Document:

Exhibit
10.3

 

EXECUTION
COPY

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO
CREDIT AGREEMENT (this “Amendment”), dated as of June 22, 2009, is
entered into by and among Huntsman International LLC, a Delaware limited
liability company (the “Borrower”), Deutsche Bank AG New York Branch and
Credit Suisse, Cayman Islands Branch, in their capacities as lenders, and
Deutsche Bank AG New York Branch, as Administrative Agent (the “Administrative
Agent”) for the Lenders.  Terms used
herein and not otherwise defined herein shall have the same meanings as
specified in the Credit Agreement (as defined below).

 

RECITALS:

 

A.                                 The Borrower, the Lenders, the Agents and
the Administrative Agent have heretofore entered into that certain Credit
Agreement dated as of August 16, 2005 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”).

 

B.                                   Of even date herewith, the Borrower,
Deutsche Bank AG New York Branch and Credit Suisse have entered into that
certain Settlement Agreement dated as of even date herewith in order to
effectuate the settlement of certain disputes among the parties thereto.

 

C.                                   The Borrower has requested that, pursuant
to Section 2.1(a)(ii) of the Credit Agreement, the Credit Agreement
be amended to issue a new tranche of Dollar denominated term loans thereunder
(the “Term C Loans”) in an amount equal to $500,000,000, on the terms
and subject to the conditions set forth in this Amendment and the Credit
Agreement as amended hereby.

 

D.                                  Each lender party hereto agrees to make
and fund Term C Loans (the “Term C Loan Lenders”) in an amount equal to
such Term C Loan Lender’s Term C Dollar Commitment, on the terms and subject to
the conditions set forth in this Amendment and the Credit Agreement as amended  thereby.  The proceeds of the Term C Loans may be used
by the Borrower for any purpose not expressly prohibited by the Credit
Agreement.

 

E.                                    The Term C Loans constitute, and are
intended to constitute, Secured Obligations as defined in the Collateral Security
Agreement and Secured Obligations as defined in the Pledge Agreement.

 

F.                                    This Amendment constitutes a Loan
Document and these Recitals shall be construed as part of this Amendment.

 

NOW, THEREFORE, in
consideration of the Recitals herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

 

SECTION 1                             Issuance of Term C Loans.

 

(a)           Subject
to the terms and conditions set forth herein, each Term C Loan Lender agrees to
make Term C Loans on the Fourth Amendment Effective Date to the Borrower in a
principal amount equal to such Term C Loan Lender’s Term C Dollar Commitment.

 

(b)           Each
Term C Loan Lender will make and fund Term C Loans on the Fourth Amendment
Effective Date by wire transfer of immediately available funds to an account
designated by the Borrower for such purpose. 
The commitments of the Term C Loan Lenders are several and not joint and
no such Term C Loan Lender will be responsible for any other Term C Loan Lender’s
failure to make its Term C Loans.

 

(c)           All
Term C Loans made on the Fourth Amendment Effective Date shall be Base Rate
Loans.

 

(d)           On
and after the Fourth Amendment Effective Date, each reference in the Credit
Agreement to “Term Loans” shall be deemed to include a reference to the Term C
Loans.

 

SECTION 2                             Amendments. As of the Fourth Amendment Effective
Date (as defined in Section 3 hereof), the Credit Agreement is
hereby amended as follows:

 

2.1.         The following defined terms in Section 1.1
of the Credit Agreement are hereby amended and restated in their entirety to
read as follows:

 

“Applicable Base Rate Margin” means at any
date, (i) with respect to Revolving Loans denominated in Dollars, the
applicable percentage set forth in the following table under the column
Applicable Base Rate Margin for Revolving Loans opposite the Most Recent
Leverage Ratio as of such date, (ii) with respect to Term C Dollar Loans,
1.25% and (iii) with respect to Term B Dollar Loans, the applicable
percentage set forth under the column Applicable Base Rate Margin for Term B
Dollar Loans opposite the Most Recent Senior Secured Leverage Ratio as of such
date:

 

	
  Most Recent

  Leverage Ratio

  	
   

  	
  Applicable Base Rate

  Margin for Revolving

  Loans

  	
   

  
	
  Less
  than or equal to 2.00 to 1

  	
   

  	
  0.25

  	
  %

  
	
  Greater
  than 2.00 to 1 but less than or equal to 2.50 to 1

  	
   

  	
  0.50

  	
  %

  
	
  Greater
  than 2.50 to 1

  	
   

  	
  0.75

  	
  %

  

 

2

 

	
  Most Recent

  Senior Secured Leverage Ratio

  	
   

  	
  Applicable Base Rate

  Margin for Term B

  Dollar Loans

  	
   

  
	
  Less
  than or equal to 2.25 to 1

  	
   

  	
  0.50

  	
  %

  
	
  Greater
  than 2.25 to 1

  	
   

  	
  0.75

  	
  %

  

 

“Applicable Eurocurrency Margin” means at any
date, (i) with respect to Term B Dollar Loans, the applicable percentage
set forth in the following table under the column Applicable Eurocurrency
Margin for Term B Dollar Loans opposite the Most Recent Senior Secured Leverage
Ratio on such date, (ii) with respect to Term C Dollar Loans, 2.25% and (iii) with
respect to Revolving Loans, the applicable percentage set forth in the
following table under the column Applicable Eurocurrency Margin for Revolving
Loans opposite the Most Recent Leverage Ratio on such date:

 

	
  Most
  Recent

  Leverage Ratio

  	
   

  	
  Applicable

  Eurocurrency Margin for

  Revolving Loans

  	
   

  
	
  Less
  than or equal to 2.00 to 1

  	
   

  	
  1.25

  	
  %

  
	
  Greater
  than 2.00 to 1 but less than or equal to 2.50 to 1

  	
   

  	
  1.50

  	
  %

  
	
  Greater
  than 2.50 to 1

  	
   

  	
  1.75

  	
  %

  

 

	
  Most Recent

  Senior Secured Leverage Ratio

  	
   

  	
  Applicable Eurocurrency

  Margin for Term B

  Dollar Loans

  	
   

  
	
  Less
  than or equal to 2.25 to 1

  	
   

  	
  1.50

  	
  %

  
	
  Greater
  than 2.25 to 1

  	
   

  	
  1.75

  	
  %

  

 

“Interest Payment Date” means (i) as to
any Base Rate Loan, each Quarterly Payment Date to occur while such Loan is
outstanding, (ii) as to any Eurocurrency Loan having an Interest Period of
three months or less, the last day of the Interest Period applicable thereto
and (iii) as to any Eurocurrency Loan having an Interest Period longer
than three months, each three (3) month anniversary of the first day of the
Interest Period applicable thereto and the last day of the Interest Period
applicable thereto; provided, however, that, in addition to the
foregoing, each of (A) the Revolver Termination Date, (B) the Term B
Loan Maturity Date and (C) the Term C Loan 

 

3

 

Maturity Date shall be
deemed to be an “Interest Payment Date” with respect to any interest which is
then accrued hereunder for such Loan.

 

“Loan” means any Term B Dollar Loan, Term C Dollar Loan, Swing
Line Loan or Revolving Loan, and “Loans” means all such Loans, collectively.

 

“Term Note”
and “Term Notes” means the Term C Dollar Notes that evidence the Term C
Dollar Loans and the notes provided for in Section 2.2 that
evidence indebtedness under the Term Facilities, collectively.

 

2.2.         The following defined terms are added to Section 1.1
of the Credit Agreement where alphabetically appropriate:

 

“Determination Date”
has the meaning assigned to that term in Section 12.23.

 

“Fourth Amendment”
means the Fourth Amendment to this Agreement dated as of June 22, 2009.

 

“Fourth Amendment
Effective Date” has the meaning assigned to that term in the Fourth
Amendment.

 

“Minimum Floor Amount”
has the meaning assigned to that term in Section 12.23.

 

“Refinanced Facility
Debt” has the meaning assigned to that term in Section 12.23(a).

 

“Scheduled Term C
Dollar Repayments” means, with respect to the principal payments on the
Term C Dollar Loans for each date set forth below, that percentage of the
aggregate outstanding principal amount of Term C Dollar Loans on the Fourth
Amendment Effective Date set forth opposite thereto:

 

Scheduled Term C Dollar
Repayments

 

	
  Date

  	
   

  	
  Principal
  Payment

  
	
   

  	
   

  	
   

  
	
  March 31, 2010

  	
   

  	
  1% of the aggregate principal amount as of the
  Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31,
  2011

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31,
  2012

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31,
  2013

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  

 

4

 

	
  Date

  	
   

  	
  Principal
  Payment

  
	
   

  	
   

  	
   

  
	
  March 31,
  2014

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31,
  2015

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  March 31,
  2016

  	
   

  	
  1% of the
  aggregate principal amount as of the Fourth Amendment Effective Date

  
	
   

  	
   

  	
   

  
	
  Term C Loan
  Maturity Date

  	
   

  	
  100% of the
  aggregate principal amount of Term C Dollar Loans outstanding on the Term C
  Loan Maturity Date.

  

 

“Term C Dollar Commitment” means, with respect
to any Term C Dollar Lender signatory to the Fourth Amendment, the principal
amount set forth opposite such Lender’s name on Schedule 1.1(a) hereto
under the caption “Amount of Term C Dollar Commitment”, as such commitment may
be adjusted from time to time pursuant to this Agreement or increased pursuant
to Section 2.1(a)(ii), and “Term C Dollar Commitments” means such
commitments collectively, which commitments equal $500,000,000 in the aggregate
on the Fourth Amendment Effective Date.

 

“Term C Dollar Facility” means the credit
facility under this Agreement evidenced by the Term C Dollar Commitments and
the Term C Dollar Loans.

 

“Term C Dollar Lender” means any Lender which
has a Term C Dollar Commitment or has made (or a portion thereof) a Term C
Dollar Loan.

 

“Term C Dollar Loan” and “Term C Dollar
Loans” have the meanings assigned to those terms in Section 2.1(d).

 

“Term C Loan Maturity Date” means June 30, 2016.

 

2.3.         The following is added as Section 2.1(d)
to the Credit Agreement:

 

“(d)         Term C Loans.  Subject to the terms and conditions hereof
and in the Fourth Amendment, each Term C Dollar Lender agrees to make a loan in
Dollars (the “Term C Dollar Loans”) to the Borrower on the Fourth
Amendment Effective Date in the aggregate principal amount of such Lender’s
Term C Dollar Commitment.  No amount of a
Term C Dollar Loan which is repaid or prepaid by the Borrower may be reborrowed
hereunder.  The Term C Dollar Loans shall
be denominated in Dollars, shall be maintained as and/or converted into Base
Rate Loans or Eurocurrency Loans or a combination thereof, 

 

5

 

provided, that all Term C Dollar Loans made by
the Term C Dollar Lenders pursuant to the same Borrowing shall, unless
otherwise specifically provided herein, consist entirely of Term C Dollar Loans
of the same Type.”

 

2.4.         The
following is added as Section 4.2(d) to the Credit Agreement:

 

“(d)         Reduction of Term
C Dollar Commitments. The Term C Dollar Commitments shall terminate on the
Fourth Amendment Effective Date after giving effect to the Term C Dollar Loans
on such date.”

 

2.5.         The
following is added to the end of Section 4.4(b) of the Credit
Agreement:

 

“Payments to be
made pursuant to this Section 4.4(b) with respect to Term C Dollar
Loans shall be paid in Dollars.”

 

2.6.         The
following is added as Section 4.5(d) to the Credit Agreement:

 

“(d)         Prepayment
of Term C Dollar Loans. 
Notwithstanding anything to the contrary contained in this Agreement,
including without limitation, any provision of Article IV hereof,
the Borrower shall have the right to prepay in whole (but not in part) the
outstanding Term B Dollar Loans without any obligation to prepay any portion of
the Term C Dollar Loans.”

 

2.7.         Article XII of the Credit Agreement is amended to add the following Section 12.23:

 

“12.23    Term
C Dollar Lenders.

 

Each Term C Dollar
Lender agrees that upon the earlier to occur of (x) the Term B Loan
Maturity Date and (y) the date that all Term B Dollar Loans are prepaid or
repaid in full (for any reason) (such earlier date, the “Determination Date”):

 

(a)           Without limitation of any of the
terms of the Loan Documents or any provisions thereof, the Borrower shall have
the right in its sole discretion at any time to refinance or replace all of the
Facilities outstanding immediately prior to the Determination Date under this
Agreement (other than the Term C Dollar Facility) (collectively, the “Refinanced
Facility Debt”) pursuant to separate credit documentation.  In connection therewith:

 

(i)            all collateral, guarantees and other
credit support that secures, guarantees or otherwise supports the Term C Dollar
Facility pursuant to the Loan Documents (including, without limitation, the
Security Documents) shall be available (on a pari  passu basis in
payment and lien priority, and in any event on the same basis as the Facilities
are afforded under the Loan Documents as of the Fourth Amendment Effective
Date) to secure, guarantee or otherwise support any and all such Refinanced
Facility Debt, together with any other senior secured indebtedness of the
Borrower (including, without limitation, one or more 

 

6

 

revolving and/or term
credit facilities), in an aggregate principal amount not to exceed the greater
of (A) the principal amount of Refinanced Facility Debt outstanding on the
Determination Date (or its equivalent in any other currency) and (B) $2,100,000,000
(or its equivalent in any other currency) (such greater amount, the “Minimum
Floor Amount”), as the Minimum Floor Amount may be reduced after the
Determination Date pursuant to the last sentence of the definition of “Permitted
Refinancing Indebtedness”; and

 

(ii)           the Loan Documents shall be amended
and other documents and agreements will be entered into (such amendments,
documents and agreements solely requiring the signatures of the Administrative
Agent and the Borrower to be effective) in order to effectuate the foregoing
and to make any necessary conforming changes.

 

(b)           Notwithstanding anything to the
contrary contained in Section 4.4(c)(i), no prepayment of proceeds
from a Recovery Event shall be required pursuant to such Section to the extent
that (x) no Event of Default or Unmatured Event of Default then exists and
(y) the Borrower delivers a certificate to the Administrative Agent on or
prior to such date stating that an amount equal to the proceeds of such
Recovery Event is expected to be used to purchase assets used or to be used in
the businesses referred to in Section 8.9 within 360 days following
the date of receipt of such proceeds (which certificate shall set forth the
estimates of the proceeds to be so expended); provided that (1) if all or
any portion of such proceeds not so applied to such prepayment are not so used
(or contractually committed to be used) within such 360 day period as provided
above, such remaining portion shall be applied on the last day of the period or
such earlier date as the Borrower is obligated to make an offer to purchase
Senior Secured Notes (2010) due to such Recovery Event as a mandatory repayment
of principal of outstanding Loans as provided in Section 4.4(c)(i) and
(2) if all or any portion of such proceeds result from a Recovery Event
involving Collateral owned by the Borrower or a Domestic Subsidiary (other than
the Capital Stock of a Foreign Subsidiary), then such proceeds shall be
required to be reinvested in assets located in the United States constituting
Collateral (to the extent not used to repay Loans pursuant to Section 4.4(c)(i)).

 

(c)           Article IX shall no
longer apply for any purpose under this Agreement (including, without
limitation, for the purposes of Section 2.1(a)(ii), Section 7.2(b),
Section 8.7(j) and Section 8.7(m)).

 

(d)           “Permitted Refinancing
Indebtedness” shall mean, with respect to any Indebtedness, any
Indebtedness refinancing, extending, renewing or refunding such Indebtedness;
provided, however, that any such refinancing Indebtedness shall (i) be
issued by the same obligor as the Indebtedness being so refinanced (or by Huntsman
Corporation or a Parent Company) and be on terms, taken as a whole, not more
restrictive than the terms of the documents governing the Indebtedness being so
refinanced; (ii) if the Indebtedness being so refinanced is subordinated
to the Obligations, be subordinated to the Obligations on substantially the
same terms (or on terms at least as favorable to the Lenders) as Indebtedness
being so refinanced; (iii) be in a principal amount (as 

 

7

 

determined as of the date
of the incurrence of such refinancing Indebtedness in accordance with GAAP) not
exceeding the principal amount of the Indebtedness being refinanced on such
date plus any call premiums, prepayment fees, costs and expenses paid in
connection with such refinancing; (iv) not have a Weighted Average Life to
Maturity less than the Indebtedness being refinanced; (v) if the
Indebtedness being refinanced is Public Notes, be unsecured Indebtedness
maturing no earlier than the then latest Term Maturity Date; and (vi) be
upon terms and subject to documentation which is in form and substance
reasonably satisfactory in all material respects to the Administrative
Agent.  Notwithstanding clauses (ii)
and (v) above, after the Determination Date, any such Indebtedness
refinancing, extending, renewing or refunding the Senior Subordinated Notes
(2013), the Senior Subordinated Notes (2014), the Senior Subordinated Notes
(2015), any similar senior subordinated notes, any senior unsecured notes and
any senior secured notes may be senior second-lien notes, senior unsecured
notes and, to the extent capacity exists pursuant to the Minimum Floor Amount,
senior first-lien secured notes (provided that the Minimum Floor Amount shall
be reduced after the Determination Date by the aggregate principal amount of
any senior first-lien secured Indebtedness incurred pursuant to this sentence,
unless such Permitted Refinancing Indebtedness refinances, extends, renews or
refunds senior first-lien secured Indebtedness).

 

2.8.         Schedule 1.1(a) to the Credit Agreement is amended to
add the following to the end thereof:

 

	
  Term C Dollar Lender

  	
   

  	
  Amount
  of Term C Dollar

  Commitment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Deutsche Bank AG New York Branch

  	
   

  	
  $

  	
  250,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Credit Suisse, Cayman Islands Branch

  	
   

  	
  $

  	
  250,000,000

  	
   

  

 

SECTION 3                             Conditions to
Effectiveness of the Issuance of the Term C Loans. 
The provisions of Section 1 and Section 2 of
this Amendment shall become effective upon the date of the satisfaction of all
of the conditions set forth in this Section 3 (the “Fourth
Amendment Effective Date”), with any documents delivered to the
Administrative Agent dated the Fourth Amendment Effective Date unless otherwise
noted:

 

3.1.         Proper
Execution and Delivery of Amendment.  Borrower,
each Term C Loan Lender and the Administrative Agent shall have duly executed
and delivered to the Administrative Agent this Amendment.

 

3.2.         Delivery
of Credit Party Documents.

 

(a)           Execution
and Delivery of Officer’s Certificate. 
The Administrative Agent shall have received a certificate of a
Responsible Officer of the Borrower in the form of Exhibit A
attached hereto.

 

8

 

(b)           Notes.  The Borrower shall have duly executed and
delivered to the Administrative Agent notes in the form of Exhibit B
attached hereto (the “Term C Dollar Notes”) payable to each applicable
Term C Loan Lender which has requested a note in the amount of its respective
Term C Loan, all of which shall be in full force and effect;

 

(c)           Representations
and Warranties.  The representations
and warranties of the Borrower and the other Credit Parties contained in this
Amendment and the other Loan Documents shall be true and correct in all
material respects as of the Fourth Amendment Effective Date, with the same
effect as though made on such date (except to the extent expressly made as of a
specified date, in which event such representation and warranty is true and
correct in all material respects as of such specified date).

 

(d)           No
Defaults. No Unmatured Event of Default or Event of Default under the
Credit Agreement or this Amendment shall have occurred and be continuing or
would occur as a result of the incurrence of the Term C Loans or the use of
proceeds therefrom.

 

(e)           Approvals.  All necessary governmental and third party
approvals in connection with this Amendment and the transactions contemplated
hereby and otherwise referred to herein shall have been obtained and remain in
effect, and all applicable waiting periods shall have expired without any
action being taken by any competent authority which restrains, prevents or
imposes materially adverse conditions upon the consummation of all or any part
of this Amendment or the transactions contemplated hereby and otherwise
referred to herein except for those approvals of non-Governmental Authorities
under contracts which are not material and which are not required to be
delivered at the closing thereof. 
Additionally, there shall not exist any judgment, order, injunction or
other restraint issued or filed or a hearing seeking injunctive relief or other
restraint pending or notified prohibiting or imposing material adverse
conditions upon all or any part of this Amendment or the transactions
contemplated hereby.

 

(f)            Compliance
Certificate.  The Borrower shall have
delivered to the Administrative Agent a duly executed Compliance Certificate in
the form attached hereto as Exhibit C for the immediately preceding
four full Fiscal Quarters giving pro forma effect to the Term C Loans hereunder
(prepared in good faith and in a manner and using such methodology which is
consistent with the most recent financial statements delivered pursuant to Section 7.1
of the Credit Agreement) and evidencing compliance with the covenant set forth
in Article IX of the Credit Agreement.

 

(g)           Opinion
of Counsel.  The Administrative Agent
shall have received from Vinson & Elkins L.L.P., special counsel to
the Borrower, an opinion in the form attached hereto as Exhibit D,
addressed to the Administrative Agent and each of the Term C Loan Lenders and
dated the Fourth Amendment Effective Date.

 

Each Term C Loan Lender
hereby agrees that by the funding of its Term C Loans, such Person approves of
and consents to each of the matters set forth in Section 3 which
must be approved by, or which must be satisfactory to, the Term C Loan Lenders.

 

9

 

SECTION 4                             References to and Effect
on the Credit Agreement.  On and after
the Fourth Amendment Effective Date each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each
reference to the Credit Agreement, as the case may be, in the Loan Documents
and all other documents (the “Ancillary Documents”) delivered in
connection with the Credit Agreement shall mean and be a reference to the
Credit Agreement as amended hereby.

 

Except as specifically
amended above, the Credit Agreement, and the other Loan Documents and all other
Ancillary Documents shall remain in full force and effect and are hereby
ratified and confirmed.

 

The execution, delivery
and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of the Term C Loan
Lenders or the Administrative Agent under the Credit Agreement, the Loan
Documents or the Ancillary Documents.

 

SECTION 5                             Costs and Expenses. 
Notwithstanding anything to the contrary contained in the Credit
Agreement or any other Loan Document, each of the parties hereto agrees to pay
its own costs and expenses in connection with the negotiation, preparation,
printing, typing, reproduction, execution and delivery of this Amendment and
all other documents furnished pursuant hereto or in connection herewith,
including without limitation, the fees and out-of-pocket expenses of its counsel,
independent public accountants and other outside experts retained by it in
connection therewith and the Borrower shall not be responsible for such costs
and expenses of the other parties hereto.

 

SECTION 6                             Miscellaneous.

 

6.1.         Administrative Agent Acknowledgments. 
The Administrative Agent hereby acknowledges and confirms the following:

 

(a)           In
accordance with Section 2.1(a)(ii)(A) of the Credit Agreement, the
initial syndication of the Loans and Commitments with respect to the Credit
Agreement has heretofore occurred to the Administrative Agent’s satisfaction.

 

(b)           As
of the Fourth Amendment Effective Date, the Administrative Agent does not
require reaffirmations of or amendments to Security Documents in order for the
Borrower to comply with Section 2.1(a)(ii)(B) of the Credit
Agreement.

 

(c)           Based
on the information it has as of the date hereof, the Administrative Agent has
no reason to object to the terms and conditions of this Amendment and that
certain Note Purchase Agreement dated June 22, 2009 among the Borrower,
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. and, in
each case, the transactions contemplated thereby.

 

(d)           The
Administrative Agent has received the Compliance Certificate delivered by the
Borrower herewith pursuant to Section 2.1(a)(ii)(A) of the Credit
Agreement and the form of such Compliance Certificate complies on its face with
such Section (subject to Section 11.4 of the Credit Agreement) and
the Administrative Agent has no reason to believe 

 

10

 

that such Compliance Certificate is not satisfactory in substance when
delivered hereunder.

 

6.2.         Tax
Treatment.  For federal income tax purposes, the Borrower
and each Term C Loan Lender that is a signatory hereto agree (i) the “issue
price” of such Term C Loan Lender’s Term C Loan for purposes of Section 1273
of the Code is the principal amount of such Term C Loan, and (ii) the Term
C Loan is not part of an “investment unit” for purposes of Treasury Regulation Section 1.1273-2.
Each Term C Loan Lender that is a signatory hereto acknowledges that it is
acting as principal in making the Term C Loan (and not as a bond house, broker,
or similar person acting in the capacity of an underwriter, placement agent, or
wholesaler), and each Term C Loan Lender agrees that it will not, and any
majority-owned affiliate will not, sell all or any portion of the Term C Loan
for 30 days following the date on which such loan is made.  Each Term C Lender that is a signatory hereto
agrees that it, and any majority-owned affiliate thereof, will file all federal
income tax returns (and all other income tax returns that follow federal income
tax principles) in a manner consistent with this Section 6.2 and
the Borrower shall not have any recourse against such Term C Loan Lender on the
basis of this Section 6.2, provided that such Term C Loan Lender
and any majority-owned affiliate thereof so files its tax returns and complies
with the 30-day requirement of the immediately preceding sentence. The Borrower
agrees to file all federal income tax returns (and all other income tax returns
that follow federal income tax principles) in a manner consistent with this Section 6.2,
and no Term C Loan Lender shall have any recourse against the Borrower on the
basis of this Section 6.2, provided that the Borrower so files its
tax returns.    For the avoidance of
doubt, this Section 6.2 is not intended to (1) affect any Term
C Loan Lender’s or any majority-owned affiliate’s financial accounting
reporting with respect to the Term C Loans, or (2) limit the ability of
any Term C Loan Lender or any majority-owned affiliate thereof that otherwise
utilizes “mark to market” accounting with respect to the Term C Loan for
Federal income tax purposes to mark the Term C Loan to market in a manner
consistent with its method of accounting. 
This Section 6.2 shall not apply to a Term C Loan Lender
that is a signatory hereto, or to any majority-owned affiliate thereof, unless
the Company provides to such Term C Loan Lender, within 30 days of the Fourth
Amendment Effective Date, a copy of an opinion of a nationally recognized
independent tax counsel, addressed to the Company and reasonably satisfactory
to the Term C Loan Lender (but not stating that the Term C Loan Lender is
entitled to rely on such opinion), stating that the foregoing tax treatment is
more likely than not correct for Federal income tax purposes.  This Section 6.2 shall not apply
to a Term C Loan Lender, or any majority-owned affiliate thereof, with respect
to tax returns filed by it with a particular taxing authority for any tax year
after the time such taxing authority proposes an adjustment challenging the tax
reporting position for any tax year required by this Section 6.2.  Notwithstanding Section 12.8 of
the Credit Agreement, this Section 6.2 shall apply only to a Term C
Loan Lender that is a signatory hereto and its majority-owned affiliates.

 

6.3.         Execution
in Counterparts.  This Amendment may be executed in one or more
counterparts, each of which, when executed and delivered, shall be deemed to be
an original and all of which counterparts, taken together, shall constitute but
one and the same document with the same force and effect as if the signatures
of all of the parties were on a single counterpart, and it shall not be
necessary in making proof of this Amendment to produce more than one (1) such
counterpart.  Delivery of an executed
signature page to this Amendment by telecopy shall be deemed to constitute
delivery of an originally executed signature page hereto.

 

11

 

6.4.         Governing
Law.  THIS AMENDMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR
ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF SAID STATE.

 

6.5.         Headings. 
Headings used in this Amendment are for convenience of reference only
and shall not affect the construction of this Amendment.

 

6.6.         Integration. 
This Amendment, the other agreements and documents executed and
delivered pursuant to this Amendment and the Credit Agreement constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof.

 

6.7.         Binding
Effect.  This Amendment shall be binding upon and
inure to the benefit of and be enforceable by the Borrower, the Administrative
Agent and the Term C Loan Lenders and their respective successors and
assigns.  Except as expressly set forth
to the contrary herein, this Amendment shall not be construed so as to confer
any right or benefit upon any Person other than the Borrower, the
Administrative Agent and the Term C Loan Lenders and their respective
successors and permitted assigns.

 

6.8.         Representations. 
As of the Fourth Amendment Effective Date, the Borrower represents and
warrants as follows:

 

(a)           The
Borrower (i) is duly organized, validly existing and in good standing (if
applicable) under the laws of the State of Delaware and (ii) has the power
and authority to execute and deliver this Amendment and to perform its
obligations hereunder.

 

(b)           The
Borrower has duly taken all corporate action necessary to authorize the
execution and delivery by it of this Amendment and to authorize the
consummation of the transactions contemplated hereby and the performance of its
obligations hereunder.  The Borrower has
duly executed and delivered this Amendment. 
This Amendment is the legal, valid and binding obligation of the
Borrower, enforceable against it in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency or similar laws of general
application relating to the enforcement of creditors’ rights.

 

[Signature Page Follows]

 

12

 

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

 

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Kimo Esplin

  
	
   

  	
  Name:  J. Kimo Esplin

  
	
   

  	
  Title:  Executive Vice President and Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG NEW YORK

  BRANCH, as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Waill

  
	
   

  	
  Name:  David M. Waill

  
	
   

  	
  Title:  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evelyn Thierry

  
	
   

  	
  Name:  Evelyn Thierry

  
	
   

  	
  Title:  Vice President

  

 

Signature
Page to Huntsman International LLC

Fourth Amendment to Credit Agreement

 

 

	
   

  	
  DEUTSCHE BANK AG NEW YORK

  
	
   

  	
  BRANCH, as a Term C Loan Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Waill

  
	
   

  	
  Name:  David M. Waill

  
	
   

  	
  Title:  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evelyn Thierry

  
	
   

  	
  Name:  Evelyn Thierry

  
	
   

  	
  Title:  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS

  
	
   

  	
  BRANCH, as a Term C Loan Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Hetu

  
	
   

  	
  Name:  Robert Hetu

  
	
   

  	
  Title:  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James Moran

  
	
   

  	
  Name:  James Moran

  
	
   

  	
  Title:  Managing Director

  

 

Signature
Page to Huntsman International LLC

Fourth Amendment
to Credit Agreement

 

2

 

EXHIBIT A
TO

FOURTH
AMENDMENT TO THE

HUNTSMAN
INTERNATIONAL LLC

CREDIT
AGREEMENT

 

HUNTSMAN
INTERNATIONAL LLC

OFFICER’S
CERTIFICATE

 

Re:                               Fourth
Amendment to Credit Agreement dated as of June 22, 2009, among Huntsman
International LLC, a Delaware limited liability company (the “Borrower”),
Deutsche Bank AG New York Branch and Credit Suisse, Cayman Islands Branch, as
lenders, and Deutsche Bank AG New York Branch, as Administrative Agent (the “Administrative
Agent”) for the Lenders (the “Fourth Amendment”)

 

This Certificate is being
delivered pursuant to Section 3.2(a) of the Fourth Amendment,
with each capitalized term not defined herein having the meaning ascribed to it
in the Fourth Amendment.

 

I, the undersigned, a
Responsible Officer of the Borrower, do hereby certify on behalf of the
Borrower, in my capacity as an officer of the Borrower and not in my individual
capacity, that:

 

1.             After giving effect
to the Fourth Amendment, the representations and warranties set forth in Article VI
of the Credit Agreement and in other Loan Documents are true and correct in all
material respects as of the date hereof, except to the extent such
representations and warranties are expressly made as of a specific date, in
which event such representations and warranties are true and correct in all
material respects as of such specified date.

 

2.             After giving effect
to the Fourth Amendment, no Event of Default or Unmatured Event of Default has
occurred and is continuing or would occur as a result of the incurrence of the
Term C Dollar Loans or the use of proceeds therefrom.

 

3.             The conditions of Section 3
of the Fourth Amendment have been fully satisfied or waived (except that no
opinion is expressed as to the Administrative Agent’s or Term C Loan Lenders’
satisfaction with any document, instrument or other matter).

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate as of the date first written above.

 

 

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

2

 

 

EXHIBIT B
TO

FOURTH
AMENDMENT TO THE

HUNTSMAN
INTERNATIONAL LLC

CREDIT
AGREEMENT

 

FORM OF

TERM C DOLLAR NOTE

 

	
  $                

  	
  New York, New
  York

  
	
   

  	
  June 23, 2009

  

 

FOR VALUE
RECEIVED, the undersigned, Huntsman International LLC, a Delaware limited
liability company (“Borrower”), hereby unconditionally promises to pay
to the order of                                       
or its registered assigns (the “Lender”) at the office of                                           ,
located at                                           ,
in lawful money of the United States of America and in immediately available
funds, the principal amount of (a) TWO HUNDRED FIFTY MILLION DOLLARS
($250,000,000), or, if less, (b) the aggregate unpaid principal amount of
the Term C Dollar Loan made by the Lender to Borrower pursuant to Section 2.1(d) of
the Credit Agreement hereinafter referred to. 
The principal amount of the Term C Dollar Loans evidenced hereby shall
be payable in the amounts and at the times set forth in the Credit Agreement,
including, without limitation, such Lender’s Term C Dollar Loan Pro Rata Share
of the amounts specified in the definition of Scheduled Term C Dollar Repayments,
with any then outstanding principal amount of the Term C Dollar Loan evidenced
hereby being payable on the Term C Loan Maturity Date. Borrower further agrees
to pay interest in like money at such office on the unpaid principal amount
hereof from time to time outstanding at the applicable interest rate per annum
determined as provided in, and payable as specified in, Articles III and
IV of the Credit Agreement.

 

The holder of this
Term C Dollar Note is authorized to record the date, Type and amount of the
Term C Dollar Loan made by the Lender pursuant to Section 2.1 of
the Credit Agreement, each conversion thereof, the date of each interest rate
continuation pursuant to Section 2.6 of the Credit Agreement and
the principal amount subject thereto, the date and amount of each payment or
prepayment of principal hereof, and in the case of each Eurocurrency Loan, the
length of the Interest Period with respect thereto on the records of the
Lender, and any such recordation shall (in the absence of manifest error)
constitute prima facie evidence of the accuracy of the information endorsed;
provided, however, that the failure to make any such endorsement shall not
affect the obligations of Borrower in respect of the Term C Dollar Loan.

 

This Term C Dollar
Note is one of the notes referred to in Section 3.2(b) of the
Fourth Amendment to Credit Agreement dated as of June 22, 2009 (the “Fourth
Amendment”), among Borrower, Deutsche Bank AG New York Branch, as
Administrative Agent for the Lenders and Deutsche Bank AG New York Branch and
Credit Suisse, Cayman Islands Branch, as lenders, and is subject to the
provisions of the Fourth Amendment and of the Credit Agreement dated as of August 16,
2005 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Borrower, Deutsche Bank AG New York Branch, 

 

 

as Administrative Agent
for the Lenders, and the financial institutions signatory thereto, and is
subject to the provisions thereof, and is subject to optional and mandatory
prepayment in whole or in part as provided therein. Terms defined in the Credit
Agreement are used herein with their defined meanings unless otherwise defined
herein.

 

Upon the
occurrence and during the continuance of any one or more of the Events of
Default specified in the Credit Agreement, all amounts then remaining unpaid on
this Term C Dollar Note may become, or may be declared to be, immediately due
and payable, all as provided therein. All parties now and hereafter liable with
respect to this Term C Dollar Note, whether maker, principal, surety,
guarantor, endorser or otherwise, hereby waive presentment, demand, protest and
all other notices of any kind. THIS TERM C DOLLAR NOTE SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

 

 

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

2

 

EXHIBIT C
TO

FOURTH
AMENDMENT TO THE

HUNTSMAN
INTERNATIONAL LLC

CREDIT
AGREEMENT

 

FORM OF 

COMPLIANCE CERTIFICATE

 

The undersigned, a Responsible Financial Officer of
Huntsman International LLC, a Delaware limited liability company (“Borrower”),
does hereby certify that:

 

1.             This
Certificate is furnished pursuant to Section 2.1(a)(ii)(A) of
that certain Credit Agreement dated as of August 16, 2005 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Borrower, Deutsche Bank AG New York Branch, as Administrative Agent for
the Lenders, and the financial institutions signatory thereto and pursuant to Section 3.2(f) of
that certain Fourth Amendment to Credit Agreement dated as of June 22,
2009 among Borrower, Deutsche Bank AG New York Branch, as Administrative Agent
of the Lenders, and Deutsche Bank AG New York Branch and Credit Suisse, Cayman
Islands Branch, as lenders (the “Fourth Amendment”).  Unless otherwise defined herein, capitalized
terms used in this Certificate have the meanings assigned to those terms in the
Credit Agreement.

 

2.             The
following is a true and correct computation of the Secured Leverage Ratio found
in Section 9.1 of the Credit Agreement for the period of four full
Fiscal Quarters immediately preceding the incurrence of the Term C Dollar Loans
pursuant to the Fourth Amendment, giving pro forma effect to such incurrence:

 

Pro forma for the Period Ended March 31, 2009

($ Millions)

 

	
   

  	
   

  	
  Actual Q1 2009

  	
   

  	
  Pro forma Adjustments

  	
   

  	
  Pro Forma Q1 2009

  	
   

  
	
  Consolidated Debt that is secured

  	
   

  	
  1,735

  	
   

  	
  9A

  	
   

  	
  1,744

  	
   

  
	
  Consolidated EBITDA

  	
   

  	
  610

  	
   

  	
   

  	
   

  	
  610

  	
   

  
	
  Actual

  	
   

  	
  2.85

  	
   

  	
   

  	
   

  	
  2.86

  	
   

  
	
  Covenant

  	
   

  	
  3.75

  	
   

  	
   

  	
   

  	
  3.75

  	
   

  

 

	
  A Proforma Adjustments to Debt
  as follows:

  	
   

  	
   

  	
   

  
	
  - Additional Term Loans (Term
  Loan C)

  	
   

  	
  500

  	
   

  
	
  - Redemption of 11.625% Sr.
  Secured Notes (principal)

  	
   

  	
  (296

  	
  )

  
	
  - Cash (net of $8.6mm of est.
  call premiums)

  	
   

  	
  (195

  	
  )

  
	
  - Net

  	
   

  	
  9

  	
   

  

 

[signature page follows]

 

 

Witness my hand this         
day of June, 2009.

 

 

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

2

 

EXHIBIT D
TO

FOURTH
AMENDMENT TO THE

HUNTSMAN
INTERNATIONAL LLC

CREDIT
AGREEMENT

 

FORM OF 

LEGAL OPINION

OF VINSON & ELKINS LLP

 

See
attached.Exhibit 10.5

 

EXECUTION COPY

 

VOTING AGREEMENT

 

This VOTING AGREEMENT (this “Agreement”)
dated as of June 22, 2009 is entered into by and among HUNTSMAN
INTERNATIONAL LLC, a Delaware limited liability company (the “Borrower”),
DEUTSCHE BANK AG NEW YORK BRANCH (“DB”) and CREDIT SUISSE, CAYMAN
ISLANDS BRANCH (“CS”).

 

RECITALS

 

A.            The Borrower,
the Lenders and Agents named therein and DB, as administrative agent (the “Administrative
Agent”), have heretofore entered into that certain Credit Agreement dated
as of August 16, 2005 (as amended, restated and otherwise modified from
time to time, the “Credit Agreement”). 
Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement.

 

B.            In accordance
with Section 2.1(a)(ii) of the Credit Agreement and pursuant to that
certain Fourth Amendment to Credit Agreement dated of even date herewith among
the Borrower, the Administrative Agent, DB and CS (the “Fourth Amendment”),
subject to the terms and conditions contained therein, DB and CS will make Term
C Dollar Loans to the Borrower on the Fourth Amendment Effective Date.

 

C.            The
aforementioned Term C Dollar Loans are being made by DB and CS to the Borrower in
connection with that certain Settlement Agreement dated as of even date
herewith among the Borrower, DB and CS, which is being entered into by the
parties thereto to effectuate the settlement of certain disputes among the
parties; the Borrower is entering into the Settlement Agreement and the Fourth
Amendment in reliance upon the terms of this Agreement.

 

NOW, THEREFORE, in
consideration of the recitals herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Voting
under Credit Agreement.     In connection with any proposed amendment,
modification, supplement, waiver, discharge, termination or other change in
respect of the Credit Agreement or any other Loan Document or any provision
thereof, or in connection with any matter under the Loan Documents as to which
the vote or consent of Lenders are requested or required (including, without
limitation, with respect to the exercise of any rights or remedies under any
Loan Document) (any of the foregoing, a “Proposed Voting Matter”), each
of DB, CS, and their respective affiliates (collectively, the “Restricted
Voters”), shall vote or consent in respect of such Proposed Voting Matter
with respect to any Term Loans (other than Excluded Term Loans, as such term is
defined herein) held by such Restricted Voter  (but such Restricted Voter shall not be
required to so vote or consent with respect to any other Loans held by such
Restricted Voter, or so vote or consent in any other capacity of such
Restricted Voter, including, without limitation, in its capacity as
Administrative Agent) on a proportionate basis in accordance with the vote or
consent of all of the Lenders (other than the Restricted Voters) who 

 

1

 

vote or consent in respect
thereof (for example, if the Lenders (other than the Restricted Voters) vote
60% in favor of a Proposed Voting Matter based upon their aggregate commitments
and/or the outstanding principal amount of their Loans, then, likewise, the
Restricted Voters shall vote their Term Loans 60% in favor of such Proposed
Voting Matter based upon the aggregate outstanding principal amount of their
Term Loans), and each such Restricted Voter, in accordance with its vote or
consent, shall execute such documentation in connection with such Proposed
Voting Matter as may be required to evidence such vote or consent; provided
that, no Restricted Voter shall be required to vote or consent as
aforesaid: (a) with respect to any Proposed Voting Matter, if the Borrower
has provided its prior written consent to the effect that such requirement is
not applicable to such Restricted Voter with respect to such Proposed Voting
Matter; (b) in connection with any Proposed Voting Matter as to which the
Borrower has requested or solicited a favorable vote or consent from the
Lenders and as to which such Restricted Voter votes or consents 100% in favor
of such Proposed Voting Matter; (c) during any time that the aggregate
principal amount of Term C Dollar Loans outstanding under the Credit Agreement
exceeds (or would exceed after giving effect to any transactions contemplated
in connection with the Proposed Voting Matter, in the case of an exit consent)
the aggregate principal amount of other Term Loans outstanding under the Credit
Agreement; and (d) to the extent that any Proposed Voting Matter would (i) extend
the final scheduled maturity of any Term Loan, or reduce the rate or extend the
time of payment of interest (except for waivers of Default Rate interest) or
fees thereon (if any), or reduce or forgive the principal amount thereof, (ii) release
all or substantially all of the Collateral (except as expressly provided in the
Security Documents) or release any Guarantor (other than (x) a Guarantor
that is not a Material Subsidiary or (y) in connection with a transaction
permitted by Section 8.3 of the Credit Agreement), (iii) amend,
modify or waive any provision of Section 12.1 of the Credit
Agreement, (iv) reduce the percentage specified in the definition of
Required Lenders (it being understood that the definition of “Required Lenders”
shall henceforth include Term C Loan Lenders), (v) consent to the
assignment or transfer by the Borrower of any of its rights and obligations
under the Credit Agreement, (vi) increase the Commitments of such Restricted
Voter over the amount thereof then in effect (it being understood that waivers
or modifications of conditions precedent, covenants, Events of Default or
Unmatured Events of Default shall not constitute an increase of the Commitment
of any Restricted Voter, and that an increase in the available portion of any
Commitment of any Restricted Voter shall not constitute an increase in the
Commitment of such Restricted Voter), (vii) amend the definition of
Majority Lenders, (viii) alter the required application of any prepayments
or repayments (or commitment reduction), as between the various Facilities
pursuant to Section 4.5(a) of the Credit Agreement, or (ix) disproportionately
alter, as between the various Facilities, the priority of: (A) any
repayments of principal or prepayments of principal, (B) Liens, (C) the
application of collateral proceeds or (D) any Guaranty.

 

2.             Enforcement
Costs; Indemnity.

 

a.             Each of DB and CS agree to
pay all fees, charges and disbursements of counsel and other professionals’
fees of every kind paid or incurred by the Borrower or any

 

2

 

affiliate of the Borrower in
enforcing the agreements contained herein or the rights of the Borrower
hereunder against it or any of its affiliates.

 

b.             Each of DB and CS hereby
agree to indemnify the Borrower, its affiliates and their respective officers,
directors, employees, agents and representatives from and against, and hold
each such person harmless from, any and all losses, claims, damages,
liabilities and related expenses, including the fees, charges and disbursements
of counsel for any such indemnitee, incurred by or asserted against any such
indemnitee arising out of, in connection with, or as a result of, the breach of
this Agreement or the provisions hereof by DB, CS or any of their respective
affiliates, whether based on contract, tort or any other theory and regardless
of whether any indemnitee is a party hereto, and such indemnity shall extend to
each indemnitee notwithstanding the sole or concurrent negligence of every kind
or character whatsoever, whether active of passive, whether an affirmative act
or omission, including without limitation, all types of negligent conduct
identified in the Restatement (Second) of Torts, of one or more of the
indemnitee; provided that, such indemnity shall not, as to any
indemnitee, be available to the extent that such loses, claims, damages,
liabilities or related expenses are determined by a court of competent
jurisdiction by final and non-appealable judgment to have resulted solely and
directly from the gross negligence, bad faith or willful misconduct of such
indemnitee.

 

3.             Certain
Defined Terms.

 

For purposes of this
Agreement, the following terms have the following meanings:

 

“hold” or any correlative
term thereof means the holding with respect to any Loan, whether directly,
indirectly, beneficially, or by or through any arrangement pursuant to which
any Person has the power to direct or control the voting or consent rights in
respect thereof.

 

“Excluded Term Loans”
means Term Loans held by a Restricted Voter to the extent that: (i) the
ultimate beneficiaries of such Term Loans who are not themselves Restricted
Voters exercise, whether by contract, law or prevailing market practice,
control over the vote or consent of such Term Loans (provided that in the case
of any of the foregoing circumstances, to the extent that such Restricted Voter
is not otherwise prohibited by such contract or law, or it is usual and
customary in the case of prevailing market practice, to exercise its own
discretion to vote or consent with respect to any matter, such Restricted Voter
shall vote or consent as otherwise required by the terms of Section 1
hereof), or (ii) such Restricted Voter is required as a fiduciary on behalf
of other Persons who are not themselves Restricted Voters to vote in the
interests of such Persons in connection with asset management or similar
services provided by such Restricted Voter in the ordinary course of business; provided,
that no Term Loans shall be Excluded Term Loans to the extent this definition
is used in a scheme or arrangement to circumvent the provisions and the intent
of this Agreement.

 

3

 

4.             Miscellaneous.

 

a.             This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

 

b.             The Borrower may demand
specific performance of this Agreement and DB and CS hereby irrevocably waive
any defense based on the adequacy of a remedy at law and any other defense
which might be asserted to bar the remedy of specific performance in any action
which may be brought by the Borrower.

 

c.             This Agreement may be
executed in any number of counterparts and by the different parties on
different counterpart signature pages, all of which, taken together, shall
constitute one and the same agreement.

 

d.             Any of the parties hereto
may execute this Agreement by signing any such counterpart and each of such
counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile
transmission or by e-mail transmission shall be effective as delivery of a
manually executed counterpart hereof.

 

e.             The terms of this Agreement
shall be binding upon, and shall inure to the benefit of, the parties hereto
and their respective successors and assigns; provided that, this
Agreement shall not be binding upon any unaffiliated third party that purchases
Term Loans from either DB or CS (but the effectiveness of this Agreement shall
be reinstated against DB, CS or any affiliate of either thereof in the event
they re-acquire any Term Loans from an unaffiliated third party).

 

f.              An amendment, modification
or waiver in respect of this Agreement will only be effective if in writing
(including a writing evidenced by a facsimile transmission) and executed by
each of the parties hereto.

 

g.             Each of DB and CS hereby
irrevocably instructs the Administrative Agent under the Credit Agreement to
vote or consent on its behalf in connection with any Proposed Voting Matter in
accordance with the terms hereof.

 

h.             Each of the parties hereto
hereby agrees that any party hereto may publicly disclose this Agreement.

 

5.             Representations
and Warranties.  Each of DB and
CS represent and warrant to the Borrower as of the date hereof as follows:

 

a.             It (i) is duly
organized, validly existing and in good standing (if applicable) under the laws
of the jurisdiction of its formation and (ii) has the power and authority
to execute and deliver this Agreement and to perform its obligations hereunder.

 

4

 

b.             It has duly taken all corporate
action necessary to authorize the execution and delivery by it of this
Agreement and to authorize the consummation of the transactions contemplated
hereby and the performance of its obligations hereunder.  It has duly executed and delivered this
Agreement.  This Agreement is the legal,
valid and binding obligation of it, enforceable against it in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency
or similar laws of general application relating to the enforcement of creditors’
rights.

 

 

[Signature Page Follows]

 

5

 

IN WITNESS WHEREOF, each of
the undersigned has caused this Agreement to be duly executed and delivered as
of the date first above written.

 

 

	
   

  	
  DEUTSCHE
  BANK AG NEW YORK BRANCH,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Waill

  
	
   

  	
  Name:
  David Waill

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Evelyn Thierry

  
	
   

  	
  Name:
  Evelyn Thierry

  
	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  James Moran

  
	
   

  	
  Name:
  James Moran

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert Hetu

  
	
   

  	
  Name:
  Robert Hetu

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HUNTSMAN
  INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Samuel D. Scruggs

  
	
   

  	
  Name:
  Samuel D. Scruggs

  
	
   

  	
  Title:
  Executive Vice President, General Counsel and Secretary

  

 

SIGNATURE PAGE TO VOTING
AGREEMENT

 

 

ACKNOWLEDGMENT

 

By the execution and
delivery of this Acknowledgment, the Administrative Agent hereby acknowledges
this Agreement and the irrevocable instruction set forth in Section 4(g) of
this Agreement.

 

	
   

  	
  DEUTSCHE
  BANK AG NEW YORK BRANCH,

  
	
   

  	
  in
  its capacity as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Waill

  
	
   

  	
  Name:
  David Waill

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Evelyn Thierry

  
	
   

  	
  Name:
  Evelyn Thierry

  
	
   

  	
  Title: Vice President

  

 

SIGNATURE PAGE TO VOTING
AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]