Document:

Access, Use and Intercreditor Agreement

 Exhibit 4.5 
  

EXHIBIT K TO CREDIT AGREEMENT 
  
 ACCESS, USE AND INTERCREDITOR AGREEMENT 
  
 ACCESS, USE AND
INTERCREDITOR AGREEMENT (the “Agreement”), dated as of February 11, 2005, by and among Citicorp USA, Inc., as administrative agent (in such capacity and together with its successors
and assigns in such capacity, the “Administrative Agent”) for the Revolving Secured Parties (as defined below) under the Credit Agreement (as defined below), Citibank N.A., London Branch, as security trustee for the Revolving
Secured Parties (the “RSP Security Trustee” and together with the Administrative Agent the “RSP Security Representatives” and each a “RSP Security Representative”) The Bank of New York, as trustee
(in such capacity and together with its successors and assigns in such capacity, the “Trustee”), pursuant to the First Mortgage Notes Indenture (as defined below) for First Mortgage Secured Parties (as defined below), The Bank of
New York, London Branch, as security trustee for the First Mortgage Secured Parties (the “FMN Security Trustee” and together with the Trustee the “FMN Security Representatives” and each a “FMN Security
Representative”). Each of Constar International Inc. (“Constar”) and each of the subsidiaries of Constar named on the signature pages hereto (collectively, with Constar, the “Obligors”) acknowledge this
Agreement and agree to be bound by the terms hereof. 
  
 W I T N
E S S E T H : 
  
 WHEREAS, Constar has entered
into the Credit Agreement, dated as of February 11, 2005 (as amended, amended and restated, supplemented, otherwise modified, extended, refinanced, refunded, renewed or replaced from time to time, the “Credit Agreement”), with the
lenders and issuers named therein and the Administrative Agent, pursuant to which the Revolving Credit Lenders (as defined below) have agreed to make loans and to provide other financial accommodations to Constar for the purposes and upon the terms
and subject to the conditions set forth therein; 
  
 WHEREAS, each of Constar and the other Obligors has granted a security interest (or comparable interest) to the Administrative Agent and the RSP Security Trustee for the benefit of the Revolving Secured Parties (as defined
below) in the Revolving Collateral (as defined below) to secure the repayment of the Revolving Secured Obligations (as defined below); 
  
 WHEREAS, each of Constar and the other Obligors has entered into an Indenture dated as of February 11, 2005 (as amended, supplemented or
otherwise modified from time to time, the “First Mortgage Notes Indenture”) pursuant to which Constar has issued LIBOR plus 3.375% notes due 2012 in the original principal amount of $220,000,000 (the “First Mortgage
Notes”); 
  
 WHEREAS, each of Constar and
the other Obligors have granted a security interest (or comparable interest) to the Trustee and the FMN Security Trustee for the benefit of the First Mortgage Secured Parties (as defined below), in the First Mortgage Collateral (as defined below) to
secure the repayment of the First Mortgage Secured Obligations (as defined below); 
  
 WHEREAS, each RSP Security Representative, for itself and on behalf and for the benefit of the Revolving Secured Parties, and each FMN Security Representative, for itself and on and on behalf and for
the benefit of the First Mortgage Secured Parties (each of the RSP Security Representatives and each of the FMN Security Representatives, in such capacity, a “Secured Party,” and, collectively, the “Secured
Parties”) are entering into this Agreement in order to acknowledge the respective security interests of the Secured Parties with respect to certain property of Constar and the other Obligors and to clarify the RSP Security
Representatives’ rights of access to and use of the First Mortgage Collateral; 
  

 NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein, the parties hereto agree as follows: 
  
 1. DEFINED TERMS. 
  
 “Account” has the meaning specified in the UCC. 
  
 “Adequate Protection” means “adequate protection” under Sections 361, 362, 363 or 364 of the Bankruptcy Code. 
  
 “Administrative Agent” has the meaning specified in the preamble hereto. 
  
 “Agreement” has the meaning specified in the preamble
hereto. 
  
 “Bankruptcy Code” means the
provisions of Title 11 of the United States Code, 11 U.S.C. §§101 et seq. 
  
 “Bankruptcy Law” means the Bankruptcy Code, the Insolvency Acts, or any federal, state or foreign law for the relief of debtors or any arrangement, reorganization, insolvency, moratorium, assignment
for the benefit of creditors, any other marshalling of the assets and liabilities of any Obligor or any similar law relating to or affecting the enforcement of creditors’ rights generally. 
  
 “Chattel Paper” has the meaning specified in the UCC.

  
 “Collateral” means, collectively, the
Revolving Collateral and the First Mortgage Collateral. 
  
 “Commercial Tort Claim” has the meaning specified in the UCC. 
  
 “Companies Act” means the Companies Act 1985 of England and Wales. 
  
 “Constar” has the meaning specified in the preamble hereto. 
  
 “Constar UK” means Constar International U.K. Limited, a corporation organized under the laws of England
and Wales. 
  
 “Copyright Licenses” means any
written agreement naming any Obligor as licensor or licensee granting any right under any Copyright, including the grant of any right to copy, publicly perform, create derivative works, manufacture, distribute, exploit or sell materials derived from
any Copyright. 
  
 “Copyrights” means (a) all
copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in
connection therewith, including all registrations, recordings and applications in the United States Copyright Office or in any foreign counterparts thereof, and (b) the right to obtain all renewals thereof. 
  
 “Deposit Account” has the meaning specified in the UCC.

  
 “Documents” has the meaning specified in the
UCC. 
  

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 “Equipment” has the meaning specified in the UCC. 
  
 “First Mortgage Collateral” means all of the real property,
equipment, fixed assets and other property described on Schedule 1 hereto in or upon which the Trustee or the FMN Security Trustee, for the benefit of the First Mortgage Secured Parties, has a Lien. Notwithstanding the foregoing,
“First Mortgage Collateral” does not include any Revolving Collateral. 
  
 “First Mortgage Documents” means the First Mortgage Notes Indenture and the First Mortgage Notes, each other agreement listed on Schedule 2 and each certificate, instrument, agreement or
document executed by an Obligor and delivered to the First Mortgage Secured Parties in connection with or pursuant thereto and any and all future agreements, documents and/or instruments evidencing, documenting, securing or otherwise relating to all
or any portion of the First Mortgage Secured Obligations, including any documents, instruments or agreements evidencing or securing the amendment, supplement, or other modification thereof. 
  
 “First Mortgage Notes” has the meaning specified in the
recitals hereto. 
  
 “First Mortgage Notes
Indenture” has the meaning specified in the recitals hereto. 
  
 “First Mortgage Noteholders” means the holders of the First Mortgage Notes. 
  
 “First Mortgage Secured Obligations” means all obligations of the Obligors from time to time arising under or in respect of the First
Mortgage Documents (including, without limitation, the obligations to pay principal, interest and all other charges, fees, expenses, commissions, reimbursements, premiums, indemnities and other payments related to or in respect of the obligations
contained in the First Mortgage Documents). “First Mortgage Secured Obligations” includes all interest accrued or accruing (or which would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the
commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the First Mortgage Notes Indenture whether or not the claim for such interest is allowed as a claim against any Obligor in such Insolvency or
Liquidation Proceeding. 
  
 “First Mortgage Secured
Parties” means the Trustee, the FMN Security Trustee and the First Mortgage Noteholders. 
  
 “Fixtures” has the meaning specified in the UCC. 
  

“General Intangible” has the meaning specified in the UCC. 
  
 “Incremental Access Costs” means those reasonable costs that are directly attributable to the Revolving
Secured Parties use of the First Mortgage Collateral in excess of any such costs that the First Mortgage Secured Parties would have incurred in the prudent or customary preservation of the First Mortgage Collateral whether or not the Revolving
Secured Parties had so used the First Mortgage Collateral. 
  
 “Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Obligor, (b) any other voluntary or involuntary insolvency, reorganization or
bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Obligor or with respect to any of their respective assets, (c) any voluntary or involuntary liquidation,
dissolution, reorganization or winding up of any Obligor, whether voluntary or involuntary and whether or not involving insolvency or 

  

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bankruptcy, or (d) any voluntary or involuntary assignment to or for the benefit of creditors or any other marshaling of assets and liabilities of any
Obligor. 
  
 “Insolvency Acts” means the
Insolvency Acts 1986 and 2000, as amended and in effect from time to time, of the United Kingdom. 
  
 “Intellectual Property” means Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and Trademark Licenses, and all other
rights under any of the foregoing. 
  
 “Instrument”
has the meaning specified in the UCC. 
  
 “Investment
Property” has the meaning specified in the UCC. 
  
 “IP License” has the meaning specified in Section 5(a) hereto. 
  
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge (whether fixed or floating), deposit arrangement,
encumbrance, lien (statutory or other), security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to assure payment of any Indebtedness or the performance of any other
obligation, including any conditional sale or other title retention agreement, the interest of a lessor under a capital lease and any financing lease having substantially the same economic effect as any of the foregoing, and the filing of any
financing statement under the UCC, the Companies Act or comparable law of any jurisdiction naming the owner of the relevant asset as debtor. 
  
 “Letter of Credit Rights” has the meaning specified in the UCC. 
  
 “Obligors” has the meaning specified in the preamble hereto. 
  
 “paid in full” and “payment in full” means
(a) with respect to any and all Revolving Secured Obligations, (i) in the case of obligations other than obligations in respect of letters of credit, payment in full thereof in cash (or otherwise to the written satisfaction of the Revolving Secured
Parties), (ii) in the case of any outstanding letter of credit under the Credit Agreement, receipt of cash collateral (or a backstop letter of credit in respect thereof on terms acceptable to the applicable issuer and on terms and from an issuer
acceptable to the Administrative Agent) in an amount equal to 105% of the amount available to be drawn under such letters of credit, and (iii) termination of the Revolving Credit Commitments (as defined in the Credit Agreement) and all other
obligations of the Revolving Secured Parties under the Revolving Loan Documents, and (b) with respect to any and all First Mortgage Secured Obligations, payment in full thereof in cash (or otherwise to the written satisfaction of the First Mortgage
Secured Parties). 
  
 “Patents” means (a) all
letters patent of the United States, any other country or any political subdivision thereof and all reissues and extensions thereof, (b) all applications for letters patent of the United States or any other country and all divisionals, continuations
and continuations-in-part thereof and (c) all rights to obtain any reissues, continuations or continuations-in-part of the foregoing. 
  
 “Patent License” means all agreements, whether written or oral, providing for the grant by or to any Obligor of any right to manufacture,
have manufactured, use, import, sell or offer for sale any invention covered in whole or in part by a Patent. 
  

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 “Person” means an individual, partnership, corporation (including a business trust),
joint stock company, estate, trust, limited liability company, unincorporated association, joint venture or other entity or any nation, sovereign or government, any state or other political subdivision thereof and any entity or authority exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any central bank or stock exchange. 
  
 “Proceeds” has the meaning specified in the UCC. 
  

“Representative” means any of the FMN Security Representatives or any of the RSP Security Representatives, and
“Representatives” means all of the FMN Security Representatives and all of the RSP Security Representatives, collectively. 
  
 “Revolving Collateral” means all of the property described on Schedule 3 hereto in or upon which the Administrative Agent or the
RSP Security Trustee for the benefit of the Revolving Secured Parties has a Lien. 
  
 “Revolving Credit Lenders” means the Lenders under and as defined in the Credit Agreement. 
  
 “Revolving Intellectual Property” means Intellectual Property that is Revolving Collateral. 
  
 “Revolving Loan Documents” means the “Loan
Documents” as such term is used in and defined under the Revolving Agreement. 
  
 “Revolving Secured Obligations” (a) the “Obligations” as defined in and used under the Credit Agreement, all extensions of credit under any financing under section 364 of the Bankruptcy Code
and any arrangement for use of cash collateral under section 363 of the Bankruptcy Code (the terms of which are consented to in writing by the Revolving Agent in its capacity as such) in each case under this clause (a), and (b) all other
obligations owing to a Revolving Secured Party under the Credit Agreement and the other Revolving Loan Documents, including, without limitation, obligations under Hedging Contracts (as used in and defined under the Credit Agreement) and Cash
Management Obligations (occurred as used in or defined under or Credit Agreement). “Revolving Secured Obligations” shall include all interest accrued or accruing (or which would, absent the commencement of an Insolvency or
Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the Credit Agreement whether or not the claim for such interest is allowed as a claim against any
Obligor in such Insolvency or Liquidation Proceeding. 
  
 “Revolving Secured Parties” means the Secured Parties as such term is used in and defined under the Credit Agreement. 
  
 “Secured Party” and “Secured Parties” has the meaning specified in the recitals hereto. 
  
 “Trademark License” means any agreement, whether written or
oral, providing for the grant by or to any Obligor of any right to use any Trademark. 
  
 “Trademarks” means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business
identifiers, and, in each case, all goodwill associated therewith, whether now existing or hereafter adopted or acquired, all registrations and recordings thereof and all applications in connection therewith, in each 

  

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case whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
or any political subdivision thereof, or otherwise, and all common-law rights related thereto, and (b) the right to obtain all renewals thereof. 
  
 “Trustee” has the meaning specified in the preamble hereto. 
  
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

  
 2. SECURITY
INTERESTS. Irrespective of (a) the time, order, manner or method of creation, attachment or perfection of the respective Liens granted to a RSP Security Representative or a FMN Security Representative in or on any or all of the
property or assets of the Obligors, (b) the time or manner of the filing of their respective financing statements (whether filed under the UCC or the Companies Act), (c) whether a RSP Security Representative or a FMN Security Representative or any
bailee or agent thereof holds possession of any or all of the property or assets of the Obligors, (d) the dating, execution or delivery of any agreement, document or instrument granting a FMN Security Representative or a RSP Security Representative
a Lien in or on any or all of the property or assets of the Obligors, (e) the giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other Liens and (f) any provision of the UCC, the Companies Act or any
other applicable law to the contrary, the RSP Security Representative and the FMN Security Representative hereby acknowledge and agree that: 
  
 (i) the FMN Security Representatives have a Lien in the First Mortgage Collateral and neither the RSP Security Representatives nor any Revolving Secured
Party has a Lien (whether direct or by assignment of an intercompany promissory note) in any of the First Mortgage Collateral; and 
  
 (ii) the RSP Security Representatives have a Lien in the Revolving Collateral and neither the FMN Security Representatives nor any First Mortgage Secured
Party has a Lien (whether direct or by assignment of an intercompany promissory note) in any of the Revolving Collateral. 
  
 For purposes of the foregoing, any claim of a right of set-off shall be treated in all respects as a Lien and no claimed right of setoff shall be asserted to defeat or
diminish the rights or interests provided for herein. 
  
 3. NOTICES OF DEFAULT, FORECLOSURE, ETC. 
  
 (a) Each Secured Party agrees to furnish to the other Secured Parties (at the same time it is sent to Constar or any other Obligor) a copy of each notice
of an event of default, acceleration, demand or foreclosure as such Secured Party giving the notice shall send to Constar or any other Obligor, and further agrees that in each case such notice shall be given in accordance with Section 19
hereof; provided, however, that the failure to give any such notice to the other Secured Parties shall not affect the effectiveness of any notice given to Constar or any other Obligor or the validity of this Agreement. The receipt of such
notice shall not give the recipient any obligation to cure any default. 
  
 (b) Each FMN Security Representative agrees that, not less than 10 days prior to the exercise of any of its foreclosure and collection rights or remedies with respect to any of the First Mortgage Collateral, it shall give the RSP Security
Representatives written notice thereof; provided, however, that the failure to give such notice shall not affect the validity of this Agreement. The receipt of such notice shall not give the recipient any obligation to cure any default.

  

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 4. ACCESS TO PREMISES. 
  
 (a) In the event that the First Mortgage Secured Parties shall acquire title
to, or possession or control of, any of the First Mortgage Collateral, each FMN Security Representative agrees that if an Event of Default (as defined in the Credit Agreement) has occurred and is continuing and, as a result, a RSP Security
Representative undertakes to enforce its rights in the Revolving Collateral under the Revolving Loan Documents, the FMN Security Representatives will cooperate with the RSP Security Representatives in their efforts to assemble all of the Revolving
Collateral located on such First Mortgage Collateral and will permit the RSP Security Representatives (at the sole cost, reasonable expense and liability of the RSP Security Representatives) to enter and use the First Mortgage Collateral, to the
extent necessary to complete the manufacture of inventory constituting Revolving Collateral, collect proceeds (including accounts receivable) constituting Revolving Collateral and repossess, remove, sell or otherwise dispose of Revolving Collateral
within a reasonable time not to exceed 120 days after the earlier to occur of (i) delivery by the RSP Security Representatives of notice to the FMN Security Representatives of its election to use the First Mortgage Collateral as set forth in this
sentence (or in connection with the order of any court or other governmental authority requiring such utilization) or (ii) 5 days following delivery by a FMN Security Representative of notice to the RSP Security Representatives that it has located a
bona fide purchaser for all or any portion of the First Mortgage Collateral. 
  
 (b) If during the 120 day period described in Section 4(a) above a FMN Security Representative shall locate a bona fide purchaser for any of the First Mortgage Collateral and/or all or a substantial part
of any remaining First Mortgage Collateral, as the case may be, at any location, such FMN Security Representative shall send a written notice to the RSP Security Representatives identifying the purchaser and the proposed closing date. Until the
expiration of such 120 day period, such FMN Security Representative shall not, however, sell, transfer or otherwise dispose of such First Mortgage Collateral without the consent of the RSP Security Representatives. 
  
 (c) If the RSP Security Representatives undertake to enforce their rights or
the rights of the Revolving Secured Parties in the Revolving Collateral, the RSP Security Representatives, on their own behalf and on behalf of the Revolving Secured Parties, agree to use proceeds of the Revolving Collateral promptly to repair any
damage (other than ordinary wear and tear) to any and all First Mortgage Collateral caused by (i) the entry onto, or use of, such First Mortgage Collateral by the RSP Security Representatives, the Revolving Secured Parties and/or their agents,
and/or (ii) the removal by the RSP Security Representatives of all or any portion of the Revolving Collateral from such First Mortgage Collateral, and agree to pay to Trustee all Incremental Access Costs incurred by the First Mortgage Secured
Parties on account of utility rates and similar charges and any increase in insurance costs that the First Mortgage Secured Parties are required to pay as a result of such use incurred by the First Mortgage Secured Parties as a result of such
access. 
  
 (d) Without limiting the foregoing, the FMN Security
Representatives, hereby grant to the RSP Security Representatives a non-exclusive license and unconditional right with respect to the First Mortgage Collateral, exercisable from time to time by the Collateral Agent at its option to enter the real
property of any Obligor during normal business hours to inspect, remove or take any action with respect to the Revolving Collateral or to enforce the rights of the RSP Security Representatives with respect thereto, including, but not limited to, the
examination and removal of Revolving Loan Collateral and the examination and duplication of the books and records of the Obligors or any of them related to the Revolving Loan Collateral or to otherwise handle, deal with or dispose of any Revolving
Loan Collateral, including, without limitation, the right to conduct one or more public or private sales or auctions thereon. 
  

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 5. INTELLECTUAL PROPERTY. 
  
 (a) For the purpose of enabling the FMN Security Representatives to
enforce any Lien held by either of them upon any of the First Mortgage Collateral and to the extent appropriate, in the good faith opinion of the FMN Security Representatives, to lease, sell, or otherwise dispose of any of the First Mortgage
Collateral at such time as such FMN Security Representative shall be lawfully entitled to exercise such rights and remedies, each Obligor grants to the FMN Security Representatives for the benefit of First Mortgage Secured Parties, a nonexclusive
license (exercisable without payment of royalty or other compensation to any Obligor) to use, license, or sublicense during the continuance of an Event of Default (as defined in the First Mortgage Notes Indenture) any Intellectual Property now or
hereafter owned, or licensed from a third party for use, by any Obligor (except to the extent the terms of any of the licenses, sublicenses or agreements related to the foregoing Intellectual Property prohibit or do not permit such grant of license
or do not empower the Obligor to grant such license to such FMN Security Representative), and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all
computer software and programs used for the compilation or printout thereof (such license, the “IP License”). 
  
 (b) The RSP Security Representatives hereby grants, to the extent that it has rights in the Revolving Intellectual Property Collateral sufficient to make
such grant, for the benefit of the First Mortgage Secured Parties, (i) the right to the use of all Revolving Intellectual Property Collateral, to the extent necessary to permit the FMN Security Representatives and the First Mortgage Secured Parties
to exercise their rights and remedies relating to the First Mortgage Note Collateral or appropriate to their exercise thereof, and (ii) agrees that its Liens in the Revolving Intellectual Property Collateral shall be subject to the IP License.
Furthermore, in connection with any foreclosure sale conducted in foreclosure of any Lien on the Revolving Intellectual Property Collateral, or any part thereof, each of the RSP Security Representatives agrees that (x) any notice required to be
given by the RSP Security Representatives in connection with such foreclosure sale shall contain an acknowledgement that such Collateral is subject to the IP License and (y) it shall deliver a copy of this Section 5 to any purchaser at such
foreclosure and inform such purchaser that such Collateral is subject to the IP License. 
  
 6. TURNOVER OF PROCEEDS OF COLLATERAL. 
  
 (a) In the event that any payment or distribution to the First Mortgage Secured Parties (other than as permitted by the terms of the Credit Agreement) is
made from any of the Revolving Collateral upon or with respect to any of the First Mortgage Note Obligations prior to the time all of the Revolving Secured Obligations shall have been paid in full, the First Mortgage Secured Parties shall receive
and hold the same in trust, for the benefit of the RSP Security Representatives and the Revolving Secured Parties and shall forthwith deliver the same to an RSP Security Representative in precisely the form received (except for the endorsement or
assignment of the First Mortgage Secured Parties where necessary) for application against the Revolving Secured Obligations, whether due or not due, and, until so delivered, the same shall be held in trust by the FMN Security Representatives as the
property of the RSP Security Representatives, for itself and the Revolving Secured Parties to the extent that the same is required by the Revolving Loan Documents to be applied to the Revolving Secured Obligations. 
  
 (b) In the event that any payment or distribution to the RSP Security
Representatives is made from any of the First Mortgage Note Collateral upon or with respect to any of the Revolving Secured Obligations prior to the time all of the First Mortgage Note Obligations shall have been paid in full, the RSP Security
Representatives shall receive and hold the same in trust, for the benefit of the FMN Security Representatives and the First Mortgage Secured Parties and shall forthwith deliver the same to the FMN Security Representatives in precisely the form
received (except for the endorsement or 

  

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assignment an RSP Security Representative where necessary) for application against the First Mortgage Note Obligations, whether due or not due, and, until so
delivered, the same shall be held in trust by the RSP Security Representatives as the property of the FMN Security Representatives for itself and the First Mortgage Secured Parties to the extent that the same is required by the First Mortgage Note
Documents to be applied to the First Mortgage Secured Obligations. 
  
 7. WAIVER OF CERTAIN RIGHTS. 
  
 (a) The FMN Security Representatives hereby waive any and all rights to (i) require the RSP Security Representatives to marshall any property or assets of
the Obligors or to resort to any of the property or assets of the Obligors in any particular order or manner and/or (ii) bring any action to contest the validity, legality, enforceability, perfection, priority or avoidability of any of the Revolving
Secured Obligations, any of the Revolving Loan Documents or any of the Liens of the RSP Security Representatives in or on any of the Revolving Collateral. 
  
 (b) The RSP Security Representatives hereby waive any and all rights to (i) require the First Mortgage Secured Parties to marshall any property or assets
of the Obligors or to resort to any of the property or assets of the Obligors in any particular order or manner, and/or (ii) bring any action to contest the validity, legality, enforceability, perfection, priority or avoidability of any of the First
Mortgage Note Obligations, any of the Senior Secured Note Documents or any of the Liens of the First Mortgage Secured Parties in or on any of the First Mortgage Note Collateral. 
  
 8. BAILEE FOR PERFECTION. 
  
 Each Representative hereby appoints each other Representative and each
Representative agrees to serve, as agent and bailee for each other Representative for the purpose of perfecting their respective Liens on the applicable Collateral. Each Representative hereby agrees that at any time that it has in its possession any
Collateral of another Representative, it will hold such Collateral of such other Representative for the benefit of such other Representative. No Representatives shall have any duty to protect or preserve any rights pertaining to any of Collateral
held by it other than to use the same degree of care with respect thereto as such Representative uses for similar property pledged to it as collateral for the Indebtedness of others to it, and each Representative hereby waives and releases the other
Representatives from all claims and liabilities at any time arising from such role of agent and bailee with respect to the Collateral held by another Representative, so long as such Representative shall use the same degree of care with respect
thereto as it uses for similar property pledged to it as collateral for the Indebtedness of others to it. 
  
 9. BANKRUPTCY ISSUES. 
  

This Agreement shall continue in full force and effect after the commencement of any Insolvency or Liquidation Proceeding with respect to any Obligor
under any Bankruptcy Law and all converted or succeeding cases in respect thereof (all references herein to any Obligor being deemed to apply to such Obligor as a debtor-in-possession, and any receiver or administrator or a trustee for such
Obligor), and shall apply with full force and effect with respect to all Revolving Collateral and First Mortgage Collateral acquired by any Obligor, and to all Revolving Secured Obligations and the First Mortgage Obligations incurred by any Obligor,
subsequent to the commencement of such Insolvency or Liquidation Proceeding. No objection will be raised by the First Mortgage Secured Parties to a motion by the RSP Security Representatives for relief from automatic stay in any such proceeding to
foreclose on, sell or otherwise realize upon the Revolving Collateral, and no objection will be raised by the Revolving Secured Parties to a motion by the FMN Security Representatives for relief from automatic stay in any 

  

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such proceeding to foreclose on, sell or otherwise realize upon the First Mortgage Collateral. In any Insolvency or Liquidation Proceeding of any Obligor,
the RSP Security Representatives may (but need not) permit such Obligor to use the RSP Security Representatives’ cash collateral pursuant to section 363 of the Bankruptcy Code (the “Cash Collateral Use”). In that event, the FMN
Security Representatives hereby agree that none of them will raise any objection to such Cash Collateral Use, but only to the extent such Cash Collateral Use is limited to proceeds of the Revolving Collateral. 
  
 10. INSURANCE. 
  
 (a) Each of the RSP Security Representatives, on the one hand, and the FMN
Security Representatives, on the other hand, shall have the sole and exclusive right at any time when an event of default has occurred and is continuing under the Revolving Loan Documents or the First Mortgage Notes Documents, each as against the
other, to adjust settlement of such insurance policy in the event of any loss to its Collateral and to exercise the rights provided in any security instrument to waive or amend insurance requirements or to give consents relating to the application
of any proceeds of insurance, including, without limitation, consents relating to restoration of its Collateral following a casualty. 
  
 (b) All proceeds of such policy that are paid to any Secured Party named in the applicable loss payable endorsement, shall be paid over to the extent that
such proceeds are readily identifiable as relating to either Revolving Collateral or First Mortgage Collateral to the applicable Representative and disbursed in accordance with the applicable provisions of the relevant Revolving Loan Documents or
First Mortgage Documents, as the case may be. In the event that the proceeds of any policy of insurance are not readily identifiable as relating to either the Revolving Collateral or the First Mortgage Collateral, such proceeds shall be deemed to be
proceeds of Revolving Collateral and First Mortgage Collateral ratably in accordance with the book value of the Revolving First Collateral and the First Mortgage Collateral having suffered casualty or loss. 
  
 11. TERM. This Agreement shall remain in
full force and effect until all of the First Mortgage Obligations shall have been paid in full or all of the Revolving Secured Obligations shall have been paid in full except as provided in this Section 11. In connection with any assignment or
transfer of any or all of the rights of the RSP Security Representatives or any refinancing of the Credit Agreement, or in the event that the Credit Agreement is paid in full and subsequently replaced with a replacement facility, the FMN Security
Representatives agree to execute and deliver an agreement identical to this Agreement (subject to changing names of parties, documents and addresses, and the modification of defined terms and section references, in each case as appropriate) in favor
of any such assignee or transferee and, in addition, will execute and deliver an agreement identical to this Agreement (subject to changing names of parties, documents and addresses, as appropriate) in favor of any third Person who succeeds to or
refinances, replaces or substitutes for any or all of RSP Security Representatives’ rights whether such successor or replacement financing occurs by transfer, assignment, “takeout” or any other means or vehicle. In connection with any
assignment or transfer of any or all of the rights of the FMN Security Representatives, the RSP Security Representatives agree to execute and deliver an agreement identical to this Agreement (subject to changing names of parties, documents and
addresses, as appropriate) in favor of any such assignee or transferee and, in addition, will execute and deliver an agreement identical to this Agreement (subject to changing names of parties, documents and addresses, as appropriate) in favor of
any third Person who succeeds to or refinances, replaces or substitutes for any or all of the FMN Security Representatives’ rights whether such successor or replacement financing occurs by transfer, assignment, “takeout” or any other
means or vehicle. This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of such secured obligations is rescinded or must otherwise be returned by any Secured Party, Revolving Lender or
First 

  

 10 

 
Mortgage Secured Party upon the occurrence of any Insolvency or Liquidation Proceeding of any Obligor or otherwise, all as though such payment had not been
made. This is a continuing agreement and Revolving Secured Parties may continue to extend credit or other financial accommodations and loan monies to or for the benefit of the Obligors or any one of them, on the faith hereof, under the Credit
Agreement or otherwise, without notice to the FMN Security Representatives or the First Mortgage Secured Parties. 
  
 12. NONAVOIDABILITY AND PERFECTION. The relative priority arrangements set forth in this Agreement are
applicable regardless of whether the security interest and/or lien to which another security interest and/or lien is not perfected or is voidable for any reason. 
  
 13. RESERVATION OF SECURITY INTERESTS AS
AGAINST THIRD PARTIES. Nothing contained in this Agreement is intended to affect or limit in any way the Lien each of the Secured Parties has in or on any or all of the property and assets of any
Obligor or third party, whether tangible or intangible, insofar as any Obligor and third parties are concerned. The Secured Parties specifically reserve all respective Lien and rights to assert such Lien as against the Obligors and third parties.

  
 14. REASONABLE
NOTICE. In the event that any Secured Party shall be required by the UCC, the Companies Act or any other applicable law to give notice to any other Secured Party of any intended disposition of Collateral, such
notice shall be given in accordance with Section 19 hereof and ten (10) days’ notice shall be deemed to be commercially reasonable. 
  
 15. LIMITATION OF LIABILITY. Except as provided in this Agreement, the FMN Security Representatives
and the RSP Security Representatives shall not have any liability to the other except for its gross negligence or willful misconduct. 
  
 16. FURTHER ASSURANCES. Each of the parties hereto shall execute and file all such further documents and instruments,
and perform such other acts, as may be reasonably necessary or advisable to effectuate the purposes of this Agreement. 
  
 17. INCONSISTENT PROVISIONS. If any provision of this Agreement shall be inconsistent with, or contrary to, any
provisions in the First Mortgage Security Documents or the Revolving Loan Documents or any other instrument or agreement delivered in connection with the transactions contemplated thereby, the applicable provision in this Agreement shall be
controlling and shall supersede such inconsistent provision to the extent necessary to give full effect to all provisions contained in this Agreement. 
  
 18. SEVERABILITY OF PROVISIONS. Any provision of this Agreement that is unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such unenforceability, without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

  
 19. NOTICES. Except as
otherwise provided in this Agreement, all notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing or by telecopy and shall be deemed to have been duly given or made when delivered by hand, or when
deposited in the mail, postage prepaid, or, in the case of telecopy notice, when transmitted, transmission confirmed, addressed to the parties hereto at their respective addresses set forth with their signatures hereto or to such other address as
may be hereafter notified by the respective parties hereto. Each party hereto further agrees that any notice hereunder may be given on behalf of such party by legal counsel to such party. 
  

 11 

 20. NO THIRD PARTY BENEFICIARIES. All
undertakings, agreements, representations and warranties contained in this Agreement are solely for the benefit of the RSP Security Representatives, the FMN Security Representatives, the Revolving Secured Parties and the First Mortgage Secured
Parties and there are no other parties (including, without limitation, the Obligors) who are intended to be benefited in any way by this Agreement. The existence of this Agreement shall not commit or obligate any Secured Party to make loans or
extend credit to the Obligors. 
  
 21.
SUCCESSORS AND ASSIGNS; TRANSFER OF RIGHTS. 
  
 (a) This Agreement shall be binding upon and shall inure to the benefit of each Secured Party and its respective successors and assigns. 
  
 (b) Each Representative agrees that if such Representative transfers its
rights and interests under the Revolving Loan Documents, in the case of the RSP Security Representatives, or the First Mortgage Loan Documents, in the case of the FMN Security Representatives, or any portion thereof, it will, prior to the closing of
such transfer, provide the transferee with a copy of this Agreement and each transferee of any such rights and interests shall take such rights and interests or part thereof subject to the provisions of this Agreement and to any notice given or
other action taken hereunder prior to the receipt by the other Secured Parties of notice of such transfer. 
  
 (c) Promptly after the closing of any transfer of any such rights and interests held by it, each Secured Party shall notify each other Secured Party of
such transfer and each Secured Party shall be entitled to assume conclusively that no other Secured Party has transferred any rights and interests under the Revolving Loan Documents or the First Mortgage Documents unless and until such notice is
received. 
  
 22.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be an original, but all of which shall constitute but one agreement. 
  
 23. WAIVERS AND
AMENDMENTS. 
  
 (a) The RSP
Security Representatives and the FMN Security Representatives shall, upon request of the other, provide copies of all such modifications, amendments and waivers and copies of all other documentation relevant to the Collateral. Subject to the
requirements of this Agreement, each Secured Party may exchange, sell, release, surrender or otherwise deal with any or all of its Collateral, all without in any way compromising or affecting this Agreement. 
  
 (b) All modifications, amendments and waivers of this Agreement must be in
writing and duly executed by an authorized officer of each party hereto to be binding and enforceable. 
  
 24. GOVERNING LAW; THIRD PARTY RIGHTS. This Agreement shall be governed
by the laws of the State of New York. This Agreement is solely for the benefit of the parties hereto and their respective successors and assigns, and no other Person, firm, entity or corporation shall have any right, benefit, priority or interest
under, or because of the existence of, this Agreement. 
  
 25.
CONSENT TO JURISDICTION. The parties hereto hereby consent to the exclusive jurisdiction of any State or Federal Court located within New York County, State of New York, and irrevocably agree that,
subject to the FMN Security Representatives or the RSP Security Representatives election, all actions or proceedings relating to this agreement shall be litigated in such courts. Each party hereto accepts for and in connection with its properties,
generally and unconditionally, in any such actions or proceedings the exclusive jurisdiction of the aforesaid courts and waives any defense of forum non  

  

 12 

 
conveniens, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement, with any judgment subject to rights
of appeal in the jurisdictions set forth above. 
  
 26.
JURY TRIAL WAIVER. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT
MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN
STATEMENT OR ACTION OF ANY PARTY HERETO. 
  
 27. AUTHORITY. Each of the parties represents and warrants to all other parties hereto that the execution, delivery
and performance by or on behalf of such party to this Agreement has been duly authorized by all necessary action, corporate or otherwise, does not violate any provision of law, governmental regulation, or any agreement or instrument by which such
party is bound, and requires no governmental or other consent that has not been obtained and is not in full force and effect. 
  
 28. HEADINGS. The section headings used in this Agreement are for convenience of reference only and shall not affect
the construction of this Agreement. 
  
 29.
CONCERNING THE ADMINISTRATIVE AGENT AND THE TRUSTEE. Notwithstanding anything to the contrary set forth herein, no
provision of this Agreement shall require the Administrative Agent or the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of any of its powers, if it
shall have reasonable grounds for believing repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 30. SPECIFIC PERFORMANCE. Each of the RSP Security Representatives and the FMN Security Representatives may demand
specific performance of this Agreement. Each of the RSP Security Representatives and the FMN Security Representatives hereby irrevocably waives 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 FMN Security Representatives or the RSP Security Representatives, respectively. 
  
 [SIGNATURE PAGES FOLLOW] 
  

 13 

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

			
	 CITICORP USA, INC.,

	 as Administrative Agent

		
	 By:
	 	 /s/ DAVID JAFFE

			
	 Name:
	 	 David Jaffe

	 Title:
	 	 Director and Vice President

	
	 ADDRESS FOR NOTICES:

	
	 388 Greenwich Street, 19th Floor
 New York, New York 10013
 Attention: David Jaffe, Director
 Telecopy no: (212) 816-2613
 E-Mail Address: david.jaffe@citigroup.com

	
	 CITIBANK, N.A., LONDON BRANCH,

	 as RSP Security Trustee

		
	 By:
	 	 /s/ DAVID JAFFE

			
	 Name:
	 	 David Jaffe

	 Title:
	 	 Director and Vice President

	
	 ADDRESS FOR NOTICES:

	
	 388 Greenwich Street, 19th Floor
 New York, New York 10013
 Attention: David Jaffe, Director
 Telecopy no: (212) 816-2613
 E-Mail Address: david.jaffe@citigroup.com

  
 [SIGNATURE PAGE TO ACCESS, USE AND INTERCREDITOR AGREEMENT] 
  

			
	 THE BANK OF NEW YORK,

	as Trustee

			
		
	 By:
	 	 /s/ JOSEPH A. LLORET

	 Name:
	 	 Joseph A. Lloret

	 Title:
	 	 Assistant Treasurer

	
	 ADDRESS FOR NOTICES:

	
	 101 Barclay Street -8W
 Northern Corporate Finance Unit
 New York, NY 10286

	
	 THE BANK OF NEW YORK, LONDON
BRANCH

	as FMN Security Trustee
		
	 By:
	 	 /s/ JOSEPH A. LLORET

			
	 Name:
	 	 Joseph A. Lloret

	 Title:
	 	 Assistant Treasurer

	
	 ADDRESS FOR NOTICES:

  
 [SIGNATURE PAGE TO ACCESS, USE AND INTERCREDITOR AGREEMENT] 
  

			
	 ACKNOWLEDGED BY:

	
	 OBLIGORS

	
	 CONSTAR INTERNATIONAL INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

			
	 Name:
	 	 
	 Title:
	 	 
	
	 CONSTAR INTERNATIONAL U.K. LIMITED

		
	 By:
	 	 /s/ FRANK EDWARD GERGORY

			
	 Name:
	 	 Frank Edward Gergory

	 Title:
	 	 VP European Operation

	
	 CONSTAR INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

			
	 Name:
	 	 
	 Title:
	 	 
	
	 DT, INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

			
	 Name:
	 	 
	 Title:
	 	 
	
	 BFF INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

	 Name:
	 	 
	 Title:
	 	 
	
	 CONSTAR FOREIGN HOLDINGS, INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

			
	 Name:
	 	 
	 Title:
	 	 

  
 [SIGNATURE PAGE TO ACCESS, USE AND INTERCREDITOR AGREEMENT]Debenture

 Exhibit 4.6 
  

11 February 2005 
  
 CONSTAR INTERNATIONAL U.K. LIMITED 
  
 as Chargor 
  
 - and - 
  
 THE BANK OF NEW YORK 
  
 as Security Trustee

  

  
 DEBENTURE 
  

 
 Subject to the Access, Use and Intercreditor Agreement dated 11
February 2005 
  
 Herbert Smith 
  

  
 TABLE OF CONTENTS

  

					
	Clause

	  	 Headings

	  	Page

	1.	  	DEFINITIONS, CONSTRUCTION AND THIRD PARTY RIGHTS	  	1
			
	2.	  	PAYMENT OF OBLIGATIONS	  	6
			
	3.	  	FIXED SECURITY	  	6
			
	4.	  	FURTHER ASSURANCE	  	8
			
	5.	  	GENERAL UNDERTAKINGS WITH RESPECT TO CHARGED ASSETS	  	8
			
	6.	  	REAL PROPERTY UNDERTAKINGS	  	10
			
	7.	  	ENVIRONMENTAL UNDERTAKINGS	  	12
			
	8.	  	INSURANCE UNDERTAKINGS	  	13
			
	9.	  	RIGHTS OF THE SECURITY TRUSTEE	  	14
			
	10.	  	EXONERATION	  	15
			
	11.	  	APPOINTMENT OF RECEIVER OR ADMINISTRATOR	  	16
			
	12.	  	RECEIVER’S POWERS	  	17
			
	13.	  	PROTECTION OF PURCHASERS	  	17
			
	14.	  	POWER OF ATTORNEY AND DELEGATION	  	18
			
	15.	  	APPLICATION OF MONIES RECEIVED UNDER THIS DEBENTURE	  	18
			
	16.	  	RELEASE OF SECURITY	  	18
			
	17.	  	AMOUNTS PAYABLE	  	19
			
	18.	  	POWER OF SEVERANCE	  	20
			
	19.	  	REPRESENTATIONS AND WARRANTIES	  	20
			
	20.	  	NEW ACCOUNTS	  	21
			
	21.	  	MISCELLANEOUS	  	22
			
	22.	  	CALCULATIONS AND CERTIFICATES	  	24
			
	23.	  	NOTICES	  	24
			
	24.	  	GOVERNING LAW AND ENFORCEMENT	  	25
		
	SCHEDULE 1 Real Property	  	26
		
	SCHEDULE 2 Form of Insurance Notices	  	27

  

 THIS DEBENTURE is made on 11 February 2005 
  
 BETWEEN: 
  

	(1)	CONSTAR INTERNATIONAL U.K. LIMITED (Company registration number 02407933) whose registered office is at Moor Lane Trading Estate, Sherburn in Elmet, North Yorkshire, LS25 6ES
(the “Chargor”); and 

  

	(2)	THE BANK OF NEW YORK (acting out of its London office) as trustee for itself and each of the other Secured Parties (the “Security Trustee”).

  
 RECITALS 
  

	(A)	Pursuant to the indenture dated on or about the date hereof, between among others, Constar International Inc. (a Delaware corporation) (the “Issuer”), the Note
Guarantors and the Security Trustee (as further amended, amended and restated, supplemented or otherwise modified from time to time the “Indenture”), the Issuer has issued senior secured floating rate notes due 2012 in the aggregate
principal amount of $220,000,000 (the “Senior Secured Notes”) 

  

	(B)	It is contemplated that the Issuer may, after the date hereof, issue Series B Notes and Additional Notes (each as defined in the Indenture, the Series B Notes and the Additional
Notes, together with the Senior Secured Notes, the “Notes”), in each case, pursuant to the provisions of the Indenture. 

  

	(C)	The Chargor has, pursuant to the Indenture, among other things, unconditionally guaranteed the obligations of the Issuer under the Indenture and the Notes (the
“Guarantees”). 

  

	(D)	The Issuer and the Chargor will receive substantial benefits from the execution, delivery and performance of the obligations under the Indenture, the Notes and the Chargor is,
therefore, willing to enter into the Guarantees and this Debenture. 

  

	(E)	The Security Trustee (for its benefit and the benefit of the Secured Parties (as hereinafter defined) and Citicorp USA, Inc. as administrative agent for the Revolving Secured
Parties (as such term is defined in the Access, Use and Intercreditor Agreement) have entered into the Access, Use and Intercreditor Agreement, which agreement provides for the respective interests of the various parties relating to assets charged
by the Chargor. 

  

	(F)	The Chargor is or, as to the Charged Assets (as hereinafter defined) acquired by the Chargor after the date hereof, will be, subject to Permitted Liens, the legal and/or beneficial
owner of the Charged Assets charged by it hereunder. 

  

	(G)	This Debenture is given by the Chargor in favour of the Security Trustee for the benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all
of the Obligations (as hereinafter defined). 

  
 IT IS AGREED
as follows: 
  

	1.	DEFINITIONS, CONSTRUCTION AND THIRD PARTY RIGHTS 

  

	1.1	Definitions 

  
 Terms defined in the Indenture shall, unless otherwise defined in this Debenture or unless a contrary intention appears, bear the same meaning when used
in this Debenture (including the Recitals hereto) and the following terms shall have the following meanings: 
  

	 	1.1.1	“Administrator” means a person appointed under Schedule Bl to the Insolvency Act 1986 to manage the Chargor’s affairs, business and property;

  

 1 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are
open for general business in London; 
  
 “Charged
Assets” means the property mortgaged, charged or assigned pursuant to Clause 3 of this Debenture; 
  
 “Default Rate” means the interest rate payable for Defaulted Interest under the Indenture; 
  
 “Environment” means the natural and man-made environment
and all or any of the following media namely air (including air within buildings and air within other natural or man-made structures above or below ground), water (including water under or within land or in drains or sewers and inland waters), land
and any living organisms (including humans) or systems supported by those media; 
  
 “Environmental Law” means all applicable laws, regulations, directives, statutes, subordinate legislation, common law, civil codes and other national and local laws, all judgments, orders,
instructions or awards of any court or competent authority in full force and effect which relate or apply to the Environment or human health and safety and includes all laws relating to actual or threatened emissions, seepages, discharges, escapes,
releases or leaks of pollutants, contaminants or hazardous substances relating to the creation, handling, storage or disposal of same and laws relating to labelling, distribution and packaging of waste and includes the Planning Acts; 
  
 “Environmental Losses” means all losses, damages,
liabilities, claims, costs and expenses (including, without limitation, fines, penalties, judgments and awards, financial responsibility for clean-up activities and obligations, statutory or other official contributions, legal fees, technical
consultancy, engineer’s and expert’s fees and costs and expenses) of obtaining or retaining consents or licences or otherwise complying with Environmental Law; 
  
 “Financing Documents” shall mean, collectively, the Indenture, the Notes and all guarantees, security
agreements and other agreements, documents and instruments now or at any time hereafter executed and/or delivered by the Issuer or the Restricted Subsidiaries in connection therewith, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced; 
  
 “Insurance Policies” means all present and future contracts or policies of insurance (including life policies) in which the Chargor has an interest or in which it may from time to time have an interest (whether solely,
jointly, as loss payee or otherwise and which relate to the Charged Assets) other than those which relate to Revolving Collateral; 
  
 “Insurance Proceeds” means all monies from time to time payable to the Chargor under or pursuant to the Insurance Policies, including
(without limitation) the refund of any premiums; 
  
 “LPA” means the Law of Property Act 1925; 
  

 2 

 “Legal Opinion” means the legal opinion given by Dechert LLP which is addressed to,
among others, the Security Trustee on or about the date of this Debenture; 
  
 “Material Adverse Effect” shall mean, as of any date of determination and whether individually or in the aggregate, (a) any event, circumstance, occurrence or condition which has caused or resulted in
(or would reasonably be expected to cause or result in) a material adverse effect on the business or operations or prospects of the Chargor as conducted at such date of determination; (b) any event, circumstance, occurrence or condition which has
caused or resulted in (or would reasonably be expected to cause or result in) a material adverse effect on the value or utility of the Charged Assets taken as a whole; or (c) any event, circumstance, occurrence or condition which has caused or
resulted in (or would reasonably be expected to cause or result in) a material adverse effect on the legality, priority or enforceability of the Security or the rights and remedies of the Security Trustee hereunder; 
  
 “Noteholders” means the holders, from time to time, of the
Notes; 
  
 “Obligations” means with respect to
any Indebtedness, any principal, interest (including, without limitation, Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness,
including in the case of the Notes and the Note Guarantees, the Indenture; 
  
 “Planning Acts” means the Town and Country Planning Acts 1990 and any other legislation in full force and effect from time to time relating to town and country planning or the use, development and
enjoyment of land and buildings; 
  
 “Real
Property” means: 
  

	 	(A)	all of the freehold property of the Chargor specified in Schedule 1 (Real Property); and 

  

	 	(B)	all freehold and/or leasehold property of the Chargor situate in England and Wales (other than the property referred to in paragraph (A)); and 

  

	 	(C)	any buildings, fixtures, including trade fixtures, (subject, in the case of tenant’s fixtures, to any tenant’s rights in respect of those fixtures), fittings, fixed plant
or machinery from time to time on or forming part of the property referred to in paragraphs (A) and (B) above; and 

  

	 	(D)	the Related Property Rights; 

  
 “Receiver” means any person appointed by the Security Trustee to be a receiver or receiver and manager of any property subject to the
security created by this Debenture; 
  
 “Related Property
Rights” means, in relation to any property or asset (other than the Revolving Collateral): 
  

	 	(A)	the proceeds of sale and/or other realisation of that property or asset (or any part thereof or interest therein); 

  

	 	(B)	all Security, options, agreements, rights, easements, benefits, indemnities, guarantees, warranties or covenants for title in respect of such property or asset; and

  

 3 

	 	(C)	all rights under any lease, licence or agreement for lease, sale or use in respect of such property or asset; 

  
 “Release” means any release, spill, emission, leaking,
pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration of any Substance into the Environment; 
  
 “Revolving Collateral” has the meaning given to it in the Access, Use and Intercreditor Agreement; 
  
 “Secured Parties” means the Security Trustee (for its
benefit and for the benefit of the Noteholders) and each of the Noteholders; 
  
 “Security” means any mortgage, charge, pledge, lien, assignment or other security interest securing any obligation of any person or any other agreement or arrangement having similar effect;

  
 “Security Period” means the period from the
date of this Debenture until the date on which the Security Trustee has determined that all of the Obligations have been irrevocably and unconditionally paid and discharged in full; 
  
 “Substance” means any solid, liquid, gas, noise and any other substance or thing which causes or is
reasonably likely to cause harm to the Environment or harm to human health; 
  
 “Taxes” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any
of the same); 
  
 “Tax Credit” means a credit
against, relief or remission for, or repayment of any Taxes; 
  
 “VAT” means United Kingdom Value Added Tax together with all interest and penalties relating thereto; and 
  

	 	1.1.2 	Unless a contrary intention appears, words defined in the Companies Act 1985 (as amended by the Companies Act 1989) have the same meanings in this Debenture.

  

	1.2	Construction 

  

	 	1.2.1	 Unless a contrary indication appears, any reference in this Debenture to: 

  
 “assets” includes present and future properties, revenues and rights of every description; 
  
 a “person” includes any person, firm, company, corporation,
government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) or two or more of the foregoing; 
  
 a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not
having the force of law in England and Wales but, if not having the force of law, compliance with which is customary for a company carrying on the same or a similar business as that of the Chargor) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 
  

 4 

 a provision of law is a reference to that provision as amended, extended or re-enacted; 
  
 any form of property or asset (including a Charged Asset) shall include a
reference to all or any part of that property or asset; 
  
 a
reference to another agreement (including any Financing Document) shall be construed as a reference to such agreement as the same may be modified, extended, replaced, amended, varied or supplemented or novated from time to time; 
  
 references herein to the winding-up, administration or dissolution of a
company shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which such company is incorporated or any jurisdiction in which such company carries on business; 
  
 unless the context otherwise requires, the singular includes the plural and
vice versa; 
  
 headings and the use of bold or italicised
typeface shall be ignored in its construction; 
  
 a reference to
a Clause, or a Schedule is, unless indicated to the contrary, a reference to a clause of or schedule to this Debenture; 
  
 the words “other”, “or otherwise” and “whatsoever” shall not be construed ejusdem generic or be construed as
any limited upon the generality of any preceding words or matters specifically referred to; 
  
 unless a contrary indication appears, a time of day is a reference to London time; and 
  
 the word “including” is without limitation. 
  

	 	1.2.2 	Clause and Schedule headings are for ease of reference only and references to Clauses and Schedules are, unless otherwise stated, to clauses or schedules of this Debenture.

  

	 	1.2.3 	An Event of Default is “continuing” if it has not been remedied or waived. 

  

	1.3	Third Party Rights 

  
 A person who is not a party to this Debenture has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of
any term of this Debenture. 
  

	1.4	Successors, Transferees and Assigns 

  
 Any reference in this Debenture to the Security Trustee, the Chargor and any other person shall be construed so as to include their respective successors,
permitted transferees and assigns and (where applicable) any replacement or additional Security Trustee or Chargor as permitted by and in accordance with the document governing the rights and obligations of such person. 
  

	1.5	Implied Covenants for Title 

  
 The obligations of the Chargor under this Debenture shall be in addition to the covenants for title deemed to be included in this Debenture by virtue of
Part I of the Law of Property (Miscellaneous Provisions) Act 1994 and nothing in this Debenture shall be construed as qualifying those covenants for title. 
  

 5 

	1.6	Effect as a Deed 

  
 This Debenture is intended to take effect as a deed notwithstanding that the Security Trustee may have executed it under hand only. 
  

	1.7	Law of Property (Miscellaneous Provisions) Act 1989 

  
 To the extent necessary for any agreement for the disposition of the Charged Assets in this Debenture to be a valid agreement under Section 2(1) of the
Law of Property (Miscellaneous Provisions) Act 1989, the terms of the Indenture are incorporated into this Debenture. 
  

	2.	PAYMENT OF OBLIGATIONS 

  

	2.1	Covenant to Pay 

  
 The Chargor covenants that it shall on demand pay to the Security Trustee and discharge the Obligations in each case when the same become due for payment
or discharge whether by acceleration or otherwise, and whether such monies, obligations or liabilities are expressed or implied; present, future or contingent; joint or several; incurred as principal or surety; originally owing to any of the Secured
Parties or purchased (whether by assignment or otherwise) or acquired in any other way by it; denominated in sterling or any other currency. 
  

	2.2	Potential Invalidity 

  
 Neither the covenant to pay in Clause 2.1 (Covenant to Pay) nor the obligation to pay interest pursuant to Clause 2.3 (Interest) nor the
security created by this Debenture shall extend to or include any liability or sum which would, but for this Clause 2.2, cause such covenant or security to be unlawful under any applicable law. 
  

	2.3	Interest 

  

	 	2.3.1 	If the Chargor fails to pay any amount payable by it under this Debenture on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment: 

  

	 	(A)	at the Default Rate; or 

  

	 	(B)	if for any reason the Default Rate is not applicable the default rate under this Clause 2.3 shall be deemed to accrue at a rate equivalent to the default interest rate set out in
the Notes. 

  

	 	2.3.2 	Any interest accrued under this Clause 2.3 shall be immediately payable by the Chargor on demand by the Security Trustee. 

  

	2.4	Demands 

  
 The making of one demand shall not preclude the Security Trustee from making any further demands. 
  

	3.	FIXED SECURITY 

  

	3.1	Creation of fixed security 

  
 The Chargor charges to the Security Trustee by way of fixed charge (which so far as relates to freehold or leasehold property in England and Wales vested
in the Chargor at the date of this Debenture shall be a charge by way of legal mortgage) with full title guarantee and as a 

  

 6 

 
continuing security for the payment and discharge of the Obligations all of the Chargor’s rights to and title and interest from time to time in any and
each of the following: 
  

	 	3.1.1	 the Real Property; 

  

	 	3.1.2 	(to the extent that the same are not the subject of a mortgage under Clause 3.1.1) the Real Property, subject in the case of leasehold property to any necessary third party consents
to such charge being obtained; 

  

	 	3.1.3 	all plant, machinery, vehicles, computers, office and other equipment and chattels (excluding stock-in-trade or work in progress) and all Related Property Rights; and

  

	 	3.1.4 	(to the extent not effectively assigned under Clause 3.2 (Assignment of Insurances)), the Insurance Policies and the Insurance Proceeds. 

  

	3.2	Assignment of Insurances 

  
 The Chargor assigns to the Security Trustee with full title guarantee as a continuing security for the payment and discharge of the Obligations all of the
Chargor’s rights to and title and interest from time to time in the Insurance Policies (subject to obtaining any necessary consent to such assignment from any third party) and the Insurance Proceeds and all Related Property Rights in respect of
the above. 
  

	3.3	Floating Charge 

  

	 	3.3.1 	The Chargor charges to the Security Trustee by way of first floating charge with full title guarantee and as a continuing security for the payment and discharge of the Obligations
all of their rights to and title and interest from time to time in the whole of its property, assets, rights and revenues, whatsoever and wheresoever (other than the Revolving Collateral) present and future, any assets validly and effectively
charged or assigned (whether at law or in equity) pursuant to Clauses 3.1 (Creation of fixed security) or 3.2 (Assignments of Insurances). 

  

	3.4	Automatic Crystallisation of Floating Charge 

  
 Notwithstanding anything express or implied in this Debenture, and without prejudice to any law which may have similar effect, if the Chargor: 

 

	 	3.4.1 	save as permitted by the Indenture, creates or attempts to create any Security over all or any of the Charged Assets without the prior consent of the Security Trustee; or

  

	 	3.4.2 	any person levies any distress, execution or other process against any of the Charged Assets; 

  

	 	3.4.3 	a resolution is passed or an order is made for the winding up, dissolution, administration or other reorganisation of the Chargor; or 

  

	 	3.4.4 	resolves or takes any step to dispose of the assets subject to the floating charge, except by way of a sale in the ordinary course of the Chargor’s business,

  
 then the floating charge created by Clause 3.3
(Floating Charge) will automatically (without notice) be converted into a fixed charge as regards all of the assets subject to the floating charge. 
  

 7 

	3.5	Crystallisation on Notice of Floating Charge 

  

	 	3.5.1	 Notwithstanding anything express or implied in this Debenture, the Security Trustee may at any time: 

  

	 	(A)	on or after the occurrence and during the continuance of an Event of Default; or 

  

	 	(B)	if the Security Trustee considers in good faith that any of the Charged Assets are in danger of being seized or sold as a result of any legal process or are otherwise in jeopardy or
the Security Trustee reasonably believes that steps are being taken or have been taken that are likely to lead to the presentation of an application for the administration or the winding-up of the Company, 

  
 by giving notice in writing to that effect to the Chargor convert the
floating charge created by Clause 3.3 (Floating Charge) into a fixed charge as regards any assets specified in such notice. The conversion shall take effect immediately upon the giving of the notice. 
  

	4.	FURTHER ASSURANCE 

  
 The Chargor must promptly upon request by the Security Trustee execute (in such form as the Security Trustee may require) such documents (including
assignments, transfers, mortgages, charges, notices and instructions) in favour of the Security Trustee or its nominees and do all such assurances and things as the Security Trustee may require for: 
  

	 	4.1.1	 maintaining, perfecting and/or protecting (by registration or in any other way) the security created or intended to be created by this Debenture; 

  

	 	4.1.2	 conferring upon the Security Trustee such security as it may require over the assets of the Chargor outside of England and Wales which if in England or Wales would form part
of or be intended to form part of the Charged Assets; 

  

	 	4.1.3	 facilitating the realisation of all or any part of the Charged Assets; and 

  

	 	4.1.4	 for exercising all powers, authorities and discretions conferred on the Security Trustee or any Receiver pursuant to this Debenture or by law. 

  

	5.	GENERAL UNDERTAKINGS WITH RESPECT TO CHARGED ASSETS 

  

	5.1	The Chargor undertakes to the Security Trustee with respect to the Charged Assets as follows: 

  

	 	5.1.1	 Negative Pledge 

  
 It shall not, without the prior consent in writing of the Security Trustee, create or attempt to create or permit to subsist or arise any Security (other
than Permitted Liens) on, over or affecting the Charged Assets or any part of them. 
  

	 	5.1.2	 Disposals 

  
 It shall not dispose of the Charged Assets or any part of them or agree so to do except in the case of disposals which are permitted by Section 3.11
(Limitation on Asset Sales) and Section 10.5 (Release of Collateral) of the Indenture (and assets secured only by way of floating charge which may be disposed of by the Chargor in its ordinary course of business) and for the purposes
of this Clause 5.1.2 the term 

  

 8 

 
“disposal” shall include any form of disposal of any interest in any asset including any conveyance, transfer, lease, assignment, sale, right to
use or occupy, surrender or the creation of any other form of legal or equitable interest in or over any asset or any option in respect of any of the foregoing. 
  

	 	5.1.3	 Compliance with Laws 

  
 It shall at all times comply with all laws and regulations in full force and effect from time to time applicable to it and will obtain and maintain in
full force and effect all consents, licences, approvals or authorisations of, exemptions by or registrations or declarations with, any governmental or other authority which may at any time be required with respect to any of the Charged Assets except
where failure to do so will not result in a Material Adverse Effect. 
  

	 	5.1.4	 Subsequent Charges 

  
 Subject to Clause 5.1.1 (Negative Pledge), procure that any Security (other than Permitted Liens) created by the Chargor over the Charged Assets
after the date of this Debenture (otherwise than in favour of the Security Trustee) shall be expressed to be subject to this Debenture. 
  

	 	5.1.5	 Deposit of Title Documents 

  
 It shall deposit with the Security Trustee for the duration of the Security Period (or as the Security Trustee may otherwise require, following the giving
of notice by the Security Trustee to the Chargor) the deeds and documents of title relating to the Charged Assets or provide an undertaking from its solicitors in a form reasonably acceptable to the Security Trustee that such solicitors hold the
deeds and documents to the order of the Security Trustee. 
  

	 	5.1.6	 Supplemental Deeds 

  
 It shall, at any time during the Security Period, promptly upon request, execute over all or any of the Charged Assets a charge by way of legal mortgage
or legal sub-mortgage or legal assignment, as the case may be, in favour of the Security Trustee in such form as the Security Trustee shall reasonably require. 
  

	 	5.1.7	 Prejudicial Action 

  
 It shall not other than as permitted under the terms of the Financing Documents do or cause or permit to be done anything which may in anyway reduce,
jeopardise or otherwise prejudice the value to the Security Trustee of the Charged Assets. 
  

	 	5.1.8	 Consents and Other Necessary Action 

  
 It shall take all such action as may be reasonably necessary and is available to it for the purpose of creating, perfecting or maintaining the security
created or intended to be created pursuant to this Debenture including the obtaining of any necessary consent (in form and content satisfactory to the Security Trustee) to enable its assets to be mortgaged, charged or assigned pursuant to this
Debenture. Immediately upon obtaining any necessary consent the asset concerned shall become subject to the security created by this Debenture. The Chargor shall promptly deliver a copy of each consent to the Security Trustee; and 
  

 9 

	 	5.1.9	 Repair and Condition 

  
 During the Security Period the Chargor shall keep the Charged Assets in a good and substantial state of repair and condition to the satisfaction of the
Security Trustee (save as to fair wear and tear) provided that the Chargor is able to replace those assets which are obsolete or which are uneconomic to repair with assets of a similar nature and value to those charged hereunder. 
  

	5.2	Notices of Charge and/or Assignment 

  

	 	5.2.1	The Chargor shall deliver to the Security Trustee and serve on any debtor or other person as required by the Security Trustee: 

  

	 	(A)	notices of assignment in respect of any of the assets assigned pursuant to this Debenture and shall use its reasonable endeavours to procure that each notice is acknowledged by any
debtor specified by the Security Trustee; and 

  

	 	(B)	notices of charge in respect of any of the assets charged pursuant to this Debenture and shall use its reasonable endeavours to procure that each notice is acknowledged by any
debtor specified by the Security Trustee. 

  

	 	5.2.2	The notices of charge and/or assignment and/or acknowledgement referred to in Clause 5.2.1 shall be in a form substantially similar to that contained in Schedule 2 (Insurance
Notices) or such other form as the Security Trustee may reasonably require. 

  

	6.	REAL PROPERTY UNDERTAKINGS 

  

	6.1	Positive Undertakings 

  
 In relation to Real Property, the Chargor agrees that it shall for the duration of the Security Period: 
  

	 	6.1.1	 comply with all material obligations imposed under any present or future statute, regulation, order or instrument or under any bye-laws, regulations or requirements of any
competent authority or planning permissions or other approvals, licences or consents relating to the same or its use or enjoyment including the Planning Acts; 

  

	 	6.1.2	 comply or procure compliance with all covenants (including the obligation to pay rent in respect of leasehold property), stipulations conditions and other material obligations
relating to the same or its use or enjoyment and not do any act or thing whereby any lease or other document which gives any right to occupy the Real Property becomes or may become subject to determination or any right of re-entry or forfeiture
prior to the expiration of its term; 

  

	 	6.1.3	 duly and punctually pay or procure payment of all rates, outgoings and other similar sums payable on or in respect of the same; and 

  

	 	6.1.4	 keep the Real Property in good and substantial repair and condition (save as to fair wear and tear). 

  
 In this Clause “material obligations” means obligations of the
Chargor which if not complied with are reasonably likely to have a material adverse effect on the value, saleability or use of the Charged Assets. 
  

 10 

	6.2	Negative Undertakings 

  
 In relation to Real Property and subject to Clause 5.1.2 (Disposals) of this Debenture, the Chargor agrees that, unless permitted under the terms
of the Indenture, it shall not during the duration of the Security Period: 
  

	 	6.2.1 	exercise the statutory power of leasing and/or accepting surrenders of leases conferred on mortgagors which would have a Material Adverse Effect and further agrees that the Security
Trustee may grant or accept surrenders of leases without restriction; 

  

	 	6.2.2	 part with the possession of the same or any part thereof (including any fixtures forming part of the Real Property) nor confer upon any person, firm, company or body
whatsoever any licence, right or interest to occupy the Real Property or any part of it or to grant any licence or permission to assign or underlet or to suffer or permit any variation or addition to any lease, tenancy or licence affecting the same;

  

	 	6.2.3 	carry out or permit to be carried out any structural alterations to or to demolish, pull down or remove any building or erection from time to time forming part of the same or make
or suffer to be made any change in the state, nature or use of the same which would have a Material Adverse Effect; 

  

	 	6.2.4 	exercise any option or right of election available at law that the supplies made in respect of any lease or tenancy of the same shall be taxable for VAT purposes at the standard or
any other applicable rate (other than zero), including pursuant to paragraph 2 of Schedule 10 to the Value Added Tax Act 1994; 

  

	 	6.2.5 	enter into any negotiations with any competent authority with regard to the compulsory acquisition of the same or consent to the compulsory acquisition of the same; or

  

	 	6.2.6 	enter into onerous or restrictive obligations affecting the Real Property or create or permit to create or permit to arise an overriding interest or any easement or right whatsoever
which would have a Material Adverse Effect. 

  

	6.3	Registration and Notifications 

  
 The Chargor shall: 
  

	 	6.3.1 	immediately notify the Security Trustee of any contract, conveyance, transfer or other disposition for the acquisition by the Chargor of the legal or beneficial interest in any Real
Property; and 

  

	 	6.3.2 	make an application to the Chief Land Registrar in Form RX1 for the registration against the registered titles (if any) specified in Schedule 1 (Real Property) (and any
unregistered properties subject to compulsory first registration at the date of this Debenture) and any other Real Property from time to time including a registered title of the following restriction: 

  
 “No disposition of the registered estate [(other than a charge)] by
the proprietor of the registered estate [or by the proprietor of any registered charge] is to be registered without a written consent signed by the proprietor for the time being of the charge dated [      ] in favour of
[chargee] referred to in the charges register [(or his conveyancer or specify appropriate details)] or, if appropriate, signed on such proprietor’s behalf by [its secretary or conveyancer or specify appropriate details]”. 

 

 11 

	6.4	Remedy 

  
 If the Chargor fails to comply with any undertaking or obligation contained in this Clause 6, the Security Trustee shall be entitled but not obliged to
(either itself, or through any agent, nominee or advisor) to do such things as it reasonably believes are required to remedy such failure. The Chargor shall reimburse to the Security Trustee on demand all amounts expended by the Security Trustee in
remedying such failure together with interest in accordance with Clause 2.3 (Interest) from the date of payment by the Security Trustee until reimbursed. 
  

	7.	ENVIRONMENTAL UNDERTAKINGS 

  

	7.1	Undertakings 

  
 The Chargor agrees in relation to the Charged Assets that it shall for the duration of the Security Period: 
  

	 	7.1.1 	comply with all Environmental Law except for such non-compliance that would not have a Material Adverse Effect; 

  

	 	7.1.2 	notify the Security Trustee forthwith in writing of any Release; 

  

	 	7.1.3 	forthwith take all steps necessary to remedy any infringement of Environmental Law except for such infringement that would not have a Material Adverse Effect;

  

	 	7.1.4 	promptly notify the Security Trustee in writing of the receipt of any notice or other communication in respect of any breach or alleged breach of Environmental Law arising out of
the ownership or occupation of the same or any investigation, enquiry, proceedings, arbitration, order, decree or judgment commenced or made in relation to any Environmental Law; and 

  

	 	7.1.5 	provide the Security Trustee with such information regarding any investigation, litigation, arbitration or administrative proceedings as the Security Trustee may require and consult
with the Security Trustee on a regular basis as to the conduct of any investigation, litigation, arbitration or administrative proceedings and obtain the prior written consent of the Security Trustee to any settlement thereof except for such
investigation, litigation, arbitration or administrative proceedings which would not have a Material Adverse Effect. 

  

	7.2	Indemnity 

  
 The Chargor agrees that it shall immediately on demand indemnify and reimburse the Security Trustee in respect of any and all Environmental Losses that
are paid, incurred, suffered or sustained by the Security Trustee provided that the Chargor shall have no obligation to indemnify or reimburse the Security Trustee for any Environmental Losses that are paid, incurred, suffered or sustained by the
Security Trustee as a direct result of the gross negligence or wilful misconduct of the Secured Parties. 
  

	7.3	Remedy 

  
 If the Chargor fails to comply with any undertaking or obligation contained in this Clause 7, the Security Trustee shall be entitled (either itself, or
through any agent, nominee or advisor) to do such things as it reasonably believes are required to remedy such failure. The Chargor shall reimburse to the Security Trustee on demand all amounts expended by the Security Trustee in remedying such
failure together with interest in accordance with Clause 2.3 (Interest) from the date of payment by the Security Trustee until reimbursed. 
  

 12 

  

	8.	INSURANCE UNDERTAKINGS 

  

	8.1	Insurance Obligations 

  
 The Chargor shall at all times during the Security Period subject to such insurance being available in London on commercially acceptable rates:

  

	 	8.1.1 	keep all of the Charged Assets of an insurable nature, or procure that the Charged Assets of an insurable nature are kept, insured at its own expense to the full replacement or
reinstatement value thereof from time to time (including where applicable the cost of demolition and site clearance, architects’, surveyors’ and other professional fees and incidental expenses in connection with replacement or
reinstatement) with insurers previously approved by the Security Trustee in writing against loss or damage (including business interruption insurance) by fire, storm, lightening, explosion, terrorism, riot, civil commotion, malicious damage, impact,
flood, burst pipes, aircraft and other aerial devices or articles dropped therefrom (other than war risk), third party and public liability and liability under the Defective Premises Act 1972 and such other risks and contingencies as the Security
Trustee shall from time to time requests; 

  

	 	8.1.2 	without prejudice to Clause 8.1.1 maintain any other insurance policies as are normally maintained by prudent companies carrying on business similar to that of the Chargor;

  

	 	8.1.3 	cause each Insurance Policy relating to the Charged Assets to contain in a form and substance acceptable to the Security Trustee: 

  

	 	(A)	an endorsement noting the interests of the Security Trustee in respect of all claims and providing for the Security Trustee to be first loss payee until such time as the Security
Trustee notifies the relevant insurer to the contrary; 

  

	 	(B)	a standard mortgagee clause whereby such insurance shall not be vitiated or avoided as against the Security Trustee in the event or as a result of any misrepresentation, act or
neglect or failure to make disclosure on the part of any insured party or any circumstances beyond the control of an insured party; and 

  

	 	(C)	terms providing that it shall not be invalidated so far as the Security Trustee is concerned for failure to pay any premium due without the insurer first giving to the Security
Trustee not less than 60 days prior written notice; 

  

	 	8.1.4 	annually upon renewal and further if required by the Security Trustee (but subject to the provisions to the contrary in any lease of Real Property), deposit all Insurance Policies
relating to the Charged Assets with the Security Trustee; and 

  

	 	8.1.5 	duly and promptly pay the premiums and other monies necessary for effecting and keeping up such insurances and promptly provide to the Security Trustee evidence of such payment and
comply in all respects with the terms and conditions of the Insurance Policies. 

  

	8.2	Failure 

  
 If the Chargor fails to comply with its obligations under Clause 8.1 (Insurance Obligations) then the Security Trustee shall be entitled but not
obliged to insure the Charged Assets, at the expense of the Chargor, on such terms, against such risks and in such amounts as the Security 

  

 13 

 
Trustee sees fit and the amount of any expenditure incurred by the Security Trustee in so doing shall be added to the Obligations. The Chargor shall
reimburse to the Security Trustee on demand all amounts expended by it in remedying such failure together with interest in accordance with Clause 2.3 (Interest) from the date of payment by the Security Trustee until reimbursed. 
  

	8.3	Application of Insurance Proceeds 

  
 Upon the occurrence and during the continuation of an Event of Default and subject to the terms of the Indenture and any prior rights which any third
party may have in respect of Insurance Proceeds, if required by the Security Trustee, the Chargor shall apply all Insurance Proceeds to making good the loss or damage or towards discharge of the Obligations and the Chargor waives any rights which it
may have to require that any such monies are applied in reinstatement of any part of the Charged Assets. 
  

	9.	RIGHTS OF THE SECURITY TRUSTEE 

  

	9.1	Enforcement 

  
 At any time during the Security Period on the occurrence and during the continuance of an Event of Default, the security created pursuant to this
Debenture shall be immediately enforceable and the Security Trustee may in its absolute discretion and without notice to the Chargor or the prior authorisation of any court: 
  

	 	9.1.1 	enforce all or any part of the security created by this Debenture and take possession of or dispose of all or any of the Charged Assets in each case at such times and upon such
terms as it sees fit; and 

  

	 	9.1.2 	whether or not it has appointed a Receiver, exercise all of the powers, authorities and discretions conferred from time to time on: 

  

	 	(A)	mortgagees by the LPA (as varied or extended by this Debenture) or by law; and 

  

	 	(B)	granted to a Receiver by this Debenture or by law. 

  

	9.2	Restrictions on Consolidation of Mortgages 

  
 Section 93 of the LPA shall not apply to this Debenture or to any sale made under it. The Security Trustee shall have the right to consolidate all or any
of the security created by or pursuant to this Debenture with any other security in existence at any time. Such power may be exercised by the Security Trustee at any time during the Security Period and following the occurrence and during the
continuation of an Event of Default. The Chargor hereby consents to the Security Trustee making an application to the Chief Land Registrar on Form CC for registration against the registered titles (if any) specified in Schedule 1 (Real Property)
(and any unregistered properties subject to compulsory first registration at the date of this Debenture) and any other Real Property from time to time including a registered title of the right to consolidate. 
  

	9.3	Restrictions on Exercise of Power of Sale 

  
 Section 103 of the LPA shall not apply to this Debenture and the power of sale arising under the LPA shall arise on the execution of this Debenture (and
the Obligations shall be deemed to have become due and payable for that purpose). The power of sale and other powers conferred by Section 101 of the LPA as varied or extended by this Debenture and those powers conferred (expressly or by reference)
on a Receiver shall be immediately exercisable 

  

 14 

 
by the Security Trustee at any time during the Security Period and following the occurrence and during the continuance of an Event of Default. 
  

	9.4	Leasing Powers 

  
 The restrictions contained in Sections 99 to 100 of the LPA shall not apply to restrict the rights of the Security Trustee or any Receiver under this
Debenture. The statutory powers of leasing may be exercised by the Security Trustee during the continuance of an Event of Default and the Security Trustee and any Receiver may make any lease or agreement for lease and/or accept any surrenders of
leases and/or grant options on such terms as it sees fit without the need to comply with the aforementioned restrictions. 
  

	9.5	No Prior Notice Needed 

  
 The powers of the Security Trustee set out in Clauses 9.2 (Restrictions on Consolidation of Mortgages) to 9.4 (Leasing Powers) may be
exercised by the Security Trustee without prior notice to the Chargor. 
  

	9.6	Entry Into Possession 

  
 If and whenever the Security Trustee enters into possession of any Charged Assets, it shall be entitled at any time at its discretion to go out of
possession. 
  

	10.	EXONERATION 

  

	10.1	Exoneration 

  
 The Security Trustee shall not, nor shall any Receiver, by reason of it or the Receiver entering into possession of the Charged Assets, be liable to
account as mortgagee in possession or be liable for any loss or realisation or for any default or omission for which a mortgagee in possession might be liable; but every Receiver duly appointed by the Security Trustee under the powers contained in
this Debenture shall for all purposes be deemed to be in the same position as a receiver duly appointed by a mortgagee under the LPA save to the extent that the provisions of the LPA are varied by or are inconsistent with the provisions of this
Debenture when the provisions of this Debenture shall prevail and every such Receiver and the Security Trustee shall in any event be entitled to all the rights, powers, privileges and immunities conferred by the Act on mortgagees and receivers duly
appointed under the LPA. 
  

	10.2	Indemnity 

  
 The Security Trustee and every Receiver, attorney, delegate, manager, agent or other person appointed by the Security Trustee hereunder shall be entitled
to be indemnified out of the Charged Assets or any part thereof in respect of all liabilities and expenses incurred by it or him in the execution (including for the avoidance of doubt the preservation or enforcement) of any of the rights, trusts,
powers, authorities or discretions vested in it or him pursuant to this Debenture and against all actions, proceedings, costs, claims and demands in respect of any matter or thing done or omitted in any way relating to the Charged Assets or any part
of them. The Security Trustee and any such Receiver may retain and pay all sums in respect of which it is indemnified out of any monies received by it under the powers conferred by this Debenture. Notwithstanding the foregoing neither the Security
Trustee nor any person appointed by it shall be entitled to be indemnified in respect of any of the foregoing which results from the gross negligence or wilful misconduct of that party or any delegate or other appointee of that party. 
  

 15 

  

	10.3	Limitation 

  
 Neither the Security Trustee nor any Receiver shall be liable in respect of any liability, damage, loss, costs, claim or expense of any kind or nature,
whether direct, indirect, special, consequential or otherwise which arises out of the exercise or attempted or purported exercise of, or the failure to exercise, any of their respective powers under or by virtue of this Debenture provided that in
exercising, attempting or purporting to exercise or failing to exercise such powers, the Security Trustee or Receiver has acted in good faith and the action or omission of the Security Trustee or Receiver does not constitute wilful misconduct or
gross negligence. 
  

	10.4	Trustee Act 2000 

  
 The parties agree that the Security Trustee shall not be subject to the duty of care imposed on trustees by the Trustee Act 2000. 
  

	11.	APPOINTMENT OF RECEIVER 

  

	11.1	Appointment 

  
 At any time during the Security Period and on the occurrence and during the continuance of an Event of Default, or at the request of the Chargor or its
directors, the Security Trustee may, without prior notice to the Chargor, in writing (under seal, by deed or otherwise under hand) appoint a Receiver in respect of the Charged Assets or any part thereof and may in like manner from time to time (and
insofar as it is lawfully able to do) remove any Receiver and appoint another in his place. 
  

	11.2	More than One Receiver 

  
 Where more than one Receiver is appointed, each joint Receiver shall have the power to act severally, independently of any other joint Receiver, except to
the extent that the Security Trustee may specify to the contrary in the appointment. 
  

	11.3	Receiver as Agent 

  
 A Receiver shall be the agent of the Chargor which shall be solely responsible for his acts or defaults and for his remuneration. No Receiver shall at any
time act as agent of the Security Trustee. 
  

	11.4	Receiver’s Remuneration 

  
 A Receiver shall be entitled to remuneration for his services at a rate to be determined by the Security Trustee from time to time (and without being
limited to any maximum rate specified by any statute or statutory instrument). 
  

	11.5	Actions of the Administrator 

  
 Save as provided for in statute or as otherwise agreed in writing by the Security Trustee, the Security Trustee shall have no liability for the acts or
omissions of an Administrator. 
  

 16 

  

	12.	RECEIVER’S POWERS 

  

	12.1	Powers 

  
 A Receiver shall have (and be entitled to exercise) in relation to the Charged Assets over which he is appointed the following powers (as the same may be
varied or extended by the provisions of this Debenture): 
  

	 	12.1.1 	all of the powers of an administrative receiver set out in Schedule 1 to the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver);

  

	 	12.1.2 	all of the powers conferred from time to time on receivers, mortgagors and mortgagees in possession by the LPA without the need to observe any of the provisions of section 99 and
100 of the LPA; 

  

	 	12.1.3 	all the powers and rights of a legal and beneficial owner and the power to do or omit to do anything which the Chargor itself could do or omit to do; 

  

	 	12.1.4 	the power to do all things which, in the opinion of the Receiver, are incidental to any of the powers, functions, authorities or discretions conferred or vested in the Receiver
pursuant to this Debenture or upon receivers by statute or law generally (including the bringing or defending of proceedings in the name of, or on behalf of, the Chargor; the collection and/or realisation of Charged Assets in such manner and on such
terms as the Receiver sees fit; and the execution of documents in the name of the Chargor (whether under hand, or by way of deed or by utilisation of the company seal of the Chargor). 

  

	12.2	Powers may be Restricted 

  
 The powers granted to a Receiver pursuant to this Debenture may be restricted by the instrument (signed by the Security Trustee) appointing him but they
shall not be restricted by any winding-up or dissolution of the Chargor. 
  

	13.	PROTECTION OF PURCHASERS 

  

	13.1	Absence of Enquiry 

  
 No person or persons dealing with the Security Trustee or any Receiver shall be concerned to enquire whether any event has happened upon which any of the
powers in this Debenture are or may be exercisable or otherwise as to the propriety or regularity of any exercise of such powers or of any act purporting or intended to be an exercise of such powers or whether any amount remains secured by this
Debenture. All the protections to purchasers and persons dealing with receivers contained in sections 104, 107 and 109(4) of the LPA shall apply to any person purchasing from or dealing with the Security Trustee or any such Receiver. 
  

	13.2	Receipt: Conclusive Discharge 

  
 The receipt of the Security Trustee or any Receiver shall be a conclusive discharge to any purchaser of the Charged Assets. 
  

 17 

  

	14.	POWER OF ATTORNEY AND DELEGATION 

  

	14.1	Power of Attorney: General 

  
 The Chargor hereby irrevocably and by way of security appoints the Security Trustee and any Receiver severally to be its attorney in its name and on its
behalf and as its act and deed: 
  

	 	14.1.1 	to execute and deliver any documents or instruments which the Security Trustee or such Receiver may require for perfecting the title of the Security Trustee to the Charged Assets or
for vesting the same in the Security Trustee, its nominee or any purchaser; 

  

	 	14.1.2 	to sign, execute, seal and deliver and otherwise perfect any further security document which the Chargor is required to enter into pursuant to this Debenture;

  

	 	14.1.3 	otherwise generally to sign, seal, execute and deliver all deeds, assurances, agreements and documents and to do all acts and things which may be required for the full exercise of
all or any of the powers conferred on the Security Trustee or any Receiver under this Debenture or which the Chargor is required to do pursuant to this Debenture or which may be deemed expedient by the Security Trustee or a Receiver in connection
with any disposition, realisation or getting in by the Security Trustee or such Receiver of the Charged Assets or in connection with any other exercise of any other power under this Debenture. 

  

	14.2	Power of Attorney: Ratification 

  
 The Chargor ratifies and confirms and agrees to ratify and confirm all acts and things which any attorney mentioned in this Clause 14 (Power of
Attorney and Delegation) does or purports to do in exercise of the powers granted by this Clause. 
  

	14.3	Power of Attorney: General Delegation 

  
 The Security Trustee and any Receiver shall have full power to delegate the powers, authorities and discretions conferred on it or him by this Debenture
(including the power of attorney) on such terms and conditions as it or he shall see fit which shall not preclude exercise of those powers, authorities or discretions by it or him or any revocation of the delegation or any subsequent delegation.

  

	15.	APPLICATION OF MONIES RECEIVED UNDER THIS DEBENTURE 

  
 Any monies received under the powers hereby conferred shall, subject to the repayment of any claims having priority to this Debenture and to any
applicable statutory requirement as to the payment of preferential debts first in the payment of the costs, charges and expenses properly incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any
liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Security Trustee (notwithstanding any purported appropriation by the Chargor) in accordance with the terms of the
Indenture. 
  

	16.	RELEASE OF SECURITY 

  
 16.1 Release 
  
 The
Security Trustee shall, at the request and cost of the Chargor, execute (in a form acceptable to the Security Trustee) and do all such deeds, acts and things as are necessary to release and/or reassign the Charged Assets from the security created by
or in accordance with 

  

 18 

 
this Debenture once the Security Trustee has determined to its satisfaction that all of the Obligations have been irrevocably and unconditionally paid and
discharged in full or as otherwise permitted under the terms of the Indenture or any other Financing Document. 
  

	16.2	Avoidance of Payments 

  

	 	16.2.1 	No amount paid, repaid or credited to the Security Trustee (or any other Secured Party) shall be deemed to have been irrevocably paid if the Security Trustee considers that the
payment or credit of such amount is capable of being avoided or reduced because of any laws applicable on bankruptcy, insolvency, liquidation or any similar laws. 

  

	 	16.2.2 	If any amount paid, repaid or credited to the Security Trustee (or any other Secured Party) is avoided or reduced because of any laws applicable on bankruptcy, insolvency,
liquidation or any similar laws then any release, discharge or settlement between the Security Trustee and the Chargor shall be deemed not to have occurred and the Security Trustee shall be entitled to enforce this Debenture subsequently as if such
release, discharge or settlement had not occurred and any such payment had not been made. 

  

	17.	AMOUNTS PAYABLE 

  

	17.1	No Deduction 

  

	 	17.1.1	 All payments to be made by the Chargor under this Debenture shall be made without any set-off, counterclaim or equity  and (subject to the following sentence) free from,
clear of and without deduction for any Taxes. 

  

	 	17.1.2 	If the Chargor is compelled by the law of any applicable jurisdiction (or by an order of any regulatory authority in such jurisdiction) to withhold or deduct any sums in respect of
Taxes from any amount payable to the Security Trustee under this Debenture or, if any such withholding or deduction is made in respect of any recovery under this Debenture, the Chargor shall pay such additional amount (the “increased
payment”) so as to ensure that the net amount received by the Security Trustee (or such other Secured Party) shall equal the full amount due to it under the provisions of this Debenture had no such withholding or deduction been made.

  

	 	17.1.3 	If the Chargor makes an increased payment under Clause 17.1.2 and the Security Trustee determines that: 

  

	 	 (A)	a Tax Credit is attributable to that increased payment; and 

  

	 	 (B)	the Security Trustee has obtained, utilised and retained that Tax Credit, 

  
  the Security Trustee shall pay an amount to the Chargor which the Security Trustee determines will leave it (after that  payment to Chargor) in
the same after-Tax position as it would have been in had the relevant increased payment under  Clause 17.1.2 not been made by the Chargor. 
  

	17.2	Currency of Payment 

  
 The obligation of the Chargor under this Debenture to make payments in any currency shall not be discharged or satisfied by any tender, or recovery
pursuant to any judgment or otherwise, expressed in or converted into any other currency, except to the extent that tender or recovery results in the effective receipt by the Security Trustee of the full amount of the currency expressed to be
payable under this Debenture. 
  

 19 

	17.3	Currency Indemnity 

  
 If any sum due from the Chargor under this Debenture (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has
to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 
  

	 	17.3.1	 making or filing a claim or proof against the Chargor; 

  

	 	17.3.2	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings; or 

  

	 	17.3.3	 applying the Sum in satisfaction of any of the Obligations, 

  
 the Chargor shall, as an independent obligation, within three Business Days of demand, indemnify the Security Trustee against any cost, loss or liability
arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to the Security
Trustee at the time of its receipt of that Sum. 
  

	18.	POWER OF SEVERANCE 

  
 In the exercise of the powers conferred by this Debenture, the Security Trustee or any Receiver may sever and sell plant, machinery or other fixtures
separately from the property to which they may be annexed and the Security Trustee or any Receiver may apportion any rent or other amount without the consent of the Chargor. 
  

	19.	REPRESENTATIONS AND WARRANTIES 

  

	19.1	Representations 

  
 The Chargor makes the following representations and warranties in favour of the Security Trustee for the benefit of the Secured Parties: 
  

	 	19.1.1	 Status 

  
 It is a Company duly formed and validly existing under the laws of its jurisdiction of formation; 
  

	 	19.1.2	 Powers and Authority 

  
 It has the power to enter into and perform, and has taken all necessary action to authorise the entry into, performance and delivery of, this Debenture;

  

	 	19.1.3	 Legal Validity 

  
 This Debenture constitutes its legal, binding, valid and enforceable obligation; 
  

	 	19.1.4	 Non-Conflict 

  
 The entry into and performance by it of, and the transactions contemplated by, this Debenture do not and will not conflict with: 
  

	 	(A)	any law or regulation or judicial or official order applicable to it which would have a Material Adverse Effect; or 

  

	 	(B)	its constitutional documents; or 

  

 20 

	 	(C)	any agreement or document which is binding upon it or any of its assets or result in the creation of (or a requirement for the creation of) any Security (other than Permitted Liens)
over any Charged Asset which would have a Material Adverse Effect. 

  

	 	19.1.5	 Status of Assets and Security 

  
 It is the legal and beneficial owner of the Charged Assets free from Security (other than this Debenture and Permitted Liens) and this Debenture confers
the security it purports to confer over the Charged Assets and the security created under or pursuant to this Debenture is not subject to any prior or pari passu Security (other than Permitted Liens) and is not liable to avoidance on liquidation or
bankruptcy, composition or any other similar insolvency proceedings; 
  

	 	19.1.6	 Real Property 

  
 Save as disclosed in any report on title which has been delivered to the Security Trustee in a form acceptable to it: 
  

	 	(A)	the Chargor is the legal and beneficial owner of the Real Property (subject to any Permitted Liens); 

  

	 	(B)	there subsists no breach of any law or regulation which materially affects the value of the Real Property; 

  

	 	(C)	there are no covenants, agreements, stipulations, reservations, conditions, interests, rights or other matters whatsoever which adversely affect the Real Property;

  

	 	(D)	nothing has arisen or has been created or is subsisting which would be an overriding interest over the Real Property; 

  

	 	(E)	no facility necessary for the enjoyment and use of the Real Property is enjoyed on terms entitling any person to terminate or curtail its use; 

  

	 	(F)	the Chargor has received no notice of any compulsory purchase order or any adverse claim by any person in respect of the ownership of the Real Property or any other interest in it,
nor has any acknowledgement been given to any person in respect of the Real Property; and 

  

	 	(G)	the Real Property is free from any Security or any tenancies or licence save as permitted by this Debenture or the Indenture. 

  

	19.2	Times for Making Representations and Warranties 

  
 The representations and warranties set out in this Clause are made on the date of this Debenture and are deemed to be repeated each day prior to the
expiry of the Security Period. 
  

	20.	NEW ACCOUNTS 

  
 If the Security Trustee receives notice of any subsequent charge or other interest affecting any part of the Charged Assets (other than Permitted Liens)
it may, without prejudice to its rights under this Debenture, open a fresh account or accounts with the Chargor and continue any existing account in the name of the Chargor and may appropriate to any such fresh account any monies paid in, received
or realised for the credit of the Chargor after that time without being under any obligation to apply the same or any part of them in discharge of any of the 

  

 21 

 
Obligations. If the Security Trustee fails to open a fresh account it will be deemed to have done so with the effect that any monies received or realised
after that time will not reduce the Obligations at the time when the Security Trustee received notice. 
  

	21.	MISCELLANEOUS 

  

	21.1	The Chargor 

  
 This Debenture is binding on the successors and assigns of the Chargor. 
  

	21.2	Assignments and Transfers 

  

	 	21.2.1	 The Chargor may not assign any of its rights or transfer any of its rights or obligations under this Debenture without the  prior written consent of the Security Trustee.

  

	 	21.2.2	 The Security Trustee may assign and transfer all or any part of its rights and obligations under this Debenture pursuant to  the terms of the Financing Documents.

  

	21.3	Disclosure of Information 

  
 The Security Trustee may disclose to: 
  

	 	21.3.1	 any of its professional advisors; 

  

	 	21.3.2	 any person to (or through) whom the Security Trustee assigns or transfers (or may potentially assign or transfer) all or any  of its rights and obligations under this
Debenture; 

  

	 	21.3.3	 a Receiver, prospective Receiver or Administrator; 

  

	 	21.3.4	 any person (together with professional advisors) who may have an interest in the benefits arising under this Debenture  and/or the Indenture; or 

 

	 	21.3.5	 any person to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

  
 any information about the Chargor, or the Financing Documents as the
Security Trustee shall consider appropriate. 
  

	21.4	Remedies and Waivers Cumulative 

  
 Save as expressly provided in this Debenture, no failure to exercise, nor delay in exercising, on the part of the Security Trustee, any right or remedy
under this Debenture shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise, or the exercise of any other right or remedy. The rights and remedies provided in this Debenture
are cumulative and not exclusive of any rights or remedies provided by law. 
  

	21.5	Set-Off 

  
 The Security Trustee may (but is not obliged to), after the occurrence of an Event of Default, set-off any matured obligation due from the Chargor in
respect of the Obligations (to the extent beneficially owned by the Security Trustee or any other Secured Party) against any matured obligation (contingent or otherwise) owed by the Security Trustee or any Secured Party to the Chargor, (regardless
of the place of payment, booking, branch or currency of either obligation) and apply any credit balance to which the Chargor is entitled on any account with the Security Trustee in accordance with Clause 15 (Application of Monies Received

  

 22 

 
Under this Debenture). If the obligations are in different currencies, the Security Trustee may, at the cost of the Chargor, convert either obligation
at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	21.6	Partial Invalidity 

  
 If, at any time, any provision of this Debenture is or becomes illegal, invalid or unenforceable in any respect under the law of any relevant
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. 

 

	21.7	Property 

  
 This Debenture is and will remain the property of the Security Trustee. 
  

	21.8	Continuing Security 

  
 This Debenture shall be a continuing security and shall not be discharged by any intermediate payment or satisfaction of the whole or any part of the
Obligations. 
  

	21.9	Additional Security 

  
 This Debenture shall be in addition to and shall not be affected by any other security or guarantee now or hereafter held by the Security Trustee for all
or any part of the Obligations nor shall any such other security or guarantee of liability to the Security Trustee of or by any person not a party to this Debenture be in any way impaired or discharged by this Debenture nor shall this Debenture in
any way impair or discharge such other security or guarantee. 
  

	21.10 Variation 	of Security 

  
 This Debenture shall not in any way be affected or prejudiced by the Security Trustee at any time dealing with, exchanging, releasing, varying or
abstaining from perfecting or enforcing any security or guarantee referred to in Clause 21.9 (Additional Security) or any rights which the Security Trustee may at any time have or giving time for payment or granting any indulgence or
compounding with any person whatsoever. 
  

	21.11 Enforcement 	of Other Security 

  
 The Security Trustee shall not be obliged to enforce any other Security it may hold for the Obligations before enforcing any of its rights under this
Debenture. 
  

	21.12 Perpetuity 	Period 

  
 If applicable, the perpetuity period under the rule against perpetuities shall be 80 years from the date of this Debenture. 
  

	21.13 Redemption 	of Prior Incumbrances 

  
 At any time on the occurrence and during the continuance of an Event of Default the Security Trustee may redeem or take a transfer of any prior Security
over the Charged Assets and may agree the accounts of prior incumbrancers. An agreed account shall be conclusive and binding on the Chargor. Any amount paid in connection with such redemption or transfer (including expenses) shall be paid on demand
by the Chargor to the Security Trustee and until such payment shall form part of the Obligations. 
  

 23 

	21.14 Stamp	Taxes 

  
 The Chargor covenants to pay to the Security Trustee immediately on demand a sum equal to any liability which the Security Trustee incurs in respect of
stamp duty, registration fees and other taxes which is or becomes payable in connection with the entry into, performance or enforcement of this Debenture (including any interest, penalties, liabilities, costs and expenses resulting from any failure
to pay or delay in paying any such duty, fee or tax). 
  

	21.15 Costs 	and Expenses 

  
 The Chargor shall promptly on demand pay the Security Trustee the amount of all costs and expenses (including legal and other professional advisers’
fees) reasonably incurred by it (on a full indemnity basis together with any applicable irrecoverable VAT) in connection with the negotiation, preparation, printing and execution of this Debenture, the completion of the transactions and perfection
of the security contemplated by this Debenture and the exercise, preservation and/or enforcement or attempted enforcement of the security created by or contemplated by this Debenture. 
  

	21.16 Counterparts	

  
 This Debenture may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Debenture. 
  

	21.17 Appointment 	of   Security Trustee 

  
 The Parties hereto acknowledge that the Trustee appointed under the Indenture is acting for the purposes of this Debenture through its London office.

  

	22.	CALCULATIONS AND CERTIFICATES 

  

	22.1	Accounts 

  
 In any litigation or arbitration proceedings arising out of or in connection with this Debenture, the entries made in the accounts maintained by the
Security Trustee or any Secured Party in connection with this Debenture are prima facie evidence of the matters to which they relate. 
  

	22.2	Certificates and Determinations 

  
 Any certification or determination by the Security Trustee or any Secured Party of a rate or amount under this Debenture is, in the absence of manifest
error, conclusive evidence of the matters to which it relates. 
  

	22.3	Day Count Convention 

  
 Any interest accruing under this Debenture will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
360 days. 
  

	23.	NOTICES 

  

	23.1	Communications in writing 

  
 Any demand, notice or other communication to be made under or in connection with this Debenture shall be made in writing and, unless otherwise stated, as
provided in Section 14.2 (Notices) of the Indenture. 
  

 24 

	23.2	Address 

  
 The address and fax number (and the department or officer, if any, for whose attention the demand, notice or communication is to be made) of the Chargor
for any demand, notice or document to be made or delivered under or in connection with this Debenture is that identified with its name below or any substitute address, fax number, department or officer as the Chargor may notify to the Security
Trustee by not less than five Business Days’ notice. 
  

	23.3	Delivery 

  

	 	23.3.1	 Any communication or document made or delivered by one person to another under or in connection with the Debenture  will only be effective: 

  

	 	(A)	if by way of fax, when received in legible form; or 

  

	 	(B)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

  
 and, if a particular department or
officer is specified as part of its address details provided under Clause 23.2 (Address), if addressed to that department or officer. 
  

	24.	GOVERNING LAW AND ENFORCEMENT 

  

	24.1	Governing Law 

  
 This Debenture is governed by and shall be construed in accordance with English law. 
  

	24.2	Submission to Jurisdiction 

  

	 	24.2.1	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Debenture  (including a dispute regarding the existence,
validity or termination of this Debenture) (a “Dispute”). 

  

	 	24.2.2	 The parties to this Debenture agree that the courts of England are the most appropriate and convenient courts to settle  Disputes and accordingly no party will argue to
the contrary. 

  

	 	24.2.3	 This Clause 24.2 is for the benefit of the Security Trustee only. As a result, the Security Trustee shall not be prevented  from taking proceedings relating to a Dispute
in any other courts with jurisdiction. To the extent allowed by law, the  Security Trustee may take concurrent proceedings in any number of jurisdictions. 

  

	24.3	Service of Process 

  
 The Chargor agrees that any process may be served on the Chargor by leaving a copy of it at the Chargor’s address for service ascertained in
accordance with the provisions of Clause 23 (Notices) or in any other manner allowed by law. 
  
 IN WITNESS whereof this Debenture has been duly executed and delivered as a Deed on the date first above written. 
  

 25 

  
 SCHEDULE 1 

 
 Real Property 
  

			
	 Address

	  	 Title Number

	 Moor Lane Trading Estate
 Sherburn in Elmet
 North Yorkshire
 LS25 6ES
	  	NYK86640

  

 26 

  
 SCHEDULE 2 

 
 FORM OF INSURANCE NOTICES 
  
 Part I 
  
 Form of Notice of Assignment of Insurances 
  

			
	To:   [Insurance company]	  	[date]

  
 Dear Sirs, 
  
 Notice of Assignment 
  

	1.	We hereby give you notice that, by a debenture (the “Debenture”) entered into by us, Constar International U.K. Limited (the “Chargor”) and The
Bank of New York (the “Security Trustee”) dated 11 February 2005 we assigned to the Security Trustee all our right, title and interest in and to all the insurances details of which are set out in the attached schedule (the
“Insurances”). 

  

	2.	We confirm that notwithstanding the issue of this notice of assignment, the Chargor shall at all times perform its obligations and comply with its liabilities arising pursuant to
the Insurances. 

  

	3.	We irrevocably instruct and authorise you to pay all moneys payable by you to the Chargor in respect of the Insurances to the Chargor unless and until you receive written notice
from the Security Trustee to the contrary, in which event you should make all future payments as then directed by the Security Trustee. 

  

	4.	These instructions are not to be revoked or varied without the prior written consent of the Security Trustee. 

  

	5.	This letter shall be governed and construed in accordance with English law. 

  

	6.	Please confirm your acknowledgement of, and agreement to, the contents of this letter by sending the attached acknowledgement to the Security Trustee with a copy to us.

  

	7.	Please note that your acknowledgement shall in favour of the Security Trustee be deemed to confirm your agreement that: 

  

	 	7.1	no amendment, waiver or release of any rights, interests and benefits under the Insurances shall be effective as regards the Security Trustee for a minimum of 30 days (or such
lesser period (if any) as may be specified from time to time by the relevant underwriters or insurers); and 

  

	 	7.2	no termination of such rights, interests or benefits shall be effective unless you have given written notice of the proposed termination. 

  

 27 

 Yours faithfully, 
  
 ___________________________ 
  
 For and on behalf of 
  
 Constar International
U.K. Limited 
  
 Copied to: 
  
 The Bank of New York 
 One Canada Square 
 Canary Wharf 
 London El4 5AL 
  
 Fax: 0207 964 6399 
  
 Attention: Corporate Trust Administration 
  
 Copied to: 
  
 The Bank of New York 
 101 Barclay Street

 New York 
 New York 10286 
  

			
	 Fax:
	  	+1  212815 5707
	 Attention:
	  	Corporate Trust Administration

  
 [Attach schedule setting out
details of insurance policies including policy numbers] 
  

 28 

  
 Part II 
  
 Form of Acknowledgement of Notice of Assignment of Insurances

  

	To:	The Bank of New York 

 One Canada Square 
 Canary Wharf 
 London El4 5AL 
  
 FAO: Corporate Trust Administration 
  
 [date] 
  
 Dear Sirs, 
  
 Acknowledgement of Notice of Assignment 
  

	1.	We confirm receipt of the notice of assignment dated 11 February 2005 issued by Constar International U.K. Limited (the “Chargor”) of all the Chargors’ rights,
title and interest in or to certain insurances. A copy of that notice is attached. 

  

	2.	We confirm that we: 

  

	 	2.1	have not received any other notice of the interest of any third party relating to the Insurances (as defined in the attached notice); and 

  

	 	2.2	accept the instructions and authorisations contained in that notice and we undertake to act in accordance and comply with the terms of that notice. 

  

	3.	This letter shall be governed and construed in accordance with English Law. 

  

	
	Yours faithfully
	
	  
	For and on behalf of

  
 [Insurance company] 

 
 Copied to: 
  
 The Bank of New York 
 101 Barclay Street

 New York 
 New York 10286 
  

			
	Fax:	  	+1 212 815 5707
		
	Attention:	  	Corporate Trust Administration

  

 29 

							
	EXECUTED as a DEED by	  	)	  	 	  	 
	 Ian Michael Atkinson acting on behalf of
	  	)	  	/s/ Illegible	  	 
	CONSTAR INTERNATIONAL	  	)	  	 	  	 
	U.K. LIMITED under power of attorney	  	)	  	 	  	 
	 Dated February 2005
	  	)	  	 	  	 

  
 Witness: L. Dudley 
 Name: L. Dudley 
 Address: 63, Cross Flatt Terrace, Leeds, L3173PD 
  

Occupation: UK Sales MGR 
  
 Address for Service 
  
 Moor Lane Trading Estate 
 Sherburn-in-Elmet 
 North Yorkshire 
 LS25 6ES 
  

			
	Fax:	  	01977 882090
		
	Attention:	  	Company Secretary

  

							
	EXECUTED as a DEED by	  	)	  	/s/ Trevor Blewer	  	 
	 Two authorised officers of
	  	)	  	Trevor Blewer	  	 
	THE BANK OF NEW YORK	  	)	  	Vice President	  	 

  
 Address for Service

  
 One Canada Square 
 London E14 SAL 
  

			
	Fax:	  	0207 964 6399
		
	Attention:	  	Corporate Trust Administration

  

							
	 	  	 	  	/s/ Paul Pereira	  	 
	 	  	 	  	Paul Pereira, AVP	  	 
	 	  	 	  	 	  	 

 Copied to: 
  
 The Bank of New York 
 101 Barclay Street

 New York 
 New York 10286 
  

			
	Fax:	  	212 815 5707
		
	Attention:	  	Corporate Trust Administration

  

 30

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