Document:

exv10w10

Exhibit 10.10

February 25, 2011

REVISED on April 8, 2011

James Wagner

46 Grace Street

New Canaan, Connecticut 06840

Dear Jim:

It is my pleasure to offer you the position of Chief Operating Officer, The Chefs’ Warehouse. You
will report directly to me. This letter constitutes our offer. Please keep in mind that this letter
and its contents are confidential.

The terms of this offer are as follows (pending Board of Directors approval):

	•	 	Weekly salary of $4807.69 ($250,000 annually).
	 
	•	 	Eligibility to participate in Chefs’ Warehouse Individual Variable Compensation Plan
(Bonus) at a target of 100% of your annual base salary. This plan rewards participants for
their success against business and individual goals and objectives (a portion which may be
discretionary).
	 
	•	 	Restricted stock equivalent to 80 Basis points (.8 of 1%) of equity post IPO dilution
	 
	•	 	Vesting Schedule

	 	•	 	50% immediately
	 
	 	•	 	12.5% each anniversary of initial award for 4 years.

	•	 	Equity vests 100% upon termination for any reason other than cause or you resigning.

Goals for 2011 will be based on the 2011 budgeted amounts used in the prepared lender presentation
for Recapitalization.

Your 2011 Bonus Target will be 100% of Base Salary and will be structured as follows:

	 	•	 	If Revenue and Gross Profit Dollars meets or exceeds 100% of budgeted Revenue and
Gross Profit Dollars, and EBITDA meets or exceeds budget you earn 100% of Bonus.
	 
	 	•	 	If Revenue and Gross Profit Dollars meets or exceeds budgeted Revenue and Gross
Profit Dollars, and EBITDA comes in at 95% or higher than budgeted you earn 90% of
Bonus
	 
	 	•	 	If Revenue and Gross Profit Dollars meets or exceeds 90% of budgeted Revenue and
Gross Profit Dollars, and EBITDA comes in at 90% or higher than budgeted you earn 60%
of Bonus
	 
	 	•	 	Any results less than outlined above, the bonus is at the discretion of the Chief
Executive Officer.

	•	 	You will continue to receive a monthly car allowance of $750.

If this offer is acceptable, please sign this letter and return it to us for our files.

	 	 	 	 	 	 	 

	Sincerely,

	 	 	 	Accepted By James Wagner:	 	 
	 
	 	 	 	 	 	 
	/s/ Christopher Pappas
 

Christopher Pappas

	 	 
	 	/s/ James Wagner
 

Date: 4/8/2011
	 	 
	President & Chief Executive Officer
	 	 	 	 	 	 
	The Chefs’ Warehouseexv10w11

Exhibit 10.11

January 28, 2007

Mr. Frank O’Dowd

19 Slaton Road

Glenwood, New Jersey 07418

Dear Frank:

It is with great pleasure that we confirm our offer to you for employment with Chefs Warehouse
as Vice President & Chief Information Officer. Your salary will be $3846.15 weekly, ($200,000 per
annum), effective on your start date, which will be February 15, 2007. In this position you will
report directly to me.

In addition to the starting base salary, the following will also be part of your Chefs Warehouse
employment package:

	 	•	 	Four (4) weeks of vacation effective 2007.
	 
	 	•	 	Eligibility to participate in Chef Warehouse’s 2007 Individual Variable
Compensation Plan (Bonus) at a target of 50% of your annual base salary. We will work
together to plan for targets that will be based upon both company and personal
objectives.
	 
	 	•	 	Eligibility to participate in Chefs Warehouse’s equity plan (document attached).
	 
	 	•	 	In the event that your employment is terminated by the Chefs Warehouse for reasons
other than cause, you will be eligible for 6 months severance.

This offer is contingent upon the following: your signing of the Employee Patent and Confidential
Information Agreement and Code of Ethics and a background verification, (to include previous
employers and education/degrees) prior to your start date.

Chef Warehouse offers an excellent benefits program designed to meet the needs of you and your
eligible dependents. Coverage under most of these programs commences on the first day of
employment. Information regarding these programs and other Company benefits, along with guidelines
concerning employment, will be discussed at your employee orientation. The terms and conditions of
all benefit plans are governed by the summary plan descriptions which I have enclosed.

Please be advised that Chefs Warehouse, the Company and its subsidiaries and affiliated companies
intends to hire only legal workers (those individuals who, by law, have the right to work in the
United States). As a condition of employment with the Company, you will be required to show proof
of work eligibility to the Human Resources Department no later than your first scheduled day of
employment. Enclosed is a copy of Form I-9 showing the necessary documentation needed to complete
Section 2 on the form. Please bring this necessary documentation with you on your start date.

On your first day, we ask that you report to our warehouse at 1300 Viele Avenue, Bronx, New York.
At that time I will provide you with additional documentation necessary to begin your employment.

 

 

As evidence of your acceptance of this position, please sign and return to me immediately
this offer letter US Mail and the enclosed New Hire Paperwork. However, this letter does not
establish a contract of employment for any duration. You or the Company may terminate your
employment at any time without notice. We are delighted that you have decided to join the team at
Chefs Warehouse. We are confident that your employment with us can make a positive contribution to
your career and that you, in turn, will help us in attaining our corporate vision.

Sincerely,

Michael G. DeCata

President

Chefs Warehouse

MD/mm

Cc: Christopher Pappas

Enclosures

	 	 	 	 	 

	Accepted 

Start Date

	 	/s/ Frank O’Dowd
 

2/15/07exv10w1

Exhibit 10.1

FIRST AMENDMENT TO

SENIOR SECURED ASSET-BASED CREDIT AGREEMENT

          FIRST AMENDMENT, dated as of June 2, 2011 (this “Amendment”), to the SENIOR SECURED
ASSET-BASED CREDIT AGREEMENT, dated as of April 8, 2010 (as amended, supplemented, extended or
restated, or otherwise modified from time to time, the “ABL Credit Agreement”), among
LYONDELLBASELL INDUSTRIES N.V., a naamloze vennootschap (a public limited liability company) formed
under the laws of the Netherlands (the “Company”), LYONDELL CHEMICAL COMPANY, a Delaware
corporation (“Lyondell”), EQUISTAR CHEMICALS, LP, a Delaware limited partnership (“Equistar”),
HOUSTON REFINING LP, a Delaware limited partnership (“HRLP”), LYONDELLBASELL ACETYLS LLC, a
Delaware limited liability company (“Acetyls”), the Subsidiaries of Lyondell from time to time
party thereto, as additional borrowers (and, together with Lyondell, Equistar, HRLP and Acetyls,
the “Borrowers”), each lender party thereto (the “Existing Lenders”), CITIBANK, N.A., as
Administrative Agent (the “Administrative Agent”), Citibank, N.A. and Wells Fargo Capital Finance,
LLC, as Co-Collateral Agents (the “Co-Collateral Agents”), Citibank, N.A., Deutsche Bank Trust
Company Americas and Wells Fargo Bank, N.A., as Fronting Banks (the “Fronting Banks”) and the other
agents party thereto.

 RECITALS 

          WHEREAS, the Borrowers have requested certain amendments to the ABL Credit Agreement to
provide for, among other things, (i) an increase in the Total Commitment from $1,750,000,000 to
$2,000,000,000, (ii) a reduction of the Applicable Margin, (iii) an extension of the Maturity Date,
(iv) the modification of certain provisions relating to (A) collateral monitoring, (B) the exercise
of cash dominion, (C) financial covenant triggers and (D) enhanced reporting, and (v) an expansion
of Restricted Payments permitted by the ABL Credit Agreement;

          WHEREAS, certain of the amendments described above require the consent of 100% of the Existing
Lenders;

          WHEREAS, in order to effect the amendments above, the Borrowers will exercise their rights
under Section 3.07 of the ABL Credit Agreement to replace any Existing Lender that is not a party
hereto (each financial institution set forth on Schedule 1.01(A) hereto, an “Amendment Lender”; and
each Existing Lender that is not an Amendment Lender, a “Departing Lender”) by causing all
Departing Lenders to either (i) assign their rights and obligations under the ABL Credit Agreement
to Amendment Lenders (all such assignments, the “Amendment Assignments”) or (ii) execute the
departing lender acknowledgement (the “Departing Lender Acknowledgement”) in the form attached
hereto as Annex A, such that, following the execution of the Amendment Assignments (if any) and the
Departing Lender Acknowledgement, the Commitments and Loans of the Amendment Lenders shall be as
set forth on Schedule 1.01(A) hereto as of the Amendment Effective Date (as defined below) and
shall constitute 100% of the aggregate Credit Exposure under the ABL Credit Agreement;

          WHEREAS, the Amendment Lenders have agreed to amend the ABL Credit Agreement solely upon the
terms and conditions set forth herein;

 

          NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the
parties hereto hereby agree as follows:

          1. Defined Terms. Unless otherwise specified herein, terms defined in the ABL Credit
Agreement and used herein shall have the meanings given to them in the ABL Credit Agreement.

          2. Amendment to Section 1.01 (Definitions) of the ABL Credit Agreement. (a) Section
1.01 (Definitions) of the ABL Credit Agreement is hereby amended by adding, in appropriate
alphabetical order, the following defined terms:

     “Amendment ABL Facility Fee Letter” means the ABL Facility Fee Letter, dated as of
April 28, 2011, from Citigroup Global Markets Inc. and Citibank, N.A. to Lyondell.

     “Amendment Effective Date” has the meaning given to such term in the First Amendment.

     “Collateral Audit Period” means any period during which a Collateral Audit Triggering
Event exists and has not been cured pursuant to the terms hereof.

     “Collateral Audit Triggering Event” means any of the following events:

     (a) the occurrence of an Event of Default; or

     (b) Excess Availability on any Business Day being less than 25% of the Total
Commitment on such Business Day;

provided that if, following a Collateral Audit Triggering Event described in clause (a), the
related Event of Default shall cease to exist, such Collateral Audit Triggering Event shall
cease to exist; and

provided further that if, following a Collateral Audit Triggering Event described in clause
(b), Excess Availability subsequently equals or exceeds 25% of the Total Commitment on each
day during a period of thirty (30) consecutive days, such Collateral Audit Triggering Event
shall cease to exist upon the first day following such thirty (30)-day period (unless the
Borrowers otherwise elect by notice to the Administrative Agent).

     For the avoidance of doubt, the cessation of an existing Collateral Audit Triggering
Event does not preclude the occurrence of a subsequent Collateral Audit Triggering Event.

     “Enhanced Reporting Triggering Event” means any of the following events:

     (a) the occurrence of an Event of Default;

     (b) Excess Availability on any Business Day being less than 15% of the Total
Commitment on such Business Day; or

     (c) both (i) Excess Availability on any Business Day being less than 25% of the
Total Commitment on such Business Day and (ii) Eligible Inventory on the then
effective Borrowing Base Certificate being less than 75% of Eligible Inventory
reported on the prior effective Borrowing Base Certificate;

2

 

provided that if, following an Enhanced Reporting Triggering Event described in clause (a),
the related Event of Default shall cease to exist, such Enhanced Reporting Triggering Event
shall cease to exist; and

provided further that if, following an Enhanced Reporting Triggering Event described in
clause (b), Excess Availability subsequently equals or exceeds 15% of the Total Commitment
on each day during a period of thirty (30) consecutive days, such Enhanced Reporting
Triggering Event shall cease to exist upon the first day following such thirty (30)-day
period (unless the Borrowers otherwise elect by notice to the Administrative Agent);

provided further that if, following an Enhanced Reporting Triggering Event described in
clause (c), either (A) Excess Availability subsequently equals or exceeds 25% of the Total
Commitment or (B) Eligible Inventory on the then effective Borrowing Base Certificate is
greater than or equal to 75% of Eligible Inventory reported on the prior effective Borrowing
Base Certificate, in each case on each day during a period of thirty (30) consecutive days,
such Enhanced Reporting Triggering Event shall cease to exist upon the first day following
such thirty (30)-day period (unless the Borrowers otherwise elect by notice to the
Administrative Agent).

     For the avoidance of doubt, the cessation of an existing Enhanced Reporting Triggering
Event does not preclude the occurrence of a subsequent Enhanced Reporting Triggering Event.

     “First Amendment” means the First Amendment to Senior Secured Asset-Based Credit
Agreement, dated as of June 2, 2011, among the Borrowers, the Lenders, the Co-Collateral
Agents, the Fronting Banks and the Administrative Agent.

          (b) The definitions of the following terms set forth in Section 1.01 (Definitions) of the ABL
Credit Agreement are hereby amended to read in full as follows:

     “Applicable Commitment Fee Rate” means, for each calendar month, a percentage per annum
equal to (x) 0.50% if the daily average Total Outstandings during such calendar month are
less than or equal to 50% of the daily average Total Commitment during such calendar month,
and (y) 0.375% if the daily average Total Outstandings during such calendar month exceed 50%
of the daily average Total Commitment during such calendar month.

     “Cash Dominion Triggering Event” means any of the following events:

     (a) the Maturity Date;

     (b) the occurrence of an Event of Default; and

     (c) Excess Availability on any Business Day being less than 12.5% of the Total
Commitment on such Business Day;

provided that if, following a Cash Dominion Triggering Event described in clause (b), the
related Event of Default shall cease to exist, such Cash Dominion Triggering Event shall
cease to exist;

provided, further, that if, following a Cash Dominion Triggering Event described in clause
(c), Excess Availability subsequently equals or exceeds 12.5% of the Total Commitment on
each day during a period of thirty (30) consecutive days, such Cash Dominion Triggering
Event shall cease to exist upon the first day following such thirty (30)-day period (unless
the Borrowers otherwise elect by notice to the Administrative Agent).

3

 

     For the avoidance of doubt, the cessation of an existing Cash Dominion Triggering Event
does not preclude the occurrence of a subsequent Cash Dominion Triggering Event.

     “Collateral Agent Fee Letter” means the Collateral Agent Fee Letter, dated as of June
2, 2011, from the Co-Collateral Agents to Lyondell.

     “Enhanced Reporting Period” means any period during which an Enhanced Reporting
Triggering Event exists and has not been cured pursuant to the terms hereof.

     “Fee Letters” means, collectively, the Amendment ABL Facility Fee Letter and the
Collateral Agent Fee Letter.

     “Financial Covenant Triggering Event” means Excess Availability on any Business Day
being less than 12.5% of the Total Commitment on such Business Day; provided that if,
following a Financial Covenant Triggering Event, Excess Availability subsequently equals or
exceeds 12.5% of the Total Commitment on each day during a period of thirty (30) consecutive
days, such Financial Covenant Triggering Event shall cease to exist upon the first day
following such thirty (30)-day period (unless the Borrowers otherwise elect by notice to the
Administrative Agent).

     For the avoidance of doubt, the cessation of an existing Financial Covenant Triggering
Event does not preclude the occurrence of a subsequent Financial Covenant Triggering Event.

     “Maturity Date” means the fifth anniversary of the Amendment Effective Date.

     “Senior Term Loan Facility” means the Amended and Restated Credit Agreement, dated as
of March 30, 2011 among the Company, Lyondell and certain Subsidiaries of Lyondell party
thereto as guarantors from time to time thereunder, the lenders and agents party thereto and
Bank of America, N.A., as administrative agent and collateral agent (the “Term Loan
Collateral Agent”).

     “Total Commitment” means, at any time, the aggregate amount of the Commitments at such
time. On the Amendment Effective Date, the Total Commitment is $2,000,000,000.

     (c) Section 1.01 of the ABL Credit Agreement is hereby amended by amending the following
defined terms as follows:

     (i) The definition of “Applicable Rate” is amended by (A) deleting the language
“(a) for the period from and after the Funding Date until the last day of the
calendar month during which the Administrative Agent received financial statements
of the Company and its consolidated Subsidiaries for a period including (or
consisting of) the second full fiscal quarter of the Company commencing on or after
the Funding Date in accordance with and satisfying Section 6.01, a percentage per
annum equal to (A) for Eurodollar Rate Loans, 3.75% and (B) for Base Rate Loans,
2.75% and (b) thereafter” therefrom, (B) replacing the table set forth therein with
the following table:

4

 

	 	 	 	 	 	 	 	 	 
	AVERAGE MONTHLY EXCESS	 	 	 	 	 	 
	AVAILABILITY	 	BASE RATE LOANS	 	 	EURODOLLAR RATE LOANS	 
	Greater than or equal to 66.7%
	 	 	0.75	%	 	 	1.75	%
	Less than 66.7% and greater
than or equal to 33.3%
	 	 	1.00	%	 	 	2.00	%
	Less than 33.3%
	 	 	1.25	%	 	 	2.25	%

and (c) deleting the parenthetical “(other than with respect to clause (a) above)”
from the second paragraph thereof;

     (ii) The definition of “Base Rate” is amended by deleting the parenthetical
“(for the avoidance of doubt after giving effect to the proviso of the definition
thereof)” from clause (c) thereof;

     (iii) The definition of “Covenant Fixed Charge Coverage Ratio” is amended by
(A) adding the word “plus” at the end of clause (b)(y)(iii) thereof and (B)
adding, immediately after such clause (b)(y)(iii), the following language:

     “(iv) the aggregate amount of all (A) cash dividend payments made or
declared in respect of the common stock of the Company and (B) Equity
Interests of the Company redeemed or repurchased, in each case in reliance
on clause (21) of Section 7.02;”

     (iv) The definition of “Eurodollar Rate” is amended by deleting the proviso “;
provided that in no event shall the Eurodollar Rate be less than 1.50%” therefrom;

     (v) The definition of “Joint Bookrunners” is amended by adding the entity “ING
Bank N.V.,” immediately after the entity “Credit Suisse Securities (USA) LLC,”; and

     (vi) The definition of “Material Adverse Effect” is amended by deleting the
proviso “; provided that a Material Adverse Effect shall not be deemed to exist as a
result of the Cases or the Effect of Bankruptcy or circumstances and events leading
up thereto” therefrom.

          (d) Section 1.01 of the ABL Credit Agreement is hereby amended by deleting in their entirety
the defined terms “Administrative Agent Fee Letter”, “Effect of Bankruptcy”, “Reporting/Audit
Triggering Event” and “Total Liquidity”.

          3. Amendment to Section 2.15 (Optional Increase in Commitments) of the ABL Credit
Agreement. Section 2.15 of the ABL Credit Agreement is hereby amended by replacing the amount
“$250,000,000” contained in clause (d) of the proviso thereof with the amount “$500,000,000”.

          4. Amendments to Section 6.01 (Financial Statements) of the ABL Credit Agreement.
Clause (c) of Section 6.01 of the ABL Credit Agreement is hereby amended by (a) deleting the words
“and the following two Fiscal Years” and (b) deleting the word “each” immediately prior to the
words “such Fiscal Year”.

          5. Amendments to Section 6.19 (Collateral Audit) of the ABL Credit Agreement. Section
6.19 of the ABL Credit Agreement is hereby amended by (a) replacing each use of the term

5

 

“Reporting/Audit Triggering Event” therein with the term “Collateral Audit Triggering Event”, (b)
replacing the cross reference to “clause (b) or (c)” therein with a cross reference to “clause
(b)”, (c) replacing each use of the phrase “an Enhanced Reporting Period” with the phrase “a
Collateral Audit Period”, (d) replacing the words “two such collateral reviews and evaluations”
with the words “one such collateral review and evaluation”, (e) replacing the words “two such
appraisals” with the words “one such appraisal” and (f) replacing both uses of the number “four
(4)” with the number “two (2)”.

          6. Amendment to Section 6.20 (Restricted Accounts) of the ABL Credit Agreement.
Clause (b) of Section 6.20 of the ABL Credit Agreement is hereby amended by replacing the words “in
the name of” with the words “or another depositary bank approved in writing by”.

          7. Amendment to Section 7.01 (Indebtedness) of the ABL Credit Agreement. Clause
(c)(ii)(A) of Section 7.01 of the ABL Credit Agreement is hereby amended by replacing the amount
“$1,750,000,000” with the amount “$2,000,000,000”.

          8. Amendments to Section 7.02 (Restricted Payments) of the ABL Credit Agreement.
Section 7.02 of the ABL Credit Agreement is hereby amended by (a) deleting the word “and” at the
end of clause (19) thereof, (b) adding the word “and” at the end of clause (20) thereof, (c) adding
a new clause (21) thereto immediately after such clause (20), which clause (21) shall read as
follows:

     “(21) the declaration and payment of cash dividends to the holders of any common
stock of the Company or the redemption or repurchase of any Equity Interests of the Company,
but only if either (i) both (x) for the most recently ended four (4) full fiscal
quarters for which internal financial statements are available immediately preceding the
date any such cash dividend is declared or such redemption or repurchase is effected (each
such date, a “Declaration Date”), and after giving effect to the making of such Restricted
Payment on a pro forma basis, the Covenant Fixed Charge Coverage Ratio is greater than 1.10
to 1.00 and (y) Excess Availability has exceeded 25% of the Total Commitment each day during
the period of thirty (30) days immediately prior to (and including) the Declaration Date
(the “Pro Forma Period”), on a pro forma basis after giving effect to any Borrowings made or
anticipated to be made for the purpose of funding such Restricted Payment (as if such
Borrowings were made on the first day of the Pro Forma Period), or (ii) Excess
Availability has exceeded 30% of the Total Commitment each day during the Pro Forma Period,
on a pro forma basis after giving effect to any Borrowings made or anticipated to be made
for the purpose of funding such Restricted Payment (as if such Borrowings were made on the
first day of the Pro Forma Period);”

and (d) replacing the cross references in the proviso following the new clause (21) to “clauses
(3), (6), (7), (8), (9), (10) and (12)(b)” with “clauses (3), (6), (7), (8), (9), (10), (12)(b) and
(21)”.

          9. Amendment to Section 9.02 (Collateral and Guarantee Matters) of the ABL Credit
Agreement. Section 9.02(a) of the ABL Credit Agreement is hereby amended by (a) deleting the
word “and” at the end of clause (iii) thereof, (b) replacing the “.” at the end of clause (iv)(B)
thereof with “; and” and (c) adding a new clause (v) thereto immediately following clause (iv)(B)
thereof, which clause (v) shall read as follows:

     “(v) solely with respect to the Collateral (other than the ABL Facility Collateral),
Liens on such Collateral securing the Obligations will be automatically and unconditionally
released by the Co-Collateral Agents upon the release of all such Collateral from all Liens
securing (A) all First Priority Lien Obligations and (B) all Junior Lien Obligations (as
defined in the Junior Lien Intercreditor Agreement); provided that no such release shall
occur if a Default or an Event of Default has occurred and is continuing.”

6

 

          10. Amendment to Section 10.07 (Successors and Assigns) of the ABL Credit
Agreement. Clause (g) of Section 10.07 of the ABL Credit Agreement is hereby amended by
inserting the words “or any other central bank” immediately after the words “Federal Reserve Bank”.

          11. Replacement of Schedule 1.01(A) of the ABL Credit Agreement. Schedule 1.01(A)
(Commitments as of the Effective Date) is replaced in its entirety with Schedule 1.01(A)
(Commitments as of the Amendment Effective Date) hereto.

          12. Conditions to Effectiveness. This Amendment shall become effective upon the
satisfaction of the following conditions; provided that all such conditions are satisfied on or
prior to July 29, 2011 (the date that all such conditions are so satisfied, the “Amendment
Effective Date”):

     (a) The Administrative Agent’s receipt of the following, each of which shall be
originals or facsimiles unless otherwise specified, each properly executed by a Responsible
Officer of the signing Loan Party to the extent such Loan Party is a party thereto, each in
form and substance reasonably satisfactory to the Administrative Agent and its legal
counsel:

     (i) executed counterparts of this Amendment from each of the Borrowers, the
Company, each other Loan Party, each Amendment Lender, each Fronting Bank, each
Co-Collateral Agent and the Administrative Agent;

     (ii) legal opinions of (A) Cadwalader, Wickersham & Taft LLP, special U.S.
counsel to the Company and the other Loan Parties and (B) Gerald A. O’Brien, Deputy
General Counsel to the Borrowers, in each case in form and substance reasonably
satisfactory to the Administrative Agent;

     (iii) such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of the Company and each Borrower
as the Administrative Agent may reasonably require (and as have been notified to the
Company and each Borrower no later than three (3) Business Days before the Amendment
Effective Date) evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this
Amendment;

     (iv) a certificate, dated as of a recent date from the Secretary of State or
other appropriate authority, evidencing the good standing of the Company and each
Borrower in the jurisdiction of its organization (to the extent legally applicable
in such jurisdiction); and

     (v) a certificate, signed by a Responsible Officer of Lyondell certifying as to
the satisfaction of the conditions set forth in clauses (e) and (f) of this Section
12;

     (b) The Amendment Assignments (if any) and the Departing Lender Acknowledgement shall
have been executed and become effective such that, after giving effect to such Amendment
Assignments, the Departing Lender Acknowledgement and this Amendment, the Amendment Lenders
shall together hold 100% of the aggregate Credit Exposure under the ABL Credit Agreement;

     (c) The Administrative Agent shall have received, either prior to or substantially
simultaneously with the Amendment Effective Date, the fees to be received on the Amendment
Effective Date referred to in the ABL Credit Agreement, the Amendment ABL Facility Fee
Letter

7

 

and the Co-Collateral Agent Fee Letter (including, for the avoidance of doubt, (i)
upfront fees payable to the Lenders in the amounts heretofore mutually agreed and (ii)
reasonable fees, disbursements and other charges of counsel to the Administrative Agent) and
all reasonable out-of-pocket costs incurred in connection with the negotiation of this
Amendment, after giving effect to any credit or rebates provided for therein;

     (d) The Administrative Agent shall have received, either prior to or substantially
simultaneously with the Amendment Effective Date, payment of (i) on behalf of each Departing
Lender, all Loans owing to such Departing Lender, together with accrued interest thereon and
accrued fees (including without limitation, the Unused Commitment Fee, the LC Fee and the
L/C Issuance Fee) and other amounts owing under the ABL Credit Agreement and (ii) on behalf
of each Existing Lender that is an Amendment Lender and each Fronting Bank, all accrued
interest on such Lender’s Loans and all accrued fees (including without limitation, the
Unused Commitment Fee, the LC Fee and the L/C Issuance Fee), in each case under (i) and
(ii), up to but not including the Amendment Effective Date.

     (e) The representations and warranties contained in Article V of the ABL Credit
Agreement and in the other Loan Documents shall be true and correct in all material respects
on and as of the Amendment Effective Date with the same effect as though made on and as of
the Amendment Effective Date; provided that to the extent such representations and
warranties expressly relate to an earlier date, they shall be true and correct in all
material respects as of such earlier date; provided, further, that any representation and
warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar
language shall be true and correct in all respects on the respective dates;

     (f) No Default or Event of Default shall have occurred and be continuing under the ABL
Credit Agreement at the time of, or after giving effect to, this Amendment; and

     (g) Each Amendment Lender shall have received all documentation and other information
mutually agreed to be required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the USA PATRIOT ACT,
including the information described in Section 10.20 of the ABL Credit Agreement, at least
five (5) Business Days prior to the Amendment Effective Date.

          13. Representations and Warranties. Each Loan Party represents to the Agents and the
Amendment Lenders as follows:

     (a) Each Loan Party has all requisite constitutional, corporate or other similar power and
authority to execute, deliver and perform its obligations under this Amendment.

     (b) The execution, delivery and performance by each Loan Party of this Amendment, and the
consummation of the transactions contemplated hereby, are within such Person’s corporate or other
powers, have been duly authorized by all necessary corporate or other organizational action, and do
not (a) contravene the terms of any of such Person’s Organization Documents; (b) in any material
way, conflict with or result in any breach or contravention of or the creation of any Lien under
(other than as permitted by Section 7.06 of the Credit Agreement), or require any payment to be
made under, (i) any Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its Subsidiaries or (ii) any order in any material way,
injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person
or its property is subject in any material way; or (c) violate any material Law in any material
way; except with respect to any conflict,
breach or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the
extent

8

 

that such conflict, breach, contravention, violation or payment could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

     (c) This Amendment constitutes a legal, valid and binding obligation of each Loan Party,
enforceable against each such Person in accordance with its terms, except as such enforceability
may be limited by Debtor Relief Laws and by general principles of equity and the Legal
Reservations.

          14. Changes in Lenders and Commitments. On the Amendment Effective Date:

     (a) Each Amendment Lender shall be a Lender with a Commitment in the applicable amount set
forth for such Lender in Schedule 1.01(A) hereto.

     (b) Each Amendment Lender which is not an Existing Lender and each Existing Lender that is
increasing its Commitment (each, a “New Lender”) shall make new Loans to the Borrowers in an amount
such that, after giving effect thereto, the aggregate amount of such Loans shall bear the same
relationship to the Commitment of such New Lender as the outstanding Loans of the other Amendment
Lenders bear to their Commitments, such new Loans to be allocated ratably among all outstanding
Borrowings and to be deemed part of such outstanding Borrowings.

     (c) The participations of the Amendment Lenders in any Letters of Credit outstanding
immediately prior to the Amendment Effective Date shall be redetermined on the basis of their
respective Commitments set forth in Schedule 1.01(A) hereto.

     (d) Each Departing Lender shall cease to be a Lender under the ABL Credit Agreement, shall
cease to have any Commitment thereunder or any participation in outstanding Letters of Credit, and
all Loans made by such Departing Lender, and all accrued interest, fees and other amounts payable
under the ABL Credit Agreement immediately prior to the Amendment Effective Date for its account
shall be due and payable on the Amendment Effective Date; provided that the provisions of Section
3.01, Section 3.04, Section 3.05 and Section 10.05 of the ABL Credit Agreement shall continue to
inure to the benefit of such Departing Lender.

     (e) Any Amendment Lender which is an Existing Lender, but whose Pro Rata Share after giving
effect to this Amendment is greater than its Pro Rata Share immediately prior to the Amendment
Effective Date shall be deemed a New Lender for purposes of this Section 14 to the extent of such
increase. Any Amendment Lender which is an Existing Lender, but whose Pro Rata Share after giving
effective to this Amendment is less than its Pro Rata Share immediately prior to the Amendment
Effective Date shall be deemed a Departing Lender for purposes of this Section 14 to the extent of
such decrease.

          15. Limited Effect. Except as expressly provided hereby, all of the terms and
provisions of the ABL Credit Agreement and the other Loan Documents are and shall remain in full
force and effect. The amendments contained herein shall not be construed as a waiver or amendment
of any other provision of the ABL Credit Agreement or the other Loan Documents or for any purpose
except as expressly set forth herein or a consent to any further or future action on the part of
the Borrowers that would require the waiver or consent of the Administrative Agent or the Amendment
Lenders. This Amendment shall constitute a “Loan Document” for all purposes of the ABL Credit
Agreement and the other Loan Documents.

          16. Ratification. Each of the Loan Parties hereby ratifies and confirms its
respective obligations and under the ABL Credit Agreement, as amended by this Amendment, and the
other Loan Documents, in each case according to their respective terms. Each Loan Party hereby
confirms and
agrees that all Liens in effect immediately prior to the Amendment Effective Date held by the

9

 

Administrative Agent or either Co-Collateral Agent for the benefit of the Secured Parties as
security for payment of the Obligations shall continue to secure the Obligations after giving
effect to this Amendment.

          17. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.

          18. Counterparts. This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one and the same agreement, and any of the parties hereto may
execute this Amendment by signing any such counterpart. Delivery of an executed counterpart hereof
by facsimile or email transmission shall be effective as delivery of a manually executed
counterpart hereof.

          19. Headings. Section or other headings contained in this Amendment are for reference
purposes only and shall not in any way affect the meaning or interpretation of this Amendment.

[SIGNATURE PAGES FOLLOW]

10

 

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

	 	 	 	 	 
	 	LYONDELLBASELL INDUSTRIES N.V.

LYONDELL CHEMICAL COMPANY

EQUISTAR CHEMICALS, LP

HOUSTON REFINING LP

LYONDELLBASELL ACETYLS LLC

BASELL NORTH AMERICA INC.

EQUISTAR GP, LLC

EQUISTAR LP, LLC

LYONDELLBASELL ACETYLS HOLDCO, LLC

LYONDELLBASELL F&F HOLDCO, LLC

LYONDELLBASELL FINANCE COMPANY

LYONDELL CHEMICAL DELAWARE COMPANY

LYONDELL CHEMICAL INTERNATIONAL COMPANY

LYONDELL CHEMICAL OVERSEAS SERVICES, INC.

LYONDELL CHEMICAL PROPERTIES, L.P.

 	 
	 	 	By:  Lyondell Chemical Technology Management,	 
	 	 	        Inc., as General Partner 	 
	 
	 	LYONDELL CHEMICAL TECHNOLOGY 1 INC.

LYONDELL CHEMICAL TECHNOLOGY MANAGEMENT, INC.

LYONDELL CHEMICAL TECHNOLOGY, L.P.

 	 
	 	  	 	 
	 	 	By:  Lyondell Chemical Technology Management, 	 
	 	 	        Inc., as General Partner 	 
	 
	 	LYONDELL CHIMIE FRANCE LLC

LYONDELL EUROPE HOLDINGS INC.

LYONDELL REFINING COMPANY LLC

LYONDELL REFINING I LLC

 	 
	 	By:  	/s/ Francesco Svelto
 	 
	 	 	Name:  	Francesco Svelto 	 
	 	 	Title:  	Authorized Person 	 
	 

 

	 	 	 	 	 
	 	BANK OF AMERICA N.A., as an Amendment Lender 

 	 
	 	By:  	/s/ Hance VanBeber
 	 
	 	 	Name:  	Hance VanBeber 	 
	 	 	Title:  	Sr. Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC., as an Amendment Lender 

 	 
	 	By:  	/s/ Vanessa A. Kurbatskiy
 	 
	 	 	Name:  	Vanessa A. Kurbatskiy 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Credit Suisse AG, Cayman Islands Branch, as an

Amendment Lender

 	 
	 	By:  	/s/ Shaheen Malik
 	 
	 	 	Name:  	Shaheen Malik 	 
	 	 	Title:  	Vice President 	 
	 
	 	If second signature required: 

 	 
	 	By:  	/s/ Kevin Buddhdew
 	 
	 	 	Name:  	Kevin Buddhdew 	 
	 	 	Title:  	Associate 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ING Bank N.V., as an Amendment Lender 

 	 
	 	By:  	/s/ Peter Visscher
 	 
	 	 	Name:  	Peter Visscher 	 
	 	 	Title:  	Managing Director 	 
	 
	 	If second signature required: 

 	 
	 	By:  	/s/ Mark Sisouw de Zilwa
 	 
	 	 	Name:  	Mark Sisouw de Zilwa 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMorgan Chase Bank, N.A., as an
Amendment Lender

 	 
	 	By:  	/s/ Kevin Chichester
 	 
	 	 	Name:  	Kevin Chichester 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS AG, STAMFORD BRANCH, as an Amendment Lender

 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 
	 	By:  	                        /s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as an Amendment Lender

 	 
	 	By:  	/s/ John Frazell
 	 
	 	 	Name:  	John Frazell 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	HSBC Bank USA, National Association, as an

Amendment Lender

 	 
	 	By:  	/s/ David A. Mandell
 	 
	 	 	Name:  	David A. Mandell 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Natixis, as an Amendment Lender 

 	 
	 	By:  	/s/ Louis P. Laville, III
 	 
	 	 	Name:  	Louis P. Laville, III 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Credit Agricole Corporate and Investment Bank,

as an Amendment Lender

 	 
	 	By:  	/s/ Page Dillehunt
 	 
	 	 	Name:  	Page Dillehunt 	 
	 	 	Title:  	Managing Director 	 
	 
	 	By:  	                        /s/ Michael Willis
 	 
	 	 	Name:  	Michael Willis 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Regions Bank, as an Amendment Lender 

 	 
	 	By:  	/s/ Jon Eckhouse
 	 
	 	 	Name:  	Jon Eckhouse 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Siemens Financial Services, as an Amendment Lender 

 	 
	 	By:  	/s/ Anthony Casciano
 	 
	 	 	Name:  	Anthony Casciano 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	By:  	         /s/ Craig Johnson
 	 
	 	 	Name:  	Craig Johnson 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP Paribas, as an Amendment Lender 

 	 
	 	By:  	/s/ Daniel Williams
 	 
	 	 	Name:  	Daniel Williams 	 
	 	 	Title:  	Director 	 
	 
	 	If second signature required:

 	 
	 	By:  	/s/ Guelay Mese
 	 
	 	 	Name:  	Guelay Mese 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as an Amendment Lender

 	 
	 	By:  	/s/ Daniel Gioia
 	 
	 	 	Name:  	Daniel Gioia 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION, as an

Amendment Lender

 	 
	 	By:  	/s/ Shuji Yabe
 	 
	 	 	Name:  	Shuji Yabe 	 
	 	 	Title:  	General Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, as an 

Amendment
Lender

 	 
	 	By:  	                        /s/ Melissa James
 	 
	 	 	Name:  	Melissa James 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MORGAN STANLEY BANK, N.A., as an Amendment

Lender

 	 
	 	By:  	/s/ Melissa James
 	 
	 	 	Name:  	Melissa James 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Mizuho Corporate Bank, Ltd., as an
Amendment Lender

 	 
	 	By:  	/s/ Leon Mo
 	 
	 	 	Name:  	Leon Mo 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	METLIFE BANK, NATIONAL ASSOCIATION, as an

Amendment Lender

 	 
	 	By:  	/s/ Matthew J. McInerny
 	 
	 	 	Name:  	Matthew J. McInerny 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as an 

Amendment Lender

 	 
	 	By:  	/s/ M. Colin Warman
 	 
	 	 	Name:  	M. Colin Warman 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	RB International Finance (USA) LLC, as an

Amendment Lender

 	 
	 	By:  	/s/ Christoph Hoedl
 	 
	 	 	Name:  	Christoph Hoedl 	 
	 	 	Title:  	First Vice President 	 
	 
	 	If second signature required:

 	 
	 	By:  	/s/ Peter Armieri
 	 
	 	 	Name:  	Page Dillehunt 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UniCredit Bank AG, as an Amendment Lender 

 	 
	 	By:  	/s/ Carl-Josef Schulte
 	 
	 	 	Name:  	Carl-Josef Schulte 	 
	 	 	Title:  	Director 	 
	 
	 	If second signature required:

 	 
	 	By:  	/s/ Carsten Baumgarte
 	 
	 	 	Name:  	Carsten Baumgarte 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	METROPOLITAN LIFE INSURANCE COMPANY, as 

an Amendment Lender

 	 
	 	By:  	/s/ Matthew J. McInerny
 	 
	 	 	Name:  	Matthew J. McInerny 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	METLIFE INSURANCE COMPANY OF 

CONNECTICUT, as an Amendment Lender

By Metropolitan Life Insurance Company, its

Investment Manager

 	 
	 	By:  	/s/ Matthew J. McInerny
 	 
	 	 	Name:  	Matthew J. McInerny 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	Capital One Leverage Finance Corp., as an Amendment 

Lender

 	 
	 	By:  	/s/ Michael Burns
 	 
	 	 	Name:  	Michael Burns 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	CIT Bank, as an Amendment Lender

 	 
	 	By:  	/s/ Benjamin Haslam
 	 
	 	 	Name:  	Benjamin Haslam 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

	 	 	 	 	 
	 	SunTrust Bank, as an Amendment Lender

 	 
	 	By:  	/s/ Jamie Hurley
 	 
	 	 	Name:  	Jamie Hurley 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	CITIBANK, N.A., AS Administrative Agent, Co-

Collateral Agent, a Fronting Bank and an Amendment

Lender

 	 
	 	By:  	          /s/ Matthew Paquin
 	 
	 	 	Name:  	Matthew Paquin 	 
	 	 	Title:  	Vice President and Director 	 
	 

 

 

	 	 	 	 	 
	 	WELLS FARGO CAPITAL FINANCE, LLC, as Co-

Collateral Agent and an Amendment Lender

 	 
	 	By:  	/s/ Kevin Michael Cox
 	 
	 	 	Name:  	Kevin Michael Cox 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as a
Fronting Bank and an Amendment Lender

 	 
	 	By:  	/s/ Frank Fazio
 	 
	 	 	Name:  	Frank Fazio 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                        /s/ Philip Saliba
 	 
	 	 	Name:  	Philip Saliba 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as a Fronting Bank

 	 
	 	By:  	/s/ Kevin Michael Cox
 	 
	 	 	Name:  	Kevin Michael Cox 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

Schedule 1.01A

COMMITMENTS AS OF THE AMENDMENT EFFECTIVE DATE

	 	 	 	 	 
	Lender	 	Commitment	 
	Citibank, N.A.
	 	$	105,000,000	 
	Deutsche Bank Trust Company Americas
	 	$	105,000,000	 
	Bank of America, N.A.
	 	$	105,000,000	 
	Barclays Bank PLC
	 	$	105,000,000	 
	Credit Suisse AG, Cayman Islands Branch
	 	$	105,000,000	 
	ING Bank N.V.
	 	$	105,000,000	 
	JPMorgan Chase Bank, N.A.
	 	$	105,000,000	 
	UBS AG, Stamford Branch
	 	$	105,000,000	 
	Wells Fargo Capital Finance, LLC
	 	$	105,000,000	 
	The Bank of Nova Scotia
	 	$	90,000,000	 
	HSBC Bank USA, National Association
	 	$	80,000,000	 
	Natixis
	 	$	80,000,000	 
	Credit Agricole Corporate and Investment Bank
	 	$	75,000,000	 
	Regions Bank
	 	$	65,000,000	 
	Siemens Financial Services, Inc.
	 	$	65,000,000	 
	BNP Paribas
	 	$	60,000,000	 
	Royal Bank of Canada
	 	$	60,000,000	 
	Sumitomo Mitsui Banking Corporation
	 	$	60,000,000	 
	Morgan Stanley Senior Funding, Inc.
	 	$	55,000,000	 
	Morgan Stanley Bank, N.A.
	 	$	50,000,000	 
	Mizuho Corporate Bank, Ltd.
	 	$	45,000,000	 
	MetLife Bank, National Association
	 	$	40,000,000	 
	PNC Bank, National Association
	 	$	40,000,000	 
	RB International Finance (USA) LLC
	 	$	40,000,000	 
	UniCredit Bank AG
	 	$	40,000,000	 
	Metropolitan Life Insurance Company
	 	$	30,000,000	 
	MetLife Insurance Company of Connecticut
	 	$	20,000,000	 
	Capital One Leverage Finance Corp
	 	$	20,000,000	 
	CIT Bank
	 	$	20,000,000	 
	SunTrust Bank
	 	$	20,000,000	 
	Total Commitment
	 	$	2,000,000,000	 

 

 

ANNEX A

[FORM OF] DEPARTING LENDER ACKNOWLEDGEMENT

     Reference is made to (i) the SENIOR SECURED ASSET-BASED CREDIT AGREEMENT, dated as of April 8,
2010 (as amended, supplemented, extended or restated, or otherwise modified from time to time, the
“ABL Credit Agreement”), among LYONDELLBASELL INDUSTRIES N.V., a naamloze
vennootschap (a public limited liability company) formed under the laws of the Netherlands (the
“Company”), LYONDELL CHEMICAL COMPANY, a Delaware corporation (“Lyondell”), EQUISTAR CHEMICALS,
LP, a Delaware limited partnership (“Equistar”), HOUSTON REFINING LP, a Delaware limited
partnership (“HRLP”), LYONDELLBASELL ACETYLS LLC, a Delaware limited liability company (“Acetyls”),
the Subsidiaries of Lyondell from time to time party thereto, as additional borrowers (and,
together with Lyondell, Equistar, HRLP and Acetyls, the “Borrowers”), each lender party thereto
(the “Existing Lenders”), CITIBANK, N.A., as Administrative Agent (the “Administrative Agent”),
Citibank, N.A. and Wells Fargo Capital Finance, LLC, as Co-Collateral Agents (the “Co-Collateral
Agents”), Citibank, N.A., Deutsche Bank Trust Company Americas and Wells Fargo Bank, N.A., as
Fronting Banks (the “Fronting Banks”) and the other agents party thereto and (ii) the FIRST
AMENDMENT TO THE SENIOR SECURED ASSET BASED CREDIT AGREEMENT dated as of the date hereof (the
“First Amendment”) among the Company, the Borrowers, the other Loan Parties party thereto, each
lender party thereto, the Administrative Agent, the Co-Collateral Agents and the Fronting Banks.

     SECTION 1. Each financial institution party hereto other than the Administrative Agent (each a
“Departing Lender”) hereby acknowledges and agrees that on and after the Amendment Effective Date
(as defined in the First Amendment) that it shall cease to have any Commitment under the ABL Credit
Agreement or any participation in outstanding Letters of Credit, and all Loans made by such
Departing Lender, and all accrued interest, fees and other amounts payable under the ABL Credit
Agreement immediately prior to the Amendment Effective Date for its account shall be due and
payable on the Amendment Effective Date; provided that the provisions of Section 3.01, Section
3.04, Section 3.05 and Section 10.05 of the ABL Credit Agreement shall continue to inure to the
benefit of such Departing Lender.

     SECTION 2. THIS DEPARTING LENDER ACKNOWLEDGEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

     SECTION 3. This Departing Lender Acknowledgement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement, and any of
the parties hereto may execute this Departing Lender Acknowledgement by signing any such
counterpart. Delivery of an executed counterpart hereof by facsimile or email transmission shall
be effective as delivery of a manually executed counterpart hereof.

[SIGNATURE PAGES FOLLOW]

 

 

	 	 	 	 	 
	 	Burdale Capital Finance, Inc., as a Departing Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	State of California Public Employees’ Retirement

System (“CalPERS”), as a Departing Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[CONTINENTAL CASUALTY], as a Departing 

Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	[UNION BANK], as a Departing Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ING Capital LLC, as a Departing Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

					
	 	

Acknowledged and agreed:

LYONDELL CHEMICAL COMPANY,

as Borrower’s Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

					
	 	

Acknowledged and agreed:

CITIBANK, N.A., as Administrative

Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]