Document:

EXECUTION COPY

 

 

 

	
             
 

 

 

BA CREDIT CARD TRUST

as Issuer

 

CLASS B(2007-2) TERMS DOCUMENT

dated as of January 31, 2007

to

AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

dated as of June 10, 2006

to

SECOND AMENDED AND RESTATED INDENTURE

dated as of October 20, 2006

 

THE BANK OF NEW YORK

as Indenture Trustee

 

 

	
             
 

 

 

 

	
            ARTICLE I
 
	
             
 	
             
 	
             
 
	
            Definitions and Other Provisions of General Application
 
	
             
 	
             
 	
             
 
	
            Section 1.01.
 	
            Definitions
 	
            1
 
	
             
 	
             
 	
             
 
	
            Section 1.02.
 	
            Governing Law; Submission to Jurisdiction; Agent for Service of Process
 	
            5
 
	
             
 	
             
 	
             
 
	
            Section 1.03.
 	
            Counterparts
 	
            6
 
	
             
 	
             
 	
             
 
	
            Section 1.04.
 	
            Ratification of Indenture and Indenture Supplement
 	
            6
 
	
             
 	
             
 	
             
 
	
            ARTICLE II
 
	
             
 	
             
 	
             
 
	
            The Class B(2007-2) Notes
 
	
             
 	
             
 	
             
 
	
            Section 2.01.
 	
            Creation and Designation
 	
            7
 
	
             
 	
             
 	
             
 
	
            Section 2.02.
 	
            Specification of Required Subordinated Amount and other Terms
 	
            9
 
	
             
 	
             
 	
             
 
	
            Section 2.03.
 	
            Interest Payment
 	
            8
 
	
             
 	
             
 	
             
 
	
            Section 2.04.
 	
            Calculation Agent; Determination of LIBOR
 	
            8
 
	
             
 	
             
 	
             
 
	
            Section 2.05.
 	
            Payments of Interest and Principal
 	
            9
 
	
             
 	
             
 	
             
 
	
            Section 2.06.
 	
            Form of Delivery of Class B(2007-2) Notes; Depository; Denominations
 	
            10
 
	
             
 	
             
 	
             
 
	
            Section 2.07.
 	
            Delivery and Payment for the Class B(2007-2) Notes
 	
            10
 
	
             
 	
             
 	
             
 
	
            Section 2.08.
 	
            Targeted Deposits to the Accumulation Reserve Account
 	
            10
 
	
             
 	
             
 	
             
 
	
            ARTICLE III
 
	
             
 	
             
 	
             
 
	
            Representations and Warranties
 
	
             
 	
             
 	
             
 
	
            Section 3.01.
 	
            Issuer’s Representations and Warranties
 	
            11
 
				

 

THIS CLASS B(2007-2) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of January 31, 2007.

 

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class B Notes and shall specify the principal terms thereof.

 

ARTICLE I

 

Definitions and Other Provisions of General Application

Section 1.01.     Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

(a)          the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

(b)          all other terms used herein which are defined in the Amended and Restated BAseries Indenture Supplement, dated as of June 10, 2006 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Second Amended and Restated Indenture, dated as of October 20, 2006 (the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by FIA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein;

(c)          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation;

(d)          all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document as originally executed;

(e)          the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision;

(f)           in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling;

(g)          each capitalized term defined herein shall relate only to the Class   B(2007-2) Notes and no other tranche of Notes issued by the Issuer; and

 

 

 

 

(h)          “including” and words of similar import will be deemed to be followed by “without limitation.”

“Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class B(2007-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the December 2011 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to
commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the June 2012 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the August 2012 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class B(2007-2) Notes and (ii) the date on which
the Class B(2007-2) Notes are paid in full.

 

“Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D Supplement) and (iii) so long as FIA or The Bank of New York is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

 

“BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period.

 

“Calculation Agent” is defined in Section 2.04(a).

 

“Class B(2007-2) Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class B(2007-2) Note and duly executed and authenticated in accordance with the Indenture.

 

“Class B(2007-2) Noteholder” means a Person in whose name a Class B(2007-2) Note is registered in the Note Register.

 

 

2

 

 

 

“Class B(2007-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class  B(2007-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

 

“Class B Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

 

“Controlled Accumulation Amount” means $20,833,333.34; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

 

“Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

 

“Expected Principal Payment Date” means January 15, 2014.

 

“Initial Dollar Principal Amount” means $250,000,000.

 

“Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing March 15, 2007.

 

“Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date.

 

“Issuance Date” means January 31, 2007.

 

“Legal Maturity Date” means June 15, 2016.

 

“LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for that Interest Period in accordance with the provisions of Section 2.04.

 

“LIBOR Determination Date” means January 29, 2007 for the period from and including the Issuance Date to but excluding March 15, 2007, and for each Interest Period thereafter, the second London Business Day prior to the Interest Payment Date on which such Interest Period commences.

 

“London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market.

 

3

 

 

 

“Note Interest Rate” means a per annum rate equal to 0.20% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.

 

“Paying Agent” means The Bank of New York.

 

“Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the BAseries pursuant to Section 501 of the Indenture, plus (b) any Interest Funding sub-Account Earnings on the related Transfer Date, plus (c) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the BAseries Servicer Interchange for such Monthly Period, minus (e) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate
amount to be treated as BAseries Available Funds for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of BAseries Notes for such Monthly Period, minus (f) the BAseries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period.

 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

“Quarterly Excess Available Funds Percentage” means, with respect to the December 2011 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

 

“Record Date” means, for any Transfer Date, the last Business Day of the preceding Monthly Period.

 

“Reference Banks” means four major banks in the London interbank market selected by the Beneficiary.

 

“Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class B(2007-2) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the 

 

4

 

 

Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

 

“Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period.

 

“Stated Principal Amount” means $250,000,000.

 

“Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices).

 

“Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries, or of all of the Outstanding Notes of the BAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

 

(a)          in the case of a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date;

(b)          in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

(c)          in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and

(d)          in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

Section 1.02.     Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.  Each of
the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of 

 

5

 

 

mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

Section 1.03.     Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

Section 1.04.     Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

[END OF ARTICLE I]

 

6

 

 

 

ARTICLE II

 

The Class B(2007-2) Notes

Section 2.01.     Creation and Designation.  There is hereby created a tranche of BAseries Class B Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “BAseries Class B(2007-2) Notes.”

Section 2.02.     Specification of Required Subordinated Amount and other Terms.

(a)          Notwithstanding any provision of Section 2.03 of the Indenture Supplement to the contrary, on any date of determination, the available subordinated amount of Class C Notes for the Class B(2007-2) Notes shall be at least equal to the Class B Required Subordinated Amount of Class C Notes for the Class B(2007-2) Notes.  For purposes of this clause, the available subordinated amount of Class C Notes for the Class B(2007-2) Notes as of any date will be an amount equal to, after giving effect to any issuances, deposits, allocations, reallocations or payments to be made on that date:

(i)           the aggregate Nominal Liquidation Amount of all tranches of Class C Notes which are Outstanding on that date; minus

(ii)          the sum of (A) the aggregate Class B Required Subordinated Amount of Class C Notes for all other tranches of Class B Notes which are Outstanding on that date plus (B) the aggregate Class A Required Subordinated Amount of Class C Notes for all tranches of Class A Notes for which the Class A Required Subordinated Amount of Class B Notes is equal to zero which are Outstanding on that date.

(b)          (i)          For the Class B(2007-2) Notes for any date of determination, the Class B Required Subordinated Amount of Class C Notes will be an amount equal to the product of (A) the Adjusted Outstanding Dollar Principal Amount of the Class B(2007-2) Notes on such date, times (B) the sum of:

(A)         a fraction, the numerator of which is the aggregate Class A Required Subordinated Amount of Class C Notes for all tranches of Class A Notes which are Outstanding on that date, for which the Class A Required Subordinated Amount of Class B Notes is greater than zero and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2007-2) Notes) which are Outstanding on that date; plus

(B)         the product of:

    (1)          6.95187%; times

(2)          a fraction, the numerator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2007-2) Notes) which are Outstanding on that date minus the aggregate Class A Required Subordinated Amount of Class B Notes for all tranches of Class A 

 

7

 

 

Notes which are Outstanding on that date, and the denominator of which is the aggregate Adjusted Outstanding Dollar Principal Amount for all tranches of Class B Notes (including the Class B(2007-2) Notes) which are Outstanding on that date.

(ii)          If an Early Redemption Event with respect to the Class B(2007-2) Notes shall have occurred, if an Event of Default and acceleration of the Class B(2007-2) Notes shall have occurred or if the Class B Usage of the Class C Required Subordinated Amount for the Class B(2007-2) Notes is greater than zero, on any date of determination following any such event, the Class B Required Subordinated Amount of Class C Notes for the Class B(2007-2) Notes shall be the greater of (i) the amount determined pursuant to subsection 2.02(b)(i) on such date of determination and (ii) the amount determined pursuant to subsection 2.02(b)(i) as of close of business on the day immediately preceding the occurrence of such
Early Redemption Event, such Event of Default and acceleration or the date on which the Class B Usage of Class C Required Subordinated Amount exceeded zero.

(c)          The Issuer may change the definition of the Class B Required Subordinated Amount of Class C Notes with respect to the Class B(2007-2) Notes without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in such definition will not result in a Ratings Effect with respect to any Outstanding Class 

B(2007-2) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such change.

Section 2.03.     Interest Payment.

(a)          For each Interest Payment Date, the amount of interest due with respect to the Class B(2007-2) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class B(2007-2) Notes determined as of the Record Date preceding the related Transfer Date.  Interest on the Class B(2007-2) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year.

(b)          Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class B(2007-2) Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class B(2007-2) Notes.

Section 2.04.     Calculation Agent; Determination of LIBOR.

(a)          The Issuer hereby agrees that for so long as any Class B(2007-2) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”).  The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period.  The Calculation Agent may be removed by the Issuer at any time.  If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to 

 

8

 

 

determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates.  The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed.

(b)          On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date (or, for the first Interest Period, the rate that corresponds to the actual number of days in the first Interest Period).  If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period.  The Calculation Agent shall request the principal London office of each of the Reference
Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations.  If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period.

(c)          The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

(d)          On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Beneficiary and the Servicer, by facsimile transmission, notification of LIBOR for the following Interest Period.

Section 2.05.     Payments of Interest and Principal.

(a)          Any installment of interest or principal, if any, payable on any Class    B(2007-2) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class B(2007-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on
the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

 

9

 

 

 

(b)          The right of the Class B(2007-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class B(2007-2) Termination Date.

Section 2.06.     Form of Delivery of Class B(2007-2) Notes; Depository; Denominations.

(a)          The Class B(2007-2) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

(b)          The Depository for the Class B(2007-2) Notes shall be The Depository Trust Company, and the Class B(2007-2) Notes shall initially be registered in the name of Cede & Co., its nominee.

(c)          The Class B(2007-2) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

Section 2.07.     Delivery and Payment for the Class B(2007-2) Notes.  The Issuer shall execute and deliver the Class B(2007-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2007-2) Notes when authenticated, each in accordance with Section 303 of the Indenture.

Section 2.08.     Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

[END OF ARTICLE II]

 

10

 

 

 

ARTICLE III

 

Representations and Warranties

Section 3.01.     Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document.  Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such waiver.

(a)          The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

(b)          The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC.

(c)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

(d)          The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture.

(e)          Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

(f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

(g)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

11

 

 

 

[END OF ARTICLE III]

 

12

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

 

	
            BA CREDIT CARD TRUST,
 
	
            by BA CREDIT CARD FUNDING, LLC,
 
	
            as Beneficiary and not in its individual capacity
 
	
             
 
	
             
 
	
            /s/ Penelope S. Johnson
 
	
            By:    ________________________________________
 
	
            Penelope S. Johnson
 
	
            Vice President
 
	
             
 
	
             
 
	
             
 
	
            THE BANK OF NEW YORK, as Indenture Trustee
 
	
            and not in its individual capacity
 
	
             
 
	
             
 
	
            /s/ Catherine L. Cerilles
 
	
            By:    ________________________________________
 
	
            Name: Catherine L. Cerilles
 
	
            Title:    Vice President
 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to the Class B(2007-2) Terms Document]<PAGE>

                                                                  Exhibit 10.1

               AMENDMENT NO. 5 TO FINANCING AGREEMENT AND WAIVER

         THIS AMENDMENT NO. 5 TO FINANCING AGREEMENT AND WAIVER, dated as of
January 25, 2007 (this "Amendment"), by and among Solutia Inc., as a debtor
                        ---------
and debtor-in-possession, a Delaware corporation (the "Parent"), and Solutia
                                                       ------
Business Enterprises, Inc., as a debtor and debtor-in-possession, a New York
corporation, ("Solutia Business" and together with the Parent, each a
               ----------------
"Borrower" and collectively, the "Borrowers"), each subsidiary of the Parent
 --------                         ---------
listed as a "Guarantor" on the signature pages hereto, each as a debtor and
debtor-in-possession (each a "Guarantor" and collectively, the "Guarantors"),
                              ---------                         ----------
the lenders from time to time party hereto (each a "Lender" and collectively,
                                                    ------
the "Lenders"), the issuers from time to time party hereto (each an "Issuer"
     -------                                                         ------
and collectively, the "Issuers"), Citicorp USA, Inc. ("CUSA"), as collateral
                       -------                         ----
agent for the Lenders (in such capacity, the "Collateral Agent"), CUSA, as
                                              ----------------
administrative agent for the Lenders (in such capacity, the "Administrative
                                                             --------------
Agent"), and CUSA and Wells Fargo Foothill, LLC, as co-documentation agents
-----
for the Lenders (in such capacity, the "Documentation Agent" and together with
                                        -------------------
the Collateral Agent and the Administrative Agent, each an "Agent" and
                                                            -----
collectively, the "Agents").
                   ------

                                   RECITALS:

         WHEREAS, the Borrowers, the Guarantors, the Lenders, the Issuers, and
the Agents have heretofore entered into that certain Financing Agreement,
dated as of January 16, 2004, as amended by that certain Amendment No. 1 to
Financing Agreement and Waiver, dated as of March 1, 2004, that certain
Amendment No. 2 to Financing Agreement and Waiver (the "Second Amendment"),
                                                        ----------------
dated as of July 20, 2004, that certain Amendment No. 3 to Financing Agreement
and Waiver, dated as of June 1, 2005 (the "Third Amendment"), and that certain
                                           ---------------
Amendment No. 4 to Financing Agreement and Waiver, dated as of March 17, 2006
(the "Fourth Amendment") (as so amended, the "Financing Agreement");
      ----------------                        -------------------

         WHEREAS, the Financing Agreement consists of (a) a Term Loan B in the
aggregate principal amount of $650,000,000, which loan has heretofore been
drawn in full, and (b) a revolving credit facility in an aggregate principal
amount not to exceed $175,000,000 at any time outstanding, which revolving
credit facility includes a letter of credit subfacility for the issuance of
letters of credit;

         WHEREAS, (i) the Borrowers and the Guarantors have asked (a) the
Lenders to make additional post-petition loans and advances to the Borrowers
consisting of an additional single draw Term Loan B in the aggregate principal
amount of $325,000,000, which loan shall be drawn in full on the Fifth
Amendment Effective Date (as defined herein), (b) the Lenders to increase the
Revolving Credit Commitment in the aggregate principal amount of $75,000,000,
which commitment shall be available from and after the Fifth Amendment
Effective Date, and (c) the Lenders to amend the Financing Agreement in
certain other respects, as hereinafter provided, and (ii) the Additional New
Term Loan B Lenders (as defined in Section 2.01, below) have severally, and
                                   ------------
not jointly, agreed to extend the Additional New Term B Loans, the New
Revolving Loan Lenders (as defined in Section 2.01, below) have severally, and
                                      ------------
not jointly, agreed to extend the

<PAGE>
<PAGE>

New Revolving Credit Commitments, and the Lenders have agreed to make such
other amendments subject to the terms and conditions hereinafter set forth;

         WHEREAS, the Borrowers, the Guarantors, the Lenders, the Issuers and
the Agents now desire to amend the Financing Agreement in certain respects, as
hereinafter provided; and

         NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

                  Section 1.01 Definitions. Unless otherwise defined or the
                               -----------
     context otherwise requires, terms for which meanings are provided in the
     Financing Agreement shall have such meanings when used in this Amendment.

                                  ARTICLE II

                                  AMENDMENTS

                  Section 2.01 Amendments to the Recitals to the Financing
                               -------------------------------------------
     Agreement. The recitals to the Financing Agreement are hereby amended by
     ---------
     (i) deleting the text "and" appearing at the end of the first recital,
     (ii) deleting the second recital and inserting the following three new
     recitals after the first recital:

     "WHEREAS, (i) the Borrowers and the Guarantors have asked the Lenders to
     make post-petition loans and advances to the Borrowers consisting of (a)
     a multiple draw term loan A in the aggregate principal amount of
     $50,000,000, which loan was drawn in full during the period between the
     Facility Effective Date (as defined below) and the Fourth Amendment
     Effective Date (as defined below), (b) a single draw term loan B in the
     aggregate principal amount of $300,000,000, which loan was drawn in full
     on the Facility Effective Date, and (c) a revolving credit facility in an
     aggregate principal amount not to exceed $175,000,000 at any time
     outstanding, which revolving credit facility will include a letter of
     credit subfacility for the issuance of letters of credit and (ii) the
     Lenders severally, and not jointly, agreed to extend such credit to the
     Borrowers.

                                      2

<PAGE>
<PAGE>

     WHEREAS, on the Fourth Amendment Effective Date, among other amendments,
     the Borrowers and the Guarantors asked the Lenders to make additional
     post-petition loans and advances to the Borrowers consisting of an
     increase in term loan B of $300,000,000, and to convert the fully funded
     term loan A into an additional new $50,000,000 portion of term loan B,
     and the Lenders severally, and not jointly, agreed to extend such credit
     to the Borrowers subject to the terms and conditions set forth in the
     Fourth Amendment (as defined below) in accordance with their commitments
     as set forth from time to time in this Agreement (including the Fourth
     Amendment); and

     WHEREAS, on the Fifth Amendment Effective Date (as defined below), among
     other amendments, the Borrowers and the Guarantors have asked the Lenders
     to make additional post-petition loans and advances to the Borrowers
     consisting of an increase in term loan B of $325,000,000, and an increase
     in the revolving credit facility of $75,000,000 in aggregate principal
     amount at any time outstanding, and the Lenders have severally, and not
     jointly, agreed to extend such credit to the Borrowers subject to the
     terms and conditions set forth in the Fifth Amendment (as defined below)
     in accordance with their commitments as set forth in this Agreement
     (including the Fifth Amendment)."

                  Section 2.02 Amendments to Section 1.01 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                  (a) Section 1.01 of the Financing Agreement is hereby
amended by deleting the first sentence of definition of "Borrowing Base" and
inserting the following sentence in lieu thereof:

     ""Borrowing Base" means, at any time, the difference between (i) the sum
       --------------
     of (A) up to 85% of the value of the Net Amount of Eligible Accounts at
     such time less the amount, if any, of the Dilution Reserve plus (B) the
                                                                ----
     sum (without duplication) of up to (x) 85% of the Net Orderly Liquidation
     Value of the Eligible Inventory constituting finished goods at such time
     plus (y) 85% of the Net Orderly Liquidation Value of the Eligible
     ----
     Inventory constituting raw materials at such time plus (z) 85% of the Net
                                                       ----
     Orderly Liquidation Value of the Eligible Inventory constituting the
     Designated Chemicals at such time and (ii) such reserves as the
     Administrative Agent may deem appropriate in the exercise of its business
     judgment made in good faith and exercised reasonably based upon the
     lending practices of the Administrative Agent consistent with the general
     practices in the commercial finance industry (it being understood that
     such reserves shall include, but not be limited to, (x) reserves for the

                                      3

<PAGE>
<PAGE>

     administrative expenses referred to in clause "first" of the definition
                                                    -----
     of "Agreed Administrative Expense Priority", (y) reserves with respect to
     Banking Services Obligations and (z) reserves with respect to Hedging
     Obligations)."

                  (b) Section 1.01 of the Financing Agreement is hereby
amended by deleting the words "and $20,000,000 for the period commencing
January 1, 2007, and ending upon the scheduled Final Maturity Date," appearing
in clause (c)(ii) of the definition of "Consolidated Net Income" and inserting
in lieu thereof the words "and (x) if the Flexsys Acquisition shall have been
consummated, $40,000,000 in 2007 and $25,000,000 for the period commencing
January 1, 2008, and ending upon the scheduled Final Maturity Date, or (y) if
the Flexsys Acquisition shall not have been consummated, $20,000,000 in 2007
and $12,500,000 for the period commencing January 1, 2008, and ending upon the
scheduled Final Maturity Date,".

                  (c) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating clause (iv) of the definition of "Eligible
Accounts" in its entirety as follows:

     "(iv) such Account is unconditionally payable in Dollars within 90 days
     from the invoice date (or a later date if such Account is supported by
     credit insurance or a letter of credit, in each case acceptable to the
     Administrative Agent) and is not evidenced by a promissory note, chattel
     paper or any other instrument or other document;"

                  (d) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating clause (v) of the definition of "Eligible
Accounts" in its entirety as follows:

     "(v) no more than 60 days have elapsed from the invoice due date (unless
     such Account is supported by credit insurance or a letter of credit, in
     each case acceptable to the Administrative Agent) and no more than 90
     days have elapsed from the invoice date with respect to such Account
     (unless such Account is supported by credit insurance or a letter of
     credit, in each case acceptable to the Administrative Agent);"

                  (e) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating clause (x) of the definition of "Eligible
Accounts" in its entirety as follows:

                                      4

<PAGE>
<PAGE>

     "(x) not more than 50% of the aggregate amount of all Accounts of the
     Account Debtor with respect to such Account have remained unpaid 60 days
     past the invoice due date (unless such Account is supported by credit
     insurance or a letter of credit, in each case acceptable to the
     Administrative Agent) or 90 days past the invoice date (unless such
     Account is supported by credit insurance or a letter of credit, in each
     case acceptable to the Administrative Agent) or are otherwise not
     Eligible Accounts;"

                  (f) Section 1.01 of the Financing Agreement is hereby
amended by deleting the text "March 31, 2007," appearing in the definition of
"Final Maturity Date" and inserting in lieu thereof the text "March 31,
2008,".

                  (g) Section 1.01 of the Financing Agreement is hereby
amended by deleting the figure "$10,000,000" appearing in clause (c) of the
definition of "Permitted Indebtedness" and inserting in lieu thereof the
figure "$20,000,000".

                  (h) Section 1.01 of the Financing Agreement is hereby
amended by (i) deleting the word "and" appearing at the end of clause (m) of
the definition of "Permitted Indebtedness" therein, (ii) deleting the period
appearing at the end of clause (n) of such definition and inserting the text
"; and" in lieu thereof, and (iii) inserting the following new clauses (o),
(p), and (q) at the end thereof:

     "(o) after the Flexsys Acquisition, Indebtedness of Flexsys and their
     Subsidiaries owed to Persons who are not Affiliates of Flexsys in an
     aggregate amount not exceeding $375,000,000 in principal amount at any
     time outstanding (which limit shall be reduced, on a dollar-for-dollar
     basis, by Loans borrowed hereunder to finance, directly or indirectly,
     the Flexsys Acquisition, including, without limitation, all amounts
     constituting capital contributions to Flexsys or intercompany loans to
     Flexsys from any Loan Party in respect of such acquisition or the initial
     financing of the Flexsys Business, that are funded, directly or
     indirectly, by Loans borrowed hereunder, without duplication);

     "(p) indemnification obligations of the Loan Parties and their
     Subsidiaries under the purchase agreement and any related documents with
     respect to the Flexsys Acquisition; and

     "(q) guaranties by any Subsidiaries of Flexsys of Indebtedness of Flexsys
     to the extent such Indebtedness being guaranteed is permitted hereunder."

                                      5

<PAGE>
<PAGE>

                  (i) Section 1.01 of the Financing Agreement is hereby
amended by inserting at the end of clause (A) of the proviso to clause (e) of
the definition of "Permitted Liens" the following text:

     "(provided that equipment which is attached or affixed to any such leased
     property in the ordinary course of business may become subject to such
     Lien to the extent so provided by the documentation evidencing or
     creating such Lien, or by applicable law)".

                  (j) Section 1.01 of the Financing Agreement is hereby
amended by (i) deleting the word "and" appearing at the end of clause (o) of
the definition of "Permitted Liens" therein, (ii) deleting the period
appearing at the end of clause (p) of such definition and inserting the text
"; and" in lieu thereof, and (iii) inserting the following new clauses (q) and
(r) at the end thereof:

     "(q) Liens in favor of the 1997 Trustee with respect to the 1997
     Indenture that are junior to the Liens securing the Obligations; and

     (r) after the Flexsys Acquisition, Liens on assets of Flexsys and their
     Subsidiaries securing Indebtedness of Flexsys and their Subsidiaries
     permitted by clause (o) of the definition of Permitted Indebtedness."

                  (k) Section 1.01 of the Financing Agreement is hereby
amended by deleting the phrase "clauses (b), (c), (i), (j), and (p)" appearing
in the definition of "Permitted Priority Liens" and inserting in lieu thereof
the phrase "clauses (b), (c), (i), (j), (p), and (q)".

                  (l) Section 1.01 of the Financing Agreement is hereby
amended by inserting after the words "the amount set forth opposite such
Lender's name in Schedule 1.01(A)" appearing in the definition of "Revolving
                 ----------------
Credit Commitment" the words "(including, as of the Fifth Amendment Effective
Date, such schedule as amended by the Fifth Amendment)".

                  (m) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating the definition of "Supplemental Bankruptcy
Court Orders" in its entirety as follows:

     "'Supplemental Bankruptcy Court Orders' means the collective reference to
       ------------------------------------
     the orders of the Bankruptcy Court entered on (i) July 20, 2004 approving
     the Second Amendment (as defined in the Fourth Amendment), (ii) on July
     25, 2005 approving the Third Amendment (as defined in the

                                      6

<PAGE>
<PAGE>

     Fourth Amendment), (iii) March 14, 2006 approving the Fourth Amendment,
     and (iv) January 23, 2007, approving the Fifth Amendment."

                  (n) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating the definition of "Term Loan B" in its
entirety as follows:

     "'Term Loan B' means, collectively, the loans made by the Term Loan B
       -----------
     Lenders to the Borrowers on the Facility Effective Date, the Fourth
     Amendment Effective Date and the Fifth Amendment Effective Date pursuant
     to Section 2.01(a)(iii), and shall include in all events, each Original
                ------------
     Term Loan B, each Converted Term Loan B, each New Term Loan B, and each
     Additional New Term Loan B."

                  (o) Section 1.01 of the Financing Agreement is hereby
amended by amending and restating the definition of "Term Loan B Commitment"
in its entirety as follows:

     "'Term Loan B Commitment' means with respect to each Term Loan B Lender,
       ----------------------
     the commitment of such Lender to make a Term Loan B to the Borrowers (or,
     in the case of a Converted Term Loan B Lender, to convert its Term Loan A
     Loans to Term Loan B Loans pursuant to Section 2.01(a)(ii)) in the
                                            --------------------
     amounts and on the dates set forth opposite such Lender's name in
     Schedule 1.01(A), in each case as such amount may be terminated or
     ----------------
     reduced from time to time in accordance with the terms of this
     Agreement."

                  (p) Section 1.01 of the Financing Agreement is hereby
amended by inserting the following definitions in the proper alphabetical
position:

     "'Additional New Term Loan B' means, collectively, the loans made by
       --------------------------
     certain of the Term Loan B Lenders to the Borrowers on the Fifth
     Amendment Effective Date pursuant to Section 2.01(a)(iii)."
                                          --------------------

     "'Additional New Term Loan B Lenders' means, collectively, each of the
       ----------------------------------
     Term Loan B Lenders which had a Term Loan B Commitment to make an
     Additional New Term Loan B on the Fifth Amendment Effective Date."

     "'Fifth Amendment' means that certain Fifth Amendment to Financing
       ---------------
     Agreement, dated as of January 25, 2007, by and among the Borrowers, the
     Guarantors party thereto, the Lenders and Issuers party thereto, and the

                                      7

<PAGE>
<PAGE>

     Agents, as amended, supplemented, or otherwise modified from time to
     time."

     "'Fifth Amendment Effective Date' means the date upon which the Fifth
       ------------------------------
     Amendment becomes effective pursuant to Section 4.01 thereof."

     "'Flexsys' means, collectively, (a) Flexsys Holding B.V., a Dutch
       -------
     besloten vennootschap, (b) Flexsys America LP, a Delaware limited
     partnership, and (c) Flexsys Rubber Chemicals Ltd., a company registered
     in England and Wales."

     "'Flexsys Acquisition' has the meaning specified therefor on Schedule
       -------------------                                        --------
     8.03(c)(i)."
     ----------

     "'Flexsys Business' has the meaning specified therefor on Schedule
       ----------------                                        --------
     8.03(c)(i)."
     ----------

     "'Flexsys Credit Agreement' means that certain Loan Agreement dated
       ------------------------
     February 14, 2003, among Flexsys Holding B.V., the borrowers and
     guarantors party thereto, Commerzbank Aktiengesellschaft and KBC Bank NV
     as mandated lead arrangers, the financial institutions party thereto from
     time to time as lenders, and KBC Bank NV as agent, as amended, restated,
     supplemented, otherwise modified, replaced, or refinanced from time to
     time."

     "'Net Orderly Liquidation Value' means the orderly liquidation value (net
       -----------------------------
     of costs and expenses incurred in connection with liquidation) of
     inventory or equipment as set forth in the most recent appraisal (in
     scope, form and substance acceptable to the Administrative Agent and
     conducted by an independent appraiser acceptable to the Administrative
     Agent) of such inventory or equipment."

                  (q) Section 1.01 of the Financing Agreement is hereby
amended by deleting in its entirety the definition of "Field Survey and
Audit".

                  Section 2.03 Amendments to Section 2.01 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                  (a) Section 2.01(a) of the Financing Agreement is hereby
amended by amending and restating clause (ii) thereof in its entirety as
follows:

                                      8

<PAGE>
<PAGE>

     "(ii) Upon the Fourth Amendment Effective Date, (A) the Term Loan A
     Commitment of each Term Loan A Lender was automatically and permanently
     reduced to zero, and (B) all Term Loan A Loans outstanding at such time
     were automatically converted to Term Loan B Loans and at such time became
     subject to, and were entitled to, all of the terms, conditions and
     benefits afforded to Term Loan B Loans hereunder (and, for avoidance of
     doubt, the outstanding principal amount of Term Loan A Loans became zero
     for all purposes hereof) and each Term Loan A Lender automatically became
     a Converted Term Loan B Lender to the full extent of its holdings of the
     Converted Term Loan B Loans hereunder."

                  (b) Section 2.01(a) of the Financing Agreement is hereby
amended by amending and restating clause (iii) thereof in its entirety as
follows:

     "(iii) (A) each Original Term Loan B Lender is the holder of Original
     Term Loan B Loans made to the Borrowers on the Facility Effective Date in
     an aggregate principal amount equal to the Term Loan B Commitment
     relating to the Original Term Loan B Loans set forth opposite such
     Lender's name in Schedule 1.01(A) to this Agreement as of the Facility
                      ----------------
     Effective Date, (B) each New Term Loan B Lender is the holder of a New
     Term Loan B made to the Borrowers on the Fourth Amendment Effective Date
     in an aggregate principal amount equal to the Term Loan B Commitment
     relating to the New Term Loan B Loans set forth opposite such Lender's
     name in Schedule 1.01(A) to this Agreement as of the Fourth Amendment
             ----------------
     Effective Date, (C) each Converted Term Loan B Lender is the holder of a
     Converted Term Loan B made to the Borrowers as a Term Loan A on or prior
     to the Fourth Amendment Effective Date, and converted to a Term Loan B on
     the Fourth Amendment Effective Date (as set forth in clause (ii) above),
     in an aggregate principal amount equal to the Term Loan B Commitment
     relating to the Converted Term Loan B Loans set forth opposite such
     Lender's name in Schedule 1.01(A) to this Agreement as of the Fourth
                      ----------------
     Amendment Effective Date, and (D) each Additional New Term Loan B Lender
     severally agrees to make an Additional New Term Loan B to the Borrowers
     on the Fifth Amendment Effective Date in an aggregate principal amount
     not to exceed the amount of such Lender's Term Loan B Commitment as of
     such date relating to the Additional New Term Loan B Loans set forth
     opposite such Lender's name in Schedule 1.01(A)."
                                    ----------------

                  (c) Section 2.01(b) of the Financing Agreement is hereby
amended by amending and restating clause (iii) thereof in its entirety as
follows:

                                      9

<PAGE>
<PAGE>

     "(iii) (A) the aggregate principal amount of the Original Term Loan B
     made on the Facility Effective Date shall not exceed the Total Term Loan
     B Commitment identified on Schedule 1.01(A) as relating to the Original
     Term Loan B Loans, (B) the aggregate principal amount of the New Term
     Loan B made on the Fourth Amendment Effective Date shall not exceed the
     Total Term Loan B Commitment identified on Schedule 1.01(A) as relating
     to the New Term Loan B Loans, and (C) the aggregate principal amount of
     the Additional New Term Loan B made on the Fifth Amendment Effective Date
     shall not exceed the Total Term Loan B Commitment identified on Schedule
     1.01(A) as relating to the Additional New Term Loan B Loans;".

                  Section 2.04 Amendments to Section 2.02 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                  (a) Section 2.02(a) of the Financing Agreement is hereby
amended by amending and restating clause (i) of the third sentence thereof as
follows: "(i) the principal amount of the proposed Loan, which, (A) in the
case of the Original Term Loan B, shall fully utilize the Total Term Loan B
Commitment identified on Schedule 1.01(A) as relating to the Original Term
                         ----------------
Loans on the Facility Effective Date, (B) in the case of the New Term Loan B,
shall fully utilize the Total Term Loan B Commitment identified on Schedule
                                                                   --------
1.01(A) as relating to the New Term Loan B Loans on the Fourth Amendment
------
Effective Date, and (C) in the case of the Additional New Term Loan B, shall
fully utilize the Total Term Loan B Commitment identified on Schedule 1.01(A)
                                                             ----------------
as relating to the Additional New Term Loan B Loans on the Fifth Amendment
Effective Date,".

                  (b) Section 2.02(a) of the Financing Agreement is hereby
further amended by amending and restating clause (iii) of the third sentence
thereof as follows: "the proposed borrowing date, which must be a Business
Day, (A) with respect to the Revolving Loans, must be on or after the Facility
Effective Date, (B) in the case of the Original Term Loan B, must be the
Facility Effective Date, (C) in the case of the New Term Loan B, must be the
Fourth Amendment Effective Date, and (D) in the case of the Additional New
Term Loan B, must be the Fifth Amendment Effective Date,".

                  Section 2.05 Amendments to Section 2.04 of the Financing
                               -------------------------------------------
     Agreement. Section 2.04(a)(ii) of the Financing Agreement is hereby
     ---------
     amended by deleting the text "3.50%" contained therein and inserting in
     lieu thereof the text "3.00%".

                  Section 2.06 Amendments to Section 2.05 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                                      10

<PAGE>
<PAGE>

                  (a) Section 2.05(a)(i)(B) of the Financing Agreement is
hereby amended and restated in its entirety as follows:

     "(B) (1) the Total Term Loan B Commitment identified on Schedule 1.01(A)
     as relating to the Original Term Loan B Loans shall terminate on the
     Facility Effective Date, (2) the Total Term Loan B Commitment identified
     on Schedule 1.01(A) as relating to the Converted Term Loan B Loans or the
     New Term Loan B Loans shall terminate on the Fourth Amendment Effective
     Date, and (3) the Total Term Loan B Commitment identified on Schedule
     1.01(A) as relating to the Additional New Term Loan B Loans shall
     terminate on the Fifth Amendment Effective Date."

                  (b) Section 2.05(b)(ii) of the Financing Agreement is hereby
amended by inserting "(or three (3) Business Days' prior written notice with
respect to the Flexsys Financing Prepayment)" immediately following "written
notice" appearing therein.

                  (c) Section 2.05(c)(iii) of the Financing Agreement is
hereby amended by deleting the first sentence thereof and inserting the
following sentence in lieu thereof:

     "Immediately upon any Disposition by any Loan Party or its Subsidiaries
     (other than (w) a Disposition of accounts receivable pursuant to Section
                                                                      -------
     8.02(c)(i)(J) by a Subsidiary that is not a Loan Party, (x) a Disposition
     -------------
     of assets of Solutia Europe or any of its Subsidiaries or Flexsys or any
     of their Subsidiaries, (y) a Disposition of assets pursuant to Sections
                                                                    --------
     8.02(c)(i)(D), (E), or (L), or (z) a Disposition of assets pursuant to
     -------------  ---     ---
     Section 8.02(c)(i)(K) of not more than $5,000,000 in the aggregate), the
     --------------------
     Borrowers shall prepay the outstanding principal amount of the Loans in
     an amount equal to 100% of the Net Cash Proceeds received by such Person
     in connection with such Disposition, after giving effect to amounts
     permitted to be reinvested pursuant to Section 2.05(c)(vii)(A) and
                                            -----------------------
     amounts not required to be prepaid pursuant to the limitation contained
     in Section 2.05(c)(vii)(B); provided, however, that so long as no Default
        -----------------------  --------  -------
     or Event of Default has occurred and is continuing on the date such
     Person receives such Net Cash Proceeds, (A) with respect to the first
     $40,000,000 (after giving effect to Section 2.05(c)(vii)) of Net Cash
                                         ---------------------
     Proceeds received in respect of Dispositions pursuant to Section
                                                              -------
     8.02(c)(i)(F) of assets listed on Part III of Schedule 8.02(c)(i), no
     -------------                                 -------------------
     prepayment shall be required, and (B) with respect to the next
     $10,000,000 (after giving effect to Section 2.05(c)(vii)) of Net Cash
                                         ---------------------
     Proceeds received in respect of Dispositions pursuant to Section
                                                              -------
     8.02(c)(i)(F) of assets listed on Part III of Schedule 8.02(c)(i), the
     -------------                                 -------------------
     Borrowers shall prepay the outstanding principal amount of

                                      11

<PAGE>
<PAGE>

     the Loans in an amount equal to 50% of the Net Cash Proceeds received by
     such Person in connection with such Disposition; provided, further,
                                                      --------  -------
     however, that with respect to the Disposition listed in Item 5 of Exhibit
     -------
     G to the Fourth Amendment, such prepayment shall be made as soon as
     practical (and in any event within twenty (20) days) rather than
     immediately."

                  (d) Section 2.05(c)(iv) of the Financing Agreement is hereby
amended by deleting the parenthetical contained in the first sentence of such
Section and replacing it with the following text: "(other than by Solutia
Europe or any of its Subsidiaries or Flexsys or any of their Subsidiaries)."

                  (e) Section 2.05(c)(v) of the Financing Agreement is hereby
amended and restated in its entirety as follows:

     "(v) If the Flexsys Acquisition has not occurred by the date set forth on
     Schedule 2.05(c)(v), the Borrowers shall, on the first Business Day
     following such date set forth on Schedule 2.05(c)(v), prepay the
     outstanding Term Loan B in an aggregate principal amount equal to the
     amount by which the sum of (a) the total Term Loan B Loans outstanding as
     of the Fifth Amendment Effective Date (after giving effect to the Loans
     made on such date) and (b) the total Revolving Credit Commitments as of
     the Fifth Amendment Effective Date exceeds $1,075,000,000; to the extent
     that the Borrowers shall not, in their sole reasonable discretion, have
     made such Flexsys Financing Agreement in such amount on a voluntary basis
     on an earlier date in accordance with the terms of Section
                                                        -------
     2.05(b)(ii)."(1)
     -----------

                  (f) Section 2.05(c)(vii) of the Financing Agreement is
hereby amended by amending and restating clause (B) of such Section in its
entirety as follows:

     "(B) the Borrowers shall not be required to make a prepayment under
     clause (iii) or (iv) of this Section 2.05(c) (except in the event that
                                  ---------------
     prepayment would otherwise be required by another provision of this
     Agreement, including clause (vi) of this Section 2.05(c), in which event
                                              ---------------
     prepayment shall be made in accordance with such other provision), unless
     the aggregate amount of Net Cash Proceeds (excluding (I) Net Cash
     Proceeds received from (x) a Disposition of assets of Solutia Europe or
     any of its Subsidiaries or Flexsys or any of their Subsidiaries, (y) a

----------------------
<FN>
(1)  NOTE: Amount to be adjusted if facility amount is less than $1,225,000,000
     on Fifth Amendment Effective Date.

                                      12

<PAGE>
<PAGE>

     Disposition of assets pursuant to Sections 8.02(c)(i)(D), (E), or (L), or
                                       ----------------------  ---     ---
     (z) a Disposition of assets pursuant to Section 8.02(c)(i)(K) of not more
                                             ---------------------
     than $5,000,0000 in the aggregate and (II) Net Cash Proceeds reinvested
     in accordance with Section 2.05(c)(vii)(A)) received as a result of the
                        ------------------------
     events described in such Sections exceeds $35,000,000 and any such
     required prepayment under such Sections shall be limited to such Net Cash
     Proceeds and Extraordinary Receipts, net of any reasonable expenses
     incurred in connection with such Extraordinary Receipts, exceeding
     $35,000,000; and"

                  (g) Section 2.05(d)(iii) of the Financing Agreement is
hereby amended and restated in its entirety as follows:

     "(iii) the proceeds from any prepayment event set forth in clause (iii)
     of Section 2.05(c) (other than with respect to Dispositions described in
     clauses (i) or (ii) of this Section 2.05(d)) or clause (iv) of Section
     2.05(c) (other than proceeds from any insurance policy or condemnation
     award with respect to Inventory of a Loan Party) shall be applied first,
     to the Term Loan B until paid in full, and, second, to the Revolving
     Loans until paid in full, and the proceeds from any prepayment event set
     forth in clause (v) of Section 2.05(c) shall be applied to the Term Loan
     B until paid in full."

                  Section 2.07 Amendment to Section 7.01 of the Financing
                               ------------------------------------------
     Agreement.
     ----------

                  (a) Section 7.01(e) of the Financing Agreement is hereby
amended by amending and restating the fourth sentence thereof in its entirety
as follows:

     "Except as set forth on Schedule 7.01(e), there are no outstanding debt
                             ----------------
     or equity securities of the Parent or any of its Subsidiaries (other than
     Flexsys and their Subsidiaries) and no outstanding obligations of the
     Parent or any of its Subsidiaries convertible into or exchangeable for,
     or warrants, options or other rights for the purchase or acquisition from
     the Parent or any of its Subsidiaries, or other obligations of any
     Subsidiary to issue, directly or indirectly, any shares of Capital Stock
     of any Subsidiary of the Parent."

                  (b) Section 7.01(t) of the Financing Agreement is hereby
amended by inserting the following text at the end of such section:

                                      13

<PAGE>
<PAGE>

     "To the extent that the sum of (a) the total Term Loan B Loans
     outstanding as of the Fifth Amendment Effective Date (after giving effect
     to the Loans made on such date) and (b) the total Revolving Credit
     Commitments as of the Fifth Amendment Effective Date exceeds
     $1,075,000,000, the proceeds of Loans constituting such excess shall be
     used solely for the purpose of directly or indirectly funding (in part)
     the acquisition of the Flexsys Business, including, without limitation,
     the acquisition of the existing equity in, and/or the assets of, Flexsys
     and its affiliates and other related assets that comprise the Flexsys
     Business, or the intercompany loan thereof to Flexsys or another direct
     or indirect subsidiary for acquisition of the existing equity and/or
     assets of the Flexsys Business."

                  Section 2.08 Amendments to Section 8.01 of the Financing
                               -------------------------------------------
     Agreement.
     ----------

                  (a) Section 8.01(a)(iii) of the Financing Agreement is
hereby amended by inserting the following text at the end of such Section:

     "provided, however, that Flexsys and their Subsidiaries shall not be
      --------  -------
     required to be included in the first two sets of financial statements
     required to be delivered pursuant to this Section 8.01(a)(iii) following
                                               --------------------
     the consummation of the Flexsys Acquisition; provided, further, however,
                                                  --------  -------
     that, concurrently with the third set of financial statements required to
     be delivered pursuant to this Section 8.01(a)(iii) following the
                                   --------------------
     consummation of the Flexsys Acquisition, the Loan Parties shall also
     deliver financial statements for the period covered by the financial
     statements described in the immediately preceding proviso that did not
     include Flexsys and their Subsidiaries, which financial statements shall
     include Flexsys and their Subsidiaries;"

                  (b) Section 8.01(a)(xvi) of the Financing Agreement is
hereby amended by inserting the following text at the end of such Section:

     "provided, however, that Flexsys and their Subsidiaries shall not be
      --------  -------
     required to be included in the first thirteen updated 13 week cash flow
     projections required to be delivered pursuant to this Section
                                                           -------
     8.01(a)(xvi) following the consummation of the Flexsys Acquisition;"
     ------------

                  (c) Section 8.01(b) of the Financing Agreement is hereby
amended by inserting the following text at the end thereof after Section
8.01(b)(ii):

                                      14

<PAGE>
<PAGE>

     "(iii) The foregoing clauses (i) and (ii) of this Section 8.01(b) shall
                                                       ---------------
     not apply to Flexsys and their Subsidiaries, provided, that, each Loan
                                                  --------  ----
     Party that directly owns Capital Stock of Flexsys shall in any event
     promptly, and in any event within ten (10) Business Days after the
     Flexsys Acquisition, execute and deliver (A) a Pledge Agreement together
     with (x) certificates evidencing (1) in the case such Subsidiary is a
     directly owned Domestic Subsidiary, all of the Capital Stock of such
     Subsidiary and (2) in the case such Subsidiary is a directly owned
     Foreign Subsidiary, all of the non-voting Capital Stock and 65% of the
     voting Capital Stock of such Subsidiary, (y) undated stock powers
     executed in blank with signature guaranteed, and (z) such opinion of
     counsel and such approving certificate of such Subsidiary as the
     Collateral Agent may reasonably request in respect of complying with any
     legend on any such certificate or any other matter relating to such
     shares, and (B) such other agreements, instruments, approvals, legal
     opinions or other documents reasonably requested by the Collateral Agent
     in order to create, perfect, establish the first priority of or otherwise
     protect any Lien purported to be covered by such Pledge Agreement."

                  (d) Section 8.01(h) of the Financing Agreement is hereby
amended by inserting the following text at the end of such Section:

     "The foregoing provisions of this Section 8.01(h) shall not be applicable
     with respect to Flexsys and their Subsidiaries; provided, however, that
                                                     --------  -------
     with respect to Flexsys and their Subsidiaries, (i) the Loan Parties
     shall in any event maintain or cause to be maintained insurance in such
     amounts and covering such risks as is required by any Governmental
     Authority having jurisdiction with respect thereto or as is carried
     generally in accordance with sound business practice by companies in
     similar businesses similarly situated and in any event in amount,
     adequacy and scope reasonably satisfactory to the Collateral Agent, (ii)
     all such certificates of insurance shall provide for not less than 30
     days' prior written notice to the Collateral Agent of the exercise of any
     right of cancellation, and (iii) if the Loan Parties fail to maintain or
     cause to be maintained such insurance, the Collateral Agent may arrange
     for such insurance, but at the Borrowers' expense and without any
     responsibility on the Collateral Agent's part for obtaining the
     insurance, the solvency of the insurance companies, the adequacy of the
     coverage, or the collection of claims."

                  (e) Section 8.01(k) of the Financing Agreement is hereby
amended by inserting the following text immediately following the word
"Subsidiaries" contained in clause (ii) of the first sentence of such Section:
"(other than the property of Flexsys and their Subsidiaries)".

                                      15

<PAGE>
<PAGE>

                  (f) Section 8.01(m) of the Financing Agreement is hereby
amended by inserting the following text immediately following the word
"Subsidiaries" contained in the first sentence of such Section: "(other than
Flexsys and their Subsidiaries)".

                  Section 2.09 Amendments to Section 8.02 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                  (a) Section 8.02(c)(i)(J) of the Financing Agreement is
hereby amended by (i) deleting the figure "$5,000,000" appearing in clause (I)
thereof and inserting in lieu thereof the figure "$10,000,000", (ii) deleting
the figure "$2,000,000" appearing in clause (II) thereof and inserting in lieu
thereof the figure "$4,000,000", and (iii) deleting the figure "$5,000,000"
appearing in clause (III) thereof and inserting in lieu thereof the figure
"$10,000,000".

                  (b) Section 8.02(c)(i) of the Financing Agreement is hereby
amended by (i) deleting the word "and" appearing at the end of clause (K)
thereof, and (ii) inserting at the end of clause (L) thereof the following:
"and (M) sell up to $10,000,000 of equipment for at least fair market value
and for cash in connection with sale and leaseback transactions;".

                  (c) Section 8.02(c)(vi) of the Financing Agreement is hereby
amended and restated in its entirety as follows:

     "(vi) any Loan Party and its Subsidiaries may, subject to approval of the
     Bankruptcy Court (as required), so long as Consolidated EBITDA of the
     Parent and its Subsidiaries at the end of the most recently completed
     twelve month period is at least (A) $185,000,000 ($285,000,000 upon or
     after the Flexsys Acquisition), for any such period ending on or before
     June 30, 2007, or (B) $210,000,000 ($310,000,000 upon or after the
     Flexsys Acquisition), for any such period ending thereafter, purchase or
     otherwise acquire all or substantially all of the assets and/or 100% of
     the Capital Stock of entities having an aggregate value, together with
     investments in joint ventures made pursuant to Section 8.02(e)(xix), of
                                                    --------------------
     not more than $15,000,000;"

                  (d) Section 8.02(c) of the Financing Agreement is hereby
further amended by (i) deleting the word "and" appearing at the end of clause
(viii) thereof, (ii) replacing the period at the end of clause (ix) thereof
with a semi-colon, and (iii) inserting at the end of clause (ix) thereof the
following:

                                      16

<PAGE>
<PAGE>

     "(x) any of Flexsys and their respective Subsidiaries may sell, lease, or
     otherwise dispose of its property or assets so long as (A) the Flexsys
     Credit Agreement is in effect and such sale, lease, or disposition is
     permitted under the Flexsys Credit Agreement (it being agreed that if at
     such time no Flexsys Credit Agreement shall be in effect then the other
     provisions of this Section 8.02(c) shall govern the sale, lease, or
     disposition of property or assets by Flexsys and their Subsidiaries), (B)
     any such transaction or series of related transaction shall not
     constitute a sale, lease, or other disposition of all or substantially
     all of the assets of Flexsys and their Subsidiaries, taken as a whole,
     (C) no other provision of this Agreement would be violated thereby, and
     (D) no Default or Event of Default shall have occurred and be continuing
     either before or after giving effect to such transaction; and

     "(xi) any of Flexsys and their respective Subsidiaries may dissolve so
     long as (A) no other provision of this Agreement would be violated
     thereby, and (B) no Default or Event of Default shall have occurred and
     be continuing either before or after giving effect to such transaction."

                  (e) Section 8.02(d) of the Financing Agreement is hereby
amended and restated in its entirety as follows:

     "(d) Change in Nature of Business. Make, or permit any of its
          ----------------------------
     Subsidiaries to make, any change in the nature of its business as
     described in Section 7.01(l) (or, solely in the case of Flexsys and their
                  ---------------
     Subsidiaries, as in effect immediately upon the consummation of the
     Flexsys Acquisition), other than changes permitted by Section
                                                           -------
     8.02(c)(vii)(z)."
     ---------------

                  (f) Section 8.02(e) of the Financing Agreement is hereby
amended by (i) deleting the word "and" appearing at the end of clause (xvi)
thereof, and (ii) inserting at the end of clause (xvii) thereof the following:
"(xviii) investments by a Loan Party or any Subsidiary thereof in all or
substantially all of the assets of, or 100% of the Capital Stock of, an entity
to the extent permitted by Section 8.02(c)(vi); (xix) so long as Consolidated
                           -------------------
EBITDA of the Parent and its Subsidiaries at the end of the most recently
completed twelve month period is at least (A) $185,000,000 ($285,000,000 upon
or after the Flexsys Acquisition), for any such period ending on or before
June 30, 2007, or (B) $210,000,000 ($310,000,000 upon or after the Flexsys
Acquisition), for any such period ending thereafter, investments by a Loan
Party or any Subsidiary thereof in joint ventures in an aggregate amount,
together with purchases and/or acquisitions made pursuant to Section
                                                             -------
8.02(c)(vi), of not more than $15,000,000; (xx) Investments constituting part
-----------
of the Flexsys Acquisition; and (xxi) investments by any Loan Party in Flexsys
Holdings BV to acquire 100% of Flexsys America Co., provided, such investments
shall not exceed $3,000,000 in the aggregate."

                                      17

<PAGE>
<PAGE>

                  (g) Section 8.02(f) of the Financing Agreement is hereby
amended by (i) inserting "(w) any sale and leaseback of equipment permitted by
Section 8.02(c)(i)(M)" immediately before clause (x) of such Section and (ii)
deleting the figure "$10,000,000" appearing therein and inserting in lieu
thereof the figure "$30,000,000".

                  (h) Section 8.02(g) of the Financing Agreement is hereby
amended by deleting the words "$130,000,000 in Fiscal Year 2006, and
$45,000,000 for the period commencing January 1, 2007, and ending upon the
scheduled Final Maturity Date " appearing therein and inserting the following
text in lieu thereof:

     "$130,000,000 in Fiscal Year 2006 and $150,000,000 in Fiscal Year 2007
     (provided that, if the acquisition of the Flexsys Business is consummated
     during or before Fiscal Year 2007, such amount shall be automatically
     increased to $180,000,000 for Fiscal Year 2007 upon such consummation)
     and $40,000,000 for the period commencing January 1, 2008, and ending
     upon the scheduled Final Maturity Date (provided that, if the acquisition
     of the Flexsys Business is consummated during or before such period, such
     amount shall be automatically increased to $50,000,000 for such period
     upon such consummation)"

                  (i) Section 8.02(k) of the Financing Agreement is hereby
amended (i) deleting the word "or" appearing at the end of clause (E) thereof,
(ii) deleting the period appearing at the end of clause (F) thereof and
inserting the text "; or" in lieu thereof, and (iii) inserting at the end
thereof the following new clause (G): "(G) after the Flexsys Acquisition,
restrictions on the ability of Flexsys or their Subsidiaries to comply with
this Section 8.02(k) pursuant to documentation related to Indebtedness
     ---------------
permitted by clause (o) of the definition of Permitted Indebtedness."

                  (j) Section 8.02(l) of the Financing Agreement is hereby
amended by inserting the following text at the end of such Section:

     "Notwithstanding the foregoing, Flexsys or any Subsidiary of Flexsys may
     issue or sell, or enter into any agreement or arrangement for the
     issuance and sale of, shares of its Capital Stock to any Loan Party or to
     Flexsys or any Subsidiary of Flexsys provided that such shares are
     pledged to the Collateral Agent in accordance with Section 8.02(b) and
                                                        ---------------
     that no such issuance or sale shall have the effect of diminishing the
     aggregate value of the Collateral or the Collateral Agent's rights
     therein."

                  (k) Section 8.02(m) of the Financing Agreement is hereby
amended by (i) deleting the period appearing at the end thereof and (ii)
inserting the following text "(other than payments of accrued and unpaid
interest)." in lieu thereof.

                                      18

<PAGE>
<PAGE>

                  (l) Section 8.02(p) of the Financing Agreement is hereby
amended by amending and restating clause (iii) of such Section in its entirety
as follows: "(iii) except pursuant to a settlement as entered into pursuant to
Section 1114 of the Bankruptcy Code adopt or permit any ERISA Affiliate to
adopt any employee welfare benefit plan (other than upon consummation of the
Flexsys Acquisition, any employee welfare benefit plans of Flexsys and their
Subsidiaries) within the meaning of Section 3(1) of ERISA which provides
benefits to employees after termination of employment other than as required
by Section 601 of ERISA or applicable law;".

                  (m) Section 8.02(t) of the Financing Agreement is hereby
amended by (i) deleting the word "and" appearing at the end of clause (xiv)
thereof, (ii) deleting the period appearing at the end of clause (xv) thereof,
and (iii) inserting in lieu of such period the following: "; and (xvi) in
respect of the Specified Mechanic Lien and the claims underlying such Lien".

                  (n) Section 8.02 of the Financing Agreement is hereby
further amended by inserting the following text at the end thereof after
Section 8.02(t):

     "Notwithstanding the foregoing, from and after the Flexsys Acquisition,
     this Section 8.02 (except Sections 8.02(a), (b), (c), (d), (g), (h), (i),
     (j), (k), (l), (m), (n), (p), (q), and (s)) shall not apply to, or
     restrict, Flexsys and their Subsidiaries."

                  Section 2.10 Amendments to Section 8.03 of the Financing
                               -------------------------------------------
     Agreement.
     ---------

                  (a) Section 8.03(a) of the Financing Agreement is hereby
amended by deleting the following text at the end of the table appearing
therein:

            "January 31, 2007                             $153,000,000
            February 28, 2007                             $151,100,000"

and inserting the following text in lieu thereof:

            "January 31, 2007                             $160,000,000
            February 28, 2007                             $160,000,000
            March 31, 2007                                $163,900,000
            April 30, 2007                                $172,700,000
            May 31, 2007                                  $175,200,000
            June 30, 2007                                 $176,000,000
            July 31, 2007                                 $175,400,000
            August 31, 2007                               $174,500,000
            September 30, 2007                            $179,200,000

                                      19

<PAGE>
<PAGE>

            October 31, 2007                              $186,200,000
            November 30, 2007                             $194,100,000
            December 31, 2007                             $206,000,000
            January 31, 2008                              $209,500,000
            February 28, 2008                             $215,900,000
            March 31, 2008                                $219,100,000

provided, however, that after the Flexsys Acquisition, this Section 8.02(a)
--------  -------                                           ---------------
shall refer, for periods ending upon or after the date thereof, to the amounts
set forth below:

            January 31, 2007                              $244,100,000
            February 28, 2007                             $247,300,000
            March 31, 2007                                $253,600,000
            April 30, 2007                                $259,900,000
            May 31, 2007                                  $260,000,000
            June 30, 2007                                 $258,300,000
            July 31, 2007                                 $255,300,000
            August 31, 2007                               $252,000,000
            September 30, 2007                            $254,200,000
            October 31, 2007                              $258,800,000
            November 30, 2007                             $264,200,000
            December 31, 2007                             $273,600,000
            January 31, 2008                              $276,400,000
            February 28, 2008                             $282,100,000
            March 31, 2008                                $284,600,000"

                  (b) Section 8.03(a) of the Financing Agreement is hereby
further amended by inserting the following text at the end of such section:

     "In calculating the Consolidated EBITDA for purposes of this Section
                                                                  -------
     8.03(a), the results of the business described in Item 5 of Exhibit G to
     -------
     the Fourth Amendment shall be disregarded."

                  (c) Section 8.03(b) of the Financing Agreement is hereby
further amended by inserting the following text at the end of such section:

     "In calculating the Consolidated EBITDA for purposes of this Section
     8.03(b), the results of the business described in Item 5 of Exhibit G to
     the Fourth Amendment shall be disregarded."

                  Section 2.11 Amendments to Section 9.05(c) of the Financing
                               ----------------------------------------------
     Agreement.
     ---------

                                      20

<PAGE>
<PAGE>

                  (a) Section 9.05(c)(iii) of the Financing Agreement is
hereby amended by deleting the figure "$2,000,000" appearing in clause (A) of
the proviso thereto and inserting in lieu thereof the figure "$5,000,000".

                  (b) Section 9.05(c)(iv) of the Financing Agreement is hereby
amended by deleting the figure "$15,000,000" appearing in clause (A) of the
proviso thereto and inserting in lieu thereof the figure "$25,000,000".

                  Section 2.12 Amendments to Schedule 1.01(A) of the Financing
                               -----------------------------------------------
     Agreement. Schedule 1.01(A) of the Financing Agreement is hereby amended
     ---------
     as set forth in Exhibit A hereto.

                  Section 2.13 Amendment to Schedule 7.01(i) of the Financing
                               ----------------------------------------------
     Agreement. Schedule 7.01(i) is amendment to add thereto the following
     ---------
     item: "Upon the consummation of the Flexsys Acquisition, employee welfare
     benefit plans of Flexsys and their Subsidiaries".

                  Section 2.14 New Schedule 2.05(c)(v). Exhibit B to this
                               -----------------------  ---------
     Amendment is hereby inserted and incorporated into the Financing
     Agreement as Schedule 2.05(c)(v) thereto.

                  Section 2.15 Amendments to Schedule 8.02(c)(i) of the
                               ----------------------------------------
     Financing Agreement. Schedule 8.02(c)(i) of the Financing Agreement is
     -------------------
     hereby amended as set forth in Exhibit C hereto.
                                    ---------

                  Section 2.16 Amendments to Schedule 8.02(e) of the Financing
                               -----------------------------------------------
     Agreement. Schedule 8.02(e) of the Financing Agreement is hereby amended
     ---------
     as set forth in Exhibit D hereto.
                     ---------

                  Section 2.17 Amendments to Schedule 8.03 of the Financing
                               --------------------------------------------
     Agreement. Schedule 8.03 of the Financing Agreement is hereby amended as
     ---------
     set forth in Exhibit E hereto.
                  ---------

                  Section 2.18 Limited Waiver of Section 2.05(c) of the
                               ----------------------------------------
     Financing Agreement. The Lenders hereby waive compliance by the Loan
     -------------------
     Parties with the provisions of Section 2.05(c) of the Financing Agreement
     to the extent that such Section would require a mandatory prepayment in
     respect of sales of accounts receivable pursuant to Section 8.02(c)(i)(J)
     of the Financing Agreement by Subsidiaries of the Borrowers who are not
     Loan Parties. Such waiver does not constitute a waiver of Section 2.05(c)
     of the Financing Agreement as amended hereby, any waiver for any other
     purpose, or a waiver of such Section 2.05(c) after

                                      21

<PAGE>
<PAGE>

     the Fifth Amendment Effective Date, or of any other provision of the
     Financing Agreement or any other Loan Document, or any waiver of any
     other Default or Event of Default that may exist under the Financing
     Agreement or an acquiescence therein.

                  Section 2.19 Limited Waiver with respect to Section
                               --------------------------------------
     7.01(b)(ii) of the Financing Agreement. The Lenders hereby waive any
     --------------------------------------
     Default or Event of Default arising under the Financing Agreement solely
     as a result of the representation and warranty made or deemed made
     pursuant to Section 7.01(b)(ii) of the Financing Agreement being
     incorrect in any material respect due to the pledge of the Capital Stock
     of Flexsys Holding B.V. and Flexsys America LP by the Loan Parties having
     contravened restrictions contained in the organizational documents of, or
     joint venture agreements or other agreements related to, such entities;
     provided that the Loan Parties hereby agree to amend or cause the
     --------
     amendment of the organizational documents of, and joint venture
     agreements and other agreements related to, Flexsys Holding B.V. and
     Flexsys America LP to eliminate all such restrictions of the type to
     which this waiver relates as soon as practicable but in any event not
     later than the earlier to occur of (a) 60 days following the consummation
     of the Flexsys Acquisition and (b) 60 days following the date on which a
     mandatory prepayment is required to be made pursuant to Section
     2.05(c)(v) of the Financing Agreement. If the Loan Parties fail to comply
     with the covenant set forth in the proviso to the immediately preceding
     sentence, then the limited waiver set forth in this Section 2.19 shall
     immediately terminate and be of no further force and effect.

                  Section 2.20 Limited Waiver with respect to Section 8.02(a)
                               ----------------------------------------------
     of the Financing Agreement. The Lenders hereby waive any Default or Event
     --------------------------
     of Default arising under Section 8.02(a) the Financing Agreement solely
     as a result of any Liens in favor of the 1997 Trustee with respect to the
     1997 Indenture that are junior to the liens and claims of the Collateral
     Agent for the benefit of the Agents and the Lenders. Such waiver does not
     constitute a waiver of Section 8.02(a) of the Financing Agreement after
     giving effect to the definition of "Permitted Liens" as amended hereby,
     any waiver for any other purpose, or a waiver of any other provision of
     the Financing Agreement or any other Loan Document, or any waiver of any
     other Default or Event of Default that may exist under the Financing
     Agreement or an acquiescence therein.

                  Section 2.21 Limited Waiver of Section 8.02(c) of the
                               ----------------------------------------
     Financing Agreement. The Lenders hereby waive compliance by the Loan
     -------------------
     Parties with the provisions of Section 8.02(c) of the Financing Agreement
     to the extent that such Section would prohibit the sale of the assets
     identified on Exhibit F to this Amendment; provided, that the foregoing
                   ---------
     sale shall be for at least fair market value and for cash and the
     Borrowers shall comply with Section 2.05(c) of the Financing Agreement in
     respect of such asset sale (it being understood and agreed that,

                                      22

<PAGE>
<PAGE>

     notwithstanding any provision to the contrary contained in Section
     2.05(c) or (d) of the Financing Agreement, the Net Cash Proceeds thereof
     shall be applied 100% (and without giving effect to any otherwise
     applicable exceptions or exclusions otherwise available to the Loan
     Parties (except to the extent contained in the definition of Net Cash
     Proceeds)) as follows: first, to the Term Loan B until paid in full, and
     second, to the Revolving Loans until paid in full); provided, further,
                                                         --------  -------
     that such asset sale shall not be permitted unless no Default or Event of
     Default shall have occurred and be continuing before and after giving
     effect to such transaction. Such waiver does not constitute a waiver of
     Section 8.02(c) of the Financing Agreement for any other purpose or a
     waiver of any other provision of the Financing Agreement or any other
     Loan Document or any waiver of any other Default or Event of Default that
     may exist under the Financing Agreement or an acquiescence therein.

                  Section 2.22 Limited Waiver of Section 4.02 of Fourth
                               ----------------------------------------
     Amendment. The Lenders hereby waive any Default or Event of Default
     ---------
     arising as a result of the failure by the Loan Parties to comply with
     Section 4.02 to the Fourth Amendment and hereby waive compliance by the
     Loan Parties with the provisions of Section 4.02 of the Fourth Amendment,
     in each case solely with respect to delivery of the Belgian Pledge
     Agreement; provided that the Loan Parties hereby agree to use their
                --------
     commercially reasonable efforts to deliver such Belgian Pledge Agreement
     as soon as reasonably practicable.

                  Section 2.23 Consent to Subordination, Non-Disturbance and
                               ---------------------------------------------
     Attornment Agreements. The Lenders hereby consent to the execution and
     ---------------------
     delivery by the Administrative Agent, upon the request of the
     Administrative Borrower, of one or more subordination, non-disturbance
     and attornment (or similar) agreements with regard to leaseholds on real
     property owned or leased by any Loan Party, any such agreement to be in a
     form acceptable to the Administrative Agent.

                                 ARTICLE III

                     SECURITY AND ADMINISTRATIVE PRIORITY

                  Section 3.01 Reaffirmation of Grant of Lien and Security
                               -------------------------------------------
     Interest.
     --------

                  (a) As security for the full and timely payment and
performance of all of the Obligations each of the Loan Parties after giving
effect to this Amendment, each of the Loan Parties confirms and reaffirms its
assignment, pledge and grant to the Collateral Agent, for the benefit of the
Lenders, of the security interest in and to and Lien on all of the Collateral
set forth in Section 4.01 of the Financing Agreement on the terms and subject
to the provisions of the Loan Documents.

                                      23

<PAGE>
<PAGE>

                  (b) Upon entry of the Supplemental Bankruptcy Court Order
relating to this Amendment, the Liens and security interests in favor of the
Collateral Agent referred to in Section 3.01(a) shall continue to be valid and
                                ---------------
perfected Liens and security interests in the Collateral, prior to all other
Liens and security interests in the Collateral, other than for the Permitted
Priority Liens.

                  Section 3.02 Administrative Priority. Subject to the
                               -----------------------
     Bankruptcy Court Order and the Supplemental Bankruptcy Court Orders, each
     of the Borrowers and Guarantors agrees for itself that the Obligations of
     such Person shall constitute allowed administrative expenses in the
     Chapter 11 Cases, having priority over all administrative expenses of and
     unsecured claims against such Person now existing or hereafter arising,
     of any kind or nature whatsoever, including, without limitation, all
     administrative expenses of the kind specified in, or arising or ordered
     under, Sections 105, 326, 328, 503(b), 506(c), 507(a), 507(b), 546(c),
     1113 and 1114 of the Bankruptcy Code, subject only to the prior payment
     of expenses to the extent set forth in clause "first" of the definition
     of the term "Agreed Administrative Expense Priorities".

                                  ARTICLE IV

                             CONDITIONS PRECEDENT

                  Section 4.01 Conditions to Effectiveness of this Amendment.
                               ---------------------------------------------
     This Amendment shall be effective as of the date hereof, upon the
     satisfaction (or waiver) of the conditions precedent that:

                  (a) Bankruptcy Court Order. (i) The Administrative Agent,
                      ----------------------
the Collateral Agent and the Lenders shall have received a final,
non-appealable order of the Bankruptcy Court approving this Amendment and the
terms and conditions hereof, which order shall be in form and substance
satisfactory to the Administrative Agent in its sole discretion and shall have
been entered by the Bankruptcy Court, (ii) the Administrative Agent shall have
received a true and complete copy of such order, and (iii) such order shall be
in full force and effect and shall not have been reversed, modified, amended,
stayed or vacated absent prior written consent of the Administrative Agent.

                  (b) Fees and Expenses. The Borrowers shall have paid all
                      -----------------
costs, fees and expenses referred to in Section 5.05 and the Amended and
Restated Fee Letter, dated as of January 2, 2007 (the "Fifth Amendment Fee
                                                       -------------------
Letter"), among the Borrowers and Citigroup Global Markets Inc., to the extent
------
due on or prior to the date hereof, and all costs and expenses (including,
without limitation, legal fees and disbursements, filing fees, documentary,
stamp and filing taxes (subject to Section 2.08 of the Financing Agreement))
of the Administrative Agent, the Collateral Agent and each Lender incurred

                                      24

<PAGE>
<PAGE>

in connection with this Amendment and the transactions, documents and
agreements contemplated hereby.

                  (c) Representations and Warranties. As of the date hereof,
                      ------------------------------
both before (but after giving effect to the limited waivers set forth in
Article II above) and after giving effect to this Amendment, all of the
representations and warranties contained in the Financing Agreement and in
each other Loan Document shall be true and correct in all material respects as
though made on the date hereof, except to the extent such representation and
warranty expressly relates to a specific prior date in which case such
representation and warranty shall be true and correct in all material respects
as of such date (and by its execution hereof, the Borrowers shall be deemed to
have represented and warranted such).

                  (d) No Default. As of the date hereof, both before and after
                      ----------
giving effect to this Amendment, no Default (other than Defaults that would,
upon effectiveness of this Amendment, be waived pursuant to Article II above)
shall have occurred and be continuing (and by its execution hereof, the
Borrowers shall be deemed to have represented and warranted such).

                  (e) Legality. The making of the Additional Term Loan B Loans
                      --------
and any Revolving Loans to be made on the Fifth Amendment Effective Date as
contemplated by this Amendment shall not contravene any law, rule or
regulation applicable to any Agent or any Lender.

                  (f) Delivery of Documents. The Administrative Agent and the
                      ---------------------
Collateral Agent shall have received on or before the Fifth Amendment
Effective Date (or in the case of clause (ii) below the Loan Parties shall
have used their commercially reasonable efforts to cause such delivery) the
following, each in form and substance reasonably satisfactory to each of the
Administrative Agent and the Collateral Agent and, unless indicated otherwise,
dated on or as of the Fifth Amendment Effective Date:

                  (i) executed counterparts of this Amendment, duly executed
     by each of the Lenders, the Borrowers, each Guarantor, the Documentation
     Agent, the Administrative Agent, the Collateral Agent and the Issuer;

                  (ii) with respect to each Principal Property (including,
     without limitation, each Additional Principal Property, but excluding the
     Krummrich Property), (A) if such Principal Property is located in a state
     that assesses mortgage taxes, a notice of order of the Bankruptcy Court
     referenced in subsection (a) above (together with a certified copy of
     said order), in recordable form, (B) if such Principal

                                      25

<PAGE>
<PAGE>

     Property is located in a state that does not assess mortgage taxes, an
     amendment to the Mortgage for such property, duly executed by the
     applicable Loan Party and in recordable form, (C) a modification
     endorsement to the title policy for such property and (D) a date-down
     endorsement to the title policy for such property (which date-down
     endorsement may be combined with the modification endorsement into a
     single endorsement) or, in cases where such endorsement cannot be
     obtained at a reasonable cost, an updated title search and/or a date-down
     letter from the title insurance company, in each case indicating no Liens
     other than Permitted Liens;

                  (iii) a copy of the resolutions of each Loan Party,
     certified as of the Fifth Amendment Effective Date by a Secretary or an
     Assistant Secretary thereof, authorizing (A) the borrowings and other
     transactions contemplated by the Financing Agreement as amended hereby
     and the other Loan Documents delivered in connection herewith to which
     such Loan Party is or will be a party, and (B) the execution, delivery
     and performance by such Loan Party of this Amendment and each other Loan
     Document to which such Loan Party is or will be a party and the execution
     and delivery of the other documents to be delivered by such Person in
     connection herewith and therewith;

                  (iv) either (A) a certificate of a Secretary or an Assistant
     Secretary of each Loan Party, certifying the names and true signatures of
     the representatives of such Loan Party authorized to sign each Loan
     Document to which such Loan Party is or will be a party and the other
     documents to be executed and delivered by such Loan Party in connection
     herewith and therewith, together with evidence of the incumbency of such
     authorized officers or (B) a certificate of a Secretary or an Assistant
     Secretary of each Loan Party certifying that no changes have occurred
     with respect to the identity of the representatives of such Loan Party
     authorized to sign each Loan Document to which such Loan Party is or will
     be a party and the other documents to be executed and delivered by such
     Loan Party in connection herewith and therewith, and the incumbency of
     such authorized officers, in each case since the date of the certificate
     of the type described in the foregoing clause (A) delivered in connection
     with the Fourth Amendment;

                  (v) to the extent required by the Collateral Agent, a
     certificate of the appropriate official(s) of the state or other
     applicable jurisdiction of organization of each Loan Party certifying as
     to the subsistence in good standing of, and the payment of taxes by, such
     Loan Party in such states and certified as of a recent date not more than
     30 days prior to the Fifth Amendment Effective Date, together, if
     requested by the

                                      26

<PAGE>
<PAGE>

     Collateral Agent, with confirmation by telephone or telecopy (where
     available) on the Fifth Amendment Effective Date from such official(s) as
     to such matters;

                  (vi) either (A) a copy of the charter and by-laws, limited
     liability company agreement, operating agreement, agreement of limited
     partnership or other organizational document of each Loan Party, together
     with all amendments thereto, certified as of the Fifth Amendment
     Effective Date by a Secretary or an Assistant Secretary of such Loan
     Party or (B) a certificate of a Secretary or an Assistant Secretary of
     each Loan Party certifying that the charter and by-laws, limited
     liability company agreement, operating agreement, agreement of limited
     partnership or other organizational document of each Loan Party attached
     to the certificate of the type described in the foregoing clause (A)
     delivered in connection with the Fourth Amendment have not been amended,
     modified, or repealed and continue to be in full force and effect on the
     Fifth Amendment Effective Date;

                  (vii) an opinion of Kirkland & Ellis LLP, counsel to the
     Loan Parties, in form and substance reasonably satisfactory to the
     Administrative Agent;

                  (viii) a certificate of an Authorized Officer of each Loan
     Party, certifying as to the matters set forth in clauses (c) and (d) of
                                                      -----------     ---
     this Section 4.01;
          ------------

                  (ix) either (A) a certificate of a Secretary or an Assistant
     Secretary of the Administrative Borrower, certifying the names and true
     signatures of the persons that are authorized to provide Notices of
     Borrowing and all other notices under the Financing Agreement and the
     other Loan Documents or (B) a certificate of a Secretary or an Assistant
     Secretary of the Administrative Borrower certifying that no changes have
     occurred with respect to the identity of the persons that are authorized
     to provide Notices of Borrowing and all other notices under the Financing
     Agreement and the other Loan Documents since the date of the certificate
     of the type described in the foregoing clause (A) delivered in connection
     with the Fourth Amendment;

                  (x) the Loan Parties' month-end and year-to-date unaudited
     financial statements as of November 30, 2006; and

                                      27

<PAGE>
<PAGE>

                  (xi) a Notice of Borrowing in respect of the Additional New
     Term Loan B Loan delivered at least three Business Days prior to the
     Fifth Amendment Effective Date and otherwise conforming to the
     requirements of Section 2.02 of the Financing Agreement.

                  (g) Priority. The Collateral Agent shall be satisfied that
                      --------
it has been granted, and after giving effect to this Amendment continues to
hold, for the benefit of the Lenders, a perfected, first priority Lien on, and
security interest in, all of the Collateral described in Section 4.01(a)(i) of
the Financing Agreement, subject only to Permitted Priority Liens.

                  (h) Approvals. All consents, authorizations and approvals
                      ---------
of, and filings and registrations with, and all other actions in respect of,
any Governmental Authority or other Person required in connection with the
making of the Loans shall have been obtained and shall be in full force and
effect.

                  (i) Pledge Agreements; Other Loan Documents. Such
                      ---------------------------------------
amendments, confirmations or other agreements as the Administrative Agent or
Collateral Agent may reasonably require with respect to (A) any Pledge
Agreement to provide or confirm that the Liens granted thereunder secure all
of the Obligations after giving effect to this Amendment or (B) any other Loan
Document to continue the effectiveness thereof with respect to the Financing
Agreement as amended hereby, each in form and substance reasonably
satisfactory to each of the Administrative Agent and the Collateral Agent.

                                  ARTICLE V

                                 MISCELLANEOUS

                  Section 5.01 Effect; Ratification. The amendments, waivers
                               --------------------
     and consents set forth herein are effective solely for the purposes set
     forth herein and shall be limited precisely as written, and shall not be
     deemed to (i) be a consent to, or acknowledgment of, any amendment,
     waiver or modification of any other term or condition of the Financing
     Agreement or of any other instrument or agreement referred to herein or
     therein or (ii) prejudice any right or remedy which the Agents or any
     other party may now have or may have in the future under or in connection
     with the Financing Agreement as amended hereby or any other instrument or
     agreement referred to therein. This Amendment shall be construed in
     connection with and as part of the Financing Agreement, and all terms,
     conditions, representations, warranties, covenants and agreements set
     forth in the Financing Agreement, each other Loan Document and each other
     instrument or agreement referred to therein, except as herein amended,
     are hereby ratified and confirmed and shall remain in full force and
     effect.

                                      28

<PAGE>
<PAGE>

                  Section 5.02 Acknowledgement. Each of the Borrowers and
                               ---------------
     Guarantors hereby acknowledges and agrees that as of the Fifth Amendment
     Effective Date and immediately after giving effect to this Amendment, the
     making of the Additional New Term Loan B Loans, the increase in the
     Revolving Credit Commitment, and the other transactions contemplated
     hereby the Borrowers and Guarantors are and continue to be indebted to
     the Lenders under the Financing Agreement (as amended hereby) in the
     principal amount of $975,000,000, which principal amount consists of $0
     of outstanding Revolving Loans, $300,000,000 of outstanding Original Term
     Loan B Loans, $50,000,000 of outstanding Converted Term Loan B Loans,
     $300,000,000 of outstanding New Term Loan B Loans, and $325,000,000 of
     outstanding Additional New Term Loan B Loans, and remain liable for
     reimbursement obligations under Letters of Credit outstanding on the date
     hereof with an aggregated undrawn face amount equal to $71,128,855.

                  Section 5.03 Due Authorization; Authority; No Conflicts;
                               ------------------------------------------
     Enforceability. The execution, delivery and performance by each Loan
     --------------
     Party of this Amendment (i) have been duly authorized by all necessary
     action, (ii) do not and will not contravene its charter or by-laws, its
     limited liability company or operating agreement or its certificate of
     partnership or partnership agreement, as applicable, or any applicable
     law or any contractual restriction binding on or otherwise affecting it
     or any of its properties (other than conflicts, breaches and defaults,
     the enforcement of which will be stayed by virtue of the filing of the
     Chapter 11 Cases), or any order or decree of any court or Governmental
     Authority (including, without limitation, any order entered in the
     Chapter 11 Cases), (iii) do not and will not result in or require the
     creation of any Lien upon or with respect to any of its material
     properties, and (iv) do not and will not result in any material default,
     noncompliance, suspension, revocation, impairment, forfeiture or
     nonrenewal of any material permit, license, authorization or approval
     applicable to its operations or any of its properties. Other than the
     order referred to in Section 4.01(a) hereof, no authorization or approval
                          ---------------
     or other action by, and no notice to or filing with, any Governmental
     Authority, including the Bankruptcy Court, is required in connection with
     the due execution, delivery and performance by any Loan Party of this
     Amendment. This Amendment, when delivered hereunder, is or will be, duly
     and validly executed and delivered by each of the Loan Parties which is a
     party hereto and each of this Amendment and the Financing Agreement as
     amended hereby constitutes the legal, valid and binding obligation of
     each of the Loan Parties which is a party hereto or thereto, enforceable
     in accordance with the terms hereof or thereof and subject to the entry
     of, and the terms of, the Bankruptcy Court order referred to in Section
                                                                     -------
     4.01(a) hereof.
     -------

                  Section 5.04 No Novation. Neither this Amendment nor the
                               -----------
     replacement of the terms of the Financing Agreement by the terms of this
     Amendment shall extinguish the obligations for the payment of money
     outstanding under the Financing Agreement or discharge or release the
     Lien or priority of any security agreement, any pledge agreement or any
     other security therefor. Nothing

                                      29

<PAGE>
<PAGE>

     herein contained shall be construed as a substitution or novation of the
     Obligations outstanding under the Financing Agreement or instruments
     securing the same, which shall remain in full force and effect, except as
     modified hereby. Nothing expressed or implied in this Amendment or any
     other document contemplated hereby or thereby shall be construed as a
     release or other discharge of the Borrowers or any other Loan Party under
     any Loan Document from any of its obligations and liabilities thereunder.
     Each of the Financing Agreement and the other Loan Documents shall remain
     in full force and effect, until and except as modified hereby or in
     connection herewith. This Amendment, the Fifth Amendment Fee Letter and
     each document, instrument and agreement required to be delivered pursuant
     to Section 4.01(f)(ii) hereof are Loan Documents executed pursuant to the
        -------------------
     Financing Agreement and shall be construed, administered and applied in
     accordance with the terms and provisions thereof.

                  Section 5.05 Costs, Fees and Expenses. The Borrowers jointly
                               ------------------------
     and severally agree to reimburse the Agents and the Lenders upon demand
     in accordance with Section 13.04 of the Financing Agreement for all
     reasonable costs, fees and expenses (including the reasonable fees and
     expenses of counsel to the Agents and the Lenders) incurred in connection
     with the preparation, execution, delivery and filing or recordation of
     this Amendment and other documents contemplated hereby.

                  Section 5.06 Counterparts. This Amendment may be executed in
                               ------------
     any number of counterparts and by different parties hereto in separate
     counterparts, each of which shall be deemed to be an original, but all of
     which taken together shall constitute one and the same agreement.
     Delivery of an executed counterpart of this Amendment by telecopier or a
     .PDF by electronic mail shall be equally as effective as delivery of an
     original executed counterpart of this Amendment. Any party delivering an
     executed counterpart of this Amendment by telecopier also shall deliver
     an original executed counterpart of this Amendment but the failure to
     deliver an original executed counterpart shall not affect the validity,
     enforceability, and binding effect of this Amendment.

                  Section 5.07 Severability. Any provision of this Amendment
                               ------------
     which is prohibited or unenforceable in any jurisdiction shall, as to
     such jurisdiction, be ineffective to the extent of such prohibition or
     unenforceability without invalidating the remaining portions hereof or
     affecting the validity or enforceability of such provision in any other
     jurisdiction.

                  Section 5.08 CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED
                               -------------
     BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
     APPLICABLE TO CONTRACTS

                                      30

<PAGE>
<PAGE>

     MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK EXCEPT AS GOVERNED BY
     THE BANKRUPTCY CODE.

                  Section 5.09 No Party Deemed Drafter. Each of the parties
                               -----------------------
     hereto agrees that no party hereto shall be deemed to be the drafter of
     this Amendment.

                  Section 5.10 Ratification of Guaranty. Each Guarantor hereby
                               ------------------------
     consents to this Amendment and hereby confirms and agrees that (a)
     notwithstanding the effectiveness of this Amendment, the Guaranty is, and
     shall continue to be, in full force and effect and is hereby ratified and
     confirmed in all respects, except that, on and after the effectiveness of
     this Amendment, each reference in the Guaranty to the "Agreement",
     "thereunder", "thereof" or words of like import referring to the
     Financing Agreement shall mean and be a reference to the Financing
     Agreement as amended by this Amendment, and (b) the Loan Documents to
     which it is a party and all of the Collateral described therein do, and
     shall continue to, secure the payment of all of the Obligations secured
     thereby.

                           (Signature Page Follows)

                                      31

<PAGE>
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

                                  BORROWERS:
                                  ----------

                                  SOLUTIA INC., as a debtor and a debtor-in-
                                  possession

                                  By: /s/ James A. Tichenor
                                      ---------------------
                                      Name: James A. Tichenor
                                      Title: Assistant Treasurer

                                  SOLUTIA BUSINESS ENTERPRISES, INC., as
                                  a debtor and a debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  GUARANTORS:
                                  -----------

                                  AXIO RESEARCH CORPORATION, as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

<PAGE>
<PAGE>

                                  BEAMER ROAD MANAGEMENT COMPANY, as a debtor
                                  and a debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  CPFILMS INC., as a debtor and a debtor-
                                  in-possession

                                  By:  /s/ James A. Tichenor
                                       ----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  MONCHEM, INC., as a debtor and a debtor-
                                  in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                         Name: James A. Tichenor
                                         Title: Vice President & Treasurer

                                  MONCHEM INTERNATIONAL, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA GREATER CHINA, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

<PAGE>
<PAGE>

                                  SOLUTIA INTER-AMERICA, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       ---------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA INTERNATIONAL HOLDING, LLC, as a
                                  debtor and a debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA INVESTMENTS, LLC, as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA MANAGEMENT COMPANY, INC., as a debtor
                                  and a debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA OVERSEAS, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

<PAGE>
<PAGE>

                                  SOLUTIA SYSTEMS, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

                                  SOLUTIA TAIWAN, INC., as a debtor and a
                                  debtor-in-possession

                                  By:  /s/ James A. Tichenor
                                       -----------------------
                                       Name: James A. Tichenor
                                       Title: Vice President & Treasurer

<PAGE>
<PAGE>

ADMINISTRATIVE AGENT,
---------------------
COLLATERAL AGENT,
-----------------
CO-DOCUMENTATION AGENT AND A LENDER:
------------------------------------
CITICORP USA, INC., for itself as the Administrative Agent,
the Collateral Agent, a Co-Documentation Agent and a Lender:

By:      /s/ David Jaffe
         ---------------
Name:    David Jaffe
Title:   Director/Vice President

CO-DOCUMENTATION AGENT AND A LENDER:
------------------------------------
Wells Fargo Foothill, LLC,
--------------------------
for itself as a Co-Documentation Agent and a Lender

By:      /s/ Yelena Kravchuk
         -------------------
Name:    Yelena Dravchuk
Title:   AVP

ISSUER:
------

CITIBANK, N.A., as an Issuer and a Lender
---------------

By:      /s/ Christine M. Kanicki
         ------------------------
Name:    Christine M. Kanicki
Title:   Attorney - In - Fact

<PAGE>
<PAGE>

LENDER:
------

CDL Loan Funding, LLC, as a Lender
----------------------------------

By:    /s/ Anthony Severino
       --------------------
       Name:  Anthony Severino
       Title:  Authorized Signatory

LENDER:
------

Field Point III Ltd., as a Lender
---------------------------------

By:    /s/ Richard Petrilli
       --------------------
       Name:  Richard Petrilli
       Title:  Authorized Signature

LENDER:
------

Field Point IV Ltd.,
--------------------
as a Lender

By:    /s/ Richard Petrilli
       --------------------
       Name:  Richard Petrilli
       Title:  Authorized Signature

LENDER:
------

Canyon Capital CLO 2006-1 Ltd.,
-------------------------------
as a Lender

By:    /s/ Michael Leyland
       -------------------
       Name:  Michael Leyland
       Title:  Authorized Signatory
       By:  Canyon Capital Advisors LLC
       a Delaware limited liability company, its Collateral Manager

<PAGE>
<PAGE>

LENDER:
------

GK Debt Opportunity Fund, LLC,
-----------------------------
as a Lender

By:  GK Capital, LLC as Investment Manager

By:    /s/ Michael J. Gelbat
       ---------------------
Name:  Michael J. Gelbat
Title:  Managing Member

LENDER:
------

BABSON CLO LTD 2003-I
BABSON CLO LTD 2004-II
BABSON CLO LTD 2005-I
BABSON CLO LTD 2005-II
SUFFIELD CLO LIMITED

By:  Babson Capital, LLC as Collateral Manager
----------------------------------------------

By:    /s/ Anthony J. Sciacca
       ----------------------
Name:  Anthony J. Sciacca
Title:  Managing Director

BILL & MELINDA GATES FOUNDATION

By:  Babson Capital Management LLC as Investment Adviser

By:    /s/ Anthony J. Sciacca
       ----------------------
Name:  Michael Leyland
Title:  Managing Director

<PAGE>
<PAGE>

LENDER
------

WB Loan Funding 3, LLC
----------------------
as a Lender

By:  /s/ Diana M. Himes
     ------------------
Name:  Diana M. Himes
Title:  Associate

LENDER
------

DKR Wolf Point Holding Fund Ltd,
--------------------------------
as a Lender

By:  /s/ Kenneth Schlemmel
     ---------------------
Name:  Kenneth Schlemmel
Title:  Managing Partner

LENDER
------

Highland Credit Strategies Fund,
--------------------------------
as a Lender

By:  /s/ M. Jason Blackburn
     ----------------------
Name:  M. Jason Blackburn
Title:  Treasurer

LENDER
------

Highland Floating Rate Advantage Fund,
--------------------------------------
as a Lender

By:  /s/ M. Jason Blackburn
     ----------------------
Name:  M. Jason Blackburn
Title:  Treasurer

<PAGE>
<PAGE>

LENDER
------

Rockwall CDO LTD
----------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Red River CLO Ltd.
------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Grayson CLO, Ltd.
-----------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

<PAGE>
<PAGE>

LENDER
------

Eastland CLO, LTD
-----------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Brentwood CDO LTD
-----------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Rockwall CDO II LTD
-------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

<PAGE>
<PAGE>

LENDER
------

Highland Credit Opportunities CDO Ltd.
--------------------------------------
By:  Highland Capital Management, L.P.
-------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     -----------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Pam Capital Funding L. P.
-------------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

Highland Legacy Limited
-----------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
-----------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

<PAGE>
<PAGE>

LENDER

Highland Loan Funding V Ltd.
----------------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER

Restoration Funding CLO, LTD
----------------------------
By:  Highland Capital Management, L.P.
--------------------------------------
as Collateral Manager
---------------------
By:  Strand Advisors, Inc., Its General Partner,
------------------------------------------------
as a Lender

By:  /s/ Brian Lohrding
     ------------------
Name:  Brian Lohrding
Title:  Treasurer
Strand Advisers, Inc.
General Partner of Highland Capital Management, L.P.

LENDER
------

CSAM Funding I
--------------
Credit Suisse Asset Management Syndicated Loan Fund
---------------------------------------------------
Madison Pam Funding III, Ltd.
-----------------------------
as a Lender

By:  /s/ David H. Lerner
     -------------------
Name:  David H. Lerner
Title:  Authorized Signatory

<PAGE>
<PAGE>

LENDER
------

Bayerische Hypo und Vereinsbank, AG
-----------------------------------
New York Branch (as a lender)
-----------------------------

By:  /s/ Michael D. Novellino
     ------------------------
Name:  Michael D. Novellino
Title:  Director

By:  /s/ LoriAnn Curnyn
     ------------------
Name:  LoriAnn Curnyn
Title:  Managing Director

LENDER
------

Carlyle Capital Investment Limited,
-----------------------------------
as a Lender

By:  /s/ Mark Alter
     --------------
Name:  Mark Alter
Title:  Managing Director

LENDER
------

Carlyle Loan Investment Limited,
--------------------------------
as a Lender

By:  /s/ Mark Alter
     --------------
Name:  Mark Alter
Title:  Managing Director

LENDER
------

Foothill Income Trust II, L.P.
------------------------------
By FIT II GP, LLC, Its Gen Partner,
-----------------------------------
as a Lender

By:  /s/ Sean Dixon
     --------------
Name:  Sean Dixon
Title:  Managing Member

<PAGE>
<PAGE>

LENDER
------

Quattro Special Situations, LLC,
--------------------------------
as a Lender

By:  /s/ Sherri Andrews
     ------------------
Name:  Sherri Andrews
Title:  Portfolio Manager

LENDER
------

Quattro Distressed Opportunities Fund, LP,
------------------------------------------
as a Lender

By:  /s/ Sherri Andrews
     ------------------
Name:  Sherri Andrews
Title:  Portfolio Manager

LENDER
------

Quattro Fund, Ltd,
------------------
as a Lender

By:  /s/ Sherri Andrews
     ------------------
Name:  Sherri Andrews
Title:  Portfolio Manager

LENDER
------

Quattro Multi-Strategy Master Fund, LP,
---------------------------------------
as a Lender

By:  /s/ Sherri Andrews
     ------------------
Name:  Sherri Andrews
Title:  Portfolio Manager

LENDER
------

Distressed Securities & Special Situations -1,
----------------------------------------------
a Series of Underlying Funds Trust,
-----------------------------------
as a Lender

By:  /s/ Sherri Andrews
     ------------------
Name:  Sherri Andrews
Title:  Portfolio Manager

<PAGE>
<PAGE>

LENDER
------

Oak Hill Credit Opportunities Financing, Ltd.,
---------------------------------------------
as a Lender

By:  /s/ Scott D. Krase
     ------------------
Name:  Scott D. Krase
Title:  Authorized Person

LENDER
------

Cypress Point Trading LLC,
--------------------------
as a Lender

By:  /s/ M. Christina Higgins
     ------------------------
Name:  M. Christina Higgins
Title:  Assistant Vice President

LENDER
------

Waterville Funding LLC,
-----------------------
as a Lender

By:  /s/ M. Christina Higgins
     ------------------------
Name:  M. Christina Higgins
Title:  Assistant Vice President

LENDER
------

WatchTower CLO I PLC
--------------------
By:  Citadel Limited Partnership, Collateral Manager
----------------------------------------------------
By:  Citadel Investment Group, L.L.C., its General Partner,
-----------------------------------------------------------
as a Lender

By:  /s/ Erica L. Tarpey
     -------------------
Name:  Erica L. Tarpey
Title:  Authorized Signatory

<PAGE>
<PAGE>

LENDER
------

BLT I LLC,
----------
as a Lender

By:  /s/ Robert Healey
     -----------------
Name:  Robert Healey
Title:  Authorized Signatory

LENDER
------

Credit Suisse Capital LLC,
--------------------------
as a Lender

By:  /s/ Robert Healey
     -----------------
Name:  Robert Healey
Title:  Authorized Signatory

LENDER
------

The Assets Management Committee of the
--------------------------------------
Coca-Cola Company Master Retirement
-----------------------------------
Trust, By: Pyramis Global Advisors Trust
----------------------------------------
Company, As Investment Manager Under
------------------------------------
Power of Attorney,
------------------
as a Lender

By:  /s/ Geoffrey Johnson
     --------------------
Name:  Geoffrey Johnson
Title:  Vice President

LENDER
------

Fidelity Central Investment Portfolios LLC:
-------------------------------------------
Fidelity Floating Rate Central Investment Portfolio,
----------------------------------------------------
as a Lender

By:  /s/ John H.Costello
     -------------------
Name:  John H. Costello
Title:  Assistant Treasurer

<PAGE>
<PAGE>

LENDER
------

Fidelity Puritan Trust; Fidelity Puritan Fund,
----------------------------------------------
as a Lender

By:  /s/ John H.Costello
     -------------------
Name:  John H. Costello
Title:  Assistant Treasurer

LENDER
------

SMBC DIP LIMITED,
-----------------
as a Lender

By:  /s/ Kenji Fukuda
     ----------------
Name:  Kenji Fukuda
Title:  Treasurer

LENDER
------

Sankaty Advisors, LLC as Collateral
-----------------------------------
Manager for Prospect Funding I, LLC
-----------------------------------
as Term Lender,
---------------
as a Lender

By:  /s/ Alan K. Halfenger
     ---------------------
Name:  Alan K. Halfenger
Title:  Chief Compliance Officer
         Assistant Secretary

LENDER
------

Sankaty High Yield Partners II, L.P.,
-------------------------------------
as a Lender

By:  /s/ Alan K. Halfenger
     ---------------------
Name:  Alan K. Halfenger
Title:  Chief Compliance Officer
         Assistant Secretary

<PAGE>
<PAGE>

LENDER
------

Sankaty High Yield Partners III, L.P.,
--------------------------------------
as a Lender

By:  /s/ Alan K. Halfenger
     ---------------------
Name:  Alan K. Halfenger
Title:  Chief Compliance Officer
         Assistant Secretary

LENDER
------

Vitesse CLO Ltd.
----------------
By:  TCW Advisors as its Portfolio Manager,
-------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

LENDER
------

Celerity CLO Ltd.
-----------------
By:  TCW Advisors as Agent,
---------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

<PAGE>
<PAGE>

LENDER
------

First 2004-I CLO, Ltd.
----------------------
By:  TCW Advisors as its Collateral Manager,
--------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

LENDER
------

First 2004-II CLO, Ltd.
-----------------------
By:  TCW Advisors, Inc., its Collateral Manager,
------------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

LENDER
------

Loan Funding I, LLC,
--------------------
a wholly owned subsidiary of Citibank, N.A.
-------------------------------------------
By:  TCW Advisors, Inc., as Portfolio Manager
---------------------------------------------
of Loan Funding I LLC,
----------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

<PAGE>
<PAGE>

LENDER
------

TCW Select Loan Fund, Limited
-----------------------------
By:  TCW Advisors, Inc., as its Collateral Manager,
---------------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

LENDER
------

TCW Senior Secured Loan Fund, Limited
-------------------------------------
By:  TCW Advisors, Inc., as its Investment Advisor,
---------------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

LENDER
------

Velocity CLO, Ltd.
------------------
By:  TCW Advisors, Inc., its Collateral Manager,
------------------------------------------------
as a Lender

By:  /s/ Stephen Suo
     ---------------
Name:  Stephen Suo
Title:  Vice President

By:  /s/ G. Wayne Hosang
     -------------------
Name:  G. Wayne Hosang
Title:  Vice President

<PAGE>
<PAGE>

LENDER
------

Grand Central Asset Trust, DBF Series,
--------------------------------------
as a Lender

By:  /s/ Janet Haack
     ----------------
Name:  Janet Haack
Title:  As Attorney In Fact

LENDER
------

Grand Central Asset Trust, BDC Series,
--------------------------------------
as a Lender

By:  /s/ Janet Haack
     ---------------
Name:  Janet Haack
Title:  As Attorney In Fact

LENDER
------

Boldwater CBNA Loan Funding LLC,
--------------------------------
as a Lender

By:  /s/ Janet Haack
     ---------------
Name:  Janet Haack
Title:  As Attorney In Fact

LENDER
------

Hibiscus CBNA Loan Funding LLC, for itself or as agent
------------------------------------------------------
for Hibiscus CFPI Loan Funding LLC
----------------------------------
as a Lender

By:  /s/ Janet Haack
     ---------------
Name:  Janet Haack
Title:  As Attorney In Fact

<PAGE>
<PAGE>

LENDER
------

Grand Central Asset Trust, PFD Series,
--------------------------------------
as a Lender

By:  /s/ Janet Haack
     ---------------
Name:  Janet Haack
Title:  As Attorney In Fact

LENDER
------

SOL Loan Funding LLC,
---------------------
as a Lender

By:  /s/ Janet Haack
     ---------------
Name:  Janet Haack
Title:  As Attorney In Fact

LENDER
------

WB Loan Funding 3, LLC,
-----------------------
as a Lender

By:  /s/ Diane M. Himes
     ------------------
Name:  Diane M. Himes
Title:  Associate

LENDER
------

Jay Street Market Value CLO I, Ltd.,
------------------------------------
as a Lender

By:  DiMaio Ahmad Capital LLC, as Manager
-----------------------------------------
By:  /s/ Paul Travers
     ----------------
Name:  Paul Travers
Title:  Managing Director

<PAGE>
<PAGE>

LENDER
------

Seneca Capital,
---------------
as a Lender

By:  /s/ Bruce Rubin
     ---------------
Name:  Bruce Rubin
Title:  Chief Operating Officer

LENDER
------

Sun America Life Insurance Companies,
-------------------------------------
as a Lender

By:  /s/ Leslie Pruett
     -----------------
Name:  Leslie Pruett
Title:  Vice President

LENDER
-------

Eaton Vance Senior Income Trust
-------------------------------
By:  Eaton Vance Management as Investment Advisor.
--------------------------------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

LENDER
------

Eaton Vance Institutional Senior Loan Fund
------------------------------------------
By:  Eaton Vance Management as Investment Advisor.
--------------------------------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

<PAGE>
<PAGE>

LENDER
------

Grayson & Co.
-------------
By:  Boston Management and Research, as Investment Advisor,
-----------------------------------------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

LENDER
------

Eaton Vance
-----------
Limited Duration Income Fund
----------------------------
By:  Eaton Vance Management as
------------------------------
Investment Advisor,
-------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

LENDER:
-------

Eaton Vance Senior Floating-Rate Trust
BY:    Eaton Vance Management,
       As Investment Advisor,
-----------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

LENDER:
-------

Eaton Vance Floating-Rate
Income Trust
By:    Eaton Vance Management,
       As Investment Advisor,
-----------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

<PAGE>
<PAGE>

LENDER:
-------

Eaton Vance Credit
Opportunities Fund
By:    Eaton Vance Management,
       As Investment Advisor,
-----------------------------
as a Lender

By:  /s/ Michael B. Botthof
     ----------------------
Name:  Michael B. Botthof
Title:  Vice President

LENDER:
-------

Sandelman Finance 2006-1, Ltd.,
-------------------------------
as a Lender

By:  /s/ Brad L. Jenkins
     -------------------
Name:  Brad L. Jenkins
Title:  Collateral Administrator

LENDER:
-------

Satellite Senior Income Fund II, LLC
By Satellite Asset Management, L.P.
Its Investment Manager,

By:  /s/ Simon Raykher
     -----------------
Name:  Simon Raykher
Title:  General Counsel

<PAGE>
<PAGE>

LENDER:
-------

Loan Funding XIII LLC
for itself or as agent for
Corporate Funding XIII,
-----------------------
as a Lender

By:  /s/ Aaron A. Meyer
     ------------------
Name:     Aaron A. Meyer
Title:    Principal
          Silvermine Capital Management, LLC
          263 Tresser Blvd.
          10th Floor
          Stamford, CT 06901
          (T) 203-399-3020

LENDER:
-------

CANNINGTON Funding Ltd.
By:    Silvermine Capital Management, LLC
       as Investment Manager,
-----------------------------
as a Lender

By:  /s/ Aaron A. Meyer
     ------------------
Name:     Aaron A. Meyer
Title:    Principal
          Silvermine Capital Management, LLC
          263 Tresser Blvd.
          10th Floor
          Stamford, CT 06901
          (T) 203 399-3020
          (F) 203 399-3002

<PAGE>
<PAGE>

LENDER:
-------

COMSTOCK FUNDING LTD.
By:    Silvermine Capital Management, LLC
       as Investment Manager,
-----------------------------
as a Lender

By:  /s/ Aaron A. Meyer
     ------------------
Name:     Aaron A. Meyer
Title:    Principal
          Silvermine Capital Management, LLC
          263 Tresser Blvd.
          10th Floor
          Stamford, CT 06901
          (T) 203 399-3020
          (F) 203 399-3002

LENDER:
-------

Halcyon Structural Asset Management CLO I Ltd.,
-----------------------------------------------
as a Lender

By:  /s/ James W. Sykes
     ------------------
Name:  James W. Sykes
Title:  Managing Principal

LENDER:
-------

Centurion CDO II, Ltd.
By:    RiverSource Investments,
       LLC as Collateral Manager,
---------------------------------
as a Lender

By:  /s/ Robin C. Stancil
     --------------------
Name:     Robin C. Stancil
Title:    Director of Operations

<PAGE>
<PAGE>

LENDER:
-------

Centurion CDO VI, Ltd.
By:    RiverSource Investments,
       LLC as Collateral Manager,
---------------------------------
as a Lender

By:  /s/ Robin C. Stancil
     --------------------
Name:     Robin C. Stancil
Title:    Director of Operations

LENDER:
-------

Centurion CDO VII, Ltd.
By:    RiverSource Investments,
       LLC as Collateral Manager,
---------------------------------
as a Lender

By:  /s/ Robin C. Stancil
     --------------------
Name:     Robin C. Stancil
Title:    Director of Operations

LENDER:
-------

Cent CDO 12 Limited
By:    RiverSource Investments,
       LLC as Collateral Manager,
---------------------------------
as a Lender

By:  /s/ Robin C. Stancil
     --------------------
Name:     Robin C. Stancil
Title:    Director of Operations

LENDER:
-------

RiverSource Bond Series, Inc. -
RiverSource Floating Rate Fund,
-------------------------------
as a Lender

By:  /s/ Robin C. Stancil
     --------------------
Name:     Robin C. Stancil
Title:    Director of Operations

<PAGE>
<PAGE>

LENDER:

Deutsche Bank AG London,
------------------------
as a Lender

By:  /s/ Karim Soitti
     ----------------
Name:  Karim Soitti
Title: Portfolio Manager

LENDER:
-------

Guggenheim Portfolio Company XII, LLC,
-------------------------------------
as a Lender

By:  /s/ Bruce Rubin
     ---------------
Name:  Bruce Rubin
Title:    Chief Operating Officer for
          Investment Advisor

LENDER:

Citigroup Financial Products, Inc.,
----------------------------------
as a Lender

By:  /s/ Gregory W. Frenzel
     ----------------------
Name:  Gregory W. Frenzel

Title:  Managing Director

LENDER:
-------

Apollo Value Investment Fund, L.P.
By Apollo Value Management, L.P.,
---------------------------------
as Manager

By:  /s/ Patricia M. Navis
     ---------------------
Name:     Patricia M. Navis
Title:    Vice President

<PAGE>
<PAGE>

LENDER:

Apollo Value Investment Offshore Fund, Ltd.
By Apollo Value Management, L.P,
--------------------------------
as Manager

By:  /s/ Patricia M. Navis
     ---------------------
Name:    Patricia M. Navis
Title:   Vice President

LENDER:
------

Marathon Financing I, B.V.,
---------------------------
as a Lender

By:  /s/ Louis T. Hanover
     --------------------
Name:  Louis T. Hanover
Title:  Authorized Signatory

LENDER:
-------

Granite Ventures I Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Granite Ventures II Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

<PAGE>
<PAGE>
LENDER:
-------

Granite Ventures III Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Stone Tower CDO Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Stone Tower CLO VI Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Stone Tower CLO V Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

<PAGE>
<PAGE>

LENDER:
-------

Stone Tower CDO II Ltd.
By: Stone Tower Debt Advisors LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Stone Tower Credit Funding I Ltd.
By: Stone Tower Fund Management LLC,
as its collateral Manager

By:  /s/ Michael W. Delpercio
     ------------------------
Name:  Michael W. Delpercio
Title:  Authorized Signatory

LENDER:
-------

Rockview Trading, Ltd.,
-----------------------
as a Lender

By:  /s/ Kevin Schweitzer
     --------------------
Name:  Kevin Schweitzer
Title:  Portfolio Manager

LENDER:
-------

GPC XLI LLC,
-----------
as a Lender

By:  /s/ Kevin Schweitzer
     --------------------
Name:  Kevin Schweitzer
Title:  Portfolio Manager

<PAGE>
<PAGE>

LENDER:
-------

Southpaw Credit Opportunity Master
Fund LP,
--------
as a Lender

By:  /s/ Kevin Wyman
     ---------------
Name:  Kevin Wyman
Title:  Managing Member of General Partner
          Southpaw GP LLC

LENDER:
-------

GSO Special Situations Overseas Fund, Ltd.        ,
------------------------------------------
as a Lender

By: GSO Capital Partners LP, its investment
advisor

By:  /s/ George Fan
     --------------
Name:  George Fan
Title:  Managing Director

LENDER:
-------

GSO Special Situations Overseas Benefit
Plan Fund, Ltd.,
----------------
as a Lender

By: GSO Capital Partners LP, its investment
advisor

By:  /s/ George Fan
     --------------
Name:  George Fan
Title:  Managing Director

LENDER:
-------

Latigo Master Fund, Ltd.,
-------------------------
as a Lender

By:  /s/ Stephen Blautner
     --------------------
Name:  Stephen Blautner
Title:  Authorized Signatory

<PAGE>
<PAGE>

LENDER:
-------

VS CBNA Loan Funding, LLC,
--------------------------
as a Lender

By:  /s/ Stephen Gloria
     ------------------
Name:  Stephen Gloria
Title:  Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]