Document:

ucc3q09ex10d5d7.htm

    
    

     

    
      	EXHIBIT
      10.5.7
	 Seventh
      Amendment to the
	 Amended
      and Restated Revolving Credit Agreement
	 

    

     

    SEVENTH
AMENDMENT TO THE

    AMENDED
AND RESTATED REVOLVING CREDIT AGREEMENT

    

    

    This
Seventh Amendment to the Amended and Restated Revolving Credit Agreement (this
“Amendment”) is made effective as of September 30, 2009 and is entered into
among Union Carbide Corporation, as Borrower (“Borrower”), The Dow Chemical
Company, as Lender (“Lender”) and K-Dow Petrochemicals UC Sub C, Inc. and Union
Carbide Chemicals & Plastics Technology LLC as the Subsidiary Guarantors
(the “Subsidiary
Guarantors”) (together, the “Parties”).

    

    BACKGROUND

    

    The
parties have entered into the Amended and Restated Revolving Credit Agreement
dated as of May 28, 2004, as amended by the First Amendment to the Amended
and Restated Revolving Credit Agreement dated October 29, 2004, the Second
Amendment to the Amended and Restated Revolving Credit Agreement dated
December 30, 2004, the Third Amendment to the Amended and Restated
Revolving Credit Agreement dated September 30, 2005, the Fourth Amendment
to the Amended and Restated Revolving Credit Agreement dated September 30,
2006, the Fifth Amendment to the Amended and Restated Revolving Credit Agreement
dated September 30, 2007, and the Sixth Amendment to the Amended and
Restated Revolving Credit Agreement dated September 30, 2008 (the “Credit
Agreement”).

    

    The
Parties desire to amend the Credit Agreement according to the terms in this
Amendment. Any capitalized terms used in this Amendment, but not otherwise
defined in this Amendment, are as defined in the Credit Agreement.

    

    THE
AGREEMENT

    

    
      	
              1.

            	
              Amendment to Section
      1.1. The Parties agree to amend Section 1.1 of the Credit
      Agreement by Replacing the definition of “Scheduled Termination Date” with
      the following definition:

            

    

    

    “Scheduled Termination
Date” means December 30, 2010.

    

    
      	
              2.

            	
              No Other Amendment or
      Waiver. Except as expressly amended by this Amendment, the Credit
      Agreement and all other Loan Documents remain in full force and effect in
      accordance with their terms, and the Parties ratify and confirm the Credit
      Agreement and all other Loan Documents in all
  respects.

            

    

    

    
      	
              3.

            	
              Execution in
      Counterparts. This amendment may be executed in any number of
      counterparts and and by different parties in separate counterparts, each
      of which when so executed will be deemed to be an original and all of
      which taken together will constitute one and the same agreement. Signature
      pages may be detached from multiple separate counterparts and attached to
      a single counterpart so that all signature pages are attached to the same
      document.

            

    

    

    
      	
              4.

            	
              Governing Law.
      This Amendment and the rights and obligation of the Parties to this
      Amendment will be governed by, and construed and interpreted in accordance
      with, the law of the State of New
York.

            

    

    

    
      	
              5.

            	
              Subsidiary
      Guarantors. The Guarantors to this Agreement will only be bound by
      their guarantees if they remain a wholly owned subsidiary of the
      Borrower.

            

    

    

    

    [Signature
pages follow.]

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    
       

    

    
    

    The Parties agree that this Amendment
is effective as of September 30, 2009, and they have caused their
authorized representatives to execute this Amendment below.

    
      

      
        	
                LENDER:

              	
                SUBSIDIARY
      GUARANTORS:

              
	 
      	 
      
	
                THE
      DOW CHEMICAL COMPANY

              	
                K-DOW
      PETROCHEMICALS UC SUB C, INC.

              

      

      

      

      
        	
                By:

              	
                /s/
      FERNANDO RUIZ

              	 
      	
                By:

              	
                /s/
      MICHAEL L. GLENN

              
	
                Name:

              	
                     Fernando
      Ruiz

              	 
      	
                Name:

              	
                     Michael
      L. Glenn

              
	
                Title:

              	
                     Corporate
      Vice President and

              	 
      	
                Title:

              	
                     Secretary

              
	 
      	
                     Treasurer

              	 
      	 
      	 
      

      

      

      

      

      
        	
                BORROWER:

              	 
      
	 
      	 
      
	
                 

                UNION
      CARBIDE CORPORATE

              	
                UNION
      CARBIDE CHEMICALS &

                PLASTICS
      TECHNOLOGY LLC

              

      

      

      

      
        	
                By:

              	
                /s/
      EUDIO GIL

              	 
      	
                By:

              	
                /s/
      MARK A WHITEMAN

              
	
                Name:

              	
                     Eudio
      Gil

              	 
      	
                Name:

              	
                     Mark
      A. Whiteman

              
	
                Title:

              	
                     Chief
      Financial Officer, Vice

              	 
      	
                Title:

              	
                     Vice
      President

              
	 
      	
                     President,
      and Treasurer

              	 
      	 
      	 
      

      

      
        
           

        

        
          28ucc3q09ex10d7d2.htm

     

    
      	 EXHIBIT
      10.7.2
	 Second
      Amendment to
	 Second
      Amended and Restated Revolving Loan Agreement
	 

    

     

    Second
Amendment to Second Amended and Restated Revolving Loan Agreement

    

    

    This Second Amendment to the Second
Amended and Restated Revolving Loan Agreement (the “Amendment”), dated as
of December 31, 2007, is entered into by and between Union Carbide Corporation,
a New York corporation (the “Lender”) and The Dow
Chemical Company, a Delaware corporation (the “Borrower”) effective
as of August 1, 2009.

    

    WHEREAS, the Lender and the Borrower
are parties to the Second Amended and Restated Revolving Loan Agreement dated as
of November 1, 2005 and amended by the First Amendment dated the 31st day
of December 2007 (the “Loan Agreement”);

    

    WHEREAS, the Lender and the Borrower
wish to increase the Commitment Amount, and to change the Interest Rate, both as
defined in the Loan Agreement;

    

    NOW, THEREFORE, in view of the
following terms and conditions and for other good and valuable consideration to
the receipt and sufficiency whereof is hereby acknowledged, the parties agree as
follows:

    

    1.            
To add the following Definition to the Loan Agreement as 1.14:

    

    “TDCC
Reference Rate” means the interest rate established for intercompany financing
transactions by the Corporate Treasury Department of The Dow Chemical Company
(Borrower).  This rate is set to LIBOR plus 280 basis point as of the
effective date of this Amendment, any future changes to this rate will be
effective if agreed between the Lender and the Borrower in
writing.”

    

    
      	
               
      

            	
              2.

            	
              Paragraph
      2.1 of the Loan Agreement is hereby deleted and replaced as
      follows:

            

    

    

    
      	
               
      

            	
              2.1

            	
              Advances

            

    

    

    The
Lender agrees, on the terms and conditions stated in this Agreement, to make
advances to the Borrower (the “Advance(s)”) in an
aggregate outstanding amount not to exceed $6,000,000,000 (Six Billion U.S.
Dollars) (the “Commitment”) during
the period from the Effective Date to the Maturity Date.  The amount
of Advances outstanding from time to time under this Agreement is referred to as
the “Loan”.  The
amount of Advances repaid pursuant to Section 2.4(d) below prior to the Maturity
Date, may be reborrowed subject to the limitations contained in this
Agreement.

    

    3.            
Paragraph 2.3(a) of the Loan Agreement is hereby deleted and replaced as
follows:

    

    2.3                 Interest

    

     (a)           The
Loan bears interest from day to day at an interest rate per annum (the “Interest Rate”) equal
to the lesser of:

    

    
      	
               
      

            	
              (i)

            	
              The
      TDCC Reference Rate minus 12.5 basis points;
and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              The
      maximum rate allowable by law.

            

    

    

    Interest
accrues on unpaid principal amount of each Advance from the date each Advance is
made to the date such Advance is payable in accordance with
Section 2.4.

    

    
      	
               
      

            	
              4.

            	
              Lender
      and Borrower expressly confirm that all amounts previously loaned by
      Lender to Borrower pursuant to the Loan Agreement (including those loaned
      in excess of the prior Commitment of Four Billion U.S. Dollars
      ($4,000,000,000) are deemed loaned
hereunder.

            

    

    

    
      	
               
      

            	
              5.

            	
              No Other Amendment or
      Waiver. Except as expressly amended by this Amendment, the Loan
      Agreement remains in full force and effect in accordance with its
      terms.

            

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              6.

            	
              Execution in
      Counterparts. This Amendment may be executed in any number of
      counterparts, each of which when so executed will be deemed to be an
      original and all of which taken together will constitute one and the same
      agreement.  Signature pages may be detached from multiple
      separate counterparts and attached to a single counterpart so that all
      signature pages are attached to the same
  document.

            

    

    

    
      	
               
      

            	
              7.

            	
              Governing
      Law.  This Amendment and the rights and obligations of
      the parties to this Amendment will be governed by and construed and
      interpreted in accordance with the laws of the State of New
      York.

            

    

    

    IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by
their duly authorized representatives.

    

    

    
      	
              THE
      DOW CHEMICAL COMPANY

            	 
      	
              UNION
      CARBIDE CORPORATION

            

    

    

    

    
      	
              By:

            	
              /s/
      ANDREAS UNTERSTE

            	 
      	
              By:

            	
              /s/
      EUDIO GIL

            
	
              Name:

            	
                   Andreas
      Unterste

            	 
      	
              Name:

            	
                   Eudio
      Gil

            
	
              Title:

            	
                   Director
      of Financial Operations,

            	 
      	
              Title:

            	
                   Chief
      Financial Officer,

            
	 
      	
                   Compliance
      and Technology

            	 
      	 
      	
                   Vice
      President and Treasurer

            

    

    
      
         

      

      
        30

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