Document:

Exhibit 10.4

 

 

 

 

CHEMTURA CORPORATION,

FORMERLY KNOWN AS CROMPTON CORPORATION,

AS SUCCESSOR TO WITCO CORPORATION

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

DATED AS OF JULY 1, 2005

TO THE INDENTURE 

DATED AS OF FEBRUARY 1, 1993

 

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY,

AS SUCCESSOR TO THE CHASE MANHATTAN BANK, N.A.,

AS INITIAL TRUSTEE

 

U.S. BANK NATIONAL ASSOCIATION,

AS SUCCESSOR TO STATE STREET BANK AND TRUST COMPANY

AS SUCCESSOR TO FLEET NATIONAL BANK OF CONNECTICUT,

AS NOTE TRUSTEE

 

 

 

 

FOURTH SUPPLEMENTAL INDENTURE, dated as of July 1,
2005 (this “Fourth Supplemental Indenture”), by and among CHEMTURA
CORPORATION, a Delaware corporation, formerly known as Crompton Corporation, a
Delaware corporation, as successor to Witco Corporation, a Delaware corporation
(the “Company”), the undersigned GUARANTORS parties hereto (the “Guarantors”),
MANUFACTURERS AND TRADERS TRUST COMPANY, as successor to The Chase Manhattan
Bank, N.A. (the “Initial Trustee”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association duly organized under the laws of the United
States, as successor to State Street Bank and Trust Company, as successor to
Fleet National Bank of Connecticut (the “Note Trustee” and together with
the Initial Trustee, the “Trustees”).

 

WHEREAS, the Company and the Initial Trustee are
parties to an indenture, dated as of February 1, 1993 (the “Existing
Indenture”), as supplemented by the first supplemental indenture, by and
among the Company and the Trustees, dated as of February 1, 1996 (the “First
Supplemental Indenture”), the second supplemental indenture by and among
the Company and the Trustees, dated as of August 31, 1999 (the “Second
Supplemental Indenture”), and the second supplemental indenture between the
Company and the Note Trustee, dated as of August 5, 2004 (the “Second
Note Supplemental Indenture” and together with the Existing Indenture, the
First Supplemental Indenture, and the Second Supplemental Indenture, the “Indenture”),
which provides for the issuance of the Company’s senior debt securities to be
issued from time to time in one or more series (the “Securities”); and

 

WHEREAS, pursuant to a definitive merger agreement,
dated as of March 8, 2005 (the “Merger Agreement”), between the
Company, Great Lakes Chemical Corporation, a Delaware corporation (“Great
Lakes”) and Copernicus Merger Corporation, a Delaware corporation and a
direct, wholly owned subsidiary of the Company, Great Lakes became a
wholly-owned subsidiary of the Company, as of July 1, 2005; and

 

WHEREAS, certain wholly-owned domestic subsidiaries of
the Company have agreed to unconditionally guarantee the Securities (such
guarantee, a “Guaranty”) for the benefit of all holders of the
Securities (the “Holders”); and

 

WHEREAS, Section 901 of the Indenture provides
that without the consent of any Holder, the Company, when authorized by a Board
Resolution, and the Trustees, at any time, may enter into a supplemental
indenture to the Indenture, in form satisfactory to the Trustees, to add to the
covenants of the Company for the benefit of the Holders of all or any series of
Securities; and

 

WHEREAS, the execution and delivery of this Fourth
Supplemental Indenture have been duly authorized by the Company, the Trustees
and the Guarantors, and all conditions and requirements necessary to make this
Fourth Supplemental Indenture a valid and binding agreement have been duly
performed and complied with; and

 

NOW, THEREFORE, for and in consideration of the
premises and other good and valuable consideration, the receipt and sufficiency
of which hereby are acknowledged, it is mutually covenanted and agreed, for the
benefit of all Holders of the Securities, that the amendments and additional
provisions be added as follows:

 

 

ARTICLE I.

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.1.                                   Section 101 of the Indenture is amended
to add the following definitions:

 

“Adjusted Net Assets” of a Guarantor at any
date means the lesser of the amount by which (x) the fair value of the property
of such Guarantor exceeds the total amount of liabilities, including, without
limitation, contingent liabilities (after giving effect to all other fixed and
contingent liabilities incurred or assumed on such date), but excluding
liabilities under its Guaranty, of such Guarantor at such date and (y) the present
fair salable value of the assets of such Guarantor at such date exceeds the
amount that will be required to pay the probable liability of such Guarantor on
its debts (after giving effect to all other fixed and contingent liabilities
incurred or assumed on such date), excluding debt in respect of the Guaranty of
such Guarantor, as they become absolute and matured.

 

“Funding Guarantor” means any Guarantor that
makes any payment or distribution to a Holder of a Security or to either
Trustee under its Guaranty.

 

“Guaranteed Obligation” means, with respect to
any Security, the payment in full of principal of and interest on the Security
when due, subject to any applicable grace period, whether at maturity, by
acceleration or otherwise, and the payment of interest on the overdue
principal, if any, and interest on any interest, to the extent lawful, on the
Security and the prompt performance of all other obligations of the Company to
the Holders or to the Trustees under the Indenture.

 

ARTICLE II.

 

GUARANTY

 

Section 2.1.                                   An Article Fourteen
is added to the Indenture as follows:

 

ARTICLE XIV

 

Guaranty

 

Section 1401.                                                                          Guaranty.

 

(a)                                  Each
Guarantor hereby unconditionally guarantees, on a senior unsecured basis
jointly and severally, to each Holder of a Security authenticated and delivered
by either of the Trustees, and to the Trustees and their successors and
assigns, the Securities or the obligations of the Company hereunder or
thereunder, that:  (i) the principal
of and interest on the Securities will be promptly paid in full when due,
subject to any applicable grace period, whether at maturity, by acceleration or
otherwise and interest on the overdue principal, if any, and interest on any
interest, to the extent lawful, of the Securities and all other obligations of
the Company to the Holders or to the Trustees hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (ii) in case of any extension of time of payment or renewal
of any Securities or of any such other obligations, the same will be promptly
paid in full when due or performed in accordance with the terms of the
extension or renewal, 

 

 

subject to any applicable grace period, whether at stated maturity, by
acceleration or otherwise, subject, however, in the case of clauses (i) and
(ii) above, to the limitations set forth in Section 1412.  Each Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Securities or the Indenture, the absence of
any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions hereof, the recovery of any judgment
against the Company, and action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.  Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that this Guaranty will not be discharged except by
complete performance of the obligations contained in the Securities and the
Indenture.  If any Holder or either
Trustee is required by any court or otherwise to return to the Company, any
Guarantor or any custodian, trustee, liquidator or other similar official
acting in relation to the Company or any Guarantor, any amount paid by the
Company or any Guarantor to such Trustee or such Holder, this Guaranty, to the
extent theretofore discharged, shall be reinstated in full force and
effect.  Each Guarantor further agrees
that, as between each Guarantor, on the one hand, and the Holders and the
Trustees, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article Five for the purposes of
this Guaranty, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby,
and (y) in the event of any acceleration of such obligations as provided in Article Five,
such obligations (whether or not due and payable) shall forthwith become due
and payable by each Guarantor for the purpose of this Guaranty.

 

(b)                                 Each
Guarantor understands, agrees and confirms that the Holders may enforce this
Guaranty up to the full amount of the Guaranteed Obligations against such
Guarantor without proceeding against any other Guarantor or the Company.  This Guaranty is a guaranty of prompt payment
and performance and not of collection.

 

Section 1402.                                                  Severability
of the Guaranty.

 

In case any provision of this Guaranty shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 1403.                                                  Liability
Of Guarantors Absolute.

 

The liability of each Guarantor hereunder is primary, absolute, joint
and several, and unconditional and is exclusive and independent of any security
for or other guaranty of the indebtedness of the Company whether executed by
such Guarantor, any other Guarantor, any other guarantor or by any other party,
and the liability of each Guarantor hereunder shall not be affected or impaired
by any circumstance or occurrence whatsoever, including, without
limitation:  (a) any direction as to
application of payment by the Company or any other party, (b) any other
continuing or other guaranty, undertaking or maximum liability of a Guarantor
or of any other party as to the 

 

 

Securities, (c) any payment on or in reduction of any such other
guaranty or undertaking, (d) any dissolution, termination or increase,
decrease or change in personnel by the Company, (e) the failure of any
Guarantor to receive any benefit from or as a result of its execution, delivery
and performance of this Guaranty, (f) any action or inaction by the
Holders as contemplated in Article Five or (g) any invalidity,
rescission, irregularity or unenforceability of all or any part of the
Guaranteed Obligations or of any security therefor.

 

Section 1404.                                                  Obligations
of Guarantors Independent.

 

The obligations of each Guarantor hereunder are independent of the
obligations of any other Guarantor, any other guarantor or the Company, and a
separate action or actions may be brought and prosecuted against each Guarantor
whether or not action is brought against any other Guarantor, any other
guarantor or the Company and whether or not any other Guarantor, any other guarantor
or the Company be joined in any such action or actions.  Each Guarantor waives (to the fullest extent
permitted by applicable law) the benefits of any statute of limitations
affecting its liability hereunder or the enforcement thereof.  Any payment by the Company or other
circumstance which operates to toll any statute of limitations as to the
Company shall operate to toll the statute of limitations as to each Guarantor.

 

Section 1405.                                                  Waivers
By Guarantors.

 

(a)                                  Until
all obligations are paid in full, each Guarantor hereby irrevocably waives any
claims or other rights which it may now or hereafter acquire against the
Company that arise from the existence, payment, performance or enforcement of
such Guarantor’s obligations under its Guaranty and the Indenture, including,
without limitation, any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any
Holder against the Company, whether or not such claim, remedy or right arises
in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Company, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights.  If any amount shall be paid to any Guarantor
in violation of the preceding sentence and the Securities shall not have been
paid in full, such amount shall have been deemed to have been paid to such
Guarantor for the benefit of, and held in trust for the benefit of, the
Holders, and shall, forthwith be paid to the applicable Trustee for the benefit
of such Holders to be credited and applied upon the Securities, whether matured
or unmatured, in accordance with the terms of this Guaranty and the Indenture.

 

(b)                                 Each
Guarantor covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other
law that would prohibit or forgive each such Guarantor from performing its
Guaranty as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of the
Indenture; and (to the extent that it may lawfully do so) each such Guarantor
hereby expressly waives all benefit or 

 

 

advantage of any such law, and covenants that it will not hinder, delay
or impede the execution of any power granted to the Trustees under the
Indenture, but will suffer and permit the execution of every such power as
though no such law had been enacted.

 

Section 1406.                                                  Guaranty
Enforceable By Trustees.

 

Notwithstanding anything to the contrary contained elsewhere in this
Guaranty, the Holders agree (by their acceptance of the benefits of this
Guaranty) that this Guaranty may be enforced as to any series of Securities
guaranteed hereunder only by the action of the applicable Trustee, in each case
acting upon the instructions of the Holders of at least a majority of the
aggregate outstanding principal amount of such series of the Securities and
that no other Person shall have any right individually to seek to enforce or to
enforce this Guaranty, it being understood and agreed that such rights and
remedies may be exercised by the applicable Trustee for the benefit of the
Holders upon the terms of this Guaranty. 
The Holders further agree that this Guaranty may not be enforced against
any director, officer, employee, partner, member or stockholder of any
Guarantor (except to the extent such partner, member or stockholder is also a
Guarantor hereunder).

 

Section 1407.                                                  Benefit
and Binding Effect of Guaranty.

 

This Guaranty shall be binding upon each Guarantor and its successors
and assigns and shall inure to the benefit of the Holders and their successors
and assigns.

 

Section 1408.                                                  Amendments
to Guaranty; Waivers to Guaranty.

 

Neither this Guaranty nor any provision hereof may be changed, waived,
discharged or terminated except with the written consent of each Guarantor
directly affected thereby (it being understood that the addition or release of
any Guarantor hereunder shall not constitute a change, waiver, discharge or
termination affecting any Guarantor other than the Guarantor so added or
released).

 

Section 1409.                                                  Notice
to Guarantors.

 

Except as otherwise specified herein, all notices, requests, demands or
other communications to or upon the Guarantors shall be sent or delivered by
mail, telegraph, telex, telecopy, cable or courier service and all such notices
and communications shall, when mailed, telegraphed, telexed, telecopied, or
cabled or sent by courier, be effective when deposited in the mails, delivered
to the telegraph company, cable company or overnight courier, as the case may
be, or sent by telex or telecopier, except that notices and communications to
any Guarantor shall not be effective until received by such Guarantor.  All notices and other communications shall be
in writing and addressed to such party at 199 Benson Road, Middlebury,
Connecticut, 06762; or in any case at such other address as any of the
Guarantors may hereafter notify the others parties hereto in writing.

 

Section 1410.                                                  Release
of Guarantors.

 

(a)                                  The
Guaranty of a Guarantor will be automatically and unconditionally 

 

 

released without any action on the part of the Holders or the
Trustees:  (1) in connection with
any sale or other disposition of all or substantially all of the assets of that
Guarantor (including, without limitation, by way of merger or consolidation);
or (2) in connection with any sale of all of the Capital Stock of that
Guarantor.

 

(b)                                 The
Guaranty of a Guarantor will be automatically and unconditionally released as
to any series of Securities without any action on the part of the Holders or
the Trustees upon the payment in full of such series of Securities.

 

(c)                                  Concurrently
with any Defeasance or Covenant Defeasance, pursuant to Article Thirteen,
the Guarantors shall be released from all of their obligations under their
respective applicable Guaranty.

 

(d)                                 If
at any time any of the Guarantors under this Guaranty that also is a guarantor
of the Company’s 9 7/8% Notes due 2012 or Senior Floating Rate Notes due 2010
(together, the “Chemtura Notes”) ceases to be a guarantor of the Chemtura
Notes, which includes upon the repayment or redemption of the Chemtura Notes,
this Guaranty will also be automatically and unconditionally released as to
such Guarantor or Guarantors without any action on the part of the Holders or
the Trustee.

 

(e)                                  The
Trustees shall deliver an appropriate instrument evidencing any release of a
Guarantor upon receipt of a request by the Company accompanied by an Officers’
Certificate and Opinion of Counsel certifying as to the compliance with this Section 1410.

 

Section 1411.                                                  Contribution
by Guarantors.

 

In order to provide for just and equitable contribution among the
Guarantors, the Guarantors agree, inter se,
that in the event any payment or distribution is made by any Funding Guarantor
under its Guaranty, such Funding Guarantor shall be entitled to a contribution
from all other Guarantors in a pro rata amount based on the Adjusted Net Assets
of each Guarantor (including the Funding Guarantor) for all payments, damages
and expenses incurred by that Funding Guarantor in discharging the Company’s
obligations with respect to the Securities or any other Guarantor’s obligations
with respect to its Guaranty.

 

Section 1412.                                                  Limitation
on Guarantors’ Liability.

 

Each Guarantor and by its acceptance hereof each Holder hereby confirms
that it is the intention of all such parties that the Guaranty by such
Guarantor pursuant to its Guaranty not constitute a fraudulent transfer or
conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or
state law.  To effectuate the foregoing
intention, the Holders and such Guarantor hereby irrevocably agree that the
obligations of such Guarantor under its Guaranty shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Guarantor and after giving effect to any collections from
or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guaranty or 

 

 

pursuant to Section 1411, result in the obligations of such
Guarantor under the Guaranty not constituting such fraudulent transfer or
conveyance.

 

Section 1413.                                                  Payments
by Guarantors.

 

All payments made by any Guarantor hereunder will be made without
setoff, counterclaim or other defense.

 

Section 1414.                                                  Additional
Guarantors.

 

It is understood and agreed that any present or future Subsidiary of
the Company that after the date hereof becomes a Guarantor and guarantees the
Securities shall become a Guarantor by executing and delivering to the Trustees
a supplemental indenture pursuant to which such Subsidiary shall
unconditionally guarantee all of the Company’s obligations under the Securities
issued under the Indenture on the terms set forth in this Fourth Supplemental
Indenture and taking all actions as specified in this Guaranty as would have
been taken by such Guarantor had it been an original party to this Fourth
Supplemental Indenture, in each case with all documents and actions required to
be taken above to the reasonable satisfaction of the Trustees.

 

ARTICLE III.

 

MISCELLANEOUS

 

Section 3.1. 
The Trustees accept the trusts created by the Indenture, as amended and
supplemented by this Fourth Supplemental Indenture, and agree to perform the
same upon the terms and conditions of the Indenture, as amended and
supplemented by this Fourth Supplemental Indenture.

 

Section 3.2. 
All capitalized terms used and not defined herein shall have the
respective meanings assigned to them in the Indenture.

 

Section 3.3. 
Upon execution and delivery of this Fourth Supplemental Indenture, the
terms and conditions of this Fourth Supplemental Indenture shall be part of the
terms and conditions of the Indenture for any and all purposes, and all the
terms and conditions of both shall be read together as though they constitute
one and the same instrument, except that in case of conflict, the provisions of
this Fourth Supplemental Indenture will control.

 

Section 3.4. 
Each of the Company and the Trustees hereby confirms and reaffirms the
Indenture in every particular except as amended and supplemented by this Fourth
Supplemental Indenture.

 

Section 3.5. 
All covenants and agreements in this Fourth Supplemental Indenture by
the Company, the Guarantors or the Trustees shall bind their respective successors
and assigns, whether so expressed or not.

 

Section 3.6. 
In case any provisions in this Fourth Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

 

Section 3.7. 
Nothing in this Fourth Supplemental Indenture, express or implied, shall
give to any Person, other than the parties hereto and their successors under
the Indenture and the Holders of the Securities, any benefit or any legal or
equitable right, remedy or claim under the Indenture.

 

Section 3.8. 
The parties may sign any number of copies of this Fourth Supplemental
Indenture.  Each signed copy shall be an
original, but all of them together shall represent the same agreement.  One signed copy is enough to prove this
Fourth Supplemental Indenture.

 

Section 3.9. 
This Fourth Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York, as applied to contracts made
and performed within the State of New York, without regard to principles of
conflicts of law.  Each of the parties
hereto agrees to submit to the jurisdiction of the courts of the State of New
York in any action or proceeding arising out of or relating to this Fourth
Supplemental Indenture.

 

Section 3.10. 
All provisions of this Fourth Supplemental Indenture shall be deemed to
be incorporated in, and made a part of, the Indenture; and the Indenture, as
amended and supplemented by this Fourth Supplemental Indenture, shall be read,
taken and construed as one and the same instrument.

 

Section 3.11. 
The recitals contained herein shall be taken as the statements of the
Company and the Guarantors, and the Trustees assume no responsibility for their
correctness.  The Trustees shall not be
liable or responsible for the validity or sufficiency of this Fourth
Supplemental Indenture or the due authorization of this Fourth Supplemental
Indenture by the Company or the Guarantors. 
In entering into this Fourth Supplemental Indenture, the Trustees shall
be entitled to the benefit of every provision of the Indenture relating to the
conduct of, affecting the liability of or affording protection to the Trustees,
whether or not elsewhere herein so provided.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Fourth Supplemental Indenture to be duly executed as of the date first
written above.

 

	
   

  	
  CHEMTURA
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GREAT
  LAKES CHEMICAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A &
  M CLEANING PRODUCTS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AQUA
  CLEAR INDUSTRIES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASCK,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
						

 

 

	
   

  	
  ASEPSIS,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIOLAB
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIOLAB
  TEXTILE ADDITIVES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIO-LAB,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNK
  CHEMICAL REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON
  COLORS INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
						

 

 

	
   

  	
  CROMPTON EUROPE FINANCIAL SERVICES 

  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON
  HOLDING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON
  MANUFACTURING COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON
  MONOCHEM, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLK
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
						

 

 

	
   

  	
  GREAT
  LAKES CHEMICAL GLOBAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GT
  SEED TREATMENT, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOMECARE
  LABS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ISCI,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEM
  MANUFACTURING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MONOCHEM,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
							

 

 

	
   

  	
  NAUGATUCK
  TREATMENT COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PABU
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PCBU
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RECREATIONAL
  WATER PRODUCTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIROYAL
  CHEMICAL COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
										

 

 

	
   

  	
  UNIROYAL CHEMICAL COMPANY LIMITED (DELAWARE)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBER
  CITY ROAD LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WRL
  OF INDIANA, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name:
  Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title:
  Treasurer

  
						

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as
  Note Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Arthur L. Blakeslee

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Arthur
  L. Blakeslee

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
						

 

 

	
   

  	
  MANUFACTURERS
  AND TRADERS TRUST 

  COMPANY,

  
	
   

  	
  as
  Initial Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Jay Smith

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jay
  Smith

  
	
   

  	
   

  	
  Title:

  	
  Vice
  PresidentEXHIBIT 10.5

 

 

 

 

GREAT LAKES CHEMICAL CORPORATION

 

 

 

SUPPLEMENTAL INDENTURE

DATED AS OF JULY 1, 2005

TO THE INDENTURE 

DATED AS OF JULY 16, 1999

 

 

 

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

AS SUCCESSOR TO THE FIRST NATIONAL BANK OF CHICAGO,

AS TRUSTEE

 

 

 

 

SUPPLEMENTAL INDENTURE, dated as of July 1, 2005
(this “Supplemental Indenture”), by and among GREAT LAKES CHEMICAL CORPORATION,
a Delaware corporation (the “Company”), CHEMTURA CORPORATION, a Delaware
corporation, formerly known as Crompton Corporation (“Chemtura”), the
undersigned GUARANTORS parties hereto (together with Chemtura, the “Guarantors”)
and J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
association organized under the laws of the United States (as successor to The
First National Bank Of Chicago), as trustee (the “Trustee”).

 

WHEREAS, the Company and the Trustee are parties to an
indenture, dated as of July 16, 1999 (the “Indenture”), which provides for
the issuance of the Company’s senior debt securities to be issued from time to
time in one or more series (the “Securities”); and

 

WHEREAS, the Company, pursuant to the Indenture and a
Board Resolution (as defined in the Indenture), dated as of July 16, 1999,
issued an aggregate principal amount of $400,000,000 of its 7% Notes due 2009
(the “Notes”); and

 

WHEREAS, pursuant to a definitive merger agreement,
dated as of March 8, 2005 (the “Merger Agreement”), between the Company,
Chemtura and Copernicus Merger Corporation, a Delaware corporation and a
direct, wholly owned subsidiary of Chemtura, the Company became a wholly-owned
subsidiary of Chemtura, as of July 1, 2005; and

 

WHEREAS, as a result of the Merger Agreement, the
results of operations of the Company will be included in the consolidated
results of operations of Chemtura, and accordingly, Chemtura and the Company
desire that Chemtura provide such reports and documents to the Trustee as
required pursuant to Section 4.4 of the Indenture in place of the Company;
and

 

WHEREAS, Chemtura and certain wholly-owned domestic
subsidiaries of Chemtura have agreed to unconditionally guarantee the
Securities for the benefit of all holders of the Securities (the “Holders”);
and

 

WHEREAS, Section 9.1(5) of the Indenture
provides that the Company, when authorized by a Board Resolution, may enter
into a supplemental indenture to the Indenture with the Trustee to make any
change which does not materially adversely affect the legal rights of any
Holder of a Security under the Indenture as then in effect, without prior
notice to or the consent of any Holder of a Security, as such term is defined
in the Indenture; and

 

WHEREAS, Section 9.1(8) of the Indenture
provides that the Company, when authorized by a Board Resolution, may enter
into a supplemental indenture to the Indenture with the Trustee to add to the
covenants and agreements of the Company for the benefit of all of the Holders
of all of the Securities with respect to a series without prior notice to or
the consent of any Holder of a Security, as such term is defined in the
Indenture; and

 

WHEREAS, the execution and delivery of this
Supplemental Indenture have been duly authorized by the Company, the Guarantors
and the Trustee, and all conditions and requirements necessary to make this
Supplemental Indenture a valid and binding agreement have 

 

 

been duly performed and complied with; and

 

NOW, THEREFORE, for and in consideration of the
premises and other good and valuable consideration, the receipt and sufficiency
of which hereby are acknowledged, it is mutually covenanted and agreed, for the
benefit of all Holders of the Securities as follows:

 

ARTICLE I.

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.                                   Section 1.2 of the Indenture is amended
to add the following definitions:

 

	
  Term

  	
   

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Adjusted Net Assets”

  	
   

  	
  14.11

  
	
   

  	
   

  	
   

  
	
  “Funding Guarantor”

  	
   

  	
  14.11

  
	
   

  	
   

  	
   

  
	
  “Guaranteed Obligation”

  	
   

  	
  14.1

  
	
   

  	
   

  	
   

  
	
  “Guaranty”

  	
   

  	
  14.1

  

 

ARTICLE II.

 

AMENDMENT TO ARTICLE 4—COVENANTS

 

Section 2.1.            Section 4.4
of the Indenture is hereby amended to read in its entirety as set forth below:

 

Section 4.4.                                   COMMISSION
REPORTS, REPORTS TO TRUSTEE, REPORTS TO HOLDERS

 

(a)                                  So
long as any Security is outstanding, and so long as Chemtura Corporation, a
Delaware corporation (“Chemtura”), or its successors or assigns, guarantees the
Securities issued under this Indenture, Chemtura will:

 

(i)  file with the Trustee, within 15 days after Chemtura is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports which Chemtura may be required
to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act (or copies of such portions thereof as may be prescribed by
the Commission by rules and regulations); or, if Chemtura is not required
to file with the Commission information, documents or reports pursuant to
either Section 13 or Section 15(d) of the Exchange Act, then
Chemtura will file with the Trustee and mail to the Holders of the Securities,
as the names and addresses of such Holders appear upon the register of
Securities, (x) annual reports containing the information required by the
Exchange Act to be contained in an Annual Report on Form 10-K, (y)
quarterly reports containing the information required by the Exchange Act to be
contained in a Quarterly Report on Form 10-Q and (z) promptly after the
occurrence of an event required to be therein reported, such other reports
containing information required by the Exchange Act to be contained in a
Current 

 

 

Report on Form 8-K;

 

(ii)  file with the Trustee and the Commission, in accordance with
the rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance
with this Paragraph (a) of Section 4.4 as may be required by such rules and
regulations, including, in the case of annual reports, if required by such rules and
regulations, certificates or opinions of independent public accountants,
conforming to the requirements of Sections 13.4 and 13.5, as to compliance with
this Paragraph (a) of Section 4.4, compliance with which is subject
to verification by accountants; and

 

(iii)  mail to the Holders of the Registered Securities, as the
names and addresses of such Holders appear upon the register of Securities, in
the manner and to the extent provided in Section 7.6, such additional
summaries of any information, documents and reports required to be filed with
the Trustee pursuant to the provisions of this Paragraph (a) of Section 4.4
as may be required to be provided to such Holders by the rules and
regulations of the Commission under the provisions of the TIA.

 

(b)                                 If
Chemtura, or its successors or assigns, ceases to guarantee any Security issued
under this Indenture, this Section 4.4 shall be deemed to revert in its
entirety to its form as originally set forth in the Indenture dated as of July 16,
1999.

 

ARTICLE III.

 

GUARANTY

 

Section 3.1.                                   An Article XIV
is added to the Indenture as follows:

 

ARTICLE XIV

 

GUARANTY

 

Section 14.1.                                                                             GUARANTY.

 

(a)                                  Each
Guarantor hereby unconditionally guarantees (such guarantee to be referred to
herein as a “Guaranty”), on a senior unsecured basis jointly and severally, to
each Holder of a Security authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, the Securities or the obligations of
the Company hereunder or thereunder, that: 
(i) the principal of and interest on the Securities will be
promptly paid in full when due, subject to any applicable grace period, whether
at maturity, by acceleration or otherwise and interest on the overdue
principal, if any, and interest on any interest, to the extent lawful, of the
Securities and all other obligations of the Company to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all
in accordance with the terms hereof and thereof (the “Guaranteed Obligations”);
and (ii) in case of any extension of time of payment or renewal of any 

 

 

Securities or of any such other obligations, the same will be promptly
paid in full when due or performed in accordance with the terms of the
extension or renewal, subject to any applicable grace period, whether at stated
maturity, by acceleration or otherwise, subject, however, in the case of
clauses (i) and (ii) above, to the limitations set forth in Section 14.12.  Each Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Securities or the Indenture, the absence of
any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions hereof, the recovery of any judgment
against the Company, and action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.  Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that this Guaranty will not be discharged except by
complete performance of the obligations contained in the Securities and the
Indenture.  If any Holder or the Trustee
is required by any court or otherwise to return to the Company, any Guarantor
or any custodian, trustee, liquidator or other similar official acting in
relation to the Company or any Guarantor, any amount paid by the Company or any
Guarantor to the Trustee or such Holder, this Guaranty, to the extent theretofore
discharged, shall be reinstated in full force and effect.  Each Guarantor further agrees that, as
between each Guarantor, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article VI for the purposes of this Guaranty,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any acceleration of such obligations as provided in Article VI,
such obligations (whether or not due and payable) shall forthwith become due
and payable by each Guarantor for the purpose of this Guaranty.

 

(b)                                 Each
Guarantor understands, agrees and confirms that the Holders may enforce this
Guaranty up to the full amount of the Guaranteed Obligations against such
Guarantor without proceeding against any other Guarantor or the Company.  This Guaranty is a guaranty of prompt payment
and performance and not of collection.

 

Section 14.2.                                                                             SEVERABILITY
OF THE GUARANTY.

 

In case any provision of this Guaranty shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 14.3.                                                                             LIABILITY
OF GUARANTORS ABSOLUTE.

 

The liability of each Guarantor hereunder is primary, absolute, joint
and several, and unconditional and is exclusive and independent of any security
for or other guaranty of the indebtedness of the Company whether executed by
such Guarantor, any other Guarantor, any other guarantor or by any other party,
and the liability of each Guarantor hereunder shall not be affected or impaired
by any circumstance or occurrence whatsoever, including, without limitation:  (a) any direction as to application of
payment 

 

 

by the Company or any other party, (b) any other continuing or
other guaranty, undertaking or maximum liability of a Guarantor or of any other
party as to the Securities, (c) any payment on or in reduction of any such
other guaranty or undertaking, (d) any dissolution, termination or
increase, decrease or change in personnel by the Company, (e) the failure
of any Guarantor to receive any benefit from or as a result of its execution,
delivery and performance of this Guaranty, (f) any action or inaction by
the Holders as contemplated in Article VI or (g) any invalidity,
rescission, irregularity or unenforceability of all or any part of the
Guaranteed Obligations or of any security therefor.

 

Section 14.4.                                                                             OBLIGATIONS
OF GUARANTORS INDEPENDENT.

 

The obligations of each Guarantor hereunder are independent of the
obligations of any other Guarantor, any other guarantor or the Company, and a
separate action or actions may be brought and prosecuted against each Guarantor
whether or not action is brought against any other Guarantor, any other
guarantor or the Company and whether or not any other Guarantor, any other
guarantor or the Company be joined in any such action or actions.  Each Guarantor waives (to the fullest extent
permitted by applicable law) the benefits of any statute of limitations
affecting its liability hereunder or the enforcement thereof.  Any payment by the Company or other
circumstance which operates to toll any statute of limitations as to the
Company shall operate to toll the statute of limitations as to each Guarantor.

 

Section 14.5                                                                                WAIVERS
BY GUARANTORS.

 

(a)                                  Until
all obligations are paid in full, each Guarantor hereby irrevocably waives any
claims or other rights which it may now or hereafter acquire against the
Company that arise from the existence, payment, performance or enforcement of
such Guarantor’s obligations under its Guaranty and the Indenture, including,
without limitation, any right of subrogation, reimbursement, exoneration,
indemnification, and any right to participate in any claim or remedy of any
Holder against the Company, whether or not such claim, remedy or right arises
in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Company, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights.  If any amount shall be paid to any Guarantor
in violation of the preceding sentence and the Securities shall not have been
paid in full, such amount shall have been deemed to have been paid to such
Guarantor for the benefit of, and held in trust for the benefit of, the
Holders, and shall, forthwith be paid to the Trustee for the benefit of such
Holders to be credited and applied upon the Securities, whether matured or
unmatured, in accordance with the terms of this Guaranty and the Indenture.

 

(b)                                 Each
Guarantor covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other
law that would prohibit or forgive each such Guarantor from performing its
Guaranty as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which 

 

 

may affect the covenants or the performance of the Indenture; and (to
the extent that it may lawfully do so) each such Guarantor hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power granted to the Trustee under
the Indenture, but will suffer and permit the execution of every such power as
though no such law had been enacted.

 

Section 14.6.                                                                             GUARANTY
ENFORCEABLE BY TRUSTEE.

 

Notwithstanding anything to the contrary contained elsewhere in this
Guaranty, the Holders agree (by their acceptance of the benefits of this
Guaranty) that this Guaranty may be enforced as to any series of Securities
guaranteed hereunder only by the action of the Trustee, in each case acting
upon the instructions of the Holders of at least a majority of the aggregate
outstanding principal amount of such series of the Securities and that no other
Person shall have any right individually to seek to enforce or to enforce this
Guaranty, it being understood and agreed that such rights and remedies may be
exercised by the Trustee, for the benefit of the Holders upon the terms of this
Guaranty.  The Holders further agree that
this Guaranty may not be enforced against any director, officer, employee,
partner, member or stockholder of any Guarantor (except to the extent such
partner, member or stockholder is also a Guarantor hereunder).

 

Section 14.7.                                                                             BENEFIT
AND BINDING EFFECT OF GUARANTY.

 

This Guaranty shall be binding upon each Guarantor and its successors
and assigns and shall inure to the benefit of the Holders and their successors
and assigns.

 

Section 14.8.                                                                             AMENDMENTS
TO GUARANTY; WAIVERS TO GUARANTY.

 

Neither this Guaranty nor any provision hereof may be changed, waived,
discharged or terminated except with the written consent of each Guarantor
directly affected thereby (it being understood that the addition or release of
any Guarantor hereunder shall not constitute a change, waiver, discharge or
termination affecting any Guarantor other than the Guarantor so added or
released).

 

Section 14.9.                                                                             NOTICE
TO GUARANTORS.

 

Except as otherwise specified herein, all notices, requests, demands or
other communications to or upon the Guarantors shall be sent or delivered by
mail, telegraph, telex, telecopy, cable or courier service and all such notices
and communications shall, when mailed, telegraphed, telexed, telecopied, or
cabled or sent by courier, be effective when deposited in the mails, delivered
to the telegraph company, cable company or overnight courier, as the case may
be, or sent by telex or telecopier, except that notices and communications to
any Guarantor shall not be effective until received by such Guarantor.  All notices and other communications shall be
in writing and addressed to such party at 199 Benson Road, Middlebury,
Connecticut, 06762; or in any case at such other address as any of the
Guarantors may hereafter notify the others parties hereto in writing.

 

 

Section 14.10.                                                                       RELEASE
OF GUARANTORS.

 

(a)                                  The
Guaranty of a Guarantor will be automatically and unconditionally released
without any action on the part of the Holders or the Trustee:  (1) in connection with any sale or other
disposition of all or substantially all of the assets of that Guarantor
(including, without limitation, by way of merger or consolidation); or (2) in
connection with any sale of all of the Capital Stock of that Guarantor.

 

(b)                                 The
Guaranty of a Guarantor will be automatically and unconditionally released as
to any series of Securities without any action on the part of the Holders or
the Trustee upon the payment in full of such series of Securities.

 

(c)                                  Concurrently
with any legal defeasance or covenant defeasance, pursuant to Article VIII,
the Guarantors shall be released from all of their obligations under their
respective applicable Guaranty.

 

(d)                                 If
at any time any of the Guarantors under this Guaranty that also is a guarantor
of Chemtura’s 9 7/8% Notes due 2012 or Senior Floating Rate Notes due 2010
(together, the “Chemtura Notes”) ceases to be a guarantor of the Chemtura
Notes, which includes upon the repayment or redemption of the Chemtura Notes,
this Guaranty will also be automatically and unconditionally released as to
such Guarantor or Guarantors without any action on the part of the Holders or
the Trustee.

 

(e)                                  The
Trustee shall deliver an appropriate instrument evidencing any release of a
Guarantor upon receipt of a request by the Company accompanied by an Officers’
Certificate and Opinion of Counsel certifying as to the compliance with this Section 14.10.

 

Section 14.11.                                                                       CONTRIBUTION
BY GUARANTORS.

 

In order to provide for just and equitable contribution among the
Guarantors, the Guarantors agree, inter se,
that in the event any payment or distribution is made by any Guarantor (a “Funding
Guarantor”) under its Guaranty, such Funding Guarantor shall be entitled to a
contribution from all other Guarantors in a pro rata amount based on the
Adjusted Net Assets (as defined below) of each Guarantor (including the Funding
Guarantor) for all payments, damages and expenses incurred by that Funding
Guarantor in discharging the Company’s obligations with respect to the
Securities or any other Guarantor’s obligations with respect to its
Guaranty.  “Adjusted Net Assets” of such
Guarantor at any date shall mean the lesser of the amount by which (x) the fair
value of the property of such Guarantor exceeds the total amount of
liabilities, including, without limitation, contingent liabilities (after
giving effect to all other fixed and contingent liabilities incurred or assumed
on such date), but excluding liabilities under its Guaranty, of such Guarantor
at such date and (y) the present fair salable value of the assets of such
Guarantor at such date exceeds the amount that will be required to pay the
probable liability of such Guarantor on its debts (after giving effect to all
other fixed and contingent liabilities incurred or assumed on such date),
excluding debt in respect of the Guaranty of such Guarantor, as they become
absolute and matured.

 

 

Section 14.12.                                                                       LIMITATION
ON GUARANTORS’ LIABILITY.

 

Each Guarantor and by its acceptance hereof each Holder hereby confirms
that it is the intention of all such parties that the Guaranty by such
Guarantor pursuant to its Guaranty not constitute a fraudulent transfer or
conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or
state law.  To effectuate the foregoing
intention, the Holders and such Guarantor hereby irrevocably agree that the
obligations of such Guarantor under its Guaranty shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Guarantor and after giving effect to any collections from
or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guaranty or pursuant to Section 14.13,
result in the obligations of such Guarantor under the Guaranty not constituting
such fraudulent transfer or conveyance.

 

Section 14.13.                                                                       PAYMENTS
BY GUARANTORS.

 

All payments made by any Guarantor hereunder will be made without
setoff, counterclaim or other defense.

 

Section 14.14.                                                                       ADDITIONAL
GUARANTORS.

 

It is understood and agreed that any present
or future Subsidiary of Chemtura that after the date hereof becomes a Guarantor
and guarantees the Securities shall become a Guarantor by executing and
delivering to the Trustee a supplemental indenture pursuant to which such
Subsidiary shall unconditionally guarantee all of the Company’s obligations
under the Securities issued under the Indenture on the terms set forth in this
Supplemental Indenture and taking all actions as specified in this Guaranty as
would have been taken by such Guarantor had it been an original party to this
Supplemental Indenture, in each case with all documents and actions required to
be taken above to the reasonable satisfaction of the Trustee.

 

ARTICLE IV.

 

MISCELLANEOUS

 

Section 4.1. 
The Trustee accepts the trusts created by the Indenture, as amended and
supplemented by this Supplemental Indenture, and agrees to perform the same
upon the terms and conditions of the Indenture, as amended and supplemented by
this Supplemental Indenture.

 

Section 4.2. 
All capitalized terms used and not defined herein shall have the
respective meanings assigned to them in the Indenture.

 

Section 4.3. 
Upon execution and delivery of this Supplemental Indenture, the terms
and conditions of this Supplemental Indenture shall be part of the terms and
conditions of the Indenture for any and all purposes, and all the terms and
conditions of both shall be read together as though they constitute one and the
same instrument, except that in case of conflict, the 

 

 

provisions of this Supplemental Indenture will
control.

 

Section 4.4. 
Each of the Company and the Trustee hereby confirms and reaffirms the
Indenture in every particular except as amended and supplemented by this
Supplemental Indenture.

 

Section 4.5. 
All covenants and agreements in this Supplemental Indenture by the
Company, the Guarantors and the Trustee shall bind their respective successors
and assigns, whether so expressed or not.

 

Section 4.6. 
In case any provisions in this Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.7. 
Nothing in this Supplemental Indenture, express or implied, shall give
to any Person, other than the parties hereto and their successors under the
Indenture and the Holders of the Securities, any benefit or any legal or
equitable right, remedy or claim under the Indenture.

 

Section 4.8. 
The parties may sign any number of copies of this Supplemental
Indenture.  Each signed copy shall be an
original, but all of them together shall represent the same agreement.  One signed copy is enough to prove this
Supplemental Indenture.

 

Section 4.9. 
This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York, as applied to contracts made
and performed within the State of New York, without regard to principles of
conflicts of law.  Each of the parties
hereto agrees to submit to the jurisdiction of the courts of the State of New
York in any action or proceeding arising out of or relating to this
Supplemental Indenture.

 

Section 4.10. 
All provisions of this Supplemental Indenture shall be deemed to be
incorporated in, and made a part of, the Indenture; and the Indenture, as
amended and supplemented by this Supplemental Indenture, shall be read, taken
and construed as one and the same instrument.

 

Section 4.11. 
The recitals contained herein shall be taken as the statements of the
Company and the Guarantors, and the Trustee assumes no responsibility for their
correctness.  The Trustee shall not be
liable or responsible for the validity or sufficiency of this Supplemental
Indenture or the due authorization of this Supplemental Indenture by the
Company or the Guarantors.  In entering
into this Supplemental Indenture, the Trustee shall be entitled to the benefit
of every provision of the Indenture relating to the conduct of, affecting the
liability of or affording protection to the Trustee, whether or not elsewhere
herein so provided.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed as of the date first written
above.

 

 

	
   

  	
  GREAT LAKES CHEMICAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHEMTURA CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A & M CLEANING PRODUCTS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AQUA CLEAR INDUSTRIES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASCK, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
							

 

 

	
   

  	
  ASEPSIS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIOLAB SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIOLAB TEXTILE ADDITIVES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BIO-LAB, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CNK CHEMICAL REALTY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
						

 

 

	
   

  	
  CROMPTON COLORS INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON
  EUROPE FINANCIAL SERVICES 

  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON HOLDING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON MANUFACTURING COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CROMPTON MONOCHEM, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
							

 

 

	
   

  	
  GLK SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GREAT LAKES CHEMICAL GLOBAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GT SEED TREATMENT, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOMECARE LABS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ISCI, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEM MANUFACTURING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
						

 

 

	
   

  	
  MONOCHEM, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NAUGATUCK TREATMENT COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PABU SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PCBU SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RECREATIONAL WATER PRODUCTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
									

 

 

	
   

  	
  UNIROYAL CHEMICAL COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UNIROYAL
  CHEMICAL COMPANY LIMITED (DELAWARE)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBER CITY ROAD LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WRL OF INDIANA, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Eric C. Wisnefsky

  	
   

  
	
   

  	
   

  	
  Name: Eric C. Wisnefsky

  
	
   

  	
   

  	
  Title: Treasurer

  
						

 

 

	
   

  	
  J.P.
  MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Janice Ott Rotunno

  	
   

  
	
   

  	
   

  	
  Name:
  Janice Ott Rotunno

  
	
   

  	
   

  	
  Title:
  Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]