Document:

Exhibit 10.1

THIRD
AMENDMENT

THIRD AMENDMENT, dated as of
June 25, 2007 (this “Third Amendment”), to the Credit Agreement, dated
as of February 11, 2005 (the “Credit Agreement”), among PQ Corporation,
a Delaware corporation (the “Borrower”), Niagara Holdings, Inc., a
Delaware corporation  (“Holdings”),
the Lenders party thereto from time to time, UBS AG, Stamford Branch, as
administrative agent (in such capacity, the “Administrative Agent”),
JPMorgan Chase Bank, N.A., as syndication agent, Credit Suisse, acting through
its Cayman Islands branch (f/k/a Credit Suisse First Boston) and General Electric Capital Corporation,
as co-documentation agents, and J.P. Morgan Securities Inc. and UBS Securities
LLC, as joint lead arrangers and joint book runners.

W  I  T  N  E  S
S  E  T  H:

WHEREAS, Holdings and the Borrower have requested the amendment to the
Credit Agreement described herein, and the parties hereto are willing to agree
to such amendment upon the terms and subject to the conditions set forth
herein;

NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto hereby agree as follows:

SECTION 1.                                Amendment to Section 6.09 (Limitation
on Modifications of Indebtedness; Modifications of Certificate of
Incorporation, By-Laws and Certain Other Agreements; etc).

Section 6.09(b)(i) of the
Credit Agreement is hereby amended by deleting the words “or agree or offer to
pay or make,” from the beginning thereof.

SECTION
2.                                Conditions to Effectiveness.  This
Third Amendment shall become effective as of the date set forth above (the “Third
Amendment Effective Date”) upon the satisfaction of the following
conditions precedent:

(a)                                  Third Amendment.  The
Administrative Agent shall have received (i) this Third Amendment, executed and
delivered by the Administrative Agent, Holdings and the Borrower, and (ii)
consent letters from Lenders sufficient to authorize the amendments to the
Credit Agreement effected by this Third Amendment.

(b)                                 Fees and Expenses.  The
Administrative Agent shall have received evidence reasonably satisfactory to it
that all fees and other amounts due and payable to the Administrative Agent or
the Lenders on or prior to the Third Amendment Effective Date, including, to
the extent invoiced, reimbursement or payment of all out-of-pocket expenses
(including fees, charges and disbursements of counsel) required to be
reimbursed or paid by any Loan Party hereunder or under any other Loan
Document.

SECTION
3.                                Representations and Warranties.  The
Borrower represents and warrants to the Administrative Agent and the Lenders
that as of the Third Amendment Effective Date, after giving effect to this
Third Amendment, no Default or Event of Default has occurred and is continuing
and the representations and warranties made by the Borrower in or pursuant to
the Credit Agreement or any other Loan Document are true and correct in all
material respects on and as of the Third Amendment Effective Date as if made on
such date (except to the extent that any such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties
were true and correct in all material respects on and as of such earlier date).

   
 

SECTION
4.                                Continuing Effect of the Credit Agreement. This Third Amendment shall not constitute
an amendment or waiver of or consent to any provision of the Credit Agreement
not expressly referred to herein and shall not be construed as an amendment,
waiver or consent to any action on the part of the Borrower that would require
an amendment, waiver or consent of the Administrative Agent or the Lenders
except as expressly stated herein. Except as expressly amended hereby, the
provisions of the Credit Agreement are and shall remain in full force and
effect in accordance with its terms. 
This Third Amendment shall constitute a Loan Document.

SECTION
5.                                Counterparts. This Third Amendment may be executed by one
or more of the parties to this Third Amendment on any number of separate
counterparts (including by facsimile), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

SECTION 6.                            GOVERNING LAW.  THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[The remainder of this page is intentionally left
blank.]

 2

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

	
  

  	
  NIAGARA HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James P. Cox

  	
   

  
	
   

  	
   

  	
  Name: James P. Cox

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer and Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PQ CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James P. Cox

  	
   

  
	
   

  	
   

  	
  Name: James P. Cox

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer and Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UBS LOAN FINANCE LLC,

  
	
   

  	
   as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L. Tavrow

  	
   

  
	
   

  	
   

  	
  Name: Richard L. Tavrow

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David B. Julie

  	
   

  
	
   

  	
   

  	
  Name: David B. Julie

  
	
   

  	
   

  	
  Title: Associate DirectorEXHIBIT
10.36

VI Acquisition Corp.

SUBORDINATED
PROMISSORY NOTE

Principal Amount: 
$1,203,575

VI Acquisition Corp., a Delaware corporation (the “Company”),
for value received, promises to pay to the order of Debra Koenig  (“Noteholder”), the Principal Amount set forth above plus
interest thereon calculated at the annual rate equal to 8.25% (which is the
prime rate of interest in effect as of the date of execution of this
Subordinated Promissory Note) (“Prime Rate”) as published by The Wall Street Journal, compounded annually).  Interest accrued hereunder and principal
shall be due and payable in lawful money of the United States upon the
consummation of a Sale of the Company (the “Maturity Date”).  This Note may be prepaid in whole or in part
at any time, without premium or penalty. 
Principal and interest not paid when due shall bear interest at Prime
Rate plus four percent per annum calculated as of the due date.  Payments by the Company shall be applied
first to any and all accrued interest through the payment date and second to
the principal remaining due hereunder. 
In the event of a Sale of the Company for a sale price that provides WPP
(as defined in Section 1.2 below) on such date of Sale of the Company with a
return on equity equal to or greater than 2.5 multiplied by the total amount of
equity capital invested by WPP in the Company (exclusive of management fees),
then the Company shall pay to Noteholder, in addition to principal and accrued
interest payable hereunder, two hundred thousand dollars ($200,000).

The following is a statement of the rights of the
Noteholder and the conditions to which this Note is subject, and to which the
holder hereof, by the acceptance of this Note, agrees:

1.             Definitions.  As used in this Note, the
following terms, unless the context otherwise requires, have the following
meanings:

1.1.          “Company” mean VI Acquisition Corp. and includes any corporation
or other entity which shall succeed to or assume the obligations of VI
Acquisition Corp. under this Note.

1.2.          “Independent Third Party” means any Person who, immediately
prior to the contemplated transaction, (i) does not own, directly or
indirectly, in excess of 10% of the Company’s Common Stock or Preferred Stock (as
both terms are defined in the Management Agreement dated June 13, 2003) on a
fully-diluted basis (a “10% Owner”), (ii) is not controlling, controlled by or
under common control with any such 10% Owner, (iii) is not the spouse or
descendant (by birth or adoption) of any such 10% Owner or a trust for the
benefit of such 10% Owner and/or such Persons, and (iv) with respect to Wind
Point Partners IV, L.P. and Wind Point Partners V, L.P. (collectively, “WPP”)
and any general or limited partner of WPP or any other person, entity or
investment fund controlling, controlled by or under common control with WPP, is
neither an investment of any such 10% Owner nor a subsidiary of any investment
of any such 10% Owner.

1.3.          “Note” shall mean this Subordinated Promissory Note.

1.4.          “Noteholder”, “holder”, or similar terms, when the
context refers to Debra Koenig, the holder of this Note, shall mean any person
who shall at the time be the registered holder of this Note.

1.5.          “Sale of the Company” means any transaction or series of
transactions pursuant to which any Independent Third Party in the aggregate
acquires (i) capital stock of the Company possessing the voting power to elect
a majority of the Company’s Board of Directors (whether by merger,
consolidation, reorganization, combination, sale or transfer of the Company’s
capital stock) or (ii) all or substantially all of the Company’s assets
determined on a consolidated basis.

2.             Waivers.  The Company waives
presentment, demand for performance, notice of nonperformance, protest, notice
of protest, and notice of dishonor.  No
delay on the part of the Noteholder in exercising any right hereunder shall
operate as a waiver of such right under this Note.

3.             Events of Default.  The
Company shall be in default under this Note if any payment of principal or
interest is not paid within twenty (20) business days of the date that
Noteholder provides the Company with written notice of a failure to pay
principal and interest when due and payable. 
If an event of default shall occur and be continuing, the entire
principal amount of this Note, together with the accrued interest, shall become
and be immediately due and payable, without presentment, demand, protest or
notice of any kind.

4.             Collection.  If the indebtedness
represented by this Note or any part thereof is collected at law or in equity
or in bankruptcy, receivership or other judicial proceedings or if this Note is
placed in the hands of attorneys for collection after default, the Company
agrees to pay, in addition to the principal and interest payable hereon,
reasonable attorneys’ fees and costs incurred by the Noteholder.

5.             Usury Savings Clause.  The
Company and the Noteholder intend to comply at all times with applicable usury
laws.  If at any time such laws would
render usurious any amounts due under this Note under applicable law, then it
is the Company’s and the Noteholder’s express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this Section 5 shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note (or, if this Note has been fully paid, refunded by the Noteholder to the
Company), and the provisions hereof shall be immediately reformed and the
amounts thereafter decreased, so as to comply with the then applicable usury
law, but so as to permit the recovery of the fullest amount otherwise due under
this Note.

6.             General Provisions.

6.1.          Notices.  Any notice, request or other
communication required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered or mailed by certified
mail return receipt requested, postage prepaid, at the respective addresses of
the parties as set forth hereof:

If to the Noteholder:

Debra
Koenig

23 Foxtail Cir

Englewood,
CO 80113-4125

If to the Company:

Michael Solot

Wind Point Partners

676 N. Michigan Ave Suite
3700

Chicago, IL 60611

Any party hereto may change such address by notice hereunder.  Notice shall conclusively be deemed to have
been given when personally delivered or when deposited in the mail in the
manner set forth above and shall be deemed to have been received when
delivered.

6.2.          Severability; Headings.  In
case any provision of this Note shall be declared by a court to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be effected or impaired thereby,
unless to do so would deprive the Noteholder or the Company of a substantial
part of its bargain.  Such court may
reform such invalid, illegal or unenforceable provision so as to give the
maximum permissible effect to the intentions of the parties as expressed in
this Note.  All headings used herein are
used for convenience only and shall not be used to construe or interpret this
Note.

6.3.          Entire Agreement; Changes.  This
Note contains the entire agreement between the parties hereto superseding and
replacing any prior agreement or understanding relating to the subject matter
hereof.  Neither this Note nor any term
hereof may be changed, waived, discharged or terminated orally but only by an
instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought.

6.4.          Law Governing.  This
Note shall be construed and enforced in accordance with, and governed by, the
internal laws of the State of Illinois, excluding that body of law applicable
to conflicts of law.

6.5.          Subordination.  This
Note and Noteholder’s interest hereunder is subordinate and junior in right to
any present and future agreements of the Company and its subsidiaries
evidencing indebtedness for borrowed money (“Senior Indebtedness”).  Noteholder agrees to execute documents reasonably
requested by the Company to evidence such subordination.  Although the Company’s intent is to pay this
Note as quickly as reasonably practicable, the Company’s obligation to pay
principal and interest hereunder is subject to and limited by the Company’s and
its subsidiaries’ agreements evidencing Senior Indebtedness.  To the extent that such agreements limit or
prohibit payment of amounts otherwise due under this Note, no such payments
shall be due to the extent of such limitations.

IN WITNESS WHEREOF, each party has caused this Note to be signed in its
name this 21st day of June, 2007.

	
  

  	
  VI ACQUISITION
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:/s/ Walter
  Van Benthuysen

  	
   

  
	
   

  	
  Chairman

  

 

	
  

  	
  Accepted and
  Agreed to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Debra Koenig

  	
   

  
	
   

  	
  Debra Koenig

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]