Document:

Exhibit 4.9

                                                               Execution version

                           KRONOS INTERNATIONAL, INC.

                                   as Pledgor

                                       and

                                 U.S. BANK, N.A.

                               as Collateral Agent

                              relating to shares in

                       SOCIETE INDUSTRIELLE DU TITANE S.A.

                                PLEDGE AGREEMENT

         (ACTE DE NANTISSEMENT DE COMPTE D'INSTRUMENTS FINANCIERS)

                               Dated 28 June 2002

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                                    CONTENTS

Clause                                                             Page

1.   Definition and Interpretation....................................3

2.   The Pledge.......................................................4

3.   Perfection of Pledge.............................................5

4.   Representations and Warranties...................................5

5.   Undertakings.....................................................6

6.   Dividends - Voting Rights in Connection with the Shares..........7

7.   Remedies upon Default............................................8

8.   Costs and Expenses...............................................8

9.   Termination......................................................8

10.  Waiver - Remedies cumulative.....................................9

11.  Benefit of the Pledge............................................9

12.  Amendments.......................................................9

13.  Notices..........................................................9

14.  Severability of Provisions......................................10

15.  Governing Law...................................................10

16.  Jurisdiction....................................................10

-SCHEDULE 1 - Declaration de gage de compte d'instruments financiers.11

-SCHEDULE 2 - Attestation de constitution de gage....................15

                                      -2-
<PAGE>

                                PLEDGE AGREEMENT

         (ACTE DE NANTISSEMENT DE COMPTE D'INSTRUMENTS FINANCIERS)

BETWEEN:

(1)   KRONOS  INTERNATIONAL,  Inc.,  a  company  incorporated  under the laws of
      Delaware, USA, whose registered office is at 1013 Centre Road, Wilmington,
      Delaware 19805, USA (the "Pledgor"),

                                                              OF THE FIRST PART,

AND

(2)   U.S. BANK, N.A., a national association, whose registered office is at 555
      Southwest Oak Street,  Plaza Level 6, Portland,  Oregon,  United States of
      America,  acting as trustee under section 4.19 (Payments to the Collateral
      Agent) of the Indenture (as defined below),

      (the "Collateral  Agent" which expression shall include any person for the
      time being  appointed as Collateral  Agent or as an additional  Collateral
      Agent for the purpose of, and in accordance with the Indenture).

                                                         OF THE SECOND PART.

WHEREAS:

(A)   Pursuant to the  resolutions of its  shareholders  dated 17 June 2002, the
      Pledgor  issued 8 7/8 % senior secured notes due 2009 (the "Notes") for an
      aggregate  amount of EUR 285,000,000 the terms and conditions of which are
      provided for in the indenture  dated 28 June 2002 entered into between the
      Security   Trustee  and  the  Pledgor,   together  with  all   amendments,
      supplements and restatements thereof (the "Indenture").

(B)   As security for the due performance of the Secured Obligations (as defined
      below),  the  Pledgor  has  agreed to create a pledge  over the  financial
      instruments  accounts  (comptes  d'instruments  financiers)  opened in the
      books of the Company (as defined below).

IT HAS BEEN AGREED AS FOLLOWS:

1.    Definition and Interpretation

1.1   In this Agreement:

      "Company"   means  Societe   Industrielle   du  Titane,   societe  anonyme
      incorporated  under the laws of France,  whose registered  office is at 45
      rue de Courcelles, 75008 Paris, France and registered with the Registre du
      commerce et des societes of Paris under number B 572 086 825.

                                      -3-

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      "Event of Default" means any Default as defined in the Indenture.

      "Noteholder"  means  any  holder  of the  Notes  and  its  successors  and
      permitted assigns.

      "Secured  Obligations"  means all  obligations  at any time due,  owing or
      incurred by the Pledgor to the  Collateral  Agent pursuant to Section 4.19
      (Payments to the Collateral  Agent) of the Indenture,  whether  principal,
      premium or interest and whether  present or future,  actual or  contingent
      (and whether incurred solely or jointly and whether as principal or surety
      or in some other capacity).

1.2   Words denoting the singular shall include the plural and vice versa, words
      denoting one gender  shall  include the other  genders and words  denoting
      persons shall include firms and corporations and vice versa.

1.3   References in this  Agreement to any statutory  provision  shall be deemed
      also to refer to any statutory modification or re-enactment thereof or any
      statutory  instrument,  order or regulation  made  thereunder or under any
      such re-enactment.

1.4   References in this Agreement to any other  agreement shall be construed as
      a reference  to that other  agreement as the same may from time to time be
      amended, varied, supplemented or novated.

1.5   References in this Agreement to the Collateral Agent and the Pledgor shall
      include their successors and permitted assigns.

1.6   Clause  headings used in this  Agreement are for  convenience of reference
      only and shall not affect the construction of this Agreement.

2.    The Pledge

2.1   In  order  to  secure  the  full and  punctual  payment,  performance  and
      discharge of all of the Secured Obligations, the Pledgor hereby undertakes
      to grant a pledge  over and  pledges  the  financial  instruments  account
      (compte d'instruments  financiers) opened and maintained by the Company in
      its books in the name of the Pledgor (the "Pledged  Account") in favour of
      the Collateral  Agent (the "Pledge") in accordance with article L.431-4 of
      the French  Financial and Monetary Code (Code monetaire et financier) (the
      "Code").

2.2   The Pledged  Account shall be credited with 136,439 shares of a face value
      of approximately EUR 0.38 held by the Pledgor in the Company  representing
      65 % of the issued capital of the Company (the "Shares")  (which  together
      with 60,968 shares of a face value of  approximately  EUR 0.38 held by the
      Pledgor in the  Company  representing  29 % of the  issued  capital of the
      company shall be hereinafter referred to as the "Pledgor's  Interest") and
      with any Pledgor's rights,  title,  benefit and interest in all securities
      derived  from the Shares or created in  substitution  of the Shares or any
      additional securities received in respect of the Shares by way of, without
      limitation, share exchange, regrouping, division, free issue, subscription
      by way of cash or otherwise, or by any other means, and with any dividends

                                      -4-

<PAGE>

      or proceeds derived therefrom (the "Additional Assets", and the Shares and
      the Additional Assets shall be collectively  referred to as the "Financial
      Instruments").  Such  Additional  Assets shall  automatically  be included
      within the scope of the Pledge. However, save as provided under Clause 6.2
      of this  Agreement,  the  Pledged  Account  shall  not  include  the  cash
      dividends, interest and other monetary rights (fruits et produits en toute
      monnaie) attached to the Shares (the "Cash Proceeds").

3.    Perfection of Pledge

3.1   The Pledgor will on the date hereof  execute a "statement of pledge over a
      financial  instruments  account"  (declaration  de constitution de gage de
      compte  d'instruments  financiers)  relating to the Shares it holds in the
      Company  in the form set out in  Schedule  1 and  shall  procure  that the
      Company to deliver to the  Collateral  Agent on the date  hereof a "pledge
      certificate"  (attestation de constitution de gage) in the form set out in
      Schedule 2, in compliance with article L.431-4 of the Code.

3.2   The Pledgor (i) undertakes to credit the Shares to the Pledged  Account on
      the date hereof,  (ii) shall  procure that the credit of the Shares to the
      Pledged Account is recorded in the register of share  transfers  (registre
      des  mouvements  de titres) of the Company  and (iii) will  deliver on the
      date hereof to the  Collateral  Agent a certified  copy of the register of
      the share  transfers  evidencing the transfer of the Shares to the Pledged
      Account pursuant to this Agreement.

3.3   The Pledgor  shall  procure that any  Additional  Assets shall be credited
      directly to the Pledged Account  immediately upon the Pledgor becoming the
      owner of the  Additional  Assets and shall procure that the credit of such
      Additional  Assets to the Pledged  Account is recorded in the  register of
      share transfers (registre des mouvements de titres) of the Company.

4.    Representations and Warranties

4.1   The  Pledgor  hereby  represents  and  warrants  upon  execution  of  this
      Agreement that:

      4.1.1    the current share  capital of the Company  amounts to EUR 80,000,
               divided  into  209,906  shares and no other  securities  (valeurs
               mobilieres) have been issued;  in addition the shareholders  have
               not voted the issuance of any  securities  (valeurs  mobilieres);
               and

      4.1.2    the shareholding of the Company is as described in Schedule 3.

4.2   Furthermore,  the Pledgor hereby represents and warrants upon execution of
      this  Agreement and as long as this  Agreement and the Pledge shall remain
      in force, that:

      4.2.1    it is a company  duly  incorporated  and validly  existing in its
               jurisdiction of  incorporation,  with the power to own its assets
               and  carry  on  its  business  in  all  respects  as it is  being
               conducted;

      4.2.2    it has the right and power to enter  into this  Agreement  and to
               grant the Pledge, and all approvals and authorisations  necessary

                                      -5-

<PAGE>

               for the Pledgor to enter into this  Agreement  have been obtained
               and no further approvals or authorisations  are necessary for the
               Pledgor to perform all its obligations under this Agreement;

      4.2.3    it is the owner of all of the Financial Instruments and the other
               Pledgor's Interest, which are free and clear of any lien, option,
               charge,  encumbrance  or other third party  rights other than the
               Pledge;

      4.2.4    all of the Financial Instruments and the other Pledgor's Interest
               are fully paid up;

      4.2.5    there exists no option to buy or right  granted by the Pledgor to
               any person over all or part of the Financial  Instruments and the
               other Pledgor's Interest;

      4.2.6    the Company has given its consent to the Pledge and has agreed to
               have the Collateral Agent as potential shareholder, pursuant to a
               decision  of its board of  directors  (conseil  d'administration)
               dated 27 June 2002;

      4.2.7    once  the  "statement  of  pledge  over a  financial  instruments
               account"  (declaration  de  constitution  de gage) referred to in
               Clause 3.1 has been signed by the Pledgor,  a valid  nantissement
               (pledge) will be created in favour of the  Collateral  Agent over
               the Pledged Account to secure the Secured Obligations; and

      4.2.8    all  of  the  Financial   Instruments  relating  to  the  Company
               represent 65 % of its shareholding in the Company.

5.    Undertakings

      Except as otherwise permitted in the Indenture,  the Pledgor undertakes as
      long as this Agreement and the Pledge shall remain in force, that:

5.1   it will not place or permit any Financial  Instruments  to be placed in an
      account other than the Pledged Account;

5.2   it shall not,  without  the prior  consent of the  Collateral  Agent,  (i)
      assign,  transfer,  exchange or otherwise  dispose of any of the Financial
      Instruments  or (ii) incur or create or permit to subsist  any third party
      interests (including encumbrances, pre-emptive rights, options and similar
      arrangements)  with respect to any of the Financial  Instruments (it being
      understood  that no consent from the Collateral  Agent will be required if
      (a) a new security interest (the "New Security Interest") is to be granted
      over the  shares in the  Company  in favour of third  parties  and (b) the
      security  interest  granted  hereby  in  favour  of the  Collateral  Agent
      pursuant to this  Agreement  will at any time rank ahead the New  Security
      Interest). If such consent is granted, the Collateral Agent shall promptly
      sign all  documents  and  instruments  necessary  for the  release  of the
      security interest created  hereunder over any Financial  Instruments to be
      transferred or encumbered in accordance with this Clause 5.2;

                                      -6-

<PAGE>

5.3   it shall,  at its  expenses,  take all the  necessary  steps to defend its
      rights in respect of each of the Financial  Instruments  against any claim
      or demand of any person in order to  safeguard  the rights and protect the
      status and priority of the Collateral  Agent over the Pledged  Account and
      shall  promptly keep the  Collateral  Agent  informed of any such claim or
      demand;

5.4   it shall at all times,  at its  expense,  promptly  approve,  execute  and
      deliver (or procure to be approved, executed and delivered) all decisions,
      instruments  and  documents,  and take (or  procure) all actions as may be
      necessary or  appropriate,  or as the  Collateral  Agent may  require,  to
      perfect or protect  any  security  interest  granted  or  purported  to be
      granted hereby or to enable the  Collateral  Agent to exercise and enforce
      its rights and remedies hereunder with respect to the Pledged Account;

5.5   it shall not exercise the voting  rights  attached to any of the Financial
      Instruments in a way which would be likely to adversely  affect any of the
      rights of the  Collateral  Agent under this  Agreement or the value of the
      Pledge created over the Pledged Account by virtue of this Agreement;

5.6   the  Financial  Instruments  pledged  under this  Agreement  shall  always
      represent 65 % of the share capital of the Company.  In the event that the
      Pledgor  acquires  or is  attributed  any new  shares  or other  Financial
      Instruments  in the Company not included in the Pledge,  the Pledgor shall
      immediately carry out the formalities  referred to in Clause 3 (Perfection
      of  Pledge)  above,  so that  the  pledged  Financial  Instruments  always
      represent 65 % of the share capital of the Company;

5.7   it shall procure that the Company does not issue new shares unless 65 % of
      the  entire  share  capital  in the  Company  is  pledged in favour to the
      Collateral Agent;

5.8   it shall procure that the Company shall provide to the  Collateral  Agent,
      upon demand, any information as the Collateral Agent may require,  reports
      and records in respect of the Pledged Account, including a "certificate of
      pledge"  (attestation  de constitution de gage) and the Pledgor shall sign
      all documents and take all actions necessary in relation thereto; and

5.9   it shall  inform  the  Collateral  Agent in  writing  of any  modification
      regarding  the share  capital of the  Company or the  shareholding  of the
      latter upon becoming aware of such modification;  it shall also inform the
      Collateral  Agent in writing as soon as it becomes aware that any issuance
      of  securities  (valeurs  mobilieres)  is considered in the Company and as
      soon as such issuance has been implemented.

6.    Dividends - Voting Rights in Connection with the Shares

6.1   Provided  that no Event of Default has  occurred  and is  continuing,  the
      Pledgor shall be entitled to all Cash Proceeds.

6.2   If an Event of Default has occurred and is  continuing,  any Cash Proceeds
      paid by the  Company  shall be  automatically  credited  into the  Pledged
      Account.

                                      -7-

<PAGE>

6.3   Subject  to the  provisions  of Clause  5.5,  if an Event of  Default  has
      occurred and is continuing,  the Pledgor undertakes to exercise all voting
      rights with  respect to the Shares in  accordance  with the prior  written
      instructions of the Collateral Agent.

7.    Remedies upon Default

      At any time  after an Event of  Default  has  occurred  which has not been
      remedied or waived, the Collateral Agent may exercise,  in addition to all
      other  rights and  remedies  granted to it under any other  instrument  or
      agreement securing, evidencing or relating to the Secured Obligations, all
      rights and remedies  available to a secured party under the laws of France
      in respect of the Pledged Account; in particular, the Collateral Agent may
      enforce the Pledge by requesting either (i) the attribution by a court, in
      whole or in part, of the Financial  Instruments to the Collateral Agent in
      accordance with the attribution  judiciaire  procedure pursuant to article
      2078 of the French Civil Code or (ii) the public sale (vente  publique) of
      the  Financial  Instruments  pursuant  to  article  L.521-3  of the French
      Commercial Code, as the Collateral Agent may choose.

8.    Costs and Expenses

      The Pledgor  undertakes,  on demand of the Collateral  Agent, to indemnify
      the Collateral Agent against all costs and expenses (including legal fees)
      and all  charges,  duties  or  taxes  relating  thereto,  incurred  by the
      Collateral  Agent in relation to the preparation,  negotiation,  execution
      and  enforcement of this  Agreement,  in accordance  with the Indenture or
      otherwise arising out of its role as Collateral Agent.

9.    Termination

      This  Agreement  shall  terminate  (a) upon (i)  fulfilment of the Secured
      Obligations and due performance of all undertakings under the Indenture or
      (ii) upon Legal  Defeasance  or  Covenant  Defeasance  (as  defined in the
      Indenture)  of all the Notes  secured by the  Pledge,  pursuant to Article
      VIII of the Indenture,  and (b) when the Pledgor has no further  liability
      in respect of the Secured  Obligations,  notwithstanding  the liquidation,
      bankruptcy,  insolvency or reorganisation of the Pledgor or any other fact
      or   contingency   whatsoever   but  subject  to  applicable   bankruptcy,
      insolvency,  reorganisation  or other  similar  laws,  or if the Pledge is
      otherwise permitted to be released pursuant to the terms of the Indenture.
      Upon  termination of this Agreement,  the interest of the Collateral Agent
      over the  Pledged  Account  shall  terminate.  Only once  termination  has
      occurred, at the request of the Pledgor, accompanied by such certificates,
      opinions,  instruments  and other  documents as the  Collateral  Agent may
      reasonably  require,  the  Collateral  Agent shall,  at the expense of the
      Pledgor,  promptly  execute any  necessary  instrument  acknowledging  the
      satisfaction  and discharge of this Agreement,  and shall promptly execute
      and deliver all such further  instruments  and documents and take all such
      further action, as may be reasonably  necessary or appropriate,  including
      the  delivery  of a  letter  to be given  by the  Collateral  Agent to the
      Pledgor for the purpose of mainlevee, in respect of the Pledged Account.

                                      -8-

<PAGE>

10.   Waiver - Remedies cumulative

10.1  No  failure to  exercise  nor any delay in  exercising  on the part of the
      Collateral Agent any right or remedy under this Agreement shall operate as
      a waiver thereof nor shall any single or partial  exercise of any right or
      remedy  prevent any further or other  exercise  thereof or the exercise of
      any other right or remedy.

10.2  The rights and remedies  provided for in this Agreement are cumulative and
      not exclusive of any rights or remedies provided by law.

11.   Benefit of the Pledge

11.1  The security  constituted  by this  Agreement  shall not be  considered as
      satisfied  or  discharged  or  prejudiced  by  any  intermediate  payment,
      satisfaction or settlement of any part of the Secured Obligations.

11.2  The security  created by this Agreement shall be in addition to, and shall
      not in any  way be  prejudiced  or  affected  by,  and  shall  be  without
      prejudice  to, any other  security or guarantee  from time to time held by
      the  Collateral  Agent in respect of the Secured  Obligations  or any part
      thereof.

11.3  This Agreement shall be binding on and enure to the benefit of the parties
      hereto and their respective  successors,  permitted  assigns and permitted
      transferees under the terms of the Indenture.

11.4  The  Pledgor  may not assign or  transfer or purport to assign or transfer
      any or all of its rights and/or  obligations  under this Agreement without
      the prior written consent of the Collateral Agent.

12.   Amendments

      This  Agreement  may not be amended,  modified  or waived  except with the
      written consent of the Pledgor and the Collateral Agent.

13.   Notices

      Any  communication  or document to be made or  delivered  by one person to
      another  pursuant to this  Agreement  shall be made or  delivered  to that
      other person in accordance with section 13.2 (Notices) of the Indenture.

      Any communication or document to be made or delivered by one person to the
      Collateral  Agent shall be made or  delivered to the  Collateral  Agent as
      follows:

      U.S. Bank, N.A.
      Address:  555 Southwest Oak Street,  Plaza Level 6, Portland,  Oregon,
      United States of America

      Attention: Cheryl Nelson

      Fax number: (503) 275-5738

                                      -9-

<PAGE>

      Phone number:  (503) 275-5708

14.   Severability of Provisions

      If, at any time,  any provision of this  Agreement is or becomes  illegal,
      invalid or unenforceable in any respect in any  jurisdiction,  neither the
      legality,  validity or enforceability of the remaining  provisions nor the
      legality,  validity or  enforceability  of such provision under the law of
      any other jurisdiction will in any way be affected or impaired.

15.   Governing Law

      This  Agreement  shall be  governed  by, and  construed  and  enforced  in
      accordance with, the laws of France.

16.   Jurisdiction

      The parties hereto submit to the exclusive jurisdiction of the Tribunal de
      commerce  de Paris to  settle  any  disputes  which may arise out of or in
      connection  with this  Agreement.  This choice of  jurisdiction is for the
      benefit of the Collateral  Agent only. The Collateral  Agent shall also be
      entitled  to take  action  against  the  Pledgor  in any  other  court  of
      competent jurisdiction.

Signed on 28 June 2002,

in three (3) original copies.

KRONOS INTERNATIONAL, Inc.

The Pledgor

By:            Robert D. Hardy
Capacity:      Vice President and Chief Financial Officer
Signature:     /s/ Robert D. Hardy

U.S. BANK, N.A.

The Collateral Agent

By:            David A. Pringle
Capacity:      Vice President
Signature:     /s/ David A. Pringle

                                      -10-Exhibit 4.10

                                                                   Final Version
                                  28 June 2002

                           Kronos InternationaL, iNC:

                                   AS PLEDGOR

                                       AND

                                 U.S. Bank, N.A.

                         AS Collateral Agent and PLEDGEE

            ----------------------------------------------------
                   PARTNERSHIP INTEREST PLEDGE AGREEMENT
               relating to the fixed capital contribution in
                  Kronos Titan GmbH & Co. OHG, Leverkusen
            ----------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                             PAGE

1.    Definitions and Language........................................2

2.    Interests in the Company........................................3

3.    Secured Obligations.............................................3

4.    Pledge..........................................................3

5.    Scope of the Pledge.............................................4

6.    Exercise of Membership Rights...................................4

7.    Enforcement of the Pledge.......................................4

8.    Undertakings of the Pledgor.....................................6

9.    Representations and Warranties..................................7

10.   Duration and Independence.......................................8

11.   Release (Pfandfreigabe).........................................8

12.   Costs and Expenses..............................................8

13.   Partial Invalidity, Waiver......................................8

14.   Amendments......................................................9

15.   Notices and their Language......................................9

16.   Applicable Law, Jurisdiction...................................10

17.   Transfer to a New Collateral Agent.............................11

18.   Miscellaneous..................................................11

19.   Counterparts...................................................11

Schedule 1 Partnership Agreement.....................................

Schedule 2 Certified Copy of Partners' Resolution....................

<PAGE>

THIS INTEREST PLEDGE AGREEMENT is made the 28th day of June 2002

Between:

1.    Kronos  International,  Inc., a corporation  organised  under the
      laws of Delaware,  USA, having its seat in Wilmington,  Delaware,
      USA,  which   established  a  registered  branch  in  Leverkusen,
      Federal  Republic  of  Germany,   registered  in  the  commercial
      register  (Handelsregister)  of the local court  (Amtsgericht) of
      Leverkusen under HRB 3001 (the "Pledgor");

2.    U.S.  Bank,  N.A., a national  association,  having its principal
      office in Portland,  Oregon,  USA, in its capacity as  collateral
      agent under the Indenture (as defined  below)  (together with its
      successors and assignees the "Collateral Agent").

WHEREAS:

(A)   Kronos  International,  Inc. offered EUR 285,000,000 87/8 % senior secured
      notes (the "Initial  Notes") which are governed by the Indenture,  to, and
      Deutsche  Bank AG  London,  Dresdner  Bank AG London  Branch,  Commerzbank
      Aktiengesellschaft,  London  Branch,  purchased the Initial Notes pursuant
      to, the terms of a purchase agreement dated 19 June 2002.

(B)   The  Pledgor  has agreed to grant a pledge  over 65 % of the entire  fixed
      capital  (Festkapital)  of the Company (as defined  below) as security for
      the  Collateral  Agent's  claims  against the Pledgor  under the  Parallel
      Obligations (as defined below).  The Collateral  Agent is entitled to this
      security pursuant to the terms of the Indenture.

NOW, IT IS AGREED as follows:

1.    Definitions and Language

1.1   Unless  otherwise  defined herein,  capitalised  terms shall have the same
      meanings as set out in the Indenture.

      "Company"  means  Kronos  Titan GmbH & Co. OHG, an  unlimited  partnership
      (offene  Handelsgesellschaft)  organised  under  the  laws of the  Federal
      Republic of Germany  having its business  address at  Peschstra(beta)e  5,
      51737  Leverkusen,  Federal Republic of Germany which is registered in the
      commercial register  (Handelsregister) of the local court (Amtsgericht) of
      Leverkusen under HRA 4198.

      "Indenture"  means an indenture dated 28 June 2002 between the Pledgor and
      the The Bank of New  York,  a New York  banking  corporation,  having  its

                                      -2-
<PAGE>

      principal place of business at One Wall Street, New York, New York, 10286,
      United States of America (the "Trustee").

1.2   This  Agreement  is made in the English  language.  For the  avoidance  of
      doubt,  the English  language version of this Agreement shall prevail over
      any translation of this Agreement.  However, where a German translation of
      a German  legal  term  appears in the text of this  Agreement,  the German
      translation shall prevail.

2.    Interests in the Company

2.1   The Company's partners are Kronos International, Inc. with a fixed capital
      interest (Festkapitalanteil) of EUR 99,950,250 (in words: Euro ninety nine
      million  nine  hundred  fifty  thousand  two  hundred  and  fifty)  and NL
      Industries  Chemie GmbH with a fixed capital interest  (Festkapitalanteil)
      of EUR 49,750  (in words:  Euro forty  nine  thousand  seven  hundred  and
      fifty).

3.    Secured Obligations

      The  pledge  hereunder  is  constituted  in order to secure the prompt and
      complete  satisfaction  of any obligations  including,  but not limited to
      principal,  premium,  if any,  and  interest,  at any time  due,  owing or
      incurred  by the  Pledgor  to the  Collateral  Agent  under  the  Parallel
      Obligations (the "Secured Obligations").

4.    Pledge

4.1   The Pledgor  hereby  pledges to the  Collateral  Agent a part of its fixed
      capital interest (Festkapitalanteil) in the Company in the amount of 65 %,
      i.e.  currently in the amount of EUR 65,000,000 (in words: Euro sixty five
      million), of the fixed capital, and 65 % of the Kapitalkonto II (such 65 %
      collectively being the "Existing  Interest") and a part that is equivalent
      to 65 % of the nominal amount of all additional  fixed capital interest of
      the Company  (irrespective  of their nominal  value) which the Pledgor may
      acquire  in the  future  (such  65 % being  the  "Future  Interests"  and,
      together with the Existing  Interest,  the "Interests")  together with all
      ancillary  rights  and  claims  associated  with  the  Interests  as  more
      particularly specified in Clause 5 hereof (the "Pledge"). In the case that
      the Future Interests should not be sufficiently determinable,  the Pledgor
      is obligated to pledge such Future  Interests in  accordance  with Section
      8.6 hereof when the Future Interests become determinable.

4.2   The Collateral Agent hereby accepts the Pledge.

4.3   The Pledge is in addition,  and without  prejudice,  to any other security
      the  Collateral  Agent may now or hereafter hold in respect of the Secured
      Obligations.

                                      -3-

<PAGE>

5.    Scope of the Pledge

5.1   The Pledge constituted by this Agreement include:

      (a)      the present and future rights to receive:

            (i)   profits payable in relation to the Interests (Gewinnanspruch),
                  if any and,  in  particular  but not  limited  to, any and all
                  rights  and  claims  arising in  connection  with the  capital
                  accounts (Kapital-konten) of the Pledgor, if any; and

            (ii)  liquidation proceeds (Liquidationserlos),  redemption proceeds
                  (Einziehungsentgelt),  repaid  capital  in case  of a  capital
                  decrease, any compensation in case of termination  (Kundigung)
                  and/or withdrawal  (Austritt) of a partner of the Company, the
                  surplus  in case of  surrender  (Preisgabe),  any  claim  to a
                  distribution-quota (Auseinandersetzungsanspruch) and all other
                  pecuniary claims (geldwerte  Forderungen)  associated with the
                  Interests; and

      (b)      all other rights and benefits attributable to the Interests.

5.2   Notwithstanding that the aforementioned rights are pledged hereunder,  the
      Pledgor shall be entitled to receive and retain all payments  attributable
      to the  Interests  whether in cash,  by the issue of any loan note or debt
      instrument in respect of the Interests  until such time as the  Collateral
      Agent is entitled to enforce the Pledge constituted hereunder.

6.    Exercise of Membership Rights

      The  membership  rights,  including  the voting  rights,  attached  to the
      Interests  remain with the  Pledgor.  The Pledgor,  however,  shall at all
      times until the full satisfaction or defeasance of all Secured Obligations
      or the release of the Pledge exercise its membership rights, including its
      voting   rights,   in  good  faith  to  ensure  that  the   validity   and
      enforceability  of the  Pledge  and  the  existence  of all or part of the
      Interests  are not in any  way  adversely  affected,  other  than  through
      payments  pursuant to Clause 5.2 above,  or as otherwise  permitted by the
      Indenture.  The Pledgor  undertakes  that no resolutions  are passed which
      constitute a breach of its obligations under Clause 8 hereof.

7.    Enforcement of the Pledge

7.1   If the  requirements set forth in Section 1204 et seq. of the German Civil
      Code  (Burgerliches  Gesetzbuch)  with  regard to the  enforcement  of the
      Pledge  are  met  (Pfandreife),  in  particular,  if any  of  the  Secured
      Obligations  has become due and  payable  pursuant  to Section  6.2 of the

                                      -4-

<PAGE>

      Indenture  and are  unpaid,  then in  order to  enforce  the  Pledge,  the
      Collateral Agent may at any time thereafter avail itself of all rights and
      remedies  that a pledgee has upon  default of a pledgor  under the laws of
      the Federal Republic of Germany.

7.2   Notwithstanding  Section  1277 of the German  Civil Code,  the  Collateral
      Agent is entitled to exercise  its rights  without  obtaining  enforceable
      judgment  or other  instrument  (vollstreckbarer  Titel)  by way of public
      auction.

7.3   The Pledgor  hereby  expressly  agrees that ten (10) business  days' prior
      written  notice to the  Pledgor  of the place and time of any such  public
      auction  shall be  sufficient.  The public  auction  may take place at any
      place in the Federal  Republic  of Germany  designated  by the  Collateral
      Agent.

7.4   If the Collateral Agent should seek to enforce the Pledge under Clause 7.1
      hereof,  the Pledgor  shall,  at its own  expense,  render  forthwith  all
      necessary  assistance  in  order  to  facilitate  the  prompt  sale of the
      Interests or any part thereof and/or the exercise by the Collateral  Agent
      of any other right it may have as pledgee.

7.5   If the Pledge is enforced, no rights of the Collateral Agent shall pass to
      any  Pledgor  by  subrogation  or  otherwise  unless  and until all of the
      Secured  Obligations  have been  satisfied and  discharged in full.  Until
      then,  the  Collateral  Agent shall be  entitled to treat all  enforcement
      proceeds as additional collateral for the Secured Obligations,  or to seek
      satisfaction from such proceeds at any time.

7.6   Following  satisfaction of the requirements  for enforcement  under Clause
      7.1  hereof,  all  subsequent  payments  of  profits  attributable  to the
      Interests and all payments based on similar ancillary rights attributed to
      the Interests may be applied by the Collateral  Agent in  satisfaction  in
      whole or in part of the  Secured  Obligations  or  treated  as  additional
      collateral.

7.7   Even if the  requirements  for  enforcement  referred to under  Clause 7.1
      above  are met,  the  Collateral  Agent  shall  not,  whether  as proxy or
      otherwise,  be  entitled  to exercise  the voting  rights  attached to the
      Interests.  However,  the Pledgor shall, upon occurrence of an event which
      allows the Collateral  Agent to enforce the Pledge,  have the  obligations
      and the  Collateral  Agent  shall  have the rights set forth in Clause 8.5
      below regardless of which resolutions are intended to be adopted.

7.8   The  Collateral  Agent may,  in its sole  discretion,  determine  which of
      several security  interests,  if applicable,  shall be used to satisfy the
      Secured Obligations.

7.9   The Pledgor hereby  expressly  waives all defences of revocation  (Einrede
      der Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) pursuant to

                                      -5-

<PAGE>

      Sections 770,  1211 of the German Civil Code. In the case of  enforcement,
      Section  1225 of the German Civil Code (legal  subrogation  of claims to a
      pledgor -  Forderungsubergang  auf den  Verpfander)  shall not apply until
      full and final satisfaction of all Secured Obligations.

8.    Undertakings of the Pledgor

      Except as otherwise  permitted by the terms of this Agreement,  during the
      term of this Agreement, the Pledgor undertakes to the Collateral Agent:

8.1   To the extent prohibited by the Indenture, not to take, or participate in,
      any action which results or might result in the respective  Pledgor's loss
      of ownership of all or part of the  Interests,  and any other  transaction
      which would have the same result as a sale, transfer, encumbrance or other
      disposal of the Interests,  or which would cause the Interests in whole or
      in part to cease to exist,  or which  would for any other  reason  defeat,
      impair or circumvent  the rights of the  Collateral  Agent except with the
      prior written consent of the Collateral Agent.

8.2   Not to take, or participate in, any merger,  consolidation,  conversion of
      form, or other  business  combination or  restructuring  of similar effect
      ("Conversion")  as a result of which the Company would be converted  into,
      assumed  by, or  continue to exist as, a  corporation  (limited  liability
      company  (Gesellschaft  mit  beschrankter  Haftung)  or stock  corporation
      (Aktiengesellschaft)),  unless it is ensured  that as from the time,  when
      the Conversion will become legally effective, the Collateral Agent will be
      granted, at equal terms as under this Agreement, a pledge over 65 % of the
      entire capital stock (Stammkapital or Grundkapital) of such corporation.

8.3   To  promptly  inform  the  Collateral  Agent  in  writing  of all  matters
      concerning the Company or the Interests, other than those occurring in the
      ordinary  course of  business,  of which the Pledgor is aware and which it
      reasonably  believes might have a material  adverse effect on the security
      interest  hereunder  of the  Collateral  Agent.  The Pledgor  shall allow,
      following the occurrence or during the  continuance of an Event of Default
      pursuant to the Notes or the Indenture,  the  Collateral  Agent or, as the
      case may be, its proxy or any other person  designated  by the  Collateral
      Agent, to attend all such partners'  meetings of the Company as attendants
      without  power to vote.  Subject to the  provision  contained in Clause 11
      hereof, the Collateral  Agent's right to attend the shareholders'  meeting
      shall lapse  immediately  upon  complete  satisfaction  and  discharge  or
      defeasance of the Secured Obligations.

8.4   In the event of any increase in the capital (Kapitalkonto I in the case of
      a general  partnership  (offene  Handelsgesellschaft)  and  Stammkapital /

                                      -6-

<PAGE>

      Grundkapital in the case of a corporation  (Gesellschaft  mit beschrankter
      Haftung / Aktiengesellschaft))  of the Company, to fully pay in any Future
      Interest.

8.5   Insofar as additional  declarations  or actions of any kind whatsoever are
      necessary  for the  creation,  perfection  or  continued  existence of the
      Pledge or the creation of a new pledge in favour of the  Collateral  Agent
      to ensure  its  security  interest  hereunder,  the  Pledgor  shall at the
      Collateral Agent's reasonable request make such declarations and undertake
      such  actions or take all other  steps in the form  required by law and as
      requested  by  the  Collateral  Agent  at the  Pledgor's  sole  costs  and
      expenses.

9.    Representations and Warranties

      The Pledgor  represents and warrants to the  Collateral  Agent by
      way     of     an     independent     guarantee     (unabhangiges
      Schuldversprechen) that:

9.1   it has full  corporate  power and  authority  to enter  into this
      Agreement;

9.2   this  Agreement   constitutes   the  legal,   valid  and  binding
      obligations of the Pledgor;

9.3   this  Agreement  does not violate any Governing  Documents of the
      Company;

9.4   the statements made in Clause 2 above are true and correct;

9.5   it is the sole legal and beneficial owner,  free from encumbrances  (other
      than the Pledge created hereunder), of all Interests;

9.6   the  Existing  Interest  is fully paid in and the fixed  capital  interest
      (Festkapitalanteil)  has not been repaid in any way; all facts  capable of
      being  entered  into the  commercial  register  of the  Company  have been
      entered into the commercial register;

9.7   there are no silent partnership  agreements (Stille Gesellschaft) by which
      a third party is entitled to a participation  in the profits or revenue of
      the Company;

9.8   the  partnership  agreement  attached as Schedule 1 hereto presents a true
      and complete copy of the current partnership agreement of the Company; and

9.9   the place from which the  Company  is in fact  administered  and where all
      material managerial decisions are taken (tatsachlicher Verwaltungssitz) is
      situated in the Federal Republic of Germany.

                                      -7-

<PAGE>

10.   Duration and Independence

10.1  This  Agreement  shall  remain in full  force and  effect  until  complete
      satisfaction,  defeasance or discharge of the Secured  Obligations  or the
      release of the Pledge  pursuant to the terms of the Indenture.  The Pledge
      shall  not  cease  to exist if the  Pledgor  under  the  Notes  have  only
      temporarily discharged the Secured Obligations.

10.2  This  Agreement  shall  create  a  continuing   security  and  no  change,
      amendment,  or  supplement  whatsoever  in the Notes or in any document or
      agreement  related to any of the Notes  shall  affect the  validity or the
      scope of this  Agreement  nor the  obligations  which are  imposed  on the
      Pledgor pursuant to it.

10.3  This Agreement is independent  from any other security or guarantee  which
      may have been or will be given to the Collateral Agent. None of such other
      security shall prejudice, or shall be prejudiced by, or shall be merged in
      any way with this Agreement.

11.   Release (Pfandfreigabe)

      Upon complete and  irrevocable  satisfaction  or defeasance of the Secured
      Obligations  or  compliance  with the  terms of the  Indenture  permitting
      discharge  or  release  of the  collateral,  pursuant  to the terms of the
      Indenture  the  Collateral  Agent  will as soon  as  reasonably  practical
      declare  the  release of the Pledge  (Pfandfreigabe)  to the  Pledgor as a
      matter of record.  For the avoidance of doubt,  the parties are aware that
      upon full and complete satisfaction of the Secured Obligations the Pledge,
      due to its accessory nature (Akzessorietat),  ceases to exist by operation
      of German mandatory law.

12.   Costs and Expenses

      All costs,  charges,  fees, taxes and expenses triggered by this Agreement
      or  reasonably  incurred  by any  party  hereto  in  connection  with  its
      preparation, execution, amendments and enforcement (in each case including
      reasonable fees for legal advisers) shall be borne by the Pledgor.

13.   Partial Invalidity, Waiver

13.1  If at any time,  any one or more of the  provisions  hereof is or  becomes
      invalid,  illegal or  unenforceable  in any  respect  under the law of any
      jurisdiction, such provision shall as to such jurisdiction, be ineffective
      to the extent  necessary  without  affecting  or impairing  the  validity,
      legality and enforceability of the remaining  provisions hereof or of such
      provisions  in  any  other  jurisdiction.  The  invalid  or  unenforceable
      provision  shall be deemed  replaced by such valid,  legal or  enforceable

                                      -8-

<PAGE>

      provision  which comes as close as possible to the original  intent of the
      parties and the invalid, illegal or unenforceable provision.

13.2  No failure to exercise,  nor any delay in  exercising,  on the part of the
      Collateral  Agent, any right or remedy hereunder shall operate as a waiver
      thereof,  nor shall any single or partial  exercise of any right or remedy
      prevent any further or other exercise thereof or the exercise of any other
      right or remedy. The rights and remedies provided hereunder are cumulative
      and not exclusive of any rights or remedies provided by law.

13.3  In  particular,  the Pledge  shall not be  affected  and shall in no event
      extend  to  more  than  65%  of  the  Pledgor's  fixed  capital   interest
      (Festkapitalanteil)  in the Company even if the number or nominal value of
      the Existing Interest or the aggregate capital of the Company as stated in
      Clause 2 are inaccurate or deviate from the actual facts.

14.   Amendments

      Changes and amendments to this Agreement  including this subsection  shall
      be made in writing.

15.   Notices and their Language

15.1  Any notice or  communication  by the  Pledgor or the  Collateral  Agent to
      others is duly given if in writing  and  delivered  in person or mailed by
      first class mail  (registered  or certified,  return  receipt  requested),
      telex, telecopier or overnight air courier guaranteeing next day delivery,
      to the others' address:

      For the Pledgor:               Kronos International, Inc.

                                     Address:     16825 North Chase Drive
                                                  Suite 1200
                                                  Houston, Texas 77060
                                     Fax:         +1 281 423 3333
                                     Attention:   Robert D. Hardy

      With a copy to:                Locke Liddell & Sapp LLP

                                     Address::    2200 Ross Avenue
                                                  Suite 2200
                                                  Dallas, Texas 75201

                                     Fax:         +1 214 756 8623
                                     Attention:   Don M. Glendenning, Esq.

                                      -9-

<PAGE>

      For the Collateral Agent:      U.S. Bank N.A.

                                     Address:     555 S.W. Oak Street
                                                  Portland, Oregon 97204
                                                  USA

                                     Fax:         +1 (503) 275 5738
                                     Attention:   Cheryl Nelson

      With a copy to the Trustee:    The Bank of New York

                                     Address:     101 Barclay Street
                                                  21st Floor West
                                                  New York, New York 10286
                                                  USA

                                     Fax:         +1 (212)235 2530
                                     Attention:   Corporate Trust
                                                  Administration

      or to such other  address as the recipient may notify or may have notified
      to the other party in writing.

15.2  Unless otherwise provided herein, any notice or other  communication under
      or in connection with this Agreement shall be in the English  language or,
      if in any other language,  accompanied by a translation  into English.  In
      the event of any  conflict  between the  English  text and the text in any
      other language, the English text shall prevail, except that where a German
      translation  of a German  legal  term  appears  in such  text,  the German
      translation shall prevail.

16.   Applicable Law, Jurisdiction

16.1  This Agreement  shall be governed by and construed in accordance  with the
      laws of the Federal Republic of Germany.

16.2  The place of  jurisdiction  for any and all disputes  arising  under or in
      connection with this Agreement  shall be the district court  (Landgericht)
      in  Frankfurt  am Main.  The  Collateral  Agent,  however,  shall  also be
      entitled  to take legal  action  against the Pledgor in any other court of
      competent  jurisdiction.  Further,  the taking of proceedings  against any
      Pledgor in any one or more jurisdictions  shall not preclude the taking of
      proceedings in any other jurisdiction (whether concurrently or not) if and
      to the extent permitted by applicable law.

                                      -10-

<PAGE>

17.   Transfer to a New Collateral Agent

      In the case that the Collateral Agent assigns the Secured Obligations to a
      third party and the third  party  assumes  the  Secured  Obligations,  the
      Collateral  Agent  shall be  entitled  to  transfer  all of its rights and
      obligations  under this Agreement to such third party and such third party
      shall  assume  such  rights and  obligations,  and will  thereby  become a
      Collateral  Agent under this Agreement.  The new Collateral  Agent and the
      former  Collateral  Agent shall  jointly  notify the Pledgor in writing of
      this transfer  under this  Agreement.  Such transfer shall not require any
      further consent by the Pledgor.

18.   Miscellaneous

18.1  The   Pledgor   hereby   notifies   the  Company  of  the  Pledge
      constituted hereunder.

18.2  The  Company  acknowledges  notice of the Pledge by signing  this
      Agreement.

18.3  The Pledgor and NL Industries  Chemie GmbH, being the sole partners in the
      Company,  have  unanimously  approved  the Pledge  created  hereunder in a
      partners'  resolution  dated 27 June 2002,  a  certified  copy of which is
      attached as Schedule 2 hereto.

19.   Counterparts

      This Pledge  Agreement  shall be executed in  counterparts,  each of which
      shall similarly be binding upon the parties hereto.

                                      -11-

<PAGE>

                                 Signature Page

THIS  PARTNERSHIP  INTEREST  PLEDGE  AGREEMENT has been entered into on the date
stated at the beginning by:

Kronos International, Inc.

/s/ Robert D. Hardy
------------------------------------------------

By:   Robert D. Hardy

      Name:    Robert D. Hardy
      Title:   Vice President and Chief Financial Officer

U.S. Bank, N.A.

/s/ David Pringle
------------------------------------------------

By:   David Pringle

      Name:    David Pringle
      Title:   Vice President

                                      -12-

<PAGE>

Acknowledged and agreed

Kronos  Titan  GmbH  & Co.  OHG  represented  by  its  managing  partner  Kronos
International,  Inc., a corporation  organised under the laws of Delaware,  USA,
having its seat in Wilmington,  Delaware,  USA,  which  established a registered
branch in Leverkusen,  Federal Republic of Germany, registered in the commercial
register  (Handelsregister) of the local court (Amtsgericht) of Leverkusen under
HRB 3001.

By:   /s/ U. Fiand                 /s/ V. Roth
      ------------------------------------------------

      Name:   U. Fiand             V. Roth
      Title:  President            V/P Controller

                                      -13-

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