Document:

ifsl1012gex10-6.htm

Exhibit 10.6

3D Financial, Inc.

Dedicated, Dependable, & Detail-oriented

Consulting Agreement

THIS AGREEMENT is made and entered into as of the 1st day of October 2008 by and between 3D Financial, Inc. (“Consultant”) and Ideal Financial Solutions, Inc. (“Company”).

  

Recitals

  

WHEREAS, Company desires to utilize Consultant’s services, on a non-exclusive basis, as an independent contractor; and

  

WHEREAS, Consultant desires to provide accounting, operations, and general business consulting services;

   

NOW THEREFORE, for and in consideration of the promises and mutual covenants, agreements, understandings, undertakings, representations, warranties and promises, and subject to the conditions hereinafter set forth, and intending to be legally bound thereby, the parties do hereby covenant and agree that the Recitals set forth above are true and accurate, and further covenant and agree as follows: 

 

Independent Contractor / Confidentiality Agreement

Consultant is an independent contractor to the Company, and each party understands that no employer/employee relationship exists.

Consultant agrees that all records, materials, and information including customer lists and names, involving or reasonably related to the business or prospective business of the Company and not generally available to the public, or information received by the Company as to which there is a bona fide obligation, contractual or otherwise, on the Company’s part not to disclose “Confidential Information” obtained by Consultant in the course of his working relationship with the Company – are confidential and shall remain the exclusive property of the Company, and Consultant does hereby agree that he will not remove any of the aforementioned from the office or premises of Company unless for Company business. Consultant will not divulge Confidential Information to any person other than the Company, and at Company’s request.  Upon termination of agreement Consultant shall return all records and documents of or pertaining to Company, then in his possession.

 

 

	
473 S. River Rd., Suite #1-263

	
Cell: 435-773-1195

	
St. George, UT 84790

	
kent@3dfinancialinc.com

	
www.3dfinancialinc.com

  

  

  

 

3D Financial, Inc.

Dedicated, Dependable, & Detail-oriented

 

Pricing

Company agrees to pay Consultant at a rate of $40 per hour.  Consultant will submit an invoice to Company on a monthly basis, and Company will pay net seven days of receiving invoice.  Payment will be made to 3D Financial, Inc.

	
/s/ Steve Sunyich                 

	
/s/ Kent Brown                

	
Steve Sunyich

	
Kent Brown

	
Ideal Financial Solutions

	
3D Financial, Inc.

	
October 1, 2008

	
October 1, 2008

 

 

 

 

	
473 S. River Rd., Suite #1-263

	
Cell: 435-773-1195

	
St. George, UT 84790

	
kent@3dfinancialinc.com

	
www.3dfinancialinc.comExhibit 10.1

 

 

June 19, 2010

 

Corn Products International, Inc.

Senior Bridge Credit Facility

Commitment Letter

 

Corn
Products International, Inc.

5
Westbrook Corporate Center

Westchester, Illinois
60154

Attention:  Cheryl K. Beebe, Chief Financial Officer

 

Ladies
and Gentlemen:

 

You
(the “Borrower”) have requested that J.P. Morgan Securities Inc. (“JPMorgan”)
agree to structure, arrange and syndicate a $1,350,000,000 senior term loan
bridge facility (the “Facility”), and that JPMorgan Chase Bank, National
Association (“JPMCB”) commit to provide the entire principal amount  of the Facility and to serve as administrative agent for
the Facility. You have requested the Facility to finance in part the proposed
acquisition (the “Acquisition”) by you and/or one or more of your
subsidiaries of the specialty starch business (the “Business”) of Azko
Nobel N.V. (the “Seller”), which Business is comprised of certain assets
of the Seller and its subsidiaries (including equity interests in certain of
the Seller’s subsidiaries), for an aggregate purchase price of approximately
$1,300,000,000.  You intend to consummate
the Acquisition pursuant to the terms of an international share and business
sale agreement (the “Acquisition Agreement”) to be entered into between
and among the Borrower and the Seller.

 

JPMorgan
is pleased to advise you that it is willing to act as exclusive arranger for
the Facility.

 

Furthermore,
each of JPMCB and JPMorgan, respectively, are pleased to advise you of JPMCB’s
commitment to provide the entire principal amount  of
the Facility upon the terms and subject to the conditions set forth or referred
to in this commitment letter (the “Commitment Letter”) and in the
Summary of Terms and Conditions attached hereto as Exhibit A (the “Term
Sheet”).  The commitments of JPMCB in
respect of the Facility shall be reduced as provided in Exhibit A.

 

It
is agreed that JPMCB will act as the sole and exclusive Administrative Agent,
and that JPMorgan will act as the sole and exclusive Lead Arranger and
Bookrunner (in such capacities, the “Lead Arranger”) for the
Facility.  You agree that no other
agents, co-agents or arrangers will be appointed, no other titles will be
awarded and no compensation (other than that expressly contemplated by the Term
Sheet and the Fee Letter referred to below) will be paid in connection with the
Facility unless you and we shall so agree.

 

We
intend to syndicate the Facility to a group of financial institutions (together
with JPMCB, the “Lenders”) identified by us in consultation with you.
The financial institutions identified and selected to act as the Lenders shall
be subject to your prior consent (not to be unreasonably withheld).  JPMorgan

 

 

intends
to commence syndication efforts promptly following the public announcement of
the Acquisition, and you agree actively to assist JPMorgan (and to use your
commercially reasonable efforts consistent with the Acquisition Agreement to
cause Seller to cooperate with JPMorgan) in completing a syndication
satisfactory to it.  Such assistance
shall include (a) your using commercially reasonable efforts to ensure
that the syndication efforts benefit materially from your existing lending
relationships, (b) direct contact between senior management and advisors
of the Borrower, the Business and the proposed Lenders, (c) the hosting,
with JPMorgan, of one or more meetings of prospective Lenders and (d) as
set forth in the next paragraph, assistance in the preparation of materials to
be used in connection with the syndication (collectively with the Term Sheet,
the “Information Materials”).

 

You
will assist us in preparing Information Materials, including but not limited to
a Confidential Information Memorandum or lender slides, for distribution to
prospective Lenders.  If requested, you also will assist us (and
will use your commercially reasonable efforts consistent with the Acquisition
Agreement to cause Seller to cooperate with us) in preparing an additional version of the Information Materials (the “Public-Side Version”)  to be used by prospective Lenders’
public-side employees and representatives (“Public-Siders”) who do not
wish to  receive material non-public
information (within the meaning of United States federal securities laws) with
respect to the Borrower, the Seller, their respective affiliates and any of
their respective securities (“MNPI”) and who may be engaged in
investment and other market related activities with respect to any such entity’s
securities or loans.  Before distribution
of any Information Materials, you agree to execute and deliver to us (i) a
letter in which you authorize distribution of the Information Materials to a
prospective Lender’s employees willing to receive MNPI (“Private-Siders”)
and (ii) a separate letter in which you authorize distribution of the
Public-Side Version to Public-Siders and represent that no MNPI is contained
therein. You also acknowledge that JPMorgan Public-Siders consisting of
publishing debt analysts may participate in any meeting or telephone conference
calls held pursuant to clause (c) of the immediately previous paragraph;
provided that such analysts shall not publish any information obtained from
such meetings or calls (i) prior to the completion of a Successful
Syndication or (ii) in violation of any confidentiality agreement between
you and JPMorgan or JPMBC.

 

Without
limiting your obligations to assist with syndication efforts as set forth in
this letter, notwithstanding anything to the contrary contained in this
Commitment Letter or the Fee Letter or any other letter agreement or
undertaking concerning the financing of the Acquisition to which JPMCB is a
party, JPMCB agrees that the completion of a Successful Syndication is not a
condition to its commitment hereunder or the funding of the Facility on the
Closing Date and JPMCB further agrees that (except for purposes of determining
whether a Successful Syndication has been achieved under the applicable
provisions of the Fee Letter) JPMCB will not be released from its commitment
hereunder in connection with such a syndication to any Lender unless (a) any
such Lender (reasonably acceptable to you) has entered into an amendment or
joinder with respect to this Commitment Letter committing to provide a portion
of the Facility (in which case our commitments hereunder shall be reduced at
such time by an amount equal to the commitment assumed by such Lender) or (b) such
Lender shall have entered into the Credit Documentation and funded the portion
of the Facility required to be funded by it on the Closing Date.

 

The
Borrower agrees that the following documents may be distributed to both
Private-Siders and Public-Siders, unless the Borrower advises JPMorgan in
writing (including by email) within a reasonable time prior to their intended
distribution that such materials should only be distributed to Private-Siders:  (a) administrative materials prepared by
JPMorgan for prospective Lenders (such as a lender meeting invitation, lender
allocation, if any, and funding and closing memoranda), (b) notification
of changes in the Facility’s terms and (c) other materials intended for
prospective Lenders after the initial distribution of Information
Materials.   The Lead Arranger will
provide the foregoing (other than any of the foregoing

 

2

 

that
constitutes administrative or other materials that would not customarily be
reviewed by a borrower prior to being distributed to lenders in similar
circumstances) to you and will give you a reasonable amount of time to review
and revise such materials prior to such distribution to determine whether such
documents contain MNPI and to give JPMorgan the written notice referred to
above.  If you advise us that any of the
foregoing should be distributed only to Private-Siders, then Public-Siders will
not receive such materials without further discussions with you.

 

The
Borrower hereby authorizes JPMorgan to distribute drafts of definitive
documentation with respect to the Facility to Private-Siders and Public-Siders.

 

As
the Lead Arranger, JPMorgan will manage all aspects of the syndication,
including decisions as to the selection of institutions to be approached and
when they will be approached, when their commitments will be accepted, which
institutions will participate (subject to the Borrower’s consent right
described above), the allocations of the commitments among the Lenders and the
amount and distribution of fees among the Lenders and the Lead Arranger will
notify you regarding such final determinations. 
In acting as the Lead Arranger, JPMorgan will have no responsibility
other than to arrange the syndication as set forth herein and shall in no event
be subject to any fiduciary or other implied duties.  Additionally, the Borrower acknowledges and
agrees that, as Lead Arranger, JPMorgan is not advising the Borrower as to any
legal, tax, investment, accounting or regulatory matters in any
jurisdiction.  The Borrower shall consult
with its own advisors concerning such matters and shall be responsible for
making its own independent investigation and appraisal of the transactions
contemplated hereby, and JPMorgan shall have no responsibility or liability to
the Borrower with respect thereto.  Any
review by JPMorgan of the Borrower, the transactions contemplated hereby or
other matters relating to such transactions will be performed solely for the
benefit of JPMorgan and JPMCB and shall not be on behalf of the Borrower.

 

To
assist JPMorgan in its syndication efforts, you agree promptly to prepare and
provide to JPMorgan and JPMCB all information with respect to the Borrower, the
Acquisition, the Business (to the extent available to the Borrower under the
Acquisition Agreement) and the transactions contemplated hereby, including all
financial information and projections (the “Projections”), as we may
reasonably request in connection with the arrangement and syndication of the
Facility.  You hereby represent and
covenant that (a) all written information, other than the Projections,
estimates and forward looking statements and information of a general economic
or industry public nature with respect to the Borrower, its subsidiaries and
the Business, that has been or will be furnished to JPMCB or JPMorgan by you or
any of your representatives (the “Information”) is or will be, when
furnished, taken as a whole, complete and correct in all material respects and
does not or will not, when furnished, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements contained therein not materially misleading in light of the
circumstances under which such statements are made and (b) the
Projections, estimates, forward looking statements and information of a general
economic or industry public nature that have been or will be made available to
JPMCB or JPMorgan by you or any of your representatives have been or will be
prepared in good faith based upon, as applicable, reasonable assumptions that
are believed by the preparer thereof to be reasonable at the time such
Projections or other materials are furnished to the Commitment Parties (it
being recognized by the Commitment Parties that such Projections and other
forward looking information are not a guarantee of financial performance, are
not to be viewed as facts and that actual results during the period or periods
covered by any such Projections and other forward looking information may
differ from the projected results, and such differences may be material). You
agree that if at any time prior to the date of consummation of the Acquisition
(the “Closing Date”) and, if requested by us, for such period thereafter
as is necessary to complete a Successful Syndication any of the representations
in the preceding sentence would be incorrect in any material respect if the
Information and Projections were being furnished, and such

 

3

 

representations
were being made, at such time, then you will promptly supplement, or cause to
be supplemented, the Information and Projections so that such representations
will be correct at such time.

 

As
consideration for JPMCB’s commitment hereunder and JPMorgan’s agreement to
perform the services described herein, you agree to pay to JPMCB the
nonrefundable fees set forth in Annex I to the Term Sheet and in the Fee Letter
dated the date hereof and delivered herewith (the “Fee Letter”).

 

JPMCB’s
commitment hereunder and JPMorgan’s agreement to perform the services described
herein are subject only to (a) there not having occurred any “Group
Material Adverse Effect” (as defined in the Acquisition Agreement), (b) our
satisfaction that prior to and during the syndication of the Facility, if any,
there shall be no competing offering, placement or arrangement of any debt
securities or bank financing by or on behalf of the Borrower or any affiliate
thereof other than (i) any of the foregoing the proceeds of which result
in a reduction of the commitments made hereunder or will be required to be used
to prepay the Facility, (ii) that certain $750,000,000 senior revolving
credit facility to be arranged by JPMorgan pursuant to the terms of that
certain commitment letter dated the date hereof among JPMorgan, JPMCB and the
Borrower or (iii) the incurrence of debt in the ordinary course of
business for normal working capital needs of the Borrower and its affiliates, (c) the
negotiation, execution and delivery on or before December 18, 2010 of loan
documentation for the Facility satisfactory to JPMCB and its counsel, (d) the
other conditions set forth or referred to in the Term Sheet and (e) your
compliance with your obligations hereunder (including the Term Sheet) and under
the Fee Letter.

 

Notwithstanding
anything in this Commitment Letter (including each of the annexes attached
hereto), the Fee Letter, the Credit Documentation or any other letter agreement
or other undertaking concerning the financing of the Acquisition to which
either Commitment Party is party to the contrary, the only representations
relating to the Borrower, its subsidiaries, and their respective businesses, or
the Business, the accuracy of which shall be a condition to availability of the
Facility on the Closing Date, shall be (i) those warranties made by the
Seller in the Acquisition Agreement as are material to the interests of the
Lenders, but only to the extent that the Borrower has the right to terminate
its obligations under the Acquisition Agreement as a result of a breach of such
warranties in the Acquisition Agreement (the “Acquisition Agreement
Warranties”) and (ii) the below-defined Specified
Representations.  For purposes hereof, “Specified
Representations” means the representations and warranties referred to in the
Term Sheet relating to corporate existence, power and authority, due
authorization, execution and delivery and the enforceability of the Credit
Documentation, the non-contravention of the Facility with applicable law or any
order or judgment, financial statements, Federal Reserve margin regulations and
Investment Company Act.  In addition, the
terms of the Credit Documentation shall be in a form such that they do not impair
availability of the Facility on the Closing Date if the conditions set forth in
(y) the immediately preceding paragraph of this Commitment Letter, and (z) the
Term Sheet are satisfied.  This
paragraph, and the provisions of this paragraph, shall be referred to as the “Conditionality
Provision.”

 

You
agree (a) to indemnify and hold harmless JPMCB, JPMorgan  and their affiliates and their respective officers,
directors, employees, advisors, and agents (each, an “indemnified person”)
from and against any and all losses, claims, damages and liabilities to which
any such indemnified person may become subject arising out of or in connection
with this Commitment Letter, the Facility, the Acquisition, the use of the
proceeds thereof or any related transaction or any claim, litigation,
investigation or proceeding relating to any of the foregoing, regardless of
whether (i) any indemnified person is a party thereto and (ii) the
transactions contemplated hereunder, including without limitation, the
Acquisition, have been consummated, and to reimburse each indemnified person
upon demand for any legal or other expenses incurred in connection with
investigating or defending any of the foregoing, provided that the
foregoing indemnity will not, as to any indemnified person, apply to losses,
claims, damages, liabilities or related expenses to the extent they are found
by a final, non-appealable judgment

 

4

 

of
a court to arise from the willful misconduct, bad faith or gross negligence of
such indemnified person, and (b) to reimburse JPMCB, JPMorgan and their
affiliates within five business days after demand for all documented reasonable
out-of-pocket expenses (including due diligence expenses, syndication expenses,
consultant’s fees and expenses,  travel
expenses, and reasonable fees, charges and disbursements of counsel) incurred
in connection with the Facility and any related documentation (including this
Commitment Letter, the Term Sheet, the Fee Letter and the definitive financing
documentation) or the administration, amendment, modification or waiver
thereof.  No indemnified person shall be
liable for any damages arising from the use by others of Information or other
materials obtained through electronic, telecommunications or other information
transmission systems or for any special, indirect, consequential or punitive
damages in connection with the Facility, except to the extent such damage
arises from the gross negligence or willful misconduct of such person.

 

This
Commitment Letter shall not be assignable by you without the prior written
consent of JPMCB and JPMorgan (and any purported assignment without such
consent shall be null and void), is intended to be solely for the benefit of
the parties hereto and is not intended to confer any benefits upon, or create any
rights in favor of, any person other than the parties hereto and the
indemnified persons.  This Commitment
Letter may not be amended or waived except by an instrument in writing signed
by you, JPMCB and JPMorgan.  This
Commitment Letter may be executed in any number of counterparts, each of which
shall be an original, and all of which, when taken together, shall constitute
one agreement.  Delivery of an executed
signature page of this Commitment Letter by facsimile transmission or pdf
electronic transmission shall be effective as delivery of a manually executed
counterpart hereof.  This Commitment
Letter and the Fee Letter are the only agreements that have been entered into
among us with respect to the Facility and set forth the entire understanding of
the parties with respect thereto.

 

This
Commitment Letter shall be governed by, and construed in accordance with, the
law of the State of New York.  Each party
hereto consents to the nonexclusive jurisdiction and venue of the state or
federal courts located in the City of New York. 
Each party hereto irrevocably waives, to the fullest extent permitted by
applicable law, (a) any right it may have to a trial by jury in any legal
proceeding arising out of or relating to this Commitment Letter, the Fee
Letter, the Acquisition or the transactions contemplated hereby or thereby
(whether based on contract, tort or any other theory) and (b) any
objection that it may now or hereafter have to the laying of venue of any such
legal proceeding in the state or federal courts located in the City of New
York.

 

This
Commitment Letter is delivered to you on the understanding that neither this
Commitment Letter, the Term Sheet or the Fee Letter nor any of their terms or
substance shall be disclosed, directly or indirectly, to any other person
except (a) to your officers, agents, directors, employees, affiliates,
accountants and advisors who are directly involved in the consideration of this
matter and have been instructed to maintain the confidentiality thereof and for
whom you shall be responsible for any breach by any one of them of this
confidentiality undertaking, (b) as may be compelled in a judicial or
administrative proceeding or as otherwise required by law (in which case you
agree to inform us promptly thereof), (c) to S&P and Moody’s in
connection with the Facility (provided, however, that in no event shall the Fee
Letter be delivered to S&P or Moody’s), (d) upon notice to the Lead
Arranger, this Commitment Letter and the existence and contents hereof (but not
the Fee Letter or the contents thereof other than the existence thereof and the
contents thereof as part of projections, pro forma financial information and a
generic disclosure of aggregate sources and uses to the extent customary in
marketing materials or other disclosures) may be disclosed in any syndication
or other marketing materials relating to the Facility or in connection with any
public filing requirement or (e) the Term Sheet may be disclosed to
potential Lenders in connection with the Acquisition.  Notwithstanding the foregoing, following its
acceptance by the Borrower (and the payment of the fees required by the Fee
Letter to be paid upon such acceptance), the Commitment Letter and the Term
Sheet (but not the Fee Letter) may be disclosed to the

 

5

 

Seller
and its officers, directors, agents, employees, affiliates, attorneys,
accountants, and advisors who are directly involved in the Acquisition and have
been instructed to maintain the confidentiality thereof.

 

You
acknowledge that JPMorgan, JPMCB and their affiliates may be providing debt
financing, equity capital or other services (including financial advisory
services) to other companies in respect of which you may have conflicting
interests regarding the transactions described herein and otherwise.  Neither JPMorgan nor JPMCB will use
confidential information obtained from you by virtue of the transactions
contemplated by this letter or their other relationships with you in connection
with the performance by JPMorgan or JPMCB of services for other companies, and
neither JPMorgan nor JPMCB will furnish any such information to other
companies.  You also acknowledge that
JPMorgan and JPMCB have no obligation to use in connection with the
transactions contemplated by this letter, or to furnish to you, confidential
information obtained from other companies. 
You further acknowledge that JPMorgan is a full service securities firm
and JPMorgan may from time to time effect transactions, for its own or its
affiliates’ account or the account of customers, and hold positions in loans,
securities or options on loans or securities of the Borrower and its affiliates
and of other companies that may be the subject of the transactions contemplated
by this Commitment Letter.

 

Each
of JPMorgan and JPMCB may employ the services of its affiliates in providing
certain services hereunder and, in connection with the provision of such
services, may exchange with such affiliates information concerning you and the
other companies that may be the subject of the transactions contemplated by
this Commitment Letter, and, to the extent so employed, such affiliates shall
be entitled to the benefits afforded JPMorgan or JPMCB, as applicable,
hereunder.

 

JPMCB
and JPMorgan hereby notify you that, pursuant to the requirements of the USA
Patriot Act, Title III of Pub. L. 107-56 (signed into law on October 26,
2001) (the “Patriot Act”), it is required to obtain, verify and record
information that identifies the Borrower, which information includes names and
addresses and other information that will allow JPMCB and JPMorgan to identify
the Borrower in accordance with the Patriot Act.

 

The
compensation, reimbursement, indemnification and confidentiality provisions
contained herein and in the Fee Letter shall remain in full force and effect
regardless of whether definitive financing documentation shall be executed and
delivered and notwithstanding the termination of this Commitment Letter or
JPMCB’s commitment hereunder; provided that your obligations under this
Commitment Letter (other than your obligations with respect to (a) assistance
to be provided in connection with the syndication thereof and (b) confidentiality
of the Fee Letter and the contents thereof) shall automatically terminate and
be superseded by the provisions of the Credit Documentation (as defined in the
Term Sheet) upon the initial funding thereunder, and you shall automatically be
released from all liability in connection therewith at such time.

 

If
the foregoing correctly sets forth our agreement, please indicate your
acceptance of the terms hereof and of the Term Sheet and the Fee Letter by
returning to us executed counterparts hereof and of the Fee Letter, together
with the amounts agreed upon pursuant to the Fee Letter to be payable upon the
acceptance hereof, not later than 9:00 a.m., New York City time, on
June 21, 2010 (it being understood that fees paid by 5 p.m., New York
City time, on June 21, 2010 shall be deemed paid upon acceptance hereof
for purposes hereof and of the Fee Letter). 
JPMCB’s commitment and JPMorgan’s agreements herein will expire at such
time in the event JPMCB has not received such executed counterparts and such
amounts in accordance with the immediately preceding sentence.

 

6

 

JPMCB
and JPMorgan are pleased to have been given the opportunity to assist you in
connection with this important financing.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. Oleferchik

  
	
   

  	
   

  	
  Name:
  William J. Oleferchik

  
	
   

  	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
  J.P.
  MORGAN SECURITIES INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brit J. Bartter

  
	
   

  	
   

  	
  Name:
  Brit J. Bartter

  
	
   

  	
   

  	
  Title:
  Vice Chairman

  

 

 

Accepted
and agreed to as of

the
date first written above by:

 

CORN
PRODUCTS INTERNATIONAL, INC.

 

	
  By:

  	
  /s/
  Cheryl K. Beebe

  	
   

  
	
   

  	
  Name:
  Cheryl K. Beebe

  	
   

  
	
   

  	
  Title:
  Chief Financial Officer

  	
   

  

 

7

 

EXHIBIT A

 

$1,350,000,000

 

SENIOR BRIDGE FACILITY

 

Summary of Terms and Conditions

 

June 19, 2010

 

 

	
  I.            Parties

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Borrower:

  	
   

  	
  Corn
  Products International, Inc., a Delaware corporation (the “Borrower”).

  
	
   

  	
   

  	
   

  
	
  Sole Lead Arranger and

  	
   

  	
   

  
	
  Sole Bookrunner:

  	
   

  	
  J.P.
  Morgan Securities Inc. (in such capacity, the “Lead Arranger”).

  
	
   

  	
   

  	
   

  
	
  Administrative Agent:

  	
   

  	
  JPMorgan
  Chase Bank, N.A. (“JPMCB” and, in such capacity, the “Administrative
  Agent”).

  
	
   

  	
   

  	
   

  
	
  Syndication Agent:

  	
   

  	
  To
  be determined.

  
	
   

  	
   

  	
   

  
	
  Documentation Agents:

  	
   

  	
  To
  be determined.

  
	
   

  	
   

  	
   

  
	
  Lenders:

  	
   

  	
  A
  syndicate of banks, financial institutions and other entities, including
  JPMCB, arranged by the Lead Arranger and reasonably acceptable to the
  Borrower (collectively, the “Lenders”).

  
	
   

  	
   

  	
   

  
	
  II.           Term
  Loan Facility

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Type and Amount of Facility:

  	
   

  	
  364
  day term loan facility (the “Facility”) in the amount of
  $1,350,000,000 (the loans thereunder, the “Term Loans”).  The Facility shall be denominated entirely
  in US Dollars.

  
	
   

  	
   

  	
   

  
	
  Availability:

  	
   

  	
  Available
  in a single drawing on the Closing Date (which shall be the date of the
  execution and delivery of the Credit Documentation (as defined below) by the
  parties thereto).

  
	
   

  	
   

  	
   

  
	
  Amortization:

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  Maturity:

  	
   

  	
  All
  Term Loans will be payable in full on the date 364 days after the Closing
  Date.

  
	
   

  	
   

  	
   

  
	
  Purpose:

  	
   

  	
  The
  proceeds of the Term Loans shall be used (i) to finance in part the
  acquisition (the “Acquisition”) by the Borrower and/or one or more of
  its subsidiaries of the specialty starch business

  

 

 

	
   

  	
   

  	
  (the
  “Business”) of Akzo Nobel N.V. (the “Seller”), which Business is
  comprised of certain assets of the Seller and its subsidiaries (including
  equity interests in certain of the Seller’s subsidiaries), for an aggregate
  purchase price of approximately $1,300,000,000 and (ii) to pay related fees
  and expenses.

  
	
   

  	
   

  	
   

  
	
  III.           Certain
  Payment Provisions

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fees and Interest Rates:

  	
   

  	
  As
  set forth on Annex I.

  
	
   

  	
   

  	
   

  
	
  Optional Prepayments and

  	
   

  	
   

  
	
  Commitment Reductions:

  	
   

  	
  Loans
  may be prepaid and commitments may be reduced by the Borrower in minimum
  amounts to be mutually agreed upon without premium or penalty (other than
  customary breakage).  Voluntary
  prepayments shall be applied as directed by the Borrower. 

  
	
   

  	
   

  	
   

  
	
  Mandatory Prepayments and

  	
   

  	
   

  
	
  Commitment Reductions: 

  	
   

  	
  The
  Term Loans shall be prepaid with (and, on or prior to the Closing Date the
  commitments in respect of the Facility shall be reduced by) (i) 100% of the
  net cash proceeds of any sale or issuance of equity by the Borrower or its
  subsidiaries (excluding the issuance and sale of equity to the Borrower or
  its subsidiaries or pursuant to employee stock plans and other similar
  arrangements), (ii) 100% of the net cash proceeds of any incurrence of
  indebtedness for borrowed money by the Borrower or its subsidiaries (other
  than (a) borrowings under the Existing Credit Agreement or the Revolving
  Credit Agreement (each as defined below), (b) intercompany indebtedness or
  (c) debt of foreign subsidiaries for working capital purposes or otherwise in
  the ordinary course of business (but excluding, in any event, debt issued in
  any public or Rule 144A-style capital markets transaction), (iii) 100%
  of the net cash proceeds in the aggregate from any sales or other
  dispositions of any assets by the Borrower or its subsidiaries (other than
  (a) sales of inventory in the ordinary course of business and (b)
  dispositions of assets by the Borrower or its subsidiaries with aggregate
  fair market value of less than $25,000,000 from and after the date of the
  Commitment Letter), (iv) 100% of all casualty or condemnation insurance
  proceeds relating to assets of the Borrower or its subsidiaries (subject to
  365 day reinvestment rights and other terms to be agreed) and (v) 50% of Free
  Cash Flow for each quarter ending on or after December 31, 2010 (with
  definitions to be agreed). 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  Borrower shall give prompt notice to JPMorgan (prior to the execution and
  delivery of the Credit Documentation) and to the Administrative Agent after
  the execution and delivery of the Credit Documentation) of any event that
  reduces commitments or requires prepayment pursuant to the above.

  

 

2

 

	
  IV.           Conditions
  Precedent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Closing Date Conditions:

  	
   

  	
  The
  availability of the Facility shall be conditioned only upon satisfaction of
  (i) the conditions precedent specified in the Commitment Letter and (ii) the
  following conditions precedent (the date upon which all such conditions
  precedent shall be satisfied and the Facility is funded, the “Closing Date”)
  on or before December 18, 2010:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)           The Borrower shall have executed
  and delivered mutually satisfactory definitive financing documentation
  (including a credit agreement) with respect to the Facility (the “Credit
  Documentation”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)           The Lenders, the Administrative
  Agent and the Lead Arranger shall have received all fees required to be paid,
  and all out-of-pocket expenses for which invoices have been presented, on or
  before the Closing Date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)           The Lenders shall have received (i)
  audited consolidated financial statements of each of the Borrower and the
  Business for the two most recent fiscal years ended prior to the Closing Date
  as to which such financial statements are available (it being understood that
  financial statements for the Business are carve-out financials that have been
  prepared according to International Reporting Financial Standards) and (ii)
  unaudited interim consolidated financial statements of the Borrower for each
  quarterly period ended subsequent to the date of the latest financial
  statements delivered pursuant to clause (i) of this paragraph as to which
  such financial statements are available as of the Closing Date (the most
  recent such quarterly period being the “Reference Quarter”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)           The Administrative Agent shall have
  received with respect to the Borrower and its subsidiaries (including
  subsidiaries acquired in the Acquisition) (i) 
  pro forma financial statements as of the end of the Reference Quarter
  (predicated upon the financial statements of the Borrower as of the end of
  the Reference Quarter and the financial statements of the Business for the
  most recent quarter for which such financial statements are available) giving
  effect to the Acquisition and the financing contemplated hereunder and (ii) projections
  through 2014.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)           An agreement or agreements pursuant
  to which the Acquisition shall be effected (the “Acquisition Agreement”)
  shall have been entered into by the Seller and the Borrower, shall be in form
  and substance reasonably satisfactory to the Administrative Agent (it being
  acknowledged that the drafts of such documentation most recently delivered to
  the

  

 

3

 

	
   

  	
   

  	
  Administrative
  Agent by the Borrower prior to the date of this Term Sheet are reasonably
  satisfactory to the Administrative Agent) and shall be in full force and
  effect.  All conditions precedent under
  the Acquisition Agreement shall have been satisfied (and not waived) and any
  amendment to the Acquisition Agreement materially adverse to the interests of
  the Lead Arranger, the Administrative Agent or the Lenders shall be
  satisfactory in form and substance to the Administrative Agent; it being
  understood and agreed that any material change to the transaction structure,
  any amendment of the definition of “Group Material Adverse Effect” contained
  in the Acquisition Agreement, any change to the definition of “Deferred
  Jurisdiction” in the Acquisition Agreement and any increase or decrease in
  the “Offer Value” referred to in the Acquisition Agreement, shall in each
  case be deemed to be materially adverse to the interests of the Lead
  Arranger, the Administrative Agent and the Lenders.   The Acquisition shall be consummated
  substantially contemporaneously with the making of the Term Loans.

   

  (f)            All regulatory, legal and other
  third party approvals necessary in connection with the Acquisition and the
  financing thereof shall have been obtained (except for those with respect to
  which (i) the failure to have obtained could not reasonably be expected to
  have a material adverse effect on the Borrower, the Business, the
  Acquisition, the financing thereof or any of the other transactions
  contemplated hereby, or (ii) the sole consequence of the failure to obtain
  any such approval is to defer the consummation of the acquisition of certain
  assets of the Business in “Deferred Jurisdictions” (as defined in the
  Acquisition Agreement) pursuant to the terms of the Acquisition Agreement).

   

  (g)           No injunction or temporary
  restraining order exists and no litigation has commenced or is otherwise
  pending which would prohibit the execution of the Facility, the financings
  thereunder or any of the other transactions contemplated thereby.

   

  (h)           Substantially contemporaneously
  with the making of the Term Loans, the Borrower shall (i) enter into a
  $750,000,000 revolving credit agreement (the “Revolving Credit Agreement”)
  in form and substance reasonably satisfactory to the Administrative Agent, repay
  in full all obligations under the Revolving Credit Agreement (the “Existing
  Credit Agreement”) dated April 26, 2006 with SunTrust Bank, as
  administrative agent, and cause the Existing Credit Agreement and all related
  liens to be terminated or released or (ii) cause the Existing Credit
  Agreement to be amended (and/or cause the provisions 

  

 

4

 

	
   

  	
   

  	
  thereof
  to be waived) on terms satisfactory to the Administrative Agent to permit the
  transactions contemplated hereby.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)            Immediately after giving effect to
  the consummation of the Acquisition and the incurrence of any indebtedness in
  connection therewith, the Borrower shall be in pro-forma compliance with the
  financial covenants set forth under the heading “Financial Covenants” below
  and shall have delivered to the Administrative Agent a certificate of its
  Chief Financial Officer to such effect (which certificate shall include
  calculations reflecting such compliance and shall be predicated upon the
  financial statements of the Borrower as of the end of the Reference Quarter
  and the financial statements of the Business for the most recent quarter for
  which such financial statements are available) in form and substance
  reasonably satisfactory to the Administrative Agent.

   

  (j)            The Lenders shall have received
  such legal opinions, documents and other instruments as are customary for
  transactions of this type or as they may reasonably request.

   

  (k)           All representations and warranties
  in the Credit Documentation shall be accurate in all material respects
  (subject to the Conditionality Provision).

   

  (l)            There shall be no default or event
  of default in existence at the time of, or after giving effect to the making
  of, such extension of credit.

  
	
   

  	
   

  	
   

  
	
  V.           Certain
  Documentation Matters

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  Credit Documentation shall contain the following representations, warranties,
  covenants and events of default (subject to materiality thresholds,
  exceptions, qualifications and baskets to be mutually agreed):

  
	
   

  	
   

  	
   

  
	
  Representations and Warranties:

  	
   

  	
  Financial
  statements; no material adverse change of the Borrower since December 31,
  2009 as of the Closing Date only; no Group Material Adverse Effect since the
  date of execution and delivery of the Acquisition Agreement; corporate
  existence; compliance with law; corporate power and authority; execution,
  delivery and enforceability of Credit Documentation; no conflict with law or
  contractual obligations; no material litigation; ownership of property;
  liens; intellectual property; taxes; margin regulations; ERISA; Investment
  Company Act; environmental matters; accuracy of disclosure; labor relations;
  OFAC; Patriot Act/Anti-Terrorism.

  
	
   

  	
   

  	
   

  
	
  Affirmative Covenants:

  	
   

  	
  Delivery
  of financial statements, reports, officers’ certificates and other
  information requested by the Lenders; payment of

  

 

5

 

	
   

  	
   

  	
  other
  material obligations; continuation of business and maintenance of existence
  and material rights and privileges; compliance with laws and payment of
  taxes; maintenance of property and insurance; maintenance of books and records;
  right of the Lenders to inspect property and books and records; notices of
  defaults, litigation and other material events; margin regulations; and
  compliance with environmental laws.

  
	
   

  	
   

  	
   

  
	
  Financial Covenants:

  	
   

  	
  Financial
  covenants shall be the following (with definitions to be mutually agreed):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  – Ratio of
  Total Debt (net of cash on the consolidated balance sheet of the Borrower in
  excess of $50,000,000) to trailing four quarter Consolidated EBITDA (giving
  pro forma effect to acquisitions and dispositions) shall at no time exceed
  3.25:1.00.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  – Ratio of
  trailing four quarter Consolidated EBITDA to trailing four quarter Interest
  Expense shall not be less than 3.50:1.00 as of any quarter end.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Consolidated EBITDA” shall mean, for any period, an amount
  equal to consolidated net income (or net loss) of the Borrower plus, to the
  extent deducted in determining consolidated net income for such period, the
  sum of (a) net interest expense, (b) income tax expense, (c) depreciation
  expense, (d) amortization expense, (e) non-recurring, non-cash charges and
  noncash restructuring charges and (f) minority interest earnings, minus, to
  the extent included in determining consolidated net income for such period,
  the sum of (y) minority interest losses and (z) non-recurring, non-cash gains
  and non-cash restructuring gains, in each case determined in accordance with
  GAAP by reference to the consolidated financial statements of the Company
  required to be delivered pursuant to the Credit Documentation. If the Borrower
  or a subsidiary consummates or has consummated an acquisition or a
  disposition during any period, then, for the purposes of calculating the
  financial covenants for such period, Consolidated EBITDA for such period
  shall be adjusted on a proforma basis to give effect to such acquisition or
  disposition as though such acquisition or disposition had been consummated as
  of the first day of such period.

  
	
   

  	
   

  	
   

  
	
  Negative Covenants:

  	
   

  	
  Limitations
  on: indebtedness; liens; guarantee obligations; mergers, consolidations,
  liquidations and dissolutions; sales of assets; dividends and other payments
  in respect of capital stock (to be permitted so long as no default exists or
  would result therefrom and the Borrower is in pro forma compliance with the
  financial covenants); transactions with affiliates; negative pledge clauses;
  restrictive agreements; and changes in lines of business.

  

 

6

 

	
  Events of Default:

  	
   

  	
  Non-payment
  of principal when due; non-payment of interest, fees or other amounts after a
  grace period to be agreed upon; material inaccuracy of representations and
  warranties; violation of covenants (subject, in the case of certain
  affirmative covenants, to a grace period of 30 days); cross-default to other
  material indebtedness; bankruptcy events; certain ERISA events; material
  judgments; invalidity of loan documents; and a change of control (the
  definition of which is to be agreed).

  
	
   

  	
   

  	
   

  
	
  Voting:

  	
   

  	
  Amendments
  and waivers with respect to the Credit Documentation shall require the
  approval of Lenders holding greater than 50% of the aggregate amount of the
  Term Loans (the “Required Lenders”), except that (a) the consent of
  each Lender directly affected thereby shall be required with respect to (i)
  reductions in the amount or extensions of the final maturity of any Loan,
  (ii) reductions in the rate of interest or any fee or extensions of any
  stated due date thereof, and (iii) increases in the amount or extensions of
  the expiry date of any Lender’s commitment and (b) the consent of 100% of the
  Lenders shall be required with respect to modifications to any of the voting
  percentages and modifications to pro rata treatment.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In
  addition, for so long as the Bridge Facility is outstanding, the Credit
  Documentation shall be automatically amended to reflect any changes or
  amendments to the Revolving Credit Agreement (or Existing Credit Agreement,
  as applicable), to the extent favorable to the Administrative Agent or the
  Lenders under the Facility (other than changes to the interest rates under
  the Revolving Credit Agreement or Existing Credit Agreement).

  
	
   

  	
   

  	
   

  
	
  Assignments and Participations:

  	
   

  	
  The
  Lenders shall be permitted to assign all or a portion of their loans and
  commitments with the consent, not to be unreasonably withheld, of (a) the
  Borrower, unless (i) the assignee is a Lender, an affiliate of a Lender or an
  approved fund or (ii) an Event of Default has occurred and is continuing and
  (b) the Administrative Agent, unless a Term Loan is being assigned to a
  Lender, an affiliate of a Lender or an approved fund. In the case of partial
  assignments (other than to another Lender, to an affiliate of a Lender or an
  approved fund), the minimum assignment amount shall be $1,000,000, unless
  otherwise agreed to by the Borrower and the Administrative Agent. An
  assignment fee of $3,500 per assignment shall be payable to the
  Administrative Agent in connection with each assignment.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  Lenders shall also be permitted to sell participations in their Loans.
  Participants shall have the same benefits as the applicable selling Lenders
  with respect to yield protection and increased cost provisions. Voting rights
  of participants shall be limited to those matters with respect to which the
  affirmative vote of the Lender from which it purchased the applicable

  

 

7

 

	
   

  	
   

  	
  participation
  would be required as described under “Voting” above. Pledges of Loans in
  accordance with applicable law shall be permitted without restriction.
  Promissory notes shall be issued under the Facility promptly following
  request.

  
	
   

  	
   

  	
   

  
	
  Yield Protection:

  	
   

  	
  The
  Credit Documentation shall contain customary provisions (a) protecting the
  Lenders against increased costs or loss of yield resulting from changes in
  reserve, tax, capital adequacy and other requirements of law and from the
  imposition of or changes in withholding or other taxes after the Closing
  Date, (b) indemnifying the Lenders for “breakage costs” incurred in
  connection with, among other things, any prepayment of a Eurodollar Loan (as
  defined in Annex I) on a day other than the last day of an interest period
  with respect thereto and (c) allowing replacement of Lenders requesting
  payment of amounts referred to in clause (a) above.

  
	
   

  	
   

  	
   

  
	
  Expenses and Indemnification:

  	
   

  	
  The
  Borrower shall pay (a) all reasonable and documented out-of-pocket costs and
  expenses of the Administrative Agent and the Lead Arranger associated with
  the syndication of the Facility and the preparation, execution, delivery and
  administration of the Credit Documentation and any amendment or waiver with
  respect thereto (including the reasonable fees, disbursements and other
  charges of counsel) and (b) all reasonable and documented out-of-pocket costs
  and expenses of the Administrative Agent and the Lenders (including the fees,
  disbursements and other charges of counsel) in connection with the
  enforcement of the Credit Documentation.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  Administrative Agent, the Lead Arranger and the Lenders (and their affiliates
  and their respective officers, directors, employees, advisors and agents)
  will have no liability for, and will be indemnified and held harmless
  against, any loss, liability, cost or expense incurred in respect of the
  financing contemplated hereby or the use or the proposed use of proceeds
  thereof (except to the extent resulting from the gross negligence, bad faith
  or willful misconduct of the indemnified party).

  
	
   

  	
   

  	
   

  
	
  Governing Law and Forum:

  	
   

  	
  State
  of New York.

  
	
   

  	
   

  	
   

  
	
  Counsel to the Administrative Agent:

  	
   

  	
  Winston
  & Strawn LLP.

  

 

8

 

Annex I

 

Interest and Certain Fees

 

	
  Interest
  Rate Options:

  	
   

  	
  The
  Borrower may elect that the Term Loans comprising each borrowing bear
  interest at a rate per annum equal to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i)        the
  ABR plus the Applicable Margin; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii)       the
  Adjusted LIBO Rate plus the Applicable Margin.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  As
  used herein:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “ABR”
  means the highest of (i) the rate of interest publicly announced by JPMCB as
  its prime rate in effect at its principal office in New York City (the “Prime
  Rate”), (ii) the federal funds effective rate from time to time plus
  0.5% and (iii) the Adjusted LIBO Rate for a one month interest period on such
  day (or if such day is not a business day, the immediately preceding business
  day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO
  Rate for any day shall be based upon the rate appearing on the Reuters Screen
  LIBOR01 (or on any successor or substitute page of such page) at
  approximately 11:00 a.m. London time on such day. Any change in the ABR due
  to a change in the Prime Rate, the federal funds effective rate or the
  Adjusted LIBO Rate shall be effective from and including the effective date
  of such change in the Prime Rate, the federal funds effective rate or the
  Adjusted LIBO Rate, respectively.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Adjusted
  LIBO Rate” means the LIBO Rate, as adjusted for statutory reserve
  requirements for eurocurrency liabilities.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Applicable
  Margin” means (a) 1.25%, in the case of ABR Loans (as defined below) and
  (b) 2.25%, in the case of Eurodollar Loans (as defined below); provided,
  however, that in each case, the Applicable Margin shall be increased by an
  incremental .50% on each of the 90th day after the Closing Date,
  the 180th day after the Closing Date and the 270th day
  after the Closing Date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “LIBO
  Rate” means the rate at which eurodollar deposits in the London interbank
  market for one, two, three or six months, or if available to all Lenders,
  nine or twelve months (as selected by the Borrower) are quoted on the Reuters
  Screen LIBOR01.

  

 

 

	
  Interest
  Payment Dates:

  	
   

  	
  In
  the case of Term Loans bearing interest based upon the ABR (“ABR Loans”),
  quarterly in arrears.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In
  the case of Term Loans bearing interest based upon the Adjusted LIBO Rate (“Eurodollar
  Loans”), on the last day of each relevant interest period and, in the
  case of any interest period longer than three months, on each successive date
  three months after the first day of such interest period.

  
	
   

  	
   

  	
   

  
	
  Default
  Rate:

  	
   

  	
  At
  any time when the Borrower is in default in the payment of any amount of
  principal due under the Facility, and at the election of the Required Lenders
  when the Borrower is in default under another provision of the Facility, the
  Term Loans shall bear interest at 2% above the rate otherwise applicable
  thereto. Overdue interest, fees and other amounts shall bear interest at 2%
  above the rate applicable to ABR Loans.

  
	
   

  	
   

  	
   

  
	
  Duration
  Fee:

  	
   

  	
  The
  Borrower shall pay a fee for the ratable benefit of the Lenders on the dates
  set forth below equal to the percentage of the aggregate principal amount of
  Term Loans outstanding on such date:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  90
  days after the Closing Date:

  	
   

  	
  0.75

  	
  %

  	
   

  
	
   

  	
   

  	
  180
  days after the Closing Date:

  	
   

  	
  1.25

  	
  %

  	
   

  
	
   

  	
   

  	
  270
  days after the Closing Date:

  	
   

  	
  1.75

  	
  %

  	
   

  
	
   

  	
   

  	
   

  
	
  Rate
  and Fee Basis:

  	
   

  	
  All
  per annum rates shall be calculated on the basis of a year of 360 days (or
  365/366 days, in the case of ABR Loans the interest rate payable on which is
  then based on the Prime Rate) for actual days elapsed.

  

 

2

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