Document:

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                                                                   EXHIBIT 10.59
                                                           CONFORMED AS EXECUTED

                            INTERCREDITOR AGREEMENT
                            -----------------------

          INTERCREDITOR AGREEMENT (as amended, modified or supplemented from
time to time, this "Agreement"), dated as of December 22, 2003, among Morgan
Stanley & Co., Incorporated, as Collateral Agent (as defined in below) for the
benefit of the First Lien Creditors (as defined below), Morgan Stanley Senior
Funding, Inc., as Administrative Agent (as defined in below) for the benefit of
the Bank Lender Creditors (as defined below), Citibank, N.A., as the Overdraft
Creditor (as defined below), and The Bank of New York, as trustee (together with
any successor trustee, the "Additional Senior Secured Notes Trustee") for its
benefit and the benefit of the holders from time to time of the Additional
Senior Secured Notes (as defined below), and acknowledged and agreed to by the
US Credit Parties (as defined in, or incorporated by reference into, the US
Security Agreement referred to below) from time to time party hereto.
Capitalized terms used herein shall have the meaning specified in Section 9
hereof or, if not defined therein, as specified in (or incorporated by reference
into) the US Security Agreement (as defined in the Bank Credit Agreement
referred to below).

                                   WITNESSETH:
                                   ----------

          WHEREAS, Resolution Performance Products Inc. ("Holdings"), Resolution
Performance Products LLC ("RPP USA"), RPP Capital Corporation ("US Finance
Corp." and, together with RPP USA, the "US Borrowers" and each, a "US
Borrower"), Resolution Europe B.V. (formerly known as Resolution Nederland B.V.)
(the "Dutch Borrower" and, together with the US Borrowers, the "Borrowers" and
each, a "Borrower"), the lenders from time to time party thereto (the
"Lenders"), Salomon Smith Barney Inc., as Syndication Agent, JPMorgan Chase Bank
(formerly known as Morgan Guaranty Trust Company of New York), as Documentation
Agent, and Morgan Stanley Senior Funding, Inc., as Lead Arranger, sole Book
Manager and Administrative Agent (in such capacity, together with any successor
administrative agent, the "Administrative Agent"), have entered into a Credit
Agreement, dated as of November 14, 2000 (as amended, modified, extended,
renewed, replaced, restated, supplemented or refinanced from time to time, and
including any agreement extending the maturity of, or refinancing or
restructuring (including, but not limited to, the inclusion of additional
borrowers or guarantors thereunder or any increase in the amount borrowed
thereunder) all or any portion of the indebtedness under such agreement or any
successor agreement, whether or not with the same agent, trustee,
representative, lenders, holders or group of lenders or holders, the "Bank
Credit Agreement"), providing for the making of Loans to the Borrowers and the
issuance of, and participation in, Letters of Credit for the account of the US
Borrowers as contemplated therein (the Lenders, the Administrative Agent, each
Letter of Credit Issuer and the Collateral Agent are herein called the "Bank
Lender Creditors");

          WHEREAS, each Borrower or another Assignor has entered into, or may at
any time and from time to time after the date hereof enter into or guaranty the
obligations of one or more other Assignors or Subsidiaries thereof under, one or
more Interest Rate Protection Agreements or Other Hedging Agreements with one or
more Bank Lender Creditors or any affiliate thereof (each such Bank Lender
Creditor or affiliate, even if the respective Bank Lender Creditor subsequently
ceases to be a Lender under the Bank Credit Agreement for any reason, together
with such Bank Lender Creditor's or affiliate's successors and assigns, if any,
collectively, the "Other Creditors");

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          WHEREAS, RPP USA, one or more Wholly-Owned Subsidiaries of RPP USA and
Citibank, N.A. (or any successor by merger thereto) and/or one or more of its
banking affiliates or another bank reasonably satisfactory to the Administrative
Agent (collectively, the "Overdraft Creditors" and, together with the Bank
Lender Creditors and the Other Creditors, the "Senior First Lien Creditors")
have entered into, or in the future may enter into, a credit arrangement (as
amended, modified, supplemented, replaced or refinanced from time to time, the
"Overdraft Agreement"), providing for (i) the extension of a line of credit or
an overdraft facility (the "Overdraft Line") to RPP USA and such Wholly-Owned
Subsidiaries in the aggregate principal amount not to exceed $20,000,000 at any
time outstanding and (ii) the guaranty by the respective Assignors of the
obligations of one another thereunder (although no Foreign Subsidiary of RPP USA
shall guaranty the obligations of RPP USA or a Domestic Subsidiary thereunder)
(each, an "Overdraft Guaranty" and, collectively, the "Overdraft Guarantees");

          WHEREAS, the US Borrowers and the Additional Senior Secured Notes
Trustee have entered into an Indenture, dated as of December 22, 2003 (as
amended, modified, extended, renewed, replaced, restated, supplemented or
refinanced from time to time, and including any agreement extending the maturity
of, or refinancing or restructuring (including, but not limited to, the
inclusion of additional borrowers, issuers or guarantors thereunder or any
increase in the amount borrowed thereunder) all or any portion of the
indebtedness under such Indenture or any successor agreement whether or not with
the same trustee, representative, agent, lenders, holders or group of lenders or
holders, the "Note Credit Agreement" and, together with the Bank Credit
Agreement, collectively, the "Credit Agreement"), providing for (i) the issuance
by the US Borrowers of their 8% Senior Secured Notes due December 15, 2009 (the
"Additional Senior Secured Notes") to the holders thereof from time to time
(such holders, the "Additional Senior Secured Noteholders" and, together with
the Additional Senior Secured Notes Trustee, the "Junior First Lien Creditors";
and the Junior First Lien Creditors, together with the Senior First Lien
Creditors, the "First Lien Creditors") and (ii) the guaranty by any future US
Credit Party that is a Subsidiary Guarantor of the US Borrowers' obligations
under the Note Credit Agreement and the Additional Senior Secured Notes (each
such guaranty, together with the Note Credit Agreement and the Additional Senior
Secured Notes, are herein called the "Note Credit Documents");

          WHEREAS, pursuant to each Guaranty entered into pursuant to the Bank
Credit Agreement, each US Credit Party that is a party thereto has guaranteed to
the Bank Lender Creditors and the Other Creditors the payment and performance
when due of all Guaranteed Obligations, all US Guaranteed Obligations or all
Dutch Guaranteed Obligations, as the case may be, as described in each such
Guaranty;

          WHEREAS, pursuant to the US Security Agreement and the US Pledge
Agreements, each US Credit Party thereto has granted to the Collateral Agent a
security interest in the Collateral for the benefit of the First Lien Creditors
and the Second Lien Creditors (although the Note Lender Creditors do not have a
security interest in the Additional Senior Secured Notes Excluded Collateral and
the Second Lien Creditors do not have a security interest in the Second Lien
Excluded Collateral);

          WHEREAS, pursuant to the Fifth Amendment to the Bank Credit Agreement,
dated as of December 15, 2003, the Required Secured Creditors (determined before
giving effect

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to the amendment to the US Security Agreement dated as of December 22, 2003)
have authorized the Administrative Agent and the Collateral Agent to enter into
this Agreement;

          WHEREAS, pursuant to the Note Credit Agreement, the Additional Senior
Secured Notes Trustee has agreed to enter into (and to be bound by), and the
Additional Senior Secured Noteholders have authorized the Additional Senior
Secured Notes Trustee to enter into (on their behalf) (and to be bound by), this
Agreement, in each case on the terms and conditions provided for herein; and

          WHEREAS, the First Lien Creditors wish to enter into this Agreement
to, inter alia, set forth the rights, benefits and privileges, as among the
First Lien Creditors, in respect of the Collateral, this Agreement, the US
Security Agreement and the US Pledge Agreements;

          NOW, THEREFORE, it is agreed:

          1.    Appointment; etc. (a) The Junior First Lien Creditors, by their
acceptance of the benefits of the US Security Agreement and each US Pledge
Agreement hereby (x) irrevocably designate Morgan Stanley & Co., Incorporated as
Collateral Agent (and any successor Collateral Agent) to act as specified herein
and in the applicable US Security Documents, (y) agree to all of the provisions
of this Agreement and (z) agree to all of the provisions of the applicable US
Security Documents (including, without limitation, to all of the provisions of
Annex N to the US Security Agreement). Each Junior First Lien Creditor hereby
irrevocably authorizes, and each holder of any Junior First Lien Obligation by
the acceptance of such Junior First Lien Obligation and by the acceptance of the
benefits of the applicable US Security Documents shall be deemed irrevocably to
authorize, the Collateral Agent to take such action on its behalf under the
provisions of this Agreement and the applicable US Security Documents and any
instruments and agreements referred to herein and therein and to exercise such
powers and to perform such duties thereunder as are specifically delegated to or
required of the Collateral Agent by the terms hereof or thereof and such other
powers as are reasonably incidental thereto. The Collateral Agent may perform
any of its duties hereunder or thereunder by or through its affiliates, agents,
sub-agents or employees.

          (b)   Each Senior First Lien Creditor (by their acceptance of the
benefits of the applicable Security Documents) also agrees to the provisions of
this Agreement.

          2.    Priorities with Respect to the Collateral. The Junior First Lien
Creditors hereby acknowledge and agree that all Obligations shall be secured
pursuant to the Security Documents in accordance with the terms thereof,
provided that, notwithstanding anything to the contrary contained in any Secured
Debt Agreement (including any Security Document)), as between the Senior First
Lien Creditors and the Junior First Lien Creditors, the following priorities and
other rights, benefits and privileges with respect to the Collateral and the
applicable Security Documents shall apply:

          (i)   the security interests granted pursuant to the applicable
     Security Documents (x) for the benefit of the Senior First Lien Creditors
     shall be senior in priority in all respects to the security interests
     granted pursuant thereto for the benefit of the Junior First Lien Creditors
     and (y) for the benefit of the Junior First Lien Creditors shall be junior,

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     subordinate and subject in all respects to the security interests granted
     under the applicable Security Documents for the benefit of the Senior First
     Lien Creditors;

          (ii)  the Junior First Lien Creditors agree that (x) all of their
     rights, benefits and privileges afforded to them hereunder and under the
     applicable Security Documents are expressly subject to the terms and
     conditions of this Agreement and (y) they shall not be entitled to receive
     any of the proceeds or other distributions in respect of (or from) any
     Collateral until all Senior First Lien Obligations have been paid in full
     in cash in accordance with the terms thereof (including, without
     limitation, all interest that accrues after the commencement of any case,
     proceeding or other action relating to the bankruptcy, insolvency,
     reorganization or similar proceeding of any US Credit Party at the rate
     provided for in the respective documentation for the Senior First Lien
     Obligations, whether or not a claim for post-petition interest is allowed
     in any such case, proceeding or other action or under applicable law);

          (iii) until all Senior First Lien Obligations have been paid in full
     in cash in accordance with the terms thereof, all Letters of Credit under
     the Bank Credit Agreement have been terminated, the Total Commitment under
     the Bank Credit Agreement has been terminated, all Interest Rate Protection
     Agreements and Other Hedging Agreements entered into with Other Creditors
     have been terminated and each Overdraft Agreement has been terminated, each
     Junior First Lien Creditor hereby agrees (A) to the extent that any
     amendment, modification, change, waiver, consent, release or variance to
     any of the Security Documents, or any action (or inaction) to be taken (or
     not taken) by the Collateral Agent under (or pursuant to, including
     pursuant to any of the remedial provisions of) any of the Security
     Documents, in either case would require the vote or consent of any of the
     Junior First Lien Creditors, whether acting as part of the Required Secured
     Creditors, as part of the Required Lender Creditors, as part of the class
     of Lender Creditors or otherwise, each such Junior First Lien Creditor
     hereby agrees that any such amendment, modification, change, waiver,
     consent, release, variance, action or inaction may be taken (or not taken,
     as the case may be) at the direction of the Required First Lien Creditors,
     provided that, except as permitted by Section 14(b) hereof, in the case of
     any amendment, modification, change, waiver, consent, release or variance
     to any Security Document materially adversely affecting the rights and
     benefits of the Junior First Lien Creditors (and not all First Lien
     Creditors in a like or similar manner), such amendment, modification,
     change, waiver, release or variance shall be made at the direction of the
     Required First Lien Creditors and the Additional Senior Secured Notes
     Trustee (acting at the direction of the Additional Senior Secured
     Noteholders holding at least a majority of the then outstanding principal
     amount of all Additional Senior Secured Notes), and (B) to effectuate the
     foregoing, except in cases described in the proviso to preceding clause
     (A), each Junior First Lien Creditor hereby (x) authorizes and instructs
     the Additional Senior Secured Notes Trustee to (and the Additional Senior
     Secured Notes Trustee agrees to) vote (on behalf of the Junior First Lien
     Creditors) in a manner consistent with, and to sign any such amendment,
     modification, change, waiver, consent, release or variance, or any
     direction for any such action or inaction, in either case which has
     otherwise been approved by, the Required First Lien Creditors and (y)
     constitutes and appoints the Collateral Agent its true and lawful attorney,
     irrevocably (which power is coupled with an interest), to sign on behalf of
     the Additional Senior Secured Notes Trustee any such

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     amendment, modification, change, waiver, consent, release or variance, or
     any such action or inaction, to the extent that the Additional Senior
     Secured Notes Trustee refuses to sign same as provided above; and

          (iv)  the Junior First Lien Creditors do not have a security interest
     in, and the grant of security interests pursuant to the applicable US
     Security Documents for the benefit of the Junior First Lien Creditors shall
     not extend to, any Additional Senior Secured Notes Excluded Collateral, and
     with respect to the Junior First Lien Creditors, the term "Collateral"
     shall not include the Additional Senior Secured Notes Collateral.

          3.    Application of Proceeds. (a) Except to the extent otherwise
provided in Section 9.4(e) of the US Security Agreement, all moneys collected or
otherwise received by the Collateral Agent pursuant to the applicable US
Security Documents for application to the First Lien Obligations (including, for
the avoidance of doubt, upon any (i) distribution of any Collateral in the event
of any bankruptcy, arrangement, receivership, assignment for the benefit of
creditors or any other action or proceeding involving the readjustment of the
obligations and indebtedness of any US Credit Party or the application of any
Collateral to the payment thereof, (ii) distribution of the Collateral upon the
liquidation or dissolution of any US Credit Party, or the winding up of the
assets or business of any US Credit Party, (iii) realization by the Collateral
Agent or any of the other Secured Creditors with respect to the Liens pursuant
to any Secured Debt Agreement, whether pursuant to a Remedial Action or
otherwise or (iv) Disposition of any Collateral (to the extent that any part of
the proceeds of such Disposition are required to be applied to any of the
Obligations or held by the Collateral Agent in accordance with the provisions of
any of the Security Documents)), shall, as between the Senior First Lien
Creditors and the Junior First Lien Creditors, be distributed or paid to (or
retained by) the Collateral Agent for application in the following manner:

          (i)   first, an amount equal to the outstanding Senior First Lien
     Primary Obligations shall be paid to the Senior First Lien Creditors as
     provided in Section 3(e) hereof, with each Senior First Lien Creditor
     receiving an amount equal to its outstanding Senior First Lien Primary
     Obligations or, if the proceeds are insufficient to pay in full all such
     Senior First Lien Primary Obligations, its Senior First Lien Creditor Pro
     Rata Share of the amount remaining to be distributed;

          (ii)  second, to the extent proceeds remain after the application
     pursuant to the preceding clause (i), an amount equal to the outstanding
     Senior First Lien Secondary Obligations shall be paid to the Senior First
     Lien Creditors as provided in Section 3(e) hereof, with each Senior First
     Lien Creditor receiving an amount equal to its outstanding Senior First
     Lien Secondary Obligations or, if the proceeds are insufficient to pay in
     full all such Senior First Lien Secondary Obligations, its Senior First
     Lien Creditor Pro Rata Share of the amount remaining to be distributed;

          (iii) third, to the extent proceeds remain after the application
     pursuant to the preceding clauses (i) and (ii), to the payment of all
     amounts owing the Additional Senior Secured Notes Trustee in its capacity
     as such pursuant to the Note Credit Agreement; and

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          (iv)  fourth, to the extent proceeds remain after the application
     pursuant to the preceding clauses (i) through (iii), inclusive, an amount
     equal to the outstanding Junior First Lien Obligations shall be paid to the
     Junior First Lien Creditors as provided in Section 3(e) hereof, with each
     Junior First Lien Creditor receiving an amount equal to its outstanding
     Junior First Lien Obligations or, if the proceeds are insufficient to pay
     in full all such Junior First Lien Obligations, its Junior First Lien
     Creditor Pro Rata Share of the amount remaining to be distributed.

          (b)   (i) For purposes of this Agreement, "Senior First Lien Creditor
Pro Rata Share" shall mean, when calculating a Senior First Lien Creditor's
portion of any distribution or amount, that amount (expressed as a percentage)
equal to a fraction the numerator of which is the then unpaid amount of such
Senior First Lien Creditor's Senior First Lien Primary Obligations or Senior
First Lien Secondary Obligations, as the case may be, and the denominator of
which is the then outstanding amount of all Senior First Lien Primary
Obligations or Senior First Lien Secondary Obligations, as the case may be.

          (ii)  For the purposes of this Agreement, "Junior First Lien Creditor
Pro Rata Share" shall mean, when calculating a Junior First Lien Creditor's
portion of any distribution or amount, that amount (expressed as a percentage)
equal to a fraction the numerator of which is the then unpaid amount of such
Junior First Lien Creditor's Junior First Lien Obligations and the denominator
of which is the then outstanding amount of all Junior First Lien Obligations.

          (c)   When payments to the Senior First Lien Creditors are based upon
their respective Senior First Lien Creditor Pro Rata Shares, the amounts
received by such Senior First Lien Creditors hereunder shall be applied (for
purposes of making determinations under this Section 3 only) (i) first, to their
Senior First Lien Primary Obligations and (ii) second, to their Senior First
Lien Secondary Obligations. If any payment to any Senior First Lien Creditor of
its Senior First Lien Creditor Pro Rata Share of any distribution would result
in overpayment to such Senior First Lien Creditor, such excess amount shall
instead be distributed in respect of the unpaid Senior First Lien Primary
Obligations or Senior First Lien Secondary Obligations, as the case may be, of
the other Senior First Lien Creditors, with each Senior First Lien Creditor
whose Senior First Lien Primary Obligations or Senior First Lien Secondary
Obligations, as the case may be, have not been paid in full to receive an amount
equal to such excess amount multiplied by a fraction the numerator of which is
the unpaid Senior First Lien Primary Obligations or Senior First Lien Secondary
Obligations, as the case may be, of such Senior First Lien Creditor and the
denominator of which is the unpaid Senior First Lien Primary Obligations or
Senior First Lien Secondary Obligations, as the case may be, of all Senior First
Lien Creditors entitled to such distribution.

          (d)   Each of the First Lien Creditors, by their acceptance of the
benefits hereof and of the applicable US Security Documents, agrees and
acknowledges that if the Bank Lender Creditors receive a distribution on account
of undrawn amounts with respect to Letters of Credit issued (or deemed issued)
under the Bank Credit Agreement (which shall only occur after all outstanding
Revolving Loans under the Bank Credit Agreement and all Unpaid Drawings with
respect to such Letters of Credit have been paid in full), such amounts shall be
paid to the Administrative Agent under the Bank Credit Agreement and held by it,
for the equal and ratable benefit of the Bank Lender Creditors, as cash security
for the repayment of the Bank Credit

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Document Obligations owing to the Bank Lender Creditors as such. If any amounts
are held as cash security pursuant to the immediately preceding sentence, then
upon the termination of all outstanding Letters of Credit under the Bank Credit
Agreement, and after the application of all such cash security to the repayment
of all the Bank Credit Document Obligations owing to the Bank Lender Creditors
after giving effect to the termination of all such Letters of Credit, if there
remains any excess cash, such excess cash shall be returned by the
Administrative Agent to the Collateral Agent for distribution in accordance with
Section 3(a) hereof.

          (e)   All payments required to be made hereunder shall be made (w) if
to the Bank Lender Creditors, to the Administrative Agent for the account of the
Bank Lender Creditors, (x) if to the Other Creditors, to the Representative for
the Other Creditors, or, in the absence of such a Representative, directly to
the Other Creditors, (y) if to the Overdraft Creditors, directly to the
Overdraft Creditors, and (z) if to the Junior First Lien Creditors, to the
Additional Senior Secured Notes Trustee.

          (f)   For purposes of applying payments received in accordance with
this Section 3, the Collateral Agent shall be entitled to rely upon (i) the
Administrative Agent under the Bank Credit Agreement, (ii) the Representative
for the Other Creditors or, in the absence of such a Representative, upon the
Other Creditors, (iii) the Overdraft Creditors and (iv) the Additional Senior
Secured Notes Trustee, in each case, for a determination (which the
Administrative Agent, each Representative for the Other Creditors, the Overdraft
Creditors, the Additional Senior Secured Notes Trustee and the First Lien
Creditors agree (or shall agree) to provide upon request of the Collateral
Agent) of the outstanding Obligations (and type of Obligations) owed to the Bank
Lender Creditors, the Other Creditors, the Overdraft Creditors or the Junior
First Lien Creditors, as the case may be. Unless it has actual knowledge
(including by way of written notice from a Bank Lender Creditor, an Other
Creditor or an Overdraft Creditor) to the contrary, the Administrative Agent and
each Representative, in furnishing information pursuant to the preceding
sentence, and the Collateral Agent, in acting hereunder, shall be entitled to
assume that no Senior First Lien Secondary Obligations are outstanding. Unless
it has actual knowledge (including by way of written notice from an Other
Creditor) to the contrary, the Collateral Agent, in acting hereunder, shall be
entitled to assume that no Interest Rate Protection Agreements or Other Hedging
Agreements are in existence.

          4.    Relative Acknowledgment/Priorities of Security Interests and
Liens. (a) Each of the First Lien Creditors acknowledges and agrees (x) to the
relative priorities as to the Collateral (and the application of the proceeds
therefrom) as provided in this Agreement and acknowledges and agrees that such
priorities (and the application of the proceeds from the Collateral) shall not
be affected or impaired in any manner whatsoever including, without limitation,
on account of (i) the invalidity, irregularity, diminution in value or
unenforceability of all or any part of any Secured Debt Agreement or any of the
Obligations thereunder, (ii) the actual date and time of execution, delivery,
recording, filing or perfection of any security interests in the Collateral,
(iii) any nonperfection of any Lien purportedly securing any of the Obligations,
(iv) any amendment, change or modification of any Secured Debt Agreement or (v)
any impairment, modification, change, exchange, release or subordination of or
limitation on, any liability of, or stay of actions or lien enforcement
proceedings against, any US Credit Party, its property, or its estate in
bankruptcy resulting from any bankruptcy, arrangement, readjustment,
composition, liquidation, rehabilitation, similar proceeding or otherwise
involving

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or affecting any US Credit Party, and (y) that the provisions of the US Security
Agreement do not require the US Credit Parties to take certain actions to
perfect a security interest in certain Collateral that may not be perfected by
filing a UCC financing statement.

          (b)   Each of the First Lien Creditors hereby agrees not to challenge
or question in any proceeding the validity or enforceability of this Agreement
or any Security Document (or any Obligations secured thereunder) (in each case
as a whole or in part or any term or provision contained therein) or the
validity of any Lien, mortgage or financing statement in favor of the Collateral
Agent for the benefit of the respective First Lien Creditors as provided in the
respective Security Document, or the relative priority of any such Lien.

          (c)   If any First Lien Creditor shall acquire by indemnification,
subrogation, contract or otherwise (including pursuant to the Security
Documents), any lien, estate, right or other interest in, or possession or
control of, any of the assets of any US Credit Party that would otherwise
constitute Collateral to secure (or providing security for) the respective
Obligations owed to such First Lien Creditor, that lien, estate, right or other
interest shall, and any such possession or control shall, be held for the
benefit of the Secured Creditors under the applicable Security Documents and
shall be subject to the relative priorities set forth in such Security Documents
and in this Agreement.

          5.    Sharing Arrangements. (a) The First Lien Creditors hereby agree
that the provisions of this Agreement with respect to allocations and
distributions of proceeds of the Collateral shall prevail notwithstanding any
event or circumstance, including, without limitation, in the event that, through
the operation of any bankruptcy, reorganization, insolvency or other laws or
otherwise, any of the Senior First Lien Creditors' security interest in the
Collateral is avoided in whole or in part for any reason or is enforced with
respect to some, but not all, of the Senior First Lien Obligations then
outstanding.

          (b)   The First Lien Creditors agree that none of them shall be
entitled to benefit from any avoidance action affecting or otherwise relating to
any distribution or allocation made in accordance with this Agreement, whether
by preference or otherwise, it being understood and agreed that the benefit of
any such avoidance action otherwise allocable to them shall instead be allocated
and turned over for application in accordance with the priorities set forth in
this Agreement.

          (c)   In the event that any payment or distribution shall be received
by any First Lien Creditor in a manner that is inconsistent with the provisions
of Section 3 hereof, such payment or distribution shall be held by the
respective First Lien Creditor for the benefit of, and shall be paid over or
delivered to, the respective First Lien Creditors entitled thereto for
application to such entitled First Lien Creditors' Obligations (including,
without limitation, all interest that accrues after the commencement of any
case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any US Credit Party at the rate provided
for in the respective documentation for such Obligations, whether or not a claim
for post-petition interest is allowed in any such case, proceeding or other
action or under applicable law) in accordance with Section 3 hereof.

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          6.    Provisions in the Event of Insolvency Proceedings. Without
limiting the other provisions of this Agreement, upon the commencement of a case
under the Bankruptcy Code by or against any US Credit Party:

          (a)   This Agreement and the Security Documents shall remain in full
     force and effect and enforceable pursuant to their respective terms in
     accordance with Section 510(a) of the Bankruptcy Code, and all references
     herein to such US Credit Party shall be deemed to apply to such entity as
     debtor-in-possession and to any trustee in bankruptcy for the estate of
     such entity.

          (b)   In any such case under the Bankruptcy Code, each Junior First
     Lien Creditor agrees not to take any action or vote in any way so as to
     contest (1) the validity or enforceability of this Agreement or any of the
     Security Documents or any of the Obligations thereunder, (2) the validity,
     priority or enforceability of the Liens, mortgages, assignments and
     security interests granted and/or established pursuant to this Agreement or
     the Security Documents with respect to the Senior First Lien Obligations,
     or (3) the relative rights, benefits, privileges and duties of the holders
     of the Senior First Lien Obligations and the Junior First Lien Obligations
     granted and/or established in this Agreement or any Security Document with
     respect to such Liens, mortgages, assignments and security interests.

          (c)   So long as any Senior First Lien Obligations are outstanding,
     without the express written consent of the Required First Lien Creditors,
     none of the Junior First Lien Creditors (or their representative) shall (i)
     with respect to any rights under any Secured Debt Agreement, seek in
     respect of any part of the Collateral or proceeds thereof or any Lien which
     may exist thereon, any relief from or modification of the automatic stay as
     provided in Section 362 of the Bankruptcy Code or seek or accept any form
     of adequate protection under either or both Sections 362 and 363 of the
     Bankruptcy Code with respect thereto to the extent that their receipt of
     any such adequate protection would reduce (or would have the effect of
     reducing) or adversely affect the adequate protection that the Senior First
     Lien Creditors otherwise would be entitled to receive (it being understood
     that, in any event, any such adequate protection shall only be afforded to
     the Junior First Lien Creditors if the Senior First Lien Creditors are
     satisfied with the adequate protection afforded to the Senior First Lien
     Creditors), (ii) oppose or object to any Senior First Lien Creditor
     obtaining a Lien or grant of administrative claim in connection with a
     grant of adequate protection, use of cash collateral or post-petition
     financing under Section 362, 363 or 364 of the Bankruptcy Code on the basis
     that the Junior First Lien Creditors are not receiving any adequate
     protection or are not receiving satisfactory adequate protection, (iii)
     oppose or object to the use of cash collateral by a US Credit Party on the
     basis that the Junior First Lien Creditors are not receiving any adequate
     protection or are not receiving satisfactory adequate protection, (iv)
     oppose or object to any post-petition financing (including any
     debtor-in-possession financing) provided by any of the Senior First Lien
     Creditors or provided by a third party pursuant to Section 364 of the
     Bankruptcy Code on terms acceptable to the Required First Lien Creditors on
     the basis that the Junior First Lien Creditors are not receiving any
     adequate protection or are not receiving satisfactory adequate protection,
     (v) oppose or object to or withhold consent from the disposition of assets
     by any US Credit Party under Section 363(b) or (f) of the

                                      -9-

<PAGE>

     Bankruptcy Code, provided that the interest, if any, which the Junior First
     Lien Creditors have in the assets shall attach to the proceeds of such
     disposition, on the basis that the Junior First Lien Creditors are not
     receiving any adequate protection or are not receiving satisfactory
     adequate protection, (vi) oppose, object to, or vote against any plan of
     reorganization or disclosure statement the terms of which are consistent
     with the rights of the Senior First Lien Creditors under this Agreement and
     the Security Documents under which the Liens, mortgages, assignments and
     security interests and the priority thereof are granted and established on
     the basis that the Junior First Lien Creditors are not receiving any
     adequate protection or are not receiving satisfactory adequate protection,
     (vii) make an election pursuant to Section 1111(b) of the Bankruptcy Code,
     (viii) oppose or object to the determination of the extent of any Liens
     held by any of the Senior First Lien Creditors or the value of any claims
     of Senior First Lien Creditors under Section 506(a) of the Bankruptcy Code,
     or (ix) oppose or object to the payment of interest and expenses as
     provided under Sections 506(b) and (c) of the Bankruptcy Code.

          (d)   The Senior First Lien Obligations owed to each Senior First Lien
     Creditor under the Security Documents shall continue to be effective, or to
     be reinstated, as the case may be, as to any payment in respect of any
     Senior First Lien Obligation that is rescinded or must otherwise be
     returned by the holder of such Senior First Lien Obligation upon the
     occurrence or as a result of applicable provisions of the Bankruptcy Code,
     all as though such payment had not been made.

          7.    Waivers. (a) Each Junior First Lien Creditor agrees that neither
the Collateral Agent nor the Senior First Lien Creditors (in directing the
Collateral Agent to take any action with respect to the Collateral) shall have
any duty or obligation to realize first upon any type of Collateral (including
Additional Senior Secured Notes Excluded Collateral) or to sell, dispose of or
otherwise liquidate all or any portion of the Collateral in any manner that
would maximize the return to any Class (or portion of a Class) of First Lien
Creditors holding Obligations of any type (whether Bank Credit Document
Obligations, Other Obligations, Overdraft Obligations or Junior First Lien
Obligations), notwithstanding that the order and timing of any such realization,
sale, disposition or liquidation may affect the amount of proceeds actually
received by such Class (or portion of a Class) of First Lien Creditors from such
realization, sale, disposition or liquidation.

          (b)   Each of the Junior First Lien Creditors waives any claim which
each such Junior First Lien Creditor may now or hereafter have against the
Senior First Lien Creditors (or their representatives) arising out of (i) any
and all actions which the Collateral Agent or the other Senior First Lien
Creditors take or omit to take (including, without limitation, actions with
respect to the creation, perfection or continuation of Liens on the Collateral,
actions with respect to the occurrence of an Event of Default, actions with
respect to the foreclosure upon, sale, release, or depreciation of, or failure
to realize upon, any of the security for the Obligations and actions with
respect to the collection of any claim for all or any part of the Obligations
from any account debtor, guarantor or any other party) with respect to the
respective Secured Debt Agreements or any other agreement related thereto or to
the collection of the Obligations or the valuation, use, protection or release
of the security for the Obligations, (ii) the Collateral Agent's or the other
Senior First Lien Creditors' election, in any proceeding instituted under the
Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code
and/or (iii) any

                                      -10-

<PAGE>

borrowing of, or grant of a security interest or administrative expense priority
under Section 364 of the Bankruptcy Code to, any US Credit Party as
debtor-in-possession.

          8.    Nature of Obligations; Post-Petition Interest. Each Junior First
Lien Creditor hereby acknowledges and agrees that (i) the Junior First Lien
Creditors' claims against the US Credit Parties in respect of the Collateral
constitute junior and subordinated claims separate and apart (and of a different
class) from the claims of the Senior First Lien Creditors against the US Credit
Parties in respect of the Collateral and (ii) the Senior First Lien Obligations
include all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or
similar proceeding of any US Credit Party at the rate provided for in the
respective Secured Debt Agreements governing the same, whether or not a claim
for post-petition interest is allowed in any such case, proceeding or other
action or under applicable law. To further effectuate the intent of the parties
as provided in the immediately preceding sentence, the Senior First Lien
Creditors shall be entitled to receive, in addition to amounts distributed to
them in respect of principal, pre-petition interest and other claims, all
amounts owing in respect of post-petition interest at the relevant contract rate
(even though such claims may or may not be allowed in whole or in part in the
respective bankruptcy, insolvency, reorganization or similar proceeding or under
applicable law) before any distribution is made in respect of the claims held by
the Junior First Lien Creditors, with each Junior First Lien Creditor hereby
acknowledging and agreeing to turn over to the Senior First Lien Creditors all
amounts otherwise received or receivable by it to the extent needed to
effectuate the intent of this sentence even if such turn-over of amounts has the
effect of reducing the amount of the claim of the Junior First Lien Creditors.

          9.    Definitions. The following terms shall have the meanings herein
specified. Such definitions shall be equally applicable to the singular and
plural forms of the terms defined.

          "Additional Senior Secured Noteholders" shall have the meaning
provided in the recitals to this Agreement.

          "Additional Senior Secured Notes" shall have the meaning provided in
the recitals to this Agreement.

          "Additional Senior Secured Notes Trustee" shall have the meaning
provided in the preamble to this Agreement.

          "Administrative Agent" shall have the meaning provided in the recitals
to this Agreement.

          "Agreement" shall have the meaning provided in the preamble to this
Agreement.

          "Bank Credit Agreement" shall have the meaning provided in the
recitals to this Agreement.

          "Bank Credit Document Obligations" shall have the meaning provided in
clause (i) of the definition of "Obligations" appearing in this Section 9.

                                      -11-

<PAGE>

          "Bank Lender Creditors" shall have the meaning provided in the
recitals to this Agreement.

          "Bankruptcy Code" shall mean Title 11 of the United States Code
entitled "Bankruptcy", as now or hereafter in effect, or any successor thereto.

          "Borrowers" shall have the meaning provided in the recitals to this
Agreement.

          "Class" shall have the meaning provided in Section 14(a) of this
Agreement.

          "Collateral" shall mean all "Collateral" (or similar defined term)
under, and as defined in, the US Security Agreement and each US Pledge Agreement
but, in any event, for the purposes of this Agreement, the term "Collateral"
shall specifically exclude Additional Senior Secured Notes Excluded Collateral.

          "Collateral Agent" shall mean Morgan Stanley & Co., Incorporated (and
any successor Collateral Agent) acting as Collateral Agent pursuant to this
Agreement and any Security Document.

          "Credit Agreement" shall have the meaning provided in the recitals to
this Agreement.

          "Disposition" means the sale, assignment, transfer, lease, conveyance
or other disposition by any US Credit Party of any Collateral, including,
without limitation, an involuntary disposition as a result of a casualty or
condemnation.

          "Dutch Borrower" shall have the meaning provided in the recitals to
this Agreement.

          "First Lien Creditors" shall have the meaning provided in the recitals
of this Agreement.

          "Holdings" shall have the meaning provided in the recitals to this
Agreement.

          "Junior First Lien Creditor Pro Rata Share" shall have the meaning
provided in Section 3(b)(ii) of this Agreement.

          "Junior First Lien Creditors" shall have the meaning provided in the
recitals to this Agreement.

          "Junior First Lien Obligations" shall have the meaning provided in
clause (iv) of the definition of "Obligations" appearing in this Section 9.

          "Lenders" shall have the meaning provided in the recitals to this
Agreement.

          "Obligations" shall mean and include all of the following:

          (i)   the full and prompt payment when due (whether at the stated
     maturity, by acceleration or otherwise) of all obligations, indebtedness
     and liabilities (including, with-

                                      -12-

<PAGE>

     out limitation, indemnities, fees and interest thereon (including, without
     limitation, all interest that accrues after the commencement of any case,
     proceeding or other action relating to the bankruptcy, insolvency,
     reorganization or similar proceeding of any US Credit Party at the rate
     provided for in the respective documentation, whether or not a claim for
     post-petition interest is allowed in any such case, proceeding or other
     action or under applicable law)) owing by each US Credit Party to the Bank
     Lender Creditors, whether now existing or hereafter incurred under, arising
     out of, or in connection with the Bank Credit Agreement and the other Bank
     Credit Documents (including all such obligations, liabilities and
     indebtedness of any US Credit Party under any guaranty constituting a Bank
     Credit Document) and the due performance and compliance by each US Credit
     Party with all of the terms, conditions and agreements contained in the
     Bank Credit Agreement and in such other Bank Credit Documents (all such
     obligations, indebtedness and liabilities under this clause (i), except to
     the extent consisting of obligations or indebtedness with respect to
     Interest Rate Protection Agreements or Other Hedging Agreements, being
     herein collectively called the "Bank Credit Document Obligations");

          (ii)  the full and prompt payment when due (whether at the stated
     maturity, by acceleration or otherwise) of all obligations, indebtedness
     and liabilities (including, without limitation, indemnities, fees and
     interest thereon (including, without limitation, all interest that accrues
     after the commencement of any case, proceeding or other action relating to
     the bankruptcy, insolvency, reorganization or similar proceeding of any US
     Credit Party at the rate provided for in the respective documentation,
     whether or not a claim for post-petition interest is allowed in any such
     case, proceeding or other action or under applicable law)) owing by each US
     Credit Party to the Other Creditors under, or with respect to (including
     all such obligations, indebtedness and liabilities of any US Credit Party
     under any guaranty of), any Interest Rate Protection Agreement or Other
     Hedging Agreement, whether such Interest Rate Protection Agreement or Other
     Hedging Agreement is now in existence or hereafter arising, and the due
     performance and compliance by each US Credit Party with all of the terms,
     conditions and agreements contained therein (all such obligations,
     liabilities and indebtedness under this clause (ii) being herein
     collectively called the "Other Obligations");

          (iii) the full and prompt payment when due (whether at the stated
     maturity, by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, indemnities, fees and interest
     thereon (including, without limitation, all interest that accrues after the
     commencement of any case, proceeding or other action relating to the
     bankruptcy, insolvency, reorganization or similar proceeding of any
     Assignor at the rate provided for in the respective documentation, whether
     or not a claim for post-petition interest is allowed in any such case,
     proceeding or other action or under applicable law)) owing by each US
     Credit Party to the Overdraft Creditors under, or with respect to, the
     Overdraft Agreement (including all such obligations, liabilities and
     indebtedness under the Overdraft Line and under each Overdraft Guaranty to
     which any US Credit Party is a party) (all such obligations, liabilities
     and indebtedness under this clause (iii) being herein collectively called
     the "Overdraft Obligations"); and

                                      -13-

<PAGE>

          (iv)  the full and prompt payment when due (whether at the stated
     maturity, by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, indemnities, fees and interest
     thereon (including, without limitation, all interest that accrues after the
     commencement of any case, proceeding or other action relating to the
     bankruptcy, insolvency, reorganization or similar proceeding of any US
     Credit Party at the rate provided for in the respective documentation,
     whether or not a claim for post-petition interest is allowed in any such
     case, proceeding or other action or under applicable law)) of each US
     Credit Party owing to the Junior First Lien Creditors, whether now existing
     or hereafter incurred under, arising out of, or in connection with the
     Additional Senior Secured Notes and the other Note Credit Documents
     (including all such obligations, indebtedness and liabilities of any US
     Credit Party under any guaranty constituting a Note Credit Document) and
     the due performance and compliance by each US Credit Party with all of the
     terms, conditions and agreements contained in the Additional Senior Secured
     Notes and in such other Note Credit Documents (all such obligations,
     liabilities and indebtedness under this clause (iv) being herein
     collectively called the "Junior First Lien Obligations");

it being acknowledged and agreed that the "Obligations" shall include extensions
of credit of the types described above, whether outstanding on the date of this
Agreement or extended from time to time after the date of this Agreement.

          "Other Creditors" shall have the meaning provided in the recitals to
this Agreement.

          "Other Obligations" shall have the meaning provided in clause (ii) of
the definition of "Obligations" appearing in this Section 9.

          "Overdraft Agreement" shall have the meaning provided in the recitals
to this Agreement.

          "Overdraft Creditors" shall have the meaning provided in the recitals
to this Agreement.

          "Overdraft Guaranty" shall have the meaning provided in the recitals
to this Agreement.

          "Overdraft Line" shall have the meaning provided in the recitals to
this Agreement.

          "Overdraft Obligations" shall have the meaning provided in clause
(iii) of the definition of "Obligations" appearing in this Section 9.

          "Remedial Actions" shall mean any claim, proceeding or action to
foreclose upon, take possession or control of, sell, lease or otherwise dispose
of, or in any other manner realize, take steps to realize or seek to realize
upon, the whole or any part of any Collateral, whether pursuant to the UCC, by
foreclosure, by setoff, by self-help repossession, by notification to account
debtors, by deed in lieu of foreclosure, by exercise of power of sale, by
judicial action or

                                      -14-

<PAGE>

otherwise, or the exercise of any other remedies with respect to any Collateral
available under any of the Security Documents, or under applicable law.

          "Required Bank Lender Creditors" shall mean the "Required Lenders"
under, and as defined in, the Bank Credit Agreement.

          "Required First Lien Creditors" shall mean (i) at any time when any
Bank Credit Document Obligations are outstanding or any Commitments or Letters
of Credit under the Bank Credit Agreement exist, the Required Bank Lender
Creditors (or, to the extent provided in Section 15.12 of the Bank Credit
Agreement, each of the Lenders), (ii) at any time after all of the Bank Credit
Document Obligations have been paid in full in cash in accordance with the terms
thereof and all Commitments and Letters of Credit under the Bank Credit
Agreement have been terminated, the holders of a majority of the Other
Obligations, and (iii) at any time after all Bank Credit Document Obligations
and Other Obligations have been paid in full in cash in accordance with the
terms thereof, all Interest Rate Protection Agreements and Other Hedging
Agreements entered into with an Other Creditor have been terminated and all
Commitments and Letters of Credit under the Bank Credit Agreement have been
terminated, the holders of a majority of the outstanding Overdraft Obligations.

          "Requisite Creditors" shall have the meaning provided in Section 14(a)
of this Agreement.

          "RPP USA" shall have the meaning provided in the recitals of this
Agreement.

          "Senior First Lien Creditor Pro Rata Share" shall have the meaning
provided in Section 3(b)(i) of this Agreement.

          "Senior First Lien Creditors" shall have the meaning provided in the
recitals to this Agreement.

          "Senior First Lien Obligations" shall mean all Bank Credit Document
Obligations, all Other Obligations and all Overdraft Obligations.

          "Senior First Lien Primary Obligations" shall mean (i) in the case of
the Bank Credit Document Obligations, all principal of, premium (if any), and
interest on, all Loans under the Bank Credit Agreement, all Unpaid Drawings that
may occur with respect to outstanding Letters of Credit under the Bank Credit
Agreement and all fees owing pursuant to the Credit Agreement, (ii) in the case
of Other Obligations, all amounts due under any Interest Rate Protection
Agreements or Other Hedging Agreements (other than indemnities, fees (including,
without limitation, attorneys' fees) and similar obligations and liabilities),
and (iii) in the case of the Overdraft Obligations, all principal of, premium
(if any), interest on, and regularly accruing fees with respect to, the
Overdraft Agreement.

          "Senior First Lien Secondary Obligations" shall mean all Senior First
Lien Obligations other than Senior First Lien Primary Obligations.

          "US Borrowers" shall have the meaning provided in the recitals to this
Agreement.

                                      -15-

<PAGE>

          "US Finance Corp." shall have the meaning provided in the recitals to
this Agreement.

          10.   Each party hereto hereby represents and warrants that (i) such
party has the power and authority to execute, deliver and perform the terms and
provisions of this Agreement and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement and (ii) such party
has duly executed and delivered this Agreement, and that this Agreement
constitutes its legal, valid and binding obligation enforceable in accordance
with its terms, except to the extent that the enforceability hereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws generally affecting creditors' rights and by equitable
principles (regardless of whether enforcement is sought in equity or at law).

          11.   Notices. Except as otherwise specified herein, all notices,
requests, demands or other communications to or upon the respective parties
hereto shall be in writing and shall be deemed to have been duly given or made
when delivered to the party to which such notice, request, demand or other
communication is required or permitted to be given or made under this Agreement,
addressed in the manner provided in the US Security Agreement.

          12.   GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF
THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS). ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF
NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFOREMENTIONED COURTS. EACH PARTY HEREBY FURTHER IRREVOCABLY
WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH
PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH
COURTS LACK PERSONAL JURISDICTION OVER SUCH PARTY. EACH PARTY FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET
FORTH IN THE US SECURITY AGREEMENT UNTIL ANOTHER ADDRESS IS PROVIDED IN
ACCORDANCE WITH THE US SECURITY AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 30
DAYS AFTER SUCH MAILING. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO
SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED

                                      -16-

<PAGE>

HEREUNDER THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE IF
IN CONFORMITY WITH THE FOREGOING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF PARTY
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER
JURISDICTION.

          (b)   EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE
COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

          (c)   EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT.

          13.   Miscellaneous. This Agreement shall be binding upon the US
Credit Parties and the First Lien Creditors and shall inure to the benefit of
and be enforceable by the successors and assigns of such Persons. Each of the
agreements and acknowledgments made by each First Lien Creditor is made on
behalf of itself and its successors and assigns and is deemed effective by
virtue of such First Lien Creditors acceptance of the benefits of the applicable
US Security Documents. The headings in this Agreement are for purposes of
reference only and shall not limit or define the meaning hereof. This Agreement
may be executed in any number of counterparts, each of which shall be an
original, but all of which shall constitute one instrument. In the event that
any provision of this Agreement shall prove to be invalid or unenforceable, such
provision shall be deemed to be severable from the other provisions of this
Agreement which shall remain binding on all parties hereto.

          14.   Amendment; Waiver. (a) None of the terms and conditions of this
Agreement or any of the defined terms contained in the US Security Agreement
that are incorporated herein pursuant to the terms of this Agreement (but only
insofar as such terms are used in this Agreement) may be amended, changed,
waived, modified or varied in any manner whatsoever unless in writing duly
signed by the Collateral Agent (with the consent of the Required First Lien
Creditors only); provided, (i) that any such amendment, change, waiver,
modification or variance (x) affecting the rights and benefits of a single Class
of Senior First Lien Creditors (and not all such Senior First Lien Creditors in
a like or similar manner) shall require the written consent of the Requisite
Creditors of such Class of Senior First Lien Creditors and (y) materially
adversely affecting the rights and benefits of the Junior First Lien Creditors
(and not all First Lien Creditors in a like or similar manner) shall require the
written consent of the Requisite Creditors of the Junior First Lien Creditors
unless such amendment is of the type described in Section 14(b) hereof, and (ii)
that any amendment, change, waiver, modification or variance to the extent
relating to any Additional Senior Secured Notes Lien Excluded Collateral

                                      -17-

<PAGE>

may be made without the consent of the Junior First Lien Creditors. For the
purpose of this Agreement, the term "Class" shall mean each class of First Lien
Creditors, i.e., whether (w) the Bank Lender Creditors as holders of the Bank
Credit Document Obligations, (x) the Other Creditors as the holders of the Other
Obligations, (y) the Overdraft Creditors as holders of the Overdraft Obligations
or (z) the Junior First Lien Creditors as holders of the Junior First Lien
Obligations. For the purpose of this Agreement, the term "Requisite Creditors"
of any Class shall mean (w) with respect to the Bank Credit Document
Obligations, the Required Bank Lender Creditors (or all of the Lenders if
required by Section 15.12 of the Credit Agreement), (x) with respect to the
Other Obligations, the holders of at least a majority of all obligations
outstanding from time to time under the Interest Rate Protection Agreements and
Other Hedging Agreements entered into with Other Creditors, (y) with respect to
the Overdraft Obligations, the holders of at least a majority of the outstanding
Overdraft Obligations and (z) with respect to the Junior First Lien Obligations,
the Additional Senior Secured Notes Trustee (acting at the direction of
Additional Senior Secured Noteholders holding at least a majority of the then
outstanding aggregate principal amount of Additional Senior Secured Notes).

          (b)   Notwithstanding anything to the contrary contained in this
Agreement and as permitted by the Note Credit Agreement, the Junior First Lien
Creditors hereby agree that the Required First Lien Creditors may at any time
and from time to time agree to amend, modify or supplement this Agreement and
each of the Security Documents to secure additional extensions of credit and add
new creditors as "Secured Creditors" under this Agreement and such Security
Documents (either as part of an existing class or as a newly created class), so
long as such amendments, modifications or supplements do not expressly violate
the provisions of the Bank Credit Agreement or the Note Credit Agreement, and to
the extent that any such amendment, modification or supplement to any of the
Security Documents would otherwise require the consent of all or any portion of
the Junior First Lien Creditors, such Junior First Lien Creditors shall give
such consent as provided in Section 2(iii) hereof.

          15.   Right to Amend, etc. As between the Junior First Lien Creditors
on the one hand and the Senior First Lien Creditors (including, without
limitation, the Lenders) on the other hand, it is agreed that the Senior First
Lien Creditors may at any time and from time to time, in their sole discretion,
and without any obligation to give any notice or receive any consent from the
Junior First Lien Creditors, (i) change the manner, place or terms of payment,
or change or extend the time of payment of, or renew, alter, refinance, increase
or add to the Senior First Lien Obligations, or (ii) obtain, release, or dispose
of any Collateral for the Senior First Lien Obligations, and the provisions of
this Agreement shall continue in full force and effect with respect to all such
Senior First Lien Obligations.

          16.   Further Assurances. Each First Lien Creditor agrees to take such
further action and shall execute and deliver to the Administrative Agent, the
Collateral Agent and the other First Lien Creditors such additional documents
and instruments (in recordable form, if requested) as the Collateral Agent or
the Required First Lien Creditors may reasonably request to effectuate the terms
of and agreements contemplated by this Agreement.

          17.   Additional US Credit Parties. It is understood and agreed that
any Subsidiary of Holdings that is a US Credit Party and is required to execute
a counterpart of the US Security Agreement after the date hereof pursuant to the
respective Secured Debt Agreements shall

                                      -18-

<PAGE>

execute a counterpart hereof and deliver the same to the Collateral Agent and
shall automatically become a party hereunder.

          18.   Termination. This Agreement shall terminate on the first date
upon which the (i) Total Commitment under the Bank Credit Agreement has been
terminated and all Interest Rate Protection Agreements and Other Hedging
Agreements entered into with any Other Creditors have been terminated and all
Other Obligations have been repaid in full in cash in accordance with the terms
thereof, no Note under the Bank Credit Agreement is outstanding and all Loans
and other Bank Credit Document Obligations thereunder have been repaid in full
in cash in accordance with the terms thereof and all Letters of Credit issued
under the Bank Credit Agreement have been terminated, and (ii) the Overdraft
Line has been terminated and all outstanding Overdraft Obligations thereunder
and under the Overdraft Agreement have been repaid in full in cash in accordance
with the terms thereof.

          19.   Inconsistent Provisions. If any provision of this Agreement or
any provision in any Security Document shall be inconsistent with, or contrary
to, any provision of the Note Credit Documents, then to the maximum extent
permitted under applicable law the provision in this Agreement and the
respective Security Documents shall be controlling, and shall supersede such
inconsistent provision to the extent necessary to give full effect to all
provisions contained in this Agreement and the Security Documents.

                                      * * *

                                      -19-

<PAGE>

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

                                          MORGAN STANLEY & CO., INCORPORATED,
                                          as Collateral Agent

                                          By: /s/ Eugene F. Martin
                                              ----------------------------------
                                              Title: Managing Director

                                          MORGAN STANLEY SENIOR FUNDING, INC.,
                                          as Administrative Agent on behalf of
                                          the Bank Lender Creditors

                                          By: /s/ Eugene F. Martin
                                              ----------------------------------
                                              Title: Vice President

                                          CITIBANK, N.A., as the Overdraft
                                          Creditor

                                          By: /s/ Frank Lowe
                                              ----------------------------------
                                              Title: Vice President

                                          THE BANK OF NEW YORK, as Additional
                                          Senior Secured Notes Trustee on its
                                          own behalf and for the benefit of the
                                          Junior First Lien Creditors

                                          By:  /s/ Timothy J. Shea
                                              ----------------------------------
                                              Title: Assistant Treasurer

<PAGE>

Acknowledged and Agreed to:

RESOLUTION PERFORMANCE PRODUCTS INC.

By:  /s/ Mark S. Antonvich
    ----------------------------------
    Title: Vice President and General
           Counsel

RESOLUTION PERFORMANCE PRODUCTS LLC

By:  /s/ Mark S. Antonvich
    ----------------------------------
    Title: Vice President and General
           Counsel

RPP CAPITAL CORPORATION

By:  /s/ Mark S. Antonvich
    ----------------------------------
    Title: Vice President and General
           Counsel<PAGE>

                                                                   Exhibit 10.60

                                       1
                                       DE/EvO/80042173
                                       First Deed of Pledge of Resolution Shares

On this, the twenty-second day of December two thousand three, appeared before
me, Bart Theodoor Derogee, civil-law notary in Rotterdam, the Netherlands: Elise
Martine van Oirschot, employed at the office of me, civil-law notary at 3014 DA
Rotterdam, the Netherlands, Weena 750, born at Rijssen, the Netherlands on the
fourteenth day of September nineteen hundred seventy-seven, acting for the
purposes hereof as attorney -- duly authorised in writing -- of:
A.   Resolution Performance Products LLC., a limited liability company organized
     under the laws of the State of Delaware, United States of America, having
     its registered office at CSC, 2711 Centerville Road, Suite 400, Wilmington,
     Delaware (DE) 19808, United States of America, hereinafter referred to as
     "RPP USA,";
B.   RPP Capital Corporation, a corporation organised and existing under the
     laws of Delaware, having its registered office at CSC, 2711 Centerville
     Road, Suite 400, Wilmington, Delaware DE 19808, United States of America,
     hereinafter referred to as "US Finance Corp";
C.   Resolution Holdings B.V., a private company with limited liability
     ("besloten vennootschap met beperkte aansprakelijkheid") organized and
     existing under the laws of the Netherlands, having its corporate seat at
     's-Gravenhage and its registered office at Vondelingenweg 601, 3196 KK
     Vondelingenplaat (Rotterdam), the Netherlands, trade register number
     27182096, hereinafter referred to as "Resolution Holdings";
D.   Resolution Europe B.V. (formerly known as Resolution Nederland B.V.), a
     private company with limited liability ("besloten vennootschap met beperkte
     aansprakelijkheid") organized and existing under the laws of the
     Netherlands, having its corporate seat at Rotterdam and its registered
     office at Vondelingenweg 601, 3196 KK Vondelingenplaat (Rotterdam), the
     Netherlands, trade register number 24294676, hereinafter referred to as
     "Resolution Europe";
E.   Resolution Research Nederland B.V., a private company with limited
     liability ("besloten vennootschap met beperkte aansprakelijkheid")
     organized and existing under the laws of the Netherlands, having its
     corporate seat at Rotterdam and its registered office at Vondelingenweg
     601, 3196 KK Vondelingenplaat (Rotterdam), the Netherlands, trade register
     number 27182782, hereinafter referred to as "Resolution Research";
The entities sub A and C are hereinafter referred to as a "Pledgor", and
together as the "Pledgors";
F.   Morgan Stanley & Co., Incorporated, a company organized and existing under
     the laws of Delaware, United States of America, having its corporate seat
     at 1585 Broadway, New York, NY 10036, United States of America, which in
     its turn is acting for the purposes hereof in its capacity

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                                       2
                                       DE/EvO/80042173

     as Collateral Agent as defined in the Credit Agreement as hereinafter
     defined but in such capacity acting on its own behalf (voor zich) and not
     as agent or trustee for any other person other than when explicitly
     otherwise provided for herein (hereinafter referred to as the "Collateral
     Agent"); and
G.   The Bank of New York, a New York banking corporation organized and existing
     under the laws of New York, United States of America, having a corporate
     trust office at 101 Barclay Street - 8W, New York, New York, 10286, United
     States of America, which in its turn is acting for the purposes hereof in
     its capacity as Trustee as defined in the Indenture, hereinafter referred
     to as the "Additional Senior Secured Notes Trustee".
The person appearing declared as follows:
WHEREAS
-------
(A)  Capitalized terms used but not defined in this deed of pledge shall have
     the meanings given to them in the Credit Agreement dated as of the
     fourteenth day of November two thousand, among Resolution Performance
     Products, Inc., Resolution Performance Products LLC, RPP Capital
     Corporation, Resolution Europe B.V. (formerly known as Resolution Nederland
     B.V.), the Lenders (as defined therein), Citigroup Global Markets Inc.
     (formerly known as Salomon Smith Barney, Inc.) as Syndication Agent,
     JPMorgan Chase Bank (formerly known as Morgan Guaranty Trust Company of New
     York) as Documentation Agent and Morgan Stanley Senior Funding, Inc. as
     Administrative Agent, Lead Arranger and Sole Book Manager, as the same may
     be amended, modified, varied, supplemented, novated or restated from time
     to time (including, without limitation, by way of increase of the
     facilities made available thereunder and including, but not limited to, as
     amended pursuant to the Fifth Amendment dated as of the fifteenth day of
     December two thousand three), hereinafter referred to as the "Credit
     Agreement";
(B)  The Credit Agreement provides for the making of Loans to the Borrowers and
     the issuance of, and participation in, Letters of Credit for the account of
     the Borrowers, all as contemplated therein (the Lenders, the Syndication
     Agent, the Documentation Agent, the Lead Arranger, the Administrative Agent
     and the Collateral Agent herein collectively called the "Lender
     Creditors");
(C)  RPP USA, one or more Wholly-Owned Subsidiaries of RPP USA and JP Morgan
     Chase Bank (or any successor by merger thereto) and/or one or more of its
     banking affiliates or another bank reasonably satisfactory to the
     Administrative Agent (collectively, the "Overdraft Creditors" and, together
     with the Lender Creditors and the Other Creditors, as hereinafter

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                                       3
                                       DE/EvO/80042173

     defined, the "Secured Creditors") have entered into a, or in the future may
     enter into, a credit arrangement (as amended, modified, supplemented,
     replaced or refinanced from time to time, the "Overdraft Agreement"),
     providing for (i) the extension of a line of credit or an overdraft
     facility (the "Overdraft Line") to RPP USA and such Wholly-Owned
     Subsidiaries in the aggregate principal amount not to exceed twenty million
     United States Dollars (U.S. $20,000,000.--) at any time outstanding and
     (ii) the guaranty by the respective Pledgors of the obligations of one
     another thereunder (although no Foreign Subsidiary shall guaranty the
     obligations of RPP USA or a Domestic Subsidiary thereunder) (each, an
     "Overdraft Guaranty" and, collectively, the "Overdraft Guarantees");
(D)  the Borrowers have entered into, or in the future may enter into may from
     time to time enter into one or more (i) interest rate protection agreements
     (including, without limitation, interest rate swaps, caps, floors, collars,
     hedging and similar agreements or arrangements), (ii) foreign exchange
     contracts, currency swap agreements, commodity agreements or other similar
     agreements or arrangements designed to protect against fluctuations in
     currency or commodity values and/or (iii) other types of hedging agreements
     from time to time (each such agreement or arrangement with an Other
     Creditor (as hereinafter defined), an "Interest Rate Protection Agreement
     or Other Hedging Agreement"), with Morgan Stanley Senior Funding, Inc., any
     Lender, or an affiliate of Morgan Stanley Senior Funding, Inc. or any such
     Lender (Morgan Stanley Senior Funding, Inc., any such Lender or Lenders or
     affiliate or affiliates of Morgan Stanley Senior Funding, Inc. or such
     Lender or Lenders (even if Morgan Stanley Senior Funding, Inc. or any such
     Lender ceases to be a Lender under the Credit Agreement for any reason) and
     their subsequent successors and assigns, collectively, the "Other
     Creditors");
(E)  pursuant to the Foreign Subsidiaries Guaranty executed and delivered by it,
     each of the Companies, other than Resolution Europe, has agreed
     unconditionally and irrevocably, and jointly and severally, to guaranty as
     primary obligor and not merely as surety the Guaranteed Obligation as
     described therein;
(F)  it is a condition to (i) the continued making of Loans to the Borrowers
     under the Credit Agreement, (ii) the Other Creditors continuing to enter
     into Interest Rate Protection Agreements or Other Hedging Agreements and
     (iii) the extension of the Overdraft Line pursuant to the Overdraft
     Agreement, that each Pledgor shall have executed and delivered to the
     Collateral Agent this Deed;
(G)  each Pledgor will obtain benefits from the continued incurrence of Loans

<PAGE>

                                       4
                                       DE/EvO/80042173

     and, in the case of RPP USA, also from the continued issuance of Letters of
     Credit, under the Credit Agreement, the extension of the Overdraft Line
     pursuant to the Overdraft Agreement and the entering into of Interest Rate
     Protection Agreements or Other Hedging Agreements and, accordingly, each
     Pledgor desires to execute this Deed to satisfy the conditions described in
     the preceding paragraph;
(H)  the US Borrowers and the Additional Senior Secured Notes Trustee have
     entered into an Additional Senior Secured Notes Indenture dated as of the
     twenty-second day of December two thousand three, providing for the
     issuance of the eight per cent (8%) Notes due two thousand nine (2009) by
     the US Borrowers (as the same may be amended, modified, varied,
     supplemented, novated or restated from time to time, hereinafter the
     "Indenture");
(I)  pursuant to Section 43 of the Fifth Amendment to the Credit Agreement dated
     as of the fifteenth day of December two thousand three, the Lender
     Creditors have authorized the Collateral Agent, inter alia, to accept
     security for the obligations of the US Borrowers in respect of the
     Additional Senior Secured Note Documents;
(J)  RPP USA is holder of four-hundred (400) ordinary shares, with a par value
     of one-thousand Netherlands Guilders (NLG 1,000.--) each, numbered 1 up to
     and including 400 in the share capital of Resolution Holdings;
(K)  Resolution Holdings is holder of (i) one-hundred (100) ordinary shares,
     with a par value of one-thousand euros (EUR 1,000.--) each, numbered 1 up
     to and including 100, in the share capital of Resolution Europe, and (ii)
     forty (40) ordinary shares, with a par value of one-thousand Netherlands
     Guilders (NLG 1,000.--) each, numbered 1 up to and including 40, in the
     share capital of Resolution Research;
(L)  the Articles of Association of each Company permit the creation of a pledge
     on the Shares of that Company;
(M)  the Articles of Association of each Company do not explicitly permit a
     transfer of voting rights to a Pledgee of shares in its capital, but
     pursuant to Article 2:198 NCC transfer of voting rights is possible if so
     provided on the establishment of the pledge and if the establishment of the
     pledge is approved by the general meeting of shareholders;
(N)  the Pledgors as sole shareholders of the Companies have resolved to give
     the legally required approval for the vesting of this pledge, including the
     transfer of voting rights.
The person appearing, acting in said capacities, declared that in consideration
of the premises contained herein, the parties hereto agree as follows:
1.   Definitions
----------------
1.1  In this Deed, the following terms shall have the following meaning:

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                                       5
                                       DE/EvO/80042173

     "Additional Senior Secured Noteholders" means the holders of the Additional
     Senior Secured Notes.
     "Borrowers" means the US Borrowers and the Dutch Borrower.
     "Company" means Resolution Holdings, Resolution Europe or Resolution
     Research, as the case may be.
     "Deed" means this deed of pledge of shares, as the same may be modified,
     supplemented or amended from time to time in accordance with its terms.
     "Dutch Borrower" means Resolution Europe B.V. (formerly known as Resolution
     Nederland B.V.)
     "Future Europe Shares" means any shares in the capital of Resolution Europe
     acquired by Resolution Holdings after the date thereof.
     "Future Holdings Shares" means any and all shares in the capital of
     Resolution Holdings that RPP USA shall acquire after the date of this Deed,
     which shares together with the Present Holdings Shares represent 65% (or
     such number that most closely approaches 65% without exceeding it) of the
     total issued shares in the share capital of Resolution Holdings and which
     shares shall, for identification purposes, each time be the shares with the
     lowest share numbering of all shares comprised in the relevant acquisition.
     "Future Research Shares" means any shares in the capital of Resolution
     Research acquired by Resolution Holdings after the date hereof.
     "Future Shares" means the Future Holdings Shares, the Future Total Holdings
     Shares, the Future Europe Shares and the Future Research Shares,
     collectively.
     "Future Total Holdings Shares" means any shares in the capital of
     Resolution Holdings acquired by RPP USA after the date hereof.
     "Indenture" has the meaning ascribed thereto in recital (H)
     "Intercreditor Agreement" shall mean the Intercreditor Agreement, dated as
     of the twenty-second day of December two thousand three, among the
     Additional Senior Secured Notes Trustee, the Administrative Agent, the
     Collateral Agent and the Overdraft Creditors, and acknowledged and agreed
     to by the US Credit Parties from time to time party thereto, as amended,
     modified, restated, supplemented or replaced from time to time in
     accordance with the terms thereof, including, without limitation, any
     intercreditor or similar agreement with respect to any refinancing,
     replacement or restructuring (including, without limitation, any such
     agreement increasing the amount of indebtedness referred to therein or
     adding additional parties thereto) with respect to all or any portion of
     the indebtedness referenced in such agreement.
     "NCC" means the Netherlands Civil Code ("Burgerlijk Wetboek").
     "Noteholders' Portion" means at the relevant time those shares with the

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                                       6
                                       DE/EvO/80042173

     lowest numbering of the Present Holdings Shares together with any Future
     Holdings Shares, if any, of which the aggregate principal amount, par
     value, book value as carried by RPP USA or the market value as determined
     by RPP USA's board of directors, whichever is the greatest, as such terms
     are interpreted by the SEC under Rule 3-10 or Rule 3-16 of Regulation S-X
     under the Securities Act of 1933, as amended (the "Securities Act"), that
     equal nineteen point ninety-nine per cent (19.99%) (or such number as most
     closely approaches nineteen point ninety-nine per cent (19.99%) without
     exceeding it) of the aggregate principal amount of the Additional Senior
     Secured Notes outstanding at such time.
     "Parallel Debt A" has the meaning provided in Section 3.1 of this Deed.
     "Parellel Debt B" has the meaning provided in Section 4.1 of this Deed.
     "Parallel Debt C" has the meaning provided in Section 5.1 of this Deed.
     "Present Holdings Shares" means sixty-five per cent (65%) of the Total
     Holdings Shares, being two hundred and sixty (260) shares, the shares
     numbered 1 up to and including 260.
     "SEC" means the Securities and Exchange Commission.
     "Secured Indebtedness A" means, collectively, the Secured Obligations A,
     the Parallel Debt A and the payment obligations under this Deed in respect
     of any costs relating to the foreclosure (in Dutch: "kosten van executie")
     of this Deed, each to the extent such obligations consist of a monetary
     payment obligation (in Dutch: "vordering tot voldoening van een geldsom").
     "Secured Indebtedness B" means, collectively, the Secured Obligations B,
     the Parallel Debt B and the payment obligations under this Deed in respect
     of any costs relating to the foreclosure (in Dutch: "kosten van executie")
     of this Deed, each to the extent such obligations consist of a monetary
     payment obligation (in Dutch: "vordering tot voldoening van een geldsom").
     "Secured Indebtedness C" means, collectively, the Secured Obligations C,
     the Parallel Debt C and the payment obligations under this Deed in respect
     of any costs relating to the foreclosure (in Dutch: "kosten van executie")
     of this Deed, each to the extent such obligations consist of a monetary
     payment obligation (in Dutch: "vordering tot voldoening van een geldsom").
     "Secured Obligations A" shall mean for each Borrower:
     (i)    the full and prompt payment when due (whether at the stated
            maturity, by acceleration or otherwise) of all monetary obligations,
            liabilities and indebtedness (including, without limitation,
            indemnities, fees and interest thereon, including, without
            limitation, all interest that accrues after the

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                                       7
                                       DE/EvO/80042173

            commencement of any case, proceeding or other action relating to the
            bankruptcy, insolvency, reorganization or similar proceeding of any
            Borrower at the rate provided for in the respective documentation,
            whether or not a claim for post-petition interest is allowed in any
            such proceeding or applicable law) of a Borrower to the Lender
            Creditors, whether now existing or hereafter incurred under, arising
            out of, or in connection with the Credit Agreement and the other
            Credit Documents to which such Borrower is a party (including all
            such obligations and indebtedness of such Borrower under any
            Guaranty to which it is a party); and the due performance and
            compliance by such Borrower with all of the terms, conditions and
            agreements contained in the Credit Agreement and the other Credit
            Documents to which such Borrower is a party;
     (ii)   the full and prompt payment when due (whether at the stated
            maturity, by acceleration or otherwise) of all monetary obligations,
            liabilities and indebtedness (including, without limitation,
            indemnities, fees and interest thereon, including, without
            limitation, all interest that accrues after the commencement of any
            case, proceeding or other action relating to the bankruptcy,
            insolvency, reorganization or similar proceeding of any Borrower at
            the rate provided for in the respective documentation, whether or
            not a claim for post-petition interest is allowed in any such
            proceeding or applicable law) owing by a Borrower to the Overdraft
            Creditors under, or with respect to, the Overdraft Line (including
            all such obligations, liabilities and indebtedness under each
            Guaranty to which such Pledgor is a party); and the due performance
            and compliance by such Borrower with all of the terms, conditions
            and agreements contained in the Overdraft Agreement;
     (iii)  the full and prompt payment when due (whether at the stated
            maturity, by acceleration or otherwise) of all monetary obligations
            and liabilities, (including, without limitation, all interest that
            accrues after the commencement of any case, proceeding or other
            action relating to the bankruptcy, insolvency, reorganization or
            similar proceeding of any Borrower at the rate provided for in the
            respective documentation, whether or not a claim for post-petition
            interest is allowed in any such proceeding or applicable law) owing
            by such Borrower to the Other Creditors under, or with respect to
            (including by reason of any Guaranty to which it is a party), any
            Interest Rate Protection Agreement or Other Hedging Agreement,
            whether such Interest

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                                       8
                                       DE/EvO/80042173

            Rate Protection Agreement or Other Hedging Agreement is now in
            existence or hereafter arising; and the due performance and
            compliance by such Borrower with all of the terms, conditions and
            agreements contained in any Interest Rate Protection Agreement or
            Other Hedging Agreements;
     (iv)   any and all sums advanced by the Collateral Agent in order to
            preserve the Shares or preserve the security interests hereby
            created;
     (v)    in the event of any proceeding for the collection or enforcement of
            any indebtedness, obligations or liabilities of a Borrower referred
            to in clauses (i), (ii), (iii) and (iv) above, after an Event of
            Default (which term to mean and include any Event of Default under,
            and as defined in, the Credit Agreement or (i) any payment default
            under any Interest Rate Protection Agreement or Other Hedging
            Agreement or the Overdraft Agreement and (ii) after the payment in
            full of the Credit Document Obligations and the Other Obligations,
            any "Event of Default" (or similar term) under, and as defined in,
            the Overdraft Agreement) shall have occurred and be continuing, the
            reasonable expenses of retaking, holding, preparing for sale,
            selling or otherwise disposing of or realizing on the Shares, or of
            any exercise by its rights hereunder, together with reasonable
            attorney's fees and court costs; and
     in each case other than the Parallel Debt A, the Secured Indebtedness B,
     the Secured Indebtedness C and any other obligation pursuant to this Deed.
     "Secured Obligations B" means for each US Borrower (i) the full and prompt
     payment when due (whether at the stated maturity, by acceleration or
     otherwise) of all obligations, liabilities and indebtedness (including,
     without limitation, indemnities, fees and interest thereon (including,
     without limitation, all interest that accrues after the commencement of any
     case, proceeding or other action relating to the bankruptcy, insolvency,
     reorganization or similar proceeding of any US Borrower at the rate
     provided for in the respective documentation, whether or not a claim for
     post-petition interest is allowed in any such proceeding or applicable
     law)) of such US Borrower owing to the Additional Senior Secured
     Noteholders, whether now existing or hereafter incurred under, arising out
     of, or in connection with the Additional Senior Secured Notes and the
     Indenture to which such US Borrower is a party and the due performance and
     compliance by such US Borrower with all of the terms, conditions and
     agreements contained in the Additional Senior Secured Notes and in the
     Indenture, (ii) any and all sums advanced by the Collateral Agent in order
     to preserve the Shares or

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                                       9
                                       DE/EvO/80042173

     preserve the security interests hereby created and (iii) in the event of
     any proceeding for the collection or enforcement of any indebtedness,
     obligations or liabilities of a US Borrower referred to in clauses (i) and
     (ii) above, after an Event of Default (which term to mean and include any
     Event of Default under, and as defined in, the Indenture, the reasonable
     expenses of retaking, holding, preparing for sale, selling or otherwise
     disposing of or realizing on the Shares, or of any exercise by its rights
     hereunder, together with reasonable attorney's fees and court costs,
     in each case other than the Parallel Debt B, the Secured Indebtedness A,
     the Secured Indebtedness C and any other obligation pursuant to this Deed.
     "Secured Obligations C" means the Dutch Guaranteed Obligations, as defined
     in the Credit Agreement, other than the Parallel Debt C and any other
     obligation pursuant to this Deed.
     "Shares" means the Total Shares and the Future Shares.
     "Total Europe Shares" means one-hundred (100) ordinary shares, with a par
     value of one thousand Euros (EUR 1,000.00) each, numbered 1 up to and
     including 100, in the share capital of Resolution Europe.
     "Total Holdings Shares" means four-hundred (400) ordinary shares, with a
     par value of one thousand Netherlands Guilders (NLG 1,000.00) each,
     numbered 1 up to and including 400 in the share capital of Resolution
     Holdings.
     "Total Research Shares" means forty (40) ordinary shares, with a par value
     of one thousand Netherlands Guilders (NLG 1,000.00) each, numbered 1 up to
     and including 40, in the share capital of Resolution Research.
     "Total Shares" means the Total Holdings Shares, the Total Europe Shares and
     the Total Research Shares, collectively.
     "US Borrowers" means RPP USA and US Finance Corp.
1.2  (a)    References to Articles are to be construed as references to Articles
            of this Deed.
     (b)    Words importing the singular shall include the plural and vice versa
            and persons shall include bodies corporate and other legal entities
            and vice versa.
     (c)    Headings are for convenience only and shall not affect the
            construction hereof.
     (d)    References to any party or other person shall be deemed to be
            references to or to include, as appropriate, their respective
            successors and permitted transferees and assigns.
     (e)    References to the Credit Agreement shall be deemed to include
            references to that agreement as it may be amended (including any

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                                       10
                                       DE/EvO/80042173

            amendment and restatement), modified, novated, supplemented or
            restated from time to time (including, any
            agreement extending the maturity of, refinancing, replacing or
            otherwise restructuring (including increasing the amount of
            available borrowings thereunder) all or any portion of the debt
            under such agreement or any successor or replacement agreement and
            whether by the same or any other agent, lender or group of lenders),
            and references to the Secured Obligations A and Parallel Debt A
            shall be deemed to include any and all monetary obligations,
            liabilities and indebtedness which any of the Borrowers may have
            under or in connection with the Credit Agreement as the same may be
            so amended, modified, novated, supplemented or restated from time to
            time.
2.   Creation of Pledge on Shares
---------------------------------
2.1  In order to secure the Secured Indebtedness A, RPP USA agrees to pledge and
     pledges ("verpandt") the Present Holdings Shares and agrees to pledge and
     pledges in advance ("bij voorbaat") the Future Holdings Shares to the
     Collateral Agent. The Collateral Agent hereby agrees to accept and accepts
     this right of pledge.
2.2  In order to secure the Secured Indebtedness B, RPP USA agrees to pledge and
     pledges ("verpandt") to the Collateral Agent (i) the Noteholders' Portion
     and (ii) subject to the suspensive condition ("opschortende voorwaarde")
     from time to time that the number of shares pledged under this Article 2.2
     to secure the Secured Indebtedness B is less than the Noteholders' Portion,
     such Present Holdings Shares and, in advance ("bij voorbaat") such Future
     Holdings Shares, if any, as are necessary from time to time to achieve that
     the number of shares pledged under this Article 2.2 to secure the Secured
     Indebtedness B, equals the Noteholders' Portion, which shares shall be each
     time the shares unencumbered pursuant to this Article 2.2. with the lowest
     share numbering. Such right of pledge to be effective each time the
     suspensive condition is fulfilled. The Collateral Agent hereby agrees to
     accept and accepts, and as far as the Future Holdings Shares are concerned,
     accepts in advance, such rights of pledge. Under the suspensive condition
     ("opschortende voorwaarde") from time to time that the Present Holdings
     Shares together with the Future Holdings Shares, if any, pledged pursuant
     to this Article 2.2, are in excess of the Noteholders' Portion, the
     Collateral Agent herewith releases ("doet afstand van") the right of pledge
     on such shares and RPP USA herewith accepts such release. Such release
     shall be effective each time such excess has occurred, shall each time
     concern the shares with the highest share numbering of the shares
     encumbered pursuant to Article 2.2 and shall only concern the rights of

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                                       11
                                       DE/EvO/80042173

     pledge created as security for the Secured Indebtedness B.
2.3  Subject to the suspensive condition hereafter described, the Collateral
     Agent hereby releases ("doet afstand van"), and RPP USA hereby accepts such
     release, the right of pledge created pursuant to Article 2.2 on those
     Present Holdings Shares and/or Future Holdings Shares which right of pledge
     triggers a requirement to file with the SEC (or any other governmental
     agency) separate financial statements of Resolution Holdings in the event
     that Rule 3-10 or Rule 3-16 of Regulation S-X under the Securities Act is
     amended, modified or interpreted by the SEC to require (or is replaced with
     another rule or regulation, or any other law, rule or regulation is
     adopted, which would require), such filing. This release is granted under
     the suspensive condition ("opschortende voorwaarde") from time to time that
     a filing requirement as described in the preceding sentence has become
     effective. The release shall only release the rights of pledge on that
     number of shares which trigger the requirement to file, shall each time
     concern the shares with the highest share numbering of the shares
     encumbered pursuant to Article 2.2 and shall only concern the right of
     pledge created as security for the Secured Indebtedness B.
2.4  In order to secure the Secured Indebtedness C, RPP USA agrees to pledge and
     pledges ("verpandt") the Total Holdings Shares and agrees to pledge and
     pledges in advance ("bij voorbaat") the Future Total Holdings Shares to the
     Collateral Agent. The Collateral Agent hereby agrees to accept and accepts
     this right of pledge.
2.5  The parties acknowledge and agree that the rights of pledge created in
     Article 2.1, Article 2.2 and Article 2.3 of this Deed on shares in the
     share capital of Resolution Holdings are equal in rank, each right of
     pledge being a first priority right of pledge.
2.6  In order to secure the Secured Indebtedness A, other than obligations of
     the US Borrowers under the Credit Agreement or under this Deed, Resolution
     Holdings agrees to pledge and pledges ("verpandt") the Total Europe Shares
     and the Total Research Shares and agrees to pledge and pledges in advance
     ("bij voorbaat") the Future Europe Shares and the Future Research Shares to
     the Collateral Agent. The Collateral Agent hereby agrees to accept and
     accepts these rights of pledge.
2.7  Upon acquisition of the Future Holdings Shares and/or the Future Total
     Holdings Shares, each of RPP USA and Resolution Holdings shall, at its own
     expense, execute such agreements, deeds, confirmations and notices, give
     such assurances and do all such acts and things as the Collateral Agent may
     reasonably require to create or perfect the Collateral Agent's security
     rights in respect of the Future Holdings Shares and the Future Total
     Holdings Shares all on the same terms and

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                                       12
                                       DE/EvO/80042173

     conditions as provided for in this Deed. Upon acquisition of the Future
     Europe Shares or the Future Research Shares, each of Resolution Holdings
     and, Resolution Europe or Resolution Research, respectively, shall, at its
     own expense, execute such agreements, deeds, confirmations and notices,
     give such assurances and do all such acts and things as the Collateral
     Agent may reasonably require to create or perfect the Collateral Agent's
     security rights in respect of the Future Europe Shares or the Future
     Research Shares all on the same terms and conditions as provided for in
     this Deed.
3.   Parallel Debt A
--------------------
3.1  Each of the Borrowers hereby irrevocably and unconditionally undertakes to
     pay to the Collateral Agent an amount equal to the aggregate amount payable
     ("verschuldigd") by such Borrower in respect of its Secured Obligations A
     as they may exist from time to time. The payment undertaking of each
     Borrower under this Article 3.1 is hereinafter to be referred to as
     "Parallel Debt A". Each Parallel Debt A will be payable in the currency or
     currencies of the relevant Secured Obligations A.
3.2  Each Parallel Debt of a Borrower will become due and payable ("opeisbaar")
     on the date on which one or more of the Secured Obligations A of such
     Borrower become due and payable.
3.3  Each of the parties to this Agreement, and the Collateral Agent (pursuant
     to the written power of attorney contained in Section 12.11 of the Credit
     Agreement also on behalf of the Lender Creditors), hereby acknowledges
     that:
     a.     each Parallel Debt A constitutes an undertaking, obligation and
            liability of the relevant Borrower to the Collateral Agent which is
            separate and independent from, and without prejudice to, the Secured
            Obligations A; and
     b.     each Parallel Debt A represents the Collateral Agent's own separate
            and independent claim ("eigen en zelfstandige vordering") to receive
            payment of such Parallel Debt A from the relevant Borrower,
     it being understood, in each case, that pursuant to Article 3.1 the amount
     which may become payable by a Borrower as its Parallel Debt A shall never
     exceed the total of the amounts which are payable under the Secured
     Obligations A of such Borrower.
3.4  For the avoidance of doubt, each of the parties to this Agreement and the
     Collateral Agent (pursuant to the written power of attorney contained in
     Section 12.11 of the Credit Agreement also on behalf of the Secured
     Creditors) confirm that in accordance with Articles 3.1 and 3.3 the claim
     of the Collateral Agent against a Borrower in respect of a Parallel Debt

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                                       13
                                       DE/Evo/80042173

     A and the claims of anyone or more of the Secured Creditors against such
     Borrower in respect of the Secured Obligations A payable by such Secured
     Creditors do not constitute common property ("een gemeenschap") within the
     meaning of Article 3:166 NCC and that the provisions relation to such
     common property shall not apply. If, however, it shall be held that such
     claim of the Collateral Agent and such claims of anyone or more of such
     Secured Creditors do constitute common property and such provisions do
     apply, the parties to this Agreement agree that the US Security Agreement
     shall constitute the administration agreement ("beheersregeling") within
     the meaning of Article 3:168 NCC.
3.5  To the extent the Collateral Agent irrevocably ("onaantastbaar") receives
     any amount in payment of the Parallel Debt A of a Borrower, the Collateral
     Agent shall distribute such amount among the Secured Creditors who are
     creditors of the Secured Obligations A of such Borrower in accordance with
     the Intercreditor Agreement, provided that amounts payable in respect of
     clauses (iv) and (v) of the definition of Secured Obligations A shall be
     distributed in accordance with Section 9.4 of the US Security Agreement.
     Upon irrevocable ("onaantastbaar") receipt by the Collateral Agent of any
     amount in payment of the Parallel Debt A of a Borrower ("Received Amount"),
     the Secured Obligations A of the relevant Secured Creditors shall, for the
     purposes of this Parallel Debt A, be reduced by amounts totalling an amount
     ("Deductible Amount") equal to the Received Amount in the manner as if the
     Deductible Amount were received as a payment of the Secured Obligations A
     on the date of receipt by the Collateral Agent of the Received Amount.
4.   Parallel Debt B
--------------------
4.1  The US Borrowers hereby irrevocable and unconditionally undertake to pay to
     the Collateral Agent an amount equal to the aggregate amount payable (in
     Dutch: "verschuldigd") by the US Borrowers to the Additional Senior Secured
     Noteholders in respect of the Secured Obligations B as they may exist from
     time to time. The payment undertaking of each US Borrower to the Collateral
     Agent under this Article 4 is hereinafter to be referred to as "Parallel
     Debt B". Each Parallel Debt B will be payable in the currency of the
     relevant Secured Obligations B.
4.2  Each Parallel Debt B of a US Borrower will become due and payable (in
     Dutch: "opeisbaar") on the date on which one or more of the Secured
     Obligations B become due and payable.
4.3  The US Borrowers, the Additional Senior Secured Notes Trustee, and the
     Collateral Agent hereby acknowledge, and the other Additional Senior

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                                       14
                                       DE/Evo/80042173

     Secured Noteholders (pursuant to Section 10.1(b) of the Indenture) have
     acknowledged that:
     a.   each Parallel Debt B constitutes an undertaking, obligation and
          liability of the US Borrowers to the Collateral Agent which is
          separate and independent from, and without prejudice to, the Secured
          Obligations B; and
     b.   each Parallel Debt B represents the Collateral Agent's own separate
          and independent claim (in Dutch: "eigen en zelfstandige vordering") to
          receive payment of the Parallel Debt B from the US Borrowers;
     it being understood that the amount which may become payable by a US
     Borrower as its Parallel Debt B shall never exceed the total of the amounts
     which are payable under the Secured Obligations B of such US Borrower.
4.4  For the avoidance of doubt, the US Borrowers, the Additional Senior Secured
     Notes Trustee, and the Collateral Agent acknowledge and the other
     Additional Senior Secured Noteholders (pursuant to Section 10.1(b) of the
     Indenture) have acknowledged that the claim of the Collateral Agent against
     a US Borrower in respect of a Parallel Debt B and the claims of any one or
     more of the Additional Senior Secured Noteholders against such US Borrower
     in respect of the Secured Obligations B do not constitute common property
     and that the provisions under the NCC relating to such common property
     shall not apply. If, however, it shall be held that such claim of the
     Collateral Agent and such claim of any one or more of such Additional
     Senior Secured Noteholders do constitute common property and such
     provisions apply, the US Borrowers, the Additional Senior Secured Notes
     Trustee, and the Collateral Agent agree and the other Additional Senior
     Secured Noteholders (pursuant to Section 10.1(b) of the Indenture) have
     agreed that the US Security Agreement shall constitute the administration
     agreement of such common property.
4.5  To the extent the Collateral Agent irrevocably (in Dutch: "onaantastbaar")
     receives any amount in payment of the Parallel Debt B of a US Borrower, the
     Collateral Agent shall distribute such amount among the Additional Senior
     Secured Noteholders in accordance with the Intercreditor Agreement. The
     Additional Senior Secured Notes Trustee agrees, and the other Additional
     Senior Secured Noteholders (pursuant to Section 10.1(b) of the Indenture)
     have agreed, that upon irrevocable (in Dutch: "onaantastbaar") receipt by
     the Collateral Agent of any amount in payment of the Parallel Debt B of a
     US Borrower ("Received Amount"), the Secured Obligations B of the
     Additional Senior Secured Noteholders shall be reduced by amounts totalling
     an amount ("Deductible Amount")

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                                       15
                                       DE/Evo/80042173

     equal to the Received Amount in the manner as if the Deductible Amount were
     received as a payment of the Secured Obligations B on the date of receipt
     by the Collateral Agent of the received amount.
5.   Parallel Debt C
--------------------
5.1  The Dutch Borrower hereby irrevocable and unconditionally undertakes to pay
     to the Collateral Agent an amount equal to the aggregate amount payable (in
     Dutch: "verschuldigd") by it to the Secured Creditors in respect of the
     Secured Obligations C as they may exist from time to time. The payment
     undertaking of the Dutch Borrower to the Collateral Agent under this
     Article 5 is hereinafter to be referred to as the "Parallel Debt C". The
     Parallel Debt C will be payable in the currency of the relevant Secured
     Obligations C.
5.2  The Parallel Debt C will become due and payable (in Dutch: "opeisbaar") on
     or after the date and to the extent one or more of the Secured Obligations
     C become due and payable.
5.3  The Dutch Borrower and the Collateral Agent (pursuant to the written power
     of attorney contained in Section 12.11 of the Credit Agreement also on
     behalf of the Secured Lenders), hereby acknowledges that:
     a.   the Parallel Debt C constitutes an undertaking, obligation and
          liability of the Dutch Borrower to the Collateral Agent which is
          separate and independent from, and without prejudice to, the Secured
          Obligations C; and
     b.   the Parallel Debt C represents the Collateral Agent's own separate and
          independent claim (in Dutch: "eigen en zelfstandige vordering") to
          receive payment of the Parallel Debt C from the Dutch Borrower;
     it being understood that the amount which may become payable by the Dutch
     Borrower as Parallel Debt C shall never exceed the total of the amounts
     which are payable under the Secured Obligations C.
5.4  For the avoidance of doubt, the Dutch Borrower and the Collateral Agent
     (pursuant to the written power of attorney contained in Section 12.11 of
     the Credit Agreement) also on behalf of the Secured Creditors, acknowledge
     that the claim of the Collateral Agent against the Dutch Borrower in
     respect of the Parallel Debt C and the claims of any one or more of the
     Secured Creditors against the Dutch Borrower in respect of the Secured
     Obligations C do not constitute common property and that the provisions
     under the NCC relating to such common property shall not apply. If,
     however, it shall be held that such claim of the Collateral Agent and such
     claims of anyone or more of such Secured Creditors do constitute common
     property and such provisions do apply, the parties to this Agreement agree
     that the US Security Agreement shall constitute the

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                                       16
                                       DE/Evo/80042173

     administration agreement ("beheersregeling") within the meaning of Article
     3:168 NCC.
 5.5 To the extent the Collateral Agent irrevocably ("onaantastbaar") receives
     any amount in payment of the Parallel Debt C of the Dutch Borrower, the
     Collateral Agent shall distribute such amount among the Secured Creditors
     who are creditors of the Secured Obligations C of such Borrower in
     accordance with Section 9.4 (other than 9.4(a)(iv) and (v)) of the US
     Security Agreement relating to the distribution of proceeds. Upon
     irrevocable ("onaantastbaar") receipt by the Collateral Agent of any amount
     in payment of the Parallel Debt C of the Dutch Borrower ("Received
     Amount"), the Secured Obligations C of the relevant Lender(s) shall, for
     the purposes of this Parallel Debt C, be reduced by amounts totalling an
     amount ("Deductible Amount") equal to the Received Amount in the manner as
     if the Deductible Amount were received as a payment of the Secured
     Obligations C on the date of receipt by the Collateral Agent of the
     Received Amount.
6.   Further assurances
-----------------------
Each of the parties shall, if and when reasonably required by the Collateral
Agent, execute such further liens and assurances in favour of the Collateral
Agent for the benefit of the Secured Creditors or the Additional Senior Secured
Noteholders, as the case may be, and do all such acts and things as the
Collateral Agent shall from time to time reasonably require over or in relation
to all or any of the Shares to secure the payment of the relevant Secured
Indebtedness or to perfect or protect the security of the Collateral Agent, as
the case may be, created or purported to be created hereby over the Shares or
any part thereof or to facilitate the realisation of the same but so that the
terms of such further liens and assurances shall be no more onerous than the
terms of this Deed.
7.   Representations and warranties and covenants of Pledgor
------------------------------------------------------------
7.1  Each Pledgor represents, warrants and covenants that:
     (i)    it is the legal and beneficial owner of, and has legal title to the
            Present Shares and the Present Shares have not been encumbered by
            any limited right (in Dutch "beperkt recht") other than the liens
            and security interests created by this Deed, nor has an attachment
            (in Dutch "beslag") been levied on any of the Present Shares;
     (ii)   it has full power, authority and legal right to pledge all the
            Present Shares pledged by it pursuant to this Deed by way of first
            priority right of pledge;
     (iii)  no depositary receipts have been issued for the Present Shares;
     (iv)   the Total Holdings Shares represent the entire issued and
            outstanding share capital of Resolution Holdings;
     (v)    the Total Europe Shares represent the entire issued and

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                                       17
                                       DE/Evo/80042173

            outstanding share capital of Resolution Europe;
     (vi)   the Total Research Shares represent the entire issued and
            outstanding share capital of Resolution Research;
     (vii)  this Deed has been duly authorized, executed and delivered by each
            Pledgor and constitutes the legal, valid and binding obligations of
            such Pledgor, enforceable against such Pledgor in accordance with
            its terms, except to the extent that the enforceability thereof may
            be limited by applicable bankruptcy, insolvency, reorganization,
            moratorium or other similar laws generally affecting creditors'
            rights;
     (viii) except to the extent already obtained or made, no consent of any
            other party (including, without limitation, any stockholder,
            partner, member or creditor of a Pledgor or any of its subsidiaries)
            and no consent, license, permit, approval or authorization of,
            exemption by, notice or report to, or registration, filing or
            declaration with, any governmental authority is required to be
            obtained by a Pledgor in connection with (a) the execution, delivery
            or performance of this Deed, (b) the validity or enforceability of
            this Deed, (c) the perfection or enforceability of the security
            interest in the Shares as created pursuant to this Deed or (d)
            except for compliance with or as may be required by applicable
            securities laws, the exercise by the Collateral Agent of any of its
            rights or remedies provided herein;
     (ix)   the execution, delivery and performance of this Deed will not
            violate any provision of any applicable law or regulation or of any
            order, judgment, writ, award or decree of any court, arbitrator or
            governmental authority, domestic or foreign, applicable to a
            Pledgor, or of the articles of association of a Pledgor or of any
            securities issued by a Pledgor or any of its subsidiaries, or of any
            mortgage, deed of trust, indenture, lease, loan agreement, credit
            agreement or other material contract, agreement or instrument or
            undertaking to which the Pledgor or any of its subsidiaries is a
            party or which purports to be binding upon the Pledgor or any of its
            subsidiaries or upon any of their respective assets and will not
            result in the creation or imposition of (or the obligation to create
            or impose) any lien or encumbrance on any of the assets of the
            Pledgor or any of its subsidiaries except as contemplated by this
            Deed;
     (x)    all of the Present Shares have been duly and validly issued and
            acquired, are fully paid and subject to no options to purchase or
            similar rights.
7.2  Each Pledgor covenants and agrees that it will defend the Collateral

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                                       18
                                       DE/Evo/80042173

     Agent's right, title and security interest in and to the Shares and the
     proceeds thereof against the claims and demands of all persons whomsoever;
     and each Pledgor covenants and agrees that it will have like title to and
     right to pledge any Future Shares hereunder and will likewise defend the
     right thereto and security interest therein of the Collateral Agent.
7.3  Each Pledgor, Resolution Europe and Resolution Research covenant and agree
     that they will not (without the prior written consent of the Collateral
     Agent, which consent will not be unreasonably withheld) co-operate to issue
     any depositary receipts in relation to the Shares.
7.4  Each Pledgor covenants and agrees that it will not (without the prior
     written consent of the Collateral Agent, which consent will not be
     unreasonably withheld) cause or permit to be issued any new shares in the
     capital of the Company, other than to the Pledgor.
8.   Voting rights
------------------
8.1  Each of the Pledgors and the Collateral Agent hereby stipulate (within the
     meaning of Article 2: 198(3) Dutch Civil Code) that the voting rights and
     all other consensual rights attaching to the Shares are vested in
     ("toekomen aan") the Collateral Agent subject to the fulfillment of each of
     the following suspensive conditions ("opschortende voorwaarden") (i) that
     an Event of Default (as defined in the US Security Agreement) has occurred
     and (ii) the Collateral Agent has given notice to the Company and the
     Pledgor that it wishes to exercise such rights. Upon receipt of such
     notification by the Company, the Collateral Agent shall be entitled to
     exercise the voting rights attached to the Shares and shall be entitled to
     exercise all rights to give consents and waivers with respect to the
     Shares, and each Pledgor shall no longer be entitled to the voting rights
     or to exercise such other rights. As long as the Collateral Agent does not
     hold the voting rights with respect to the Shares, it shall not have the
     rights of holders of depositary receipts. It is understood that when the
     Collateral Agent will hold the voting rights with respect to the Shares,
     the Collateral Agent shall have the rights of holders of depositary
     receipts by operation of law. To the extent possible under Netherlands law,
     each Pledgor waives these rights of holders of depositary receipts in
     advance and the Collateral Agent accepts this waiver.
8.2  No vote shall be cast or any consent, waiver or rectification given or any
     action taken or omitted to be taken, which would violate or be inconsistent
     with any of the terms of this Deed or any other US Security Document, or
     which would have the effect of impairing the value of the Shares or any
     part thereof in any material respect or the position or interests of the
     Collateral Agent in the Shares in any material respect.
9.   Distributions on the Shares
--------------------------------

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                                       19
                                       DE/Evo/80042173

The Collateral Agent shall be entitled to receive and retain all cash dividends
paid in respect of the Shares as well as all other payments on the Shares,
provided, however, that the Collateral Agent hereby grants permission
(toestemming) to each Pledgor within the meaning of Article 3:246(4) NCC to
exercise these rights. Each Pledgor shall be so entitled, and the permission is
granted only as long as no Event of Default has occurred and is continuing and
as long as the Collateral Agent has not notified the Company and the relevant
Pledgor in writing that this permission is no longer granted.
10.  Immediate foreclosure
--------------------------
10.1 If an Event of Default shall have occurred and be continuing, the
     Collateral Agent for the benefit of the Secured Creditors and the
     Additional Senior Secured Noteholders shall be empowered without notice or
     other demand, acting upon the instructions of the Required Secured
     Creditors (as defined in the US Security Agreement) subject to the terms of
     the Intercreditor Agreement, to cause all or a part of the Shares to be
     sold in accordance with the provisions of the Articles of Association of
     the Company and the laws of the Netherlands, provided that the Articles
     3:234 and 3:249 and 3:252 NCC shall not apply.
10.2 Each Pledgor hereby waives its right pursuant to Article 3:251 paragraph 1
     NCC, which waiver is hereby accepted by the Collateral Agent. To the extent
     this pledge constitutes a third party security right as referred to in the
     last sentence of Article 3:231(1) of the Netherlands Civil Code, each
     Pledgor hereby waives the right to invoke Article 3:233(2), Article 3:234
     and Article 6:139 of the Netherlands Civil Code, which waiver is hereby
     accepted by the Collateral Agent.
10.3 The Collateral Agent is irrevocably authorised (without obligation) by each
     Pledgor to, in the event of a sale as referred to in paragraph 1 of this
     Article 10, offer the Shares for sale in the manner prescribed by the
     Company's Articles of Association or to seek the approval of the corporate
     body designated under the Company's Articles of Association as empowered to
     approve all proposed transfers of shares, as the case may be, and to
     exercise any of the Pledgor's rights in connection with the sale and
     transfer of the Shares as provided in Article 2:198 paragraph 5 NCC.
     To the extent permitted by applicable law, each Pledgor as sole shareholder
     of the Company hereby waives its rights of first refusal, if any, in
     relation to the sale of the Shares referred to in this Article 10, which
     waiver is hereby accepted by the Collateral Agent.
10.4 If an Event of Default shall have occurred and be continuing, then, and in
     every such case, each Pledgor and each Company shall render such assistance
     and provide such information free of charge as the Collateral Agent may
     reasonably deem necessary in connection with the exercise by

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                                       20
                                       DE/Evo/80042173

     the Collateral Agent (acting at the direction of the Required Secured
     Creditors (as defined in the US Security Agreement), subject to the terms
     of the Intercreditor Agreement) of its rights, powers or remedies provided
     for in this Deed.
10.5 To the extent permitted by applicable law, the Collateral Agent (acting at
     the direction of the Required Secured Creditors (as defined in the US
     Security Agreement) subject to the terms of the Intercreditor Agreement)
     shall apply the proceeds of the sold Shares in accordance with the
     provisions of the Intercreditor Agreement, provided that (i) amounts
     payable in respect of clauses (iv) and (v) of the definition of Secured
     Obligations A shall be distributed in accordance with Section 9.4 of the
     Security Agreement and (iii) amounts payable in respect of Secured
     Indebtedness C shall be distributed to the creditors of the Secured
     Indebtedness C in accordance with Section 9.4 (other than Section 9.4
     (a)(iv) and (v)) of the US Security Agreement relating to distribution of
     proceeds.
10.6 The Collateral Agent and the Lender Creditors and the Additional Senior
     Secured Noteholders shall not be liable to the Pledgor for any damages
     caused by the sale of the Shares pursuant to this Article 10.
10.7 The Additional Senior Secured Notes Trustee expressly acknowledges and
     agrees that, pursuant to Section 9.1 of the US Security Agreement and the
     Intercreditor Agreement, this Deed may be enforced only by the action of
     the Collateral Agent, acting upon the instructions (made subject to the
     provisions of the Intercreditor Agreement) of the Required Secured
     Creditors (as defined in the US Security Agreement), and that neither the
     Additional Senior Secured Notes Trustee nor any of the Additional Senior
     Secured Noteholders shall have any right individually to seek to enforce or
     to enforce this Deed or to realize upon the security granted hereby.
10.8 The Additional Senior Secured Notes Trustee acknowledges and agrees that
     the obligations of the Collateral Agent as holder of the first priority
     rights of pledge with respect to the Shares and with respect to the
     disposition thereof, and otherwise under this Deed, are only those
     expressly set forth in this Deed and as provided in Annex N to the US
     Security Agreement.
11.  Subrogation claims
-----------------------
11.1 Until such time as all Secured Indebtedness has been irrevocably paid, each
     Pledgor hereby waives (to the fullest extent permitted by applicable law)
     all contractual, statutory or common law rights of reimbursement,
     contribution or indemnity from the relevant Borrowers which it may at any
     time otherwise have as a result of this Deed.
11.2 After all Secured Indebtedness has been irrevocably paid in full, each

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                                       21
                                       DE/Evo/80042173

     Pledgor whose Shares have been sold hereunder (for which it has not been
     reimbursed) shall be entitled to exercise its rights pursuant to it being
     subrogated to the claims of the Secured Creditors and the Additional Senior
     Secured Noteholders (with respect to the Secured Indebtedness) against the
     relevant Borrowers. Except as expressly provided in the immediately
     preceding sentence, each Pledgor waives (to the fullest extent permitted by
     applicable law) all rights of subrogation which it may at any time
     otherwise have as a result of this Deed (whether contractual, by law or
     otherwise) to the claims of the Secured Creditors and the Additional Senior
     Secured Noteholders against the relevant Borrowers. Each Pledgor hereby
     further waives (to the fullest extent permitted by applicable law) any
     right to enforce any other remedy which the Secured Creditors and the
     Additional Senior Secured Noteholders now have or may hereafter have
     against the Borrowers or any endorser of all or any part of the Secured
     Indebtedness and any benefit of, and any right to participate in, any
     security or collateral given to or for the benefit of the Secured Creditors
     and the Additional Senior Secured Noteholders to secure payment of the
     Secured Indebtedness.
12.  Currencies
---------------
12.1 All moneys received or held by the Collateral Agent or any one of them
     under this Deed on or after the date on which an Event of Default has
     occurred in a currency other than a currency in which the Secured
     Indebtedness is denominated may from time to time be sold for the currency
     in which the Secured Indebtedness is denominated as the Collateral Agent
     reasonably considers necessary or desirable and each Pledgor shall be
     liable to the Collateral Agent for the full cost (including all costs,
     charges and expenses) properly incurred in relation to such sale. The
     Collateral Agent and the Secured Creditors and the Additional Senior
     Secured Noteholders shall not have any liability to any Pledgor in respect
     of any loss resulting from any fluctuation in exchange rates before or
     after any such sale.
12.2 No payment to the Collateral Agent or the Secured Creditors or Additional
     Senior Secured Noteholders (whether under any judgement or court order or
     otherwise) shall discharge the obligation or liability of each Pledgor in
     respect of which it was made unless and until the Collateral Agent or the
     Secured Creditors or the Additional Senior Secured Noteholders shall have
     received payment in full in the currency in which such obligation or
     liability was incurred. To the extent that the amount of any such payment
     shall on actual conversion into such currency fall short of such obligation
     or liability expressed in that currency, the Collateral Agent or the
     Secured Creditors or the Additional Senior Secured Noteholders, as the case
     may be, shall have a further separate cause of

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                                       22
                                       DE/Evo/80042173

     action against such Pledgor to recover such shortfall and shall be entitled
     to enforce the security hereby created to recover the amount of the
     shortfall.
13.  Unfettered discretion
--------------------------
Save as otherwise provided in this Deed or any other US Security Document any
liability or power which may be exercised or any determination which may be made
under this Deed by the Collateral Agent (acting in its own name or on behalf of
the Pledgee) may be exercised or made in its absolute and unfettered discretion
and it shall not be obliged to give reasons therefore.
14.  Notices
------------
14.1 All such notices and communications hereunder shall be sent or delivered by
     mail, telegraph, telex, telecopy, cable or overnight courier service and
     all such notices and communications shall, when mailed, telegraphed,
     telexed, telecopied, or cabled or sent by overnight courier, be effective
     when delivered to the Person to whom such notice or communication is
     addressed, except that notices and communications to the Collateral Agent
     or to a Pledgor shall not be effective until received by the Collateral
     Agent or such Pledgor, as the case may be. All notices and other
     communications shall be in writing and addressed as provided for under
     Article 12.1 of the US Security Agreement.
15.  Irrevocable power of attorney
----------------------------------
15.1 Each Pledgor hereby grants to the Collateral Agent an irrevocable and
     non-exclusive power of attorney (without obligation), with the right of
     substitution, to perform on its behalf and at its expense any and all of
     its obligations under this Deed.
15.2 Each Pledgor and the Collateral Agent hereby in accordance with Article
     3:68 NCC agree that the Collateral Agent shall also be authorized to
     represent such Pledgor under the said power of attorney in case of a
     conflict of interests between the interest of such Pledgor and the
     Collateral Agent.
16.  Severability
-----------------
To the extent possible under applicable law, in the event a provision hereof
were to be ruled at any time by any applicable authority or court to be invalid
or null and void or unenforceable, such invalidity or nullity or
unenforceability shall not affect the validity or enforceability of the other
provisions hereof and the parties hereto shall agree on a new provision
consistent with the purposes of the invalid or unenforceable provision of this
Deed.
17.  Termination; Release
-------------------------
17.1 Article 12.2 of the US Security Agreement shall apply to this Deed and the
     rights of pledge created hereunder, other than as provided in Articles 17.2
     and 17.3 of this Deed.
17.2 It is expressly agreed that the Collateral Agent (upon the direction (made

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                                       23
                                       DE/Evo/80042173

     subject to the provisions of the Intercreditor Agreement) of the Required
     Secured Creditors, unless such direction is not required pursuant to the US
     Pledge Agreement) will be entitled to terminate the rights of pledge
     created in this Deed in whole or in part by notice ("opzegging") to the
     relevant Pledgor, with a copy to the other parties of this Deed.
17.3 The parties to this Deed agree that, upon termination of the rights of
     pledge by notice pursuant to Section 17.2 of this Deed, the rights and
     obligations under this Deed can be terminated in whole or in part by the
     Collateral Agent (acting upon the direction of the Required Secured
     Creditors (made subject to the provisions of the Intercreditor Agreement),
     unless such direction is not required pursuant to the US Pledge Agreement)
     and the relevant Pledgor, without the consent of any other party hereto,
     including the Additional Senior Secured Notes Trustee, by means of a
     private deed (onderhandse akte).
18.  Financial Assistance
-------------------------
Without limiting the representations and warranties contained in Section 7.05(c)
of Credit Agreement or the covenant contained in Section 8.13 of the Credit
Agreement, and without waiving any Default or Event of Default that may arise as
a result of the breach of any such representation, warranty or covenant, to the
extent that Resolution Europe utilizes proceeds of any Loans incurred by it to
repay intercompany loans in existence on the Initial Borrowing Date the proceeds
of which intercompany loans were initially used to purchase share capital of any
Foreign Subsidiary of RPP USA and as a result of such repayment the applicable
financial assistance rules of the jurisdiction governing the enforceability of
the Foreign Subsidiaries Guaranty or the respective Foreign Security Documents,
including this present Deed, are violated (in such case as such financial
assistance rules apply to the obligations of a Subsidiary Guarantor that is a
Foreign Subsidiary, including each of the Pledgors), the proceeds of such Loans
shall not be guaranteed under the Foreign Subsidiaries Guaranty and shall not
receive the benefit of such Foreign Security Documents, including this Deed, it
being understood that also in such case all other Obligations shall be
guaranteed under the Foreign Subsidiaries Guaranty and the rights of pledge
created by or purported to be created by this Deed to secure such other
Obligations shall not be affected thereby. Each of the parties hereto
acknowledges and agrees that the incurrence by Resolution Europe of Loans to
repay any indebtedness under the Existing Shell Intercompany Note will not
violate the financial assistance rules governing the enforceability of this Deed
or the other Foreign Security Documents.
19.  Headings descriptive
-------------------------
The headings in this Deed are for purposes of reference only and shall not limit
or define the meaning hereof.
20.  Applicable law and jurisdiction
------------------------------------

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                                       24
                                       DE/Evo/80042173

20.1 This Deed and any dispute, controversy, proceedings or claim of whatever
     nature arising out of or in any way relating to this Deed and the rights of
     pledge created hereby shall be governed by and construed in accordance with
     the laws of the Netherlands.
20.2 Each of the parties hereto irrevocably agrees that all disputes arising out
     of this Deed shall be submitted in first instance to the competent court at
     Amsterdam, the Netherlands. Nothing in the preceding sentence shall limit
     the Collateral Agent's right to bring proceedings against the Pledgor in
     any other court of competent jurisdiction.
21.  Acknowledgement
--------------------
The person appearing acting on behalf of the Companies, declared that (i) each
Company acknowledges the right of pledge created by this Deed on the Present
Shares and that each Company will cause such right of pledge to be recorded in
its shareholders' register without delay, and (ii) each Company has received
notice of the right of pledge to the extent consisting of claims against the
Company in accordance with Article 3:236 (2) and Article 3:94 (1) of the
Netherlands Civil Code.
22.  Acquisition
----------------
22.1 The Total Holdings Shares were acquired by RPP USA pursuant to a purchase
     agreement by the execution of a deed of transfer before Rudolf Jan Cornelis
     van Helden, civil-law notary in Amsterdam, on the fourteenth day of
     November two-thousand. The transfer was acknowledged by Resolution Holdings
     on the same day as is evidenced by the above-mentioned notarial deed;
22.2 The Total Europe Shares were acquired by Resolution Holdings by virtue of a
     deed of contribution executed before Johannes Daniel Maria Schoonbrood,
     civil-law notary in Rotterdam, on the twenty-first day of December nineteen
     hundred and ninety-nine. The transfer was acknowledged by Resolution Europe
     on the same day as is evidenced by the above-mentioned notarial deed;
22.3 The Total Research Shares were issued to Resolution Holdings by virtue of
     Resolution Research's Deed of Incorporation executed before Johan Reinder
     Egbert Keilstra, civil-law notary in 's-Gravenhage on the ninth day of
     September nineteen hundred and ninety-nine.
23.  Authority and powers of attorney
-------------------------------------
The person appearing has been granted seven (7) powers of attorney by means of
seven (7) non-notarial instruments of attorney. The power of attorney on behalf
of Bank of New York will immediately after the present Deed has been executed be
attached to this Deed. The remaining powers of attorney have been attached to a
deed of release of pledge of shares executed today, before me, civil-law notary.
FINAL PART
----------
The person appearing before me is known to me, civil- law notary.

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                                       DE/Evo/80042173

This Deed
                                                                    was executed
in Rotterdam on the date mentioned in its heading.
After I, civil-law notary, had conveyed and explained the contents of the Deed
in substance to the person appearing, she declared that she had taken note of
the contents of the deed, was in agreement with the contents and did not wish it
to be read out in full.
Following a partial reading, the Deed was signed by the person appearing and me,
civil-law notary.

                                             E.M. van Oirschot
                                             B. Th. Derogee, civil law notary
                                             ISSUED FOR TRUE COPY

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