Document:

INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT

 Exhibit 10.30 
 Execution Copy

  
 INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT 
  
 INDEMNITY, SUBROGATION and CONTRIBUTION AGREEMENT dated as of November 20, 2002, among CONSTAR INTERNATIONAL INC., a Delaware corporation (the “Borrower”),
each Domestic Subsidiary of the Borrower listed on Schedule I hereto (the “Guarantors”) and CITICORP NORTH AMERICA, INC., as administrative agent (in such capacity, the “Administrative Agent”). 

 
 Reference is made to (a) the Credit Agreement dated as of November 20, 2002 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Borrower, the financial institutions listed on Schedule 2.01 thereto, as such Schedule may be from time to time supplemented or amended (the “Lenders”),
the Administrative Agent, the Joint Lead Arrangers, the Documentation Agent, the Co-Documentation Agent and the Syndication Agent and (b) the Guarantee Agreement dated as of November 20, 2002 (as amended, supplemented or otherwise modified from time
to time, the “Guarantee Agreement”), among the Guarantors and Citicorp North America, Inc., as collateral agent. 
  
 The Lenders have agreed to make Loans to the Borrower, and the Issuing Bank has agreed to issue Letters of Credit for the account of the Borrower, pursuant to, and upon the terms and subject to the conditions specified in, the Credit
Agreement. The Guarantors have guaranteed such Loans and the other Obligations (as defined in the Guarantee Agreement) pursuant to the Guarantee Agreement; the Guarantors also have granted Liens on and security interests in certain of their assets
to secure the Obligations. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit are conditioned on, among other things, the execution and delivery by the Borrower and the Guarantors of an agreement in the
form hereof 
  
 Accordingly, the Borrower, each Guarantor and the Administrative Agent agree as follows:

  
 SECTION 1. Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the
Guarantors may have under applicable law (but subject to Section 3), the Borrower agrees that (a) in the event a payment shall be made by any Guarantor under the Guarantee Agreement on account of any Obligation of the Borrower, the Borrower shall
indemnify such Guarantor for the fall amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Guarantor
shall be sold pursuant to any Security Document to satisfy a claim of any Secured Party on account of any Obligation of the Borrower, the Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market
value of the assets so sold. 

 
 -2- 

 
  
 SECTION 2. Contribution and Subrogation. Each Guarantor (a
“Contributing Guarantor”) agrees (subject to Section 3) that in the event a payment shall be made by any other Guarantor under the Guarantee Agreement or assets of any other Guarantor shall be sold pursuant to any Security Document
to satisfy a claim described in Section 1 of any Secured Party and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in Section 1, the Contributing Guarantor shall
indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the
net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 12, the date of
the Supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the rights of such Claiming Guarantor under Section 1 to the
extent of such payment. 
  
 SECTION 3. Subordination. Notwithstanding any provision of this Agreement to the
contrary, all rights of the Guarantors under Sections 1 and 2 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the
Obligations. No failure on the part of the Borrower or any Guarantor to make the payments required by Sections 1 and 2 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of
any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder. 
  
 SECTION 4. Termination. This Agreement shall survive and be in full force and effect so long as any Obligation is outstanding and has not been indefeasibly paid in
full in cash, and so long as the LC Exposure has not been reduced to zero or any of the commitments to make Loans or issue Letters of Credit under the Credit Agreement have not been terminated, and shall continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Secured Creditor or any Guarantor upon the bankruptcy or reorganization of the Borrower, any Guarantor or otherwise.

  
 SECTION 5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 6. Waivers; Amendment. (a) No failure or delay on the part of
the Administrative Agent or any Guarantor in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such light or power 
  

 
 -3- 

 
 
by the Administrative Agent or any Guarantor preclude any other or further exercise thereof or the exercise of any other right or power. The remedies of the Administrative Agent and the
Guarantors hereunder are cumulative and are not exclusive of any other rights or remedies that they would otherwise have. No waiver of any provisions of this Agreement or consent to any departure therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
  
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into among the
Borrower, the Administrative Agent and the Guarantor with respect to which such waiver, amendment or modification is to apply, subject to any consents required in accordance with Section 9.08 of the Credit Agreement. 
  
 SECTION 7. Notices. All communications and notices hereunder shall be in writing and given as provided in the Guarantee Agreement
and addressed as specified therein. 
  
 SECTION 8. Successors and Assigns; Binding Agreement; Assignments; Several
Agreement. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the parties hereto
that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. This Agreement shall become effective as to the Borrower or any Guarantor when a counterpart hereof executed on behalf of any such
party shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon the Borrower, such Guarantor and the Administrative Agent and
their respective successors and assigns, and shall inure to the benefit of the Borrower, such Guarantor, the Administrative Agent and the Secured Parties, and their respective successors and assigns, except that the Borrower nor any Guarantor shall
have the right to assign its rights or obligations hereunder (and any such attempted assignment shall be void), except as expressly contemplated by this Agreement or the other Loan Documents. Notwithstanding the foregoing, at the time any Guarantor
is released from its obligations under the Guarantee Agreement and any Security Documents to which it is a party in accordance with the Loan Documents, such Guarantor will cease to have any rights or obligations under this Agreement. This Agreement
shall be construed as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations
of any other Guarantor hereunder. 
  
 SECTION 9. Survival of Agreement; Severability. (a) All covenants and
agreements made by the Borrower and each Guarantor herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or the
 

 
 -4- 

 
 
other Loan Documents shall be considered to have been relied upon by the Administrative Agent, the Secured Parties and each Guarantor and shall survive the making by the Lenders of the Loans and
the issuance of the Letters of Credit by the Issuing Bank, and shall continue in full force and effect until this Agreement shall terminate. 
  
 (b) Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

  
 SECTION 10. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by telecopy shall be as effective as delivery
of a manually signed counterpart of this Agreement. 
  
 SECTION 11. Rules of Interpretation. The rules of
interpretation specified in Section 1.03 of the Credit Agreement shall be applicable to this Agreement. Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or
be taken into consideration in interpreting this Agreement. 
  
 SECTION 12. Additional Guarantors. Pursuant to
Section 6.13 of the Credit Agreement, each Domestic Subsidiary of the Borrower that was not in existence or not such a Domestic Subsidiary on the date of the Credit Agreement is required to enter into this Agreement as a Guarantor upon becoming such
a Domestic Subsidiary. Upon execution and delivery by the Administrative Agent and a Domestic Subsidiary of an instrument in the form of Annex 1 hereto, such Domestic Subsidiary shall become a Guarantor hereunder with the same force and effect as if
originally named as a Guarantor hereunder. The execution and delivery of any instrument adding an additional Guarantor as a party to this Agreement shall not require the consent of any Guarantor hereunder. The rights and obligations of each
Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 
  
 [Signature Page Follows] 

 
 S-1 

 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first appearing above. 
  
 
	 CONSTAR INTERNATIONAL INC., 
 
	 
	 By:
 	 	 /s/  JAMES C. COOK
 

	  	 	 Name: James C. Cook
 Title: Executive Vice President, Chief

Financial Officer and Secretary
 

 
  
 
	 EACH OF THE SUBSIDIARIES LISTED
 ON
SCHEDULE I HERETO,
 
	 
	 By:
 	 	 /s/  JAMES C. COOK
 

	  	 	 Name: James C. Cook
 Title: Executive Vice President
 

 
  
 
	 CITICORP NORTH AMERICA, INC.,
as
Administrative Agent,
 
	 
	 By:
 	 	 /s/   MYLES KASSIN
 

	  	 	 Name: Myles Kassin
 Title: Vice President
 

 
  
 Indemnity, Subrogation and Contribution Agreement 

 
 S-1 

 
 SCHEDULE I 
 to the Indemnity
Subrogation 
 and Contribution Agreement 
  
 Guarantors 
  
 
	 Name
 
	  	 Address
 

	 Constar, Inc.
 	  	 One Crown Way, Philadelphia, PA 19154
 Attention: James Cook
Telecopy: (215)
552-3700
 
	 
	 BFF Inc.
 	  	 One Crown Way, Philadelphia, PA 19154
 Attention: James Cook
Telecopy: (215)
552-3700
 
	 
	 DT, Inc.
 	  	 One Crown Way, Philadelphia, PA 19154
 Attention: James Cook
Telecopy: (215)
552-3700
 
	 
	 Constar Plastics, LLC
 	  	 919 Market Street, Suite 406, Wilmington, DE 19801
 Attention: James Cook
Telecopy:
(215) 552-3700
 
	 
	 Constar Foreign Holdings, Inc.
 	  	 One Crown Way, Philadelphia, PA 19154
 Attention: James Cook
Telecopy: (215)
552-3700
 

 
  

  
 Annex I to the 
 Indemnity, Subrogation and 
 Contribution Agreement 
  
 SUPPLEMENT NO.      dated as of [                ], to the Indemnity, Subrogation and
Contribution Agreement dated as of November 20, 2002 (as the same may be amended, supplemented or otherwise modified from time to time, the “Indemnity, Subrogation and Contribution Agreement”), among CONSTAR INTERNATIONAL INC., a
Delaware corporation (the “Borrower”), each Domestic Subsidiary of the Borrower listed on Schedule I hereto (the “Guarantors”) and CITICORP NORTH AMERICA, INC., as administrative agent (in such capacity, the
“Administrative Agent”). 
  
 A. Reference is made to (a) the Credit Agreement dated as of November
20, 2002 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent, the
Joint Lead Arrangers, the Documentation Agent and the Syndication Agent and (b) the Guarantee Agreement dated as of November 20, 2002 (as amended, supplemented or otherwise modified from time to time, the “Guarantee Agreement”),
among the Guarantors and Citicorp North America, Inc., as collateral agent. 
  
 B. Capitalized terms used herein and
not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution Agreement and the Credit Agreement. 
  
 C. The Borrower and the Guarantors have entered into the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit.
Pursuant to Section 6.13 of the Credit Agreement, each Domestic Subsidiary of the Borrower that was not in existence or not such a Domestic Subsidiary on the date of the Credit Agreement is required to enter into the Indemnity, Subrogation and
Contribution Agreement as a Guarantor upon becoming a Domestic Subsidiary. Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional Domestic Subsidiaries may become Guarantors under the Indemnity, Subrogation and
Contribution Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Domestic Subsidiary (the “New Guarantor”) is executing this Supplement in accordance with the requirements of the
Credit Agreement to become a Guarantor under the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and the Issuing Bank to issue additional Letters of Credit and as consideration for Loans
previously made and Letters of Credit previously issued. 
  
 Accordingly, the Administrative Agent and the New
Guarantor agree as follows: 

 
 -2- 

 
  
 SECTION 1. In accordance with Section 12 of the Indemnity, Subrogation
and Contribution Agreement, the New Guarantor by its signature below becomes a Guarantor under the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor
hereby agrees to all the terms and provisions of the Indemnity, Subrogation and Contribution Agreement applicable to it as a Guarantor thereunder. Each reference to a “Guarantor” in the Indemnity, Subrogation and Contribution Agreement
shall be deemed to include the New Guarantor. The Indemnity, Subrogation and Contribution Agreement is hereby incorporated herein by reference. 
  
 SECTION 2. The New Guarantor represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and an implied covenant of good faith and fair dealing. 
  
 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New
Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by telecopy shall be as effective as delivery of a manually signed counterpart of this Supplement. 
  
 SECTION 4. Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall remain in full force and
effect. 
  
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
  
 SECTION 6. Any provision of this Supplement held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof and in the Indemnity,
Subrogation and Contribution Agreement; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation and Contribution
 

 
 -3- 

 
 
Agreement. All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature. 
  

SECTION 8. The New Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement including the
reasonable fees, other charges and disbursements of counsel for the Administrative Agent. 
  
 [Signature Page Follows]

 
 S-1 

 
  
 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have
duly executed this Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day and year first above written. 
  
 
	 [Name of New Guarantor],
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 

 
  
  
 
	 CITICORP NORTH AMERICA, INC.,
as Administrative Agent,
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 

 
  
 Supplement No.      to the Indemnity,
Subrogation and Contribution Agreement 

 
 -2- 

 
  
 SCHEDULE I 
 to Supplement No.      to the Indemnity 
 Subrogation and Contribution Agreement 
  
 Guarantors 
  
 
	 Name
 
	  	 AddressTERM B NOTE

 Exhibit 10.31 
 Execution Copy

  
 TERM B NOTE 
  
 New York, New York 
 November 20, 2002 
  
 FOR VALUE RECEIVED, the undersigned, CONSTAR INTERNATIONAL INC., a Delaware corporation (the “Borrower”), hereby unconditionally promises to pay to the
order of GE Capital Corporation (the “Lender”), at the office of GE Capital Corporation at [Address], on each date set forth under the Credit Agreement and the Term B Loan Maturity Date (terms used without definition shall have the
meanings assigned to such terms in that certain Credit Agreement dated as of November 20, 2002 (as amended, modified, extended or restated from time to time, the “Credit Agreement”), among the Borrower, the Lenders parties thereto,
Citicorp North America, Inc., as Administrative Agent, Salomon Smith Barney Inc. and Deutsche Bank Securities Inc., as Joint Lead Arrangers, JPMorgan Chase Bank, as Documentation Agent, SunTrust Bank as Co-Documentation Agent and Deutsche Bank
Securities Inc., as Syndication Agent), the aggregate unpaid principal amount of all Term B Loans made by the Lender to the Borrower pursuant to Section 2.01 of the Credit Agreement, such payment or payments to be in immediately available funds in
Dollars, and to pay interest from the date hereof on such principal amount from time to time outstanding, in like funds, at said office, at a rate or rates per annum and payable on such dates as are determined pursuant to the Credit Agreement.

  
 The Borrower promises to pay interest, on demand, on any overdue principal of and, to the extent permitted by
law, overdue interest on the Loans from their due dates at a rate or rates determined as set forth in the Credit Agreement. 
  
 The Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in
that or any subsequent instance. 
  
 All Loans evidenced by this Note and all payments and prepayments of the
principal hereof and interest hereon (including the currencies in which such payments, prepayments and interest are denominated) and the respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part
hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that any failure of the holder hereof to make such a notation
or any error in such notation shall not in any manner affect the obligation of the Borrower to make payments of principal and interest in accordance with the terms of this Note and the Credit Agreement. 

  
 This Note evidences Loans referred to in the Credit Agreement which, among other
things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain
provisions of the Credit Agreement, all upon the terms and conditions therein specified. This Note is entitled to the benefit of the Credit Agreement, including the guarantees thereunder. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK. 
  
 
	 CONSTAR INTERNATIONAL INC.
 
	 
	 By:
 	 	 /s/    JAMES C. COOK         
 

	  	 	 Name: James C. Cook
 Title: Executive Vice President, Chief

Financial Officer and Secretary
 

 

 
 2 

  
 Loans and Payments 
  

	 Amount and
Type of Loan
 
	  	 Maturity Date
 
	    	 Payments
 
	    	 Unpaid Principal Balance  of  Note
 
	    	 Name  of  Person Making Notation
 

	  	    	 Principal
 
	    	 Interest
 
	    	    
	 $15,000,000
 	  	 November 20, 2009
 	    	  	    	  	    	  	    	  

 

 
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]