requirements of Section 2.9(b);

(d)           Other Information.  The Administrative Agent shall have received
such other instruments, documents and opinions as it may reasonably request in
connection with such Credit Event, and all such instruments and documents shall
be reasonably satisfactory in form and substance to the Administrative Agent.

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The acceptance of the benefits of each such Credit
Event by the Borrower shall be deemed to constitute a representation and
warranty by it to the effect of paragraphs (a), (b), (c) and (d) of this Section
5.2 (except that no opinion need be expressed as to any Agent’s or Required
Lenders’ satisfaction with any document, instrument or other matter).

Each Lender hereby agrees that by its execution and
delivery of its signature page hereto and by the funding of its Loan to be made
on the Closing Date, such Lender approves of and consents to each of the
matters set forth in Section 5.1, and Section 5.2 which must be
approved by, or which must be satisfactory to, the Agents or the Required
Lenders or Lenders, as the case may be; provided that, in the case of
any agreement or document which must be approved by, or which must be
satisfactory to, the Required Lenders, the Administrative Agent or the Borrower
shall have delivered a copy of such agreement or document to such Lender on or
prior to the Closing Date if requested.

ARTICLE
VI

REPRESENTATIONS
AND WARRANTIES

In order to induce the Lenders to enter into this
Agreement and to make the Loans, and issue (or participate in) the Letters of
Credit as provided herein, the Borrower makes the following representations and
warranties as of the Effective Date and as of the date of each subsequent
Credit Event, all of which shall survive the execution and delivery of this
Agreement and the Notes and the making of the Loans and issuance of the Letters
of Credit:

6.1           Corporate Status

The Borrower and each of its Subsidiaries (i) is a
duly organized and validly existing corporation, partnership or limited liability
company or other entity in good standing under the laws of the jurisdiction of
its organization (or the equivalent thereof in the case of Foreign
Subsidiaries), (ii) has the requisite power and authority to own its property
and assets and to transact the business in which it is engaged and presently
proposed to engage in and (iii) is duly qualified and is authorized to do
business and is in good standing ((where relevant) in (y) its jurisdiction of
organization and (z) each other jurisdiction where the ownership, leasing or
operation of property or the conduct of its business requires such
qualification, authorization or good standing, except (1) for such failure to
be so qualified, authorized or in good standing which, in the aggregate, would
not have a Material Adverse Effect and (2) as a result of any transaction
expressly permitted under Section 8.3 hereof.

6.2           Corporate Power and Authority

The Borrower and each of its Subsidiaries has the
applicable power and authority to execute, deliver and perform the terms and
provisions of each of the Documents to which it is a party and has taken all
necessary corporate or other appropriate action to authorize the execution,
delivery and performance by it of each of such Documents.  As of the Effective Date (or such later date
as a Document is to be executed and delivered in accordance with the terms
hereof) the Borrower and each of its Subsidiaries has duly executed and
delivered each of the Documents to which it is a party, and each of such
Documents constitutes its legal, valid and

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binding obligation
enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law).

6.3           No Violation

Neither the execution, delivery or performance by the
Borrower and each of its Subsidiaries of the Documents to which it is a party
(including, without limitation, the granting of Liens pursuant to the Security
Documents, nor compliance by it with the terms and provisions thereof, nor the
consummation of the transactions contemplated therein (i) will contravene any
provision of any Requirement of Law applicable to the Borrower or any of its
Subsidiaries, (ii) will conflict with or result in any breach of or constitute
a tortious interference with any of the terms, covenants, conditions or
provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien (except pursuant
to the Security Documents) upon any of the property or assets of the Borrower
or any of its Subsidiaries pursuant to the terms of any material Contractual
Obligation to which the Borrower or any of its Subsidiaries is a party or by
which it or any of its property or assets is bound or to which it may be
subject, (iii) will violate any provision of any Organizational Document of the
Borrower or any of its Subsidiaries or (iv) require any approval of
stockholders or any approval or consent of any Person (other than a
Governmental Authority) except as have been obtained on or prior to the
Effective Date.

6.4           Governmental and Other Approvals

Except for the recording of the Mortgages and filings
(in respect of certain Security Documents) and actions with appropriate
Governmental Authorities which shall be recorded and filed, respectively, on,
or as soon as practicable after, the Closing Date, no order, consent, approval,
license, authorization or validation of, or filing, recording or registration
with (except as have been obtained or made on or prior to the Closing Date), or
exemption by, any Governmental Authority, is required to authorize, or is
required in connection with, (i) the execution, delivery and performance of any
Document or (ii) the legality, validity, binding effect or enforceability of
any such Document.

6.5                                 Financial
Statements; Financial Condition; Undisclosed Liabilities; Projections; etc.

(a)           Financial Statements  The balance sheet of the Borrower at December
31, 2005 and 2006 and the statements of income, cash flows and shareholders’
equity of Borrower for the Fiscal Years ended December 31, 2004, 2005 and 2006
or other period ended on such dates, as the case may be, fairly present in all
material respects the financial condition and results of operation and cash
flows of Borrower and its consolidated subsidiaries as of such dates and for
such periods.  Copies of such statements
have been furnished to the Lenders prior to the Effective Date and have been
examined by Deloitte & Touche LLP, independent certified public
accountants, who delivered an unqualified opinion in respect thereto.

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(b)           Solvency.  On and as of the Effective Date, after giving
effect to this Agreement and to all Indebtedness (including the Loans) being
incurred, and to be incurred (and the use of proceeds thereof), and Liens
created, and to be created, by the Borrower and its Subsidiaries in connection
with the transactions contemplated hereby, the Borrower and each of its
Material Subsidiaries are Solvent.

(c)           No Undisclosed Liabilities.  Except as fully reflected in the financial
statements and the notes related thereto delivered pursuant to Section
6.5(a) and set forth on Schedule 6.5(c) there were, to the best of
Borrower’s knowledge, as of the Effective Date no liabilities or obligations
other than in the ordinary course of business consistent with past practices
(with respect to the Borrower and its Subsidiaries of any nature whatsoever
(whether absolute, accrued, contingent or otherwise and whether or not due)
which, either individually or in aggregate, would be material to the Borrower
and its Subsidiaries, taken as a whole.  As
of the Effective Date, the Borrower does not know of any basis for the
assertion against the Borrower or any of its Subsidiaries of any such liability
or obligation of any nature whatsoever that is not fully reflected in the
financial statements or the notes related thereto delivered pursuant to Section
6.5(a) or set forth on Schedule 6.5(c) which, either individually or
in the aggregate, could be material to the Borrower and its Subsidiaries, taken
as a whole.

(d)           Indebtedness.  Schedule 8.2(b)(ii) sets forth a true
and complete list of all Indebtedness (other than the Loans, the Letters of
Credit and the Public Notes of the Borrower and its Subsidiaries) as of the
Effective Date, to the extent that, in each case, such Indebtedness is in
excess of $5,000,000 (provided, that the aggregate principal amount of
Indebtedness not so listed does not exceed the Dollar Equivalent (as determined
on the Effective Date) of $20,000,000), in each case showing the aggregate
principal amount thereof (and the aggregate amount of any undrawn commitments
with respect thereto) and the name of the respective obligor and any other
entity which directly or indirectly guaranteed such debt.  The Borrower has delivered or caused to be
delivered to the Administrative Agent a true and complete copy of the form of
each instrument evidencing Indebtedness for money borrowed listed on Schedule
8.2(b)(ii) and of each instrument pursuant to which such Indebtedness for
money borrowed was issued, in each case, other than Indebtedness of the type
described in Section 8.2(b)(xiii).

(e)           Projections/Budgets.  On and as of the Effective Date, the
financial projections, attached hereto as Schedule 6.5(e) and each of
the budgets delivered after the Effective Date pursuant to Section 7.2(e)
(collectively, the “Projections”) are, or will be at the time made,
based on good faith estimates and assumptions made by the management of the
Borrower, and there are no statements or conclusions in any of the Projections
which, at the time made, are based upon or include information known to the
Borrower to be misleading in any material respect or which fail to take into
account material information known to Borrower regarding the matters reported
therein.  On and as of the Effective
Date, the Borrower believes that the Projections are reasonable and attainable,
it being understood that uncertainty is inherent in any forecast or projection
and that no assurance can be given that the results set forth in the
Projections will actually be attained or that the projections will be suitable
or sufficient for any purpose relevant to the Lenders.

(f)            No Material Adverse Change.  As of the Effective Date and at any time
thereafter, there has been no material adverse change in the business,
condition (financial or

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otherwise), assets, liabilities or operations of the Borrower and its
Subsidiaries (taken as a whole) since December 31, 2006 based on the financial
statements delivered pursuant to Section 6.5(a).

6.6           Litigation

There are no actions, suits or proceedings pending or,
to the best knowledge of the Borrower or any of its Subsidiaries, threatened in
writing against the Borrower or any of its Subsidiaries (i) with respect to any
Loan Document or (ii) that are reasonably likely to have a Material Adverse
Effect.

6.7           Disclosure

All factual information (taken as a whole) heretofore
or contemporaneously furnished by or on behalf of the Borrower or any of its
Subsidiaries in writing to any Lender (including, without limitation, all
information contained in the Documents) (other than the Projections as to which
Section 6.5(e) applies, which fairly discloses the matters therein in
good faith) for purposes of or in connection with this Agreement or any
transaction contemplated herein is, and all other such factual information
(taken as a whole) hereafter furnished by or on behalf of the Borrower or any
of its Subsidiaries in writing to any Lender for purposes of or in connection
with this Agreement or any transaction contemplated herein are and will be true
and accurate in all material respects on the date as of which such information
is dated or certified and not incomplete by omitting to state any fact
necessary to make such information (taken as a whole) not misleading in any
material respect at such time in light of the circumstances under which such
information was provided. As of the Effective Date, the Borrower has disclosed
to the Lenders on or before the Effective Date, all contractual, corporate or
other restrictions to which the Borrower or any of its Subsidiaries is or will
be subject as of the Effective Date, and all other matters known to any of
them, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect.

6.8           Use of Proceeds; Margin Regulations

(a)           Term Loan Proceeds.  All proceeds of the Additional Term Loans (as
defined in the Third Amendment) incurred on the Effective Date shall be used by
the Borrower to repay in full all Existing Term Loans (as defined in the Third
Amendment) other than Converting Term Loans (as defined in the Third
Amendment).

(b)           Revolving Loan Proceeds. All proceeds
of the Revolving Loans incurred hereunder shall be used by the Borrower for
ongoing working capital needs and general corporate purposes (other than to
voluntarily prepay Term Loans).

(c)           Swing Line Loans.  All proceeds of the Swing Line Loans incurred
hereunder shall be used by the Borrower for ongoing working capital needs and
general corporate purposes (other than to voluntarily prepay Term Loans); provided,
however, that no Swing Line Loans may be requested by the Borrower on
the Closing Date.

(d)           Margin Regulations.  No part of the proceeds of any Loan will be
used to purchase or carry any margin stock (as defined in Regulation U of the
Board), directly or indirectly, or to extend credit for the purpose of
purchasing or carrying any such margin stock for

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the purpose of reducing or retiring any indebtedness which was
originally incurred to purchase or carry any margin security or for any other
purpose which might cause any of the loans or extensions of credit under this
Agreement to be considered a “purpose credit” within the meaning of Regulation
T, U or X of the Board.

6.9           Tax Returns and Payments

The Borrower and each of the its Subsidiaries have
timely filed or caused to be filed all tax returns which are required to be
filed, except where failure to file any such returns would not reasonably be
expected to have a Material Adverse Effect, and have paid or caused to be paid
all taxes shown to be due and payable on said returns or on any assessments
made against them or any of their respective material properties and all other
material taxes, fees or other charges imposed on them or any of their
respective properties by any Governmental Authority (other than those the
amount or validity of which is contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have
been provided on the books of the Borrower or any such Subsidiary, as the case
may be), except where failure to take any such action could not reasonably be
expected to have a Material Adverse Effect; and no tax liens have been filed
and no claims are being asserted with respect to any such taxes, fees or other
charges (other than such liens or claims, the amount or validity of which is
currently being contested in good faith by appropriate proceedings and with
respect to which reserves in conformity with GAAP (or prior to the Effective
Date, applicable accounting practice) have been provided) which could be
reasonably expected to have a Material Adverse Effect.

6.10         Compliance With ERISA

(a)           Each Plan has been operated and administered
in a manner so as not to result in any liability of the Borrower or any of its
Subsidiaries for failure to comply with the applicable provisions of ERISA and
the Code in excess of $50,000,000; no Reportable Event which could reasonably
be expected to result in the termination of any Plan has occurred with respect
to a Plan; to the best knowledge of the Borrower, no Multiemployer Plan is
insolvent or in reorganization; no Plan has an accumulated or waived funding
deficiency, has permitted decreases in its funding standard account or has
applied for an extension of any amortization period within the meaning of
Section 412 of the Code; neither the Borrower nor any of its Subsidiaries nor
any ERISA Affiliate has incurred any liability to or on account of a Plan
pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or
4204 of ERISA or Section 4971 or 4975 of the Code in excess of $50,000,000; no
proceedings have been instituted to terminate any Plan; using actuarial
assumptions and computation methods consistent with subpart 1 of Subtitle E of
Title IV of ERISA, the Borrower and its Subsidiaries and its ERISA Affiliates
would not have any liability to all Multiemployer Plans in the event of a
complete withdrawal therefrom, as of the close of the most recent Fiscal Year
of each such Plan ending prior to the date of any Credit Event in excess of
$50,000,000; no Lien imposed under the Code or ERISA on the assets of the
Borrower or any of its Subsidiaries or any ERISA Affiliate exists or is likely
to arise on account of any Plan; and the Borrower and its Subsidiaries do not
maintain or contribute to any employee welfare benefit plan (as defined in
Section 3(1) of ERISA) which provides benefits to retired employees (other than
as required by Section 601 of ERISA) or any employee pension benefit plan (as
defined in Section 3(2) of ERISA), the ongoing annual

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obligations with respect to either of which could reasonably be
expected to have a Material Adverse Effect.

(b)           (i) Each Foreign Pension Plan is in
compliance and in good standing (to the extent such concept exists in the
relevant jurisdiction) in all respects with all laws, regulations and rules
applicable thereto, including all funding requirements, and the respective
requirements of the governing documents for such Foreign Pension Plan, except
for such failures that individually or in the aggregate could neither (A)
result in liabilities in excess of $50,000,000 nor (B) reasonably be expected
to result in a Material Adverse Effect; (ii) with respect to each Foreign
Pension Plan maintained or contributed to by the Borrower or any Subsidiary,
(x) that is required by applicable law to be funded in a trust or other funding
vehicle is in material compliance with applicable law regarding funding
requirements, except for such failures that individually or in the aggregate
could neither (A) result in liabilities in excess of $50,000,000 nor (B)
reasonably be expected to result in a Material Adverse Effect, and (y) that is
not required by applicable law to be funded in a trust or other funding
vehicle, reasonable book reserves have been established in accordance with
prudent business practice or where required by ordinary accounting practices in
the jurisdiction in which such Foreign Pension Plan is maintained; (iii) all
material contributions required to have been made by the Borrower or any
Subsidiary to any Foreign Pension Plan, except for such failures that
individually or in the aggregate could neither (A) result in liabilities in
excess of $50,000,000 nor (B) reasonably be expected to result in a Material
Adverse Effect have been made within the time required by law or by the terms
of such Foreign Pension Plan; and (iv) to the knowledge of the Borrower and its
Subsidiaries, no actions or proceedings have been taken or instituted to
terminate or wind-up a Foreign Pension Plan with respect to which the Borrower
and its Subsidiaries taken as a whole could have any liability, except for such
failures that individually or in the aggregate could neither (A) result in
liabilities in excess of $50,000,000 nor (B) reasonably be expected to result
in a Material Adverse Effect.

6.11         Ownership of Property

The Borrower and each of its Subsidiaries has good and
marketable title or, with respect to real property, valid fee simple title (or
in each case, the relevant foreign equivalent, if any) to, or a subsisting
leasehold interest in, or a valid contractual agreement or other valid right to
use, all such Person’s material real property, and good title (or relevant
foreign equivalent) to, a valid leasehold interest in, or valid contractual
rights or other valid right to (or an agreement for the acquisition of same)
use all such Person’s other material property (but excluding Intellectual
Property), and, in each case, none of such property is subject to any Lien
except for Permitted Liens.  Neither this
Agreement nor any other Documents, nor any transaction contemplated under any
such agreement, will affect any right, title or interest of the Borrower or any
of its Subsidiaries in and to any of the assets of the Borrower or any such
Subsidiary in a manner that would have or is reasonably likely to have a
Material Adverse Effect.  As of the
Closing Date, the Borrower and its Domestic Subsidiaries have granted Mortgages
to secure the Obligations on all parcels of real estate identified on Schedule
6.21(c) as Mortgaged Properties.

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6.12         Capitalization of the Borrower

On the Effective Date, the capitalization of the
Borrower will be as set forth on Schedule 6.12(a) hereto. The
Capital Stock of the Borrower has been duly authorized and validly issued.  Except as set forth on Schedule 6.12(a),
no authorized but unissued or treasury shares of Capital Stock of the Borrower
are subject to any option, warrant, right to call or commitment of any kind or
character.  A complete and correct copy
of the limited liability company agreement of the Borrower in effect on the
Effective Date has been delivered to the Administrative Agent.  Except as set forth on Schedule 6.12(a),
the Borrower does not have any outstanding stock or securities convertible into
or exchangeable for any shares of its Capital Stock, or any rights issued to
any Person (either preemptive or other) to subscribe for or to purchase, or any
options for the purchase of, or any agreements providing for the issuance
(contingent or otherwise) of, or any calls, commitments or claims or any
character relating to any of its Capital Stock or any stock or securities convertible
into or exchangeable for any of its Capital Stock.  Neither the Borrower nor any of its
Subsidiaries is subject to any obligation (contingent or otherwise) to
repurchase or otherwise acquire or retire any shares of its Capital Stock or
any convertible securities, rights or options of the type described in the
preceding sentence.  As of the Effective
Date, all of the issued and outstanding shares of Capital Stock of the Borrower
are owned of record by the stockholders as set forth on Schedule 6.12(a)
hereto.

6.13         Subsidiaries

(a)           Organization.  Schedule 6.13 sets forth as of the
Effective Date a true, complete and correct list of each Subsidiary of the
Borrower and indicates for each such Subsidiary (i) its jurisdiction of
organization and (ii) its ownership (by holder and percentage interest).  The Borrower has no Subsidiaries except for
Subsidiaries permitted to be created pursuant to this Agreement, and those
Subsidiaries listed as on Schedule 6.13.

(b)           Capitalization.  As of the Effective Date, all of the issued
and outstanding Capital Stock of each Subsidiary of the Borrower has been duly
authorized and validly issued, and, to the extent applicable in the case of
Foreign Subsidiaries, is fully paid and non-assessable and is owned as set
forth on Schedule 6.13, free and clear of all Liens except for Permitted
Liens. No authorized but unissued or treasury shares of Capital Stock of any
Subsidiary of the Borrower are subject to any option, warrant, right to call or
commitment of any kind or character except as set forth on Schedule 6.13.  On and after the relevant date of formation,
the Borrower directly owns 100% of the Capital Stock of each Receivables
Subsidiary owned directly by the Borrower, and the Borrower has pledged (and
delivered for pledge) the Capital Stock of each such Receivables Subsidiary
(and any promissory notes received by the Borrower or any other Credit Party
from such Receivables Subsidiary) to the Collateral Agent pursuant to the
Collateral Security Agreement.

(c)           Restrictions on or Relating to
Subsidiaries.  There does not exist
any consensual encumbrance or restriction on the ability of (i) any Subsidiary
of the Borrower to pay dividends or make any other distributions on its Capital
Stock or any other interest or participation in its profits owned by the
Borrower or any Subsidiary of the Borrower, or to pay any Indebtedness owed to
the Borrower or a Subsidiary of the Borrower, (ii) any Subsidiary of the
Borrower to make loans or advances to the Borrower or any of the Borrower’s Subsidiaries
or

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(iii) the Borrower or any of its Subsidiaries to transfer any of its
properties or assets to the Borrower or any of its Subsidiaries, except, in
each case, for such encumbrances or restrictions permitted under Section 8.5.

6.14         Compliance With Law, Etc.

Neither the Borrower nor any of its Subsidiaries is in
default under or in violation of any Requirement of Law or material Contractual
Obligation or under its Organizational Documents, as the case may be, in each
case the consequences of which default or violation, either in any one case or
in the aggregate, would have a Material Adverse Effect.

6.15         Investment Company Act

Neither the Borrower nor any of its Subsidiaries is an
“investment company” or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940, as amended.

6.16         Subordination Provisions

The subordination provisions contained in the Senior
Subordinated Note (2013) Documents, the Senior Subordinated Note (2014)
Documents and the Senior Subordinated Note (2015) Documents are enforceable
against the issuer of the respective security and the holders thereof, and the
Loans and all other Obligations entitled to the benefits of any Loan Document
and any related guaranty are within the definitions of “Senior Indebtedness”
included in such provisions.

6.17         Environmental Matters

(i) The operations of and the real property owned or
operated by the Borrower and each of its Subsidiaries are in compliance with
all applicable Environmental Laws except where the failure to be in compliance,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect; (ii) the Borrower and each of its Subsidiaries has
obtained and will continue to maintain all Environmental Permits, and all such
Environmental Permits are in good standing and the Borrower and its
Subsidiaries are in compliance with all terms and conditions of such
Environmental Permits, except where failure to so obtain, maintain or comply,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect; (iii) neither the Borrower nor any of its Subsidiaries
nor any of their present or past properties or operations (whether owned or
leased) is subject to: (A) any Environmental Claim or other written claim,
request for information, judgment, order, decree or agreement from or with any
Governmental Authority or private party related to any material violation of or
material non-compliance with Environmental Laws or Environmental Permits to the
extent any of the foregoing could reasonably be expected to have a Material
Adverse Effect, (B) any pending or, to the knowledge of the Borrower,
threatened judicial or administrative proceeding, action, suit or investigation
related to any Environmental Laws or Environmental Permits which could
reasonably be expected to have a Material Adverse Effect, (C) any Remedial
Action which if not taken could reasonably be expected to have a Material
Adverse Effect or (D) any liabilities, obligations or costs arising from the
Release or substantial threat of a material Release of a Contaminant into the
environment where such Release or substantial threat of a material

 95
 

Release could reasonably
be expected to have a Material Adverse Effect; (iv) neither the Borrower nor any
of its Subsidiaries has received any written notice or claim to the effect that
the Borrower or any of its Subsidiaries is or may be liable to any Person as a
result of the Release or substantial threat of a material Release of a
Contaminant into the environment, which notice or claim could reasonably be
expected to result in a Material Adverse Effect, and (v) no Environmental Lien
has attached to any property (whether owned or leased) of the Borrower or of
any of its Subsidiaries which could, if determined adversely to Borrower or any
of its Subsidiaries, reasonably be expected to have a Material Adverse Effect,
nor are there any facts or circumstances currently known to the Borrower or any
of its Subsidiaries that may reasonably be expected to give rise to such an
Environmental Lien.

6.18         Labor Relations

Neither the Borrower nor any of its Material
Subsidiaries is engaged in any unfair labor practice that could reasonably be
expected to have a Material Adverse Effect. 
Except to the extent that the same could not reasonably be expected to
result in a Material Adverse Effect, there is (i) no significant unfair labor
practice complaint pending against the Borrower or any of its Subsidiaries or,
to the best knowledge of the Borrower, threatened against any of them before
the National Labor Relations Board or appropriate national court or other
forum, and no significant grievance or significant arbitration proceeding
arising out of or under any collective bargaining agreement is so pending
against the Borrower or any of its Subsidiaries or, to the best knowledge of
the Borrower, threatened against any of them and (ii) no significant strike,
labor dispute, slowdown or stoppage is pending against the Borrower or any of
its Subsidiaries or, to the best knowledge of the Borrower, threatened against
the Borrower or any of its Subsidiaries.

6.19         Intellectual Property, Licenses, Franchises
and Formulas

Each of the Borrower and its Subsidiaries owns or
holds licenses or other rights to or under all of the patents, patent
applications, trademarks, service marks, trademark and service mark
registrations and applications therefor, trade names, copyrights, copyright
registrations and applications therefor, trade secrets, proprietary
information, computer programs or data bases (collectively, “Intellectual
Property”) except where the failure to own or hold such Intellectual
Property could not reasonably be expected to result in a Material Adverse
Effect, and has obtained assignments of all franchises, licenses and other
rights of whatever nature, regarding Intellectual Property necessary for the
present conduct of its business, without any known conflict with the rights of
others, except such conflicts which could not reasonably be expected to have a
Material Adverse Effect.  Neither the
Borrower nor any of its Subsidiaries has knowledge of any existing or
threatened claim by any Person contesting the validity, enforceability, use or
ownership of the Intellectual Property which could reasonably be expected to
have a Material Adverse Effect, or of any existing state of facts that would
support a claim that use by the Borrower or any of its Subsidiaries of any such
Intellectual Property has infringed or otherwise violated any proprietary
rights of any other Person which could reasonably be expected to have a
Material Adverse Effect.

 96
 

6.20         Certain Fees

No broker’s or finder’s fees or commissions or any
similar fees or commissions will be payable by the Borrower, the Borrower or
any of its Subsidiaries with respect to the incurrence and maintenance of the
Obligations, any other transaction contemplated by the Documents or any services
rendered in connection with such transactions.

6.21         Security Documents

(a)           Security Agreement Collateral.  The provisions of the Security Documents upon
execution and delivery thereof are effective to create in favor of the
Collateral Agent or, as the case may be, the UK Security Trustee for the
benefit of the Secured Parties, a legal, valid and enforceable security
interest in all right, title and interest of the applicable Credit Party in the
Collateral (other than the Collateral described in the Mortgages) owned by such
Credit Party, and the Collateral Security Agreement, the Intercreditor
Agreement, the Pledge Agreement and the UK Security Documents, together with
the filings of Form UCC-1 (or other similar filing, if any) in all relevant
jurisdictions and delivery of all possessory collateral create a first lien on,
and security interest in (or similar interest in respect of), all right, title
and interest of the Borrower and such Credit Parties in all of the Collateral
described therein, subject to no other Liens other than Permitted Liens.  Except for titled vehicles, vessels and other
collateral which may not be perfected through the filing of financing
statements under the Uniform Commercial Code (or similar applicable law) of the
appropriate jurisdiction (or similar filings in each relevant jurisdiction) and
which have an aggregate fair market value of less than $5,000,000, and except
for patents, trademarks, trade names and copyrights to the extent perfection
would require filing in any foreign jurisdiction, all such Liens are perfected
Liens (or similar legal status).  The
recordation in the United States Patent and Trademark Office and in the United
States Copyright Office of assignments for security made pursuant to the
Collateral Security Agreement will be effective, under Federal law, to perfect
the security interest granted to the Collateral Agent for the benefit of the
Secured Parties in the trademarks, patents and copyrights covered by such the
Collateral Security Agreement.  The
recordation with the United States Surface Transportation Board of assignments
for security made pursuant to the Security Agreement will be effective under
Federal law, to create a valid first lien in favor of the Collateral Agent in
the railcars covered by the Collateral Security Agreement

(b)           Pledged Securities.  The security interests created in favor of
the Collateral Agent, as pledgee for the benefit of the Secured Parties under
the Collateral Security Agreement and the Pledge Agreement, constitute
perfected security interests in the Pledged Securities, if any, subject to no
security interests of any other Person except for the Liens granted under or
pursuant to the Collateral Security Agreement and except for Liens of the types
described in clauses (i) and (vi) of the definition of “Customary Permitted
Liens”.  No filings or recordings are
required in order to perfect the security interests created in the Pledged Securities
under the Collateral Security Agreement other than with respect to filings
required by applicable foreign law and UCC financing statements with respect to
uncertificated Pledged Securities.

(c)           Real Estate Collateral.  The Mortgages create, as security for the
obligations purported to be secured thereby, a valid and enforceable (and upon
the due recording thereof under applicable law) perfected security interest in
and Lien on all of the Mortgaged

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Property (including, without limitation, all fixtures and improvements
relating to such Mortgaged Property and affixed or added thereto on or after
the Closing Date) in favor of the Collateral Agent (or such other agent or
trustee as may be named therein) for the benefit of the Secured Parties,
superior to and prior to the rights of all third Persons (except that the
security interest created in the Mortgaged Property may be subject to the
Permitted Liens related thereto).  As of
the Effective Date, Schedule 6.21(c) contains a true and complete list
of each parcel of real property owned or leased by the Borrower and its
Subsidiaries in the United States, the United Kingdom or other jurisdiction in
which a material plant is located and the type of interest therein held by the
Borrower or such Subsidiary and indicates for each such parcel whether it is a
Mortgaged Property.  The Borrower or a
Subsidiary of the Borrower has good and marketable title to all Mortgaged
Property free and clear of all Liens except those described in the first
sentence of this Section 6.21(c).

6.22         Anti-Terrorism Law

(a)           Neither Borrower nor, to the knowledge of
Borrower, any of its Affiliates is in violation of any laws relating to
terrorism or money laundering (“Anti-Terrorism Laws”), including Executive
Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the
“Executive Order”), and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-56 (as amended) (the “Patriot Act”).

(b)           Neither Borrower nor, to the actual
knowledge of a Responsible Officer of the Borrower, any Affiliate or broker or
other agent of Borrower is, acting or benefiting in any capacity in connection
with any Loans hereunder is any of the following:

(i)            a
person that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

(ii)           a
person owned or controlled by, or acting for or on behalf of, any person that
is listed in the annex to, or is otherwise subject to the provisions of, the
Executive Order;

(iii)          a
person with which any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law;

(iv)          a
person that commits, threatens or conspires to commit or supports “terrorism”
as defined in the Executive Order; or

(v)           a
person that is named as a “specially designated national and blocked person” on
the most current list published by the USA Treasury Department Office of
Foreign Assets Control (“OFAC”) at its official website or any replacement website
or other replacement official publication of such list.

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ARTICLE
VII

AFFIRMATIVE
COVENANTS

The Borrower hereby agrees that, so long as any of the
Commitments remain in effect, or any Loan or LC Obligation remains outstanding
and unpaid or any other amount is owing to any Lender or the Administrative
Agent hereunder, the Borrower shall:

7.1           Financial Statements

Furnish, or cause to be furnished, to each Lender:

(a)           Quarterly Financial Statements.  As soon as
available, but in any event not later than 45 days (or in the event that a
request for an extension of the required filing date for the Form 10-Q with the
SEC of any Person whose consolidated financial statements include the financial
results of the Borrower has been timely filed, the last day of such requested
extension period, but in no event later than 55 days) after the end of each of
the first three quarterly periods of each Fiscal Year of Borrower, (i) the
unaudited consolidated balance sheet of Borrower and its consolidated
Subsidiaries as at the end of such quarter setting forth in comparative form
the audited balance sheet of the Borrower and its consolidated Subsidiaries for
the prior Fiscal Year, (ii) the related unaudited consolidated statement of
income of the Borrower and its consolidated Subsidiaries as at the end of such
quarter and for the portion of the Fiscal Year through the end of such quarter
setting forth in comparative form the figures for the related periods in the
prior Fiscal Year and (iii) the related unaudited consolidated statements of
cash flow of Borrower and its consolidated Subsidiaries for the portion of the
Fiscal Year through the end of such quarter, and setting forth in comparative
form figures for the related period in the prior Fiscal Year, all of which
shall be certified by a Responsible Financial Officer of Borrower, subject to
normal year-end audit adjustments; and

(b)           Annual Financial Statements.  As soon as
available, but in any event within 90 days (or in the event that a request for
an extension of the required filing date for the Form 10-K with the SEC of any
Person whose consolidated financial statements include the financial results of
the Borrower has been timely filed, the last day of such requested extension
period, but in no event later than 105 days) after the end of each Fiscal Year
of Borrower, a copy of the consolidating and consolidated balance sheet of
Borrower and its consolidated Subsidiaries as at the end of such year and the
related consolidating and consolidated statements of income and of cash flows
for such year, and setting forth in each case in comparative form the figures
for the previous year and such consolidated statements shall be accompanied by
a balance sheet as of such date, and a statement of income and cash flows for
such period, reflecting on a combined basis, for Subsidiaries and on a combined
basis for Unrestricted Subsidiaries, the consolidating entries for each of such
types of Subsidiaries; all such financial statements shall be complete and
correct in all material respects and shall be prepared in accordance with GAAP
applied consistently throughout the periods reflected therein and with prior
periods (except as approved by the accountants preparing such statements or the
Responsible Financial Officer, as the case may be, and disclosed therein) and,
in the case of the consolidated financial statements referred to in this Section
7.1(b), accompanied by a report thereon of Deloitte & Touche LLP or
such other independent certified public accountants of recognized national
standing, which report

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shall contain no “going concern” or like qualification or exception or
any qualification and shall state that such financial statements present fairly
the financial position of Borrower and its Subsidiaries as at the dates
indicated and the results of their operations and cash flow for the periods
indicated in conformity with GAAP.

(c)           Delivery.  Information required to be delivered pursuant
to Section 7.1(a) or Section 7.1(b) shall be deemed to
have been delivered on the date on which (i) such information is actually
available for review by the Lenders and either (A) has been posted by the
Borrower on the Borrower’s website at http://www.huntsman.com or at
http://www.sec.gov or (B) has been posted on the Borrower’s behalf on
Intralinks/IntraAgency and (ii) the Borrower provides notice to the
Lenders that such information is available and designates one or more of the
above websites on which such information is located.  At the request of the Administrative Agent,
the Borrower will provide by electronic mail electronic versions (i.e., soft
copies) of all documents containing such information.

7.2           Certificates; Other Information

Furnish to the Administrative Agent for distribution
to each Lender (or, if specified below, to the Administrative Agent):

(a)           Accountant’s Certificates.  Concurrently with the delivery of the
financial statements referred to in Section 7.1(b), to the extent not
contrary to the then current recommendations of the American Institute of
Certified Public Accountants, a certificate from Deloitte & Touche or other
independent certified public accountants of nationally recognized standing,
stating that, in the course of their annual audit of the books and records of
the Borrower, no Event of Default or Unmatured Event of Default with respect to
Articles VII, VIII and IX, insofar as they relate to accounting and financial
matters, has come to their attention which was continuing at the end of such
Fiscal Year or on the date of their certificate, or if such an Event of Default
or Unmatured Event of Default has come to their attention, the certificate
shall indicate the nature of such Event of Default or Unmatured Event of
Default;

(b)           Officer’s Certificates.  Concurrently with the delivery of the
financial statements referred to in Sections
7.1(a) and 7.1(b),  a certificate of a Responsible Financial
Officer substantially in the form of Exhibit 7.2(b) (a “Compliance
Certificate”) stating that, to the best of such officer’s knowledge, (i)
such financial statements present fairly, in accordance with GAAP, the
financial condition and results of operations of the Borrower and its
Subsidiaries for the period referred to therein (subject, in the case of
interim statements, to normal recurring adjustments) and (ii) no Event of
Default or Unmatured Event of Default has occurred, except as specified in such
certificate and, if so specified, the action which the Borrower proposes to
take with respect thereto, which certificate shall set forth detailed
computations to the extent necessary to establish the Borrower’s compliance
with the covenants set forth in Article IX of this Agreement;

(c)           Audit Reports and Statements.  Promptly following the Borrower’s receipt
thereof, copies of all consolidated financial or other consolidated reports or
statements, if any, submitted to the Borrower or any of its Subsidiaries by
independent public accountants relating to any annual or interim audit of the
books of the Borrower or any of its Subsidiaries;

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(d)           Management Letters.  Promptly after receipt thereof, a copy of any
“management letter” received by Huntsman Corporation (to the extent such
“management letter” pertains to the Borrower), the Borrower or any of its
Subsidiaries from its certified public accountants;

(e)           Budgets.  As soon as available and in any event within
sixty (60) days following the first day of each Fiscal Year of the Borrower (i)
an annual budget in form satisfactory to the Administrative Agent (including
budgeted statements of earnings and cash flows but not including segment data)
prepared by the Borrower for such Fiscal Year, which shall be accompanied by
the statement of a Responsible Financial Officer of the Borrower to the effect
that, to the best of his knowledge at the time made, such budget is a
reasonable estimate for the periods covered thereby;

(f)            Public Filings.  Within 10 days after the same become public,
copies of all financial statements and reports which Huntsman Corporation or
the Borrower may make to, or file with the SEC or any successor or analogous
Governmental Authority;

(g)           Insurance Information.  The Borrower shall deliver to the
Administrative Agent information concerning insurance at the times and in the
manner specified in Section 7.8;

(h)           USA Patriot Act.  Each Lender subject to the Patriot Act hereby
notifies the Borrower that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender to identify the Borrower in
accordance with the Patriot Act; and

(i)            Other Requested Information.  Such other information respecting the
respective properties, business affairs, financial condition and/or operations
of the Borrower or any of its Subsidiaries as the Administrative Agent or any
Lender (through the Administrative Agent) may from time to time reasonably
request.

7.3           Notices

Promptly and in any event within five Business Days in
the case of clauses (a), (d) and (e) below, 30 days
in the case of clauses (b) and (c) below, or one Business
Day in the case of clause (f) below after a Responsible Officer of the
Borrower or of any of its Subsidiaries obtains knowledge thereof, give written
notice to the Administrative Agent (which shall promptly provide a copy of such
notice to each Lender) of:

(a)           Event of Default or Unmatured Event of
Default.  The occurrence of any Event
of Default or Unmatured Event of Default, accompanied by a statement of a
Responsible Financial Officer setting forth details of the occurrence referred
to therein and stating what action the Borrower proposes to take with respect
thereto.

(b)           Litigation and Related Matters.  The commencement of, or any material
development in, any action, suit, proceeding or investigation affecting the
Borrower or any of its Subsidiaries or any of their respective properties
before any arbitrator or Governmental Authority, (i) in which the amount
involved that the Borrower reasonably determines is not

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covered by insurance or other indemnity arrangement is $50,000,000 or
more, (ii) with respect to any Document or any material Indebtedness or
preferred stock of the Borrower or any of its Subsidiaries or (iii) which, if
determined adversely to the Borrower or any of its Subsidiaries, could reasonably
be expected to have a Material Adverse Effect.

(c)           Environmental.

(i)            The occurrence of one or more of the
following, to the extent that any of the following, if adversely determined,
would have a Material Adverse Effect or, in any event, could reasonably be
expected to result in liability to the Borrower or any of its Subsidiaries in
excess of $50,000,000: (A) written notice, claim or request for information to
the effect that the Borrower or any of its Subsidiaries is or may be liable in
any material respect to any Person as a result of the presence of or the
Release or substantial threat of a material Release of any Contaminant into the
environment; (B) written notice that the Borrower or any of its Subsidiaries is
subject to investigation by any Governmental Authority evaluating whether any
Remedial Action is needed to respond to the presence or to the Release or
substantial threat of a material Release of any Contaminant into the
environment; (C) written notice that any property, whether owned or leased by,
or operated on behalf of, the Borrower or its Subsidiaries is subject to a
material Environmental Lien; (D) written notice of violation to the Borrower or
any of its Subsidiaries of any Environmental Laws or Environmental Permits, or
(E) commencement or written threat of any judicial or administrative proceeding
alleging a violation of any Environmental Laws or Environmental Permits; provided,
however, that the provisions of this clause (i) shall not require
the Borrower to violate or breach any confidentiality covenants to which it is
bound.

(ii)           Upon written request by the Administrative
Agent, the Borrower shall promptly submit to the Administrative Agent and the
Lenders a report providing an update of the status of each environmental,
health or safety compliance, hazard or liability issue identified in any notice
or report required pursuant to clause (i) above and any other
environmental, health and safety compliance obligation, remedial obligation or
liability that could reasonably be expected to have a Material Adverse
Effect.  All such notices shall describe
in reasonable detail the nature of the claim, investigation, condition,
occurrence or Remedial Action and the Borrower’s or such Subsidiary’s response
thereto.

(d)           Notice of Change of Control.  Each occasion that any Change of Control
shall occur and such notice shall set forth in reasonable detail the
particulars of each such occasion.

(e)           Notices under Transaction Documents.  Promptly following the receipt or delivery
thereof, copies of any material demands, notices or documents received or
delivered by the Borrower or any Subsidiary of the Borrower outside of the
ordinary course of business under or pursuant to any Public Note Document, any
Organizational Document of the Borrower, any material joint venture agreement
and any other material agreement from time to time identified by the
Administrative Agent (provided, that the foregoing shall apply to material
demands, notices or documents under the Limited Liability Company Agreement of
the Borrower, only to the extent required under applicable law to be delivered
to the members of the Borrower, as the case may be, in their capacity as
members).

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(f)            UK Insolvency Proceedings. A
meaningful threat of or notice in respect of any insolvency proceeding
involving any Foreign Subsidiary incorporated under the laws of England and
Wales.

7.4           Conduct of Business and Maintenance of
Existence

Continue to engage in business of the same general
type as now conducted by it and preserve, renew and keep in full force and
effect its and each Subsidiary’s organizational existence and take all
reasonable action to maintain all rights, privileges and franchises material to
its and those of each of its Subsidiaries’ businesses except to the extent that
failure to take any such action could not in the aggregate reasonably be
expected to have a Material Adverse Effect or as otherwise permitted pursuant
to Sections 8.3 and comply and cause each of its Subsidiaries to comply
with all Requirements of Law except to the extent that failure to comply
therewith would not in the aggregate reasonably be expected to have a Material
Adverse Effect.

7.5           Payment of Obligations

Pay or discharge or otherwise satisfy at maturity or,
to the extent permitted hereby, prior to maturity or before they become
delinquent, as the case may be, and cause each of its Subsidiaries to pay or
discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be:

(i)            all material taxes, assessments and
governmental charges or levies imposed upon any of them or upon any of their
income or profits or any of their respective properties or assets prior to the
date on which penalties attach thereto; and

(ii)           all lawful claims prior to the time they
become a Lien (other than Permitted Liens) upon any of their respective
properties or assets; provided, however, that, in the case of
both clauses (i) and (ii), neither the Borrower nor any of its Subsidiaries
shall be required to pay or discharge any such material tax, assessment,
charge, levy or claim (A) while the same is being contested by it in good faith
and by appropriate proceedings diligently pursued so long as the Borrower or
such Subsidiary, as the case may be, shall have set aside on its books adequate
reserves in accordance with GAAP (segregated to the extent required by GAAP)
with respect thereto and title to any material properties or assets is not
jeopardized in any material respect or (B) which could not reasonably be
expected to have Material Adverse Effect.

7.6           Inspection of Property, Books and Records

Keep, or cause to be kept, and cause each of its
Subsidiaries to keep or cause to be kept, adequate records and books of
account, in which complete entries are to be made reflecting its and their
business and financial transactions, such entries to be made in accordance with
sound accounting principles consistently applied and permit, and cause each of
its Subsidiaries to permit, any Lender or its respective representatives, at
any reasonable time, and from time to time, upon reasonable request made to the
Borrower by such Lender and upon reasonable notice during normal business
hours, to visit and inspect its and their respective properties, to examine and
make copies of and take abstracts from its and their respective records and
books of account, and to discuss its and their respective affairs, finances and
accounts with its and their respective principal officers, directors and with
the written consent of the Borrower (which consent shall

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not be required if any
Event of Default has occurred and is continuing), independent public
accountants, provided that the Borrower may attend any such meetings (and by
this provision the Borrower authorizes such accountants to discuss with the
Lenders and such representatives the affairs, finances and accounts of the
Borrower and its Subsidiaries).

7.7           ERISA

(a) (i) As soon as practicable and in any event within
ten (10) days after the Borrower or any of its Subsidiaries or ERISA Affiliates
knows or has reason to know that a Reportable Event has occurred with respect
to any Plan, deliver, or cause such Subsidiary or ERISA Affiliate to deliver,
to the Administrative Agent a certificate of a Responsible Officer of the
Borrower or such Subsidiary or ERISA Affiliate, as the case may be, setting
forth the details of such Reportable Event and the action, if any, which the
Borrower or such Subsidiary or ERISA Affiliate is required or proposes to take,
together with any notices required or proposed to be given; (ii) upon the
request of any Lender made from time to time, deliver, or cause each Subsidiary
or ERISA Affiliate to deliver, to each Lender a copy of the most recent
actuarial report and annual report completed with respect to any Plan; (iii) as
soon as possible and in any event within ten (10) days after the Borrower or
any of its Subsidiaries or ERISA Affiliates knows or has reason to know that
any of the following have occurred or is reasonably likely to occur with
respect to any Plan:  (A) such Plan has
been terminated, reorganized, petitioned or declared insolvent under Title IV
of ERISA, (B) the Plan Sponsor intends to terminate such Plan under
Section 4041(b) or (c), (C) the PBGC has instituted or will institute
proceedings under Section 515 of ERISA to collect a delinquent contribution to
such Plan or under Section 4042 of ERISA to terminate such Plan, (D) that an
accumulated funding deficiency has been incurred or that an application has
been made to the Secretary of the Treasury for a waiver or modification of the
minimum funding standard (including any required installment payments) or an
extension of any amortization period under Section 412 of the Code, or (E) that
the Borrower, or any Subsidiary of the Borrower or any ERISA Affiliate will
incur any material liability (including, but not limited to, contingent or
secondary liability) to or on account of the termination of or withdrawal from
a Plan under Section 401(a)(29), 4971 or 4975 of the Code or Section 409 or
502(1) of ERISA, deliver, or cause such Subsidiary or ERISA Affiliate to
deliver, to the Administrative Agent a written notice thereof; and (iv) as soon
as possible and in any event within thirty (30) days after the Borrower or any
of its Subsidiaries or ERISA Affiliates knows or has reason to know that any of
them has caused a complete withdrawal or partial withdrawal (within the meaning
of Sections 4203 and 4205, respectively, of ERISA) from any Multiemployer Plan,
deliver, or cause such Subsidiary or ERISA Affiliate to deliver, to the
Administrative Agent a written notice thereof. 
For purposes of this Section 7.7, the Borrower shall be deemed to
have knowledge of all facts known by the Plan Administrator of any Plan of
which the Borrower is the Plan Sponsor, and each Subsidiary and ERISA Affiliate
of the Borrower shall be deemed to have knowledge of all facts known by the
Plan Administrator of any Plan of which such Subsidiary or ERISA Affiliate,
respectively, is a Plan Sponsor.  In
addition to its other obligations set forth in this Article VII, the
Borrower shall, and shall cause each of its Subsidiaries and ERISA Affiliates
to:

(A)          provide
the Administrative Agent with prompt written notice, with respect to any Plan,
of any failure to satisfy the minimum funding standard requirements of Section
412 of the Code;

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(B)           furnish
to the Administrative Agent, promptly after delivery of the same to the PBGC, a
copy of any delinquency notice pursuant to Section 412(n)(4) of the Code;

(C)           correct
any such failure to satisfy funding requirements or delinquency referred to in
the foregoing clauses (A) and (B) within ninety (90) days after the occurrence
thereof, except where the failure to so satisfy would not reasonably be
expected to have a Material Adverse Effect;

(D)          comply
in good faith in all material respects with the requirements set forth in
Section 4980B of the Code and with Sections 601(a) and 606 of ERISA;

(E)           at
the request of any Lender, deliver to such Lender (and a copy to the
Administrative Agent) a complete copy of the most recent annual report (Form
5500) of each Plan required to be filed with the Internal Revenue Service; and

(F)           at
the request of any Lender, deliver to such Lender (and a copy to the
Administrative Agent) copies of the most recent annual reports received by the
Borrower or any Subsidiary of the Borrower or any ERISA Affiliate with respect
to any Plan or Foreign Pension Plan no later than ten (10) days after the date
of such request.

(b)           The Borrower shall, and shall cause each of
its Subsidiaries to, establish, maintain and operate all Foreign Pension Plans
in compliance in all respects with all laws, regulations and rules applicable
thereto and the respective requirements of the governing documents for such
Plans, except for such failures that individually or in the aggregate could
neither (i) result in liabilities in excess of $50,000,000 nor (ii) reasonably
be expected to result in a Material Adverse Effect.

7.8           Maintenance of Property, Insurance

(i) Except to the extent that the failure to do so
could not, in any case, reasonably be expected to result in a Material Adverse
Effect, keep, and cause each of its Subsidiaries to keep, all property
(including, but not limited to, equipment) useful and necessary for its
business in good working order and condition, normal wear and tear and damage
by casualty excepted, subject to Section 8.3, (ii) maintain, and shall
cause each of its Subsidiaries to maintain, with financially sound and
reputable insurers, insurance with respect to its material properties and
business against loss or damage of the kinds customarily insured against by
Persons engaged in the same or similar business, of such types and in such
amounts as are customarily carried under similar circumstances by such other
Persons.  Such insurance shall be
maintained with financially sound and reputable insurers, except that a portion
of such insurance program (not to exceed that which is customary in the case of
companies engaged in the same or similar business or having similar properties
similarly situated) may be effected through self-insurance, provided adequate
reserves therefor, in accordance with GAAP, are maintained. All material
insurance policies or certificates (or certified copies thereof) with respect
to such insurance and any other

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insurance policies to the
extent requested by the Administrative Agent (A) shall be endorsed to the
Administrative Agent’s reasonable satisfaction for the benefit of the
Collateral Agent for the benefit of the Secured Parties (including, without
limitation, by naming the Collateral Agent as loss payee or additional insured,
as appropriate); and (B) shall state that such insurance policy shall not be
canceled or revised without thirty days’ prior written notice thereof by the
insurer to the Administrative Agent and (iii) furnish to the Administrative
Agent, on the Closing Date and on the date of delivery of each annual financial
statement, full information as to the insurance carried.  At any time that insurance at levels
described in Schedule 7.8 is not being maintained by or on behalf of the
Borrower or any of its Subsidiaries, the Borrower will notify the Lenders in
writing within two Business Days thereof and, if thereafter notified by the
Administrative Agent or the Required Lenders to do so, the Borrower or any such
Subsidiary, as the case may be, shall use commercially reasonable efforts to
obtain insurance at such levels at least equal to those set forth on Schedule
7.8.

7.9           Environmental Laws

(a)           The Borrower shall, and shall cause each of
its Subsidiaries, in the exercise of its reasonable business judgment, to take
prompt and appropriate action to respond to any material non-compliance with
Environmental Laws or Environmental Permits or to any material Release or a
substantial threat of a material Release of a Contaminant, and upon request from
the Administrative Agent, shall report to the Administrative Agent on such
response.  Without limiting the
generality of the foregoing, whenever the Administrative Agent or any Lender
has a reasonable basis to believe that the Borrower is not in material
compliance with Environmental Laws or Environmental Permits or that any
property of the Borrower or its Subsidiaries, or any property to which
Contaminants generated by the Borrower or its Subsidiaries have come to be
located (“Offsite Property”) has or may become contaminated or subject
to an order or decree such that any non-compliance, contamination or order or
decree could reasonably be expected to have a Material Adverse Effect, then, to
the extent the Borrower has the legal right to do so, the Borrower agrees to,
at the Administrative Agent’s request and the Borrower’s expense: (i) cause an
independent environmental engineer reasonably acceptable to the Administrative
Agent to conduct such tests of the site where the alleged or actual
non-compliance or contamination has occurred and prepare and deliver to the
Administrative Agent, the Lenders and the Borrower a report(s) reasonably
acceptable to the Administrative Agent setting forth the results of such tests,
the Borrower’s proposed plan and schedule for responding to any environmental
problems described therein, and the Borrower’s estimate of the costs thereof,
and (ii) provide the Administrative Agent, the Lenders and the Borrower a
supplemental report(s) of such engineer whenever the scope of the environmental
problems or the Borrower’s response thereto or the estimated costs thereof,
shall materially change.  Notwithstanding
the above, the Borrower shall not be obligated (other than as required by
applicable law) to undertake any tests or remediation at any Offsite Property
(a) that is not owned or operated by the Borrower or any of its Subsidiaries
and (b) where Contaminants generated by persons other than the Borrower or any
of its Subsidiaries have also come to be located.

(b)           Defend, indemnify and hold harmless the
Administrative Agent and the Lenders, and their respective employees, the
Administrative Agents, officers and directors, from and against any and all
claims, demands, penalties, fines, liabilities, settlements, damages, costs and
expenses of whatever kind or nature known or unknown, contingent or otherwise,
arising out

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of, or in any way relating to the violation of, noncompliance with or
liability under, any Environmental Law applicable to the operations of the
Borrower, any of its Subsidiaries or their respective properties, or any
orders, requirements or demands of Governmental Authorities related thereto,
including, without limitation, reasonable attorneys’ and consultants’ fees,
investigation and laboratory fees, costs arising from any Remedial Actions,
court costs and litigation expenses, except to the extent that any of the
foregoing arise out of the gross negligence or willful misconduct of the party
seeking indemnification therefor.  The
agreements in this Section 7.9(b) shall survive repayment of the Notes
and all other Obligations.

7.10         Use of Proceeds

Use all proceeds of the Loans as provided in Section
6.8.

7.11         Additional Security; Further Assurances

(a)           Agreement to Grant Additional Security.  Promptly, and in any event within 30 days
(unless otherwise extended at the discretion of the Administration Agent) after
the acquisition by the Borrower or any Domestic Subsidiary of assets or real or
personal property or leasehold interests of the type that would have
constituted Collateral on the date hereof, in each case in which the Collateral
Agent or the Administrative Agent does not have a perfected security interest
under the Security Documents (other than (u) Capital Stock subject to Section
7.11(c), (v) all assets owned by any Receivables Subsidiary, any of the
Thai Holding Companies, or IRIC, (w) copyrights, patents and trademarks to the
extent perfection would require filing in any foreign jurisdiction, (x) assets
or real or personal property subject to Liens permitted under Section 8.1(c)
under agreements which prohibit the creation of additional Liens on such
assets, (y) any parcel of real estate or leasehold interest acquired after the
Closing Date with a fair market value of less than $10,000,000 or (z) any other
asset with a fair market value of less than $100,000 individually (provided
that all such other assets collectively have a fair market value of less than
$10,000,000)) and within 30 days (unless otherwise extended at the discretion
of the Administration Agent) after request by the Administrative Agent or
Collateral Agent with respect to any other after acquired collateral deemed
material by the Administrative Agent or Required Lenders, the Borrower will,
and will cause each of their respective Domestic Subsidiaries to, take all
necessary action, including (i) the filing of appropriate financing statements
under the provisions of the UCC, applicable foreign, domestic or local laws,
rules or regulations in each of the offices where such filing is necessary or
appropriate to grant the Collateral Agent or the Administrative Agent for the
benefit of the Secured Parties pursuant to the Collateral Security Agreement a
perfected Lien (subject only to Permitted Liens) in such Collateral pursuant to
and to the full extent required by the Security Documents and this Agreement
and (ii) with respect to real estate, the execution of a Mortgage, the
obtaining of title insurance policies or indemnification agreements
satisfactory to the Administrative Agent, title surveys and real estate
appraisals satisfying the Requirements of Law.

(b)           Subsidiary Guaranties.  The Borrower agrees to cause (i) each
Subsidiary (other than an Immaterial Subsidiary, a Receivables Subsidiary, any
of the Thai Holding Companies, or IRIC) that is organized under the laws of a
state of the United States of America or the District of Columbia and (ii) each
other Subsidiary (other than an Immaterial Subsidiary) that is wholly owned by
a corporation organized under the laws of a state of the United States or

 107
 

the District of Columbia and is disregarded as an entity separate from
that owner under Treasury Regulation section 301.7701-3, to execute and deliver
the Subsidiary Guaranty (or a supplement thereto) promptly, and in any event,
within 30 days of such Person’s having become a Subsidiary.

(c)           Pledge of New Subsidiary Stock.  The Borrower agrees to pledge (or cause its
Subsidiaries to pledge) all of the Capital Stock of each new Domestic
Subsidiary and, to the extent such pledge would not result in adverse tax consequences
to the Borrower, 65% of the Capital Stock of each new first-tier Foreign
Subsidiary established, acquired or created after the Closing Date to the
Collateral Agent for the benefit of the Secured Parties pursuant to the
Collateral Security Agreement and the other Security Documents promptly, and in
any event, within 30 days of the establishment, acquisition or creation of such
new Subsidiary; provided, that any filings or recordations with respect to
Foreign Subsidiaries may be made after such 30-day period to the extent
approved by the Administrative Agent.

(d)           Grant of Security by New Subsidiaries.  Subject to the provisions of Sections
7.11(a) and 7.11(c), the Borrower will promptly and, in any event,
within 30 days of the establishment, acquisition or creation of a Domestic
Subsidiary, cause each Domestic Subsidiary established or created in accordance
with Section 8.7 to grant to the Collateral Agent for the benefit of the
Secured Parties pursuant to the Collateral Security Agreement and the Pledge
Agreement a first priority Lien (subject to Permitted Liens) on all property
(tangible and intangible of the type that constitutes Collateral under the
Security Documents) of such Domestic Subsidiary by executing and delivering an
agreement substantially in the form of Exhibit A to the Collateral
Security Agreement and an agreement substantially in the form of Exhibit A
to the Pledge Agreement, or such other security agreements on other terms
satisfactory in form and substance to the Administrative Agent.  The Borrower shall cause each Domestic
Subsidiary, at its own expense, to execute, acknowledge and deliver, or cause
the execution, acknowledgment and delivery of, and thereafter register, file or
record in any appropriate governmental office, any document or instrument
reasonably deemed by the Administrative Agent to be necessary or desirable for
the creation and perfection of the foregoing Liens.  The Borrower will cause each of its Domestic
Subsidiaries to take all actions reasonably requested by the Administrative
Agent or the Required Lenders (including, without limitation, the filing of
UCC-1’s) in connection with the granting of such security interests.

(e)           Pledge of Equity in Unrestricted
Subsidiaries.  The Borrower agrees to
pledge (or cause its Domestic Subsidiaries to pledge) all of the Capital Stock
owned directly by the Borrower or a Domestic Subsidiary of each domestic
Unrestricted Subsidiary (and to the extent such pledge would not result in
adverse tax consequences to the Borrower, 65% of the Capital Stock of each
first-tier Foreign Subsidiary) to the Collateral Agent for the benefit of the
Secured Parties pursuant to the Pledge Agreement.  The Borrower agrees to pledge or cause its
Subsidiaries to pledge, to the Collateral Agent for the benefit of the Secured
Parties pursuant to the Collateral Security Agreement all instruments
evidencing indebtedness owed by any Unrestricted Subsidiary to the Borrower or
any Domestic Subsidiary.

(f)            Receivables Financing Security. No
later than the time that any Receivables Documents are entered into, and no
later than the time any capital is contributed or funds are advanced by the
Borrower to the Receivables Subsidiary, the Borrower and each

 108
 

Participating Subsidiary shall execute and deliver to Collateral Agent
for the benefit of the Secured Parties, the Receivables Subsidiary Pledge
Agreement, accompanied, to the extent such Pledged Securities are certificated,
by certificates representing the Pledged Securities.

(g)           Documentation for Additional Security.
The security interests required to be granted pursuant to this Section 7.11
shall be granted pursuant to the Annexes to the Security Documents or such
other security documentation satisfactory in form and substance to the
Administrative Agent and the Required Lenders and shall constitute valid and
enforceable perfected security interests prior to the rights of all third
Persons (other than any such rights arising in connection with Permitted Liens)
and subject to no other Liens except Permitted Liens.  The Additional Security Documents and other
instruments related thereto shall be duly recorded or filed in such manner and
in such places and at such times as are required by law to establish, perfect,
preserve and protect the Liens, in favor of the Administrative Agent for the
benefit of the Lenders, required to be granted pursuant to the Additional
Security Document and, all taxes, fees and other charges payable in connection
therewith shall be paid in full by the Borrower or its Subsidiaries.  At the time of the execution and delivery of
the Additional Security Documents, the Borrower shall cause to be delivered to
the Administrative Agent such agreements, opinions of counsel and other related
documents as may be reasonably requested by the Administrative Agent or the
Required Lenders to assure themselves that this Section 7.11 has been
complied with.

(h)           If, following a change in the relevant
sections of the Code, the regulations and rules promulgated thereunder and any
rulings issued thereunder and at the reasonable request of the Administrative
Agent or the Required Lenders, counsel for the Borrower acceptable to the
Administrative Agent and the Required Lenders does not within 60 days after
such request deliver evidence reasonably satisfactory to the Administrative
Agent with respect to any Foreign Subsidiary that is a Wholly-Owned Subsidiary
of the Borrower that any of (i) a pledge of 66-2/3%
or more of the total combined voting power of all classes of Capital Stock of
such Foreign Subsidiary entitled to vote, (ii) the entering into by such
Foreign Subsidiary of a guaranty in substantially the form of the Subsidiary
Guaranty or (iii) the entering into by such Foreign Subsidiary of a
security agreement in substantially the form of the Security Agreement, in any
case could cause all or a portion of the earnings of such Foreign Subsidiary to
be treated as a deemed dividend to such Foreign Subsidiary’s United States
parent or would otherwise violate applicable law or result in adverse tax
consequences to the Borrower or its Subsidiaries (including, without
limitation, in the form of distributions payable to any Parent Company pursuant to the Limited Liability Company
Agreement of the Borrower), then in the case of a failure to deliver the
evidence described in clause (i) above, that portion of such Foreign
Subsidiary’s outstanding Capital Stock not theretofore pledged pursuant to the
Security Documents shall be pledged to the Administrative Agent for the benefit
of the Lenders pursuant to the Security Documents (or another pledge agreement
in substantially similar form, if needed), (ii) in the case of a failure to
deliver the evidence described in clause (ii) above, such Foreign Subsidiary
shall execute and deliver a guaranty of the Obligations of the Borrower under
the Loan Documents (subject to compliance with financial assistance laws or
similar laws applicable to such Foreign Subsidiary), and (iii) in the case
of a failure to deliver the evidence described in clause (iii) above, such
Foreign Subsidiary (subject to compliance with financial assistance laws or
similar laws applicable to such Foreign Subsidiary) shall execute and deliver a
security agreement granting the Administrative Agent for the benefit of the
Lenders a security interest in

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all of such Foreign Subsidiary’s assets (to the extent that such
Foreign Subsidiary would be required to grant a security interest in such
assets under the provisions of Section 7.11(a) hereof if such assets had
been acquired by a Domestic Subsidiary), in each case with all documents
delivered pursuant to this Section 7.11 to be in form and substance
reasonably satisfactory to the Administrative Agent and the Required Lenders,
but in each case, only to the extent permitted without violating applicable law
or resulting in adverse tax consequences. 
The deliveries set forth in this clause (h) shall also not be required
to the extent that the Administrative Agent determines in its discretion that
the cost of obtaining the security interests set forth above outweigh the
benefits that such security interests provide to the Lenders.

7.12         End of Fiscal Years; Fiscal Quarters

The Borrower will, and will cause each of its
Subsidiaries’ annual accounting periods to end on December 31 of each year
(each a “Fiscal Year”, with quarterly accounting periods ending on March
31, June 30, September 30, December 31 of each Fiscal Year (each a “Fiscal
Quarter”), unless otherwise required by applicable law.

7.13         Maintenance of Ratings

The
Borrower will use commercially reasonable efforts to have a corporate family
rating and a rating with respect to its senior secured debt issued by Moody’s
and a corporate rating and a rating with respect to its senior secured debt
issued by S&P.

7.14         Certain Fees Indemnity

The Borrower covenants that it will indemnify the
Administrative Agent and each Lender against and hold the Administrative Agent
and each Lender harmless from any claim, demand or liability for broker’s or
finder’s fees or similar fees or commissions alleged to have been incurred in
connection with any of the transactions contemplated hereby.

ARTICLE
VIII

NEGATIVE
COVENANTS

The Borrower hereby covenants and agrees that, so long
as any of the Commitments remain in effect or any Loan or LC Obligation remains
outstanding and unpaid or any other amount is owing to any Lender or the
Administrative Agent hereunder:

8.1           Liens

The Borrower will not, and will not permit any of its
Subsidiaries to create, incur, assume or suffer to exist or agree to create,
incur or assume any Lien in, upon or with respect to any of its properties or
assets (including, without limitation, any securities or debt instruments of
any of its Subsidiaries), whether now owned or hereafter acquired, or assign or
otherwise convey any right to receive income to secure any obligation, except
for the following Liens (herein referred to as “Permitted Liens”):

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(a)           Liens created under the Security Documents
(including, without limitation, Liens securing the Senior Secured Notes
Obligations on a pari passu basis with the Obligations, but only to the extent
that such Indebtedness is permitted by Section 8.2(b)(vi));

(b)           Customary Permitted Liens;

(c)           Liens on any property securing Indebtedness
incurred or assumed for the purpose of financing all or any part of the
acquisition, construction, repair or improvement cost of such property, or
securing a Sale and Leaseback Transaction permitted hereunder, and any Lien
securing Permitted Refinancing Indebtedness of any Indebtedness secured by any
Lien permitted by this clause (c); provided, that (A) any such Lien does
not extend to any other property (other than accessions and additions to the
property covered thereby), (B) such Lien either exists on the date hereof or is
created in connection with the acquisition, construction, repair or improvement
of such property as permitted by this Agreement, (C) the indebtedness secured
by any such Lien (or the Capitalized Lease Obligation with respect to any
Capitalized Lease) when incurred, does not exceed 100% of the fair market value
of such assets; and (D) the Indebtedness secured thereby is permitted to be
incurred pursuant to Section 8.2(b)(iv),  provided that any such
Permitted Refinancing Indebtedness is not increased and is not secured by any
additional assets;

(d)           additional Liens incurred by the Borrower
and its Subsidiaries which do not secure Indebtedness for money borrowed so
long as the value of the property subject to such Liens, and the obligations
secured thereby, do not exceed $50,000,000 in the aggregate at any one time
outstanding;

(e)           Liens consisting of an agreement to sell,
transfer or dispose of any asset (to the extent such sale, transfer or
disposition is permitted hereby);

(f)            Liens in favor of the Borrower or any of
its Subsidiaries securing intercompany Indebtedness among the Borrower and its
Subsidiaries permitted to be incurred in accordance with Section 8.2(b)(iii);

(g)           Liens securing Indebtedness of Foreign
Subsidiaries; provided, that the amount of such Indebtedness on the date
that such Person incurs (as defined in Section 8.2(a)) such
Indebtedness, after giving Pro Forma Effect to such incurrence, does not exceed
5% of the Borrower’s Consolidated Net Tangible Assets as of the end of the most
recent Fiscal Quarter for which the Borrower has delivered financial statements
as required by Section 7.1  in the
aggregate at any one time outstanding;

(h)           Liens (1) existing on the Effective Date
listed on Schedule 8.1(h) hereof and any extension, renewal or
replacement thereof but only if the principal amount of the Indebtedness
(including, for purposes of this Section 8.1(h), any additional
Indebtedness incurred pursuant to revolving commitments in an amount not in
excess of the available commitment as set forth on Schedule 8.2(b)(ii)
secured thereby) is not increased and such Liens do not extend to or cover any
other property or assets, (2) on property of Airstar Corporation incurred
pursuant to the Airstar Aircraft Financing Documents and (3) on the assets of
Nitrail Vegyipari Termeló

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Fejlesztó Résvénytár-ság (Nitrail Chemical Engineering and Production
Co., Plc) which secure not more than $2,000,000 of Indebtedness;

(i)            Liens on Receivables Facility Assets
transferred, directly or indirectly, (a) to a Receivables Subsidiary or (b) by
a Receivables Subsidiary to the purchasers of such receivables (and the filing
of financing statements in connection therewith) created by, and as set forth
in, the Receivables Documents pursuant to a Permitted Accounts Receivable
Securitization;

(j)            Liens securing Acquired Debt permitted
pursuant to the second proviso of Section 8.2(a) or pursuant to Section
8.2(b)(xi), provided, that any such Lien does not extend to any
property other than the property of the newly acquired Subsidiary (and proceeds
and accessions and additions to such property) that is subject to a Lien
securing such Indebtedness as of the closing of the Acquisition of such
Subsidiary;

(k)           Liens on unearned insurance premiums
securing Indebtedness incurred by Borrower and/or its Subsidiaries to finance
such insurance premiums in a principal amount not to exceed at any time the
amount of such insurance premiums to be paid by Borrower and/or its
Subsidiaries for a three year period; and

(l)            Liens securing obligations arising in the
ordinary course pursuant to standard documentation evidencing any Foreign
Factoring Transaction.

In connection with the granting of Liens of the type
described in clause (c) of this Section 8.1 by the Borrower or any of
its Subsidiaries, at the reasonable request of the Borrower, and at the
Borrower’s expense, the Administrative Agent or the Collateral Agent shall take
(and is hereby authorized to take) any actions reasonably requested by the
Borrower in connection therewith (including, without limitation, by executing
appropriate lien releases in favor of the holder or holders of such Liens, in
either case solely with respect to the item or items of equipment or other
assets subject to such Liens).

8.2           Indebtedness

(a)           The Borrower will not, and will not permit
any Subsidiary to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or
otherwise (collectively, “incur” and collectively, an “incurrence”),
with respect to any Indebtedness; provided that so long as no Event of
Default has occurred and is continuing the Borrower may incur Indebtedness, and
any Subsidiary may incur Indebtedness, if the Borrower’s Interest Coverage
Ratio for the Borrower’s most recently ended four full fiscal quarters for
which financial statements have been delivered pursuant to Section 7.1
would have been at least 2.00 to 1.00 determined on a Pro Forma Basis; provided,
further, that in the case of an incurrence by a Subsidiary other than a
Subsidiary Guarantor, the proceeds of such Indebtedness are used for a
Permitted Acquisition, capital expenditures or such incurrence represents
Acquired Debt.

(b)           The limitations set forth in clause (a) of
this Section 8.2 shall not apply to any of the following items:

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(i)            Indebtedness
incurred pursuant to this Agreement and the other Loan Documents;

(ii)           Indebtedness
described on Schedule 8.2(b)(ii) which Indebtedness was outstanding on
the Effective Date and Permitted Refinancing Indebtedness in respect thereof; provided, however, that notwithstanding anything else in this Section
8.2(b)(ii) to the contrary, Indebtedness of Tioxide Southern Africa
(Proprietary) Ltd. may be refinanced in an amount not in excess of the Dollar
Equivalent of $15,000,000 provided that such Indebtedness is in no way
guaranteed by the Borrower or any Subsidiary of the Borrower;

(iii)          Indebtedness
of the Borrower and its Subsidiaries consisting of Intercompany Loans and
guarantees thereof owing to the Borrower or any of its Subsidiaries; provided,
that any such Indebtedness of the Borrower or a Subsidiary Guarantor owing to a
Subsidiary that is not a Subsidiary Guarantor is subordinated in right of
payment to the Obligations as set forth in Section 8.7(g); provided
further that if any Subsidiary that incurred Indebtedness under this
clause ceases to be a Subsidiary, such entity shall be deemed to have incurred
on such date such Indebtedness as is outstanding on such date and such
incurrence shall not be permitted under this clause (iii);

(iv)          Indebtedness
of the Borrower and its Subsidiaries secured by purchase money Liens or
constituting Capitalized Lease Obligations or an Operating Financing Lease and
Permitted Refinancing Indebtedness in respect thereof; provided, that,
at the time such Indebtedness is incurred, after giving Pro Forma Effect to such
incurrence, the sum of (1) the aggregate outstanding Capitalized Lease
Obligations plus (2) the aggregate outstanding Attributable Debt with
respect to Operating Financing Leases plus (3) the aggregate outstanding
principal amount of such purchase money Indebtedness plus (4) the
aggregate outstanding amount of Indebtedness permitted by Section 8.2(b)(xi)
does not exceed an amount equal to 5% of the Borrower’s Consolidated Net
Tangible Assets as of the end of the most recent Fiscal Quarter for which the Borrower
has delivered financial statements as required by Section 7.1;

(v)           Indebtedness
of the Borrower or its Subsidiaries under Interest Rate Agreements providing
protection against fluctuations in interest rates so long as management of the
Borrower or such Subsidiary, as the case may be, has determined that entering
into such Interest Rate Agreements are bona
fide hedging activities and under Other Hedging Agreements providing
protection against fluctuations in currency or commodity values (in the case of
commodity values, for a period not to exceed 36 months) in connection with the
Borrower’s or any of its Subsidiaries’ operations so long as management of the
Borrower or such Subsidiary, as the case may be, has determined that the
entering into of such Other Hedging Agreements are bona  fide
hedging activities;

(vi)          Indebtedness
of the Borrower in respect of the Public Notes and guarantees thereof by the
Borrower’s Subsidiaries; provided, that any guarantees

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of Public
Notes that are subordinated to the Obligations shall be subordinated to the
Obligations in the same fashion as such Public Notes are subordinated to the
Obligations;

(vii)         Indebtedness
of the Borrower and its Subsidiaries consisting of take-or-pay obligations
contained in supply agreements entered into in the ordinary course of business;

(viii)        Indebtedness
of the Borrower to a Huntsman Affiliate that is subordinated to the Obligations
in a manner reasonably satisfactory to the Administrative Agent;

(ix)           Indebtedness
of the Borrower and its Subsidiaries constituting Permitted Refinancing
Indebtedness of (i) Term Loans hereunder and (ii) Indebtedness incurred under Section
8.2(a)  above;

(x)            Indebtedness
consisting of (i) Guarantee Obligations of any Subsidiary of the Borrower of
the Obligations under any Loan Document and (ii) a guarantee by the Borrower or
a Domestic Subsidiary of obligations of a Subsidiary or a guarantee by any
Foreign Subsidiary of obligations of a Foreign Subsidiary, in each case, of
Indebtedness permitted to be incurred under clause (a) or any other clause of
this clause (b); provided, that any Guarantee Obligations of the
Borrower or any Subsidiary with respect to intercompany Indebtedness of any
Subsidiary is also permitted pursuant to clause (b)(iii);

(xi)           Indebtedness
of a Subsidiary of the Borrower issued and outstanding on or prior to the date
on which such Subsidiary was acquired by the Borrower or a Subsidiary of the
Borrower in a transaction constituting an Acquisition (other than Indebtedness
issued as consideration in, or to provide all or any portion of the funds
utilized to consummate such Acquisition) (“Acquired Debt”) and any
Permitted Refinancing Indebtedness in respect thereof; provided, that
the aggregate amount of such Indebtedness at the time such Indebtedness is
incurred, after giving Pro Forma Effect to such incurrence, together with
Indebtedness outstanding and permitted by Section 8.2(b)(iv) (without
double counting and without giving effect to Section 8.1(c)(C)) does not
exceed an amount equal to 5% of the Borrower’s Consolidated Net Tangible Assets
as of the end of the most recent Fiscal Quarter for which the Borrower has
delivered financial statements as required by Section 7.1;

(xii)          Indebtedness
(including intraday cash management lines relating thereto) of the Borrower and
of its Subsidiaries pursuant to over-draft or similar lines of credit in
existence on the Effective Date or designated by the Borrower to the
Administrative Agent as “Overdraft Facilities” thereafter (including unsecured
back-to-back lines of credit relating thereto among Foreign Subsidiaries, an “Overdraft
Facility”) such that the aggregate amount of such Indebtedness (other than
intraday cash management lines relating thereto) permitted thereunder or
outstanding under this clause (xii) at any one time does not exceed (without

 114
 

duplication)
$100,000,000 (or the Dollar Equivalent thereof) for more than one (1)
consecutive Business Day, with respect to such Indebtedness (other than
intraday cash management lines relating thereto), provided, that the
aggregate principal amount of Indebtedness (other than intraday cash management
lines relating thereto) outstanding under each such line shall be reduced to
the Dollar Equivalent of $25,000,000 during at least one day during each
calendar month;

(xiii)         other
unsecured Indebtedness of the Borrower and of its Subsidiaries not to exceed
$100,000,000 at any time;

(xiv)        (i)  Receivables Facility Attributed Indebtedness
and (ii) intercompany indebtedness of a Receivables Subsidiary owed to the Borrower
or its Participating Subsidiaries to the extent such Indebtedness constitutes a
permitted Investment pursuant to Section 8.7(n);

(xv)         Indebtedness
of Foreign Subsidiaries consisting of limited recourse obligations incurred in
the ordinary course pursuant to standard documentation evidencing Foreign
Factoring Transactions; and

(xvi)        Indebtedness
of Foreign Subsidiaries; provided, that the aggregate amount of such
Indebtedness at the time such Indebtedness is incurred, together with the
aggregate amount of all other Indebtedness outstanding under this clause (xvi)
at such time, does not exceed 5% of the Borrower’s Consolidated Net Tangible
Assets as of the end of the most recent Fiscal Quarter for which the Borrower
has delivered financial statements as required by Section 7.1.

8.3           Consolidation, Merger, Purchase or Sale
of Assets, etc.

The Borrower will not, and will not permit any of its
Subsidiaries to, wind up, liquidate or dissolve any of their affairs or enter
into any transaction of merger or consolidation, or convey, sell, lease or
otherwise dispose of any of its properties or assets (or, with respect to any
such transaction involving all or substantially all of the assets of the
Borrower, enter into an agreement to do any of the foregoing at any future time
without the Administrative Agent’s prior written consent unless the
effectiveness of such agreement is conditional upon the consent of the
Administrative Agent), or enter into any Sale and Leaseback Transaction, except
that:

(a)           [Reserved];

(b)           Investments may be made to the extent
permitted by Section 8.7;

(c)           each of the Borrower and its Subsidiaries
may lease (as lessor) real or personal property in the ordinary course of
business other than to a Receivables Subsidiary;

(d)           each of the Borrower and its Subsidiaries
may make sales or transfers of inventory, Cash, Cash Equivalents and Foreign
Cash Equivalents in the ordinary course of business other than to a Receivables
Subsidiary;

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(e)           the Borrower and its Subsidiaries may sell
or discount, in each case without recourse and in the ordinary course of
business, Accounts Receivable arising in the ordinary course of business (x)
which are overdue, or (y) which the Borrower or such Subsidiary may reasonably
determine are difficult to collect but only in connection with the compromise
or collection thereof consistent with customary industry practice (and not as
part of any bulk sale or financing of receivables);

(f)            the Borrower and its Subsidiaries may
license its patents, trade secrets, know-how and other intellectual property
relating to the manufacture of chemical products and by-products (the “Technology”)
provided that such license shall be assignable to the Administrative Agent or
any assignee of the Administrative Agent without the consent of the licensee
and no such license shall (i) transfer ownership of such Technology to any
other Person or (ii) require the Borrower to pay any fees for any such use
(such licenses permitted by this Section 8.3(f), hereafter “Permitted
Technology Licenses”);

(g)           any Subsidiary of the Borrower (other than a
Receivables Subsidiary) may be merged or consolidated (x) with or into the
Borrower so long as the Borrower is the surviving entity, (y) with or into any
one or more Wholly-Owned Subsidiaries of the Borrower (other than an
Unrestricted Subsidiary, Airstar Corporation, Huntsman Headquarters Corporation
or IRIC); provided, however, that a Wholly-Owned Subsidiary or
Subsidiaries shall be the surviving entity or (z) with or into any Person in
connection with the consummation of an Acquisition; provided, however, that
after giving effect to such merger or consolidation the surviving Subsidiary
shall be a Wholly-Owned Subsidiary;

(h)           the Borrower and its Subsidiaries may sell,
transfer or otherwise dispose of any asset in connection with any Sale and
Leaseback Transaction involving Indebtedness, Capitalized Lease Obligations or
an Operating Financing Lease otherwise permitted hereunder;

(i)            in any Fiscal Year, the Borrower or any
Subsidiary may dispose of any of its assets (including in connection with Sale
and Leaseback Transactions not involving Indebtedness, Capitalized Lease
Obligations or an Operating Financing Lease) if the aggregate net book value
(at the time of disposition thereof) of all assets disposed of by the Borrower
and its Subsidiaries in such Fiscal Year pursuant to this clause (i) plus
the aggregate book value of all the assets then proposed to be disposed of does
not exceed 12.5% of the Consolidated Net Tangible Assets the Borrower and its
Subsidiaries as of the end of the immediately preceding Fiscal Quarter for
which the Borrower has delivered financial statements as required by Section
7.1; provided, however, that if (A) concurrently with any disposition of
assets or within 360 days of receipt of proceeds in connection with such
disposition, all or a portion of an amount equal to the net proceeds of such
disposition are used by the Borrower or a Subsidiary to acquire other property
used or to be used in the business referred to in Section 8.9 and (B)
the Borrower or such Subsidiary has complied with the provisions of Section
7.11 with respect to such property, then such dispositions (or, to the
extent that less than all of the net proceeds of any such disposition are used
to acquire such other property, then dispositions in an amount equal to the net
proceeds used to acquire such other property) shall be disregarded for purposes
of calculations pursuant to this Section 8.3(i)) (and shall otherwise be
deemed to be permitted under this Section 8.3) from and after the date
such proceeds are so used to acquire such property with respect to the
acquisition of such other property;

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(j)            the Borrower or any Subsidiary of the
Borrower may sell, lease, transfer or otherwise dispose of any or all of its
assets to the Borrower or any other Wholly-Owned Subsidiary of the Borrower
(other than (I) from the Borrower or a Domestic Subsidiary to a Foreign
Subsidiary or (II) to a Receivables Subsidiary);

(k)           any Subsidiary of the Borrower (other than a
Receivables Subsidiary) may voluntarily liquidate, wind-up or dissolve;

(l)            the Borrower and its Subsidiaries may,
directly or indirectly, sell, contribute and make other transfers of
Receivables Facility Assets to a Receivables Subsidiary and such Receivables
Subsidiary may sell and make other transfers of Receivables Facility Assets to
the Issuer, in each case pursuant to the Receivables Documents under a
Permitted Accounts Receivable Securitization;

(m)          Foreign Subsidiaries may enter into Foreign
Factoring Transactions; and

(n)           the Borrower and its Subsidiaries may
consummate the US Commodity Business Sale provided that not less than 75% of
the Net Sale Proceeds therefrom are used within 90 days to (i) repay Senior
Secured Notes (2010), (ii) repay Senior Notes (2012); (iii) repay Receivables
Facility Attributed Indebtedness and/or (iv) make a voluntary prepayment of
Term Loans pursuant to Section 4.3.

8.4           Dividends or Other Distributions

(a)           Neither the Borrower nor any of its
Subsidiaries will: (i) declare or pay any dividend or make any distribution on
or in respect of its Capital Stock or to the direct or indirect holders of its
Capital Stock, other than (x) dividends or distributions (A) payable solely in
such Capital Stock or in options, warrants or other rights to purchase such
Capital Stock, (B) dividends and distributions payable to the Borrower or a
Wholly-Owned Subsidiary of the Borrower or payable to holders of minority
interests in any Subsidiary so long as the Borrower or any other Subsidiary
having an interest in such Subsidiary shall receive its proportionate share of
such dividend or distribution (“Dividends”), and (y) cash distributions
to members of the Borrower from time to time in accordance with the terms of
the Tax Sharing Agreement (“Tax Distributions”), (ii) purchase, redeem
or otherwise acquire or retire for value any Capital Stock of the Borrower,
(iii) make any principal payment on or purchase, defease, redeem, prepay, or
otherwise acquire or retire for value, prior to any scheduled final maturity or
applicable redemption date, any Public Notes (or any Permitted Refinancing
Indebtedness thereof) except to the extent set forth in Section 8.11(i)
or (iv) make any Investment not specifically permitted by clauses (a)
through (o) of Section 8.7 (“Unrestricted Investments”)
(any of the foregoing described in clauses (i) - (iv) being hereafter referred
to as a “Restricted Payment”);

(b)           Notwithstanding the limitations on
Restricted Payments set forth in Section 8.4(a), so long as there is no
Default or Event of Default then outstanding or that would result therefrom and
the Borrower is able to incur $1 of additional Indebtedness under Section
8.2(a) both before and after giving effect to such Restricted Payments on a
Pro Forma Basis, the Borrower or any Subsidiary of the Borrower may make any
Restricted Payment which together

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with all other Restricted Payments made pursuant to this Section 8.4
since the Effective Date would not exceed the sum of:

(i)            $400,000,000,
plus

(ii)           50%
of the consolidated net income (as defined in the Senior Subordinated Note
(2014) Indenture) (or, in the case of a Consolidated Net Loss, minus 100% of
such Consolidated Net Loss) of the Borrower and its Subsidiaries accrued during
the period (treated as one accounting period) from June 30, 2006 to the end of
the most recent Fiscal Quarter for which financial statements have been
delivered pursuant to Section 7.1, plus

(iii)          Available
Equity Proceeds.

(c)           Notwithstanding the foregoing, the Borrower
may pay Dividends within 60 days after the date of declaration thereof if at
such date of declaration such Dividend would have complied with this Section
8.4; provided, however, that such Dividend shall be included
(without duplication) in the calculation of Restricted Payments for purposes of
Section 8.4(b).

(d)           In addition to Restricted Payments permitted
by clauses (b) and (c) above, the Borrower may pay Dividends to any Huntsman
Parent Company which are contemporaneously applied to pay dividends on common
stock of Huntsman Corporation at a rate not to exceed $0.40 per share per annum
(such amount to be appropriately adjusted to reflect any stock split, reverse
stock split, stock dividend, stock issuance or similar transactions made after
the Effective Date so that the aggregate amount of dividends payable after such
transaction is the same as the amount payable immediately prior to such
transaction).

8.5           Certain Restrictions on Subsidiaries

The Borrower will not, and will not permit any of its
Subsidiaries to create or otherwise cause or permit to exist, or to become
effective, any consensual encumbrance or restriction (other than pursuant to
the Loan Documents) on the ability of any Subsidiary of the Borrower to (i) pay
dividends or make any other distributions on its Capital Stock, (ii) pay any
Indebtedness or other obligation owed to the Borrower or any of its other
Subsidiaries, (iii) make any loans or advances to the Borrower or any of its
other Subsidiaries, or (iv) transfer any of its property or assets to the
Borrower or any of its other Subsidiaries, except:

(a)           any encumbrance or restriction pursuant to
an agreement in effect at or entered into on the Effective Date and reflected
on Schedule 8.5(a) hereto or any extension, replacement or refinancing
thereof not prohibited herein;

(b)           any such encumbrance or restriction
consisting of customary non-assignment provisions in any Contractual Obligation
entered into in the ordinary course of business to the extent such provisions
restrict the transfer or assignment of any agreement evidencing or securing
such Contractual Obligation;

(c)           in the case of clause (iv) above, Permitted
Liens or other restrictions contained in security agreements securing
Indebtedness or operating leases permitted hereby, to

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the extent such restrictions restrict the transfer of the property
subject to such security agreements or operating leases;

(d)           any restrictions on transfer of an asset
(including Capital Stock) pursuant to an agreement to sell, transfer or dispose
of such asset, to the extent such sale would be permitted hereby;

(e)           any encumbrance or restriction on a
Receivables Subsidiary as set forth in the Receivables Documents, or any
encumbrance or restriction on a Participating Subsidiary with respect to
Receivables Facility Assets as set forth in Receivables Documents;

(f)            restrictions on Foreign Subsidiaries in
Overdraft Facilities;

(g)           any restrictions on a Person (other than an
Unrestricted Subsidiary) at the time such Person becomes a Subsidiary, so long
as such restrictions were not entered into in contemplation of such Person
becoming a Subsidiary; and

(h)           any restrictions or encumbrances on (i)
Huntsman Chemical Company of Canada, Inc. or on any Foreign Subsidiary of
Huntsman Petrochemical Corporation, (ii) Huntsman Advanced Materials
(Netherlands) BV or any of its Foreign Subsidiaries or (iii) any Foreign
Subsidiary organized under the laws of any Middle Eastern or Asian
jurisdiction, which are set forth in any agreement governing Indebtedness
permitted pursuant to Section 8.2(b)(xvi).

8.6           Issuance of Stock

(a)           The Borrower will not, and will not permit
any of its Subsidiaries to, directly or indirectly, issue (except, with respect
to the Borrower, as permitted pursuant to clause (b) below), sell,
assign, pledge or otherwise encumber (other than with Liens of the type
described in clauses (i) and (vi) of the definition of “Customary Permitted
Liens”) or dispose of any shares of Capital Stock of any Subsidiary of the
Borrower, except (i) to the Borrower, (ii) to another Wholly-Owned Subsidiary
of the Borrower, (iii) to qualifying directors or to satisfy other similar
requirements, in each case, pursuant to Requirements of Law, (iv) pursuant to
the Loan Documents or the Foreign Intercompany Loan Security Documents or (v)
pledges constituting Permitted Liens described in clauses (a), (d) or (e) of Section
8.1.  Notwithstanding the foregoing,
the Borrower or its Subsidiaries shall be permitted to sell all of the
outstanding Capital Stock of a Subsidiary to the extent permitted pursuant to Section
8.3.

(b)           The Borrower shall not issue any Capital
Stock, except nonredeemable Capital Stock and except for such issuances of
Capital Stock (including private placements) (x) where after giving effect to
such issuance, no Event of Default will exist under Section 10.1(m) and
(y) where the Administrative Agent and the Required Lenders have consented
(such consent not to be unreasonably withheld) to the terms and conditions of
such offering.

8.7           Loans and Investments

The Borrower will not, and will not permit any of its
Subsidiaries to, make or own any Investments except:

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(a)           the Borrower and its Domestic Subsidiaries
may acquire and hold Cash and Cash Equivalents;

(b)           the Borrower and its Subsidiaries may hold
the Investments as set forth on Schedule 8.7(b) hereto;

(c)           the Borrower and its Subsidiaries may make
or maintain advances (i) for relocation and related expenses and other advances
to their employees in the ordinary course of business and (ii) for any other
advances to their employees in the ordinary course of business in an aggregate
principal amount not exceeding $10,000,000 (or the Dollar Equivalent thereof)
at any one time outstanding;

(d)           the Borrower and its Subsidiaries may
acquire and hold (i) Investments consisting of extensions of credit in the
nature of accounts receivable arising from the granting of trade credit in the
ordinary course of business, and (ii) Investments (including debt obligations)
received in connection with the bankruptcy or reorganization of suppliers and
customers and other Persons and in settlement of delinquent obligations of, and
other disputes with, customers and suppliers and other Persons arising in the
ordinary course of business;

(e)           the Borrower and its Subsidiaries may make
deposits in a customary fashion in the ordinary course of business;

(f)            the Borrower and its Subsidiaries may
acquire and hold debt securities as partial consideration for a sale of assets
pursuant to Section 8.3 or 4.4(c) to the extent permitted by any
such Section;

(g)           (1)           the
Borrower may make or maintain intercompany loans and advances to any of its
Wholly-Owned Subsidiaries, (2) any Subsidiary of the Borrower may make or
maintain intercompany loans and advances to the Borrower and (3) any Subsidiary
of the Borrower may make or maintain intercompany loans and advances to any
Wholly-Owned Subsidiary of the Borrower (including, without limitation,
pursuant to Permitted Entrustment Loan Arrangements) (collectively, “Intercompany
Loans”), provided, that each Intercompany Loan made by a Foreign Subsidiary
or a non-Wholly-Owned Domestic Subsidiary, on the one hand, to the Borrower or
a Wholly-Owned Domestic Subsidiary of the Borrower, on the other hand, shall
contain the subordination provisions set forth on Exhibit 8.7(g);

(h)           (i) the Borrower and its Subsidiaries may
make Investments after the Effective Date in the Capital Stock of Persons that
are Foreign Subsidiaries and may capitalize or forgive any Indebtedness owed to
them by a Foreign Subsidiary (treating such capitalization or forgiveness as an
Investment for purposes of this clause (i)); provided, that the
aggregate outstanding amount of such Investments pursuant to this subclause (i)
(excluding Investments consisting solely of the contribution of the Capital
Stock of a Foreign Subsidiary to a Foreign Subsidiary organized in a
jurisdiction acceptable to Administrative Agent and the Investment described on
Schedule 8.7(h)) shall not exceed an aggregate outstanding amount equal
to the sum of $500,000,000 plus the aggregate amount contributed to Foreign
Subsidiaries for Acquisitions permitted pursuant to Section 8.7(m), (ii)
the Borrower and its Domestic Subsidiaries may make Investments in the Capital
Stock of a Person that is a Domestic

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Subsidiary; provided, that the requirements of Section 7.11 are
satisfied and (iii) Foreign Subsidiaries of the Borrower may make Investments
in the Capital Stock of other Foreign Subsidiaries of the Borrower and may
capitalize or forgive any Indebtedness owed to them by a Foreign Subsidiary
(treating such capitalization or forgiveness as an Investment for purposes of
this clause (iii));

(i)            Foreign Subsidiaries of the Borrower may
invest in cash, Cash Equivalents and Foreign Cash Equivalents;

(j)            so long as (1) no Unmatured Event of
Default or Event of Default exists either before or after giving effect thereto
and (2) the Borrower is in compliance with Section 9.1 both before and
after giving effect thereto on a Pro Forma Basis (whether or not such Section
9.1 would otherwise be applicable), the Borrower and its Subsidiaries may
(i) make any Investment in any Permitted Unconsolidated Venture or in any
Unrestricted Subsidiary (provided, that the Borrower shall have
complied with Section 7.11(e) in connection with such Investment)
consisting of an amount not in excess of the Available Unrestricted Subsidiary
Investment Basket; and (ii) solely to
the extent such Investment is used by any of HF II Australia Holdings Company
LLC, Huntsman Australia Holdings Corp., HCPH Holdings Pty Limited, Huntsman
Chemical Australia Unit Trust or their Subsidiaries, make Investments in
such entities to permanently prepay Indebtedness in an aggregate amount not to
exceed $50,000,000.

(k)           the Borrower may make intercompany loans to
Huntsman Corporation, the proceeds of which shall be utilized by Huntsman
Corporation to pay legal, franchise tax, audit, and other expenses directly
relating to the administration or legal existence of the Borrower; provided,
that the aggregate outstanding principal amount of such intercompany loans
shall not exceed $3,000,000 at any time outstanding (without giving effect to
any write-downs or write-offs thereof) and which amount shall not include any
intercompany loans or advances made or deemed to have been made for any reason
in respect of accrued but unpaid interest on any intercompany loans previously
made to Huntsman Corporation, including the capitalization thereof);

(l)            the Borrower may make Investments in
Rubicon and LPC, so long as: (i) the Administrative Agent possesses a valid,
perfected Lien on the applicable Credit Party’s interests in such Joint
Venture, (ii) such Joint Venture does not have any Indebtedness for borrowed
money at any time on or after the date of such Investment other than to the
partners in such Joint Venture and (iii) the documentation governing such Joint
Venture does not contain a restriction on distributions or loan repayments as
applicable, to the Borrower or to the applicable Subsidiary holding the
interest in such Joint Venture;

(m)          the Borrower or any of its Subsidiaries may
purchase all or a significant part of the assets of a business conducted by
another Person, make any Investment in any Person which, after the Effective
Date as a result of such Investment becomes a Wholly-Owned Subsidiary of the
Borrower which is not an Unrestricted Subsidiary or, to the extent permitted
under Section 8.3, enter into any merger, consolidation or amalgamation
with any other Person (any such purchase, Investment or merger, an “Acquisition”);
provided, however, that such Acquisition shall not be permitted
unless, (i) after giving effect
thereto on a Pro Forma Basis, (a) no Event of Default or Unmatured Event of
Default would exist hereunder and (b) the Borrower

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is able to borrow $1 of additional
Indebtedness pursuant to Section 8.2(a); (ii) if the total consideration given and
Indebtedness assumed in connection with such Acquisition exceeds $20,000,000,
after giving effect to such Acquisition, the Borrower’s Available Liquidity,
minus the lesser of (A) the aggregate amount of utilized Overdraft Facilities
of the Borrower and its Subsidiaries or (B) $60,000,000 shall equal or exceed
$450,000,000; (iii) the Borrower and its Subsidiaries have complied to the
extent applicable with the requirements of Section 7.11 hereof with
respect to any required additional Security Documents and (iv) such Acquisition
has been approved by the board of directors of the Person to be acquired; provided, further, however, notwithstanding anything else herein
to the contrary, no Acquisition (other than Acquisitions in which the total
consideration paid (including for purposes hereof any assumed Indebtedness)
does not exceed $20,000,000 for any single Acquisition or $80,000,000 for all
such Acquisitions in the aggregate since the Effective Date) shall be permitted unless the Borrower is
in compliance with Section 9.1 on a Pro Forma Basis;

(n)           the Borrower or any of its Subsidiaries may
make Investments in the Receivables Subsidiary and any Participating
Subsidiaries prior to the occurrence and continuance of an Event of Default
under Section 10.1(n) which in the judgment of the Borrower are
reasonably necessary in connection with any Permitted Accounts Receivable
Securitization;

(o)           in addition to Investments permitted
pursuant to clauses (a) through (o) above, the Borrower or any of its
Subsidiaries may make other Investments (A) in an outstanding amount not to
exceed $50,000,000 in the aggregate or (B) with Available Equity Proceeds; provided,
that in each case the Borrower shall have complied to the extent applicable
with Section 7.11 in connection with such Investment; and provided
further, that the Borrower may not make or own any investment in margin
stock;

(p)           the Borrower or any of its Subsidiaries may
make Unrestricted Investments constituting Restricted Payments that are permitted
by Section 8.4(b); provided, that, the Borrower shall have
complied to the extent applicable with Section 7.11 in connection with
such Unrestricted Investments; and provided  further, that the
Borrower may not make or own any investment in margin stock; and

(q)           the Borrower or any of its Subsidiaries may
make loans and advances to their respective customers in an aggregate amount
not to exceed at any time $10,000,000.

8.8           Transactions with Affiliates

The Borrower will not, and the Borrower will not cause
or permit any of its Subsidiaries to, directly or indirectly, enter into or
permit to exist any transaction or series of related transactions (including,
without limitation, the purchase, sale, lease or exchange of any property or
the rendering of any service) with or for the benefit of any of the Borrower’s
Affiliates other than (x) the entry by the Borrower and its Subsidiaries into
the transactions contemplated by a Permitted Accounts Receivable
Securitization, (y) transactions that are on terms that are fair and reasonable
to the Borrower or to any such Subsidiary and that are on terms that are no
less favorable to the Borrower or to such Subsidiary than those that might
reasonably have been obtained in a comparable transaction on an arm’s-length basis
from a Person that is not an Affiliate, or (z) any transaction arising in the
ordinary course of business of the Borrower or

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of such Subsidiary; provided,
however, that with respect to transactions between the Borrower or any
of its Subsidiaries and any of their respective Affiliates arising in the
ordinary course of business (including, without limitation, purchase or supply
contracts relating to products or raw materials) a Responsible Officer of the
Borrower shall, not later than the date of delivery of the financial statements
referred to in Section 7.1(b), have reviewed the aggregate of such
transactions and determined that, in the aggregate, such transactions are on
terms that are fair and reasonable to the Borrower or to such Subsidiary and
are no less favorable to the Borrower or to such Subsidiary than those that
might reasonably have been obtained in a comparable transactions on an
arm’s-length basis from a Person that is not an Affiliate.  The foregoing restrictions will not apply to
(1) reasonable and customary directors’ fees, indemnification and similar
arrangements and payments thereunder; (2) any transaction between the Borrower
and any Wholly-Owned Subsidiary (other than an Unrestricted Subsidiary) of the
Borrower or between Wholly-Owned Subsidiaries (other than an Unrestricted
Subsidiary) to the extent that any such transaction is otherwise in compliance
with the terms of this Agreement; (3) loans or advances to officers of the
Borrower and of its Subsidiaries for bona  fide business purposes
of the Borrower or of such Subsidiary not to exceed $10,000,000 in the
aggregate at any one time outstanding for the Borrower and its Subsidiaries;
(4) Investments permitted under Section 8.7(k); (5) Restricted Payments
permitted under Section 8.4; or (6) issuances by the Borrower of its
Capital Stock to the extent such issuance is otherwise in compliance with the
terms of this Agreement.  The restriction
set forth in this Section 8.8 will not apply to the execution and
delivery of or payments made under the Tax Sharing Agreement.

8.9           Lines of Business

The Borrower will not, and will not permit any
Subsidiary (other than a Receivables Subsidiary) to enter into or acquire any
line of business which is not reasonably related to the chemical or
petrochemical business, provided, that none of Huntsman Finco or any
Thai Holding Company will engage in any business other than (a) holding Capital
Stock of its Subsidiaries and (b) in the case of Huntsman Finco, the borrowing
and lending funds pursuant to the Intercompany Loans.  IRIC shall only engage in the business of
serving as a captive insurance company for the Borrower and its Subsidiaries
and engaging in such necessary activities related thereto as may be permitted
to be engaged in by a Utah captive insurance company pursuant to applicable
Utah captive insurance company rules and regulations; provided, that IRIC shall
not hold cash or other Investments except in a manner consistent with Schedule
8.9.

8.10         Fiscal Year

The Borrower shall not change its Fiscal Year.

8.11         Limitation on Voluntary Payments and
Modifications of Indebtedness; Modifications of Certificate of Incorporation,
By-Laws and Certain Other Agreements; Etc.

The Borrower will not, and will not permit any of its
Subsidiaries to:

(i)            make
(or give any notice in respect of) any voluntary or optional payment or
prepayment on or redemption or acquisition for value of (including,

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without
limitation, by way of depositing with the trustee with respect thereto or any
other Person money or securities before due for the purpose of paying when due)
any obligations under any Public Notes (other than with the proceeds of
Permitted Refinancing Indebtedness or with Available Equity Proceeds); provided
that if there is no Default or Event of Default then outstanding or that would
result therefrom, the Borrower or any of its Subsidiaries may make payments or
prepayments on, or redemption or acquisition of: (A) any obligations under the
Senior Secured Notes (2010) or the Senior Notes (2012) (including with Net Sale
Proceeds from Asset Dispositions not required by the terms of Section
4.4(c)(ii) to be used to prepay the Loans); and (B) any obligations under
any Public Notes with Restricted Payments permitted under Section 8.4(b).

(ii)           amend,
modify or terminate, or permit the amendment, modification, or termination of
any provision in any way materially adverse to the interests of the Lenders (as
determined by the Administrative Agent in its sole reasonable discretion after
reasonable advance notice of such proposed change) of any Public Note Document
that would require the consent of any holder of such Public Note (including,
without limitation, by the execution of any supplemental indenture); or

(iii)          amend,
modify or change in any way adverse, in any material respect, to the interests
of the Lenders, its Organizational Documents (including, without limitation, by
filing or modification of any certificate of designation) or by-laws, or any
agreement entered into by it, with respect to its Capital Stock, the Tax
Sharing Agreement, or enter into any new agreement with respect to its Capital
Stock or any new tax sharing agreement which in any way could reasonably be
expected to be adverse to the interests of the Lenders.

The Administrative Agent agrees that, with respect to
any matters required to be reasonably satisfactory or acceptable to it, it
shall exercise its reasonable judgment in making, and shall not unreasonably
withhold or delay, such determination.

8.12         Accounting Changes

The Borrower shall not, nor shall it permit any of its
Subsidiaries to make or permit to be made any change in accounting policies
affecting the presentation of financial statements or reporting practices from
those employed by it on the date hereof, unless (i) such change is required by
GAAP, (ii) such change is disclosed to the Lenders through the Administrative
Agent or otherwise and (iii) relevant prior financial statements that are
affected by such change are restated (in form and detail satisfactory to the
Administrative Agent) as may be required by GAAP to show comparative
results.  If any changes in GAAP or the
application thereof from that used in the preparation of the financial
statements referred to in Section 6.5(a) hereof occur after the Closing
Date and such changes result in, in the sole judgment of the Administrative
Agent, a meaningful change in the calculation of any financial covenants or
restrictions set forth in this Agreement, then the parties hereto agree to
enter into and diligently pursue negotiations in order to amend such financial
covenants and restrictions so as to equitably reflect such changes, with the
desired result that the criteria for evaluating the financial condition

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and results of operations
of the Borrower and its Subsidiaries shall be the same after such changes as if
such changes had not been made.

8.13         Permitted Accounts Receivable
Securitization and Foreign Factoring Transactions

The Borrower shall not, nor shall it permit any of its
Subsidiaries to, enter into any Receivables Documents other than in connection
with a Permitted Accounts Receivable Securitization or a Foreign Factoring
Transaction permitted by Sections 8.1(l) and 8.2(b)(xv) (unless
such Receivables Documents have been approved by the Administrative Agent or
are non-material documentation entered into pursuant to such approved
Receivables Documents and/or represent additional documentation in customary
form that is contemplated by Receivables Documents for a Permitted Accounts
Receivable Securitization and are not adverse to the Lenders) or amend or
modify in any material respect which is adverse to the Lenders any of such
Receivables Documents unless such amendment or modification has been approved by
the Administrative Agent; provided, however, that if the
Receivables Documents, after giving effect to such amendment or modification,
would constitute a Permitted Accounts Receivable Securitization, then such
approval of the Administrative Agent shall not be required.  No Unrestricted Subsidiary may be a
Participating Subsidiary in a Permitted Accounts Receivable Securitization.

ARTICLE
IX

FINANCIAL
COVENANTS

The Borrower hereby agrees that, at any time when
Revolving Loans or LC Obligations are outstanding:

9.1           Senior Secured Leverage Ratio

Unless compliance herewith is waived by the Majority
Revolving Facility Lenders, the Borrower will not permit for any Test Period
ending on the last date of any Fiscal Quarter, the Senior Secured Leverage
Ratio to exceed 3.75 to 1.00.

ARTICLE X

EVENTS OF
DEFAULT

10.1         Events of Default

Any of the following events, acts, occurrences or
states of facts shall constitute an “Event of Default” for purposes of
this Agreement:

(a)           Failure to Make Payments When Due.  There shall occur a default in the payment of
(i) principal on any of the Loans or any reimbursement obligation with respect
to any Letter of Credit; or (ii) interest on any of the Loans or any fee or any
other amount owing hereunder or under any other Loan Document when due and such
default in payment shall continue for five (5) Business Days; or

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(b)           Representations and Warranties.  Any representation or warranty made by or on
the part of the Borrower or any Credit Party, as the case may be, contained in
any Loan Document or any document, instrument or certificate delivered pursuant
hereto or thereto shall have been incorrect or misleading in any material
respect when made or deemed made; or

(c)           Covenants.  The Borrower shall (i) default in the
performance or observance of any term, covenant, condition or agreement on its
part to be performed or observed under Article VIII or Article IX
hereof or Sections 7.3(a), 7.9, 7.10 or 7.11 or (ii) default in the due performance
or observance by it of any other term, covenant or agreement contained in this
Agreement and such default shall continue unremedied for a period of thirty
(30) days after written notice to the Borrower by the Administrative Agent or
any Lender; provided that any Revolver Event of Default shall not
constitute an Event of Default with respect to any of the Term Facilities until
the earlier of (x) the date that is forty-five (45) days after the date such
Event of Default arises with respect to the Revolving Facility and (y) the date
on which the Administrative Agent exercises any remedies with respect to the
Revolving Facilities in accordance with the provisions of this Section 10.1;
and provided, further, that any Revolver Event of Default may be
waived from time to time by the Majority Revolving Facility Lenders pursuant to
Section 9.1; or

(d)           Default Under Other Loan Documents.  Any Credit Party shall default in the
performance or observance of any term, covenant, condition or agreement on its
part to be performed or observed hereunder or under any Loan Document (and not
constituting an Event of Default under any other clause of this Section 10.1)
and such default shall continue unremedied for a period of thirty (30) days
after written or telephonic (immediately confirmed in writing) notice thereof
has been given to the Borrower by the Administrative Agent; or

(e)           Voluntary Insolvency, Etc.  The Borrower or any of its Material
Subsidiaries shall become insolvent or generally fail to pay, or admit in
writing its inability to pay, its debts as they become due, or shall
voluntarily commence any proceeding or file any petition under any bankruptcy,
insolvency or similar law or seeking dissolution or reorganization or the
appointment of a receiver, trustee, administrator, custodian, liquidator or
similar officer for it or a substantial portion of its property, assets or
business or to effect a plan or other arrangement with its creditors, or shall
file any answer admitting the material allegations of an involuntary petition
filed against it in any bankruptcy, insolvency or similar proceeding, or shall
be adjudicated bankrupt, or shall make a general assignment for the benefit of
creditors, or shall consent to, or acquiesce in the appointment of, a receiver,
trustee, custodian, administrator, liquidator or similar officer for a
substantial portion of its property, assets or business, shall call a meeting
of its creditors with a view to arranging a composition or adjustment of its
debts or shall take any corporate action authorizing any of the foregoing; or

(f)            Involuntary Insolvency, Etc.  Involuntary proceedings or an involuntary
petition shall be commenced or filed against the Borrower or any of its
Material Subsidiaries under any bankruptcy, insolvency or similar law or
seeking the dissolution or reorganization of it or the appointment of a
receiver, trustee, custodian, administrator, liquidator or similar officer for
it or of a substantial part of its property, assets or business, or any similar
writ, judgment, warrant of attachment, execution or process shall be issued or
levied against a substantial part of its property, assets or business, and
(other than a petition for administration) such proceedings or

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petition shall not be dismissed, or such writ, judgment, warrant of
attachment, execution or similar process shall not be released, vacated or
fully bonded, within sixty (60) days after commencement, filing or levy, as the
case may be, or any order for relief shall be entered in any such proceeding;
or

(g)           Default Under Other Agreements.  (i) The Borrower or any of its Subsidiaries
shall default in the payment when due, whether at stated maturity or otherwise,
of any amount pursuant to any Indebtedness (other than Indebtedness owed to the
Lenders under the Loan Documents) in excess of $50,000,000 in the aggregate beyond
the period of grace if any, provided in the instrument or agreement under which
such Indebtedness was created, or (ii) a default shall occur in the performance
or observance of any agreement under any such Indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which default or other
event or condition is to cause, or to permit the holder or holders of such
Indebtedness (or a trustee or agent on behalf of such holder or holders) to
cause (determined without regard to whether any notice of acceleration or
similar notice is required), any such Indebtedness to become due or be repaid
prior to its stated maturity or (iii) any such Indebtedness of the Borrower or
any of its Subsidiaries shall be declared to be due and payable, or required to
be prepaid (other than such Indebtedness that is required to be prepaid upon a
“Change of Control” under a Public Note Document that would not cause a Change
of Control hereunder) other than by a regularly scheduled required prepayment
(other than with proceeds of the event giving rise to such prepayment), prior
to the stated maturity thereof; or

(h)           Invalidity of Subordination Provisions.  The subordination provisions of any agreement
or instrument governing the Senior Subordinated Note (2013) Documents, the
Senior Subordinated Note (2014) Documents, the Senior Subordinated Note (2015)
Documents or any other subordinated Indebtedness in excess of $50,000,000 is for
any reason revoked or invalidated, or otherwise cease to be in full force and
effect, any Person contests in any manner the validity or enforceability
thereof or denies that it has any further liability or obligation thereunder,
or the Loans and the other Obligations hereunder entitled to receive the
benefits of any Loan Document is for any reason subordinated or does not have
the priority contemplated by this Agreement or such subordination provisions;
or

(i)            Judgments. One or more judgments or
decrees shall be entered against the Borrower or any of its Subsidiaries
involving, individually or in the aggregate, a liability (to the extent not
paid or covered by a reputable insurance company or indemnitor as to which
coverage or indemnification, as the case may be, has not been disclaimed) of
$50,000,000 or more and all such judgments or decrees shall not have been
vacated, discharged, satisfied, stayed or bonded pending appeal within thirty
(30) days from the entry thereof; or

(j)            Security Documents.  At any time after the execution and delivery
thereof, any of the Security Documents shall cease to be in full force and
(other than as permitted pursuant to the provisions thereof or hereof) cease to
create a valid and perfected lien on and security interest in, any material
portion of the Collateral having the lien priority required by this Agreement
and the Security Documents; or

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(k)           Guaranties.  Any Guaranty or any provision thereof shall
(other than as a result of the actions taken by the Administrative Agent or the
Lenders to release such Guaranty) cease to be in full force and effect in
accordance with its terms (other than as permitted pursuant to the terms hereof
and thereof), or any Credit Party or any Person acting by or on behalf of such
Guarantor shall deny or disaffirm such Credit Party’s obligations under any
Guaranty; or

(l)            ERISA.  (a) Either (i) any Reportable
Event which the Required Lenders determine constitutes reasonable grounds for
the termination of any Plan by the PBGC or of any Multiemployer Plan or for the
appointment by the appropriate United States District Court of a trustee to
administer or liquidate any Plan or Multiemployer Plan shall have occurred,
(ii) a trustee shall be appointed by a United States District Court to
administer any Plan or Multiemployer Plan, (iii) the PBGC shall institute
proceedings to terminate any Plan or Multiemployer Plan or to appoint a trustee
to administer any Plan; (iv) the Borrower or any of its Subsidiaries or any of
their ERISA Affiliates shall become liable to the PBGC or any other party under
Section 4062, 4063 or 4064 of ERISA with respect to any Plan; or (v) the
Borrower or any of its Subsidiaries or any of their ERISA Affiliates shall
become liable to make a current payment with respect to any Multiemployer Plan
under Section 4201 et  seq. of ERISA; if as of the date thereof or
any subsequent date, the sum of each of the Borrower’s and its Subsidiaries’
and their ERISA Affiliates’ various liabilities (such liabilities to include,
without limitation, any liability to the PBGC or to any other party under
Section 4062, 4063 or 4064 of ERISA with respect to any Plan, or to any
Multiemployer Plan under Section 4201 et  seq. of ERISA) as a
result of such events listed in subclauses (i) through (v) above exceeds
$50,000,000; or (b) Either (i)
a foreign governmental authority has instituted proceedings to terminate
a Foreign Pension Plan or a foreign governmental authority has appointed a
trustee to administer any Foreign Pension Plan in place of the existing administrator,
in each case by reason of a distress termination within the meaning of Section
4041(c) of ERISA, treating such Foreign Pension Plan as if it were subject to
ERISA; or (ii) any Foreign Pension Plan that is required by applicable law to
be funded in a trust or other funding vehicle has failed to comply with such
funding requirements; if, as of the date thereof or as of any subsequent date,
the sum of each of the Borrower’s and its Subsidiaries’  various liabilities to any Foreign Pension
Plan solely as a result of such events listed in subclauses (i) and (ii) of
this clause (b) exceeds the Dollar Equivalent of $50,000,000; or

(m)          Change of Control.  A Change of Control shall occur; or

(n)           Receivables Facility.   Any event (after the expiration of any
applicable grace periods) as specified in the Receivables Documents for any
Permitted Accounts Receivable Securitization related to Receivables Facility
Attributed Indebtedness at such time of $50,000,000 or more shall entitle the
Persons (other than a Receivable Subsidiary) financing Receivables Facility
Assets pursuant to such Permitted Accounts Receivable Securitization prior to
the scheduled or mutually agreed upon (at a time when no default exists
thereunder) termination thereof to terminate or permanently cease funding the
financing of Receivables Facility Assets pursuant to such Permitted Accounts
Receivable Securitization.

If any of the foregoing Events of Default shall have
occurred and be continuing, the Administrative Agent, at the written direction
of the Required Lenders, shall take one or more of the following actions (provided
that, in the case of an Event of Default described in

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clause (c) above
arising solely from a breach of Section 9.1, prior to the earlier of (x)
the date that is forty-five (45) days after such Event of Default and (y) the
date the Administrative Agent exercises any remedies pursuant to this proviso,
the Administrative Agent shall take such actions (x) at the request of the
Majority Revolving Facility Lenders rather than the Required Lenders and
(y) only with respect to the Revolving Facility): (i) by written or oral
or telephonic notice (in the case of oral or telephonic notice confirmed in
writing immediately thereafter) to the Borrower declare the Total Commitments
to be terminated whereupon the Total Commitments shall forthwith terminate,
(ii) by written or oral or telephonic notice (in the case of oral or telephonic
notice confirmed in writing immediately thereafter) to the Borrower declare all
sums then owing by the Borrower hereunder and under the Loan Documents to be
forthwith due and payable, whereupon all such sums shall become and be
immediately due and payable without presentment, demand, protest or notice of
any kind, all of which are hereby expressly waived by the Borrower, (iii)
terminate any Letter of Credit in accordance with its terms, (iv) direct the
Borrower to pay (and the Borrower agrees that upon receipt of such notice, or
upon the occurrence of any Event of Default specified in Section 10.1(e)
or Section 10.1(f) with respect to the Borrower it will pay) to the
Administrative Agent at the Payment Office such additional amount of cash, to
be held as security by the Administrative Agent, as is equal to the Assigned
Dollar Value of the aggregate Stated Amount of all Letters of Credit issued for
the account of the Borrower and its Subsidiaries and then outstanding, and (v)
enforce, as the Administrative Agent (to the extent permitted under the
applicable Security Documents), or direct the Collateral Agent to enforce
pursuant to the Security Documents, as the case may be, all of the Liens and
security interests created pursuant to the Security Documents.  In cases of any occurrence of any Event of
Default described in Section 10.1(e) or Section 10.1(f) with respect
to the Borrower, the Loans, together with accrued interest thereon, shall
become due and payable forthwith without the requirement of any such
acceleration or request, and without presentment, demand, protest or other
notice of any kind, all of which are expressly waived by the Borrower, any
provision of this Agreement or any other Loan Document to the contrary
notwithstanding, and other amounts payable by the Borrower hereunder shall also
become immediately due and payable all without notice of any kind.

Notwithstanding anything to the contrary contained in
this Agreement, upon the occurrence and during the continuance of an Event of
Default, (a) the Borrower irrevocably waives the right to direct the
application of any and all payments at any time or times thereafter received by
Agent from or on behalf of the Borrower, and the Administrative Agent shall
have the continuing and exclusive right to apply and to reapply any and all
payments received at any time or times after the occurrence and during the
continuance of an Event of Default. 
Notwithstanding anything to the contrary contained in this Agreement
(including, without limitation, Article IV hereof), all payments (including the
proceeds of any Asset Disposition or other sale of, or other realization upon,
all or any part of the Collateral) received after acceleration of the
Obligations shall be applied:  first,
to all fees, costs and expenses incurred by or owing to the Administrative
Agent and any Lender with respect to this Agreement, the other Loan Documents
or the Collateral; second, to accrued and unpaid interest on the
Obligations (including any interest which but for the provisions of the
Bankruptcy Code, would have accrued on such amounts); third, to the
principal amount of the Obligations outstanding and to cash collateralize
outstanding Letters of Credit (pro rata among all such Obligations based upon
the principal amount thereof or the outstanding face amount of such Letters of
Credit, as applicable, and with respect to amounts applied to Term Loans, pro
rata among all remaining Scheduled

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Term Repayments
thereof).  Any balance remaining shall be
delivered to the Borrower or to whomever may be lawfully entitled to receive
such balance or as a court of competent jurisdiction may direct.

Anything in this Section 10.1 to the contrary
notwithstanding, the Administrative Agent shall, at the request of the Required
Lenders, rescind and annul any acceleration of the Loans by written instrument
filed with the Borrower; provided that at the time such acceleration is so
rescinded and annulled:  (A) all past due
interest and principal (other than principal due solely as a result of such
acceleration), if any, on the Loans and all other sums payable under this Agreement
and the other Loan Documents shall have been duly paid, and (B) no other Event
of Default shall have occurred and be continuing which shall not have been
waived in accordance with the provisions of Section 12.1 hereof.  Upon any such rescission and annulment, the
Administrative Agent shall return to the Borrower any cash collateral delivered
pursuant to the preceding paragraph.

10.2         Rights Not Exclusive

The rights provided for in this Agreement and the
other Loan Documents are cumulative and are not exclusive of any other rights,
powers, privileges or remedies provided by law or in equity, or under any other
instrument, document or agreement now existing or hereafter arising.

ARTICLE
XI

THE
ADMINISTRATIVE AGENT

In this Article XI, the Lenders agree among
themselves as follows:

11.1         Appointment

The Lenders hereby appoint DB as the Administrative
Agent (for purposes of this Article XI, the term “Administrative Agent”
shall, except for purposes of Section 11.9, include DB in its capacity
as the Collateral Agent pursuant to the Security Documents) to act as specified
herein and in the other Loan Documents. 
Each Lender hereby irrevocably authorizes and each holder of any Note by
the acceptance of such Note shall be deemed to irrevocably authorize the Administrative
Agent to take such action on its behalf under the provisions hereof, the other
Loan Documents (including, without limitation, to give notices and take such
actions on behalf of the Required Lenders as are consented to in writing by the
Required Lenders or all Lenders, as the case may be) and any other instruments,
documents and agreements referred to herein or therein and to exercise such
powers hereunder and thereunder as are specifically delegated to the
Administrative Agent by the terms hereof and thereof and such other powers as are
reasonably incidental thereto.  The
Administrative Agent may perform any of its duties hereunder and under the
other Loan Documents, by or through its officers, directors, agents, employees
or affiliates.

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11.2         Nature of Duties

(a)           The Administrative Agent shall not have any
duties or responsibilities except those expressly set forth in this
Agreement.  The duties of the
Administrative Agent shall be mechanical and administrative in nature.  EACH LENDER
HEREBY ACKNOWLEDGES AND AGREES THAT, SUBJECT TO SECTION 11.2(b), THE
ADMINISTRATIVE AGENT SHALL NOT HAVE, BY REASON OF THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT, A FIDUCIARY RELATIONSHIP TO OR IN RESPECT OF ANY LENDER.  Nothing in any of the Loan Documents,
expressed or implied, is intended to or shall be so construed as to impose upon
the Administrative Agent any obligations in respect of any of the Loan
Documents except as expressly set forth herein or therein.  Each Lender shall make its own independent
investigation of the financial condition and affairs of the Borrower in
connection with the making and the continuance of the Loans hereunder and shall
make its own appraisal of the credit worthiness of the Borrower, and the
Administrative Agent shall not have any duty or responsibility, either
initially or on a continuing basis, to provide any Lender with any credit or
other information with respect thereto, whether coming into its possession
before making of the Loans or at any time or times thereafter.  Except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Subsidiaries that is communicated to or obtained by
the financial institution serving as the Administrative Agent or any of its
Affiliates in any capacity.  The
Administrative Agent will promptly notify each Lender at any time that the
Required Lenders have instructed it to act or refrain from acting pursuant to Article
X.

(b)           The Administrative Agent hereby declares
that it, including in its capacity as Collateral Agent, holds and shall hold:

(i)            all
rights, title and interest that may now or hereafter be mortgaged, charged or
assigned or otherwise secured in favor of the Administrative Agent and/or the
Collateral Agent by or pursuant to the Loan Documents governed by English law
and all proceeds of enforcement of such security; and

(ii)           the
benefit of all representations, covenants, guarantees, indemnities and other
contractual provisions governed by English law given in favor of the
Administrative Agent and/or the Collateral Agent (other than any such benefits
given to the Administrative Agent and/or the Collateral Agent solely for its
own benefit), on trust (for which the perpetuity period shall be 80 years) for
itself and the other Lenders from time to time.

11.3         Exculpation, Rights Etc.

Neither the Administrative Agent nor any of its
officers, directors, agents, employees or affiliates shall be liable to any
Lender for any action taken or omitted by them hereunder or under any of the
other Loan Documents, or in connection herewith or therewith, unless caused by
its or their gross negligence or willful misconduct.  The Administrative Agent shall not be
responsible to any Lender for any recitals, statements, representations or
warranties

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herein or for the
execution, effectiveness, genuineness, validity, enforceability,
collectability, or sufficiency of any of the Loan Documents or any other
document or the financial condition of the Borrower.  The Administrative Agent shall not be
required to make any inquiry concerning either the performance or observance of
any of the terms, provisions or conditions of this Agreement or any of the Loan
Documents or any other document or the financial condition of the Borrower, or
the existence or possible existence of any Unmatured Event of Default or Event
of Default unless requested to do so by the Required Lenders.  The Administrative Agent may at any time
request instructions from the Lenders with respect to any actions or approvals
(including the failure to act or approve) which by the terms of any of the Loan
Documents, the Administrative Agent is permitted or required to take or to
grant, and if such instructions are requested, the Administrative Agent shall
be absolutely entitled to refrain from taking any action or to withhold any
approval and shall not be under any liability whatsoever to any Person for
refraining from any action or withholding any approval under any of the Loan
Documents until it shall have received such instructions from the Required
Lenders.  Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Administrative
Agent as a result of the Administrative Agent acting, approving or refraining
from acting or approving under any of the Loan Documents in accordance with the
instructions of the Required Lenders or, to the extent required by Section
12.1, all of the Lenders.

11.4         Reliance

The Administrative Agent shall be entitled to rely,
and shall be fully protected in relying, upon any notice, writing, resolution
notice, statement, certificate, order or other document or any telephone,
telex, teletype, telecopier or electronic message reasonably believed by it to
be genuine and correct and to have been signed, sent or made by the proper
Person, and, with respect to all matters pertaining herein or to any of the
other Loan Documents and its duties hereunder or thereunder, upon advice of
counsel selected by the Administrative Agent.

11.5         Indemnification

To the extent the Administrative Agent is not
reimbursed and indemnified by the Borrower, the Lenders will reimburse and
indemnify the Administrative Agent for and against any and all liabilities,
obligations, losses, damages, claims, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever which may be
imposed on, incurred by, or asserted against the Administrative Agent, acting
pursuant hereto in such capacity, in any way relating to or arising out of this
Agreement or any of the other Loan Documents or any action taken or omitted by
the Administrative Agent under this Agreement or any of the other Loan
Documents, in proportion to each Lender’s Aggregate Pro Rata Share of the Total
Commitment; provided, however, that no Lender shall be liable for
any portion of such liabilities, obligations, losses, damages, claims,
penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Administrative Agent’s gross negligence or willful misconduct.  The obligations of the Lenders under this Section
11.5 shall survive the payment in full of the Notes and the termination of
this Agreement.

For purposes of this Section 11.5,
“Aggregate Pro Rata Share” means, when used with reference to any Lender and
any described aggregate or total amount, an amount equal to the result obtained
by multiplying such desired aggregate or total amount by a fraction the

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numerator of which shall
be the aggregate principal amount of such Lender’s Loans and the denominator of
which shall be aggregate of all of the Loans outstanding hereunder.

11.6         The Administrative Agent In Its Individual
Capacity

With respect to its Loans and Commitments (and its Pro
Rata Share of each Facility thereof), the Administrative Agent shall have and
may exercise the same rights and powers hereunder and is subject to the same
obligations and liabilities as and to the extent set forth herein for any other
Lender or holder of Obligations.  The
terms “Lenders”, “holder of Obligations” or “Required Lenders” or any similar
terms shall, unless the context clearly otherwise indicates, include the
Administrative Agent in its individual capacity as a Lender, one of the
Required Lenders or a holder of Obligations. 
The Administrative Agent may accept deposits from, lend money to, and
generally engage in any kind of banking, trust or other business with the
Borrower or any Subsidiary or affiliate of the Borrower as if it were not
acting as the Administrative Agent hereunder or under any other Loan Document,
including, without limitation, the acceptance of fees or other consideration
for services without having to account for the same to any of the Lenders.

11.7         Notice of Default

The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Event of Default or Unmatured
Event of Default hereunder unless the Administrative Agent has received written
notice from a Lender or the Borrower referring to this Agreement describing
such Event of Default or Unmatured Event of Default and stating that such
notice is a “notice of default”.  In the
event that the Administrative Agent receives such a notice, the Administrative
Agent shall give prompt notice thereof to the Lenders.

11.8         Holders of Obligations

The Administrative Agent may deem and treat the payee
of any Obligation as reflected on the books and records of the Administrative
Agent as the owner thereof for all purposes hereof unless and until a written
notice of the assignment or transfer thereof shall have been filed with the Administrative
Agent pursuant to Section 12.8(c). Any request, authority or consent of
any Person who, at the time of making such request or giving such authority or
consent, is the holder of any Obligation shall be conclusive and binding on any
subsequent holder, transferee or assignee of such Obligation or of any
Obligation or Obligations granted in exchange therefor.

11.9         Resignation by the Administrative Agent

(a)           The Administrative Agent may resign from the
performance of all its functions and duties hereunder at any time by giving
fifteen (15) Business Days’ prior written notice to the Borrower and the
Lenders.  Such resignation shall take
effect upon the acceptance by a successor Administrative Agent of appointment
pursuant to clauses (b) and (c) below or as otherwise provided below.

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(b)           Upon any such notice of resignation, the
Required Lenders shall appoint a successor Administrative Agent who shall be
satisfactory to the Borrower and shall be an incorporated bank or trust
company.

(c)           If a successor Administrative Agent shall
not have been so appointed within said fifteen (15) Business Day period, the
Administrative Agent, with the consent of the Borrower, shall then appoint a
successor who shall serve as the Administrative Agent until such time, if any,
as the Required Lenders, with the consent of the Borrower, appoint a successor
the Administrative Agent as provided above.

(d)           If no successor Administrative Agent has
been appointed pursuant to clause (b) or (c) by the twentieth (20th) Business
Day after the date such notice of resignation was given by the Administrative
Agent, the Administrative Agent’s resignation shall become effective and the
Required Lenders shall thereafter perform all the duties of the Administrative
Agent hereunder until such time, if any, as the Required Lenders, with the
consent of the Borrower, appoint a successor Administrative Agent as provided
above.

11.10       Administrative Agent or the Collateral Agent
as UK Security Trustee

(a)           In this Agreement, any rights and remedies
exercisable by, any documents to be delivered to, or any other indemnities or
obligations in favor of the Administrative Agent or the Collateral Agent shall
be, as the case may be, exercisable by, delivered to, or be indemnities or
other obligations in favor of, the Administrative Agent or the Collateral Agent
(or any other Person acting in such capacity) in its capacity as the UK
Security Trustee to the extent that the rights, deliveries, indemnities or
other obligations relate to the UK Security Documents or the security thereby
created.  Any obligations of the
Administrative Agent or the Collateral Agent (or any other Person acting in
such capacity) in this Agreement shall be obligations of the Administrative
Agent or the Collateral Agent in its capacity as UK Security Trustee to the
extent that the obligations relate to the UK Security Documents or the security
thereby created.  Additionally, in its
capacity as UK Security Trustee, the Administrative Agent or the Collateral
Agent (or any other Person acting in such capacity) shall have (i) all the
rights, remedies and benefits in favor of the Administrative Agent or the
Collateral Agent contained in the provisions of the whole of this Section 11;
(ii) all the powers of an absolute owner of the security constituted by the UK
Security Documents and (iii) all the rights, remedies and powers granted to it
and be subject to all the obligations and duties owed by it under the UK
Security Documents and/or any of the Loan Documents.

(b)           Each Lender, the Administrative Agent and
the Collateral Agent hereby appoint the UK Security Trustee to act as its
trustee under and in relation to the UK Security Documents and to hold the
assets subject to the security thereby created as trustee for itself and other
Secured Parties on the trusts and other terms contained in the UK Security
Documents and the Administrative Agent and each Secured Party hereby
irrevocably authorize the UK Security Trustee to exercise such rights,
remedies, powers and discretions as are specifically delegated to the UK
Security Trustee by the terms of the UK Security Documents together with all
such rights, remedies, powers and discretions as are reasonably incidental
thereto.

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(c)           Any reference in this Agreement to Liens
stated to be in favor of the Administrative Agent or the Collateral Agent shall
be construed so as to include a reference to Liens granted in favor of the UK
Security Trustee.

(d)           The Lenders agree that at any time that the
UK Security Trustee shall be a Person other than the Administrative Agent or
the Collateral Agent, such other Person shall have the rights, remedies,
benefits and powers granted to the Administrative Agent or the Collateral Agent
in its capacity as the UK Security Trustee in this Agreement.

(e)           Nothing in this Section 11.10 shall
require the UK Security Trustee to act as a trustee at common law or to be
holding any property on trust, in any jurisdiction outside the United States or
the United Kingdom which may not operate under principles of trust or where
such trust would not be recognized or its effects would not be enforceable.

11.11       The Joint Lead Arrangers, Joint Book Runners,
Co-Syndication Agents, Co-Documentation Agents and Senior Managing Agents.

Notwithstanding any other provision of this Agreement
or any provision of any other Loan Document, each of the Joint Lead Arrangers,
Joint Book Runners, Co-Syndication Agents, Co-Documentation Agents and Senior
Managing Agents are named as such for recognition purposes only, and in their
respective capacities as such shall have no powers, duties, responsibilities or
liabilities with respect to this Agreement or the other Loan Documents or the
transactions contemplated hereby and thereby; it being understood and agreed
that the Joint Lead Arrangers, Joint Book Runners, Co-Syndication Agents,
Co-Documentation Agents and Senior Managing Agents shall be entitled to all
indemnification and reimbursement rights in favor of “Agents” as provided for
under Section 11.5.  Without
limitation of the foregoing, none of Joint Lead Arrangers, Joint Book Runners,
Co-Syndication Agents, Co-Documentation Agents and Senior Managing Agents
shall, solely by reason of this Agreement or any other Loan Documents, have any
fiduciary relationship in respect of any Lender or any other Person.

ARTICLE XII

MISCELLANEOUS

12.1         No Waiver; Modifications in Writing

(a)           Except as expressly provided in this
Agreement, no failure or delay on the part of the Administrative Agent or any
Lender in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy.  The
remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to the Administrative Agent or any Lender at law
or in equity or otherwise.  Neither this
Agreement nor any terms hereof may be amended, modified, supplemented, waived,
discharged, terminated or otherwise changed unless such amendment,
modification, supplement, waiver, discharge, termination or other change is in
writing signed by the Borrower and the Required Lenders; provided that
no such amendment, modification, supplement, waiver, discharge, termination or
other change shall, without the consent of each

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Lender (other than a Defaulting Lender) with Obligations directly
affected thereby in the case of the following clause (i), (i) extend the final
scheduled maturity of any Loan or Note (including, without limitation, by
amending or modifying the proviso contained in the definition of Revolver
Termination Date or Term B Loan Maturity Date), or extend the stated maturity
of any Letter of Credit beyond the Revolver Termination Date, or reduce the
rate or extend the time of payment of interest (except for waivers of Default
Rate interest) or fees thereon, or reduce or forgive the principal amount
thereof, (ii) release all or substantially all of the Collateral (except as
expressly provided in the Security Documents) or release any Guarantor (other
than (x) a Guarantor that is not a Material Subsidiary or (y) in connection
with a transaction permitted by Section 8.3), (iii) amend, modify
or waive any provision of this Section 12.1, (iv) reduce the percentage
specified in the definition of Required Lenders (it being understood that, with
the consent of the Required Lenders (or the Lenders providing Additional Term
Loans in the case of an amendment pursuant to Section 2.1(a)(ii)), the
definition of “Required Lenders” shall include lenders with respect to
additional revolving loans or term loans pursuant to this Agreement so long as
such additional revolving loans or term loans are on substantially the same
basis as the Revolving Loans or Term Loans, as the case may be, are included on
the date hereof) or (v) consent to the assignment or transfer by the Borrower
of any of its rights and obligations under this Agreement; provided, further,
that no such amendment, modification, supplement, waiver, discharge,
termination or other change shall (1) increase the Commitments of any Lender
over the amount thereof then in effect without the consent of such Lender (it
being understood that waivers or modifications of conditions precedent,
covenants, Events of Default or Unmatured Events of Default shall not
constitute an increase of the Commitment of any Lender, and that an increase in
the available portion of any Commitment of any Lender shall not constitute an
increase in the Commitment of such Lender), (2) without the consent of the applicable
Facing Agent, amend, modify or waive any provision of Section 2.9 or
alter such Facing Agent’s rights or obligations with respect to Letters of
Credit that it has issued or may be required to issue, (3) without the consent
of the Administrative Agent, amend, modify or waive any provision of Article
XI as same applies to the Administrative Agent or any other provisions as
same relates to the rights or obligations of the Administrative Agent, (4)
without the consent of the Administrative Agent, amend, modify or waive any
provisions relating to the rights or obligations of the Administrative Agent
under the other Loan Documents, (5) without the consent of the Majority Lenders
of each Facility, amend the definition of Majority Lenders, (6) without the consent
of the Majority Lenders of the applicable Facility, amend the Scheduled Term
Repayments for such Facility, or (7) without the consent of the Majority
Lenders of each Facility which is being allocated a lesser prepayment,
repayment or commitment reduction, alter the required application of any
prepayments or repayments (or commitment reduction), as between the various
Facilities pursuant to Section 4.5(a) (although the Required
Lenders may waive in whole or in part, any such prepayment, repayment (other
than Scheduled Term Repayments) or commitment reduction so long as the
application, as amongst the various Facilities, of any such prepayment,
repayment or commitment reduction which is still required to be made is not
altered).

(b)           If, in connection with any proposed change,
waiver, discharge or termination to any of the provisions of this Agreement as
contemplated by clauses (i) through (v), inclusive, of the first proviso to the
third sentence of Section 12.1(a), the consent of the Required Lenders is
obtained but the consent of one or more of such other Lenders whose consent is
required is not obtained, then the Borrower shall have the right, so long as
all non-consenting Lenders whose individual consent is required are
treated as described in either

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clause (A) or (B) below, to either (A) replace each such non-consenting
Lender or Lenders (or, at the option of the Borrower if the respective Lender’s
consent is required with respect to less than all Loans, to replace only the
respective Loans of the respective non-consenting Lender which gave rise to the
need to obtain such Lender’s individual consent) with one or more Replacement
Lenders pursuant to Section 3.7 so long as at the time of such
replacement, each such Replacement Lender consents to the proposed amendment,
modification, supplement. waiver, discharge, termination or other change or (B)
terminate such non-consenting Lender’s Revolving Commitment and repay all
outstanding Loans of such Lender which gave rise to the need to obtain such
Lender’s consent, in accordance with Section 4.1(b) and 4.3; provided
that, unless the Revolving Commitment terminated and Loans repaid pursuant to
the preceding clause (B) are immediately replaced in full at such time through
the addition of new Lenders or the increase of the Commitments and/or
outstanding Loans of existing Lenders (who in each case must specifically
consent thereto), then in the case of any action pursuant to preceding clause
(B), the specific consent of the Required Lenders (determined before giving
effect to the proposed action) thereto shall be required; provided, further,
that in any event the Borrower shall not have the right to replace a Lender,
terminate its Revolving Commitment or repay its Loans solely as a result of the
exercise of such Lender’s rights (and the withholding of any required consent
by such Lender) contemplated by the second proviso to the third sentence of Section
12.1(a).

(c)           In addition, notwithstanding the foregoing,
this Agreement may be amended with the written consent of Administrative Agent,
Borrower and the Lenders providing the relevant Replacement Term Loans (as
defined below) to permit the refinancing or modification of all outstanding
Term Loans of any Facility (“Refinanced Term Loans”) with one or more
replacement or modified Term Facilities hereunder (“Replacement Term Loans”),
provided that (a) any Lender that does not consent to the amendment and that
holds Refinanced Term Loans receives payment in full of the principal amount of
and interest accrued on each Refinanced Term Loan made by it or is replaced as
provided in Section 3.7, (b) the aggregate principal amount of such
Replacement Term Loans shall not exceed the aggregate principal amount of such
Refinanced Term Loans unless the Required Lenders (treating the Refinanced
Loans of any Lender that does not provide Replacement Term Loans as having been
paid in full immediately prior to the amendment) shall approve such increase,
(c) the Applicable Margin for Eurocurrency Loans and the Applicable Margin for
Base Rate Loans for the Replacement Term Loans shall not be higher than such
applicable margins for the relevant Term Facility of Refinanced Term Loans
unless the Required Lenders (treating the Refinanced Loans of any Lender that
does not provide Replacement Term Loans as having been paid in full immediately
prior to the amendment) shall approve such increase, (d) the Weighted Average
Life to Maturity of such Replacement Term Loans shall not be shorter than the
Weighted Average Life to Maturity of the Refinanced Term Loans at the time of
such amendment and (e) all other terms applicable to such Replacement Term
Loans shall be substantially identical to, or less favorable to the Lenders
providing such Replacement Term Loans than those applicable to such Refinanced
Term Loans except to the extent necessary to provide for covenants and other
terms applicable to any period after the latest final maturity of Term Loans in
effect immediately prior to such amendment unless the Required Lenders
(treating the Refinanced Loans of any Lender that does not provide Replacement
Term Loans as having been paid in full immediately prior to the amendment)
shall approve such terms.

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(d)           Notwithstanding the foregoing, upon the
execution and delivery of all documentation required by Administrative Agent to
be delivered pursuant to Section 2.1(a)(ii) in connection with an
Additional Term Loan, this Agreement shall be deemed amended without further
action by any Lender to reflect, as applicable, the new Lenders and the terms
of such Additional Term Loan.

12.2         Further Assurances

The Borrower agrees to do such further acts and things
and to execute and deliver to the Administrative Agent such additional
assignments, agreements, powers and instruments, as the Administrative Agent
may reasonably require or deem advisable to carry into effect the purposes of
this Agreement or any of the Loan Documents or to better assure and confirm
unto the Administrative Agent its rights, powers and remedies hereunder.

12.3         Notices, Etc

(a)           Except where oral or telephonic instructions
or notices are authorized herein to be given, all notices, demands,
instructions and other communications required or permitted to be given to or
made upon any party hereto or any other Person shall be in writing and shall be
personally delivered or sent by registered or certified mail, postage prepaid,
return receipt requested, or by a reputable overnight or courier delivery
service, or by telecopier, and shall be deemed to be given for purposes of this
Agreement on the third day after deposit in registered or certified mail,
postage prepaid, and otherwise on the date that such writing is delivered or
sent to the intended recipient thereof, or in the case of notice delivered by
telecopy, upon completion of transmission with a copy of such notice also being
delivered under any of the other methods provided above, all in accordance with
the provisions of this Section 12.3. 
Unless otherwise specified in a notice sent or delivered in accordance
with the foregoing provisions of this Section 12.3, notices, demands,
instructions and other communications in writing shall be given to or made upon
the respective parties hereto at their respective addresses (or to their
respective telecopier numbers) indicated (i) in the case of any Lender, in such
Lender’s latest administrative questionnaire submitted to the Administrative
Agent, (ii) in the case of any Assignee, in the applicable Assignment and
Assumption Agreement or (iii) in the case of any other party hereto, on Schedule
12.3, and, in the case of telephonic instructions or notices, by calling
the telephone number or numbers indicated for such party on such administrative
questionnaire, such Assignment and Assumption Agreement or Schedule 12.3,
as the case may be.

(b)           Notices and other communications to or by
the Administrative Agent, the UK Security Trustee and the Lenders hereunder may
be delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices pursuant to
Article II unless otherwise agreed by the Administrative Agent (or, as the case
may be, the UK Security Trustee) and the applicable Lender.  The Administrative Agent, UK Security Trustee
or Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications.

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(c)           Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided that if
such notice or other communication is sent after 5:00 p.m. (New York City
time), such notice or communication shall be deemed to have been sent at the
opening of business on the next Business Day for the recipient, and (ii)
notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address
therefor.

12.4         Costs, Expenses and Taxes

(a)           Generally.  The Borrower agrees (without duplication) to
pay all reasonable costs and expenses of the Administrative Agent in connection
with the negotiation, preparation, printing, typing, reproduction, execution
and delivery of this Agreement and the other Loan Documents and the documents
and instruments referred to herein and therein and any amendment, waiver,
consent relating hereto or thereto or other modifications of (or supplements
to) any of the foregoing and any and all other documents and instruments
furnished pursuant hereto or thereto or in connection herewith or therewith,
including without limitation, the reasonable fees and out-of-pocket expenses of
Winston & Strawn LLP, special counsel to the Administrative Agent and the
UK Security Trustee, and any local counsel retained by the Administrative Agent
relative thereto or the reasonable allocated costs of staff counsel as well as
the fees and out-of-pocket expenses of counsel, independent public accountants
and other outside experts retained by the Administrative Agent or the UK
Security Trustee in connection with the administration of this Agreement and
the other Loan Documents, and all search fees, appraisal fees and expenses,
title insurance policy fees, costs and expenses and filing and recording fees
and all costs and expenses (including, without limitation, Attorney Costs), if
any, of the Administrative Agent, the UK Security Trustee and the Lenders in
connection with the enforcement of this Agreement, any of the Loan Documents or
any other agreement furnished pursuant hereto or thereto or in connection
herewith or therewith.  In addition, the
Borrower shall pay any and all present and future stamp, documentary transfer,
excise, property, and other similar taxes payable or determined to be payable
in connection with the execution, delivery or enforcement of this Agreement,
any Loan Document, or otherwise with respect to or in connection with any Loan
Document, or the making of any Loan (other than taxes based on the net income
of the Lenders), and agrees to save and hold the Administrative Agent, the UK
Security Trustee and each Lender harmless from and against any and all
liabilities with respect to or resulting from any delay by the Borrower in
paying, or omission by the Borrower to pay, such taxes.  Any portion of the foregoing fees,  costs and expenses which remains unpaid more
than thirty (30) days following the Administrative Agent’s, the UK Security
Trustee’s, any Agents’ or any Lender’s statement and request for payment
thereof shall bear interest from the date that the Borrower receives such
statement and request to the date of payment, for the first 10 days at the Base
Rate, and thereafter at the Default Rate. 
Subject to Section 4.7, the Borrower will indemnify and hold
harmless the Administrative Agent, the UK Security Trustee, each Agent and each
Lender and each director, officer, employee, partner, advisor, agent, attorney,
trustee and Affiliate of the Administrative Agent, the UK Security Trustee,
each Agent and each Lender (each such Person an “Indemnified Party”)
from and against all losses, claims, damages,

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penalties,
obligations (including removal or remedial actions), expenses or liabilities
which arise out of, in any way relate to, or result from the transactions
contemplated by this Agreement or any of the other Loan Documents and to
reimburse each Indemnified Party upon their demand, for any Attorney Costs
incurred in connection with investigating, preparing to defend or defending any
such loss, claim, damage, liability, action or claim; provided, however,
(a) that no Indemnified Party shall have the right to be so indemnified
hereunder for any loss, claim, damage, penalties, obligations, expense or
liability to the extent it arises or results from the gross negligence or
willful misconduct or bad faith of such Indemnified Party as finally determined
by a court of competent jurisdiction and (b) that nothing contained herein
shall affect the obligations and liabilities of the Lenders to the Borrower
contained herein.  If any action, suit or
proceeding arising from any of the foregoing is brought against the Administrative
Agent, the UK Security Trustee, any Agent, any Lender or any other Indemnified
Party, the Borrower will, if requested by the Administrative Agent, the UK
Security Trustee, any Agent, any Lender or any such Indemnified Party, resist
and defend such action, suit or proceeding or cause the same to be resisted and
defended by counsel reasonably satisfactory to the Person or Persons
indemnified or intended to be indemnified. 
Each Indemnified Party shall, unless the Administrative Agent, the UK Security
Trustee, an Agent, a Lender or other Indemnified Party has made the request
described in the preceding sentence and such request has been complied with,
have the right to employ its own counsel (or (but not as well as) staff
counsel) to investigate and control the defense of any matter covered by such
indemnity and the reasonable fees and expenses of such counsel shall be at the
expense of the indemnifying party. 
Excluding any liability to the extent arising out of the gross
negligence, willful misconduct or bad faith of any Indemnified Party as finally
determined by a court of competent jurisdiction, the Borrower further agrees to
indemnify and hold each Indemnified Party harmless from all loss, cost
(including Attorney Costs), liability and damage whatsoever incurred by any
Indemnified Party by reason of any violation of any Environmental Laws or
Environmental Permits or for the Release or threatened Release of any
Contaminants into the environment for which the Borrower or any of its
Subsidiaries has any liability or which occurs upon the Mortgaged Property or
which is related to any property currently or formerly owned, leased or
operated by or on behalf of the Borrower or any of its Subsidiaries, or by
reason of the imposition of any Environmental Lien in respect of the Borrower
or its Subsidiaries or which occurs by a breach of any of the representations,
warranties or covenants relating to environmental matters contained herein,
provided that, with respect to any liabilities arising from acts or failure to
act for which the Borrower or any of its Subsidiaries is strictly liable under
any Environmental Law or Environmental Permit, the Borrower’s obligation to
each Indemnified Party under this indemnity shall likewise be without regard to
fault on the part of the Borrower or any such Subsidiary.  If the Borrower shall fail to do any act or
thing which it has covenanted to do hereunder or any representation or warranty
on the part of the Borrower or any Subsidiary contained herein or in any other
Loan Document shall be breached, the Administrative Agent may (but shall not be
obligated to) do the same or cause it to be done or remedy any such breach, and
may expend its funds for such purpose, and will use its best efforts to give
prompt written notice to the Borrower that it proposes to take such
action.  Any and all amounts so expended
by the Administrative Agent shall be repaid to it by the Borrower promptly upon
the Administrative Agent’s demand therefor, with interest at the Default Rate
in effect from time to time during the period including the date so expended by
the Administrative Agent to the date of repayment.  To the extent that the undertaking to
indemnify, pay or hold harmless the Administrative Agent, the UK Security
Trustee or any Lender as set 

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forth in this Section
12.4 may be unenforceable because it is violative of any law or public
policy, the Borrower shall make the maximum contribution to the payment and
satisfaction of each of the indemnified liabilities which is permissible under
applicable law.   The obligations of the
Borrower under this Section 12.4 shall survive the termination of this
Agreement, the assignment by any Lender of all or any part of its Credit
Exposure hereunder and the discharge of the Borrower’s other Obligations
hereunder.  Except as specifically provided for
in this Agreement, no party hereto shall be entitled to recover from any other
party hereto any amount in respect of exemplary, punitive, special, indirect,
remote, or speculative damages, including lost profits.

(b)           Foreign
Exchange Indemnity.  If any sum due
from the Borrower under this Agreement 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 (i) making or filing a claim or proof against the Borrower with any
Governmental Authority or in any court or tribunal, or (ii) enforcing any order
or judgment given or made in relation hereto, the Borrower shall indemnify and
hold harmless each of the Persons to whom such sum is due from and against any
loss actually suffered as a result of any discrepancy between (a) the rate of
exchange used to convert the amount in question from the first currency into
the second currency, and (b) the rate or rates of exchange at which such
Person, acting in good faith in a commercially reasonable manner, purchased the
first currency with the second currency after receipt of a sum paid to it in
the second currency in satisfaction, in whole or in part, of any such order,
judgment, claim or proof.  The foregoing
indemnity shall constitute a separate obligation of the Borrower distinct from
its other obligations hereunder and shall survive the giving or making of any
judgment or order in relation to all or any of such other obligations.  Notwithstanding the foregoing, payments of
principal and interest on Loans denominated in Euros, Sterling or an
Alternative Currency, as the case may be, shall be made in Euros, Sterling or
such Alternative Currency, as the case may be.

12.5         Confirmations

Each of the Borrower and each holder of any portion of
the Obligations agrees from time to time, upon written request received by it
from the other, to confirm to the other in writing (with a copy of each such
confirmation to the Administrative Agent) the aggregate unpaid principal amount
of the Loan or Loans and other Obligations then outstanding.

12.6         Adjustment;
Setoff

(a)           If
any lender (a “Benefited Lender”) shall at any time receive any payment
of all or part of its Loans, or interest thereon, or receive any collateral in
respect thereof (whether voluntarily or involuntarily, by setoff, pursuant to
events or proceedings of the nature referred to in Section 10.1(e) or Section
10.1(f) hereof, or otherwise) in a greater proportion than any such payment
to and collateral received by any other Lender in respect of such other Lender’s
Loans or interest thereon not expressly provided hereby, such Benefited Lender
shall purchase for cash from the other Lenders such portion of each such other
Lender’s Loans, or shall provide such other Lenders with the benefits of any
such collateral, or the proceeds thereof, as shall be necessary to cause such
Benefited Lender to share the excess payment or benefits of such 

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collateral or
proceeds ratably with each Lender except to the extent expressly provided
hereby; provided, however, that if all or any portion of such
excess payment or benefits is thereafter recovered from such Benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest unless the Benefited
Lender from which such excess payment is recovered is required by court order
to pay interest thereon, in which case each Lender returning funds to such
Benefited Lender shall pay its pro rata share of such interest.  The Borrower agrees that each Lender so
purchasing a portion of another Lender’s Loans may exercise all rights of payment
(including, without limitation, rights of setoff) with respect to such portion
as fully as if such Lender were the direct holder of such portion.

(b)           In
addition to any rights and remedies of the Lenders provided by law, each Lender
shall have the right, without prior notice to the Borrower, any such notice
being expressly waived by the Borrower, upon the occurrence and during the
continuance of an Event of Default, to setoff and apply against any
Obligations, whether matured or unmatured, of the Borrower to such Lender, any
amount owing from such Lender to the Borrower, at or at any time after, the
happening of any of the above-mentioned events, and the aforesaid right of
setoff may be exercised by such Lender against the Borrower or against any trustee
in bankruptcy, debtor in possession, assignee for the benefit of creditors,
receivers, or execution, judgment or attachment creditor of the Borrower, or
against anyone else claiming through or against, the Borrower or such trustee
in bankruptcy, debtor in possession, assignee for the benefit of creditors,
receivers, or execution, judgment or attachment creditor, notwithstanding the
fact that such right of setoff shall not have been exercised by such Lender
prior to the making, filing or issuance, or service upon such Lender of, or of
notice of, any such petition, assignment for the benefit of creditors,
appointment or application for the appointment of a receiver, or issuance of
execution, subpoena, order or warrant. 
Each Lender agrees promptly to notify the Borrower and the
Administrative Agent after any such setoff and application made by such Lender,
provided that the failure to give such notice shall not affect the validity of
such setoff and application.

(c)           The
Borrower expressly agrees that to the extent the Borrower makes a payment or
payments and such payment or payments, or any part thereof, are subsequently
invalidated, declared to be fraudulent or preferential, set aside or are
required to be repaid to a trustee, receiver, or any other party under any
bankruptcy act, state or federal law, common law or equitable cause, then to
the extent of such payment or repayment, the Indebtedness to the Lenders or
part thereof intended to be satisfied shall be revived and continued in full
force and effect as if said payment or payments had not been made.

12.7         Execution
in Counterparts

(a)           This
Agreement may be executed in any number of counterparts and by different
parties hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same
Agreement.  Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

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(b)           Electronic
Execution of Assignments.  The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

12.8         Binding
Effect; Assignment; Addition and Substitution of Lenders

(a)           This
Agreement shall be binding upon, and inure to the benefit of, the Borrower, the
Administrative Agent, the Lenders, all future holders of the Notes and their
respective successors and assigns; provided, however, that the
Borrower may not assign its rights or obligations hereunder or in connection
herewith or any interest herein (voluntarily, by operation of law or otherwise)
without the prior written consent of the Administrative Agent and all of the
Lenders.

(b)           Each Lender may at any time sell to
one or more banks or other entities (“Participants”) participating
interests in all or any portion of its Commitment and Loans or participation in
Letters of Credit or any other interest of such Lender hereunder (in respect of
any Lender, its “Credit Exposure”). 
In the event of any such sale by a Lender of participating interests to
a Participant, such Lender’s obligations under this Agreement shall remain
unchanged, such Lender shall remain solely responsible for the performance
thereof, and the Borrower and the Administrative Agent shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement.  At
the time of the sale of a participating interest, the Lender transferring the
interest (i) shall cause the Participant to provide the forms required under Section
4.7(d) as if such Participant became a Lender on the date of the sale and
(ii) shall, if required under applicable law, deliver revised forms in
accordance Section 4.7(d) reflecting the portion of the interest sold
and the portion of the interest retained. 
Further, the Participant shall be subject to the obligations of Section
3.6 and Section 4.7 as if such Participant was a Lender.  The Borrower agrees that if amounts
outstanding under this Agreement or any of the Loan Documents are due or
unpaid, or shall have been declared or shall have become due and payable upon
the occurrence and during the continuance of an Event of Default, each
Participant shall be deemed to have the right of setoff in respect of its
participating interest in amounts owing under this Agreement and the Loan
Documents to the same extent as if the amount of its participating interest
were owing directly to it as a Lender under this Agreement or any other Loan
Document; provided, however, that such right of setoff shall be
subject to the obligation of such Participant to share with the Lenders, and
the Lenders agree to share with such Participant, as provided in Section
12.6.  The Borrower also agrees that
each Participant shall be entitled to the benefits of Section 3.6 and Section
4.7 with respect to its participation in the Loans outstanding from time to
time, as if such Participant becomes a Lender on the date it acquired an
interest pursuant to this Section 12.8(b); provided that, no
participation shall be made to any Person under this section if, at the time of
such participation, the Participant’s benefits under Section 3.6 or Section
4.7 would be greater than the benefits that the participating Lender was
entitled to under Section 3.6 or Section 4.7 (and if any
participation is made in violation of the foregoing, the Participant will not
be entitled to the 

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incremental amounts).  Each Lender agrees that any agreement between
such Lender and any such Participant in respect of such participating interest
shall not restrict such Lender’s right to approve or agree to any amendment,
restatement, supplement or other modification to, waiver of, or consent under,
this Agreement or any of the Loan Documents except to the extent that any of
the foregoing would (i) extend the final scheduled maturity of any Loan or Note
in which such Participant is participating (it being understood that amending
the definition of any Scheduled Term B Dollar Repayments (other than the Term B
Loan Maturity Date), shall not constitute an extension of the final scheduled
maturity of any Loan or Note) or extend the stated maturity of any Letter of
Credit in which such Participant is participating beyond the Revolver
Termination Date, or reduce the rate or extend the time of payment of interest
or fees on any such Loan, Note or Letter of Credit (except in connection with a
waiver of applicability of any post-default increase in interest rates) or
reduce the principal amount thereof, or increase the amount of the Participant’s
participation over the amount thereof then in effect (it being understood that
waivers or modifications of conditions precedent, covenants, representations,
warranties, Events of Default or Unmatured Events of Default or of a mandatory
reduction in Commitments shall not constitute a change in the terms of such
participation, and that an increase in any Commitment or Loan shall be
permitted without the consent of any Participant if the Participant’s
participation is not increased as a result thereof), (ii) consent to the
assignment or transfer by the Borrower of any of its rights and obligations
under this Agreement or (iii) release all or substantially all of the Collateral
under all of the Security Documents (except as expressly provided in the Loan
Documents) supporting the Loans and/or Letters of Credit hereunder in which
such Participant is participating.

(c)           Any Lender may at any time assign
to one or more Eligible Assignees, including an Affiliate thereof (each an “Assignee”),
all or any part of its Credit Exposure pursuant to an Assignment and Assumption
Agreement, provided that any assignment of all or any portion of any
Lender’s Credit Exposure to an Assignee other than an Affiliate of such Lender
or another Lender, or in the case of a Lender that is a Fund, any Related Fund
of any Lender (i) shall be an assignment of its Credit Exposure in an amount
not less than the Dollar Equivalent of $1,000,000 (treating any Fund and its
Related Funds as a single Eligible Assignee) (or if less the entire amount of
Lender’s Credit Exposure with respect to such Facility, provided, that,
if such Lender and its Affiliates (or in the case of a Fund and its Related
Funds) collectively hold Credit Exposure at least equal to such minimum
amounts, any one or more of such Affiliates and/or Related Funds must
simultaneously assign Credit Exposure such that the aggregate Credit Exposure
assigned satisfies such minimum amount) and (ii) shall require the prior
written consent of the Administrative Agent (not to be unreasonably withheld)
and, other than with respect to assignments by the Joint Lead Arrangers, and
their Affiliates during the primary syndication of this Agreement, provided no
Event of Default then exists and is continuing, the Borrower (the consent of
the Borrower not to be unreasonably withheld or delayed), and; provided,
further, that notwithstanding the foregoing limitations, any Lender may
at any time assign all or any part of its Credit Exposure to any Affiliate of
such Lender or to any other Lender (or in the case of a Lender which is a Fund,
to any Related Fund of such Lender). 
Upon execution of an Assignment and Assumption Agreement and the payment
of a nonrefundable assignment fee of $3,500 (provided that no such fee shall be
payable upon assignments by any Lender which is a Fund to one or more Related
Funds and only one such fee shall be payable for contemporaneous assignments by
a Lender to Related Funds) in immediately available funds to the Administrative
Agent at its Payment Office in connection with each such 

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assignment, written notice thereof by such
transferor Lender to the Administrative Agent and the recording by the
Administrative Agent of such assignment and the resulting effect upon the
Loans, Revolving Commitment of the assigning Lender and the Assignee, the
Assignee shall have, to the extent of such assignment, the same rights,
benefits and obligations as it would have if it were a Lender hereunder and the
holder of the Obligations (provided that the Borrower and the Administrative
Agent shall be entitled to continue to deal solely and directly with the
assignor Lender in connection with the interests so assigned to the Assignee
until written notice of such assignment, together with payment instructions,
addresses and related information with respect to the Assignee, shall have been
given to the Borrower and the Administrative Agent by the assignor Lender and
the Assignee) and, if the Assignee has expressly assumed, for the benefit of
the Borrower, some or all of the transferor Lender’s obligations hereunder,
such transferor Lender shall be relieved of its obligations hereunder to the
extent of such assignment and assumption, and except as described above, no
further consent or action by the Borrower, the Lenders, or the Administrative
Agent shall be required.  At the time of
each assignment pursuant to this Section 12.8(c) to a Person which is
not already a Lender hereunder, the respective Assignee shall provide to the
Borrower and the Administrative Agent the appropriate forms and certificates as
provided in Section 4.7(d), if applicable.  Each Assignee shall take such Credit Exposure
subject to the provisions of this Agreement and to any request made, waiver or
consent given or other action taken hereunder, prior to the receipt by the
Administrative Agent and the Borrower of written notice of such transfer, by
each previous holder of such Credit Exposure. 
Such Assignment and Assumption Agreement shall be deemed to amend this
Agreement and Schedule 1.1(a) hereto, to the extent, and only to the
extent, necessary to reflect the addition of such Assignee as a Lender and the
resulting adjustment of all or a portion of the rights and obligations of such
transferor Lender under this Agreement, the Maximum Commitment, the
determination of its Pro Rata Share (rounded to twelve decimal places), the
Loans, any outstanding Letters of Credit and any new Notes, if requested, to be
issued, at the Borrower’s expense, to such Assignee, and no further consent or
action by the Borrower or the Lenders shall be required to effect such
amendments.

(d)           The Borrower authorizes each Lender
to disclose to any Participant or Assignee (each, a “Transferee”) and
any prospective Transferee any and all financial information in such Lender’s
possession concerning the Borrower and any Subsidiary of the Borrower which has
been delivered to such Lender by the Borrower pursuant to this Agreement or
which has been delivered to such Lender by the Borrower in connection with such
Lender’s credit evaluation of the Borrower prior to entering into this
Agreement, provided that, such Transferee or prospective Transferee
agrees to treat any such information which is not public as confidential in
accordance with the terms of Section 12.14 hereof.

(e)           Notwithstanding any other provision
set forth in this Agreement, any Lender may at any time pledge or assign all or
any portion of its rights under this Agreement and the other Loan Documents
(including, without limitation, the Notes held by it) to any Federal Reserve
Bank in accordance with Regulation A of the Federal Reserve Board without
notice to, or the consent of, the Borrower, provided that, no such
pledge or assignment of a security interest under this Section 12.8(e)
shall release a Lender from any obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.  Any Lender which is a fund may pledge all or
any portion of its Notes or Loans to its trustee or its security holders in 

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support of its obligations to its
trustee.  No such pledge or assignment
shall release the transferor Lender from its obligations hereunder.

(f)            In the event that the holder of any
Note (including any Lender) shall transfer such Note, it shall immediately
advise Administrative Agent and Borrower of such transfer, and Administrative
Agent and Borrower shall be entitled conclusively to assume that no transfer of
any Note has been made by any holder (including any Lender) unless and until
Administrative Agent and Borrower shall have received written notice to the
contrary.  Except as otherwise provided
in this Agreement or as otherwise expressly agreed in writing by all of the
other parties hereto, no Lender shall, by reason of the transfer of a Note or
otherwise, be relieved of any of its obligations hereunder.  Each transferee of any Note shall take such
Note subject to the provisions of this Agreement and to any request made,
waiver or consent given or other action taken hereunder, prior to the receipt
by Administrative Agent and Borrower of written notice of such transfer, by
each previous holder of such Note, and, except as expressly otherwise provided
in such transfer, Administrative Agent and Borrower shall be entitled
conclusively to assume that the transferee named in such notice shall hereafter
be vested with all rights and powers under this Agreement with respect to the
Pro Rata Share of the Loans of the Lender named as the payee of the Note which
is the subject of such transfer.

12.9         CONSENT TO
JURISDICTION; MUTUAL WAIVER OF JURY TRIAL

(A)          EACH PARTY HERETO
HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED
STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT, AND HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT TO SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH UNITED STATES
FEDERAL OR NEW YORK STATE COURT AND THE BORROWER, THE ADMINISTRATIVE AGENT, THE
UK SECURITY TRUSTEE AND EACH LENDER IRREVOCABLY WAIVE ANY OBJECTION, INCLUDING,
WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS WHICH ANY OF THEM MAY NOW OR HEREAFTER HAVE TO
THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.

(B)          AS A METHOD OF
SERVICE, THE BORROWER, THE ADMINISTRATIVE AGENT, THE UK SECURITY TRUSTEE AND
EACH LENDER IRREVOCABLY CONSENT TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH
ACTION OR PROCEEDING, BROUGHT IN ANY SUCH UNITED STATES FEDERAL OR NEW YORK
STATE COURT BY THE DELIVERY OF COPIES OF SUCH PROCESS TO THE BORROWER, THE
ADMINISTRATIVE AGENT, THE UK SECURITY TRUSTEE OR EACH RESPECTIVE LENDER, AS THE
CASE MAY BE, AT THE ADDRESSES SPECIFIED ON THEIR RESPECTIVE SIGNATURE PAGES TO
THIS AGREEMENT OR BY CERTIFIED MAIL DIRECT TO SUCH RESPECTIVE ADDRESSES.

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(C)          EACH PARTY HERETO
HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT, POWER OR REMEDY UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.  THE TERMS AND THE PROVISIONS OF THIS SECTION
CONSTITUTE A MATERIAL INDUCEMENT TO LENDERS ENTERING INTO THIS AGREEMENT.

12.10       GOVERNING LAW

THIS
AGREEMENT AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE.

12.11       Severability of Provisions

Any provision of
this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

12.12       Headings

The Table of
Contents and Article and Section headings used in this Agreement are for
convenience of reference only and shall not affect the construction of this
Agreement.

12.13       Termination of Agreement

This Agreement
shall terminate when the Commitment of each Lender has terminated and all
outstanding Obligations and Loans have been paid in full and all Letters of
Credit have expired or been terminated; provided, however, that
the rights and remedies of the Administrative Agent and each Lender with
respect to any representation and warranty made by the Borrower pursuant to
this Agreement or any other Loan Document, and the indemnification provisions
contained in this Agreement and any other Loan Document, shall be continuing
and shall survive any termination of this Agreement or any other Loan Document.

12.14       Confidentiality

Each of the
Lenders severally agrees to keep confidential all non-public information
pertaining to the Borrower and its Subsidiaries and their respective
predecessors in interest which is provided to it by any such parties in
accordance with such Lender’s customary procedures for handling confidential
information of this nature and in a prudent fashion, and shall not disclose
such information to any Person except (i) to the extent such information is
public when received by such Lender or becomes public thereafter due to the act
or omission of any party other than a Lender, (ii) to the extent such
information is independently obtained from a source other than the Borrower or
its Subsidiaries and such information from such source is not, to such Lender’s
knowledge, subject to an obligation of confidentiality or, if such information
is subject to an obligation of confidentiality, that disclosure of such
information is 

 147
 

permitted, (iii) to an Affiliate of such Lender (or its investment
advisor), counsel, auditors, ratings agencies, examiners of any regulatory
authority having or asserting jurisdiction over such Lender, accountants and
other consultants retained by the Administrative Agent or any Lender or to any
Affiliate of a Lender which is a direct or indirect contractual counterparty in
swap agreements with the Borrower or a Subsidiary of the Borrower or such
contractual counterparty’s professional advisor (so long as such contractual
counterparty or professional advisor to such contractual counterparty agrees to
be bound by the provisions of this Section 12.14) or to the National
Association of Insurance Commissioners or any similar organization or any
nationally recognized rating agency that requires access to information about a
Lender’s investment portfolio in connection with rating issued with respect to
such Lender, (iv) in connection with any litigation or the enforcement of the
rights of any Lender or the Administrative Agent under this Agreement or any
other Loan Document, (v) to the extent (x) required by any applicable statute,
rule or regulation or court order (including, without limitation, by way of
subpoena) or pursuant to the request of any Governmental Authority having or
asserting jurisdiction over any Lender or the Administrative Agent or any of
their respective affiliates; provided, however, that in such event, if the
Lender(s) are not legally prohibited from doing so, the Lender shall provide
the Borrower with prompt notice of such requested disclosure so that the
Borrower may seek a protective order or other appropriate remedy, and, in any
event, the Lenders will endeavor in good faith to provide only that portion of
such information which, in the reasonable judgment of the Lender(s), is
relevant and legally required to be provided (y) requested by any nationally
recognized rating agency that requires access to information about a Lender’s
investment portfolio in connection with rating issued with respect to such
Lender or (z) requested by any pledgee referred to in Section 12.8(e) or
a direct or indirect contractual counterparty in swap agreements with a Lender
or a Person that such Lender is a direct or indirect counterparty in a swap
agreement or such contractual counterparty’s professional advisor (so long as
such pledgee or contractual counterparty or professional advisor to such
contractual counterparty agrees to be bound by the provisions of this Section
12.14) or (vi) to the extent disclosure to other entities is appropriate in
connection with any proposed or actual assignment or grant of a participation
by any of the Lenders of interests in this Agreement and/or any of the other
Loan Documents to such other entities (who will in turn be required to maintain
confidentiality as if they were Lenders parties to this Agreement).  In no event shall the Administrative Agent or
any Lender be obligated or required to return any such information or other
materials furnished by the Borrower.

12.15       Concerning the Collateral and the
Loan Documents

(a)           Authority. 
Each Lender authorizes and directs DB to act as Collateral Agent under
the Collateral Security Agreement and or UK Security Trustee under the UK
Security Documents and to enter into the Loan Documents relating to the
Collateral (including, without limitation, the Collateral Security Agreement)
for the benefit of the Lenders and the other Secured Parties.  Each Lender agrees that any action taken by
the Administrative Agent or the Required Lenders (or, where required by the
express terms hereof, a different proportion of the Lenders) in accordance with
the provisions hereof or of the other Loan Documents, and the exercise by the
Administrative Agent, the Collateral Agent, the UK Security Trustee or the
Required Lenders (or, where so required, such different proportion) of the
powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the
Lenders. Without limiting the generality of the foregoing, 

 148
 

the Administrative Agent
or the Collateral Agent, as the case may be, shall have the sole and exclusive
right and authority to (i) act as the disbursing and collecting agent for the Lenders
with respect to all payments and collections arising in connection herewith and
with the Loan Documents relating to the Collateral; (ii) execute and deliver
each Loan Document relating to the Collateral and accept delivery of each such
agreement delivered by the Borrower or any of its Subsidiaries, (iii) act as
Collateral Agent for the Lenders and certain other Secured Parties for purposes
stated in the Security Documents to the extent such perfection is required
under the Loan Documents, provided, however, the Collateral Agent
hereby appoints, authorizes and directs each Lender to act as collateral
sub-agent for the Collateral Agent and the Lenders for purposes of the
perfection of all security interests and Liens with respect to the Borrower’s
and its Subsidiaries’ respective deposit accounts maintained with, and cash and
Cash Equivalents held by, such Lender; (iv) manage, supervise and otherwise
deal with the Collateral; (v) take such action as is necessary or desirable to
maintain the perfection and priority of the security interests and liens
created or purported to be created by the Loan Documents, and (vi) except as
may be otherwise specifically restricted by the terms hereof or of any other
Loan Document, exercise all remedies given to the Administrative Agent or the
Lenders with respect to the Collateral under the Loan Documents relating
thereto, applicable law or otherwise.

(b)           Release of Collateral.

(i)           The Administrative Agent and the
Lenders hereby direct the Administrative Agent, the Collateral Agent or the UK
Security Trustee, as the case may be, to release, in accordance with the terms
hereof, any Lien held by the Administrative Agent, the Collateral Agent or the
UK Security Trustee, as the case may be, for the benefit of the Secured Parties
(and in the case of a sale of all of the assets or Capital Stock of a
Subsidiary under clause (B) below, to release the affected Subsidiary from its
guaranty):

(A)          against all of the Collateral, upon
final and indefeasible payment in full of the Loans and Obligations and
termination hereof;

(B)           against any part of the Collateral
sold, transferred or disposed of by the Borrower or any of its Subsidiaries to
the extent such sale, transfer or disposition is permitted hereby (or permitted
pursuant to a waiver or consent of a transaction otherwise prohibited hereby);

(C)           against any Collateral acquired by
the Borrower or any of its Subsidiaries after the Closing Date and at least 70% of the purchase
price therefor is within 120 days of the acquisition thereof financed with
Indebtedness secured by a Lien permitted by Section 8.1(c);

(D)          so long as no Default or Event of
Default has occurred and is continuing, in the sole discretion of the
Administrative Agent upon the request of the Borrower, against any part of the
Collateral with a fair market value of less than $10,000,000 in the aggregate
during the term of this Agreement as such fair market value may be certified to
the Administrative Agent, the Collateral Agent and the UK Security Trustee by
the Borrower in an officer’s certificate acceptable 

 149
 

in form and substance to the Administrative
Agent, the Collateral Agent and the UK Security Trustee;

(E)           against a part of the Collateral
which release does not require the consent of all of the Lenders as set forth in
Section 12.1(a)(ii), if such release is consented to by the Required
Lenders; and

(F)           against the Collateral consisting
of Receivables Facility Assets upon the entry by the Borrower and/or its
Subsidiaries into a Permitted Account Receivable Securitization; provided,
however, that (y) neither the Administrative Agent nor the Collateral Agent nor
the UK Security Trustee shall be required to execute any such document on terms
which, in its opinion, would expose it to liability or create any obligation or
entail any consequence other than the release of such Liens without recourse or
warranty, and (z) such release shall not in any manner discharge, affect or
impair the Obligations or any Liens upon (or obligations of the Borrower or any
of its Subsidiaries in respect of) all interests retained by the Borrower
and/or any of its Subsidiaries, including (without limitation) the proceeds of
any sale, all of which shall continue to constitute part of the Collateral.

(ii)          Each of the Lenders hereby directs
the Administrative Agent to (or to cause the Administrative Agent to) execute
and deliver or file such termination and partial release statements and such
other things as are necessary to release Liens to be released pursuant to this Section
12.15 promptly upon the effectiveness of any such release or enter into
intercreditor agreements contemplated or permitted herein.

(c)           No Obligation. 
Neither the Administrative Agent nor the Collateral Agent nor the UK
Security Trustee shall have any obligation whatsoever to any Lender or to any
other Person to assure that the Collateral exists or is owned by the Borrower
or any of its Subsidiaries or is cared for, protected or insured or has been
encumbered or that the Liens granted to the Administrative Agent, the
Collateral Agent or the UK Security Trustee herein or pursuant to the Loan
Documents have been properly or sufficiently or lawfully created, perfected,
protected or enforced or are entitled to any particular priority, or to
exercise at all or in any particular manner or under any duty of care,
disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or available to the Administrative Agent, the
Collateral Agent or the UK Security Trustee in any of the Loan Documents, it
being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Administrative Agent the Collateral
Agent or the UK Security Trustee may act in any manner it may deem appropriate,
in its sole discretion, given the Administrative Agent’s, the Collateral Agent’s
and the UK Security Trustee’s own interests in the Collateral as one of the
Lenders and that neither the Administrative Agent nor the Collateral Agent nor
the UK Security Trustee shall have any duty or liability whatsoever to any
Lender, provided, that, notwithstanding the foregoing, the Administrative
Agent, the Collateral Agent and the UK Security Trustee shall be responsible
for their respective grossly negligent actions or actions constituting intentional
misconduct.

(d)           Senior Secured Note Liens. 
Each Lender hereby instructs Administrative Agent and the Collateral
Agent to enter into the Collateral Security Agreement and the 

 150
 

Intercreditor Agreement
and the UK Security Trustee to enter into the UK Security Documents and the
Intercreditor Agreement and such amendments or modifications thereto and to the
other Security Documents consistent herewith and as Administrative Agent or the
Collateral Agent or the UK Security Trustee reasonably determines to be necessary
to cause the Liens on the Collateral securing the Obligations (other than the
Capital Stock Collateral) to be pari passu
with the Liens on the Senior Secured Note Obligations (as defined in the
Intercreditor Agreement).  Each Lender
agrees that it shall not challenge or question in any proceeding the validity
or enforceability of this Section 12.15(d) or any corresponding
provisions with respect thereto in the Collateral Security Agreement or the
Intercreditor Agreement.

12.16       Intentionally Omitted

12.17       Registry

The Borrower
hereby designates the Administrative Agent to serve as the Borrower’s agent,
solely for purposes of this Section 12.17 to maintain a register (the “Register”)
on which it will record the Commitments from time to time of each of the
Lenders, the Loans made by each of the Lenders and each repayment in respect of
the principal amount of the Loans of each Lender.  Failure to make any such recordation, or any
error in such recordation shall not affect the Borrower’s obligations in respect
of such Loans.  With respect to any
Lender, the transfer of the Commitments of such Lender and the rights to the
principal of, and interest on, any Loan made pursuant to such Commitments shall
not be effective until such transfer is recorded on the Register maintained by
the Administrative Agent with respect to ownership of such Commitments and
Loans and prior to such recordation all amounts owing to the transferor with
respect to such Commitments and Loans shall remain owing to the transferor.  The registration of assignment or transfer of
all or part of any Commitments and Loans shall be recorded by the
Administrative Agent on the Register only upon the acceptance by the
Administrative Agent of a properly executed and delivered Assignment and Assumption
Agreement pursuant to Section 12.8(c). 
Coincident with the delivery of such an Assignment and Assumption
Agreement to the Administrative Agent for acceptance and registration of
assignment or transfer of all or part of a Loan, or as soon thereafter as
practicable, the assigning or transferor Lender shall surrender the Note
evidencing such Loan, and thereupon one or more new Notes in the same aggregate
principal amount then owing to such assignor or transferor Lender shall be
issued to the assigning or transferor Lender and/or the new Lender.  The Borrower agrees to indemnify the
Administrative Agent from and against any and all losses, claims, damages and
liabilities of whatsoever nature which may be imposed on, asserted against or
incurred by the Administrative Agent in performing its duties under this Section
12.17.

12.18       Accounts Receivable Securitization

(a)           By its execution of this Agreement,
each Lender agrees, for the benefit of the holders from time to time of
interests in trade receivables under the Permitted Accounts Receivables
Securitization not to:

(i)            challenge the “true sale”
characterization of the sales and transfers of Accounts Receivables by the
Borrower or any Participating Subsidiary to a 

 151
 

Receivables Subsidiary pursuant to a Permitted
Accounts Receivable Securitization;

(ii)           join in any proceeding in whole or
in part to commence or consent to the commencement of a case against a
Receivables Subsidiary under the Federal Bankruptcy Code or any other
applicable bankruptcy, insolvency or similar federal or state law or file a
petition seeking or consenting to reorganization or relief under any applicable
federal or state law relating to bankruptcy, or seek or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of a Receivables Subsidiary or any substantial part of
its assets; or

(iii)          assert or consent to any attempt by
any person to assert that a Receivables Subsidiary should be substantively
consolidated with the Borrower or any other Subsidiary.

(b)           By its execution of this Agreement,
each Lender further authorizes the Administrative Agent, the Collateral Agent
and the UK Security trustee, in each case, with the approval of the
Administrative Agent, to enter into an intercreditor agreement with the Persons
providing a Permitted Accounts Receivables Securitization as long as the
provisions of any such agreement are not materially more burdensome to the
Lenders than are typical for like receivables transactions.

12.19       Certain Guarantee Obligations.

The Borrower
hereby guarantees all obligations of each of its Subsidiaries (for so long as
such Subsidiary remains a Subsidiary) under all Interest Rate Agreements and
Other Hedging Agreements entered into by such Subsidiary with any Lender or any
Affiliate of a Lender (even if such Person subsequently ceases to be a Lender
hereunder for any reason), which obligations are pursuant to the terms of such
Interest Rate Agreements and Other Hedging Agreements expressly secured by the
security interests granted under the Collateral Security Agreement.  The provisions of Sections 4 through 9 of the
Subsidiary Guaranty are hereby incorporated herein by reference mutatis
mutandis as if all references to “Guarantor” and “Guaranteed Obligations” were
references to the Borrower and the obligations guaranteed by this Section
12.19, respectively.

12.20       Redesignation of Unrestricted
Subsidiaries

Any Unrestricted
Subsidiary may be redesignated as a Subsidiary provided that (i) the Borrower
shall have delivered to the Administrative Agent (not less than 30 days prior
to the date the Borrower desires such redesignation to be effective) a notice
signed by a Responsible Financial Officer identifying the Unrestricted
Subsidiary to be so redesignated and providing such other information as the
Administrative Agent may request, (ii) immediately before and immediately after
the effectiveness of such redesignation, no Default or Event of Default exists
or will exist (including, without limitation, the permissibility of any
Investment, Indebtedness, Liens or other obligations existing at such
Subsidiary) and, if the Unrestricted Subsidiary is a Foreign Subsidiary, the
Borrower shall be in compliance with the provisions of Section 8.7(m) as

 152
 

if the designation of
such Unrestricted Subsidiary as a Subsidiary were an Acquisition, (iii)
Borrower has complied, to the extent applicable, with the provisions of Section
7.11 and the applicable Subsidiary, on the effective date of such
redesignation is in compliance with the terms and conditions of all applicable
Security Documents, (iv) such Unrestricted Subsidiary is the subsidiary of
either the Borrower or a Subsidiary, (v) the Administrative Agent has received
such other documents (including without limitation any additional security
documents whether or not required by Section 7.11), instruments and
opinions as it may reasonably request in connection with such redesignation,
and all such instruments, documents and opinions shall be reasonably
satisfactory in form and substance to the Administrative Agent and (vi) on the
desired effective date of such redesignation, the Borrower shall deliver a
certificate from a Responsible Officer confirming clauses (ii) through (v)
above and that the representations and warranties contained in this Agreement
and the other Loan Documents are true and correct in all material respects on
the date of, and after giving effect to, such redesignation as though made on
such date (except to the extent such representations and warranties are expressly
made of a specified date in which event they shall be true as of such
date).  Effective at the time of delivery
of the certificate required pursuant to clause (vi) above, the
Unrestricted Subsidiary Investment Basket shall be increased by (A) if such
Unrestricted Subsidiary was so designated after the Effective Date, the fair
market value of such Subsidiary or (B) if such Unrestricted Subsidiary was so
designated on the Effective Date, the lesser of (y) the aggregate amount of
outstanding Investments made after the Effective Date by the Borrower or any
Subsidiary in such Unrestricted Subsidiary or (z) the fair market value of such
Unrestricted Subsidiary immediately prior to the effective date of such
redesignation.    The Borrower agrees
that any merger or consolidation of any Unrestricted Subsidiary with or into
Borrower or any Subsidiary shall be required to satisfy the conditions of this Section
12.20 prior to completing any such transaction.

12.21       Administrative Agent and Collateral Agent as
Joint Creditors

Each of the Credit Parties and each Lender and Agent
and the Collateral Agent agrees that each of the Administrative Agent and
Collateral Agent shall be a joint and several creditor (in Dutch: hoofdelijk schuldeiser) (together with the
relevant Lender or Agent) of the Obligations and Guaranteed Obligations owed to
each Lender or Agent under or in connection with all Loan Documents and that
accordingly each of the Administrative Agent and Collateral Agent will have its
own independent right to demand payment and performance by the obligors of such
obligations.  However, any discharge of a
Credit Party of any such obligation to the Administrative Agent, Collateral
Agent or any other relevant Lender, Agent or creditor referred to above, shall,
to the same extent, discharge such Credit Party vis-à-vis the others in respect
of such obligation, and a Lender, Agent and the Administrative Agent and
Collateral Agent shall not by virtue of this Section be entitled to pursue a
Credit Party concurrently for the same obligation.

12.22       Amendment With Respect to Revolver Events of
Default.

No
amendment, modification or waiver of Section 9.1, any of the financial
definitions used in determining compliance with Section 9.1 or this Section
12.22 or waiver of any Revolver Event of Default, may be effected without
the consent of the Majority Revolving Facility Lenders.

 153
 

[signature pages follow]

 154

EXHIBIT B
TO

THIRD AMENDMENT TO THE

HUNTSMAN INTERNATIONAL LLC

CREDIT AGREEMENT

HUNTSMAN
INTERNATIONAL LLC

OFFICER’S CERTIFICATE

April 19, 2007

Re:                               Third Amendment to Credit
Agreement dated as of April 19, 2007, among Huntsman International LLC, a
Delaware limited liability company (the “Borrower”), the financial
institutions party thereto (the “Lenders”), and Deutsche Bank AG New
York Branch, as Administrative Agent (the “Administrative Agent”) for
the Lenders (the “Third Amendment”)

This
Certificate is being delivered pursuant to Section 3.2(b) of the Third
Amendment, with each capitalized term not defined herein having the meaning
ascribed to it in the Third Amendment.

I,
the undersigned, a Responsible Officer of the Borrower, do hereby certify on
behalf of the Borrower, in my capacity as an officer of the Borrower and not in
my individual capacity, that:

1.             After giving effect to the Third
Amendment, the representations and warranties set forth in Article VI of
the Credit Agreement and in other Loan Documents are true and correct as of the
date hereof, except to the extent such representations and warranties are
expressly made as of a specific date, in which event such representations and
warranties are true and correct as of such specified date.

2.             After giving effect to the Third
Amendment, no Event of Default or Unmatured Event of Default has occurred and
is continuing.

3.             The conditions of Section 3
of the Third Amendment have been fully satisfied or waived (except that no
opinion is expressed as to Administrative Agent’s or Required Lenders’
satisfaction with any document, instrument or other matter).

[Signature Page
Follows]

IN WITNESS WHEREOF, the undersigned has executed this
Certificate as of the date first written above.

	
  

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Sean Douglas

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  
					

 

EXHIBIT C
TO

THIRD AMENDMENT TO THE

HUNTSMAN INTERNATIONAL LLC

CREDIT AGREEMENT

REAFFIRMATION OF GUARANTY AND SECURITY DOCUMENTS AND

AMENDMENT TO SECURITY DOCUMENTS

Each of the undersigned
(each, an “Assignor” and, collectively, the “Assignors”)
acknowledges receipt of a copy of the Third Amendment to Credit Agreement dated
as of April 19, 2007 by and among Huntsman International LLC (the “Company”),
the financial institutions party thereto, including Deutsche Bank AG New York
Branch, in their capacities as Lenders thereunder and Deutsche Bank AG New York
Branch, as Administrative Agent and as Collateral Agent (in such capacity, the “Collateral
Agent”) for the Lenders (the “Third Amendment”).  Each of the undersigned hereby consents to
the Third Amendment and each of the transactions referenced in the Third
Amendment.

Each Assignor and
Collateral Agent hereby agree that each Security Document and each Guaranty is
amended to substitute a reference to Section 8.2(b)(v) to the Credit Agreement
each place that a reference to Section 8.2(e) of the Credit Agreement currently
appears.

Each Assignor (other than
Huntsman Headquarters Corporation and the Company) hereby ratifies and
reaffirms its execution and delivery of, and hereby ratifies, reaffirms and
agrees to perform all of its obligations under, that certain Subsidiary
Guaranty Agreement dated as of August 16, 2005 by and among each of the
undersigned (other than Huntsman Headquarters Corporation and the Company), the
other “Guarantors” party thereto and Deutsche Bank AG New York Branch as
Collateral Agent, in favor of the Beneficiaries (as defined therein), as
amended, supplemented or otherwise modified as of the date hereof.  Huntsman Headquarters Corporation hereby
ratifies and reaffirms its execution and delivery of, and hereby ratifies,
reaffirms and agrees to perform all of its obligations under, that certain
Subsidiary Guaranty Agreement dated as of August 16, 2005 by and between
Huntsman Headquarters Corporation and Deutsche Bank AG New York Branch as
Collateral Agent, in favor of the Beneficiaries (as defined therein), as
amended, supplemented or otherwise modified as of the date hereof.

Each Assignor,
as collateral security for the prompt and complete payment and performance when
due by Assignor of all of such Assignor’s Obligations, and to induce the
Administrative Agent and the Lenders to enter into the Third Amendment and to
make the Loans and provide the other financial accommodations to the Borrower
under the Credit Agreement as contemplated therein and in the Credit Agreement,
does hereby grant, pledge, assign and transfer unto the Collateral Agent, and
does hereby grant to the Collateral Agent, in its capacity as Collateral Agent
hereunder, a continuing security interest in all of the right, title and
interest of such Assignor in, to and under all of the Collateral (as defined in
the Security Agreement and in the Pledge Agreement, each as defined below)
whether now existing or hereafter from time to time acquired or created; provided,
however, that the security interests granted hereunder shall not include
the property or assets set forth in Section 1.1(c) of the Security Agreement to
the extent set forth in such section.

Each Assignor further
hereby ratifies and reaffirms its execution and delivery of, and hereby
ratifies, reaffirms and agrees to perform all of its obligations under, each
of, (i) that certain Collateral Security Agreement dated as of August 16, 2005
(the “Security Agreement”) 

by and among each of the “Assignors”
party thereto and Deutsche Bank AG New York Branch as Collateral Agent for the
benefit of the Secured Parties (as defined therein), as amended, supplemented
or otherwise modified as of the date hereof; (ii) that certain Pledge Agreement
dated as of August 16, 2005 (the “Pledge Agreement”) by and among each
of the “Pledgors” party thereto and Deutsche Bank AG New York Branch as
Collateral Agent for the benefit of the Secured Parties (as defined therein),
as amended, supplemented or otherwise modified as of the date hereof and (iii)
each other “Security Document” or “Guaranty” (as defined in that certain Credit
Agreement dated as of August 16, 2005, as amended by that certain First
Amendment to Credit Agreement, dated as of December 12, 2005, that certain
Second Amendment to Credit Agreement and Amendment to Security Documents, dated
as of June 30, 2006 and the Third Amendment, among the Company, the
Administrative Agent, Deutsche Bank Securities, Inc., as Joint Lead Arranger
and Joint Book Runner, Credit Suisse, as Joint Lead Arranger and Joint Book
Runner, and the Lenders party thereto (as amended, supplemented or otherwise
modified, the “Credit Agreement”)) to which such undersigned Person is a
party (collectively, the “Security Documents”).  Terms used herein and not otherwise defined
shall have the meanings specified in the Credit Agreement.

[signature page
follows]

 

	
  Dated as of April 19, 2007.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HUNTSMAN
  INTERNATIONAL LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HUNTSMAN FUELS,
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PETROSTAR FUELS
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTED as a
  deed by

  
	
   

  	
   

  	
  TIOXIDE AMERICAS
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Witnessed by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executed and delivered as a deed on behalf of 

  
	
   

  	
   

  	
  TIOXIDE GROUP acting by:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Director Name

  
	
   

  	
   

  	
   

  	
  Director Name

  
									

E

AIRSTAR CORPORATION

EUROFUELS LLC

EUROSTAR INDUSTRIES LLC

HUNTSMAN ADVANCED MATERIALS HOLDINGS LLC

HUNTSMAN ADVANCED MATERIALS LLC

HUNTSMAN ADVANCED MATERIALS AMERICAS, INC.

HUNTSMAN AUSTRALIA INC.

HUNTSMAN CHEMICAL COMPANY LLC

HUNTSMAN CHEMICAL FINANCE CORPORATION

HUNTSMAN CHEMICAL PURCHASING CORPORATION

HUNTSMAN EA HOLDINGS LLC

HUNTSMAN ENTERPRISES, INC.

HUNTSMAN ETHYLENEAMINES LTD.

HUNTSMAN
EXPANDABLE POLYMERS COMPANY, LC

By:  Huntsman
International Chemicals Corporation, its Sole Member and Manager

HUNTSMAN FAMILY
CORPORATION

HUNTSMAN GROUP HOLDINGS FINANCE CORPORATION

HUNTSMAN GROUP INTELLECTUAL PROPERTY HOLDINGS CORPORATION

HUNTSMAN HEADQUARTERS CORPORATION

HUNTSMAN INTERNATIONAL CHEMICALS CORPORATION

HUNTSMAN INTERNATIONAL FINANCIAL LLC

HUNTSMAN INTERNATIONAL FUELS, L.P.

HUNTSMAN
INTERNATIONAL SERVICES CORPORATION

HUNTSMAN INTERNATIONAL TRADING CORPORATION

HUNTSMAN MA INVESTMENT CORPORATION

HUNTSMAN MA SERVICES CORPORATION

HUNTSMAN PETROCHEMICAL CANADA HOLDINGS CORPORATION

HUNTSMAN PETROCHEMICAL CORPORATION

HUNTSMAN PETROCHEMICAL FINANCE CORPORATION

HUNTSMAN PETROCHEMICAL PURCHASING CORPORATION

HUNTSMAN POLYMERS CORPORATION

HUNTSMAN POLYMERS HOLDINGS CORPORATION

HUNTSMAN PROCUREMENT CORPORATION

HUNTSMAN PROPYLENE OXIDE HOLDINGS LLC

HUNTSMAN PROPYLENE OXIDE LTD.

HUNTSMAN
PURCHASING, LTD.

By:  Huntsman
Procurement Corporation, its General Partner

HUNTSMAN TEXAS HOLDINGS LLC

JK HOLDINGS CORPORATION

PETROSTAR INDUSTRIES LLC

POLYMER MATERIALS INC.

	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Sean Douglas

  
	
  Title:

  	
  Vice President

  
				

 

 

	
  

  	
   

  	
  Acknowledged and Agreed to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEUTSCHE BANK AG NEW YORK BRANCH,

  
	
   

  	
   

  	
  as Collateral Agent and Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]