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  TABLE OF CONTENTS

 
 

Exhibit 4.1
  
    EXECUTION COPY    
  

$400,000,000  

 364-DAY CREDIT AGREEMENT  

 CHEVRON PHILLIPS CHEMICAL COMPANY LLC,
  a Borrower, 

CHEVRON PHILLIPS CHEMICAL COMPANY LP,
  a Borrower, 

BARCLAYS BANK PLC,
  Administrative Agent, 

THE ROYAL BANK OF SCOTLAND PLC,
  Syndication Agent, 

THE BANK OF TOKYO-MITSUBISHI LTD.,
  and
 SUMITOMO MITSUI BANKING CORPORATION,
  Co-Documentation Agents 

Dated as of August 29, 2002 

BARCLAYS BANK PLC,
  as Lead Arranger and Book Manager 

  

 

TABLE OF CONTENTS    
  

 

	 
	 	 
	 	 
	 	Page

	SECTION 1.    DEFINITIONS	 	1
	 	 	1.1	 	Defined Terms	 	1
	 	 	1.2	 	Other Definitional Provisions	 	8
	

SECTION 2.    AMOUNT AND TERMS OF COMMITMENTS	
 	

8
	 	 	2.1	 	Commitment	 	8
	 	 	2.2	 	Repayment of Loans; Evidence of Debt	 	9
	 	 	2.3	 	Procedure for Revolving Credit Borrowing	 	10
	 	 	2.4	 	Same Day Loans	 	11
	 	 	2.5	 	Termination or Reduction of Commitments	 	12
	 	 	2.6	 	Optional and Mandatory Prepayments	 	12
	 	 	2.7	 	Conversion and Continuation Options	 	13
	 	 	2.8	 	Maximum Number of Tranches	 	13
	 	 	2.9	 	Fees	 	13
	 	 	2.10	 	Interest Rate	 	14
	 	 	2.11	 	Computation of Interest and Fees	 	15
	 	 	2.12	 	Inability to Determine Interest Rate	 	15
	 	 	2.13	 	Pro Rata Treatment and Payments	 	15
	 	 	2.14	 	Increased Costs	 	16
	 	 	2.15	 	Illegality	 	17
	 	 	2.16	 	Taxes	 	17
	 	 	2.17	 	Break Funding Payments	 	19
	 	 	2.18	 	Extension of 364-Day Commitment Termination Date	 	19
	

SECTION 3.    REPRESENTATIONS AND WARRANTIES	
 	

20
	 	 	3.1	 	Existence and Power	 	20
	 	 	3.2	 	Requisite and Governmental Authorization; Contravention	 	20
	 	 	3.3	 	Enforceability	 	21
	 	 	3.4	 	Litigation	 	21
	 	 	3.5	 	Financial Statements; No Material Change	 	21
	 	 	3.6	 	Employee Benefit Plans	 	21
	 	 	3.7	 	Taxes	 	21
	 	 	3.8	 	Material Subsidiaries	 	22
	 	 	3.9	 	Investment Company Act	 	22
	 	 	3.10	 	Regulation U	 	22
	 	 	3.11	 	Compliance with Laws	 	22
	 	 	3.12	 	Purpose of Loans	 	22
	

SECTION 4.    CONDITIONS PRECEDENT	
 	

22
	 	 	4.1	 	Conditions to Effectiveness of Agreement	 	22
	 	 	4.2	 	Conditions to Each Loan	 	23
	

SECTION 5.    AFFIRMATIVE COVENANTS OF THE BORROWERS	
 	

24
	 	 	5.1	 	Obligations	 	24
	 	 	5.2	 	Financial Reporting Requirements	 	24
	 	 	5.3	 	Notices	 	25
	 	 	5.4	 	Maintenance of Property; Insurance	 	25
	 	 	5.5	 	Compliance with Laws	 	25
	 	 	5.6	 	Books and Records	 	25
	 	 	5.7	 	Further Assurances	 	25

i

 

	

SECTION 6.    NEGATIVE COVENANTS OF THE BORROWERS	
 	

25
	 	 	6.1	 	Negative Pledge	 	25
	 	 	6.2	 	Consolidations, Mergers and Sales of Assets	 	26
	

SECTION 7.    EVENTS OF DEFAULT	
 	

26
	

SECTION 8.    THE ADMINISTRATIVE AGENT	
 	

28
	 	 	8.1	 	Appointment of Administrative Agent; No Other Duties	 	28
	 	 	8.2	 	Delegation of Duties	 	28
	 	 	8.3	 	Exculpatory Provisions	 	28
	 	 	8.4	 	Reliance by Administrative Agent	 	29
	 	 	8.5	 	Notice of Default	 	29
	 	 	8.6	 	Non-Reliance on Administrative Agent and Other Lenders	 	30
	 	 	8.7	 	Indemnification	 	30
	 	 	8.8	 	Administrative Agent in Its Individual Capacity	 	31
	 	 	8.9	 	Successor or Substitute Administrative Agent	 	31
	 	 	8.10	 	Syndication Agent; Co-Documentation Agents; Lead Arranger	 	31
	

SECTION 9.    MISCELLANEOUS	
 	

32
	 	 	9.1	 	Amendments and Waivers	 	32
	 	 	9.2	 	Notices	 	32
	 	 	9.3	 	No Waiver; Cumulative Remedies	 	33
	 	 	9.4	 	Confidentiality	 	33
	 	 	9.5	 	Payment of Expenses; Indemnification	 	34
	 	 	9.6	 	Successors and Assigns; Participations; Purchasing Lenders	 	35
	 	 	9.7	 	Adjustments; Set-off	 	37
	 	 	9.8	 	Counterparts	 	37
	 	 	9.9	 	GOVERNING LAW	 	37
	 	 	9.10	 	Jurisdiction; Venue	 	38
	 	 	9.11	 	Survival and Termination of Agreement	 	38
	 	 	9.12	 	Entire Agreement	 	38
	 	 	9.13	 	WAIVER OF JURY TRIAL	 	38
	 	 	9.14	 	Severability	 	39
	 	 	9.15	 	Joint and Several Liability	 	39

	

SCHEDULE I	
 	

Lender Information
	

ANNEX A	
 	

Pricing Grid
	

EXHIBIT A	
 	

Form of Note
	EXHIBIT B	 	Form of Assignment and Acceptance
	EXHIBIT C	 	Form of Closing Certificate
	EXHIBIT D	 	Form of Secretary's Certificate
	EXHIBIT E	 	Form of Opinion of Counsel to the Borrowers
	EXHIBIT F	 	Form of Borrowing Request
	EXHIBIT G	 	Form of Exemption Certificate
	EXHIBIT H	 	Form of Same Day Borrowing Request
	EXHIBIT I	 	Form of Conversion or Continuation Request

ii

        364-DAY CREDIT AGREEMENT, dated as of August 29, 2002, among CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the
"LLC"), CHEVRON PHILLIPS CHEMICAL COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the
"LP"; and together with the LLC, the "Borrowers" and, each, a "Borrower"), the several lenders from time
to time parties to this Agreement (collectively, the "Lenders"; individually, a "Lender"), BARCLAYS BANK
PLC, as administrative agent (the "Administrative Agent"), THE ROYAL BANK OF SCOTLAND, as syndication agent (the "Syndication
Agent"), and THE BANK OF TOKYO-MITSUBISHI LTD. and SUMITOMO MITSUI BANKING CORPORATION, as co-documentation agents (the
"Co-Documentation Agents"). 

        The
parties hereto hereby agree as follows: 

 
 

SECTION 1. DEFINITIONS    
  

 
 

        1.1    Defined Terms.     As used in this Agreement, the following terms shall have the following meanings:

        "ABR": when used in reference to any Loan or borrowing, refers to whether such Loan, or the Loans comprising such borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 

        "Administrative Agent": as defined in the preamble. 

        "Administrative Agent-Related Person": as defined in subsection 8.3. 

        "Affiliate": as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary
voting power for the election of directors (or persons performing similar functions) of such
Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

        "Agent's/Arranger's Fees": as defined in subsection 2.9(c). 

        "Agreement": this 364-Day Credit Agreement, as amended, supplemented or otherwise modified from time to time. 

        "Alternate Base Rate": for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day or
(b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective
Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. "Federal Funds Effective Rate": as used in this
definition, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a
Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by it. "Prime Rate": as used in this definition, the rate of interest per annum publicly announced from time to time by Barclays Bank PLC as its
"prime rate" in New York City. Such "prime rate" is a rate set by Barclays Bank PLC, based upon various factors, including Barclays Bank PLC's cost and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Barclays Bank PLC, shall take
effect at the opening of business on the day specified in the public announcement of such change. 

        "Applicable Commitment Fee Rate": the "Applicable Commitment Fee Rate" determined in accordance with the Pricing Grid. 

 

        "Applicable Eurodollar Margin": for each Eurodollar Loan, the applicable rate per annum set forth on the Pricing Grid. 

        "Applicable Utilization Fee Rate": the "Applicable Utilization Fee Rate" determined in accordance with the Pricing Grid. 

        "Assignment and Acceptance": an Assignment and Acceptance, substantially in the form of Exhibit B; collectively, the "Assignments
and Acceptances". 

        "Available Commitment": as to any Lender, at a particular time, an amount equal to the excess, if any, of (a) the amount of such
Lender's Commitment at such time, minus (b) the aggregate unpaid principal amount at such time of all Loans of such Lender, and minus (c) an amount equal to such Lender's Commitment
Percentage of the aggregate unpaid principal amount at such time of all Same Day Loans, provided that for purposes of calculating Available Commitments for purposes of subsection 2.9(a), such amount
under clauses (b) and (c) consisting of Same Day Loans shall be zero; collectively, the "Available Commitments". 

        "Borrower(s)": as defined in the preamble. 

        "Borrowing Date": any Business Day specified in a notice pursuant to subsection 2.3 as a date on which a Borrower requests the Lenders to
make Loans hereunder. 

        "Business Day": a day other than a Saturday, Sunday or other day on which commercial banks in New York City or Houston, Texas, are
authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a
day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

        "Capital Stock": with respect to any Person, any and all shares, interests, participations, rights in or other equivalents in the equity
interests (however designated) in such Person, and any warrants or options exercisable for, exchangeable for or convertible into such an equity interest in such Person. 

        "ChevronTexaco": ChevronTexaco Corporation, a Delaware corporation. 

        "Closing Date": August 29, 2002. 

        "Code": the Internal Revenue Code of 1986, as amended from time to time. 

        "Co-Documentation Agents": as defined in the preamble. 

        "Commitment": as to any Lender, its obligation to make Loans to the Borrowers pursuant to subsection 2.1 and to make or participate in
Same Day Loans pursuant to subsection 2.4, in each case in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such Lender's name on Schedule I, as such
amount may change from time to time as provided herein; provided that the Commitments shall not at any time exceed $400,000,000 in the aggregate; collectively, the "Commitments"; provided further,
that the Commitments with respect to Same Day Loans shall not at any time exceed $50,000,000 in the aggregate. 

        "Commitment Fee": as defined in subsection 2.9(a); collectively, the "Commitment Fees". 

        "Commitment Percentage": at a particular time, as to any Lender, the percentage of the aggregate Commitments in effect at such time
constituted by such Lender's Commitment. 

        "Commitment Period": the period from and including the Closing Date to but not including the 364-Day Commitment Termination
Date or such earlier date as all the Commitments shall terminate as provided herein. 

        "Commitment Utilization Percentage": on any day the percentage equivalent to a fraction (a) the numerator of which is the sum of
the aggregate outstanding principal amount of the Loans, excluding 

2

 

the Term-out Loans, and (b) the denominator of which is the sum of the aggregate Commitments, excluding the aggregate Commitments with respect to the Term-out Loans
(or, on any day after termination of the Commitments pursuant to Section 7, the aggregate Commitments in effect immediately preceding such termination, excluding the aggregate Commitments with
respect to the Term-out Loans). 

        "Common Stock": of any Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as to the
distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class of such Person. 

        "Confidential Information": as defined in subsection 9.4. 

        "Consolidated Net Assets": at any date, the total amount (without duplication) of assets of the LLC and its Subsidiaries after deducting
therefrom (a) all current liabilities (without duplication) of the LLC and its Subsidiaries (excluding any thereof which are by their terms extendible or renewable at the option of the LLC or
the applicable Subsidiary, as the case may be, to a time more than 12 months after the time as of which the amount thereof is being computed), and (b) total prepaid expenses and deferred
charges of the LLC and its Subsidiaries. 

        "Continuing Lender": as defined in subsection 2.18(b). 

        "Debt": as to any Person, at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services,
except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee under capital leases, and (v) all Debt of others Guaranteed by
such Person. 

        "Default": any of the events specified in Section 7, whether or not any requirement for the giving of notice, the lapse of time, or
both, or any other condition, has been satisfied. 

        "Dollars" and "$": dollars in lawful currency of the United States of America. 

        "Early Commitment Termination Date": as defined in subsection 2.5(b). 

        "EDGAR": as defined in subsection 5.2(a). 

        "Environmental Laws": mean any and all principles of common law and any and all laws, statutes, ordinances, rules, regulations, orders,
decrees, judgments, injunctions or binding agreements of any Governmental Authority pertaining to the protection or reclamation of the natural environment or to Hazardous Materials in any and all
jurisdictions in which the Borrowers and their Subsidiaries own property or conduct business, including, without limitation, the Clean Air Act, the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, the Federal Water Pollution Control Act, the Occupational Safety and Health Act of 1970, the Resource Conservation and Recovery Act of 1976, the Safe Drinking Water Act, the
Toxic Substances Control Act, the Hazardous & Solid Waste Amendments Act of 1984, the Superfund Amendments and Reauthorization Act of 1986, the Hazardous Materials Transportation Act, the Oil
Pollution Act of 1990, any state or local laws implementing or substantially equivalent to the foregoing federal laws, and all other environmental conservation or protection laws, all as amended from
time to time. 

        "ERISA": the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        "ERISA Affiliate": any trade or business (whether or not incorporated) that, together with either Borrower, is treated as a single
employer under Section 414 of the Code. 

        "ERISA Event": (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice 

3

 

period is waived under the regulations); (b) the existence with respect to any Plan of an "accumulated funding deficiency" (as defined in Section 412 of the Code or Section 302
of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard
with respect to any Plan; (d) the incurrence by either Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by either Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (f) the incurrence by either Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; or (g) the receipt by either Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from either Borrower or any ERISA Affiliate of any notice, concerning
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

        "Eurodollar": when used in reference to any Loan or borrowing, refers to whether such Loan, or the Loans comprising such borrowing, are
bearing interest at a rate determined by reference to the Eurodollar Rate. 

        "Eurodollar Rate": with respect to an Interest Period pertaining to any Eurodollar Loan, the rate of interest determined on the basis of
the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of 11:00 A.M.,
London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on such page of the Telerate screen (or otherwise on the Telerate Service),
the "Eurodollar Rate" with respect to such Eurodollar borrowing for such Interest Period shall be the average of the rates at which dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period are offered by the principal London offices of the Reference Banks (or, if any Reference Bank does not at the time maintain a London office, the principal London office of any
affiliate of such Reference Bank) for immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period. 

        "Event of Default": as defined in Section 7. 

        "Excess Utilization Day": each day on which the Commitment Utilization Percentage exceeds 33%. 

        "Existing Commitment Termination Date": as defined in subsection 2.18(a). 

        "Fee Letters": as defined in subsection 2.9(c). 

        "GAAP": generally accepted accounting principles in the United States of America as in effect from time to time. 

        "Governmental Authority": any nation or government, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government. 

        "Guarantee": as to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or
other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in
any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term
"Guarantee" shall not include 

4

 

endorsements for collection or deposit in the ordinary course of business or performance, surety and similar bonds or completion guarantees provided in the ordinary course of business. The term
"Guarantee" used as a verb has a corresponding meaning. 

        "Hazardous Materials": means (a) any chemicals, materials or substances defined or as included in the definition of "hazardous
substances," "hazardous materials," "toxic substances," or words of similar import, under any Environmental Law; (b) radioactive materials (other than naturally occurring radioactive materials
below threshold regulated levels), asbestos in any form that is or could be friable, polychlorinated biphenyls, radon, mercury, lead-based paint; and (c) regulated constituents or
substances in concentrations or levels that exceed numeric or risk-based standards established pursuant to Environmental Laws. 

        "Highest Lawful Rate": with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received with respect to any Loan hereunder or on other amounts, if any, due to such Lender pursuant to this Agreement or any Note under applicable
law. "Applicable law": as used in this definition, with respect to each Lender, that law in effect from time to time that permits the charging and collection by such
Lender of the highest permissible lawful, nonusurious rate of interest on the transactions herein contemplated including, without limitation, the laws of each State that may be held to be applicable,
and of the United States of America, if applicable. 

        "Interest Payment Date": (a) as to any ABR Loan, the last day of each March, June, September and December, (b) as to any
Eurodollar Loan in respect of which the applicable Borrower has selected an Interest Period of one, two or three months, the last day of such Interest Period, (c) as to any Eurodollar Loan in
respect of which the applicable Borrower has selected an Interest Period longer than 3 months, each date which is three months, or a whole multiple thereof, from the first day of such Interest
Period and the last day of such Interest Period, and (d) with respect to any Same Day Loan, the last day of each Interest Period. 

        "Interest Period": (a) with respect to any Eurodollar Loan: 

        (i)    initially,
the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six
months thereafter, as selected by the applicable Borrower in its notice of borrowing or notice of conversion, as the case may be, given pursuant to subsection 2.3 or 2.7, respectively; and 

        (ii)  thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan, and ending one, two, three or six months
thereafter, as selected by the applicable Borrower in its notice of continuation given pursuant to subsection 2.7; 

        (b)  with
respect to any ABR Loan, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such ABR Loan and ending on the day
next preceding the date on which such ABR Loan is converted into a Eurodollar Loan pursuant to subsection 2.7; 

        (c)  with
respect to any Same Day Loan, the period commencing on the Borrowing Date with respect to such Same Day Loan and ending on a Business Day not later than
15 days after such Borrowing Date as selected by the applicable Borrower in its notice of borrowing or if the applicable Borrower does not specify an Interest Period in its notice of borrowing,
ending on the first Business Day after such Borrowing Date; 

        provided, that all of the foregoing provisions relating to Interest Periods are subject to the following: 

        (i)    if
any Interest Period would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day, unless, with
respect to Eurodollar Loans, the result of such extension would be to carry such Interest Period into another 

5

 

calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

        (ii)  any
Interest Period pertaining to a Eurodollar Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

        (iii)  notwithstanding
anything to the contrary in this definition of "Interest Period" and except as provided in subsection 2.2(a), any Interest Period that would otherwise
extend beyond the 364-Day Commitment Termination Date shall end on the 364-Day Commitment Termination Date. 

        "Investment Grade Rating": ratings of at least BBB- by S&P (with not less than a stable outlook) and Baa3 by Moody's. 

        "Lead Arranger": Barclays Bank PLC. 

        "Lender": as defined in the preamble hereto; collectively, the "Lenders". Unless the context otherwise requires, the term "Lenders"
includes the Same Day Lender. 

        "Lien": with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset. For the purposes of this Agreement, a Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor
under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

        "LLC": as defined in the preamble. 

        "Loans": any loan made by a Lender (including the Same Day Lender) hereunder; each, a "Loan". 

        "LP": as defined in the preamble. 

        "Material Subsidiary": at any time, any Subsidiary which as of such time meets the definition of a "significant subsidiary" contained as
of the date hereof in Regulation S-X of the Securities and Exchange Commission. 

        "Money Market Rate": for any Interest Period, with respect to any Same Day Loan, the fixed rate of interest per annum quoted by the
Administrative Agent to the applicable Borrower to be the fixed rate of interest for such Same Day Loan at approximately 3:00 P.M., New York City time, on the relevant Borrowing Date. 

        "Moody's": Moody's Investors Service, Inc., and its successors. 

        "Multiemployer Plan": a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

        "Non-U.S. Lender": as defined in subsection 2.16(b). 

        "Note": as defined in subsection 2.2(e); collectively, the "Notes". 

        "Participant": as defined in subsection 9.6(b). 

        "Permitted Encumbrances": (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with
subsection 5.1; (b) carriers', warehousemen's, mechanics', materialmen's, repairmen's and other like Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 30 days or are being contested in compliance with subsection 5.1; (c) pledges and deposits made in the ordinary course of business in compliance with
workers' compensation, unemployment insurance and other social security laws or regulations; (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and 

6

 

appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (e) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not
materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrowers or any of their respective Subsidiaries; (f) any Lien arising out
of judgments or awards against a Borrower or any Subsidiary with respect to which such Borrower or such Subsidiary at the time shall be prosecuting an appeal or proceedings for review and with respect
to which it shall have secured a stay of execution pending such appeal or proceedings for review to the extent such proceeding has not resulted in an Event of Default under subsection 7(i); and
(g) Liens not otherwise covered by clauses (a) - (f) inclusive which are incidental to the conduct of the business of the Borrowers and their Subsidiaries or the ownership of their assets which
do not in the
aggregate materially detract from the value of such assets or materially impair their use in the operation of such Borrower's or such Subsidiary's business; provided that the term "Permitted
Encumbrances" shall not include any Lien securing Debt. 

        "Person": an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature. 

        "PBGC": the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

        "Phillips": Phillips Petroleum Company, a Delaware corporation. 

        "Plan": any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which either Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. 

        "Pricing Grid": the Pricing Grid attached hereto as Annex A. 

        "Prior Credit Agreement": as defined in subsection 4.1(i). 

        "Purchasing Lender": as defined in subsection 9.6(c). 

        "Reference Banks": Barclays Bank PLC and such other banks acceptable to the Borrowers designated by the Administrative Agent from time to
time. 

        "Register": as defined in subsection 9.6(d). 

        "Requested Commitment Termination Date": as defined in subsection 2.18(a). 

        "Required Lenders": at a particular time, (a) prior to the 364-Day Commitment Termination Date, Lenders, the Commitment
Percentages of which aggregate more than 50%, and (b) if the Commitments have been terminated and there are Loans outstanding, Lenders holding Loans aggregating more than 50% of the aggregate
outstanding principal amount of Loans. 

        "S&P": Standard & Poor's Ratings Service, a division of the McGraw-Hill Companies, Inc., and its successors. 

        "Same Day Lender": Barclays Bank PLC, in its capacity as lender of Same Day Loans hereunder. 

        "Same Day Loan": a Loan made pursuant to subsection 2.4. 

        "Senior Debt": the LLC's and LP's joint and several senior unsecured, non-credit enhanced, long term debt for which a rating
has been established by Moody's and/or S&P as provided in the Pricing Grid. 

7

  

        "Subsidiary": as to each Borrower, any corporation, partnership, limited liability company or other entity of which shares of stock or
other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other Persons performing similar functions are at the time directly or indirectly owned by such Borrower. 

        "Successor": as defined in subsection 6.2. 

        "Syndication Agent": as defined in the preamble. 

        "Terminating Lender": as defined in subsection 2.18(a). 

        "Term-out Loans": Loans the principal amount of which the Borrowers allow to remain outstanding after the 364-Day
Commitment Termination Date, but prior to the first anniversary of the 364-Day Commitment Termination Date, in accordance with subsection 2.2(a). 

        "364-Day Commitment Termination Date": August 28, 2003. 

        "Tranche": the collective reference to Eurodollar Loans, the Interest Periods with respect to all of which begin on the same date and end
on the same later date (whether or not the Loans comprising any such Tranche were originally made on the same day). 

        "Transferee": as defined in subsection 9.4. 

        "Transfer Effective Date": as defined in each Assignment and Acceptance. 

        "Type": as to any Loan its nature as a Eurodollar Loan, an ABR Loan or a Same Day Loan. 

        "Voting Stock": any class or classes of Capital Stock pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers or trustees of any Person (irrespective of whether or not, at the time, stock of any other class or classes shall have,
or might have, voting power by reason of the happening of any contingency). 

 
 

        1.2    Other Definitional Provisions.     (a) Unless otherwise specified therein, all terms defined in
this Agreement shall have the defined meanings when used in any Notes or any certificate or
other document made or delivered pursuant hereto. 

        (b)  As
used herein and in any Notes, and any certificate or other document made or delivered pursuant hereto, accounting terms relating to each Borrower and its respective
Subsidiaries not defined in subsection 1.1 and accounting terms partly defined in subsection 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

        (c)  The
words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

        (d)  The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

 
 

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS    
  

 
 

        2.1    Commitment.     (a) Subject to the terms and conditions hereof, each Lender severally agrees to
make Loans to the Borrowers from time to time during the Commitment Period
in an aggregate principal amount at any one time outstanding which, when added to such Lender's Commitment Percentage of the outstanding Same Day Loans, does not exceed the amount of such Lender's
then current Commitment; provided, that the aggregate amount of the Loans outstanding shall not at any time exceed the aggregate amount of the Commitments. During the Commitment Period, each 

8

 

Borrower may use the Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. 

        (b)  The
Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans, (iii) a combination thereof, or (iv) Same Day Loans, as determined
by the applicable Borrower, and notified to the Administrative Agent in accordance with subsection 2.3, 2.4 or 2.7; provided, that unless the Borrowers have given notice to extend payment of the
principal amount of the Loans until the first anniversary of the 364-Day Commitment Termination Date in accordance with subsection 2.2(a), no Loan shall be made as a Eurodollar Loan after
the day that is one month prior to the 364-Day Commitment Termination Date. 

 
 

        2.2    Repayment of Loans; Evidence of Debt.     (a) The Borrowers, jointly and severally, hereby
unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of the Loans of such Lender on the 364-Day Commitment Termination Date (or such earlier date on which the Loans become due and payable pursuant to Section 7). The
Borrowers, jointly and severally, hereby unconditionally promise to the Same Day Lender to pay the then unpaid principal amount of each Same Day Loan on the earlier of the 364-Day
Commitment Termination Date and the first Business Day after the Borrowing Date for such Same Day Loan or, if an Interest Period was selected in the applicable Borrower's notice of borrowing for such
Same Day Loan, the last day of such Interest Period. The Borrowers, jointly and severally, hereby further agree to pay interest on the unpaid principal amount of the Loans from time to time
outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 2.10. The Borrowers may, upon written notice to the Administrative
Agent given at least 30 days prior to the 364-Day Commitment Termination Date, extend the date upon which the principal amount of the Loans of all the Lenders outstanding as of the
364-Day Commitment Termination Date will be due and payable to the first anniversary of the 364-Day Commitment Termination Date. If the Borrowers give notice to the
Administrative Agent in accordance with the preceding sentence, the Borrowers, jointly and severally, hereby unconditionally promise to pay to the Administrative Agent for the account of each Lender
the then unpaid principal amount of the Loans of such Lender on the first anniversary of the 364-Day Commitment Termination Date (or such earlier date on which the Loans become due and
payable pursuant to Section 7). 

        (b)  Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of each Borrower to such Lender resulting from each Loan
of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

        (c)  The
Administrative Agent shall maintain the Register pursuant to subsection 9.6(d) in which shall be recorded with respect to each Borrower (i) the amount of each
Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from such Borrower
to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from such Borrower and each Lender's share thereof. 

        (d)  The
entries made in the Register and the accounts of each Lender maintained pursuant to subsection 2.2(b) shall, to the extent permitted by applicable law, be prima
facie evidence of the existence and amounts of the obligations of each Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register
or any such account, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable interest) the Loans made to either Borrower by such Lender in
accordance with the terms of this Agreement. 

        (e)  The
Borrowers agree that, upon the request to the Administrative Agent by any Lender, the Borrowers will execute and deliver to such Lender a promissory note of the
Borrowers evidencing the 

9

 

Loans of such Lender, substantially in the form of Exhibit A with appropriate insertions as to date and principal amount (a "Note"). 

 
 

        2.3    Procedure for Revolving Credit Borrowing.     (a) Each Borrower may borrow under the Commitments
during the Commitment Period on any Business Day; provided, that the applicable Borrower shall give the
Administrative Agent irrevocable written notice, substantially in the form of Exhibit F hereto, (i) prior to 12:00 P.M., New York City time, three Business Days prior to the
requested Borrowing Date, in the case of Eurodollar Loans and (ii) prior to 12:00 P.M., New York City time, on the requested Borrowing Date, in the case of ABR Loans, specifying
(A) the amount to be borrowed, (B) the requested Borrowing Date, (C) whether the borrowing is to be a Eurodollar Loan, an ABR Loan, or a combination thereof and (D) the
length of the Interest Period for each Eurodollar Loan included in such notice. If no election as to the Type of borrowing is specified, then the requested borrowing shall be an ABR borrowing. If no
Interest Period is specified with respect to any requested Eurodollar borrowing, then the Interest Period shall be deemed to be one month. Each Eurodollar or ABR borrowing under the Commitments shall
be in an aggregate principal amount of the lesser of (1) $10,000,000 or a whole multiple of $1,000,000 in excess thereof, and (2) the then Available Commitments. 

        (b)  Upon
receipt of such notice from the applicable Borrower, the Administrative Agent shall promptly notify each Lender thereof (but in any event no later than
(i) the date of receipt of such notice from such Borrower in the case of Eurodollar Loans and (ii) 2:00 P.M., New York City time, on the requested Borrowing Date in the case of
ABR Loans). Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of such
Borrower at the office of the Administrative Agent set forth in subsection 9.2 prior to (i) 4:00 P.M., New York City time, in the case of ABR Loans, and (ii) 12:00 P.M.,
New York City time, in the case of Eurodollar Loans on the Borrowing Date requested by such Borrower in funds immediately available to the Administrative Agent in Dollars. The proceeds of all Loans
will then be made available to such Borrower by the Administrative Agent by crediting the account of such Borrower on the books of the Administrative Agent, or such other account of such Borrower as
shall have been designated by such Borrower to the Administrative Agent. 

        (c)  Unless
the Administrative Agent shall have been notified in writing by any Lender prior to a proposed Borrowing Date that such Lender will not make available to the
Administrative Agent the amount which would constitute its Commitment Percentage of the borrowing on such Borrowing Date, the Administrative Agent may assume that such Lender has made such amount
available to the Administrative Agent on such Borrowing Date, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower an amount equal to such
Lender's Commitment Percentage of the borrowing on such Borrowing Date. The Administrative Agent shall notify such Borrower as promptly as practicable if such Lender's Commitment Percentage of such
borrowing is not made available to the Administrative Agent on such Borrowing Date. If such amount is made available to the Administrative Agent on a date after such Borrowing Date, such Lender shall
pay to the Administrative Agent on demand an amount equal to the product of (i) the daily average overnight federal funds rate during such period as quoted by the Administrative Agent, times
(ii) the amount of such Lender's Commitment Percentage of such borrowing (minus the amount, if any, which such Lender has made available to the Administrative Agent), times (iii) a
fraction the numerator of which is the number of days that elapse from and including such Borrowing Date to the date on which such Lender's Commitment Percentage of such borrowing shall have become
immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this
subsection 2.3(c) shall be prima facie evidence of the accuracy of the information set forth therein, absent manifest error. If such Lender's Commitment
Percentage of such borrowing is not in fact made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent 

10

 

shall be entitled to recover the amount of such Lender's Commitment Percentage of such borrowing (minus the amount, if any, which such Lender had made available to the Administrative Agent) on demand
from such Borrower with interest thereon (i) for the period from and including such Borrowing Date to the date one day after such demand, at a rate per annum equal to the daily average
overnight federal funds rate during such period as quoted by the Administrative Agent and calculated on the basis of a 360-day year for the actual days elapsed and (ii) thereafter,
at the rate per annum applicable to ABR Loans hereunder. Nothing contained in this subsection 2.3(c) shall prejudice in any manner whatsoever any right or remedy of such Borrower against such Lender. 

 
 

        2.4    Same Day Loans.     (a) Subject to the terms and conditions set forth herein, the Same Day Lender
agrees to make Same Day Loans to the Borrowers from time to time during the
Commitment Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Same Day Loans exceeding $50,000,000 or
(ii) the aggregate principal amount of outstanding Loans exceeding $400,000,000. Same Day borrowings under the Commitments shall be in an aggregate principal amount of the lesser of
(1) $1,000,000, and (2) the then Available Commitments with respect to Same Day Loans. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower
may borrow, prepay and reborrow Same Day Loans. 

        (b)  To
request a Same Day Loan, a Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy in a form substantially the same as
Exhibit H), not later than 12:00 P.M., New York City time, on the day of a proposed Same Day Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall
be a Business Day), amount of the requested Same Day Loan and any Interest Period selected. The Administrative Agent will promptly advise the Same Day Lender of any such notice received from such
Borrower. The Same Day Lender shall make each Same Day Loan available to such Borrower by means of a credit to the general
deposit account of such Borrower with the Same Day Lender by 3:00 P.M., New York City time, on the requested date of such Same Day Loan. Subject to subsection 2.4(c), each payment (including
each prepayment) by either Borrower on account of Same Day Loans shall be made to the Same Day Lender for the Same Day Lender's sole account. 

        (c)  The
Same Day Lender may by written notice given to the Administrative Agent not later than 1:00 P.M., New York City time, on any Business Day require the Lenders
to acquire participations on such Business Day in all or a portion of the Same Day Loans outstanding. Such notice shall specify the aggregate amount of Same Day Loans in which Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Commitment Percentage of such Same Day Loan
or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Same Day Lender, such Lender's Commitment Percentage of such Same Day Loan
or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Same Day Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds by 3:00 P.M., New York City time, on the
date of receipt of the notice referenced above, to the account of the Same Day Lender most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent shall notify
the Borrower of any participations in any Same Day Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Same Day Loan shall be made to the Administrative Agent and not
to the Same Day Lender. Any amounts received by the Same Day Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Same Day Loan after receipt by the Same Day Lender of
the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts 

11

 

received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Same Day Lender,
as their interests may appear. The purchase of participations in a Same Day Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. Notwithstanding the
foregoing, a Lender shall not have any obligation to acquire a participation in a Same Day Loan pursuant to this paragraph if an Event of Default shall have occurred and be continuing at the time such
Same Day Loan was made and such Lender shall have notified the Same Day Lender in writing, at least one Business Day prior to the time such Same Day Loan was made, that such Event of Default has
occurred and that such Lender will not acquire participations in Same Day Loans made while such Event of Default is continuing. 

 
 

        2.5    Termination or Reduction of Commitments.     (a) The Borrowers shall have the right, upon not less
than five Business Days' written notice to the Administrative Agent, to terminate the Commitments
or, from time to time, to reduce the amount thereof; provided, that no such termination or reduction shall be permitted if, after giving effect thereto and to any prepayments of the Loans made on the
effective date thereof, the then outstanding principal amount of the Loans would exceed the amount of the Commitments then in effect. Any such reduction shall be in an amount of $10,000,000, or a
whole multiple of $5,000,000 in excess thereof, and shall reduce permanently the amount of such Commitments then in effect. 

        (b)  Unless
an Event of Default has occurred and is continuing, the Borrowers shall have the right, in their sole discretion, to terminate the Commitment of any Lender by
giving the Administrative Agent and such Lender a written notice setting forth its election and a termination date (the "Early Commitment Termination
Date"), which date shall not be earlier than 30 days after the date on which such notice has been given, except as otherwise provided in subsections 2.14(c), 2.15 and
2.16(f). On the Early Commitment Termination Date, such Lender's Commitment shall terminate and the Borrowers shall (i) prepay all of such Lender's outstanding Loans together with interest
thereon accrued to such Early Commitment Termination Date and any amounts payable pursuant to subsection 2.17, (ii) pay all Commitment Fees accrued to such Early Commitment Termination Date
with respect to such Lender's Commitment and (iii) pay all amounts then owing to such Lender pursuant to subsections 2.14, 2.16, 2.17 and 9.5 for which demand has been made to the Borrowers
prior to such Early Commitment Termination Date. Upon termination of such Lender's Commitment in accordance with this subsection 2.5(b), such Lender shall cease to be a party hereto subject to the
provisions of subsection 8.7. 

        (c)  In
the event that the Borrowers elect to terminate the Commitment of any Lender pursuant to subsection 2.5(b), the Borrowers shall have the right, in their sole
discretion, upon notice to the Administrative Agent, to request one or more Lenders or Purchasing Lenders, or to seek another lender, to acquire, pursuant to subsection 9.6(c), such terminated
Commitment and all amounts owing to such Lender in respect of its Loans hereunder; provided, however, that if such terminated Commitments are in the aggregate greater than 15% of the then aggregate
Commitments, the Borrowers will replace such terminated Lender or Lenders with one or more replacement lenders (which may be a Lender or Lenders) which will acquire on the date of such termination,
pursuant to subsection 9.6(c), an amount of such terminated Commitment or Commitments, as applicable, which will result in the then aggregate Commitments, after giving effect to such acquisition,
being at least 85% of the aggregate Commitments as of the Closing Date (as the same may be reduced pursuant to subsection 2.5(a), but excluding any reductions pursuant to subsection 2.5(b)). 

 
 

        2.6    Optional and Mandatory Prepayments.     (a) Optional
Prepayments. The Borrowers may at any time and from time to time prepay the Loans, in whole or
in part, without premium or penalty upon (i) in the case of Eurodollar Loans, at least three Business Days' irrevocable written notice to the Administrative Agent, specifying the date and
amount of prepayment and whether the prepayment is of Eurodollar Loans or a combination of Eurodollar Loans and ABR Loans, and if a combination 

12

 

thereof, the amount of prepayment allocable to each, (ii) in the case of ABR Loans, at least one Business Day's irrevocable written notice to the Administrative Agent, specifying the date and
amount of prepayment and (iii) in the case of Same Day Loans, upon irrevocable written notice to the Administrative Agent received no later than 12:00 P.M. on the day of such prepayment,
specifying the date and amount of prepayment. Upon receipt of such notice the Administrative Agent shall promptly notify each Lender thereof. If such notice is given, the payment amount specified in
such notice shall be due and payable on the date specified therein, together with any interest thereon accrued to such prepayment date and any amounts payable pursuant to subsection 2.17. 

        (b)  Mandatory Prepayments.  If, after giving effect to any termination or reduction of the Commitments pursuant
to subsection 2.5, the aggregate outstanding principal amount of the Loans exceeds the
Commitments as so reduced, the Borrowers shall, simultaneously with any such termination or reduction of the Commitments pay or prepay an amount equal to such excess together with interest thereon
accrued to such date of payment or prepayment and any amount payable pursuant to subsection 2.17. 

 
 

        2.7    Conversion and Continuation Options.     (a) Each Borrower may elect from time to time to convert
its Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice, in
a form substantially the same as Exhibit I, of such election by 12:00 P.M., New York City time, on a Business Day; provided, that any such
conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. Each Borrower may elect from time to time to convert its ABR Loans to Eurodollar Loans by
giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the Interest
Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans and ABR Loans may be converted
as provided herein; provided, that no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing if the
Administrative Agent, upon the request of the Required Lenders, shall determine not to permit such conversions. 

        (b)  Any
Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the applicable Borrower giving notice, in a
form substantially the same as Exhibit I, to the Administrative Agent, in accordance with the appropriate notification provisions therefor set forth in subsection 2.7(a), of the length of the
next Interest Period to be applicable to such Loans; provided, that if the applicable Borrower shall fail to give any required notice as described above in this paragraph, such Loans shall
automatically be continued as Eurodollar Loans with an Interest Period of one month; provided, further, that no Eurodollar Loan may be continued as such when any Event of Default has occurred and is
continuing if the Administrative Agent, upon the request of the Required Lenders, shall determine not to permit such continuations; and further provided, that if such continuation is not permitted
pursuant to the preceding proviso, such Loans shall automatically be converted to ABR Loans. 

        (c)  This
subsection 2.7 shall not apply to Same Day Loans, which may not be converted or continued. 

 
 

        2.8    Maximum Number of Tranches.     All conversions and continuations of Loans outstanding at any one time
hereunder and all selections of Interest Periods hereunder shall be in such amounts and be
made pursuant to such elections so that, after giving effect thereto, there shall be no more than 15 Tranches. 

 
 

        2.9    Fees.     (a) The Borrowers agree to pay to the Administrative Agent for the ratable account of
each Lender a commitment fee (the
"Commitment Fee") from and including the first day of the Commitment Period to the 364-Day Commitment Termination Date, at the rate per
annum equal to the Applicable Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender during the period for which payment is made. Such Commitment Fees shall be
payable 

13

 

quarterly in arrears on the last Business Day of each March, June, September and December and on the 364-Day Commitment Termination Date or such earlier date as the Commitment of such
Lender shall terminate as provided herein, commencing on the first of such dates to occur after the Closing Date. 

        (b)  The
Borrowers agree to pay to the Administrative Agent for the ratable account of each Lender, a utilization fee (a "Utilization
Fee") at a rate per annum equal to the Applicable Utilization Fee Rate for each Excess Utilization Day on the outstanding Loans of such Lender on such Excess Utilization Day
during the period for which payment is made. Such Utilization Fees shall be payable quarterly in arrears on the last Business Day of each March, June, September and December and on the
364-Day Commitment Termination Date or such earlier date as the Commitment of such Lender shall terminate as provided herein, commencing on the first of such dates to occur after the
Closing Date. 

        (c)  The
Borrowers agree to pay to the Administrative Agent and the Lead Arranger, for their own respective accounts, the fees heretofore agreed in writing pursuant to the
fee letter dated as of June 11, 2002 (the "Fee Letter") with the Administrative Agent and the Lead Arranger (any such fees, the
"Agent's/Arranger's Fees"). The Borrowers agree to pay to the Administrative Agent for the respective accounts of the Lenders,  pro rata according to their
Commitment amounts, an upfront fee in an amount set forth in the Fee Letter. 

 
 

        2.10    Interest Rate.     (a) Each Eurodollar Loan shall bear interest for the Interest Period applicable
thereto on the unpaid principal amount thereof at a rate per annum equal to
the Eurodollar Rate determined for such Interest Period plus the Applicable Eurodollar Margin. 

        (b)  Each
Same Day Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Money Market Rate plus the Applicable Eurodollar Margin;
provided, however, that, at any time as there shall be a Same Day Loan outstanding past the date such Same Day Loan is due and payable or there shall have occurred and be continuing an Event of
Default, each Same Day Loan as to which the Lenders shall have acquired participations pursuant to subsection 2.4(c) shall bear interest from and after the earlier of (i) the date after which
such Same Day Loan is due and payable or (ii) the date on which such Event of Default shall have occurred, in each case at a rate per annum equal to the Alternate Base Rate. 

        (c)  Each
ABR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate. 

        (d)  If
all or a portion of the principal amount of or any interest on any Loan shall not be paid when due (without regard to any applicable grace periods, whether at the
stated maturity, by acceleration or otherwise), such overdue amount shall, without limiting the rights of any Lender under Section 7, bear
interest at a rate per annum equal to the rate which would otherwise be applicable pursuant to subsection 2.10(a), (b) or (c), as applicable, plus 2%, in each case from the date of nonpayment
until paid in full (as well after as before judgment). 

        (e)  Interest
on each Loan shall be payable in arrears on each Interest Payment Date with respect thereto. 

14

  

 
 

        2.11    Computation of Interest and Fees.     (a) Interest in respect of the ABR Loans shall be calculated
on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
Interest in respect of Eurodollar Loans, Same Day Loans, Commitment Fees, Utilization Fees, and other amounts owing shall be calculated on the basis of a 360 day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrowers and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from
a change in the Alternate Base Rate or the Applicable Eurodollar Margin shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate is announced or
such Applicable Eurodollar Margin changes as provided herein, as the case may be. The Administrative Agent shall as soon as practicable notify the Borrowers and the Lenders of the effective date and
the amount of each such change. 

        (b)  Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrowers and the
Lenders in the absence of manifest error. Upon the request of a Borrower, the Administrative Agent shall deliver to the Borrowers a statement showing the determination of any interest rate pursuant to
subsections 2.10(a), (b) or (c), as applicable. 

 
 

        2.12    Inability to Determine Interest Rate.     In the event that prior to the first day of any Interest
Period with respect to a Eurodollar Loan: 

        (i)    the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the
Eurodollar Rate for such Interest Period; or 

        (ii)  the
Administrative Agent shall have received notice prior to the first day of such Interest Period from the Required Lenders that the interest rate determined pursuant
to subsection 2.10(a) for such Interest Period does not accurately reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining Eurodollar Loans during such
Interest Period, 

with
respect to a Loan that is to be made as or converted to or continued as a Eurodollar Loan, the Administrative Agent shall forthwith give telecopy or telephonic notice of such determination to the
Borrowers and each Lender at least one day prior to the relevant Borrowing Date, conversion date or
continuation date for such Eurodollar Loan. If such notice is given, any Loan that is to be made as or converted to or continued as a Eurodollar Loan shall be made as or converted to an ABR Loan. 

 
 

        2.13    Pro Rata Treatment and Payments.     (a) Except as provided by subsection 2.4, each borrowing by
either Borrower from the Lenders hereunder and, except as otherwise provided by subsection
2.5(b), in the Fee Letter or by subsection 2.9(c), each payment by either Borrower on account of any fee payable hereunder in respect of the Commitments and any reduction of the Commitments of the
Lenders hereunder shall be made pro rata according to the respective Commitment Percentages of the Lenders. Except as otherwise provided in subsections
2.4 and 2.5(b), each payment (including each prepayment) by either Borrower on account of principal of and interest on the Loans shall be made pro rata
according to the respective outstanding principal amounts of the Loans then held by the Lenders. 

        (b)  All
payments (including prepayments) to be made by either Borrowers hereunder and under any Notes on account of principal, interest and fees shall be made prior to 3:00
PM, New York City time, on the date when due without set-off or counterclaim and shall be made to the Administrative Agent (except payments to be made directly to the Same Day Lender as
expressly provided in this Agreement), for the account of the Lenders (or, in the case of payments made pursuant to subsection 2.5(b), for the account of each Lender whose Commitment has been
terminated pursuant to any such subsection or, in the case of Agent's/Arranger's Fees, to the Administrative Agent or the Lead Arranger as agreed in writing), at the Administrative Agent's office set
forth in subsection 9.2, in lawful 

15

 

money of the United States of America and in immediately available funds. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. The Administrative Agent shall distribute such payments to each Lender promptly upon receipt in like funds as
received. 

        (c)  If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of accrued interest and fees then due to such
parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

 
 

        2.14    Increased Costs.     (a) If the adoption of any applicable law, rule or regulation after the date
of this Agreement, or any change in any law, rule or regulation, or in the
interpretation, application or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation, application or administration thereof after the
date of this Agreement, or compliance by any Lender with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency made after the date
of this Agreement shall impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of
the Federal Reserve System or any Person or
Persons performing similar functions with respect to a foreign bank) against assets of, deposits with or for the account of, or credit extended by, any Lender which are not otherwise included in the
determination of the applicable Eurodollar Rate hereunder, or shall impose any other condition (including, without limitation, any assessment for deposit insurance under any applicable laws) regarding
this Agreement; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or
maintaining extensions of credit or to reduce any amount receivable hereunder, in each case, in respect of its Eurodollar Loans, then, in any such case, the Borrowers shall promptly pay such Lender,
upon its demand, any additional amounts necessary to compensate such Lender for such additional cost or reduced amount receivable. 

        (b)  If
any Lender shall have determined reasonably and in good faith that the adoption of any law, rule, regulation or guideline regarding capital adequacy after the date of
this Agreement, or any change in any of the foregoing after the date of this Agreement or in the interpretation or administration of any of the foregoing by any Governmental Authority, central bank or
comparable agency charged with the interpretation or administration thereof after the date of this Agreement, or compliance by such Lender (or any lending office of such Lender) with any request or
directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency after the date of this Agreement, has or would have
the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company as a consequence of its obligations hereunder to a level below that which such
Lender or such Lender's holding company could have achieved but for this Agreement and such adoption, change or compliance (taking into consideration such Lender's policies and the policies of such
Lender's holding company with respect to capital adequacy) by an amount which such Lender deems to be material, then from time to time promptly after demand by such Lender, the Borrowers shall pay to
such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction. 

        (c)  If
a Lender becomes entitled to claim any additional amounts pursuant to this subsection 2.14, it shall promptly notify the Borrowers, through the Administrative Agent,
of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection 2.14 and setting forth in reasonable detail the basis for such
claim, submitted by such 

16

 

Lender (through the Administrative Agent) to the Borrowers, shall be conclusive in the absence of manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate
promptly upon receipt thereof. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such
compensation; provided, that the Borrowers shall not be required to compensate a Lender pursuant to this subsection 2.14 for any increased costs or reductions incurred more than six months prior to
the date that such Lender notifies the Borrowers of such Lender's intention to claim compensation therefor and, if the circumstances giving rise to such increased cost or reduction have a retroactive
effect, then such six-month period shall be extended to include the period of such retroactive effect. Each Lender shall designate a different lending office for funding or booking its
Loans hereunder or assign its rights and obligations hereunder to another of its offices, branches or affiliates, if such designation or assignment will avoid the need for, or reduce the amount of,
compensation pursuant to this subsection 2.14 and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. Upon receipt of notice from such Lender of a claim pursuant to
this subsection 2.14, the Borrowers may terminate such Lender's Commitment pursuant to subsection 2.5(b) upon three Business Days' notice
to the Administrative Agent and such Lender unless such Lender shall have designated a different lending office or assigned its rights and obligations hereunder to another of its offices, branches or
affiliates as provided in the preceding sentence. 

 
 

        2.15    Illegality.     Notwithstanding any other provision of this Agreement, if any requirement of law or any
change therein or in the interpretation or application thereof shall make
it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, such Lender shall promptly notify the Borrowers and the Administrative Agent thereof and the
Commitment of such Lender hereunder to make and continue Eurodollar Loans as such and convert ABR Loans to Eurodollar Loans shall forthwith be suspended to the extent required by law until such time
as such Lender may again make and maintain Eurodollar Loans. To the extent required by law such Lender's Loans then outstanding as Eurodollar Loans, if any, shall be converted into ABR Loans on the
last day of the Interest Period therefor, or within such earlier period as required by law, to the extent necessary to maintain such Lender's Commitment Percentage of outstanding Loans. Such Lender
shall designate a different lending office for funding or booking its Eurodollar Loans or assign its rights and obligations hereunder to another of its offices, branches or affiliates if such
designation or assignment will permit such Lender to lawfully make and maintain Eurodollar Loans hereunder and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender.
Upon receipt of notice from such Lender as specified in the first sentence of this subsection 2.15, the Borrowers may terminate such Lender's Commitment pursuant to subsection 2.5(b) upon three
Business Days' notice to the Administrative Agent unless such Lender shall have designated a different lending office or assigned its rights and obligations hereunder to another of its offices,
branches or affiliates as provided in the preceding sentence. 

 
 

        2.16    Taxes.     (a) Except as otherwise provided hereunder, payments made by a Borrower, the
Administrative Agent or any Lender under this Agreement and any Notes shall be
made free and clear of, and without reduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority excluding, in the case of the Administrative Agent and each Lender, net income and
franchise taxes imposed on or withholdings required on payments made to the Administrative Agent or such Lender by the jurisdiction under the laws of which the Administrative Agent or such Lender is
organized or any political subdivision or taxing authority thereof or therein, or by any jurisdiction in which such Lender's lending office is located or any political subdivision or taxing authority
thereof or therein (all such non-excluded taxes, levies, imposts, deductions, charges or withholdings being hereinafter called "Taxes"). If
any Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender hereunder or under any Notes, the amounts so payable to the Administrative Agent or such Lender 

17

 

shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Taxes) interest or any such other amounts payable hereunder at the rates or in the
amounts specified in this Agreement and any Notes; provided, that no such increase to the amounts payable hereunder shall be made or be payable (i) to the extent that such Taxes are
attributable to the failure of the Administrative Agent or such Lender to comply with the requirements of subsection 2.16(b) hereof or (ii) that are United States withholding taxes imposed on
amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such
Lender's assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Taxes pursuant to this subsection 2.16(a). 

        (b)  Each
Lender (or transferee) that is not a "U.S. Person" as defined in Section 7701(a)(30) of the Code (a "Non-U.S.
Lender") shall deliver to the Borrowers and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been
purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from
U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of "portfolio interest", a statement substantially in the form of Exhibit G and a
Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or
a reduced rate of, U.S. federal withholding tax on all payments by the Borrowers under this Agreement and the Notes. Such forms shall be delivered by each Non-U.S. Lender on or before the
later of (i) the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) or (ii) prior
to receipt by such Lender or Participant of any payment subject to withholding under the Code. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrowers at any time it determines that it is no longer in
a position to provide any previously delivered certificate to the Borrowers (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other
provision of this subsection 2.16(b), a Non-U.S. Lender shall not be required to deliver any form pursuant to this subsection 2.16(b) that such Non-U.S. Lender is not legally
able to deliver. 

        (c)  The
applicable Borrower shall promptly send to the Administrative Agent for its own account or for the account of any Lender, as the case may be, a copy of an original
official receipt received by such Borrower showing payment to the proper taxing authority by such Borrower of any Taxes withheld. If a Borrower fails to withhold and pay over to the proper taxing
authority any Taxes when due or fails to remit to the Administrative Agent or any Lender the required receipts or other required documentary evidence, the Borrowers shall indemnify the Administrative
Agent and any such Lender for any interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. 

        (d)  Each
Lender shall designate a different lending office for its Loans or assign its rights and obligations hereunder to another of its offices, branches or affiliates if
such designation or assignment will avoid the need for, or reduce the amount of, increased amounts payable pursuant to subsection 2.16(a) and will not, in the judgment of such Lender, be otherwise
disadvantageous to such Lender. 

        (e)  Each
Borrower agrees to pay, indemnify, and hold each Lender and the Administrative Agent harmless from any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any
Notes. 

        (f)    If
an amount payable by a Borrower hereunder for the account of any Lender is increased pursuant to subsection 2.16(a), or the Borrowers become liable to indemnify the
Administrative Agent or any Lender under subsection 2.16(e), the Borrowers shall have the right to terminate the 

18

 

Commitment of such Lender pursuant to subsection 2.5(b) upon three Business Days' notice to the Administrative Agent and such Lender unless such Lender shall have designated a different lending
office or assigned its rights and obligations hereunder to another of its offices, branches or affiliates as provided in subsection 2.16(d). 

 
 

        2.17    Break Funding Payments.     In the event of: (a) the payment of any principal of any Eurodollar
Loan or Same Day Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto, (d) the assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrowers pursuant to subsections 2.5(b) or (c), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and
expense attributable to such event. The loss to any Lender attributable to any such event shall be an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of
interest that would have accrued to such Lender on the amount so paid or not borrowed, continued or converted at a rate of interest equal to the Eurodollar Rate for such Eurodollar Loan, for the
period from the date of such payment or failure to borrow, continue or convert to the last day (x) in the case of a payment other than on the last day of the Interest Period for such Loan, of
the then current Interest Period for such Loan, or (y) in the case of such failure to borrow, continue or convert, of the Interest Period for such Loan which would have commenced on the date of
such failure to borrow, continue or convert, over (ii) the amount of interest which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period
with leading Lenders in the London interbank market. If a Lender becomes entitled to claim any amounts pursuant to this subsection 2.17, it shall promptly notify the Borrowers, through the
Administrative Agent, of the event by reason of which it has become so entitled. A certificate as to any amounts payable pursuant to this subsection 2.17 and setting forth in reasonable detail the
basis for such claim, submitted by such Lender (through the Administrative Agent) to the Borrowers, shall be conclusive in the absence of manifest error. The Borrowers shall pay such Lender the amount
shown as due on any such certificate promptly after receipt thereof. 

 
 

        2.18    Extension of 364-Day Commitment Termination Date.     (a) The Borrowers may request, in a notice
given as herein provided to the Administrative Agent and each of the Lenders not less than 30 days and
not more that 60 days prior to the 364-Day Commitment Termination Date (the "Existing Commitment Termination Date"), that the
364-Day Commitment Termination Date be extended for 364 days (such 364th day, the "Requested Commitment Termination Date"). Each
Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Borrowers, notify the Borrowers and the Administrative Agent in writing
of its election to extend or not to extend the 364-Day Commitment Termination Date with respect to its Commitment. Any Lender which shall not timely notify the Borrower and the
Administrative Agent of its election to extend the 364-Day Commitment Termination Date shall be deemed not to have elected to extend the 364-Day Commitment Termination Date
with respect to its Commitment (any Lender who timely notifies the Borrower and the Administrative Agent of an election not to extend and any Lender who fails to timely notify the Borrower and the
Administrative Agent of its election being referred to
as a "Terminating Lender"). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree. 

        (b)  If
and only if the Required Lenders (including Commitments of all Terminating Lenders on such date) shall have agreed during the 30 day period referred to in
subsection 2.18(a) to extend the Existing Commitment Termination Date, then (i) the Commitments of the Lenders other than Terminating Lenders (the "Continuing
Lenders") shall, subject to the other provisions of this Agreement, be extended to the Requested Commitment Termination Date specified in the notice from the Borrower, and as
to such Lenders the term "364-Day Commitment Termination Date", as used 

19

 

herein, shall on and after the date as of which the requested extension is effective mean such Requested Commitment Termination Date, provided that if such date is not a Business Day, then such
Requested Commitment Termination Date shall be the next preceding Business Day and (ii) the Commitments of the Terminating Lenders shall continue until the Existing Commitment Termination Date,
and shall then terminate, and as to the Terminating Lenders, the term "364-Day Commitment Termination Date", as used herein, shall continue to mean such Existing Commitment Termination
Date. All Loans of the Terminating Lenders will be due and payable on such Existing Commitment Termination Date. 

        (c)  In
the event that the 364-Day Commitment Termination Date shall have been extended for the Continuing Lenders in accordance with paragraph (b) above
and, in connection with such extension, there are Terminating Lenders, the Borrower may, at its own expense, require any Terminating Lender to transfer and assign, without recourse (in accordance with
subsection 9.6(c)) all or part of its interests, rights and obligations under this Agreement to an assignee (which assignee may be another Lender, if another Lender accepts such assignment) that shall
assume such assigned obligations and that shall agree that its Commitment will expire on the 364-Day Commitment Termination Date in effect for Continuing Lenders pursuant to subsection
2.18(a); provided, however, that (i) the Borrowers shall have given written notice to the Administrative Agent in the case of an assignee that is not a Lender and (ii) the assigning
Lender shall have received from the Borrower or such assignee full payment in immediately available funds of the principal of and interest accrued to the date of such payment on the Loans made by it
hereunder to the extent that such Loans are subject to such assignment and all other amounts owed to it hereunder (including any amounts that would be payable to the assigning Lender pursuant to
subsection 2.17 if such assignment were, instead, a prepayment of the Loans of such Lender). Any such assignee's initial 364-Day Commitment Termination Date shall be the
364-Day Commitment Termination Date in effect for the Continuing Lenders at the time of such assignment. No Borrower shall have any right to require a Lender to assign any part of its
interests, rights and obligations under this Agreement pursuant to this subsection 2.18(c) unless it has notified such Lender of its intention to require the assignment thereof at least ten days prior
to the proposed assignment date. 

 
 

SECTION 3. REPRESENTATIONS AND WARRANTIES    
  

        Each Borrower as to itself hereby represents and warrants to the Administrative Agent and to each Lender that: 

 
 

        3.1    Existence and Power.     The LLC is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware, and has all limited
liability company powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. The LP is a limited partnership duly
organized, validly existing and in good standing under the laws of the State of Delaware, and has all partnership powers and all material governmental licenses, authorizations, consents and approvals
required to carry on its business as now conducted. 

 
 

        3.2    Requisite and Governmental Authorization; Contravention.     The execution, delivery and performance by
such Borrower of this Agreement and any Notes are within its limited liability company or partnership, as applicable,
powers, have been duly authorized by all necessary limited liability company or partnership, as applicable, action, require no action by or in respect of, or filing with, any Governmental Authority
and do not contravene, or constitute a breach or a default under, any provision of any applicable law, regulation or order of any Governmental Authority, or (i) in the case of the LLC, its
Certificate of Formation, as amended, and the Second Amended and Restated Limited Liability Company Agreement, as amended, (ii) in the case of the LP, its Certificate of Limited Partnership and
Agreement of Limited Partnership, as amended, or (iii) in the case of both the LLC and the LP, any agreement, judgment, injunction, order, decree or other instrument binding upon such 

20

 

Borrower or resulting in the creation or imposition of any Lien on any asset of such Borrower or any of its Subsidiaries. 

 
 

        3.3    Enforceability.     This Agreement and any Notes constitute the legal, valid and binding obligation of
such Borrower, enforceable against such Borrower in accordance with their
respective terms, subject, as to enforceability only, to applicable bankruptcy, moratorium, insolvency or similar laws affecting the rights of creditors generally and to general principles of equity. 

 
 

        3.4    Litigation.     Neither Borrower nor any of their respective Subsidiaries is a party to any, and there
are no pending or, to Borrowers' knowledge, threatened, legal,
administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations of any nature against or affecting either Borrower or any of its respective Subsidiaries
that (i) individually or in the aggregate, would reasonably be expected to materially adversely affect the business, consolidated financial position or results of operations of the Borrowers
and their Subsidiaries taken as a whole or (ii) that involve this Agreement or the transactions under this Agreement and could reasonably be expected to adversely affect the enforceability of
any material provision of this Agreement. 

 
 

        3.5    Financial Statements; No Material Change.     (a) The consolidated balance sheet of the LLC as of
June 30, 2002, and the related consolidated statement of operations, of members' capital and of
cash flows for the period January 1, 2002 through June 30, 2002, copies of which have been presented to the Lenders, present fairly, in all material respects, the financial condition of
the Borrowers and their Subsidiaries, taken as a whole, at June 30, 2002, and the results of their operations and their cash flows for the period January 1, 2002 through June 30,
2002, respectively, in conformity with GAAP. 

        (b)  Since
June 30, 2002, as reflected in (a) above, there has been no material adverse change in the business, consolidated financial position or results of
operations of the Borrowers and their Subsidiaries taken as a whole. 

 
 

        3.6    Employee Benefit Plans.     No "Prohibited Transaction" (as such term is defined in ERISA) has occurred
or ERISA Event has occurred or is reasonably expected to occur with respect to any
"Employee Benefit Plans" (as such term is defined in ERISA) of the LLC or any of its Subsidiaries or any ERISA Affiliate which would reasonably be expected to materially adversely affect the business,
consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole. No "Prohibited Transaction" under ERISA or the Code which would have a material
adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole has occurred with respect to the LLC or any of its
Subsidiaries or any ERISA Affiliate or will occur upon the issuance of any Notes or the execution of this Agreement. The present value of all accumulated benefit obligations under each Plan (based on
the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of such Plan by an amount that could reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations
of the Borrowers and their Subsidiaries taken as a whole, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumption used for purposes of Statement
of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such
underfunded Plans by an amount that could reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and
their Subsidiaries taken as a whole. 

 
 

        3.7    Taxes.     The LLC and its Subsidiaries have filed all United States federal income tax returns which
are required to be filed by them. The LLC and its Subsidiaries have
filed all United States federal information tax returns and all other material tax returns which are required to be filed by them and their Subsidiaries and have paid, where applicable, all taxes due
pursuant to such returns or pursuant to any assessment received by the LLC or any of its Subsidiaries, except (i) those which are 

21

 

currently being contested in good faith by appropriate proceedings and for which LLC or such Subsidiary, as applicable, would be liable for the contested taxes if the appeal is unsuccessful and has
set aside on its books adequate reserves to the extent required by GAAP or (ii) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a
material adverse
effect on the business, consolidated financial position or results of operations of the LLC and its Subsidiaries taken as a whole. The charges, accruals and reserves on the books of the LLC and its
Subsidiaries in respect of taxes or other governmental charges assessable against the LLC are, in the opinion of the LLC, adequate. The federal tax identification number for the LLC is
73-1590261 and the federal tax identification number for the LP is 73-1587712. 

 
 

        3.8    Material Subsidiaries.     Each of such Borrower's Material Subsidiaries is a corporation or other legal
entity duly incorporated or formed, validly existing and in good standing under the
laws of its jurisdiction of incorporation or formation, and has all corporate, partnership, or other powers and all material governmental licenses, authorizations, consents and approvals required to
carry on business as now conducted. 

 
 

        3.9    Investment Company Act.     Neither Borrower is an "investment company" or a company "controlled" by an
"investment company", within the meaning of the Investment Company Act of 1940, as
amended. 

 
 

        3.10    Regulation U.     No part of the proceeds of the Loans will be used by such Borrower for any
purpose which violates or would be inconsistent with the provisions of
Regulation U of the Board of Governors of the Federal Reserve. 

 
 

        3.11    Compliance with Laws.     Such Borrower and its Subsidiaries are in compliance with all laws,
regulations, and orders (including, without limitations, ERISA and Environmental Laws) of any
Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries
taken as a whole. 

 
 

        3.12    Purpose of Loans.     The proceeds of the Loans shall be used for general limited liability company and
partnership purposes of either or both Borrowers. 

 
 

SECTION 4. CONDITIONS PRECEDENT    
  

 
 

        4.1    Conditions to Effectiveness of Agreement.     The effectiveness of this Agreement is subject to the
satisfaction of the following conditions on the Closing Date: 

        (a)  Loan Documents.  The Administrative Agent shall have received (i) this Agreement, executed and
delivered by a duly authorized officer of each Borrower and each Lender and (ii) for the account of each Lender that has requested a Note, a Note conforming to the requirements of subsection
2.2(e) and executed by a duly authorized officer of each Borrower. 

        (b)  Closing Certificate.  The Administrative Agent shall have received a Closing Certificate of each Borrower,
substantially in the form of Exhibit C and dated the Closing Date; such Closing Certificate shall be satisfactory in form and substance to the Administrative Agent and its counsel and shall be
executed by the Chairman of the Board of Directors, the President or any Vice President or the Treasurer or any Assistant Treasurer, and the Secretary or any Assistant Secretary of the applicable
Borrower. 

        (c)  Secretary's Certificate.  The Administrative Agent shall have received a certificate of the Secretary or
Assistant Secretary of each Borrower, substantially in the form of Exhibit D and dated the Closing Date and in form and substance satisfactory to the Administrative Agent, which certificate
shall 

22

 

(i) certify as to the incumbency and signature of the officers of such Borrower executing this Agreement and any Notes (with the President or a Vice President of such Borrower attesting to the
incumbency and signature of the Secretary or Assistant Secretary providing such certificate), (ii) have attached to it a true, complete and correct copy of each of the certificate of
incorporation and by-laws or equivalent organizational documents of such Borrower, (iii) have attached to it a true and correct copy of the resolutions of the Board of Directors or
General Partner, as applicable, of such Borrower, which resolutions shall authorize the execution, delivery and performance of this Agreement and the Notes and the borrowings by such Borrower
hereunder and (iv) certify that, as of the date of such certificate, none of such certificate of incorporation, by-laws or partnership agreements, as applicable, or board
resolutions or resolutions of the general partner, as applicable, shall have been amended, supplemented, modified, revoked or rescinded. 

        (d)  Fees and Expenses.  The Administrative Agent, the Lead Arranger and the Lenders shall have received their
respective fees referred to in subsection 2.9(c) and any expenses for which an invoice has been submitted to be received on the Closing Date. 

        (e)  Legal Opinion.  The Administrative Agent shall have received the executed legal opinion of Jeffrey Adams,
Counsel of the Borrowers, substantially in the form of Exhibit E and dated the Closing Date, with such changes therein as shall be requested or approved by the Administrative Agent. 

        (f)    Approvals.  The Administrative Agent shall have received a certificate of an officer of the Borrowers
certifying that any governmental and third party approvals necessary and material in connection with the financing contemplated hereby and the continuing operations of either Borrower and its
Subsidiaries shall have been obtained and be in full force and effect. 

        (g)  Representations and Warranties.  The Administrative Agent shall have received a certificate of an officer of
the Borrowers certifying that each of the representations and warranties made by each Borrower in this Agreement shall be true and correct in all material respects on and as of such date as if made on
and as of such date. 

        (h)  No Default.  The Administrative Agent shall have received a certificate of an officer of each of the
Borrowers certifying that no Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit, if any, requested to be made on such
date. 

        (i)    Payment and Termination of Existing Commitments.  The Administrative Agent shall have received payment in
full on the Closing Date of any outstanding amounts due under (1) that certain Amended and Restated Three-Year Credit Agreement (the "Prior Credit
Agreement") entered into on July 3, 2000 and as amended on July 2, 2001 by and among the Borrowers, Bank of America, as administrative agent, The Chase Manhattan
Bank and ABN AMRO Bank, N.V., as co-syndication agents, National Westminster Bank PLC, as documentation agent, and the Lenders, and (2) any other existing credit facility provided
by the Administrative Agent to either or both of the Borrowers, along with a certificate of an officer of the Borrowers certifying that there has been a complete termination of all commitments under
the Prior Credit Agreement. 

 
 

        4.2    Conditions to Each Loan.     The agreement of each Lender to make any Loan requested to be made by it on
any date pursuant to subsection 2.3 (including, without limitation, its initial Loan
requested to be made by it) and subsection 2.4 is subject to the satisfaction of the following conditions precedent as of the date such Loan is requested to be made: 

        (a)  Representations and Warranties.  Each of the representations and warranties made by each Borrower in this
Agreement shall be true and correct in all material respects on and as of such date as if made on and as of such date, except that the representations and warranties contained in subsections 3.4 and
3.5 shall not be restated on any Borrowing Date. 

23

  

        (b)  No Default.  No Event of Default and no Default shall have occurred and be continuing on such date or after
giving effect to the Loans requested to be made on such date. 

        Each
borrowing by either Borrower shall constitute a representation and warranty by the Borrowers hereunder as of the date of each such borrowing that the conditions in this subsection
4.2 have been satisfied. 

 
 

SECTION 5. AFFIRMATIVE COVENANTS OF THE BORROWERS    
  

        So long as any Commitment remains in effect, any Note remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent
hereunder: 

 
 

        5.1    Obligations.     Each Borrower will pay and discharge, and will cause each of its Subsidiaries to pay
and discharge, at or before maturity or before they become delinquent, all
their respective material obligations and liabilities, including, without limitation, tax liabilities, except (i) where such obligations or liabilities may be contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Borrower, or (ii) where the failure to do so, individually or in the
aggregate, would not reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries
taken as a whole. 

 
 

        5.2    Financial Reporting Requirements.     The LLC will: 

        (a)  furnish
to the Administrative Agent and each Lender fiscal year audited financial statements or make available its Annual Report on Form 10-K via the
EDGAR system of the Securities and Exchange Commission ("EDGAR") on the Internet, in either case, as soon as available and in any event within
90 days after the end of each fiscal year of the LLC, which fiscal year audited financial statements will include an audited consolidated balance sheet of the LLC and its consolidated
Subsidiaries as of the end of such fiscal year and the related audited consolidated statements of income and cash flows and changes in members' capital for such fiscal year, setting forth in each case
in comparative form the
figures for the previous fiscal year, all reported on by independent public accountants of nationally recognized standing; 

        (b)  furnish
to the Administrative Agent and each Lender unaudited quarterly financial statements or make available its Quarterly Report on Form 10-Q via
EDGAR on the Internet, in either case, as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the LLC, which unaudited
quarterly financial statements will include a consolidated balance sheet of the LLC and its consolidated Subsidiaries as of the end of such quarter and the related (i) consolidated statement of
income for such quarter and for the portion of the LLC's fiscal year ended at the end of such quarter, and (ii) consolidated statement of cash flows for the portion of the LLC's fiscal year
ended at the end of such quarter, setting forth in each case in comparative form (A) for the consolidated balance sheet, the figures as of the end of the LLC's previous fiscal year,
(B) for the consolidated statement of income, the figures for the corresponding quarter and the corresponding portion of the LLC's previous fiscal year and (C) for the consolidated
statement of cash flows, the figures for the corresponding portion of the LLC's previous fiscal year, the furnishing or making available of such financial statements shall constitute a certification
(subject to normal year-end adjustments) as to fairness of presentation and GAAP; 

        (c)  furnish
to the Administrative Agent and each Lender within 10 days of so furnishing or making available via EDGAR each set of financial statements referred to in
clause (a) above, a certificate of the chief financial officer, Treasurer or the chief accounting officer of the LLC stating whether there exists on the date of such certificate any Default or
Event of Default and, if any 

24

 

Default or Event of Default then exists, setting forth the details thereof and the action which such Borrower is taking or proposes to take with respect thereto; 

        (d)  furnish
to the Administrative Agent from time to time such additional information regarding the financial position or business of the Borrowers and their Subsidiaries as
the Administrative Agent may reasonably request. 

 
 

        5.3    Notices.     Each Borrower as to itself will promptly furnish, or cause to be furnished, to the
Administrative Agent notice of: (i) the occurrence of any Default or
Event of Default hereunder; (ii) the institution of any litigation or proceeding involving it or a Subsidiary that could reasonably be expected to materially and adversely affect the business,
financial condition or results of operations of such Borrower and its Subsidiaries taken as a whole (whether or not the claim asserted therein is considered to be covered by insurance);
(iii) any default by such Borrower or any of its Subsidiaries in the payment of principal of or interest on Debt of such Borrower and/or its Subsidiaries in an aggregate amount of $100,000,000
or more; and (iv) any downward change in the ratings publicly announced by S&P or Moody's of the LLC's and LP's then current joint and several Senior Debt. 

 
 

        5.4    Maintenance of Property; Insurance.     Each Borrower will, and will cause each of its Subsidiaries to,
(a) keep and maintain all property material to the conduct of its business in good working
order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound insurance companies, insurance in such amounts and against such risks as are customarily
maintained, in the reasonable judgment of the Borrowers, by companies engaged in the same or similar businesses operating in the same or similar locations; provided, that any such insurance may be
maintained through a program of self-insurance to the extent consistent with prudent business practice. 

 
 

        5.5    Compliance with Laws.     Each Borrower will comply, and cause each of its Subsidiaries to comply, in
all material respects with all applicable laws, ordinances, rules, regulations, and
requirements of any Governmental Authority (including, without limitation, ERISA and the rules and regulations thereunder and Environmental Laws), except where the necessity of compliance therewith is
contested in good faith by appropriate proceedings or to the extent that failure to comply therewith would not reasonably be expected to have a material adverse effect on the business, financial
position or results of operations of the Borrowers and their Subsidiaries taken as a whole. 

 
 

        5.6    Books and Records.     Each Borrower will, and will cause each Subsidiary to, keep proper books of
record and account in which full, true and correct entries in conformity with GAAP
shall be made of all dealings and transactions in relation to its business and activities. 

 
 

        5.7    Further Assurances.     Each Borrower will from time to time, at its expense, promptly execute and
deliver to the Administrative Agent and the Lenders such further instruments and
documents, and take such further action, that may be reasonably necessary, or that the Administrative Agent or the Lenders may reasonably request, in order to enable the Administrative Agent and the
Lenders to exercise or enforce their respective rights or remedies under or in connection with this Agreement and any Notes. 

 
 

SECTION 6. NEGATIVE COVENANTS OF THE BORROWERS    
  

        So long as any Commitment remains in effect, any Note remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent
hereunder: 

 
 

        6.1    Negative Pledge.     Neither Borrower and no Subsidiary will create, assume or suffer to exist any Lien
on any asset now owned or hereafter acquired by it, except: 

        (a)  any
Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event; 

25

 

        (b)  any
Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided, that such Lien
attached to such asset concurrently with or within six months after the acquisition thereof; 

        (c)  any
Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Subsidiary and not created in contemplation
of such event; 

        (d)  any
Lien existing on any asset prior to the acquisition thereof by the Borrower or a Subsidiary and not created in contemplation of such acquisition; 

        (e)  any
Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the foregoing clauses of this subsection
6.1; provided, that the principal amount of such Debt is not increased and such Debt is not secured by any additional assets; 

        (f)    Permitted
Encumbrances; 

        (g)  Liens
to secure indebtedness of the pollution control or industrial revenue bond type and Liens in favor of the United States or any state thereof, or any department,
agency, instrumentality or political subdivision of any such jurisdiction, to secure any Debt incurred for the purpose of financing all or any part of the purchase price or cost of constructing or
improving the property subject thereto; and 

        (h)  Liens
not otherwise permitted by the foregoing clauses of this subsection 6.1, securing Debt in an aggregate principal amount at any time outstanding not to exceed 10%
of Consolidated Net Assets. 

 
 

        6.2    Consolidations, Mergers and Sales of Assets.     Neither of the Borrowers will merge with or into or
consolidate with or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions and including by means of any liquidation, dissolution, merger or sale of capital stock or otherwise) all or substantially all of its assets and those of its Subsidiaries, taken as a
whole, to a Person unless (i) the resulting, surviving or transferee Person (the "Successor") shall (unless such Successor is a Borrower) expressly assume, by amendment to this Agreement
executed by the Borrowers, the Successor and the Administrative Agent, all of the obligations of such Borrower under this Agreement, the Loans and any Notes; (ii) immediately after giving
effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
and (iii) such Successor, immediately after giving effect to such transaction, shall have an Investment Grade Rating, if, immediately before the transaction, the Senior Debt has an Investment
Grade Rating; provided, if, immediately before the transaction, the Senior Debt does not have an Investment Grade Rating, in no event shall the rating
by S&P and Moody's of the long term unsecured senior debt securities of such Successor, immediately after the transaction, be less than such ratings of the Senior Debt immediately prior to the
transaction. 

 
 

SECTION 7. EVENTS OF DEFAULT    
  

        Upon the occurrence and during the continuance of any of the following events: 

        (a)  any
principal of any Loan shall not be paid when due in accordance with the terms hereof; or 

        (b)  any
interest on any Loan, any Commitment Fee, Utilization Fee or Agent's/Arranger's Fees shall not be paid when due, and, in each case, such amount shall remain unpaid
for 5 days; or 

26

 

        (c)  any
representation or warranty made by either Borrower in Section 3 or in any certificate, financial or other statement furnished by such Borrower pursuant to
this Agreement shall prove to have been incorrect in any material adverse respect when made; or 

        (d)  either
Borrower shall fail to perform or observe any of its covenants or agreements contained in Section 6 and such failure continues unremedied for
30 days; or 

        (e)  either
Borrower shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any Notes, and any such failure shall remain
unremedied for 30 days after notice of such failure shall have been given to the Borrowers by the Administrative Agent or the Required Lenders; or 

        (f)    either
Borrower or any of its Material Subsidiaries shall default beyond any applicable period of grace in any payment of principal of or interest on any indebtedness
for any borrowed money for which such Borrower or such Material Subsidiary is liable (other than indebtedness as to which the lenders thereof have agreed that there shall be no recourse against the
assets of the Borrower or any Material Subsidiary, as the case may be, other than the assets securing such indebtedness) in an amount then outstanding of $100,000,000 or more when due, whether by its
terms or as a result of such indebtedness
becoming or being declared due and payable prior to the date on which it could otherwise become due and payable; or 

        (g)  an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of
either Borrower or any Material Subsidiary or their respective debts, or of a substantial part of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for either Borrower or any Material Subsidiary or
for a substantial part of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of
the foregoing shall be entered; 

        (h)  (i) with
respect to clause (A), Phillips, ChevronTexaco or any of their respective Affiliates shall as to either Borrower, and (ii) with respect to
all clauses in this subsection 7(h), either Borrower or any Material Subsidiary, shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (g) of this Section, (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for such Borrower or such Material Subsidiary or for a substantial part of its assets, (D) file an answer admitting the material allegations of a petition filed
against it in any such proceeding, (E) make a general assignment for the benefit of creditors or (F) take any action for the purpose of effecting any of the foregoing; or 

        (i)    one
or more judgments or decrees shall be entered against either Borrower or any of their respective Subsidiaries or any combination thereof involving in the aggregate a
liability (not paid or covered by insurance) of $100,000,000 or more with respect to such Borrower or such Subsidiary and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of either Borrower or any Subsidiary to enforce any such
judgment or judgments; or 

        (j)    an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in liability of the
LLC and its Subsidiaries in an aggregate amount that would reasonably be expected to result in a material 

27

 

adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole; or 

        (k)  Phillips
and/or ChevronTexaco shall cease to own, directly or indirectly, in the aggregate at least 50% of the Common Stock of, and the total voting power of the
outstanding Voting Stock of, each of LLC, LP, and all partners in LP; 

then,
and in any such event, (A) if such event is an Event of Default specified in subsections 7(g) or (h) above with respect to either Borrower, automatically the Commitments shall
terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and any Notes shall immediately become due and payable, and (B) if such event
is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the
Required Lenders, the Administrative Agent shall, by notice of default to the Borrowers, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and
(ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice of default to the Borrowers,
declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and any Notes to be due and payable forthwith, whereupon the same shall immediately become
due and payable. Except as expressly provided above in this Section 7, presentment, demand, protest, notice of acceleration, notice of intent to accelerate, and all other notices of any kind
are hereby expressly waived. 

 
 

SECTION 8. THE ADMINISTRATIVE AGENT    
  

 
          8.1    Appointment of Administrative Agent; No Other Duties.     Subject to
subsection 8.9, each Lender hereby irrevocably designates and appoints Barclays Bank PLC as the Administrative Agent of such Lender under this
Agreement, and each such Lender irrevocably authorizes Barclays Bank PLC as the Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Agreement and to
exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement, together with such other powers as are reasonably incidental
thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the
Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term "agent" in this Agreement with reference to the Administrative Agent is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 

 
 

        8.2    Delegation of Duties.     The Administrative Agent may execute any of its duties under this Agreement by
or through agents, employees or attorneys-in-fact and shall
be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it in the absence of the Administrative Agent's gross negligence or willful misconduct. 

 
 

        8.3    Exculpatory Provisions.     Neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates (collectively, the
"Administrative Agent-Related Persons") shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in
connection with this Agreement (except for its or such Person's own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Lenders for any recitals,
statements, 

28

 

representations or warranties made by either Borrower or any officer thereof contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or
received by the Administrative Agent under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Notes or
for any failure of either Borrower to perform its obligations hereunder or thereunder. No Administrative Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as
to the observance or performance of any of the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of either Borrower or any Subsidiary or
Affiliate thereof. 

 
 

        8.4    Reliance by Administrative Agent.     (a) The Administrative Agent shall be entitled to rely, and
shall be fully protected in relying, upon any Note, writing, communication, signature,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex, teletype or telephone message, statement, order or other document or conversation believed by it to
be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to either
Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the registered owner of any Note as the owner thereof for all
purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or
refusing to take any action under this Agreement and any Note unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, under this Agreement and any Notes in accordance with a request of the Required Lenders, and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of any Notes. Where this Agreement expressly permits or prohibits an action unless Required Lenders
otherwise determine, and in all other instances, the Administrative Agent may, but shall not be required to, initiate any solicitation for the consent or a vote of the Lenders. 

        (b)  For
purposes of determining compliance with the conditions specified in subsection 4.1, each Lender shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter either sent by the Administrative Agent to each Lender for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender. 

 
 

        8.5    Notice of Default.     The Administrative Agent shall not be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default hereunder (other than an Event of
Default described in subsection 7(a)) unless the Administrative Agent has received written notice from a Lender or either Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default", and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. In the event that the Administrative Agent receives such a notice or any notice pursuant to subsection 5.2 or 5.3, the Administrative
Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required
Lenders in accordance with Section 7; provided, that unless and until the 

29

 

Administrative Agent shall have received any such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable or in the best interests of the Lenders. 

 
 

        8.6    Non-Reliance on Administrative Agent and Other Lenders.     Each Lender expressly acknowledges that no
Administrative Agent-Related Person has made any representations or warranties to it and that no act by the
Administrative Agent hereinafter taken, including any consent to and acceptance of any assignment or review of the affairs of each Borrower or any of their Subsidiaries or Affiliates, shall be deemed
to constitute any representation or warranty by any Administrative Agent-Related Person to any Lender, including whether any Administrative Agent-Related Persons have disclosed material information in
their possession. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon any Administrative Agent-Related Person or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and
creditworthiness of each Borrower and its Subsidiaries and Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to make its
portion of the Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Administrative Agent-Related Person or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and any Notes, and to make such investigation as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and
creditworthiness of each Borrower and their Subsidiaries and Affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent
hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property,
financial and other condition or creditworthiness of either Borrower or any of their Subsidiaries or Affiliates which may come into the possession of any Administrative Agent-Related Person. 

 
 

        8.7    Indemnification.     Whether or not the transactions contemplated hereby are consummated, the Lenders
agree to indemnify each Administrative Agent-Related Person in its capacity as
such (to the extent not reimbursed by the Borrower within a reasonable period after demand has been made by the Administrative Agent to the Borrowers for those amounts owing by either Borrower, and
without limiting the obligation of the Borrowers to do so), ratably according to the respective principal amounts of their Commitments and hold harmless each Administrative Agent-Related Person, from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including
without limitation at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, or
any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by any Administrative Agent-Related Person under or in connection with any of
the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting solely from any Administrative Agent-Related Person's gross negligence or willful misconduct; provided, however, that no action taken in accordance with the directions of
Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative
Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including legal fees and expenses) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by 

30

 

or on behalf of either Borrower. The undertaking in this Section shall survive the payment of all obligations hereunder and the resignation or replacement of the Administrative Agent. 

 
 

        8.8    Administrative Agent in Its Individual Capacity.     Barclays Bank PLC and its Affiliates may make loans
to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and
generally engage in any kind of banking, trust, financial advisory, underwriting or other business with either Borrower and its Subsidiaries and Affiliates as though Barclays Bank PLC were not the
Administrative Agent or the Same Day Lender hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Barclays Bank PLC or its Affiliates
may receive information regarding any Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor of either Borrower or such Affiliate) and
acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to its Loans, Barclays Bank PLC shall have the same rights and powers under
this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent or the Same Day Lender. 

 
 

        8.9    Successor or Substitute Administrative Agent.     (a) The Administrative Agent may resign as
Administrative Agent upon not less than 10 days' notice to the Lenders and the Borrowers. If the
Administrative Agent shall resign as Administrative Agent under this Agreement, then the Borrowers shall appoint from among the Lenders a successor agent for the Lenders; provided, if an Event of
Default under subsections 7(g) or (h) has occurred and is continuing, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders. If no successor
administrative agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint a successor administrative agent from
among the Lenders (i) after consulting with the Lenders and (ii) unless an Event of Default has occurred and is continuing, subject to the Borrowers' consent (such consent not to be
unreasonably withheld). 

        (b)  Any
successor or substitute agent pursuant to subsection 8.9(a) shall succeed to the rights, powers and duties of the Administrative Agent, and the term "Administrative
Agent" shall mean such successor or substitute agent effective upon its acceptance of its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be
terminated upon the acceptance by such successor or substitute agent of its appointment, without any other or further act or deed on the part of such former Administrative Agent or any of the parties
to this Agreement or any holders of the Loans. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, the provisions of Section 8 shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

 
 

        8.10    Syndication Agent; Co-Documentation Agents; Lead Arranger.     None of the Lenders or other Persons or
the Lead Arranger identified on the facing page, in this Agreement, or signature pages of this Agreement as a "syndication
agent," "co-documentation agent," "managing agent," "co-agent," "lead arranger," or "book manager" shall have any right, power, obligation, liability, responsibility or duty
under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons or the Lead Arranger so identified as a "syndication
agent," "co-documentation agent," "managing agent," "co-agent," "lead arranger," or "book manager" shall have, or be deemed to have, any fiduciary relationship with any Lender.
Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or the Lead Arranger so identified in deciding to enter into this Agreement or in taking or not taking action
hereunder. 

31

  

 
 

SECTION 9. MISCELLANEOUS    
  

 
          9.1    Amendments and Waivers.     Neither this Agreement, any Note, nor any terms
hereof or thereof may be waived, amended, supplemented or modified, except in accordance with the provisions of
this subsection. The Required Lenders may, or with the written consent of the Required Lenders, the Administrative Agent may, from time to time, enter into with the Borrowers written waivers,
amendments, supplements or modifications hereto for the purpose of adding any provisions to this Agreement or any Notes or changing in any manner the rights of the Lenders or the Borrowers hereunder
or thereunder or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of this Agreement or any Notes or any Default or Event of Default and its
consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (a) reduce the amount or extend the scheduled date of maturity of any Loan or of any
mandatory prepayment thereof, reduce the stated rate of any interest thereon or fee payable hereunder or extend the scheduled date of any payment thereof or increase the aggregate amount or extend the
expiration date of any Lender's Commitment, in each case without the written consent of each Lender affected thereby, (b) amend, modify or waive any provision of this subsection 9.1 or reduce
the percentage specified in the definition of Required Lenders, or consent to the assignment or transfer by either Borrower of any of its rights and obligations under this Agreement, or release either
Borrower from liability hereunder or under any Note, in each case without the written consent of all the Lenders, or (c) amend, modify or waive any provision of Section 8 or otherwise
affect the rights or duties of the Administrative Agent without the written consent of the then Administrative Agent. In addition, no such agreement shall amend, modify or otherwise affect the rights
or duties of the Same Day Lender under this Agreement without the prior written consent of the Same Day Lender. Any such waiver and any such amendment, supplement or modification shall apply equally
to each of the Lenders and shall be binding upon the Borrowers, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Borrowers, the Lenders and the
Administrative Agent shall be restored to their former positions and rights hereunder and under the outstanding Loans, and any Default or Event of Default waived shall be deemed to be cured and not
continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

 
 

        9.2    Notices.     Unless otherwise expressly permitted to be given by telephone (not voicemail), all notices,
requests, demands or other communications to or upon the respective
parties hereto to be effective shall be in writing (including by telecopy) and shall be deemed to have been duly given or made when delivered or on the fourth Business Day after depositing the same in
the mails, registered or certified mail, postage
prepaid or in the case of notice by telecopy, when receipt is confirmed. All notices shall be addressed as follows in the case of the Borrowers and the Administrative Agent, and as 

32

 

set forth in Schedule I in the case of any Lender, or to such other address as any of the parties hereto and any future holders of the Loans may
designate by written notice: 

	The Borrowers:	 	Chevron Phillips Chemical Company LLC and Chevron Phillips Chemical Company LP

10001 Six Pines Drive

The Woodlands, Texas 77380

Attention: Treasurer

Telecopier: (832) 813-4771

Telephone: (832) 813-4436
	

Notice for Borrowings:	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081
	

The Administrative Agent:

(for all notices other than notices of borrowing)	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Gary B. Wenslow

Telecopier: (212) 412-7511

Telephone: (212) 412-1562
	

The Same Day Lender:	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081

provided,
that any notice, request, demand or other communication to or upon the Administrative Agent or the Lenders pursuant to subsections 2.3, 2.4, 2.5(b) and (c), and 2.7 shall not be effective
until received. Electronic mail and internet and intranet websites may be used to distribute routine communications, such as financial statements and other information, and to distribute agreements
and other documents to be signed by Administrative Agent, Syndication Agent, Documentation Agent, Lead Arranger, Lenders and Borrowers. No other legally binding or time-sensitive
communication or request for a Loan or a continuation or conversion thereof may be sent by electronic mail without the consent of, or confirmation to, the intended recipient in each instance. 

 
 

        9.3    No Waiver; Cumulative Remedies.     No failure to exercise and no delay in exercising, on the part of
the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

 
 

        9.4    Confidentiality.     Each Lender shall maintain in confidence and not disclose to any Person any
non-public information furnished to it pursuant to this Agreement and
designated by either Borrower as such ("Confidential Information") without the prior consent of such Borrower, subject to each Lender's
(a) obligation to disclose any Confidential Information pursuant to a request or order under applicable laws and regulations or pursuant to a subpoena or other legal process, (b) right
to disclose any Confidential Information to other Lenders, to bank examiners, to its Affiliates, auditors 

33

 

and counsel, and to any Participant or Purchasing Lender (each, a "Transferee") and prospective Transferee pursuant to subsection 9.6(c) approved by
such Borrower (other than during the existence of an Event of Default under subsection 7(g) or (h)), (c) right to disclose any Confidential Information in connection with any litigation or
dispute or the exercise of any remedy hereunder involving the Administrative Agent or the Lenders and either Borrower or any of its Subsidiaries; provided,
however, that Confidential Information disclosed pursuant to clause (b) or (c) of this sentence shall be so disclosed subject to such procedures as are reasonably
calculated to maintain the confidentiality thereof. Notwithstanding the foregoing provisions of this subsection 9.4, (a) the foregoing obligation of confidentiality shall not apply to any
Confidential Information that was known to such Lender or any of their respective Affiliates prior to the time it received such Confidential Information from either Borrower pursuant to this
Agreement, other than as a result of the disclosure thereof by a Person who, to the knowledge or reasonable belief of such Lender, was prohibited from disclosing it by any duty of confidentiality
arising (under this Agreement or otherwise) by contract or law, and (b) the foregoing obligation of confidentiality shall not apply to any Confidential Information that becomes part of the
public domain independently of any act of such Lender not permitted hereunder or when identical or substantially similar information is received by such Lender, without restriction as to its
disclosure or use, from a Person who was not prohibited from disclosing it by any duty of confidentiality arising (under this Agreement or otherwise) by contract or law. The obligations of each Lender
under this subsection 9.4 shall survive the termination of this Agreement and the payment of any Notes and all other amounts payable hereunder. 

 
 

        9.5    Payment of Expenses; Indemnification.     (a) The Borrowers agree (i) to pay or reimburse the
Administrative Agent and the Lead Arranger for all their out-of-pocket
costs and expenses incurred in connection with the development, preparation, negotiation, execution and syndication of this Agreement and any Notes and any other documents prepared in connection
herewith, and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the reasonable legal fees and disbursements of Mayer, Brown, Rowe & Maw,
counsel to the Administrative Agent, but excluding all other legal fees and disbursements, (ii) to pay or reimburse the Administrative Agent for all their costs and expenses incurred in
connection with any amendment, supplement or modification requested by either or both Borrowers to this Agreement and any Notes and any other documents prepared in connection herewith, including,
without limitation, the reasonable legal fees and disbursements of counsel to the Administrative Agent, but excluding all other legal fees and disbursements, and (iii) to pay or reimburse the
Administrative Agent and the Lenders in connection with the enforcement or preservation of any rights under this Agreement, any Notes and any such other documents, including, without limitation, legal
fees and disbursements of counsel to the Administrative Agent and counsel to each Lender. 

        (b)  The
Borrowers shall indemnify the Administrative Agent, the Syndication Agent, the Documentation Agent, the Lead Arranger and the Lenders and any of their respective
Affiliates, and their respective directors, officers, employees and agents (each such Person being called an "Indemnitee") against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the
performance by the parties hereto of their respective obligations hereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, or
(iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted
in whole or in part from the gross negligence or willful misconduct of such Indemnitee. 

34

 

 
 

        9.6    Successors and Assigns; Participations; Purchasing Lenders.     (a) This Agreement shall be binding
upon and inure to the benefit of the Borrowers, the Lenders, the Administrative Agent, all future holders of the Loans
and their respective successors and assigns, except that neither Borrower may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender. 

        (b)  Any
Lender may, in accordance with applicable law, at any time sell to one or more banks or other entities (each, a
"Participant") participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other
interests of such Lender hereunder. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender's obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the
holder of its Loan for all purposes under this Agreement, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver described in clause (a) of the proviso to subsection 9.1 that affects such Participant. Without affecting the
limitations in the preceding sentences, the participating banks or other financial institutions, shall not be Lenders hereunder for any purpose except, if the participation agreement so provides, each
Participant shall be entitled to the benefits of subsections 2.14, 2.16, and 2.17 with respect to its participation in the Commitments and the Loans outstanding from time to time as if it were a
Lender; provided, that no Participant shall be entitled to receive any greater amount pursuant to any such subsection than the transferor Lender would have been entitled to receive in respect of the
amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and provided further, that, in the case of subsection 2.16, such Participant shall
have complied with the requirements of that subsection. 

        (c)  Each
Lender may, in accordance with applicable law, with the consent of the Borrowers (which shall not be unreasonably withheld and which will not be required during the
existence of an Event of Default under subsections 7(g) or (h)), the Same Day Lender and the Administrative Agent (except no consent of the Borrowers or the Administrative Agent shall be required in
the case of an assignment to a Lender or an Affiliate of a Lender) sell or assign to one or more Lenders or additional banks or other entities (a "Purchasing
Lender") all or a part of its rights and obligations under this Agreement and any Notes pursuant to an Assignment and Acceptance executed by such Purchasing Lender, such
transferor Lender, the Administrative Agent, the Same Day Lender and the Borrowers; provided, that, if such sale is not to one or more Lenders and is to an additional lender, (i) such sale
shall be in a minimum amount of $10,000,000 and (ii) the Commitment retained by such transferor Lender after such sale shall be at least $25,000,000, unless the transferor Lender sells all of
its Commitment hereunder. Upon (i) the execution of such Assignment and Acceptance, (ii) delivery of any executed forms required by subsection 2.16, (iii) recordation of such
transfer in the Register and (iv) payment by such Purchasing Lender of the registration and processing fee described in subsection 9.6(e), from and after the Transfer Effective Date determined
pursuant to such Assignment and Acceptance (which shall not be earlier than the date which is five Business Days after the date the Administrative Agent has received the Assignment and Acceptance),
such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this Agreement to the same extent as if it were an
original party hereto with a Commitment as set forth therein and the transferor Lender shall be released from any further obligations under this 

35

 

Agreement to the extent of such assigned interests; if such transferor Lender no longer holds any rights or obligations under this Agreement, such transferor Lender shall cease to be a "Lender"
hereunder except that its rights under subsections 2.14, 2.16, 2.17 and 9.5 shall not be affected. Such Assignment and Acceptance shall be deemed to amend this Agreement to the extent, and only to the
extent, necessary to reflect the addition of such Purchasing Lender and the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Purchasing Lender
of all or a portion of the rights and obligations of such transferor Lender under this Agreement. Upon the consummation of any transfer to a Purchasing Lender pursuant to this subsection 9.6(c), the
transferor Lender, the Administrative Agent and the Borrowers shall make appropriate arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as
appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal
amounts reflecting their respective Commitments. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. 

        (d)  The
Administrative Agent shall maintain, as agent for the Borrowers, at its address referred to in subsection 9.2, a copy of each Assignment and Acceptance delivered to
it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the
Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat
each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall
be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register
only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be
issued to the designated Assignee. The Register shall be available for inspection by either Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. Upon the
written request of the Borrowers, the Administrative Agent shall deliver promptly a copy of the Register to the Borrowers. 

        (e)  Upon
its receipt of an Assignment and Acceptance executed by a transferor Lender, a Purchasing Lender, the Borrowers, the Same Day Lender, and the Administrative Agent,
together with payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 from such Purchasing Lender and/or such transferor Lender (including in the
case of assignments to Affiliates of assigning Lenders), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance, (ii) on the Transfer Effective Date determined
pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrowers. 

        (f)    Each
Borrower authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information (other than Confidential Information,
except as permitted by subsection 9.4) in such Lender's possession concerning such Borrower which has been delivered to such Lender by such Borrower pursuant to this Agreement or which has been
delivered to such Lender by such Borrower in connection with such Lender's credit evaluation of such Borrower prior to entering into this Agreement. 

        (g)  For
avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this subsection 9.6 concerning assignments of Loans and Notes relate only to
absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any
Federal Reserve Bank in accordance with applicable law; provided that no such assignment, whether to a Federal 

36

 

Reserve Bank or other entity, shall release a Lender from any of its obligations hereunder or substitute any such Federal Reserve Bank or other entity for such Lender as a party hereto or permit an
absolute assignment to occur other than in accordance with such provisions of this subsection 9.6. 

 
 

        9.7    Adjustments; Set-off.     (a) Except to the extent that this Agreement expressly provides for
payments to be allocated to a particular Lender, if any Lender (a
"benefited Lender") shall, at any time after the Loans have been declared to be due and payable pursuant to Section 7, receive any payment of all
or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature
referred to in subsection 7(f), or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest
thereon, such benefited Lender shall purchase for cash from the other Lenders such portion of each such other Lender's Loans, or shall provide such other Lenders with the benefits of any such
collateral, or the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders;
provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such benefited Lender, such purchase shall be rescinded, and the purchase price and
benefits returned, to the extent of such recovery, but without interest. Each Borrower agrees that each Lender purchasing a portion of another Lender's portion of the Loan pursuant to this subsection
9.7(a) may exercise all rights of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. 

        (b)  In
addition to any rights and remedies of the Lenders provided by law, upon the occurrence and during the continuance of an Event of Default each Lender shall have the
right, without prior notice to the Borrowers, any such notice being expressly waived by each Borrower to the extent permitted by applicable law, to set off and appropriate and apply against the
obligations under this Agreement any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender to or for the credit or the account of either Borrower. Each Lender agrees
promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender, provided, that the
failure to give such notice shall not affect the validity of such set-off and application. 

 
 

        9.8    Counterparts.     This Agreement may be executed by one or more of the parties to this Agreement on any
number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties hereto shall be lodged with each Borrower and the Administrative Agent.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be as effective as delivery of a manually executed counterpart of this Agreement. 

 
 

        9.9    GOVERNING LAW.     (a) THIS AGREEMENT AND ANY NOTES AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY NOTES SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        (b)  Notwithstanding
anything in subsection 9.9(a) to the contrary, nothing in this Agreement or in any Note shall be deemed to constitute a waiver of any rights which any
Lender may have under applicable federal law relating to the amount of interest which any Lender may contract for, take, receive or charge in respect of any Loans, including any right to take,
receive, reserve and charge interest at the rate allowed by the laws of the state where such Lender is located. To the extent that Texas law is applicable to the determination of the Highest Lawful
Rate, the Lenders 

37

 

and each Borrower agree that (i) if Chapter 303 of the Texas Finance Code, as amended, is applicable to such determination, the weekly rate ceiling (formerly known as the indicated (weekly)
rate ceiling in Article 1.4, Subtitle 1, Title 79, of the Revised Civil Statutes of Texas, as amended) as computed from time to time shall apply; provided, that, to the extent permitted by such
Article, the Administrative Agent may from time to time by notice to the Borrowers revise the election of such interest rate ceiling as such ceiling affects the then current or future balances of the
Loans; and (ii) the provisions of Chapter 346 of the Texas Finance Code, as amended (formerly found in Chapter 15 of Subtitle 3, Title 79, of the Revised Civil Statutes of Texas, 1925, as
amended) shall not apply to this Agreement or any Note issued hereunder. 

 
 

        9.10    Jurisdiction; Venue.     Any legal action or proceeding with respect to this Agreement may be brought
in the courts of the State of New York or of the United States of America for the
Southern District of New York and, by execution and delivery of this Agreement, each Borrower hereby accepts for and in respect of its property, generally, irrevocably and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts. Each Borrower further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or
proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at its address referred to in subsection 9.2. Nothing herein shall affect the right of the
Administrative Agent or any Lender to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against either Borrower in any other jurisdiction. Each
Borrower hereby irrevocably and unconditionally waives any objection that it may now or hereafter have to the venue of any action described in this subsection 9.10, or that such proceeding was brought
in an inconvenient court, and agrees not to plead or claim the same. 

 
 

        9.11    Survival and Termination of Agreement.     All covenants, agreements, representations and warranties
made herein and in any certificate, document or statement delivered pursuant hereto or in connection
herewith shall survive the execution and delivery of this Agreement and any Notes, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Agents or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect so long as
any Loan or any amount payable to any Lender under or in connection with this Agreement or any Loan is unpaid and so long as the Commitments have not expired or terminated. It being expressly
understood that the obligations of the Borrowers to the Administrative Agent and each Lender under subsections 2.14, 2.16, 2.17 and 9.5 and the obligations of the Lenders to the Administrative Agent
under subsection 8.7 shall survive the payment in full of the Loans and all other amounts payable hereunder; provided, that with respect to amounts payable under subsections 2.14, 2.16, 2.17, 8.7 and
9.5, such amounts shall be deemed to have been paid if no claim therefor is made within one year after payment in full of the Loans and all other amounts payable hereunder. Notwithstanding the
foregoing, no Lender shall be entitled to any payments from either Borrower under subsection 2.14, 2.16, 2.17 or 9.5 unless, within one year of such Lender's obtaining actual knowledge of the
occurrence of the event or events giving rise to the
operation of any such subsection, it has notified the Borrowers of the occurrence of such event or events; provided, however, that the requirement for notice set forth herein shall have no effect on
the nature or scope of the provisions of such subsections other than as expressly stated in this subsection 9.11. 

 
 

        9.12    Entire Agreement.     This Agreement sets forth the entire agreement of the parties hereto with respect
to its subject matter, and supersedes all previous understandings, written or
oral, with respect thereto. 

 
 

        9.13    WAIVER OF JURY TRIAL.     EACH BORROWER, THE ADMINISTRATIVE AGENT AND EACH
LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY NOTE AND FOR ANY COUNTERCLAIM THEREIN. 

38

 

 
 

        9.14    Severability.     Any provision of this Agreement or of any Note which is prohibited, unenforceable or
not authorized in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or thereof or affecting the validity,
enforceability or legality of any such provision in any other jurisdiction. 

 
 

        9.15    Joint and Several Liability.     (a) Any and all obligations and liabilities of either Borrower
under this Agreement shall be the joint and several obligation and the joint and several
liability of the Borrowers. Except as expressly set forth in Section 7, each Borrower waives presentation to, demand of payment from and protest to the Lenders of any of the obligations and
liabilities of the other Borrower hereunder and also waives notice of protest for nonpayment and notice of acceleration and notice of intent to accelerate, and all other notices of any kind. Except as
expressly set forth in Section 7, each Borrower waives notice of any default by the other Borrower hereunder. The obligations and liabilities of each Borrower hereunder shall not be affected by
(i) the failure of any Lender to assert any claim or demand or to enforce any right or remedy against the other Borrower or any other person under this Agreement or any Notes; (ii) any
extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Agreement or any Notes; (iv) the release of any
obligation or liability of the other Borrower by any Lender; (v) the failure of any Lender to exercise any right or remedy against any Borrower; (vi) any change in the ownership of
either of the Borrowers; or (vii) any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to either of the Borrowers or any Lender. 

        (b)  If
and to the extent that either of the Borrowers shall fail to make any payment with respect to any of the obligations hereunder as and when due or to perform any of
such obligations in accordance with
the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such obligation. 

        (c)  The
obligations of each Borrower under the provisions of this subsection 9.15 constitute full recourse obligations of such Borrower, enforceable in accordance with the
terms of this Agreement. 

        (d)  The
provisions of this subsection 9.15 are made for the benefit of the Lenders and their successors and assigns, and may be enforced by the Administrative Agent and the
Lenders from time to time against either of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Lenders first to marshal any of their claims or to exercise
any of their rights against the other Borrower or to exhaust any remedies available to them against the other Borrower or to resort to any other source or means of obtaining payment of all or any part
of the obligations hereunder or to elect any other remedy. The provisions of this subsection 9.15 shall remain in effect until all of the obligations hereunder shall have been paid in full or
otherwise fully satisfied and all of the Commitments shall have terminated or expired. If at any time, any payment, or any part thereof, made in respect of all or any part of the obligations
hereunder, is rescinded or must otherwise be restored or returned by any of the Lenders upon the insolvency, bankruptcy or reorganization of a Borrower, or otherwise, the provisions of this subsection
9.15 will forthwith be reinstated in effect, as though such payment had not been made. 

39

   Signature Page to the

364-Day Credit Agreement 

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

	 	 	CHEVRON PHILLIPS CHEMICAL COMPANY LLC
	

 	
 	

By:	
 	

/s/  J.M. MCKEE      
 J.M. McKee
 Vice President and Treasurer
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LP
	

 	
 	

By:	
 	

/s/  J.M. MCKEE      
 J.M. McKee
 Vice President and Treasurer

S-1

 
Signature Page to the

364-Day Credit Agreement 

	 	BARCLAYS BANK PLC, as Administrative Agent, Same Day Lender and a Lender
	

 	

By:	
 	

/s/  NICHOLAS A. BELL      

	 	 	 	Name:	Nicholas A. Bell
	 	 	 	Title:	Director

S-2

 
Signature Page to the

364-Day Credit Agreement 

	 	THE ROYAL BANK OF SCOTLAND PLC, as Syndication Agent and a Lender
	

 	

By:	
 	

/s/  P. J. DUNDEE      

	 	 	 	Name:	Patricia J. Dundee
	 	 	 	Title:	Senior Vice President

S-3

 
Signature Page to the

364-Day Credit Agreement 

	 	SUMITOMO MITSUI BANKING CORPORATION, as Co-Documentation Agent and a Lender
	

 	

By:	
 	

/s/  LEO PAGARIGAN      

	 	 	 	Name:	Leo E. Pagarigan
	 	 	 	Title:	Senior Vice President

S-4

 
Signature Page to the

364-Day Credit Agreement 

	 	BANK OF TOKYO-MITSUBISHI, LTD., as Co-Documentation Agent and a Lender
	

 	

By:	
 	

/s/  K. GLASSCOCK      

	 	 	 	Name:	K. Glasscock
	 	 	 	Title:	VP & Manager
	

 	

By:	
 	

/s/  JOAN STANTON      

	 	 	 	Name:	Joan Stanton
	 	 	 	Title:	Vice President

S-5

 
Signature Page to the

364-Day Credit Agreement 

	 	MORGAN STANLEY BANK, as a Lender
	

 	

By:	
 	

/s/  JAAP TONCKENS      

	 	 	 	Name:	Jaap L. Tonckens
	 	 	 	Title:	Vice President

Morgan Stanley Bank

S-6

 
Signature Page to the

364-Day Credit Agreement 

	 	ING CAPITAL LLC, as a Lender
	

 	

By:	
 	

/s/  CHERYL LABELLE      

	 	 	 	Name:	Cheryl LaBelle
	 	 	 	Title:	Managing Director

S-7

 
Signature Page to the

364-Day Credit Agreement 

	 	RIYAD BANK, as a Lender
	

 	

By:	
 	

/s/  KEITH S. TENNY      

	 	 	 	Name:	Keith S. Tenny
	 	 	 	Title:	General Manager
	

 	

By:	
 	

/s/  PAUL N. TRAVIS      

	 	 	 	Name:	Paul N. Travis
	 	 	 	Title:	Vice President & Head of Marketing

S-8

 
Signature Page to the

364-Day Credit Agreement 

	 	BANCA MONTE DEI PASCHI DI SIENA S.p.A., as a Lender
	

 	

By:	
 	

/s/  ROMEO C. CELLA      

	 	 	 	Name:	Romeo C. Cella
	 	 	 	Title:	S.V.P. & General Manager
	

 	

By:	
 	

/s/  BRIAN R. LANDY      

	 	 	 	Name:	Brian R. Landy
	 	 	 	Title:	Vice President

S-9

 
Signature Page to the

364-Day Credit Agreement 

	 	THE BANK OF NEW YORK, as a Lender
	

 	

By:	
 	

/s/  PETER KELLER      

	 	 	 	Name:	Peter Keller
	 	 	 	Title:	Vice President

S-10

 
Signature Page to the

364-Day Credit Agreement 

	 	DEN NORSKE BANK ASA, as a Lender
	

 	

By:	
 	

/s/  NILS FYKSE      

	 	 	 	Name:	Nils Fykse
	 	 	 	Title:	First Vice President
	

 	

By:	
 	

/s/  PETER M. DODGE      

	 	 	 	Name:	Peter M. Dodge
	 	 	 	Title:	First Vice President

S-11

 
Signature Page to the

364-Day Credit Agreement 

	 	BANK ONE, NA (Main Office—Chicago), as a Lender
	

 	

By:	
 	

/s/  DANIEL A. DAVIS      

	 	 	 	Name:	Daniel A. Davis
	 	 	 	Title:	Director

S-12

 
Signature Page to the

364-Day Credit Agreement 

	 	BANK OF AMERICA, N.A., as a Lender
	

 	

By:	
 	

/s/  CLAIRE LIU      

	 	 	 	Name:	Claire M. Liu
	 	 	 	Title:	Managing Director

S-13

 
Signature Page to the

364-Day Credit Agreement 

	 	THE BANK OF NOVA SCOTIA, as a Lender
	

 	

By:	
 	

/s/  N. BELL      

	 	 	 	Name:	N. Bell
	 	 	 	Title:	Senior Manager Loan Operations

S-14

  

 
 

Schedule I    
  

 
 

LENDER INFORMATION    
  

	Lender
 
	 	Lender's Maximum Commitment
	 	Lender's Lending Office
 

	Administrative Agent	 	 	 	 	 
	

Barclays Bank PLC	
 	
$	

67,500,000.00	
 	

Address for Notices:

Barclays Capital Inc.

222 Broadway, 11th floor

New York, NY 10038

Attention: Gary B. Wenslow

Telecopier: (212) 412-5306

Telephone: (212) 412-1562
	

 	
 	
 	

 	
 	

Lending Office:

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081
	
Syndication Agent	
 	
 	

 	
 	

 
	

The Royal Bank of Scotland plc	
 	
$	

55,000,000.00	
 	

Address for Notices:

The Royal Bank of Scotland plc

600 Travis Street, Suite 6070

Houston, TX 77002

Attention: Jill Gander

Telecopier: (713) 221-2430

Telephone: (713) 221-2417
	

 	
 	
 	

 	
 	

Lending Office:

The Royal Bank of Scotland plc

101 Park Avenue, 12th Floor

New York, NY 10178

Attention: Sheila Shaw

Telecopier: (212) 401-1494

Telephone: (212) 401-1406
	
 	
 	
 	

 	
 	

 

Schedule I—page 1

 

	
Co-Documentation Agents	
 	
 	

 	
 	

 
	

Sumitomo Mitsui Banking Corporation	
 	
$	

50,000,000.00	
 	

Address for Notices:

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172

Attention: Kenneth Austin

Telecopier: (212) 224-4384

Telephone: (212) 224-4043
	

 	
 	
 	

 	
 	

Lending Office:

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172

Attention: Kenneth Austin

Telecopier: (212) 224-4384

Telephone: (212) 224-4043
	

The Bank of Tokyo-Mitsubishi, Ltd.	
 	
$	

50,000,000.00	
 	

Address for Notices:

The Bank of Tokyo-Mitsubishi, Ltd.

1100 Louisiana Street

Suite 2800

Houston, TX 77002

Attention: Joan Stanton

Telecopier: (713) 658-0116

Telephone: (713) 655-3824
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of Tokyo-Mitsubishi, Ltd.

1100 Louisiana Street

Suite 2800

Houston, TX 77002

Attention: Barrie Hogue

Telecopier: (713) 658-0116

Telephone: (713) 655-3835
	
 	
 	
 	

 	
 	

 

Schedule I—page 2

 

	
Other Lenders	
 	
 	

 	
 	

 
	

Morgan Stanley Bank	
 	
$	

25,000,000.00	
 	

Address for Notices:

Morgan Stanley Bank

1633 Broadway—25th Floor

New York, NY 10019

Attention: James Morgan

Telecopier: (212) 537-1867

Telephone: (212) 537-1470
	

 	
 	
 	

 	
 	

Lending Office:

Morgan Stanley Bank

1633 Broadway—25th Floor

New York, NY 10019

Attention: James Morgan

Telecopier: (212) 537-1867

Telephone: (212) 537-1470
	

ING Capital LLC	
 	
$	

25,000,000.00	
 	

Address for Notices:

ING Capital LLC

1325 Avenue of the Americas

New York, NY 10019

Attention: Cheryl Labelle

Telecopier: (646) 424-7229

Telephone: (646) 424-7207
	

 	
 	
 	

 	
 	

Lending Office:

ING Capital LLC

1325 Avenue of the Americas

New York, NY 10019

Attention: Cheryl Labelle

Telecopier: (646) 424-7229

Telephone: (646) 424-7207
	

Riyad Bank, Houston Agency	
 	
$	

20,000,000.00	
 	

Address for Notices:

Riyad Bank

700 Louisiana, Suite 4770

Houston, TX 77002

Attention: Paul N. Travis

Telecopier: (713) 331-2043

Telephone: (713) 331-2021
	

 	
 	
 	

 	
 	

Lending Office:

Riyad Bank

700 Louisiana, Suite 4770

Houston, TX 77002

Attention: Pierre J. Herszdorfer

Telecopier: (713) 331-2043

Telephone: (713) 331-2022
	
 	
 	
 	

 	
 	

 

Schedule I—page 3

 

	

Banca Monte dei Paschi di Siena S.p.A.	
 	
$	

17,500,000.00	
 	

Address for Notices:

Banca Monte dei Paschi di Siena S.p.A.

55 East 59th Street

New York, New York 10022

Attention: Nicolas Kanaris

Telecopier: (212) 891-3661

Telephone: (212) 891-3655
	

 	
 	
 	

 	
 	

Lending Office:

Banca Monte dei Paschi di Siena S.p.A.

55 East 59th Street

New York, New York 10022

Attention: Mei Tam

Telecopier: (212) 891-3661

Telephone: (212) 891-3649
	

The Bank of New York	
 	
$	

17,500,000.00	
 	

Address for Notices:

The Bank of New York

One Wall Street, 17th Floor

New York, New York 10286

Attention: Raymond Palmer

Telecopier: (212) 635-7923

Telephone: (212) 635-7834
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of New York

One Wall Street, 17th Floor

New York, New York 10286

Attention: Raymond Palmer

Telecopier: (212) 635-7923

Telephone: (212) 635-7834
	

Den norske Bank ASA	
 	
$	

17,500,000.00	
 	

Address for Notices:

Den norske Bank ASA

200 Park Avenue, 31st Floor

New York, NY 10166

Attention: Nils Fykse

Telecopier: (212) 681-3900

Telephone: (212) 681-3872
	

 	
 	
 	

 	
 	

Lending Office:

Den norske Bank ASA

200 Park Avenue, 31st Floor

New York, NY 10166

Attention: Teresa Rosu

Telecopier: (212) 681-4123

Telephone: (212) 681-3845
	
 	
 	
 	

 	
 	

 

Schedule I—page 4

 

	

Bank One, NA (Main Office—Chicago)	
 	
$	

12,500,000.00	
 	

Address for Notices:

Bank One, NA

910 Travis, 6th Floor

Houston, TX 77002

Attention: Daniel Davis

Telecopier: (713) 751-3982

Telephone: (713) 751-3863
	

 	
 	
 	

 	
 	

Lending Office:

Bank One, NA

1 Bank One Plaza

10th Floor, Suite 0634

Chicago, IL 60670

Attention: John Beirne

Telecopier: (312) 732-4840

Telephone: (312) 732-3659
	

Bank of America, N.A.	
 	
$	

17,500,000.00	
 	

Address for Notices:

Bank of America, N.A.

333 Clay Street, Suite 4550

Houston, Texas 77002

Attention: Claire Liu

Telecopier: (713) 651-4807

Telephone: (713) 651-4855
	

 	
 	
 	

 	
 	

Lending Office:

Bank of America, N.A.

901 Main Street, 14th Floor

Dallas, TX 75202

Attention: Ben Cosgrove

Telecopier: (214) 290-9439

Telephone: (214) 209-9254
	

The Bank of Nova Scotia	
 	
$	

25,000,000.00	
 	

Address for Notices:

The Bank of Nova Scotia

600 Peachtree Street N.E., Suite 2700

Atlanta, GA 30308

Attention: A. Millington

Telecopier: (404) 888-8998

Telephone: (404) 877-1579
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of Nova Scotia

600 Peachtree Street N.E., Suite 2700

Atlanta, GA 30308

Attention: A. Millington

Telecopier: (404) 888-8998

Telephone: (404) 877-1579

Schedule I—page 5

  

 
 

Annex A    
  

 
 

364-DAY PRICING GRID    
  

	 
	 	Level 1
	 	Level 2
	 	Level 3
	 	Level 4
	 	Level 5

	Senior Debt Ratings	 	A/A2 or higher

(bps)	 	A-/A3

(bps)	 	BBB+/Baa1

(bps)	 	BBB/Baa2

(bps)	 	BBB-/Baa3 or lower

(bps)
	Applicable Eurodollar Margin'1	 	35.0	 	45.0	 	62.5	 	75.0	 	100.0
	Applicable Utilization Fee Rate—Above 33% Usage1	 	10.0	 	10.0	 	12.5	 	12.5	 	12.5
	Applicable Commitment Fee Rate1	 	8.0	 	9.0	 	12.5	 	15.0	 	20.0

        The
foregoing Pricing Grid is based upon the Senior Debt ratings as determined from time to time by S&P and Moody's. 

	1
	The
Commitment Fee, Utilization Fee and Applicable Eurodollar Margins shall be determined by the highest of the two ratings assigned by S&P and Moody's to the Senior Debt.
If the two ratings for the Senior Debt are two or more rating levels apart, the Commitment Fee, Utilization Fee and Applicable Eurodollar Margin shall be determined by reference to the rating level
that is one rating level below the highest rating level in which the Senior Debt's ratings fall.

	2
	If,
in accordance with subsection 2.2(a), the Borrowers elect not to pay all or a portion of the unpaid principal amount of the Loans until the first anniversary of the
364-Day Commitment Termination Date, the Applicable Eurodollar Margin shall increase by an incremental 25 bps per Level. This increment to the Applicable Eurodollar Margin shall apply only to any
Term-out Loan. 

Annex A—1

  

 
 

Exhibit A to the
  364-Day Credit Agreement    
  

 
 

FORM OF 364-DAY NOTE    
  

New
York, New York

August 29, 2002 

        FOR
VALUE RECEIVED, CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the "LLC"), CHEVRON PHILLIPS CHEMICAL
COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the "LP"; and together with the LLC, the
"Borrowers" and, each, a "Borrower"), jointly and severally promise to pay to the order of
[Insert Name of Lender] (the "Lender") at the office of Barclays Bank PLC, as Administrative Agent, located at 222 Broadway, New
York, New York 10038, Attention: Jesse Adams, (i) on the 364-Day Commitment Termination Date (as defined in the 364-Day Credit Agreement referred to below) or
(ii) if in accordance with subsection 2.2(a) the Borrowers have extended the date upon which the principal amount of the Loans of the Lenders outstanding as of the 364-Day
Commitment Termination Date will be due and payable, on the first anniversary of the 364-Day Commitment Termination Date; in each case in lawful money of the United States of America and
in immediately available funds, the principal amount equal to the aggregate unpaid principal amount of all Loans made by the Lender to the Borrowers pursuant to subsections 2.1, 2.2, 2.3 and 2.4 of
the 364-Day Credit Agreement. The Borrowers, jointly and severally, hereby further agree to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the
date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 2.10 of the 364-Day Credit Agreement. The holder of this Note is authorized to
record the date and amount of each Loan made by the Lender, each payment of principal with respect thereto and each conversion or continuation made pursuant to subsection 2.7 of the
364-Day Credit Agreement, on the schedules annexed hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, and any such
recordation shall constitute prima facie evidence, absent manifest error, of the accuracy of the information recorded; provided, that failure by the
Lender to make any such recordation or any error
in such recordation shall not affect the obligations of the Borrowers hereunder or under the 364-Day Credit Agreement. 

        This
Note is one of the Notes referred to in the 364-Day Credit Agreement, dated as of the date hereof, among LLC and LP, each as a Borrower, the Lenders parties thereto,
Barclays Bank PLC, as the Administrative Agent, and the other agents therein named (as amended, supplemented or otherwise modified from time to time, the "364-Day
Credit Agreement"; terms defined therein and not otherwise defined herein being used herein as therein defined), is entitled to the benefits thereof and is subject to optional
and mandatory prepayment in whole or in part as provided therein. The Borrowers agree to pay all costs and expenses incurred by the Lender in connection with the enforcement of its rights and remedies
under the 364-Day Credit Agreement and this Note. 

        Upon
the occurrence of any one or more of the Events of Default specified in the 364-Day Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may
be declared to be, immediately due and payable all as provided therein. 

Exhibit A—page 1

 

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

	 	 	CHEVRON PHILLIPS CHEMICAL COMPANY LLC
	

 	
 	
By:	

 
	 	 	 	

	 	 	Title:	 
	 	 	 	

	

 	
 	
CHEVRON PHILLIPS CHEMICAL COMPANY LP
	

 	
 	
By:	

 
	 	 	 	

	 	 	Title:	 
	 	 	 	

Exhibit A—page 2

 
 
 

Schedule A
  to Note    
  

 
 

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS    
  

	Date
	 	Amount of ABR Loans
	 	Amount Converted to ABR

Loans
	 	Amount of Principal of

ABR Loans Repaid
	 	Amount of ABR Loans Converted to Eurodollar

Loans
	 	Unpaid Principal

Balance of ABR Loans
	 	Notation Made By

Exhibit A—page 3

 
 
 

Schedule B
  to Note    
  

 
 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS    
  

	Date
 
	 	Amount of

Eurodollar Loans
	 	Amount Converted to

Eurodollar Loans
	 	Interest Period and

Eurodollar Rate

with Respect

Thereto
	 	Amount of Principal of Eurodollar Loans Repaid
	 	Amount of

Eurodollar Loans

Converted to ABR

Loans
	 	Unpaid Principal

Balance of

Eurodollar Loans
	 	Notation Made By

Exhibit A—page 4

  

 
 

Exhibit B
  to the 364-Day Credit Agreement    
  

 
 

FORM OF ASSIGNMENT AND ACCEPTANCE    
  

        Reference is made to the 364-Day Credit Agreement dated as of August 29, 2002 (as amended, supplemented or otherwise modified from time to
time, the "364-Day Credit Agreement"), among CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the
"LLC"), CHEVRON PHILLIPS CHEMICAL COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the
"LP"; and together with the LLC, the "Borrowers" and, each, a
"Borrower"), the Lenders parties thereto, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise defined
herein, terms defined in the 364-Day Credit Agreement and used herein shall have the meanings given to them in the 364-Day Credit Agreement. 

                                (the
"Assignor") and                        (the "Assignee") agree as follows: 

        1.    The
Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the
Assignor without recourse to the Assignor, as of the Transfer Effective Date (as defined below), a    % interest (the "Assigned Interest") in
and to the Assignor's rights and obligations under the 364-Day Credit Agreement with respect to the credit facility contained in the 364-Day Credit Agreement as are set forth
on Schedule 1 (the "Assigned Facility"), in a principal amount for the Assigned Facility as set forth on Schedule 1. 

        2.    The
Assignor (a) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the 364-Day Credit Agreement or any other instrument or document furnished pursuant thereto or with respect to the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the 364-Day Credit Agreement, any Note or any other instrument or document furnished pursuant thereto, other than that the Assignor is the legal and
beneficial owner of the Assigned Facility and the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and
clear of any such adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrowers or their Subsidiaries or the
performance or observance by the Borrowers of any of their obligations under the 364-Day Credit Agreement or any Note or any other instrument or document furnished pursuant hereto or
thereto; and (c) attaches any Notes held by it evidencing the Assigned Facility and (i) requests that the Administrative Agent, upon request by the Assignee, exchange any attached Notes
for a new Note or Notes payable to the Assignee and (ii) if the Assignor has retained any interest in the Assigned Facility, requests that the Administrative Agent exchange any attached Notes
for a new Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment being made hereby (and after giving effect to any other assignments which have become effective on
the Transfer Effective Date). 

        3.    The
Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that it has received a
copy of the 364-Day Credit Agreement, together with copies of the financial statements delivered pursuant to subsection 3.5 or 5.2, as available, thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (c) agrees that it will, independently and without reliance
upon the Assignor, the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the 364-Day Credit Agreement, any Notes or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the 364-Day Credit Agreement, any Notes or any other instrument or 

Exhibit B—page 1

 

document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it
will be bound by the provisions of the 364-Day Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the 364-Day Credit
Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its obligation pursuant to subsection 2.15(b) of the
364-Day Credit Agreement. 

        4.    The
effective date of this Assignment and Acceptance shall be            , 20    (the "Transfer Effective
Date"). Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative
Agent pursuant to the 364-Day Credit Agreement, effective as of the Transfer Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five
Business Days after the date of such acceptance and recording by the Administrative Agent). 

        5.    Upon
such acceptance and recording, from and after the Transfer Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest
(including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to the Transfer Effective Date and to the Assignee for amounts which have accrued
subsequent to the Transfer Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Transfer Effective Date
or with respect to the making of this assignment directly between themselves. 

        6.    From
and after the Transfer Effective Date, (a) the Assignee shall be a party to the 364-Day Credit Agreement and, to the extent provided in this
Assignment and Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this
Assignment and Acceptance, relinquish its rights and be released from its obligations under the 364-Day Credit Agreement, provided, however,
that its rights under subsections 2.14, 2.16, 2.17 and 9.5 thereunder shall not be affected. 

        7.    This
Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers on
Schedule 1 hereto. 

Exhibit B—page 2

 
 
 

SCHEDULE 1
  TO ASSIGNMENT AND ACCEPTANCE
  RELATING TO THE 364-DAY CREDIT AGREEMENT, DATED AS OF AUGUST 29, 2002,
  among
  CHEVRON PHILLIPS CHEMICAL COMPANY LLC, as a Borrower, and
  CHEVRON PHILLIPS
CHEMICAL COMPANY LP, as a Borrower,
  the Several Lenders from Time to Time Parties thereto, and
  BARCLAYS BANK PLC, as Administrative Agent    
  

Name
of Assignor: 

Name
of Assignee: 

Transfer
Effective Date: 

	
 Principal

Amount Assigned
	
 	

Commitment Percentage Assigned1

	
$	
 	

..%
	

[Name of Assignee]	
 	

[Name of Assignor]
	

By:
	
 	

By:

	Name:	 	Name:
	Title:	 	Title:
	

Accepted:	
 	

Consented To2:
	

BARCLAYS BANK PLC, as

Administrative Agent, Same Day Lender and a Lender	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LLC, as a Borrower
	

By:
	
 	

By:

	Name:	 	Name:
	Title:	 	Title:
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LP, as a Borrower
	

 	
 	

By:

	 	 	Name:
	 	 	Title:

	1
	Calculate
the Commitment Percentage that is assigned to at least 15 decimal places and show as a percentage of the aggregate commitments of all Banks.

	2
	Not
required during the occurrence and continuation of an Event of Default under subsections 7(g) or (h). 

Exhibit B—page 3

  

 
 

Exhibit C to the
  364-Day Credit Agreement    
  

 
  FORM OF
  CLOSING CERTIFICATE
  OF
  CHEVRON PHILLIPS CHEMICAL COMPANY LLC
  AND CHEVRON PHILLIPS CHEMICAL COMPANY LP    
  

        Reference is made to the 364-DAY CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, the
"364-Day Agreement"), dated as of August 29, 2002, among Chevron Phillips Chemical Company LLC, a Delaware limited liability company
(the "LLC"), and Chevron Phillips Chemical Company LP, a Delaware limited partnership wholly owned indirectly by the LLC (the
"LP"), each as a Borrower, the Lenders, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise indicated,
capitalized terms used but not defined herein shall have the respective meanings set forth in the 364-Day Agreement. This certificate is being delivered pursuant to subsection 4.1(b) of
the 364-Day Agreement. 

        I,
J.M. McKee, Vice President and Treasurer of each of Chevron Phillips Chemical Company LLC and Chevron Phillips Chemical Company LP, HEREBY CERTIFY that: 

        (a)  Each
of the representations and warranties made by the LLC and the LP in or pursuant to the 364-Day Agreement are true and correct in all material respects
on and as of the date hereof; 

        (b)  No
Default or Event of Default has occurred and is continuing on the date hereof or will occur after giving effect to the extensions of credit requested to be made on
the date hereof; and 

        (c)  Any
governmental and third party approvals necessary and material in connection with the financing contemplated by the 364-Day Agreement and the continuing
operations of the LLC and the LP and their Subsidiaries have been obtained and are in full force and effect. 

        IN
WITNESS WHEREOF, I have hereunto signed my name this 20th day of August, 2002. 

	

 	
 	

 
	 	 	
 Name:    J.M. McKee

Title:    Vice President and Treasurer of both Chevron

Phillips Chemical Company LLC and Chevron Phillips

Chemical Company LP

Exhibit C—page 1

  

 
 

Exhibit D to the
  364-Day Credit Agreement    
  

 
 

FORM OF
  CERTIFICATE OF SECRETARY
  OF
  CHEVRON PHILLIPS CHEMICAL COMPANY [LLC][LP]    
  

        Reference is made to the 364-DAY CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, the "364-Day
Agreement"), dated as of August 29, 2002, among Chevron Phillips Chemical Company LLC, a Delaware limited liability company (the "LLC"), and Chevron Phillips Chemical Company LP, a Delaware
limited partnership wholly owned indirectly by the LLC (the "LP"), each as a Borrower, the Lenders, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise
indicated, capitalized terms used but not defined herein shall have the respective meanings set forth in the 364-Day Agreement. This certificate is being delivered pursuant to subsection
4.1(c) of the 364-Day Agreement. 

        I,
Kathi E. Warne, Assistant Secretary of Chevron Phillips Chemical Company [LLC][LP], DO HEREBY CERTIFY that: 

        (a)  annexed
hereto as Exhibit A is a true and correct copy of the Certificate of [Formation of the LLC][Limited Partnership of the
LP] as in effect on [Date] and at all times thereafter through the date hereof; 

        (b)  annexed
hereto as Exhibit B is a true and correct copy of the [Amended and Restated Limited Liability Company Agreement of the
LLC][Agreement of Limited Partnership of the LP] as in effect on [Date] and at all times thereafter through the date hereof; 

        (c)  annexed
hereto as Exhibit C is a true and correct copy of certain resolutions duly adopted by the [Board of Managers of the
LLC][General Partner of the LP] on [Date(s)], which resolutions are the only resolutions adopted by the [Board of Directors of
the LLC][General Partner of the LP] or any committee thereof relating to the 364-Day Agreement and the Notes and borrowings by the
[LLC][LP] thereunder and have not been revoked, amended, supplemented or modified and are in full force and effect on the date hereof; and 

        (d)  each
of the persons named below is and has been at all times since [Date] a duly elected and qualified officer of the
[LLC][LP] holding the respective office set forth opposite his or her name and the signature set forth opposite the name of each such person is his or
her genuine signature: 

 
 

Exhibit D to the
  364-Day Credit Agreement    
  

	Name
 
	 	Title
 
	 	Specimen Signature
 

	[Include all officers of the

[LLC][L P] who are signing the

364-Day Agreement, the Notes or

any closing document.]	 	 	 	 

        [Remainder of page left blank intentionally; Signature page to follow.]

Exhibit D—page 1

 
 
 

Exhibit D to the
  364-Day Credit Agreement    
  

        IN
WITNESS WHEREOF, I have hereunto signed my name this 20th day of August, 2002. 

	 	 	
 Name:    Kathi E. Warne

Title:    Assistant Secretary

Exhibit D—page 2

  

 
 

Exhibit E to the
  364-Day Credit Agreement    
  

 
 

FORM OF OPINION OF BORROWERS' COUNSEL    
  

 
  August 29, 2002    

Barclays
Bank PLC, as

Administrative Agent for the

Lenders listed on Schedule I hereto

222 Broadway, 8th floor

New York, NY 10038

Attention:Mr. Gary B. Wenslow 

        and

        The
Agents and Lenders listed

on Schedule I hereto 

        Re:
$400,000,000 364-Day Revolving Credit Facility 

        Ladies
and Gentlemen: 

        I
am Counsel of Chevron Phillips Chemical Company LLC, a Delaware limited liability company (the "LLC") owned equally, indirectly, by
Phillips Petroleum Company and Chevron Corporation, and of Chevron Phillips Chemical Company LP, a Delaware limited partnership wholly-owned, indirectly, by the LLC (the
"LP"; and, together with the LLC, the "Borrowers"). I am rendering this opinion in connection with the
preparation, execution and delivery of the 364-Day Credit Agreement, dated as of August 29, 2002 (the "Credit Agreement"), among the
Borrowers, Barclays Bank PLC, as Administrative Agent, the other agents therein named, and the lenders party thereto (collectively, the "Lenders"). 

        Unless
otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings set forth in the Credit Agreement. This opinion is furnished to you pursuant
to subsection 4.1(e) of the Credit Agreement. 

        In
connection with this opinion, I have examined: 

        (A)  the
Credit Agreement, signed by the Borrowers and by the Administrative Agent, the other agents therein named, and the Lenders; and 

        (B)  the
Notes delivered on the Closing Date pursuant to the Credit Agreement (the "Notes"). 

        I
also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, instruments and other documents and have made such other investigations
as I have deemed relevant and necessary in connection with the opinions expressed herein. As to questions of fact material to this opinion, I have relied upon certificates of public officials and of
officers and representatives of the Borrowers. In addition, I have examined, and have relied as to matters of fact upon, the representations made in the Credit Agreement. 

        In
rendering the opinions set forth below, I have assumed the genuineness of all signatures (other than officers of the Borrowers), the legal capacity of natural persons, the
authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as duplicates or certified or conformed copies, and the authenticity
of the originals of such latter documents. 

Exhibit E—page 1

 

        Based
upon and subject to the foregoing, and subject to the qualifications and limitations set forth herein, I am of the opinion that: 

        1.    The
LLC (a) has been duly organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware,
(b) has the limited liability company power and authority to execute and deliver the Credit Agreement and each Note and to borrow and perform its obligations thereunder, and (c) has duly
authorized, executed and delivered the Credit Agreement and the Notes. 

        2.    The
LP (a) has been duly organized and is validly existing and in good standing as a limited partnership under the laws of the State of Delaware, (b) has
the partnership power and authority to execute and deliver the Credit Agreement and each Note and to borrow and perform its obligations thereunder, and (c) has duly authorized, executed and
delivered the Credit Agreement and the Notes. 

        3.    The
execution and delivery by the LLC of the Credit Agreement and each Note, its borrowings in accordance with the terms of the Credit Agreement and performance of its
payment and other obligations thereunder will not result in any violation of (1) its Certificate of Formation or its Amended and Restated Limited Liability Company Agreement, or
(2) assuming that proceeds of borrowings will be used in accordance with the terms of the Credit Agreement, any Federal or New York statute or the Delaware Limited Liability Company Act or any
rule or regulation issued pursuant to any New York or Federal statute or the Delaware Limited Liability Company Act. 

        4.    The
execution and delivery by the LP of the Credit Agreement and each Note, its borrowings in accordance with the terms of the Credit Agreement and performance of its
payment and other obligations thereunder will not result in any violation of (1) its Certificate of Limited Partnership or its Agreement of Limited Partnership, or (2) assuming that
proceeds of borrowings will be used in accordance with the terms of the Credit Agreement, any Federal or New York statute or the Delaware Revised Uniform Limited Partnership Act or any rule or
regulation issued pursuant to any New York or Federal statute or the Delaware Revised Uniform Limited Partnership Act. 

        5.    No
consent, approval, authorization, order, filing, registration or qualification of or with any Federal or New York governmental agency or body or any Delaware
governmental agency or body acting pursuant to the Delaware Limited Liability Company Act or the Delaware Revised Uniform Limited Partnership Act is required for the execution and delivery by either
Borrower of the Credit Agreement and each Note, the borrowings by either Borrower in accordance with the terms of the Credit Agreement and each Note or the performance by the Borrowers of their
payment obligations under the Credit Agreement and each Note. 

        6.    The
Credit Agreement and each Note constitute the valid and legally binding obligation of each Borrower, enforceable against such Borrower in accordance with its terms. 

        7.    Neither
Borrower is an "investment company," "company" or a company "controlled" by an "investment company" within the meaning of and subject to regulation under the
Investment Company Act of 1940, as amended. 

        In
issuing my opinion in paragraph 6, I have assumed that the Credit Agreement is a valid and legally binding obligation of each of the Lenders parties thereto. 

        My
opinion in paragraph 6 above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws of general
application relating to or affecting creditors' rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an implied covenant
of good faith and fair dealing. 

Exhibit E—page 2

 

        I
express no opinion with respect to: (a) the effect of any provision of the Credit Agreement which is intended to permit modification thereof only by means of an agreement signed
in writing by the parties thereto; (b) the effect of any provision of the Credit Agreement insofar as it provides that any Person purchasing a participation from a Lender or other Person may
exercise set-off or similar rights with respect to such participation or that any Lender or other Person may exercise set-off or similar rights other than in accordance with
applicable law; (c) the effect of any provision of the Credit Agreement imposing penalties or forfeitures; (d) the enforceability of any provision of the Credit Agreement to the extent
that such provision constitutes a waiver of illegality as a defense to performance of contract obligations; and (e) the effect of any provision of the Credit Agreement relating to
indemnification or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal acts or
gross negligence of the indemnified or exculpated Person or the Person receiving contribution. 

        In
connection with the provisions of the Credit Agreement whereby the parties submit to the jurisdiction of the courts of the United States of America located in the State of New York, I
note the limitations of 28 U.S.C. 1331 and 1332 on subject matter jurisdiction of the Federal courts. 

        I
do not express any opinion herein concerning any law other than the law of the State of New York, the Federal law of the United States, the Delaware Limited Liability Company Law and
the Delaware Uniform Limited Partnership Act. 

        This
opinion letter is rendered to you in connection with the above-described transactions. This opinion letter may not be relied upon by you for any other purpose, or relied upon by, or
furnished to, any other person, firm or corporation without my prior written consent. 

Very
truly yours,    

Jeffrey
Adams 

Exhibit E—page 3

 
 
 

Schedule I
  to Exhibit E    
  

 
 

SCHEDULE I    
  

 
  THE ADMINISTRATIVE AGENT AND THE LENDERS    
  

Barclays
Bank PLC,

as Administrative Agent and a Lender 

The
Royal Bank of Scotland plc,

as Syndication Agent and a Lender 

Sumitomo
Mitsui Banking Corporation

as Co-Documentation Agent and a Lender 

The
Bank of Tokyo-Mitsubishi, Ltd.,

as Co-Documentation Agent and a Lender 

Morgan
Stanley Bank, a Lender 

ING
Capital LLC, a Lender 

Riyad
Bank, a Lender 

Banca
Monte dei Paschi di Siena, S.p.A., a Lender 

The
Bank of New York, a Lender 

Den
norske Bank ASA, a Lender 

Bank
One, NA, a Lender 

Bank
of America, N.A., a Lender 

The
Bank of Nova Scotia, a Lender 

Exhibit E—page 4

  

 
 

Exhibit F to the
  364-Day Credit Agreement

 
 

FORM OF BORROWING REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

	 	 	[Date1]

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower")
refers to the 364-Day Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"364-Day Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a Borrower, the
several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the 364-Day Credit Agreement. 

        The
Requesting Borrower hereby gives you notice pursuant to subsection 2.3 of the 364-Day Credit Agreement that it requests a
[Eurodollar][ABR] Loan under the 364-Day Credit Agreement, and in that connection sets forth below the terms on which such
[Eurodollar][ABR] Loan is requested to be made: 

	(A)
	[the
amount to be borrowed2],

	(B)
	[the
requested Borrowing Date],

	(C)
	[Interest
rate basis3] and

	(D)
	[length
of the Interest Period for each Eurodollar Loan requested herein4]. 

1.
Prior to 12:00 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, and prior to 12:00 P.M., New York City time, on the
Borrowing Date, in the case of ABR Loans. 

2.
In an aggregate principle amount of the lesser of (1) $10,000,000 or a whole multiple of $1,000,000 in excess thereof, and (2) the Available Commitments. 

3.
Eurodollar Rate, ABR Rate or a combination thereof. If no election as to the Type of borrowing is specified, the borrowing shall be an ABR borrowing. 

4.
If no Interest Period is specified, the Interest Period shall be deemed to be one month. 

Exhibit F—page 1

 

        Upon
acceptance of any or all of the Loans made by the Lenders in response to this request, the Requesting Borrower shall be deemed to have represented and warranted that the conditions
specified in subsection 4.2 of the 364-Day Credit Agreement have been satisfied. 

	 	 	Very truly yours,
	

 	
 	
CHEVRON PHILLIPS CHEMICAL

COMPANY [LLC][LP]
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:

Exhibit F—page 2

  

 
 

Exhibit G to the
  364-Day Credit Agreement    
  

 
 

FORM OF EXEMPTION CERTIFICATE    
  

        Reference is made to the 364-Day Credit Agreement, dated as of August 29, 2002 (as amended, supplemented or otherwise modified from time to
time, the "364-Day Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a
Borrower, the several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Unless otherwise defined herein, terms defined in the
364-Day Credit Agreement and used herein shall have the meanings given to them in the 364-Day Credit Agreement. [Name of Non-U.S. Lender]
(the "Non-U.S. Lender") is providing this certificate pursuant to subsection 2.16(b) of the 364-Day Credit Agreement. The
Non-U.S. Lender hereby represents and warrants that: 

        1.    The
Non-U.S. Lender is the sole record and beneficial owner of the Loans in respect of which it is providing this certificate. 

        2.    The
Non-U.S. Lender is not a "bank" for purposes of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the
"Code"). In this regard, the Non-U.S. Lender further represents and warrants that: 

        (a)  the
Non-U.S. Lender is not subject to regulatory or other legal requirements as a bank in any jurisdiction; and 

        (b)  the
Non-U.S. Lender has not been treated as a bank for purposes of any tax, securities law or other filing or submission made to any Governmental Authority,
any application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

        3.    The
Non-U.S. Lender is not a 10-percent shareholder of either Borrower within the meaning of Section 881(c)(3)(B) of the Code. 

        4.    The
Non-U.S. Lender is not a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the
Code. 

        IN
WITNESS WHEREOF, the undersigned has duly executed this certificate. 

	 	 	[NAME OF NON-U.S. LENDER]
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

Date:	
 	

 
	 	 	 	 	

Exhibit G—page 1

  

 
 

Exhibit H to the
  364-Day Credit Agreement    
  

 
 

FORM OF SAME DAY BORROWING REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

	 	 	[Date1]

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower")
refers to the 364-Day Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"364-Day Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a Borrower, the
several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the 364-Day Credit Agreement. The Requesting Borrower hereby gives you notice pursuant to subsection 2.4 of the 364-Day Credit Agreement that
it requests a Same Day Loan under the 364-Day Credit Agreement, and in that connection sets forth below the terms on which such Same Day Loan is requested to be made: 

        (A)  Date
of Same Day Loan (which is a Business Day), 

        (B)  Principal
Amount of Same Day Loan2, and 

        (C)  Length
of Interest Period for each Same Day Loan requested herein.3 

1.
Not later than 12:00 P.M., New York City time, on the day of a proposed Same Day Loan. 

2.
In an aggregate principal amount of the lesser of (1) $1,000,000, and (2) the then Available Commitments with respect to Same Day Loans. 

3.
Commences on the Borrowing Date and ends (a) on a Business Day not later than 15 days after such Borrowing Date, or (b) if an Interest Period is not specified, on the first Business Day after the
Borrowing Date. 

Exhibit H—page 1

 

        Upon
acceptance of any or all of the Loans made by the Same Day Lender in response to this request, the Requesting Borrower shall be deemed to have represented and warranted that the
conditions specified in subsection 4.2 of the Credit Agreement have been satisfied. 

	 	 	Very truly yours,
	

 	
 	
CHEVRON PHILLIPS CHEMICAL

COMPANY [LLC][LP]
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:

Exhibit H—page 2

  

 
 

Exhibit I to the
  364-Day Credit Agreement

 
 

FORM OF CONVERSION OR CONTINUATION REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

	 	 	[Date]

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower"),
refers to the 364-Day Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"364-Day Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a Borrower, the
several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the 364-Day Credit Agreement. 

        Pursuant
to subsection 2.7 of the 364-Day Credit Agreement, this Notice of Conversion/Continuation (the "Notice") represents
the Requesting Borrower's irrevocable election to [insert one or more of the following]: 

        1      Convert
$                        in aggregate principal amount of ABR Loans to Eurodollar Loans
on                        , 20    1. The initial Interest Period
for such Eurodollar Loans is requested to be a            month period. 

        2      Convert
$                        in aggregate principal amount of Eurodollar Loans with a current Interest Period
ending                        , 20    to ABR Loans on
                        , 20    2. 

        3      Continue
as Eurodollar Loans $                        in aggregate principal amount of Eurodollar Loans with a current Interest Period
ending                        ,
20    3. The succeeding Interest Period is requested to be a            month period. 

	 	 	Very truly yours,
	

 	
 	
CHEVRON PHILLIPS CHEMICAL

COMPANY [LLC][LP]
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:

1.
Not later than three Business Days' prior irrevocable notice. 

2.
Not later than 12:00 P.M., New York City time, on a Business Day; provided, that any such conversion of Eurodollar Loans may only be made on the last
day of an Interest Period with respect thereto. 

3.
Only may be continued as such upon the expiration of the then current Interest Period with respect thereto. 

Exhibit I—page 1Use these links to rapidly review the document

  TABLE OF CONTENTS

 
 

Exhibit 4.2    
  

        EXECUTION COPY  

$400,000,000  

 THREE-YEAR CREDIT AGREEMENT  

 CHEVRON PHILLIPS CHEMICAL COMPANY LLC,
  a Borrower, 

CHEVRON PHILLIPS CHEMICAL COMPANY LP,
  a Borrower, 

BARCLAYS BANK PLC,
  Administrative Agent, 

THE ROYAL BANK OF SCOTLAND PLC,
  Syndication Agent, 

THE BANK OF TOKYO-MITSUBISHI LTD.,
  and
 SUMITOMO MITSUI BANKING CORPORATION,
  Co-Documentation Agents 

Dated as of August 29, 2002 

BARCLAYS BANK PLC,
  as Lead Arranger and Book Manager 

  

 

TABLE OF CONTENTS    
  

 

	 
	 	 
	 	 
	 	Page

	SECTION 1.    DEFINITIONS	 	1
	 	 	1.1	 	Defined Terms	 	1
	 	 	1.2	 	Other Definitional Provisions	 	8
	

SECTION 2.    AMOUNT AND TERMS OF COMMITMENTS	
 	

8
	 	 	2.1	 	Commitment	 	8
	 	 	2.2	 	Repayment of Loans; Evidence of Debt	 	8
	 	 	2.3	 	Procedure for Revolving Credit Borrowing	 	9
	 	 	2.4	 	Same Day Loans	 	10
	 	 	2.5	 	Termination or Reduction of Commitments	 	11
	 	 	2.6	 	Optional and Mandatory Prepayments	 	12
	 	 	2.7	 	Conversion and Continuation Options	 	12
	 	 	2.8	 	Maximum Number of Tranches	 	13
	 	 	2.9	 	Fees	 	13
	 	 	2.10	 	Interest Rate	 	14
	 	 	2.11	 	Computation of Interest and Fees	 	14
	 	 	2.12	 	Inability to Determine Interest Rate	 	14
	 	 	2.13	 	Pro Rata Treatment and Payments	 	15
	 	 	2.14	 	Increased Costs	 	15
	 	 	2.15	 	Illegality	 	16
	 	 	2.16	 	Taxes	 	17
	 	 	2.17	 	Break Funding Payments	 	18
	

SECTION 3.    REPRESENTATIONS AND WARRANTIES	
 	

19
	 	 	3.1	 	Existence and Power	 	19
	 	 	3.2	 	Requisite and Governmental Authorization; Contravention	 	19
	 	 	3.3	 	Enforceability	 	19
	 	 	3.4	 	Litigation	 	19
	 	 	3.5	 	Financial Statements; No Material Change	 	19
	 	 	3.6	 	Employee Benefit Plans	 	19
	 	 	3.7	 	Taxes	 	20
	 	 	3.8	 	Material Subsidiaries	 	20
	 	 	3.9	 	Investment Company Act	 	20
	 	 	3.10	 	Regulation U	 	20
	 	 	3.11	 	Compliance with Laws	 	20
	 	 	3.12	 	Purpose of Loans	 	21
	

SECTION 4.    CONDITIONS PRECEDENT	
 	

21
	 	 	4.1	 	Conditions to Effectiveness of Agreement	 	21
	 	 	4.2	 	Conditions to Each Loan	 	22
	

SECTION 5.    AFFIRMATIVE COVENANTS OF THE BORROWERS	
 	

22
	 	 	5.1	 	Obligations	 	22
	 	 	5.2	 	Financial Reporting Requirements	 	22
	 	 	5.3	 	Notices	 	23
	 	 	5.4	 	Maintenance of Property; Insurance	 	23
	 	 	5.5	 	Compliance with Laws	 	23
	 	 	5.6	 	Books and Records	 	24
	 	 	5.7	 	Further Assurances	 	24

i

 

	

SECTION 6.    NEGATIVE COVENANTS OF THE BORROWERS	
 	

24
	 	 	6.1	 	Negative Pledge	 	24
	 	 	6.2	 	Consolidations, Mergers and Sales of Assets	 	25
	

SECTION 7.    EVENTS OF DEFAULT	
 	

25
	

SECTION 8.    THE ADMINISTRATIVE AGENT	
 	

26
	 	 	8.1	 	Appointment of Administrative Agent; No Other Duties	 	26
	 	 	8.2	 	Delegation of Duties	 	27
	 	 	8.3	 	Exculpatory Provisions	 	27
	 	 	8.4	 	Reliance by Administrative Agent	 	27
	 	 	8.5	 	Notice of Default	 	28
	 	 	8.6	 	Non-Reliance on Administrative Agent and Other Lenders	 	28
	 	 	8.7	 	Indemnification	 	29
	 	 	8.8	 	Administrative Agent in Its Individual Capacity	 	29
	 	 	8.9	 	Successor or Substitute Administrative Agent	 	29
	 	 	8.10	 	Syndication Agent; Co-Documentation Agents; Lead Arranger	 	30
	

SECTION 9.    MISCELLANEOUS	
 	

30
	 	 	9.1	 	Amendments and Waivers	 	30
	 	 	9.2	 	Notices	 	31
	 	 	9.3	 	No Waiver; Cumulative Remedies	 	31
	 	 	9.4	 	Confidentiality	 	32
	 	 	9.5	 	Payment of Expenses; Indemnification	 	32
	 	 	9.6	 	Successors and Assigns; Participations; Purchasing Lenders	 	33
	 	 	9.7	 	Adjustments; Set-off	 	35
	 	 	9.8	 	Counterparts	 	35
	 	 	9.9	 	GOVERNING LAW	 	36
	 	 	9.10	 	Jurisdiction; Venue	 	36
	 	 	9.11	 	Survival and Termination of Agreement	 	36
	 	 	9.12	 	Entire Agreement	 	37
	 	 	9.13	 	WAIVER OF JURY TRIAL	 	37
	 	 	9.14	 	Severability	 	37
	 	 	9.15	 	Joint and Several Liability	 	37

	SCHEDULE I	 	Lender Information
	

ANNEX A	
 	

Pricing Grid
	

EXHIBIT A	
 	

Form of Note
	EXHIBIT B	 	Form of Assignment and Acceptance
	EXHIBIT C	 	Form of Closing Certificate
	EXHIBIT D	 	Form of Secretary's Certificate
	EXHIBIT E	 	Form of Opinion of Counsel to the Borrowers
	EXHIBIT F	 	Form of Borrowing Request
	EXHIBIT G	 	Form of Exemption Certificate
	EXHIBIT H	 	Form of Same Day Borrowing Request
	EXHIBIT I	 	Form of Conversion or Continuation Request

ii

        THREE-YEAR CREDIT AGREEMENT, dated as of August 29, 2002, among CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the
"LLC"), CHEVRON PHILLIPS CHEMICAL COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the
"LP"; and together with the LLC, the "Borrowers" and, each, a "Borrower"), the several lenders from time
to time parties to this Agreement (collectively, the "Lenders"; individually, a "Lender"), BARCLAYS BANK
PLC, as administrative agent (the "Administrative Agent"), THE ROYAL BANK OF SCOTLAND, as syndication agent (the "Syndication
Agent"), and THE BANK OF TOKYO-MITSUBISHI LTD. and SUMITOMO MITSUI BANKING CORPORATION, as co-documentation agents (the
"Co-Documentation Agents"). 

        The
parties hereto hereby agree as follows: 

 
 
 
SECTION 1.    DEFINITIONS  

 
 
 

 
          1.1    Defined Terms.     As used in this Agreement, the following terms shall have
the following meanings: 

        "ABR": when used in reference to any Loan or borrowing, refers to whether such Loan, or the Loans comprising such borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 

        "Administrative Agent": as defined in the preamble. 

        "Administrative Agent-Related Person": as defined in subsection 8.3. 

        "Affiliate": as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, "control" of a
Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar
functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

        "Agent's/Arranger's Fees": as defined in subsection 2.9(c). 

        "Agreement": this Three-Year Credit Agreement, as amended, supplemented or otherwise modified from time to time. 

        "Alternate Base Rate": for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day or
(b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective
Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. "Federal Funds Effective
Rate": as used in this definition, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. "Prime Rate": as used in this definition, the rate of
interest per annum publicly announced from time to time by Barclays Bank PLC as its "prime rate" in New York City. Such "prime rate" is a rate set by Barclays Bank PLC, based upon various factors,
including Barclays Bank PLC's cost and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below
such announced rate. Any change in such rate announced by Barclays Bank PLC, shall take effect at the opening of business on the day specified in the public announcement of such change. 

        "Applicable Commitment Fee Rate": the "Applicable Commitment Fee Rate" determined in
accordance with the Pricing Grid. 

 

        "Applicable Eurodollar Margin": for each Eurodollar Loan, the applicable rate per annum set forth on the Pricing Grid. 

        "Applicable Utilization Fee Rate": the "Applicable Utilization Fee Rate" determined in accordance with the Pricing Grid. 

        "Assignment and Acceptance": an Assignment and Acceptance, substantially in the form of Exhibit B; collectively, the
"Assignments and Acceptances". 

        "Available Commitment": as to any Lender, at a particular time, an amount equal to the excess, if any, of (a) the amount of such
Lender's Commitment at such time, minus (b) the aggregate unpaid principal amount at such time of all Loans of such Lender, and  minus (c) an
amount equal to such Lender's Commitment Percentage of the aggregate unpaid principal amount at such time of all Same Day Loans,  provided that for purposes of calculating Available Commitments for
purposes of subsection 2.9(a), such amount under clauses (b) and
(c) consisting of Same Day Loans shall be zero; collectively, the "Available Commitments". 

        "Borrower(s)": as defined in the preamble. 

        "Borrowing Date": any Business Day specified in a notice pursuant to subsection 2.3 as a date on which a Borrower requests the Lenders to
make Loans hereunder. 

        "Business Day": a day other than a Saturday, Sunday or other day on which commercial banks in New York City or Houston, Texas, are
authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and
interest on, Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

        "Capital Stock": with respect to any Person, any and all shares, interests, participations, rights in or other equivalents in the equity
interests (however designated) in such Person, and any warrants or options exercisable for, exchangeable for or convertible into such an equity interest in such Person. 

        "ChevronTexaco": ChevronTexaco Corporation, a Delaware corporation. 

        "Closing Date": August 29, 2002. 

        "Code": the Internal Revenue Code of 1986, as amended from time to time. 

        "Co-Documentation Agents": as defined in the preamble. 

        "Commitment": as to any Lender, its obligation to make Loans to the Borrowers pursuant to subsection 2.1 and to make or participate in
Same Day Loans pursuant to subsection 2.4, in each case in an aggregate amount not to exceed at any one time outstanding the amount set forth opposite such Lender's name on Schedule I, as such
amount may change from time to time as provided herein; provided that the Commitments shall not at any time exceed $400,000,000 in the aggregate;
collectively, the "Commitments"; provided further, that the Commitments with respect to Same Day Loans
shall not at any time exceed $50,000,000 in the aggregate. 

        "Commitment Fee": as defined in subsection 2.9(a); collectively, the "Commitment Fees". 

        "Commitment Percentage": at a particular time, as to any Lender, the percentage of the aggregate Commitments in effect at such time
constituted by such Lender's Commitment. 

        "Commitment Period": the period from and including the Closing Date to but not including the Three-Year Commitment Termination
Date, or such earlier date as all the Commitments shall terminate as provided herein. 

        "Commitment Utilization Percentage": on any day the percentage equivalent to a fraction (a) the numerator of which is the sum of
the aggregate outstanding principal amount of the Loans, and (b) the 

2

 

denominator of which is the sum of the aggregate Commitments (or, on any day after termination of the Commitments pursuant to Section 7, the aggregate Commitments in effect immediately
preceding such termination). 

        "Common Stock": of any Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as to the
distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class of such Person. 

        "Confidential Information": as defined in subsection 9.4. 

        "Consolidated Net Assets": at any date, the total amount (without duplication) of assets of the LLC and its Subsidiaries after deducting
therefrom (a) all current liabilities (without duplication) of the LLC and
its Subsidiaries (excluding any thereof which are by their terms extendible or renewable at the option of the LLC or the applicable Subsidiary, as the case may be, to a time more than 12 months
after the time as of which the amount thereof is being computed), and (b) total prepaid expenses and deferred charges of the LLC and its Subsidiaries. 

        "Debt": as to any Person, at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services,
except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee under capital leases, and (v) all Debt of others Guaranteed by
such Person. 

        "Default": any of the events specified in Section 7, whether or not any requirement for the giving of notice, the lapse of time, or
both, or any other condition, has been satisfied. 

        "Dollars" and "$": dollars in lawful currency of the United States of America. 

        "Early Commitment Termination Date": as defined in subsection 2.5(b). 

        "EDGAR": as defined in subsection 5.2(a). 

        "Environmental Laws": mean any and all principles of common law and any and all laws, statutes, ordinances, rules, regulations, orders,
decrees, judgments, injunctions or binding agreements of any Governmental Authority pertaining to the protection or reclamation of the natural environment or to Hazardous Materials in any and all
jurisdictions in which the Borrowers and their Subsidiaries own property or conduct business, including, without limitation, the Clean Air Act, the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, the Federal Water Pollution Control Act, the Occupational Safety and Health Act of 1970, the Resource Conservation and Recovery Act of 1976, the Safe Drinking Water Act, the
Toxic Substances Control Act, the Hazardous & Solid Waste Amendments Act of 1984, the Superfund Amendments and Reauthorization Act of 1986, the Hazardous Materials Transportation Act, the Oil
Pollution Act of 1990, any state or local laws implementing or substantially equivalent to the foregoing federal laws, and all other environmental conservation or protection laws, all as amended from
time to time. 

        "ERISA": the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        "ERISA Affiliate": any trade or business (whether or not incorporated) that, together with either Borrower, is treated as a single
employer under Section 414 of the Code. 

        "ERISA Event": (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is waived under the regulations); (b) the existence with respect to any Plan of an "accumulated funding
deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence 

3

 

by either Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by either Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by
either Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by either Borrower
or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from either Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

        "Eurodollar": when used in reference to any Loan or borrowing, refers to whether such Loan, or the Loans comprising such borrowing, are
bearing interest at a rate determined by reference to the Eurodollar Rate. 

        "Eurodollar Rate": with respect to an Interest Period pertaining to any Eurodollar Loan, the rate of interest determined on the basis of
the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Page 3750 of the Telerate screen as of 11:00 A.M.,
London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on such page of the Telerate screen (or otherwise on the Telerate Service),
the "Eurodollar Rate" with respect to such Eurodollar borrowing for such Interest Period shall be the average of the rates at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London offices of the Reference Banks (or, if any Reference Bank does not at the time maintain a London
office, the principal London office of any affiliate of such Reference Bank) for immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period. 

        "Event of Default": as defined in Section 7. 

        "Excess Utilization Day": each day on which the Commitment Utilization Percentage exceeds 33%. 

        "Fee Letters": as defined in subsection 2.9(c). 

        "GAAP": generally accepted accounting principles in the United States of America as in effect from time to time. 

        "Governmental Authority": any nation or government, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government. 

        "Guarantee": as to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or
other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in
any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),  provided that the term "Guarantee"
shall not include endorsements for collection or deposit in the ordinary course of business or performance, surety
and similar bonds or completion guarantees provided in the ordinary course of business. The term "Guarantee" used as a verb has a corresponding meaning. 

        "Hazardous Materials": means (a) any chemicals, materials or substances defined or as included in the definition of "hazardous
substances," "hazardous materials," "toxic substances," or words of similar 

4

 

import, under any Environmental Law; (b) radioactive materials (other than naturally occurring radioactive materials below threshold regulated levels), asbestos in any form that is or could be
friable, polychlorinated biphenyls, radon, mercury, lead-based paint; and (c) regulated constituents or substances in concentrations or levels that exceed numeric or
risk-based standards established pursuant to Environmental Laws. 

        "Highest Lawful Rate": with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received with respect to any Loan hereunder or on other amounts, if any, due to such Lender pursuant to this Agreement or any Note under applicable
law. "Applicable law": as used in this definition, with respect to each Lender, that law in effect from time to time that permits the charging and
collection by such Lender of the highest permissible lawful, nonusurious rate of interest on the transactions herein contemplated including, without limitation, the laws of each State that may be held
to be applicable, and of the United States of America, if applicable. 

        "Interest Payment Date": (a) as to any ABR Loan, the last day of each March, June, September and December, (b) as to any
Eurodollar Loan in respect of which the applicable Borrower has selected an
Interest Period of one, two or three months, the last day of such Interest Period, (c) as to any Eurodollar Loan in respect of which the applicable Borrower has selected an Interest Period
longer than 3 months, each date which is three months, or a whole multiple thereof, from the first day of such Interest Period and the last day of such Interest Period, and (d) with
respect to any Same Day Loan, the last day of each Interest Period. 

        "Interest Period": (a) with respect to any Eurodollar Loan: 

          (i)  initially,
the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six
months thereafter, as selected by the applicable Borrower in its notice of borrowing or notice of conversion, as the case may be, given pursuant to subsection 2.3 or 2.7, respectively; and 

        (ii)  thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan, and ending one, two, three or six months
thereafter, as selected by the applicable Borrower in its notice of continuation given pursuant to subsection 2.7; 

        (b)  with
respect to any ABR Loan, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such ABR Loan and ending on the day
next preceding the date on which such ABR Loan is converted into a Eurodollar Loan pursuant to subsection 2.7; 

        (c)  with
respect to any Same Day Loan, the period commencing on the Borrowing Date with respect to such Same Day Loan and ending on a Business Day not later than
15 days after such Borrowing Date as selected by the applicable Borrower in its notice of borrowing or if the applicable Borrower does not specify an Interest Period in its notice of borrowing,
ending on the first Business Day after such Borrowing Date; 

        provided, that all of the foregoing provisions relating to Interest Periods are subject to the following: 

          (i)  if
any Interest Period would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day, unless,
with respect to Eurodollar Loans, the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 

5

 

        (ii)  any
Interest Period pertaining to a Eurodollar Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

        (iii)  notwithstanding
anything to the contrary in this definition of "Interest Period", any Interest Period that would
otherwise extend beyond the Three-Year Commitment Termination Date shall end on the Three-Year Commitment Termination Date. 

        "Investment Grade Rating": ratings of at least BBB- by S&P (with not less than a stable outlook) and Baa3 by Moody's. 

        "Lead Arranger": Barclays Bank PLC. 

        "Lender": as defined in the preamble hereto; collectively, the "Lenders". Unless the
context otherwise requires, the term "Lenders" includes the Same Day Lender. 

        "Lien": with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset. For the purposes of this Agreement, a Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor
under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

        "LLC": as defined in the preamble. 

        "Loans": any loan made by a Lender (including the Same Day Lender) hereunder; each, a
"Loan". 

        "LP": as defined in the preamble. 

        "Material Subsidiary": at any time, any Subsidiary which as of such time meets the definition of a "significant
subsidiary" contained as of the date hereof in Regulation S-X of the Securities and Exchange Commission. 

        "Money Market Rate": for any Interest Period, with respect to any Same Day Loan, the fixed rate of interest per annum quoted by the
Administrative Agent to the applicable Borrower to be the fixed rate
of interest for such Same Day Loan at approximately 3:00 P.M., New York City time, on the relevant Borrowing Date. 

        "Moody's": Moody's Investors Service, Inc., and its successors. 

        "Multiemployer Plan": a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

        "Non-U.S. Lender": as defined in subsection 2.16(b). 

        "Note": as defined in subsection 2.2(e); collectively, the "Notes". 

        "Participant": as defined in subsection 9.6(b). 

        "Permitted Encumbrances": (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with
subsection 5.1; (b) carriers', warehousemen's, mechanics', materialmen's, repairmen's and other like Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 30 days or are being contested in compliance with subsection 5.1; (c) pledges and deposits made in the ordinary course of business in compliance with
workers' compensation, unemployment insurance and other social security laws or regulations; (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (e) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary 

6

 

obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrowers or any of their respective Subsidiaries;
(f) any Lien arising out of judgments or awards against a Borrower or any Subsidiary with respect to which such Borrower or such Subsidiary at the time shall be prosecuting an appeal or
proceedings for review and with respect to which it shall have secured a stay of execution pending such appeal or proceedings for review to the extent such proceeding has not resulted in an Event of
Default under subsection 7(i); and (g) Liens not otherwise covered by clauses (a)—(f) inclusive which are incidental to the conduct of the business of the Borrowers and their
Subsidiaries or the ownership of their assets which do not in the aggregate materially detract from the value of such assets or materially impair their use in the operation of such Borrower's or such
Subsidiary's business; provided that the term "Permitted Encumbrances" shall not include any Lien securing Debt. 

        "Person": an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature. 

        "PBGC": the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

        "Phillips": Phillips Petroleum Company, a Delaware corporation. 

        "Plan": any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which either Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. 

        "Pricing Grid": the Pricing Grid attached hereto as Annex A. 

        "Prior Credit Agreement": as defined in subsection 4.1(i). 

        "Purchasing Lender": as defined in subsection 9.6(c). 

        "Reference Banks": Barclays Bank PLC and such other banks acceptable to the Borrowers designated by the Administrative Agent from time to
time. 

        "Register": as defined in subsection 9.6(d). 

        "Required Lenders": at a particular time, Lenders, the Commitment Percentages of which aggregate more than 50%. 

        "S&P": Standard & Poor's Ratings Service, a division of the McGraw-Hill Companies, Inc., and its successors. 

        "Same Day Lender": Barclays Bank PLC, in its capacity as lender of Same Day Loans hereunder. 

        "Same Day Loan": a Loan made pursuant to subsection 2.4. 

        "Senior Debt": the LLC's and LP's joint and several senior unsecured, non-credit enhanced, long term debt for which a rating
has been established by Moody's and/or S&P as provided in the Pricing Grid. 

        "Subsidiary": as to each Borrower, any corporation, partnership, limited liability company or other entity of which shares of stock or
other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other Persons performing similar functions are at the time directly or indirectly owned by such Borrower. 

        "Successor": as defined in subsection 6.2. 

        "Syndication Agent": as defined in the preamble. 

7

  

        "Three-Year Commitment Termination Date": August 28, 2005. 

        "Tranche": the collective reference to Eurodollar Loans, the Interest Periods with respect to all of which begin on the same date and end
on the same later date (whether or not the Loans comprising any such Tranche were originally made on the same day). 

        "Transferee": as defined in subsection 9.4. 

        "Transfer Effective Date": as defined in each Assignment and Acceptance. 

        "Type": as to any Loan its nature as a Eurodollar Loan, an ABR Loan or a Same Day Loan. 

        "Voting Stock": any class or classes of Capital Stock pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers or trustees of any Person (irrespective of whether or not, at the time, stock of any other class or classes shall have,
or might have, voting power by reason of the happening of any contingency). 

 
 
 

 
          1.2    Other Definitional Provisions.     (a) Unless otherwise specified therein,
all terms defined in this Agreement shall have the defined meanings when used in any Notes or any certificate or
other document made or delivered pursuant hereto. 

        (b)  As
used herein and in any Notes, and any certificate or other document made or delivered pursuant hereto, accounting terms relating to each Borrower and its respective
Subsidiaries not defined in subsection 1.1 and accounting terms partly defined in subsection 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

        (c)  The
words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

        (d)  The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

 
 

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS    
  

 
          2.1    Commitment.     (a) Subject to the terms and conditions hereof, each
Lender severally agrees to make Loans to the Borrowers from time to time during the Commitment Period
in an aggregate principal amount at any one time outstanding which, when added to such Lender's Commitment Percentage of the outstanding Same Day Loans, does not exceed the amount of such Lender's
then current Commitment; provided, that the aggregate amount of the Loans outstanding shall not at any time exceed the aggregate amount of the
Commitments. During the Commitment Period, each Borrower may use the Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions
hereof. 

        (b)  The
Loans may from time to time be (i) Eurodollar Loans, (ii) ABR Loans, (iii) a combination thereof, or (iv) Same Day Loans, as determined
by the applicable Borrower, and notified to the Administrative Agent in accordance with subsection 2.3, 2.4 or 2.7; provided, that no Loan shall be made as a Eurodollar Loan after the day that is one
month prior to the Three-Year Commitment Termination Date. 

 
          2.2    Repayment of Loans; Evidence of Debt.     (a) The Borrowers, jointly and
severally, hereby unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of the Loans of such Lender on the Three-Year Commitment Termination Date (or such earlier date on which the Loans become due and payable pursuant to Section 7).
The Borrowers, jointly and severally, hereby unconditionally promise to the Same Day Lender to pay the then unpaid principal amount of each Same Day Loan on the earlier of the Three-Year
Commitment 

8

 

Termination Date and the first Business Day after the Borrowing Date for such Same Day Loan or, if an Interest Period was selected in the applicable Borrower's notice of borrowing for such Same Day
Loan, the last day of such Interest Period. The Borrowers, jointly and severally, hereby further agree to pay interest on the unpaid principal amount of the Loans from time to time outstanding from
the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 2.10. 

        (b)  Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of each Borrower to such Lender resulting from each Loan
of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

        (c)  The
Administrative Agent shall maintain the Register pursuant to subsection 9.6(d) in which shall be recorded with respect to each Borrower (i) the amount of each
Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from such Borrower
to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from such Borrower and each Lender's share thereof. 

        (d)  The
entries made in the Register and the accounts of each Lender maintained pursuant to subsection 2.2(b) shall, to the extent permitted by applicable law, be  prima facie evidence of the existence and
amounts of the obligations of each Borrower therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the
obligation of the Borrowers to repay (with applicable interest) the Loans made to either Borrower by such Lender in accordance with the terms of this Agreement. 

        (e)  The
Borrowers agree that, upon the request to the Administrative Agent by any Lender, the Borrowers will execute and deliver to such Lender a promissory note of the
Borrowers evidencing the Loans of such Lender, substantially in the form of Exhibit A with appropriate insertions as to date and principal amount (a
"Note"). 

 
          2.3    Procedure for Revolving Credit Borrowing.     (a) Each Borrower may borrow
under the Commitments during the Commitment Period on any Business Day;  provided, that the applicable Borrower shall give the Administrative Agent irrevocable written notice, substantially in the form
of Exhibit F
hereto, (i) prior to 12:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans and (ii) prior to
12:00 P.M., New York City time, on the requested Borrowing Date, in the case of ABR Loans, specifying (A) the amount to be borrowed, (B) the requested Borrowing Date,
(C) whether the borrowing is to be a Eurodollar Loan, an ABR Loan, or a combination thereof and (D) the length of the Interest Period for each Eurodollar Loan included in such notice. If
no election as to the Type of borrowing is specified, then the requested borrowing shall be an ABR borrowing. If no Interest Period is specified with respect to any requested Eurodollar borrowing,
then the Interest Period shall be deemed to be one month. Each Eurodollar or ABR borrowing under the Commitments shall be in an aggregate principal amount of the lesser of (1) $10,000,000 or a
whole multiple of $1,000,000 in excess thereof, and (2) the then Available Commitments. 

        (b)  Upon
receipt of such notice from the applicable Borrower, the Administrative Agent shall promptly notify each Lender thereof (but in any event no later than
(i) the date of receipt of such notice from such Borrower in the case of Eurodollar Loans and (ii) 2:00 P.M., New York City time, on the requested
Borrowing Date in the case of ABR Loans). Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent
for the account of such Borrower at the office of the Administrative Agent set forth in subsection 9.2 prior to (i) 4:00 P.M., New York City time, in the case of ABR Loans, and
(ii) 12:00 P.M., New York City 

9

 

time, in the case of Eurodollar Loans on the Borrowing Date requested by such Borrower in funds immediately available to the Administrative Agent in Dollars. The proceeds of all Loans will then be
made available to such Borrower by the Administrative Agent by crediting the account of such Borrower on the books of the Administrative Agent, or such other account of such Borrower as shall have
been designated by such Borrower to the Administrative Agent. 

        (c)  Unless
the Administrative Agent shall have been notified in writing by any Lender prior to a proposed Borrowing Date that such Lender will not make available to the
Administrative Agent the amount which would constitute its Commitment Percentage of the borrowing on such Borrowing Date, the Administrative Agent may assume that such Lender has made such amount
available to the Administrative Agent on such Borrowing Date, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower an amount equal to such
Lender's Commitment Percentage of the borrowing on such Borrowing Date. The Administrative Agent shall notify such Borrower as promptly as practicable if such Lender's Commitment Percentage of such
borrowing is not made available to the Administrative Agent on such Borrowing Date. If such amount is made available to the Administrative Agent on a date after such Borrowing Date, such Lender shall
pay to the Administrative Agent on demand an amount equal to the product of (i) the daily average overnight federal funds rate during such period as quoted by the Administrative Agent, times
(ii) the amount of such Lender's Commitment Percentage of such borrowing (minus the amount, if any, which such Lender has made available to the Administrative Agent), times (iii) a
fraction the numerator of which is the number of days that elapse from and including such Borrowing Date to the date on which such Lender's Commitment Percentage of such borrowing shall have become
immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this
subsection 2.3(c) shall be prima facie evidence of the accuracy of the information set forth therein, absent manifest error. If such Lender's Commitment
Percentage of such borrowing is not in fact made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall be entitled to
recover the amount of such Lender's Commitment Percentage of such borrowing (minus the amount, if any, which such Lender had made available to the Administrative Agent) on demand from such Borrower
with interest thereon (i) for the period from and including such Borrowing Date to the date one day after such demand, at a rate per annum equal to the daily average overnight federal funds
rate during such period as quoted by the Administrative Agent and calculated on the basis of a 360-day year for the actual days elapsed and (ii) thereafter, at the rate per annum
applicable to ABR Loans hereunder. Nothing contained in this subsection 2.3(c) shall prejudice in any manner whatsoever any right or remedy of such Borrower against such Lender. 

 
          2.4    Same Day Loans.     (a) Subject to the terms and conditions set forth
herein, the Same Day Lender agrees to make Same Day Loans to the Borrowers from time to time during the
Commitment Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Same Day Loans exceeding $50,000,000 or
(ii) the aggregate principal amount of outstanding Loans exceeding $400,000,000. Same Day borrowings under the Commitments shall be in an aggregate principal amount of the lesser of
(1) $1,000,000, and (2) the then Available Commitments
with respect to Same Day Loans. Within the foregoing limits and subject to the terms and conditions set forth herein, each Borrower may borrow, prepay and reborrow Same Day Loans. 

        (b)  To
request a Same Day Loan, a Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy in a form substantially the same as
Exhibit H), not later than 12:00 P.M., New York City time, on the day of a proposed Same Day Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall
be a Business Day), 

10

 

amount of the requested Same Day Loan and any Interest Period selected. The Administrative Agent will promptly advise the Same Day Lender of any such notice received from such Borrower. The Same Day
Lender shall make each Same Day Loan available to such Borrower by means of a credit to the general deposit account of such Borrower with the Same Day Lender by 3:00 P.M., New York City time,
on the requested date of such Same Day Loan. Subject to subsection 2.4(c), each payment (including each prepayment) by either Borrower on account of Same Day Loans shall be made to the Same Day Lender
for the Same Day Lender's sole account. 

        (c)  The
Same Day Lender may by written notice given to the Administrative Agent not later than 1:00 P.M., New York City time, on any Business Day require the Lenders
to acquire participations on such Business Day in all or a portion of the Same Day Loans outstanding. Such notice shall specify the aggregate amount of Same Day Loans in which Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Commitment Percentage of such Same Day Loan
or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Same Day Lender, such Lender's Commitment Percentage of such Same Day Loan
or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Same Day Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds by 3:00 P.M., New York City time, on the
date of receipt of the notice referenced above, to the account of the Same Day Lender most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent shall notify
the Borrower of any participations in any Same Day Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Same Day Loan shall be made to the Administrative Agent and not
to the Same Day Lender. Any amounts received by the Same Day Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Same Day Loan after receipt by the Same Day Lender of
the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the
Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Same Day Lender, as their interests may appear. The purchase of participations in a Same
Day Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. Notwithstanding the foregoing, a Lender shall not have any obligation to acquire a
participation in a Same Day Loan pursuant to this paragraph if an Event of Default shall have occurred and be continuing at the time such Same Day Loan was made and such Lender shall have notified the
Same Day Lender in writing, at least one Business Day prior to the time such Same Day Loan was made, that such Event of Default has occurred and that such Lender will not acquire participations in
Same Day Loans made while such Event of Default is continuing. 

 
          2.5    Termination or Reduction of Commitments.     (a) The Borrowers shall have
the right, upon not less than five Business Days' written notice to the Administrative Agent, to terminate the Commitments or,
from time to time, to reduce the amount thereof; provided, that no such termination or reduction shall be permitted if, after giving effect thereto and
to any prepayments of the Loans made on the effective date thereof, the then outstanding principal amount of the Loans would exceed the amount of the Commitments then in effect. Any such reduction
shall be in an amount of $10,000,000, or a whole multiple of $5,000,000 in excess thereof, and shall reduce permanently the amount of such Commitments then in effect. 

        (b)  Unless
an Event of Default has occurred and is continuing, the Borrowers shall have the right, in their sole discretion, to terminate the Commitment of any Lender by
giving the 

11

 

Administrative Agent and such Lender a written notice setting forth its election and a termination date (the "Early Commitment Termination Date"),
which date shall not be earlier than 30 days after the date on which such notice has been given, except as otherwise provided in subsections 2.14(c), 2.15 and 2.16(f). On the Early Commitment
Termination Date, such Lender's Commitment shall terminate and the Borrowers shall (i) prepay all of such Lender's outstanding Loans together with interest thereon accrued to such Early
Commitment Termination Date and any amounts payable pursuant to subsection 2.17, (ii) pay all Commitment Fees accrued to such Early Commitment Termination Date with respect to such Lender's
Commitment and (iii) pay all amounts then owing to such Lender pursuant to subsections 2.14, 2.16, 2.17 and 9.5 for which demand has been made to the Borrowers prior to such Early Commitment
Termination Date. Upon termination of such Lender's Commitment in accordance with this subsection 2.5(b), such Lender shall cease to be a party hereto subject to the provisions of subsection 8.7. 

        (c)  In
the event that the Borrowers elect to terminate the Commitment of any Lender pursuant to subsection 2.5(b), the Borrowers shall have the right, in their sole
discretion, upon notice to the Administrative Agent, to request one or more Lenders or Purchasing Lenders, or to seek another lender, to acquire, pursuant to subsection 9.6(c), such terminated
Commitment and all amounts owing to such Lender in respect of its Loans hereunder; provided, however, that if such terminated Commitments are in the
aggregate greater than 15% of the then aggregate Commitments, the Borrowers will replace such terminated Lender or Lenders with one or more replacement lenders (which may be a Lender or Lenders) which
will acquire on the date of such termination, pursuant to subsection 9.6(c), an amount of such terminated Commitment or Commitments, as applicable, which will result in the then aggregate Commitments,
after giving effect to such acquisition, being at least 85% of the aggregate Commitments as of the Closing Date (as the same may be reduced pursuant to subsection 2.5(a), but excluding any reductions
pursuant to subsection 2.5(b)). 

 
          2.6    Optional and Mandatory Prepayments.     (a)    Optional Prepayments.    The Borrowers may at any time and from time to time prepay the
Loans, in whole or in part, without premium or penalty upon (i) in the case of Eurodollar Loans, at least three Business Days' irrevocable written notice to the Administrative Agent, specifying
the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or a combination of Eurodollar Loans and ABR Loans, and if a combination thereof, the amount of prepayment allocable
to each, (ii) in the case of ABR Loans, at least one Business Day's irrevocable written notice to the Administrative Agent, specifying the date and amount of prepayment and (iii) in the
case of Same Day
Loans, upon irrevocable written notice to the Administrative Agent received no later than 12:00 P.M. on the day of such prepayment, specifying the date and amount of prepayment. Upon receipt of
such notice the Administrative Agent shall promptly notify each Lender thereof. If such notice is given, the payment amount specified in such notice shall be due and payable on the date specified
therein, together with any interest thereon accrued to such prepayment date and any amounts payable pursuant to subsection 2.17. 

        (b)    Mandatory Prepayments.    If, after giving effect to any termination or reduction of the Commitments pursuant
to subsection 2.5, the aggregate outstanding principal amount of the Loans exceeds the Commitments as so reduced, the Borrowers shall, simultaneously with any such termination or reduction of the
Commitments pay or prepay an amount equal to such excess together with interest thereon accrued to such date of payment or prepayment and any amount payable pursuant to subsection 2.17. 

 
          2.7    Conversion and Continuation Options.     (a) Each Borrower may elect from
time to time to convert its Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice, in
a form substantially the same as Exhibit I, of such election by 12:00 P.M., New York City time, on a Business Day; provided, that any such
conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. Each Borrower may elect from time to time to 

12

 

convert its ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans
shall specify the length of the Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding
Eurodollar Loans and ABR Loans may be converted as provided herein; provided, that no Loan may be converted into a Eurodollar Loan when any Event of
Default has occurred and is continuing if the Administrative Agent, upon the request of the Required Lenders, shall determine not to permit such conversions. 

        (b)  Any
Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the applicable Borrower giving notice, in a
form substantially the same as Exhibit I, to the Administrative Agent, in accordance with the appropriate notification provisions therefor set forth in subsection 2.7(a), of the length of the
next Interest Period to be applicable to such Loans; provided, that if the applicable Borrower shall fail to give any required notice as described above
in this paragraph, such Loans shall automatically be continued as Eurodollar Loans with an Interest Period of one month; provided, further, that no
Eurodollar Loan may be continued as such when any Event of Default has occurred and is continuing if the Administrative Agent, upon the request of the Required Lenders, shall determine not to permit
such continuations; and further provided, that if such continuation is not permitted pursuant to the preceding proviso, such Loans shall automatically
be converted to ABR Loans. 

        (c)  This
subsection 2.7 shall not apply to Same Day Loans, which may not be converted or continued. 

 
          2.8    Maximum Number of Tranches.     All conversions and continuations of Loans
outstanding at any one time hereunder and all selections of Interest Periods hereunder shall be in such amounts and be
made pursuant to such elections so that, after giving effect thereto, there shall be no more than 15 Tranches. 

 
          2.9    Fees.     (a) The Borrowers agree to pay to the Administrative Agent for
the ratable account of each Lender a commitment fee (the "Commitment
Fee") from and including the first day of the Commitment Period to the Three-Year Commitment Termination Date, at the rate per annum equal to the Applicable
Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender during the period for which payment is made. Such Commitment Fees shall be payable quarterly in arrears on
the last Business Day of each March, June, September and December and on the Three-Year Commitment Termination Date or such earlier date as the Commitment of such Lender shall terminate as
provided herein, commencing on the first of such dates to occur after the Closing Date. 

        (b)  The
Borrowers agree to pay to the Administrative Agent for the ratable account of each Lender, a utilization fee (a "Utilization
Fee") at a rate per annum equal to the Applicable Utilization Fee Rate for each Excess Utilization Day on the outstanding Loans of such Lender on such Excess Utilization Day
during the period for which payment is made. Such Utilization Fees shall be payable quarterly in arrears on the last Business Day of each March, June, September and December and on the
Three-Year Commitment Termination Date or such earlier date as the Commitment of such Lender shall terminate as provided herein, commencing on the first of such dates to occur after the
Closing Date. 

        (c)  The
Borrowers agree to pay to the Administrative Agent and the Lead Arranger, for their own respective accounts, the fees heretofore agreed in writing pursuant to the
fee letter dated as of June 11, 2002 (the "Fee Letter") with the Administrative Agent and the Lead Arranger (any such fees, the
"Agent's/Arranger's Fees"). The Borrowers agree to pay to the Administrative Agent for the respective accounts of the Lenders,  pro rata according to their
Commitment amounts, an upfront fee in an amount set forth in the Fee Letter. 

13

 

 
          2.10    Interest Rate. (a) Each Eurodollar Loan shall bear interest for the Interest Period
applicable thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Eurodollar Margin.    
    
           (b)
  Each Same Day Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Money Market Rate plus the Applicable Eurodollar Margin;  provided, however,
that, at any time as there shall be a Same Day Loan outstanding past the date such Same Day Loan is due and payable or there shall  have occurred and be continuing an Event of Default, each Same Day Loan as to which the Lenders shall have acquired
participations pursuant to subsection 2.4(c) shall bear interest from and after the  earlier of (i) the date after which such Same Day Loan is due and payable or (ii) the date on which such Event of Default shall have occurred, in each case
at a rate per annum equal to  the Alternate Base Rate.    
    
           (c)  Each ABR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate.    
    

        (d)  If all or a portion of the principal amount of or any interest on any Loan shall not be paid when due (without regard to any applicable grace periods, whether at the  stated maturity, by
acceleration or otherwise), such overdue amount shall, without limiting the rights of any Lender under Section 7, bear interest at a rate per annum equal to the rate which  would otherwise be applicable pursuant to subsection 2.10(a),
(b) or (c), as applicable, plus 2%, in each case from the date of nonpayment until paid in full (as well after as before judgment).    
    
           (e)  Interest on each Loan shall be
payable in arrears on each Interest Payment Date with respect thereto.    

 
          2.11    Computation of Interest and Fees.     (a) Interest in respect of the ABR
Loans shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
Interest in respect of Eurodollar Loans, Same Day Loans, Commitment Fees, Utilization Fees, and other amounts owing shall be calculated on the basis of a 360 day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrowers and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from
a change in the Alternate Base Rate or the Applicable Eurodollar Margin shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate is announced or
such Applicable Eurodollar Margin changes as provided herein, as the case may be. The Administrative Agent shall as soon as practicable notify the Borrowers and the Lenders of the effective date and
the amount of each such change. 

        (b)  Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrowers and the
Lenders in the absence of manifest error. Upon the request of a Borrower, the Administrative Agent shall deliver to the Borrowers a statement showing the determination of any interest rate pursuant to
subsections 2.10(a), (b) or (c), as applicable. 

 
          2.12    Inability to Determine Interest Rate.     In the event that prior to the
first day of any Interest Period with respect to a Eurodollar Loan: 

          (i)  the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the
Eurodollar Rate for such Interest Period; or 

        (ii)  the
Administrative Agent shall have received notice prior to the first day of such Interest Period from the Required Lenders that the interest rate determined pursuant
to subsection 2.10(a) for such Interest Period does not accurately reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining Eurodollar Loans during such
Interest Period, 

14

 

with
respect to a Loan that is to be made as or converted to or continued as a Eurodollar Loan, the Administrative Agent shall forthwith give telecopy or telephonic notice of such determination to the
Borrowers and each Lender at least one day prior to the relevant Borrowing Date, conversion date or continuation date for such Eurodollar Loan. If such notice is given, any Loan that is to be made as
or converted to or continued as a Eurodollar Loan shall be made as or converted to an ABR Loan. 

 
          2.13    Pro Rata Treatment and Payments.     (a) Except as provided by
subsection 2.4, each borrowing by either Borrower from the Lenders hereunder and,  except as otherwise provided by subsection 2.5(b), in the Fee Letter or by subsection 2.9(c), each payment by either
Borrower on account of any fee
payable hereunder in respect of the Commitments and any reduction of the Commitments of the Lenders hereunder shall be made pro rata according to the
respective Commitment Percentages of the Lenders. Except as otherwise provided in subsections 2.4 and 2.5(b), each payment (including each prepayment) by either Borrower on account of principal of and
interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders. 

        (b)  All
payments (including prepayments) to be made by either Borrowers hereunder and under any Notes on account of principal, interest and fees shall be made prior to
3:00 P.M., New York City time, on the date when due without set-off or counterclaim and shall be made to the Administrative Agent (except payments to be made directly to the Same
Day Lender as expressly provided in this Agreement), for the account of the Lenders (or, in the case of payments made pursuant to subsection 2.5(b), for the account of each Lender whose Commitment has
been terminated pursuant to any such subsection, or in the case of Agent's/Arranger's Fees, to the Administrative Agent or the Lead Arranger as agreed in writing), at the Administrative Agent's office
set forth in subsection 9.2, in lawful money of the United States of America and in immediately available funds. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. The
Administrative Agent shall distribute such payments to each Lender promptly upon receipt in like funds as received. 

        (c)  If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of accrued interest and fees then due to such
parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

 
          2.14    Increased Costs.     (a) If the adoption of any applicable law, rule or
regulation after the date of this Agreement, or any change in any law, rule or regulation, or in the
interpretation, application or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation, application or administration thereof after the
date of this Agreement, or compliance by any Lender with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency made after the date
of this Agreement shall impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of
the Federal Reserve System or any Person or Persons performing similar functions with respect to a foreign bank) against assets of, deposits with or for the account of, or credit extended by, any
Lender which are not otherwise included in the determination of the applicable Eurodollar Rate hereunder, or shall impose any other condition (including, without limitation, any assessment for deposit
insurance under any applicable laws) regarding this Agreement; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of
making, converting into, continuing or maintaining extensions of credit or to reduce any amount receivable hereunder, in each case, in respect of its Eurodollar Loans, then, in any such case, the
Borrowers shall promptly pay such Lender, upon its 

15

 

demand, any additional amounts necessary to compensate such Lender for such additional cost or reduced amount receivable. 

        (b)  If
any Lender shall have determined reasonably and in good faith that the adoption of any law, rule, regulation or guideline regarding capital adequacy after the date of
this Agreement, or any change in any of the foregoing after the date of this Agreement or in the interpretation or administration of any of the foregoing by any Governmental Authority, central bank or
comparable agency charged with the interpretation or administration thereof after the date of this Agreement, or compliance by such Lender (or any lending office of such Lender) with any request or
directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency after the date of this Agreement, has or would have
the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company as a consequence of its obligations hereunder to a level below that which such
Lender or such Lender's holding company could have achieved but for this Agreement and such adoption, change or compliance (taking into consideration such Lender's policies and the policies of such
Lender's holding company with respect to capital adequacy) by an amount which such Lender deems to be material, then from time to time promptly after demand by such Lender, the Borrowers shall pay to
such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction. 

        (c)  If
a Lender becomes entitled to claim any additional amounts pursuant to this subsection 2.14, it shall promptly notify the Borrowers, through the Administrative Agent,
of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection 2.14 and setting forth in reasonable detail the basis for such
claim, submitted by such Lender (through the Administrative Agent) to the Borrowers, shall be conclusive in the absence of manifest error. The Borrowers shall pay such Lender the amount shown as due
on any such certificate promptly upon receipt thereof. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right
to demand such compensation; provided, that the Borrowers shall not be required to compensate a Lender pursuant to this subsection 2.14 for any
increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Borrowers of such Lender's intention to claim compensation therefor and, if the
circumstances giving rise to such increased cost or reduction have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. Each
Lender shall designate a different lending office for funding or booking its Loans hereunder or assign its rights and obligations hereunder to another of its offices, branches or affiliates, if such
designation or assignment will avoid the need for, or reduce the amount of, compensation pursuant to this subsection 2.14 and will not, in the judgment of such Lender, be otherwise disadvantageous to
such Lender. Upon receipt of notice from such Lender of a claim pursuant to this subsection 2.14, the Borrowers may terminate such Lender's Commitment pursuant to subsection 2.5(b) upon three Business
Days' notice to the Administrative Agent and such Lender unless such Lender shall have designated a different lending office or assigned its rights and obligations hereunder to another of its offices,
branches or affiliates as provided in the preceding sentence. 

 
          2.15    Illegality.     Notwithstanding any other provision of this Agreement, if any
requirement of law or any change therein or in the interpretation or application thereof shall make
it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, such Lender shall promptly notify the Borrowers and the Administrative Agent thereof and the
Commitment of such Lender hereunder to make and continue Eurodollar Loans as such and convert ABR Loans to Eurodollar Loans shall forthwith be suspended to the extent required by law until such time
as such Lender may again make and maintain Eurodollar Loans. To the extent required by law such Lender's Loans then outstanding as Eurodollar Loans, if any, shall be converted into ABR Loans on the
last day 

16

 

of the Interest Period therefor, or within such earlier period as required by law, to the extent necessary to maintain such Lender's Commitment Percentage of outstanding Loans. Such Lender shall
designate a different lending office for funding or booking its Eurodollar Loans or assign its rights and obligations hereunder to another of its offices, branches or affiliates if such designation or
assignment will permit such Lender to lawfully make and maintain Eurodollar Loans hereunder and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. Upon receipt of
notice from such Lender as specified in the first sentence of this subsection 2.15, the Borrowers may terminate such Lender's Commitment pursuant to subsection 2.5(b) upon three Business Days' notice
to the Administrative Agent unless such Lender shall have designated a different lending office or assigned its rights and obligations hereunder to another of its offices, branches or affiliates as
provided in the preceding sentence. 

 
          2.16    Taxes.     (a) Except as otherwise provided hereunder, payments made by
a Borrower, the Administrative Agent or any Lender under this Agreement and any Notes shall be
made free and clear of, and without
reduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied,
collected, withheld or assessed by any Governmental Authority excluding, in the case of the Administrative Agent and each Lender, net income and franchise taxes imposed on or withholdings required on
payments made to the Administrative Agent or such Lender by the jurisdiction under the laws of which the Administrative Agent or such Lender is organized or any political subdivision or taxing
authority thereof or therein, or by any jurisdiction in which such Lender's lending office is located or any political subdivision or taxing authority thereof or therein (all such
non-excluded taxes, levies, imposts, deductions, charges or withholdings being hereinafter called "Taxes"). If any Taxes are required to be
withheld from any amounts payable to the Administrative Agent or any Lender hereunder or under any Notes, the amounts so payable to the Administrative Agent or such Lender shall be increased to the
extent necessary to yield to the Administrative Agent or such Lender (after payment of all Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this
Agreement and any Notes; provided, that no such increase to the amounts payable hereunder shall be made or be payable (i) to the extent that such
Taxes are attributable to the failure of the Administrative Agent or such Lender to comply with the requirements of subsection 2.16(b) hereof or (ii) that are United States withholding taxes
imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender's assignor (if any) was entitled, at the time of assignment,
to receive additional amounts from the Borrower with respect to such Taxes pursuant to this subsection 2.16(a). 

        (b)  Each
Lender (or transferee) that is not a "U.S. Person" as defined in Section 7701(a)(30) of the Code (a "Non-U.S.
Lender") shall deliver to the Borrowers and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been
purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from
U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of "portfolio interest", a statement substantially in the form of Exhibit G and a
Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or
a reduced rate of, U.S. federal withholding tax on all payments by the Borrowers under this Agreement and the Notes. Such forms shall be delivered by each Non-U.S. Lender on or before the
later of (i) the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) or (ii) prior
to receipt by such Lender or Participant of any payment subject to withholding under the Code. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrowers at any time it determines that it is no longer in
a position to provide any previously delivered certificate to the Borrowers (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other
provision of this subsection 2.16(b), a Non-U.S. Lender shall not be required to deliver any form pursuant to this subsection 2.16(b) that such Non-U.S. Lender is not legally
able to deliver. 

17

  

        (c)  The applicable Borrower shall promptly send to the Administrative Agent for its own account or for the account of any Lender, as the case may be, a copy of an original
official receipt received by such Borrower showing payment to the proper taxing authority by such Borrower of any Taxes withheld. If a Borrower fails to withhold and pay over to the proper taxing
authority any Taxes when due or fails to remit to the Administrative Agent or any Lender the required receipts or other required documentary evidence, the Borrowers shall indemnify the Administrative
Agent and any such Lender for any interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. 

        (d)  Each
Lender shall designate a different lending office for its Loans or assign its rights and obligations hereunder to another of its offices, branches or affiliates if
such designation or assignment will avoid the need for, or reduce the amount of, increased amounts payable pursuant to subsection 2.16(a) and will not, in the judgment of such Lender, be otherwise
disadvantageous to such Lender. 

        (e)  Each
Borrower agrees to pay, indemnify, and hold each Lender and the Administrative Agent harmless from any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any
Notes. 

        (f)    If
an amount payable by a Borrower hereunder for the account of any Lender is increased pursuant to subsection 2.16(a), or the Borrowers become liable to indemnify the
Administrative Agent or any Lender under subsection 2.16(e), the Borrowers shall have the right to terminate the Commitment of such Lender pursuant to subsection 2.5(b) upon three Business Days'
notice to the Administrative Agent and such Lender unless such Lender shall have designated a different lending office or assigned its rights and obligations hereunder to another of its offices,
branches or affiliates as provided in subsection 2.16(d). 

 
          2.17    Break Funding Payments.     In the event of: (a) the payment of any
principal of any Eurodollar Loan or Same Day Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto, (d) the assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrowers pursuant to subsections 2.5(b) or (c), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and
expense attributable to such event. The loss to any Lender attributable to any such event shall be an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of
interest that would have accrued to such Lender on the amount so paid or not borrowed, continued or converted at a rate of interest equal to the Eurodollar Rate for such Eurodollar Loan, for the
period from the date of such payment or failure to borrow, continue or convert to the last day (x) in the case of a payment other than on the last day of the Interest Period for such Loan, of
the then current Interest Period for such Loan, or (y) in the case of such failure to borrow, continue or convert, of the Interest Period for such Loan which would have commenced on the date of
such failure to borrow, continue or convert, over (ii) the amount of interest which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period
with leading Lenders in the London interbank market. If a Lender becomes entitled to claim any amounts pursuant to this subsection 2.17, it shall promptly notify the Borrowers, through the
Administrative Agent, of the event by reason of which it has become so entitled. A certificate as to any amounts payable pursuant to this subsection 2.17 and setting forth in reasonable detail the
basis for such claim, submitted by such Lender (through the Administrative Agent) to the Borrowers, shall be conclusive in the absence of manifest error. The Borrowers shall pay such Lender the amount
shown as due on any such certificate promptly after receipt thereof. 

18

 
 
 

SECTION 3. REPRESENTATIONS AND WARRANTIES    
  

        Each Borrower as to itself hereby represents and warrants to the Administrative Agent and to each Lender that: 

 
          3.1    Existence and Power.     The LLC is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware, and has all limited
liability company powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. The LP is a limited partnership duly
organized, validly existing and in good standing under the laws of the State of Delaware, and has all partnership powers and all material governmental licenses, authorizations, consents and approvals
required to carry on its business as now conducted. 

 
          3.2    Requisite and Governmental Authorization; Contravention.     The execution,
delivery and performance by such Borrower of this Agreement and any Notes are within its limited liability company or partnership, as applicable,
powers, have been duly authorized by all necessary limited liability company or partnership, as applicable, action, require no action by or in respect of, or filing with, any Governmental Authority
and do not contravene, or constitute a breach or a default under, any provision of any applicable law, regulation or order of any Governmental Authority, or (i) in the case of the LLC, its
Certificate of Formation, as amended, and the Second Amended and Restated Limited Liability Company Agreement, as amended (ii) in the case of the LP, its Certificate of Limited Partnership and
Agreement of Limited Partnership, as amended, or (iii) in the case of both the LLC and the LP, any agreement, judgment, injunction, order, decree or other instrument binding upon such Borrower
or resulting in the creation or imposition of any Lien on any asset of such Borrower or any of its Subsidiaries. 

 
          3.3    Enforceability.     This Agreement and any Notes constitute the legal, valid
and binding obligation of such Borrower, enforceable against such Borrower in accordance with their
respective terms, subject, as to enforceability only, to applicable bankruptcy, moratorium, insolvency or similar laws affecting the rights of creditors generally and to general principles of equity. 

 
          3.4    Litigation.     Neither Borrower nor any of their respective Subsidiaries is a
party to any, and there are no pending or, to Borrowers' knowledge, threatened, legal,
administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations of any nature against or affecting either Borrower or any of its respective Subsidiaries
that (i) individually or in the aggregate, would reasonably be expected to materially adversely affect the business, consolidated financial position or results of operations of the Borrowers
and their Subsidiaries taken as a whole or (ii) that involve this Agreement or the transactions under this Agreement and could reasonably be expected to adversely affect the enforceability of
any material provision of this Agreement. 

 
          3.5    Financial Statements; No Material Change.     (a) The consolidated balance
sheet of the LLC as of June 30, 2002, and the related consolidated statement of operations, of members' capital and of
cash flows for the period January 1, 2002 through June 30, 2002, copies of which have been presented to the Lenders, present fairly, in all material respects, the financial condition of
the Borrowers and their Subsidiaries, taken as a whole, at June 30, 2002, and the results of their operations and their cash flows for the period January 1, 2002 through June 30,
2002, respectively, in conformity with GAAP. 

        (b)  Since
June 30, 2002, as reflected in (a) above, there has been no material adverse change in the business, consolidated financial position or results of
operations of the Borrowers and their Subsidiaries taken as a whole. 

 
          3.6    Employee Benefit Plans.     No "Prohibited Transaction" (as such term is
defined in ERISA) has occurred or ERISA Event has occurred or is reasonably expected to occur with respect to any
"Employee Benefit Plans" (as such term is defined in ERISA) of the LLC or any of its Subsidiaries or any ERISA Affiliate which would reasonably be expected to materially adversely affect the business, 

19

 

consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole. No "Prohibited Transaction" under ERISA or the Code which would have a material
adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole has occurred with respect to the LLC or any of its
Subsidiaries or any ERISA Affiliate or will occur upon the issuance of any Notes or the execution of this Agreement. The present value of all accumulated benefit obligations under each Plan (based on
the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of such Plan by an amount that could reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations
of the Borrowers and their Subsidiaries taken as a whole, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumption used for purposes of Statement
of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such
underfunded Plans by an amount that could reasonably be
expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole. 

 
          3.7    Taxes.     The LLC and its Subsidiaries have filed all United States federal
income tax returns which are required to be filed by them. The LLC and its Subsidiaries have
filed all United States federal information tax returns and all other material tax returns which are required to be filed by them and their Subsidiaries and have paid, where applicable, all taxes due
pursuant to such returns or pursuant to any assessment received by the LLC or any of its Subsidiaries, except (i) those which are currently being contested in good faith by appropriate
proceedings and for which LLC or such Subsidiary, as applicable, would be liable for the contested taxes if the appeal is unsuccessful and has set aside on its books adequate reserves to the extent
required by GAAP or (ii) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a material adverse effect on the business, consolidated
financial position or results of operations of the LLC and its Subsidiaries taken as a whole. The charges, accruals and reserves on the books of the LLC and its Subsidiaries in respect of taxes or
other governmental charges assessable against the LLC are, in the opinion of the LLC, adequate. The federal tax identification number for the LLC is 73-1590261 and the federal tax
identification number for the LP is 73-1587712. 

 
          3.8    Material Subsidiaries.     Each of such Borrower's Material Subsidiaries is a
corporation or other legal entity duly incorporated or formed, validly existing and in good standing under the
laws of its jurisdiction of incorporation or formation, and has all corporate, partnership, or other powers and all material governmental licenses, authorizations, consents and approvals required to
carry on business as now conducted. 

 
          3.9    Investment Company Act.     Neither Borrower is an "investment company" or a
company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as
amended. 

 
          3.10    Regulation U.     No part of the proceeds of the Loans will be used by
such Borrower for any purpose which violates or would be inconsistent with the provisions of
Regulation U of the Board of Governors of the Federal Reserve. 

 
          3.11    Compliance with Laws.     Such Borrower and its Subsidiaries are in
compliance with all laws, regulations, and orders (including, without limitations, ERISA and Environmental Laws) of any
Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries
taken as a whole. 

20

 

 
          3.12    Purpose of Loans.     The proceeds of the Loans shall be used for general
limited liability company and partnership purposes of either or both Borrowers. 

 
 

SECTION 4. CONDITIONS PRECEDENT    
  

 
          4.1    Conditions to Effectiveness of Agreement.     The effectiveness of this
Agreement is subject to the satisfaction of the following conditions on the Closing Date: 

        (a)    Loan Documents.    The Administrative Agent shall have received (i) this Agreement, executed and
delivered by a duly authorized officer of each Borrower and each Lender and (ii) for the account of each Lender that has requested a Note, a Note conforming to the requirements of subsection
2.2(e) and executed by a duly authorized officer of each Borrower. 

        (b)    Closing Certificate.    The Administrative Agent shall have received a Closing Certificate of each Borrower,
substantially in the form of Exhibit C and dated the Closing Date; such Closing Certificate shall be satisfactory in form and substance to the Administrative Agent and its counsel and shall be
executed by the Chairman of the Board of Directors, the President or any Vice President or the Treasurer or any Assistant Treasurer, and the Secretary or any Assistant Secretary of the applicable
Borrower. 

        (c)    Secretary's Certificate.    The Administrative Agent shall have received a certificate of the Secretary or
Assistant Secretary of each Borrower, substantially in the form of Exhibit D and dated the Closing Date and in form and substance satisfactory to the Administrative Agent, which certificate
shall (i) certify as to the incumbency and signature of the officers of such Borrower executing this Agreement and any Notes (with the President or a Vice President of such Borrower attesting
to the incumbency and signature of the Secretary or Assistant Secretary providing such certificate), (ii) have attached to it a true, complete and correct copy of each of the certificate of
incorporation and by-laws or equivalent organizational documents of such Borrower, (iii) have attached to it a true and correct copy of the resolutions of the Board of Directors or
General Partner, as applicable, of such Borrower, which resolutions shall authorize the execution, delivery and performance of this Agreement and the Notes and the borrowings by such Borrower
hereunder and (iv) certify that, as of the date of such certificate, none of such certificate of incorporation, by-laws or partnership agreements, as applicable, or board
resolutions or resolutions of the general partner, as applicable, shall have been amended, supplemented, modified, revoked or rescinded. 

        (d)    Fees and Expenses.    The Administrative Agent, the Lead Arranger and the Lenders shall have received their
respective fees referred to in subsection 2.9(c) and any expenses for which an invoice has been submitted to be received on the Closing Date. 

        (e)    Legal Opinion.    The Administrative Agent shall have received the executed legal opinion of Jeffrey Adams,
Counsel of the Borrowers, substantially in the form of Exhibit E and dated the Closing Date, with such changes therein as shall be requested or approved by the Administrative Agent. 

        (f)    Approvals.    The Administrative Agent shall have received a certificate of an officer of the Borrowers
certifying that any governmental and third party approvals necessary and material in connection with the financing contemplated hereby and the continuing operations of either Borrower and its
Subsidiaries shall have been obtained and be in full force and effect. 

        (g)    Representations and Warranties.    The Administrative Agent shall have received a certificate of an officer of
the Borrowers certifying that each of the representations and warranties made by each Borrower in this Agreement shall be true and correct in all material respects on and as of such date as if made on
and as of such date. 

21

 

        (h)    No Default.    The Administrative Agent shall have received a certificate of an officer of each of the
Borrowers certifying that no Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit, if any, requested to be made on such
date. 

        (i)    Payment and Termination of Existing Commitments.    The Administrative Agent shall have received payment in
full on the Closing Date of any outstanding amounts due under (1) that certain Amended and Restated Three-Year Credit Agreement (the "Prior Credit
Agreement") entered into on July 3, 2000 and as amended on July 2, 2001 by and among the Borrowers, Bank of America, as administrative agent, The Chase Manhattan
Bank and ABN AMRO Bank, N.V., as co-syndication agents, National Westminster Bank PLC, as documentation agent, and the Lenders, and (2) any other existing credit facility provided
by the Administrative Agent to either or both of the Borrowers, along with a certificate of an officer of the Borrowers certifying that there has been a complete termination of all commitments under
the Prior Credit Agreement. 

 
          4.2    Conditions to Each Loan.     The agreement of each Lender to make any Loan
requested to be made by it on any date pursuant to subsection 2.3 (including, without limitation, its initial Loan
requested to be made by it) and subsection 2.4 is subject to the satisfaction of the following conditions precedent as of the date such Loan is requested to be made: 

        (a)    Representations and Warranties.    Each of the representations and warranties made by each Borrower in this
Agreement shall be true and correct in all material respects on and as of such date as if made on
and as of such date, except that the representations and warranties contained in subsections 3.4 and 3.5 shall not be restated on any Borrowing Date. 

        (b)    No Default.    No Event of Default and no Default shall have occurred and be continuing on such date or after
giving effect to the Loans requested to be made on such date. 

        Each
borrowing by either Borrower shall constitute a representation and warranty by the Borrowers hereunder as of the date of each such borrowing that the conditions in this subsection
4.2 have been satisfied. 

 
 

SECTION 5. AFFIRMATIVE COVENANTS OF THE BORROWERS    
  

        So long as any Commitment remains in effect, any Note remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent
hereunder: 

 
          5.1    Obligations.     Each Borrower will pay and discharge, and will cause each of
its Subsidiaries to pay and discharge, at or before maturity or before they become delinquent, all
their respective material obligations and liabilities, including, without limitation, tax liabilities, except (i) where such obligations or liabilities may be contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Borrower, or (ii) where the failure to do so, individually or in the
aggregate, would not reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of the Borrowers and their Subsidiaries
taken as a whole. 

 
          5.2    Financial Reporting Requirements.     The LLC will: 

        (a)  furnish
to the Administrative Agent and each Lender fiscal year audited financial statements or make available its Annual Report on Form 10-K via the
EDGAR system of the Securities and Exchange Commission ("EDGAR") on the Internet, in either case, as soon as available and in any event within
90 days after the end of each fiscal year of the LLC, which fiscal year audited financial statements will include an audited consolidated balance sheet of the LLC and its consolidated
Subsidiaries as of the end of such fiscal year and the related audited consolidated statements of income and cash flows and changes in members' capital for such fiscal 

22

 

year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of nationally recognized standing; 

        (b)  furnish
to the Administrative Agent and each Lender unaudited quarterly financial statements or make available its Quarterly Report on Form 10-Q via
EDGAR on the Internet, in either case, as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of the LLC, which unaudited
quarterly financial statements will include a consolidated balance sheet of the LLC and its consolidated Subsidiaries as of the end of such quarter and the related (i) consolidated statement of
income for such quarter and for the portion of the LLC's fiscal year ended at the end of such quarter, and (ii) consolidated statement of cash flows for the portion of the LLC's fiscal year
ended at the end of such quarter, setting forth in each case in comparative form (A) for the consolidated balance sheet, the figures as of the end of the LLC's previous fiscal year,
(B) for the consolidated statement of income, the figures for the corresponding quarter and the corresponding portion of the LLC's previous fiscal year and (C) for the consolidated
statement of cash flows, the figures for the corresponding portion of the LLC's previous fiscal year, the furnishing or making available of such financial statements shall constitute a certification
(subject to normal year-end adjustments) as to fairness of presentation and GAAP; 

        (c)  furnish
to the Administrative Agent and each Lender within 10 days of so furnishing or making available via EDGAR each set of financial statements referred to in
clause (a) above, a certificate of the chief financial officer, Treasurer or the chief accounting officer of the LLC stating whether there exists on the date of such certificate any Default or
Event of Default and, if any Default or Event of Default then exists, setting forth the details thereof and the action which such Borrower is taking or proposes to take with respect thereto; 

        (d)  furnish
to the Administrative Agent from time to time such additional information regarding the financial position or business of the Borrowers and their Subsidiaries as
the Administrative Agent may reasonably request. 

 
          5.3    Notices.     Each Borrower as to itself will promptly furnish, or cause to be
furnished, to the Administrative Agent notice of: (i) the occurrence of any Default or
Event of Default hereunder; (ii) the institution of any litigation or proceeding involving it or a Subsidiary that could reasonably be expected to materially and adversely affect the business,
financial condition or results of operations of such Borrower and its Subsidiaries taken as a whole (whether or not the claim asserted therein is considered to be covered by insurance);
(iii) any default by such Borrower or any of its Subsidiaries in the payment of principal of or interest on Debt of such Borrower and/or its Subsidiaries in an aggregate amount of $100,000,000
or more; and (iv) any downward change in the ratings publicly announced by S&P or Moody's of the LLC's and LP's then current joint and several Senior Debt. 

 
          5.4    Maintenance of Property; Insurance.     Each Borrower will, and will cause
each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working
order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound insurance companies, insurance in such amounts and against such risks as are customarily
maintained, in the reasonable judgment of the Borrowers, by companies engaged in the same or similar businesses operating in the same or similar locations; provided, that any such insurance may be
maintained through a program of self-insurance to the extent consistent with prudent business practice. 

 
          5.5    Compliance with Laws.     Each Borrower will comply, and cause each of its
Subsidiaries to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and
requirements of any Governmental Authority (including, without limitation, ERISA and the rules and regulations thereunder and Environmental Laws), except where the necessity of compliance therewith is
contested in good faith by appropriate proceedings or to the extent that failure to comply therewith would not 

23

 

reasonably be expected to have a material adverse effect on the business, financial position or results of operations of the Borrowers and their Subsidiaries taken as a whole. 

 
          5.6    Books and Records.     Each Borrower will, and will cause each Subsidiary to,
keep proper books of record and account in which full, true and correct entries in conformity with GAAP
shall be made of all dealings and transactions in relation to its business and activities. 

 
          5.7    Further Assurances.     Each Borrower will from time to time, at its expense,
promptly execute and deliver to the Administrative Agent and the Lenders such further instruments and
documents, and take such further action, that may be reasonably necessary, or that the Administrative Agent or the Lenders may reasonably request, in order to enable the Administrative Agent and the
Lenders to exercise or enforce their respective rights or remedies under or in connection with this Agreement and any Notes. 

 
 

SECTION 6. NEGATIVE COVENANTS OF THE BORROWERS    
  

        So long as any Commitment remains in effect, any Note remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent
hereunder: 

 
          6.1    Negative Pledge.     Neither Borrower and no Subsidiary will create, assume or
suffer to exist any Lien on any asset now owned or hereafter acquired by it, except: 

        (a)  any
Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event; 

        (b)  any
Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided, that such Lien
attached to such asset concurrently with or within six months after the acquisition thereof; 

        (c)  any
Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Subsidiary and not created in contemplation
of such event; 

        (d)  any
Lien existing on any asset prior to the acquisition thereof by the Borrower or a Subsidiary and not created in contemplation of such acquisition; 

        (e)  any
Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the foregoing clauses of this subsection
6.1; provided, that the principal amount of such Debt is not increased and such Debt is not secured by any additional assets; 

        (f)    Permitted
Encumbrances; 

        (g)  Liens
to secure indebtedness of the pollution control or industrial revenue bond type and Liens in favor of the United States or any state thereof, or any department,
agency, instrumentality or political subdivision of any such jurisdiction, to secure any Debt incurred for the purpose of financing all or any part of the purchase price or cost of constructing or
improving the property subject thereto; and 

        (h)  Liens
not otherwise permitted by the foregoing clauses of this subsection 6.1, securing Debt in an aggregate principal amount at any time outstanding not to exceed 10%
of Consolidated Net Assets. 

24

  

 
          6.2    Consolidations, Mergers and Sales of Assets.     Neither of the Borrowers will
merge with or into or consolidate with or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions and including by means of any liquidation, dissolution, merger or sale of capital stock or otherwise) all or substantially all of its assets and those of its Subsidiaries, taken as a
whole, to a Person unless (i) the resulting, surviving or transferee Person (the "Successor") shall (unless such Successor is a Borrower)
expressly assume, by amendment to this Agreement executed by the Borrowers, the Successor and the Administrative Agent, all of the obligations of such Borrower under this Agreement, the Loans and any
Notes; (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and (iii) such Successor, immediately after giving
effect to such transaction, shall have an Investment Grade Rating, if, immediately before the transaction, the Senior Debt has an Investment Grade Rating;  provided, if, immediately before the
transaction, the Senior Debt does not have an Investment Grade Rating, in no event shall the rating by S&P and
Moody's of the long term unsecured senior debt securities of such Successor, immediately after the transaction, be less than such ratings of the Senior Debt immediately prior to the transaction. 

 
 

SECTION 7. EVENTS OF DEFAULT    
  

        Upon the occurrence and during the continuance of any of the following events: 

        (a)  any
principal of any Loan shall not be paid when due in accordance with the terms hereof; or 

        (b)  any
interest on any Loan, any Commitment Fee, Utilization Fee or Agent's/Arranger's Fees shall not be paid when due, and, in each case, such amount shall remain unpaid
for 5 days; or 

        (c)  any
representation or warranty made by either Borrower in Section 3 or in any certificate, financial or other statement furnished by such Borrower pursuant to
this Agreement shall prove to have been incorrect in any material adverse respect when made; or 

        (d)  either
Borrower shall fail to perform or observe any of its covenants or agreements contained in Section 6 and such failure continues unremedied for
30 days; or 

        (e)  either
Borrower shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any Notes, and any such failure shall remain
unremedied for 30 days after notice of such failure shall have been given to the Borrowers by the Administrative Agent or the Required Lenders; or 

        (f)    either
Borrower or any of its Material Subsidiaries shall default beyond any applicable period of grace in any payment of principal of or interest on any indebtedness
for any borrowed money for which such Borrower or such Material Subsidiary is liable (other than indebtedness as to which the lenders thereof have agreed that there shall be no recourse against the
assets of the Borrower or any Material Subsidiary, as the case may be, other than the assets securing such indebtedness) in an amount then outstanding of $100,000,000 or more when due, whether by its
terms or as a result of such indebtedness becoming or being declared due and payable prior to the date on which it could otherwise become due and payable; or 

        (g)  an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of
either Borrower or any Material Subsidiary or their respective debts, or of a substantial part of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for either Borrower or any Material Subsidiary or
for a substantial part of their respective 

25

 

assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

        (h)  (i) with
respect to clause (A), Phillips, ChevronTexaco or any of their respective Affiliates shall as to either Borrower, and (ii) with respect to
all clauses in this subsection 7(h), either Borrower or any Material Subsidiary, shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (g) of this Section, (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for such Borrower or such Material Subsidiary or for a substantial part of its assets, (D) file an answer admitting the material allegations of a petition filed
against it in any such proceeding, (E) make a general assignment for the benefit of creditors or (F) take any action for the purpose of effecting any of the foregoing; or 

        (i)    one
or more judgments or decrees shall be entered against either Borrower or any of their respective Subsidiaries or any combination thereof involving in the aggregate a
liability (not paid or covered by insurance) of $100,000,000 or more with respect to such Borrower or such Subsidiary and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of either Borrower or any Subsidiary to enforce any such
judgment or judgments; or 

        (j)    an
ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in liability of the
LLC and its Subsidiaries in an aggregate amount that would reasonably be expected to result in a material adverse effect on the business, consolidated financial position or results of operations of
the Borrowers and their Subsidiaries taken as a whole; or 

        (k)  Phillips
and/or ChevronTexaco shall cease to own, directly or indirectly, in the aggregate at least 50% of the Common Stock of, and the total voting power of the
outstanding Voting Stock of, each of LLC, LP, and all partners in LP; 

then,
and in any such event, (A) if such event is an Event of Default specified in subsections 7(g) or (h) above with respect to either Borrower, automatically the Commitments shall
terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and any Notes shall immediately become due and payable, and (B) if such event
is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the
Required Lenders, the Administrative Agent shall, by notice of default to the Borrowers, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and
(ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice of default to the Borrowers,
declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and any Notes to be due and payable forthwith, whereupon the same shall immediately become
due and payable. Except as expressly provided above in this Section 7, presentment, demand, protest, notice of acceleration, notice of intent to accelerate, and all other notices of any kind
are hereby expressly waived. 

 
 

SECTION 8. THE ADMINISTRATIVE AGENT    
  

 
          8.1    Appointment of Administrative Agent; No Other Duties.     Subject to subsection
8.9, each Lender hereby irrevocably designates and appoints Barclays Bank PLC as the Administrative Agent of

26

 

such Lender under this Agreement, and each such Lender irrevocably authorizes Barclays Bank PLC as the Administrative Agent for such Lender, to take such action on its behalf under the provisions of
this Agreement and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly
set forth herein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing
sentence, the use of the term "agent" in this Agreement with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. 

 
          8.2    Delegation of Duties.     The Administrative Agent may execute any of its
duties under this Agreement by or through agents, employees or attorneys-in-fact and shall
be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it in the absence of the Administrative Agent's gross negligence or willful misconduct. 

 
          8.3    Exculpatory Provisions.     Neither the Administrative Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates (collectively, the
"Administrative Agent-Related Persons") shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in
connection with this Agreement (except for its or such Person's own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Lenders for any recitals,
statements, representations or warranties made by either Borrower or any officer thereof contained in this Agreement or in any certificate, report, statement or other document referred to or provided
for in, or received by the Administrative Agent under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any Notes or for any failure of either Borrower to perform its obligations hereunder or thereunder. No Administrative Agent-Related Person shall be under any obligation to any Lender to ascertain or
to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of either Borrower or any
Subsidiary or Affiliate thereof. 

 
          8.4    Reliance by Administrative Agent.     (a) The Administrative Agent shall
be entitled to rely, and shall be fully protected in relying, upon any Note, writing, communication, signature,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex, teletype or telephone message, statement, order or other document or conversation believed by it to
be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to either
Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the registered owner of any Note as the owner thereof for all
purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or
refusing to take any action under this Agreement and any Note unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, under this Agreement and any Notes in accordance with a request of the Required Lenders, and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of any Notes. Where this Agreement expressly permits or 

27

 

prohibits an action unless Required Lenders otherwise determine, and in all other instances, the Administrative Agent may, but shall not be required to, initiate any solicitation for the consent or a
vote of the Lenders. 

        (b)  For
purposes of determining compliance with the conditions specified in subsection 4.1, each Lender shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter either sent by the Administrative Agent to each Lender for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or
approved by or acceptable or satisfactory to a Lender. 

 
          8.5    Notice of Default.     The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default hereunder (other than an Event of
Default described in subsection 7(a)) unless the Administrative Agent has received written notice from a Lender or either Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a "notice of default", and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. In the event that the Administrative Agent receives such a notice or any notice pursuant to subsection 5.2 or 5.3, the Administrative
Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required
Lenders in accordance with Section 7; provided, that unless and until the Administrative Agent shall have received any such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the
best interests of the Lenders. 

 
          8.6    Non-Reliance on Administrative Agent and Other Lenders.
    Each Lender expressly acknowledges that no Administrative Agent-Related Person has made any representations or warranties to it and that no act by the Administrative Agent hereinafter
taken, including any consent to and acceptance of any assignment or review of the affairs of each Borrower or any of their Subsidiaries or Affiliates, shall be deemed to constitute any representation
or warranty by any Administrative Agent-Related Person to any Lender, including whether any Administrative Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to the Administrative Agent that it has, independently and without reliance upon any Administrative Agent-Related Person or any other Lender, and based on such documents and information as
it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower and its
Subsidiaries and Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to make its portion of the Loans hereunder and enter
into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Administrative Agent-Related Person or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and any Notes, and to make
such investigation as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower and their
Subsidiaries and Affiliates. Except for
notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to
provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other 

28

 

condition or creditworthiness of either Borrower or any of their Subsidiaries or Affiliates which may come into the possession of any Administrative Agent-Related Person. 

 
          8.7    Indemnification.     Whether or not the transactions contemplated hereby are
consummated, the Lenders agree to indemnify each Administrative Agent-Related Person in its capacity as
such (to the extent not reimbursed by the Borrower within a reasonable period after demand has been made by the Administrative Agent to the Borrowers for those amounts owing by either Borrower, and
without limiting the obligation of the Borrowers to do so), ratably according to the respective principal amounts of their Commitments and hold harmless each Administrative Agent-Related Person, from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including
without limitation at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, or
any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by any Administrative Agent-Related Person under or in connection with any of
the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting solely from any Administrative Agent-Related Person's gross negligence or willful misconduct;  provided, however, that no action taken in accordance with the directions of Required Lenders shall be
deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its
ratable share of any costs or out-of-pocket expenses (including legal fees and expenses) incurred by the Administrative Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of either Borrower. The undertaking in
this Section shall survive the payment of all obligations hereunder and the resignation or replacement of the Administrative Agent. 

 
          8.8    Administrative Agent in Its Individual Capacity.     Barclays Bank PLC and its
Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and
generally engage in any kind of banking, trust, financial advisory, underwriting or other business with either Borrower and its Subsidiaries and Affiliates as though Barclays Bank PLC were not the
Administrative Agent or the Same Day Lender hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Barclays Bank PLC or its Affiliates
may receive information regarding any Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor of either Borrower or such Affiliate) and
acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to its Loans, Barclays Bank PLC shall have the same rights and powers under
this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent or the Same Day Lender. 

 
          8.9    Successor or Substitute Administrative Agent.     (a) The Administrative
Agent may resign as Administrative Agent upon not less than 10 days' notice to the Lenders and the Borrowers. If the
Administrative Agent shall resign as Administrative Agent under this Agreement, then the Borrowers shall appoint from among the Lenders a successor agent for the Lenders; provided, if an Event of
Default under subsections 7(g) or (h) has occurred and is continuing, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders. If no successor
administrative agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint a successor administrative agent from among the
Lenders (i) after consulting with the Lenders and (ii) unless an Event of Default has occurred and is continuing, subject to the Borrowers' consent (such consent not to be unreasonably
withheld). 

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        (b)  Any
successor or substitute agent pursuant to subsection 8.9(a) shall succeed to the rights, powers and duties of the Administrative Agent, and the term "Administrative
Agent" shall mean such successor or substitute agent effective upon its acceptance of its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be
terminated upon the acceptance by such successor or substitute agent of its appointment, without any other or further act or deed on the part of such former Administrative Agent or any of the parties
to this Agreement or any holders of the Loans. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, the provisions of Section 8 shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

 
          8.10    Syndication Agent; Co-Documentation Agents; Lead Arranger.     None of the
Lenders or other Persons or the Lead Arranger identified on the facing page, in this Agreement, or signature pages of this Agreement as a "syndication
agent," "co-documentation agent," "managing agent," "co-agent," "lead arranger," or "book manager" shall have any right, power, obligation, liability, responsibility or duty
under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons or the Lead Arranger so identified as a "syndication
agent," "co-documentation agent," "managing agent," "co-agent," "lead arranger," or "book manager" shall have, or be deemed to have, any fiduciary relationship with any Lender.
Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or the Lead Arranger so identified in deciding to enter into this Agreement or in taking or not taking action
hereunder. 

 
 

SECTION 9. MISCELLANEOUS    
  

 
          9.1    Amendments and Waivers.     Neither this Agreement, any Note, nor any terms
hereof or thereof may be waived, amended, supplemented or modified, except in accordance with the provisions of
this subsection. The Required Lenders may, or with the written consent of the Required Lenders, the Administrative Agent may, from time to time, enter into with the Borrowers written waivers,
amendments, supplements or modifications hereto for the purpose of adding any provisions to this Agreement or any Notes or
changing in any manner the rights of the Lenders or the Borrowers hereunder or thereunder or waiving, on such terms and conditions as may be specified in such instrument, any of the requirements of
this Agreement or any Notes or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (a) reduce the amount or extend the scheduled date of maturity of any Loan or of any mandatory prepayment thereof, reduce the stated rate of any interest
thereon or fee payable hereunder or extend the scheduled date of any payment thereof or increase the aggregate amount or extend the expiration date of any Lender's Commitment, in each case without the
written consent of each Lender affected thereby, (b) amend, modify or waive any provision of this subsection 9.1 or reduce the percentage specified in the definition of Required Lenders, or
consent to the assignment or transfer by either Borrower of any of its rights and obligations under this Agreement, or release either Borrower from liability hereunder or under any Note, in each case
without the written consent of all the Lenders, or (c) amend, modify or waive any provision of Section 8 or otherwise affect the rights or duties of the Administrative Agent without the
written consent of the then Administrative Agent. In addition, no such agreement shall amend, modify or otherwise affect the rights or duties of the Same Day Lender under this Agreement without the
prior written consent of the Same Day Lender. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrowers, the
Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Borrowers, the Lenders and the Administrative Agent shall be restored to their former positions
and rights hereunder and under the outstanding Loans, and any Default or Event of Default waived shall be deemed to be 

30

 

cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

 
          9.2    Notices.     Unless otherwise expressly permitted to be given by telephone
(not voicemail), all notices, requests, demands or other communications to or upon the respective
parties hereto to be effective shall be in writing (including by telecopy) and shall be deemed to have been duly given or made when delivered or on the fourth Business Day after depositing the same in
the mails, registered or certified mail, postage prepaid or in the case of notice by telecopy, when receipt is confirmed. All notices shall be addressed as follows in the case of the Borrowers and the
Administrative Agent, and as set forth in Schedule I in the case of any Lender, or to such other address as any of the parties hereto and any
future holders of the Loans may designate by written notice: 

	The Borrowers:	 	Chevron Phillips Chemical Company LLC and

Chevron Phillips Chemical Company LP

10001 Six Pines Drive

The Woodlands, Texas 77380

Attention: Treasurer

Telecopier: (832) 813-4771

Telephone: (832) 813-4436
	

Notice for Borrowings:	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081
	

The Administrative Agent:

(for all notices other than

notices of borrowing)	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Gary B. Wenslow

Telecopier: (212) 412-7511

Telephone: (212) 412-1562
	

The Same Day Lender:	
 	

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081

provided, that any notice, request, demand or other communication to or upon the Administrative Agent or the Lenders pursuant to subsections 2.3, 2.4,
2.5(b) and (c), and 2.7 shall not be effective until received. Electronic mail and internet and intranet websites may be used to distribute routine communications, such as financial statements and
other information, and to distribute agreements and other documents to be signed by Administrative Agent, Syndication Agent, Documentation Agent, Lead Arranger, Lenders and Borrowers. No other legally
binding or time-sensitive communication or request for a Loan or a continuation or conversion thereof may be sent by electronic mail without the consent of, or confirmation to, the
intended recipient in each instance. 

 
          9.3    No Waiver; Cumulative Remedies.     No failure to exercise and no delay in
exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, 

31

 

remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

 
          9.4    Confidentiality.     Each Lender shall maintain in confidence and not disclose
to any Person any non-public information furnished to it pursuant to this Agreement and
designated by either Borrower as such ("Confidential Information") without the prior consent of such Borrower, subject to each Lender's
(a) obligation to disclose any Confidential Information pursuant to a request or order under applicable laws and regulations or pursuant to a subpoena or other legal process, (b) right
to disclose any Confidential Information to other Lenders, to bank examiners, to its Affiliates, auditors and counsel, and to any Participant or Purchasing Lender (each, a
"Transferee") and prospective Transferee pursuant to subsection 9.6(c) approved by such Borrower (other than during the existence of an Event of Default
under subsection 7(g) or (h)), (c) right to disclose any Confidential Information in connection with any litigation or dispute or the exercise of any remedy hereunder involving the
Administrative Agent or the Lenders and either Borrower or any of its Subsidiaries; provided, however,
that Confidential Information disclosed pursuant to clause (b) or (c) of this sentence shall be so disclosed subject to such procedures as are reasonably calculated to maintain the
confidentiality thereof. Notwithstanding the foregoing provisions of this subsection 9.4, (a) the foregoing obligation of confidentiality shall not apply to any Confidential Information that
was known to such Lender or any of their respective Affiliates prior to the time it received such Confidential Information from either Borrower pursuant to this Agreement, other than as a result of
the disclosure thereof by a Person who, to the knowledge or reasonable belief of such Lender, was prohibited from disclosing it by any duty of confidentiality arising (under this Agreement or
otherwise) by contract or law, and (b) the foregoing obligation of confidentiality shall not apply to any Confidential Information that becomes part of the public domain independently of any
act of such Lender not permitted hereunder or when identical or substantially similar information is received by such Lender, without restriction as to its disclosure or use, from a Person who was not
prohibited from disclosing it by any duty of confidentiality arising (under this Agreement or otherwise) by contract or law. The obligations of each Lender under this subsection 9.4 shall survive the
termination of this Agreement and the payment of any Notes and all other amounts payable hereunder. 

 
          9.5    Payment of Expenses; Indemnification.     (a) The Borrowers agree
(i) to pay or reimburse the Administrative Agent and the Lead Arranger for all their out-of-pocket
costs and expenses incurred in connection with the development, preparation, negotiation, execution and syndication of this Agreement and any Notes and any other documents prepared in connection
herewith, and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the reasonable legal fees and disbursements of Mayer, Brown, Rowe & Maw,
counsel to the Administrative Agent, but excluding all other legal fees and disbursements, (ii) to pay or reimburse the Administrative Agent for all their costs and expenses incurred in
connection with any amendment, supplement or modification requested by either or both Borrowers to this Agreement and any Notes and any other documents prepared in connection herewith, including,
without limitation, the reasonable legal fees and disbursements of counsel to the Administrative Agent, but excluding all other legal fees and disbursements, and (iii) to pay or reimburse the
Administrative Agent and the Lenders in connection with the enforcement or preservation of any rights under this Agreement, any Notes and any such other documents, including, without limitation, legal
fees and disbursements of counsel to the Administrative Agent and counsel to each Lender. 

        (b)  The
Borrowers shall indemnify the Administrative Agent, the Syndication Agent, the Documentation Agent, the Lead Arranger and the Lenders and any of their respective
Affiliates, and their respective directors, officers, employees and agents (each such Person being called an "Indemnitee") against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in 

32

 

connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, or (iii) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;  provided, that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses resulted in whole or in part from the gross negligence or willful misconduct of such Indemnitee. 

 
          9.6    Successors and Assigns; Participations; Purchasing Lenders.     (a) This
Agreement shall be binding upon and inure to the benefit of the Borrowers, the Lenders, the Administrative Agent, all future holders of the Loans
and their respective successors and assigns, except that neither Borrower may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender. 

        (b)  Any
Lender may, in accordance with applicable law, at any time sell to one or more banks or other entities (each, a
"Participant") participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other
interests of such Lender hereunder. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender's obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of its Loan for all purposes under this Agreement, and
the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in clause (a) of the proviso to subsection 9.1 that affects such Participant. Without affecting the limitations in the
preceding sentences, the participating banks or other financial institutions, shall not be Lenders hereunder for any purpose except, if the participation agreement so provides, each Participant shall
be entitled to the benefits of subsections 2.14, 2.16, and 2.17 with respect to its participation in the Commitments and the Loans outstanding from time to time as if it were a Lender;  provided, that no
Participant shall be entitled to receive any greater amount pursuant to any such subsection than the transferor Lender would have been
entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and provided
further, that, in the case of subsection 2.16, such Participant shall have complied with the requirements of that subsection. 

        (c)  Each
Lender may, in accordance with applicable law, with the consent of the Borrowers (which shall not be unreasonably withheld and which will not be required during the
existence of an Event of
Default under subsections 7(g) or (h)), the Same Day Lender and the Administrative Agent (except no consent of the Borrowers or the Administrative Agent shall be required in the case of an assignment
to a Lender or an Affiliate of a Lender) sell or assign to one or more Lenders or additional banks or other entities (a "Purchasing Lender") all or a
part of its rights and obligations under this Agreement and any Notes pursuant to an Assignment and Acceptance executed by such Purchasing Lender, such transferor Lender, the Administrative Agent, the
Same Day Lender and the Borrowers; provided, that, if such sale is not to one or more Lenders and is to an additional lender, (i) such sale shall
be in a minimum amount of $10,000,000 and (ii) the Commitment retained by such transferor Lender after such sale shall be at least $25,000,000, 

33

 

unless the transferor Lender sells all of its Commitment hereunder. Upon (i) the execution of such Assignment and Acceptance, (ii) delivery of any executed forms required by subsection
2.16, (iii) recordation of such transfer in the Register and (iv) payment by such Purchasing Lender of the registration and processing fee described in subsection 9.6(e), from and after
the Transfer Effective Date determined pursuant to such Assignment and Acceptance (which shall not be earlier than the date which is five Business Days after the date the Administrative Agent has
received the Assignment and Acceptance), such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this
Agreement to the same extent as if it were an original party hereto with a Commitment as set forth therein and the transferor Lender shall be released from any further obligations under this Agreement
to the extent of such assigned interests; if such transferor Lender no longer holds any rights or obligations under this Agreement, such transferor Lender shall cease to be a "Lender" hereunder except
that its rights under subsections 2.14, 2.16, 2.17 and 9.5 shall not be affected. Such Assignment and Acceptance shall be deemed to amend this Agreement to the extent, and only to the extent,
necessary to reflect the addition of such Purchasing Lender and the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Purchasing Lender of all or
a portion of the rights and obligations of such transferor Lender under this Agreement. Upon the consummation of any transfer to a Purchasing Lender pursuant to this subsection 9.6(c), the transferor
Lender, the Administrative Agent and the Borrowers shall make appropriate arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as appropriate, a
replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective Commitments. Such new Notes shall be dated the Closing Date and shall otherwise be
in the form of the Notes replaced thereby. 

        (d)  The
Administrative Agent shall maintain, as agent for the Borrowers, at its address referred to in subsection 9.2, a copy of each Assignment and Acceptance delivered to
it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the
Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat
each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall
be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register
only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be
issued to the designated Assignee. The Register shall be available for inspection by either Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. Upon the
written request of the Borrowers, the Administrative Agent shall deliver promptly a copy of the Register to the Borrowers. 

        (e)  Upon
its receipt of an Assignment and Acceptance executed by a transferor Lender, a Purchasing Lender, the Borrowers, the Same Day Lender, and the Administrative Agent,
together with payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 from such Purchasing Lender and/or such transferor Lender (including in the
case of assignments to Affiliates of assigning Lenders), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance, (ii) on the Transfer Effective Date determined
pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrowers. 

34

 

        (f)    Each
Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any
prospective Transferee any and all financial information (other than Confidential Information, except as permitted by subsection 9.4) in such Lender's possession concerning such Borrower which has
been delivered to such Lender by such Borrower pursuant to this Agreement or which has been delivered to such Lender by such Borrower in connection with such Lender's credit evaluation of such
Borrower prior to entering into this Agreement. 

        (g)  For
avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this subsection 9.6 concerning assignments of Loans and Notes relate only to
absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any
Federal Reserve Bank in accordance with applicable law; provided that no such assignment, whether to a Federal Reserve Bank or other entity, shall
release a Lender from any of its obligations hereunder or substitute any such Federal Reserve Bank or other entity for such Lender as a party hereto or permit an absolute assignment to occur other
than in accordance with such provisions of this subsection 9.6. 

 
          9.7    Adjustments; Set-off.     (a) Except to the extent that this Agreement
expressly provides for payments to be allocated to a particular Lender, if any Lender (a
"benefited Lender") shall, at any time after the Loans have been declared to be due and payable pursuant to Section 7, receive any payment of all
or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature
referred to in subsection 7(f), or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest
thereon, such benefited Lender shall purchase for cash from the other Lenders such portion of each such other Lender's Loans, or shall provide such other Lenders with the benefits of any such
collateral, or the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders;  provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered
from such benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. Each Borrower agrees that each Lender
purchasing a portion of another Lender's portion of the Loan pursuant to this subsection 9.7(a) may exercise all rights of payment (including, without limitation, rights of set-off) with
respect to such portion as fully as if such Lender were the direct holder of such portion. 

        (b)  In
addition to any rights and remedies of the Lenders provided by law, upon the occurrence and during the continuance of an Event of Default each Lender shall have the
right, without prior notice to the Borrowers, any such notice being expressly waived by each Borrower to the extent permitted by applicable law, to set off and appropriate and apply against the
obligations under this Agreement any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender to or for the credit or the account of either Borrower. Each Lender agrees
promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender, provided, that the
failure to give such notice shall not affect the validity of such set-off and application. 

 
          9.8    Counterparts.     This Agreement may be executed by one or more of the parties
to this Agreement on any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties hereto shall be lodged with each Borrower and the Administrative Agent.
Delivery of an 

35

 

executed counterpart of a signature page of this Agreement by telecopy shall be as effective as delivery of a manually executed counterpart of this Agreement. 

 
          9.9    GOVERNING LAW.     (a) THIS AGREEMENT AND ANY
NOTES AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY NOTES SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        (b)  Notwithstanding
anything in subsection 9.9(a) to the contrary, nothing in this Agreement or in any Note shall be deemed to constitute a waiver of any rights which any
Lender may have under applicable federal law relating to the amount of interest which any Lender may contract for, take, receive or charge in respect of any Loans, including any right to take,
receive, reserve and charge interest at the rate allowed by the laws of the state where such Lender is located. To the extent that Texas law is applicable to the determination of the Highest Lawful
Rate, the Lenders and each Borrower agree that (i) if Chapter 303 of the Texas Finance Code, as amended, is applicable to such determination, the weekly rate ceiling (formerly known as the
indicated (weekly) rate ceiling in Article 1.4, Subtitle 1, Title 79, of the Revised Civil Statutes of Texas, as amended) as computed from time to time shall apply;  provided, that, to the extent
permitted by such Article, the Administrative Agent may from time to time by notice to the Borrowers revise the election
of such interest rate ceiling as such ceiling affects the then current or future balances of the Loans; and (ii) the provisions of Chapter 346 of the Texas Finance Code, as amended (formerly
found in Chapter 15 of Subtitle 3, Title 79, of the Revised Civil Statutes of Texas, 1925, as amended) shall not apply to this Agreement or any Note issued hereunder. 

 
          9.10    Jurisdiction; Venue.     Any legal action or proceeding with respect to this
Agreement may be brought in the courts of the State of New York or of the United States of America for the
Southern District of New York and, by execution and delivery of this Agreement, each Borrower hereby accepts for and in respect of its
property, generally, irrevocably and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. Each Borrower further irrevocably consents to the service of process out of
any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at its address referred to in subsection 9.2.
Nothing herein shall affect the right of the Administrative Agent or any Lender to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against
either Borrower in any other jurisdiction. Each Borrower hereby irrevocably and unconditionally waives any objection that it may now or hereafter have to the venue of any action described in this
subsection 9.10, or that such proceeding was brought in an inconvenient court, and agrees not to plead or claim the same. 

 
          9.11    Survival and Termination of Agreement.     All covenants, agreements,
representations and warranties made herein and in any certificate, document or statement delivered pursuant hereto or in connection
herewith shall survive the execution and delivery of this Agreement and any Notes, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Agents or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect so long as
any Loan or any amount payable to any Lender under or in connection with this Agreement or any Loan is unpaid and so long as the Commitments have not expired or terminated. It being expressly
understood that the obligations of the Borrowers to the Administrative Agent and each Lender under subsections 2.14, 2.16, 2.17 and 9.5 and the obligations of the Lenders to the Administrative Agent
under subsection 8.7 shall survive the payment in full of the Loans and all other amounts payable hereunder; provided, that with respect to amounts
payable under subsections 2.14, 2.16, 2.17, 8.7 and 9.5, such amounts shall be deemed to have been paid if no claim therefor is made within one year after payment in full of the Loans and all other
amounts payable hereunder. Notwithstanding the foregoing, no Lender shall be entitled to any payments from either Borrower 

36

 

under subsection 2.14, 2.16, 2.17 or 9.5 unless, within one year of such Lender's obtaining actual knowledge of the occurrence of the event or events giving rise to the operation of any such
subsection, it has notified the Borrowers of the occurrence of such event or events; provided, however, that the requirement for notice set forth herein
shall have no effect on the nature or scope of the provisions of such subsections other than as expressly stated in this subsection 9.11. 

 
          9.12    Entire Agreement.     This Agreement sets forth the entire agreement of the
parties hereto with respect to its subject matter, and supersedes all previous understandings, written or
oral, with respect thereto. 

 
          9.13    WAIVER OF JURY TRIAL.     EACH BORROWER, THE
ADMINISTRATIVE AGENT AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY NOTE AND FOR ANY COUNTERCLAIM THEREIN.

 
          9.14    Severability.     Any provision of this Agreement or of any Note which is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or thereof or affecting the validity,
enforceability or legality of any such provision in any other jurisdiction. 

 
          9.15    Joint and Several Liability.     (a) Any and all obligations and
liabilities of either Borrower under this Agreement shall be the joint and several obligation and the joint and several
liability of the Borrowers. Except as expressly set forth in Section 7, each Borrower waives presentation to, demand of payment from and protest to the Lenders of any of the obligations and
liabilities of the other Borrower hereunder and also waives notice of protest for nonpayment and notice of acceleration and notice of intent to accelerate, and all other notices of any kind. Except as
expressly set forth in Section 7, each Borrower waives notice of any default by the other Borrower hereunder. The obligations and liabilities of each Borrower hereunder shall not be affected by
(i) the failure of any Lender to assert any claim or demand or to enforce any right or remedy against the other Borrower or any other person under this Agreement or any Notes; (ii) any
extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Agreement or any Notes; (iv) the release of any
obligation or liability of the other Borrower by any Lender; (v) the failure of any Lender to exercise any right or remedy against any Borrower; (vi) any change in the ownership of
either of the Borrowers; or (vii) any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to either of the Borrowers or any Lender. 

        (b)  If
and to the extent that either of the Borrowers shall fail to make any payment with respect to any of the obligations hereunder as and when due or to perform any of
such obligations in accordance with the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such obligation. 

        (c)  The
obligations of each Borrower under the provisions of this subsection 9.15 constitute full recourse obligations of such Borrower, enforceable in accordance with the
terms of this Agreement. 

        (d)  The
provisions of this subsection 9.15 are made for the benefit of the Lenders and their successors and assigns, and may be enforced by the Administrative Agent and the
Lenders from time to time against either of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Lenders first to marshal any of their claims or to exercise
any of their rights against the other Borrower or to exhaust any remedies available to them against the other Borrower or to resort to any other source or means of obtaining payment of all or any part
of the obligations hereunder or to elect any other remedy. The provisions of this subsection 9.15 shall remain in effect until all of the obligations hereunder shall have been paid in full or 

37

 

otherwise fully satisfied and all of the Commitments shall have terminated or expired. If at any time, any payment, or any part thereof, made in respect of all or any part of the obligations
hereunder, is rescinded or must otherwise be restored or returned by any of the Lenders upon the insolvency, bankruptcy or reorganization of a Borrower, or otherwise, the provisions of this subsection
9.15 will forthwith be reinstated in effect, as though such payment had not been made. 

38

   
Signature Page to the

Three-Year Credit Agreement 

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

	 	 	CHEVRON PHILLIPS CHEMICAL COMPANY LLC
	

 	
 	

By:	
 	

/s/  J.M. MCKEE      
 J.M. McKee
 Vice President and Treasurer
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LP
	

 	
 	

By:	
 	

/s/  J.M. MCKEE      
 J.M. McKee
 Vice President and Treasurer

S-1

 
Signature
Page to the

Three-Year Credit Agreement 

	

 	
 	

BARCLAYS BANK PLC, as Administrative Agent,

Same Day Lender and a Lender
	

 	
 	

By:	
 	

/s/  NICHOLAS A. BELL      
 Name: Nicholas A. Bell

Title: Director

S-2

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	THE ROYAL BANK OF SCOTLAND PLC, as

Syndication Agent and a Lender
	

 	
 	

By:	
 	

/s/  P. J. DUNDEE       
 Name: Patricia J. Dundee

Title: Senior Vice President

S-3

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	SUMITOMO MITSUI BANKING CORPORATION, as

Co-Documentation Agent and a Lender
	

 	
 	

By:	
 	

/s/  LEO PAGARIGAN      
 Name: Leo E. Pagarigan

Title: Senior Vice President

S-4

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	BANK OF TOKYO-MITSUBISHI, LTD., as

Co-Documentation Agent and a Lender
	

 	
 	

By:	
 	

/s/  K. GLASSCOCK      
 Name: K. Glasscock

Title: VP & Manager
	

 	
 	

By:	
 	

/s/  JOAN STANTON      
 Name: Joan Stanton

Title: Vice President

S-5

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	MORGAN STANLEY BANK, as a Lender
	

 	
 	

By:	
 	

/s/  JAAP L. TONCKENS      
 Name: Jaap L. Tonckens

Title: Vice President

          Morgan Stanley Bank

S-6

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	ING CAPITAL LLC, as a Lender
	

 	
 	

By:	
 	

/s/  CHERYL LABELLE      
 Name: Cheryl LaBelle

Title: Managing Director

S-7

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	RIYAD BANK, as a Lender
	

 	
 	

By:	
 	

/s/  KEITH S. TENNY      
 Name: Keith S. Tenny

Title: General Manager
	

 	
 	

By:	
 	

/s/  PAUL N. TRAVIS      
 Name: Paul N. Travis

Title: Vice President & Head of Marketing

S-8

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	BANCA MONTE DEI PASCHI DI SIENA S.p.A., as a Lender
	

 	
 	

By:	
 	

/s/  ROMEO C. CELLA      
 Name: Romeo C. Cella

Title: S.V.P. & General Manager
	

 	
 	

By:	
 	

/s/  BRIAN R. LANDY      
 Name: Brian R. Landy

Title: Vice President

S-9

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	THE BANK OF NEW YORK, as a Lender
	

 	
 	

By:	
 	

/s/  PETER KELLER      
 Name: Peter Keller

Title: Vice Preident

S-10

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	DEN NORSKE BANK ASA, as a Lender
	

 	
 	

By:	
 	

/s/  NILS FYKSE      
 Name: Nils Fykse

Title: First Vice President
	

 	
 	

By:	
 	

/s/  PETER M. DODGE      
 Name: Peter M. Dodge

Title: First Vice President

S-11

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	BANK ONE, NA (Main Office—Chicago), as a Lender
	

 	
 	

By:	
 	

/s/  DANIEL A. DAVIS      
 Name: Daniel A. Davis

Title: Director

S-12

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	BANK OF AMERICA, N.A., as a Lender
	

 	
 	

By:	
 	

/s/  CLAIRE LIU      
 Name: Claire M. Liu

Title: Managing Director

S-13

 
Signature
Page to the

Three-Year Credit Agreement 

	 	 	THE BANK OF NOVA SCOTIA, as a Lender
	

 	
 	

By:	
 	

/s/  N. BELL      
 Name: N. Bell

Title: Senior Manager Loan Operations

S-14

  

Schedule I  

  
 

    LENDER INFORMATION    
  

	Lender
 
	 	Lender's Maximum

Commitment
	 	Lender's Lending Office

	Administrative Agent	 	 	 	 	 
	

Barclays Bank PLC	
 	
$	

67,500,000.00	
 	

Address for Notices:

Barclays Capital Inc.

222 Broadway, 11th floor

New York, NY 10038

Attention: Gary B. Wenslow

Telecopier: (212) 412-5306

Telephone: (212) 412-1562
	

 	
 	
 	

 	
 	

Lending Office:

Barclays Capital Inc.

222 Broadway, 8th floor

New York, NY 10038

Attention: Jesse Adams

Telecopier: (212) 412-5306

Telephone: (212) 412-4081
	
Syndication Agent	
 	
 	

 	
 	

 
	

The Royal Bank of Scotland plc	
 	
$	

55,000,000.00	
 	

Address for Notices:

The Royal Bank of Scotland plc

600 Travis Street, Suite 6070

Houston, TX 77002

Attention: Jill Gander

Telecopier: (713) 221-2430

Telephone: (713) 221-2417
	

 	
 	
 	

 	
 	

Lending Office:

The Royal Bank of Scotland plc

101 Park Avenue, 12th Floor

New York, NY 10178

Attention: Sheila Shaw

Telecopier: (212) 401-1494

Telephone: (212) 401-1406
	
 	
 	
 	

 	
 	

 

Schedule I - page 1

 

	
Co-Documentation Agents	
 	
 	

 	
 	

 
	

Sumitomo Mitsui Banking Corporation	
 	
$	

50,000,000.00	
 	

Address for Notices:

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172

Attention: Kenneth Austin

Telecopier: (212) 224-4384

Telephone: (212) 224-4043
	

 	
 	
 	

 	
 	

Lending Office:

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, NY 10172

Attention: Kenneth Austin

Telecopier: (212) 224-4384

Telephone: (212) 224-4043
	

The Bank of Tokyo-Mitsubishi, Ltd.	
 	
$	

50,000,000.00	
 	

Address for Notices:

The Bank of Tokyo-Mitsubishi, Ltd.

1100 Louisiana Street

Suite 2800

Houston, TX 77002

Attention: Joan Stanton

Telecopier: (713) 658-0116

Telephone: (713) 655-3824
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of Tokyo-Mitsubishi, Ltd.

1100 Louisiana Street Suite 2800

Houston, TX 77002

Attention: Barrie Hogue

Telecopier: (713) 658-0116

Telephone: (713) 655-3835
	
Other Lenders	
 	
 	

 	
 	

 
	

Morgan Stanley Bank	
 	
$	

25,000,000.00	
 	

Address for Notices:

Morgan Stanley Bank

1633 Broadway—25th Floor

New York, NY 10019

Attention: James Morgan

Telecopier: (212) 537-1867

Telephone: (212) 537-1470
	

 	
 	
 	

 	
 	

Lending Office:

Morgan Stanley Bank

1633 Broadway—25th Floor

New York, NY 10019

Attention: James Morgan

Telecopier: (212) 537-1867

Telephone: (212) 537-1470
	
 	
 	
 	

 	
 	

 

Schedule I - page 2

 

	

ING Capital LLC	
 	
$	

25,000,000.00	
 	

Address for Notices:

ING Capital LLC

1325 Avenue of the Americas

New York, NY 10019

Attention: Cheryl Labelle

Telecopier: (646) 424-7229

Telephone: (646) 424-7207
	

 	
 	
 	

 	
 	

Lending Office:

ING Capital LLC

1325 Avenue of the Americas

New York, NY 10019

Attention: Cheryl Labelle

Telecopier: (646) 424-7229

Telephone: (646) 424-7207
	

Riyad Bank, Houston Agency	
 	
$	

20,000,000.00	
 	

Address for Notices:

Riyad Bank

700 Louisiana, Suite 4770

Houston, TX 77002

Attention: Paul N. Travis

Telecopier: (713) 331-2043

Telephone: (713) 331-2021
	

 	
 	
 	

 	
 	

Lending Office:

Riyad Bank

700 Louisiana, Suite 4770

Houston, TX 77002

Attention: Pierre J. Herszdorfer

Telecopier: (713) 331-2043

Telephone: (713) 331-2022
	

Banca Monte dei Paschi di Siena S.p.A.	
 	
$	

17,500,000.00	
 	

Address for Notices:

Banca Monte dei Paschi di Siena S.p.A.

55 East 59th Street

New York, New York 10022

Attention: Nicolas Kanaris

Telecopier: (212) 891-3661

Telephone: (212) 891-3655
	

 	
 	
 	

 	
 	

Lending Office:

Banca Monte dei Paschi di Siena S.p.A.

55 East 59th Street

New York, New York 10022

Attention: Mei Tam

Telecopier: (212) 891-3661

Telephone: (212) 891-3649
	
 	
 	
 	

 	
 	

 

Schedule I - page 3

 

	

The Bank of New York	
 	
$	

17,500,000.00	
 	

Address for Notices:

The Bank of New York

One Wall Street, 17th Floor

New York, New York 10286

Attention: Raymond Palmer

Telecopier: (212) 635-7923

Telephone: (212) 635-7834
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of New York

One Wall Street, 17th Floor

New York, New York 10286

Attention: Raymond Palmer

Telecopier: (212) 635-7923

Telephone: (212) 635-7834
	

Den norske Bank ASA	
 	
$	

17,500,000.00	
 	

Address for Notices:

Den norske Bank ASA

200 Park Avenue, 31st Floor

New York, NY 10166

Attention: Nils Fykse

Telecopier: (212) 681-3900

Telephone: (212) 681-3872
	

 	
 	
 	

 	
 	

Lending Office:

Den norske Bank ASA

200 Park Avenue, 31st Floor

New York, NY 10166

Attention: Teresa Rosu

Telecopier: (212) 681-4123

Telephone: (212) 681-3845
	

Bank One, NA (Main Office—Chicago)	
 	
$	

12,500,000.00	
 	

Address for Notices:

Bank One, NA

910 Travis, 6th Floor

Houston, TX 77002

Attention: Daniel Davis

Telecopier: (713) 751-3982

Telephone: (713) 751-3863
	

 	
 	
 	

 	
 	

Lending Office:

Bank One, NA

1 Bank One Plaza

10th Floor, Suite 0634

Chicago, IL 60670

Attention: John Beirne

Telecopier: (312) 732-4840

Telephone: (312) 732-3659
	
 	
 	
 	

 	
 	

 

Schedule I - page 4

 

	

Bank of America, N.A.	
 	
$	

17,500,000.00	
 	

Address for Notices:

Bank of America, N.A.

333 Clay Street, Suite 4550

Houston, Texas 77002

Attention: Claire Liu

Telecopier: (713) 651-4807

Telephone: (713) 651-4855
	

 	
 	
 	

 	
 	

Lending Office:

Bank of America, N.A.

901 Main Street, 14th Floor

Dallas, TX 75202

Attention: Ben Cosgrove

Telecopier: (214) 290-9439

Telephone: (214) 209-9254
	

The Bank of Nova Scotia	
 	
$	

25,000,000.00	
 	

Address for Notices:

The Bank of Nova Scotia

600 Peachtree Street N.E., Suite 2700

Atlanta, GA 30308

Attention: A. Millington

Telecopier: (404) 888-8998

Telephone: (404) 877-1579
	

 	
 	
 	

 	
 	

Lending Office:

The Bank of Nova Scotia

600 Peachtree Street N.E., Suite 2700

Atlanta, GA 30308

Attention: A. Millington

Telecopier: (404) 888-8998

Telephone: (404) 877-1579

Schedule I - page 5

  

 
 

Annex A    
  

 
 

THREE-YEAR PRICING GRID    
  

	 
	 	Level 1
	 	Level 2
	 	Level 3
	 	Level 4
	 	Level 5

	Senior Debt Ratings	 	A/A2 or higher (bps)	 	A-/A3 (bps)	 	BBB+/Baa1 (bps)	 	BBB/Baa2 (bps)	 	BBB-/Baa3 or lower (bps)
	Applicable Eurodollar Margin(1)(2)	 	35.0	 	45.0	 	62.5	 	75.0	 	100.0
	Applicable Utilization Fee Rate—Above 33% Usage(1)	 	10.0	 	10.0	 	12.5	 	12.5	 	12.5
	Applicable Commitment Fee Rate(1)	 	10.0	 	12.0	 	15.0	 	17.5	 	22.5

        The
foregoing Pricing Grid is based upon the Senior Debt ratings as determined from time to time by S&P and Moody's. 

	(1)
	The
Commitment Fee, Utilization Fee and Applicable Eurodollar Margins shall be determined by the highest of the two ratings assigned by S&P and Moody's to the Senior Debt. If the two
ratings for the Senior Debt are two or more rating levels apart, the Commitment Fee, Utilization Fee and Applicable Eurodollar Margin shall be determined by reference to the rating level that is one
rating level below the highest rating level in which the Senior Debt's ratings fall.

	(2)
	If,
in accordance with subsection 2.2(a), the Borrowers elect not to pay all or a portion of the unpaid principal amount of the Loans until the first anniversary of the 364-Day
Commitment Termination Date, the Applicable Eurodollar Margin shall increase by an incremental 25 bps per Level. This increment to the Applicable Eurodollar Margin shall apply only to any Term-out
Loan. 

Annex A—1

  

 
 

Exhibit A to the
  Three-Year Credit Agreement    
  

 
 

FORM OF THREE-YEAR NOTE    
  

New
York, New York

August 29, 2002 

        FOR
VALUE RECEIVED, CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the "LLC"), CHEVRON PHILLIPS CHEMICAL
COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the "LP"; and together with the LLC, the
"Borrowers" and, each, a "Borrower"), jointly and severally promise to pay to the order of
[Insert Name of Lender] (the "Lender") at the office of Barclays Bank PLC, as Administrative Agent, located at 222 Broadway, New
York, New York 10038, Attention: Jesse Adams, on the Three-Year Commitment Termination Date (as defined in the Three-Year Credit Agreement referred to below) in lawful money of
the United States of America and in immediately available funds, the principal amount equal to the aggregate unpaid principal amount of all Loans made by the Lender to the Borrowers pursuant to
subsections 2.1, 2.2, 2.3 and 2.4 of the Three-Year Credit Agreement. The Borrowers, jointly and severally, hereby further agree to pay interest on the unpaid principal amount of the Loans
from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 2.10 of the Three-Year Credit Agreement.
The holder of this Note is authorized to record the date and amount of each Loan made by the Lender, each payment of principal with respect thereto and each conversion or continuation made pursuant to
subsection 2.7 of the Three-Year Credit Agreement, on the schedules annexed hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part
hereof, and any such recordation shall constitute prima facie evidence, absent manifest error, of the accuracy of the information recorded;  provided, that
failure by the Lender to make any such recordation or any error in such recordation shall not affect the obligations of the Borrowers
hereunder or under the Three-Year Credit Agreement. 

        This
Note is one of the Notes referred to in the Three-Year Credit Agreement, dated as of the date hereof, among LLC and LP, each as a Borrower, the Lenders parties thereto,
Barclays Bank PLC, as the Administrative Agent, and the other agents therein named (as amended, supplemented or otherwise modified from time to time, the
"Three-Year Credit Agreement"; terms defined therein and not otherwise defined herein being used herein as therein defined), is entitled to
the benefits thereof and is subject to optional and mandatory prepayment in whole or in part as provided therein. The Borrowers agree to pay all costs and expenses incurred by the Lender in connection
with the enforcement of its rights and remedies under the Three-Year Credit Agreement and this Note. 

        Upon
the occurrence of any one or more of the Events of Default specified in the Three-Year Credit Agreement, all amounts then remaining unpaid on this Note shall become, or
may be declared to be, immediately due and payable all as provided therein. 

Exhibit A—page 1

 

        THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

CHEVRON
PHILLIPS CHEMICAL COMPANY LLC 

By:

Title: 

CHEVRON
PHILLIPS CHEMICAL COMPANY LP 

By:

Title: 

Exhibit A—page 2

 
 
 

Schedule A
  to Note    
  

 
 

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS    
  

	Date
 
	 	Amount of ABR Loans
	 	Amount Converted to ABR

Loans
	 	Amount of Principal of ABR

Loans Repaid
	 	Amount of ABR Loans

Converted to Eurodollar

Loans
	 	Unpaid Principal Balance

of ABR Loans
	 	Notation Made By

Exhibit A—page 3

 
 
 

Schedule B
  to Note    
  

 
 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS    
  

	Date
 
	 	Amount of Eurodollar

Loans
	 	Amount Converted to

Eurodollar Loans
	 	Interest Period and

Eurodollar Rate with

Respect Thereto
	 	Amount of Principal of

Eurodollar Loans Repaid
	 	Amount of Eurodollar

Loans Converted to ABR

Loans
	 	Unpaid Principal Balance

of Eurodollar Loans
	 	Notation Made By

Exhibit A—page 4

  

 
 

Exhibit B to the
  Three-Year Credit Agreement    
  

 
 

FORM OF ASSIGNMENT AND ACCEPTANCE    
  

        Reference is made to the Three-Year Credit Agreement dated as of August 29, 2002 (as amended, supplemented or otherwise modified from time to
time, the "Three-Year Credit Agreement"), among CHEVRON PHILLIPS CHEMICAL COMPANY LLC, a Delaware limited liability company (the
"LLC"), CHEVRON PHILLIPS CHEMICAL COMPANY LP, a Delaware limited partnership which is wholly-owned, indirectly, by the LLC (the
"LP"; and together with the LLC, the "Borrowers" and, each, a
"Borrower"), the Lenders parties thereto, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise defined
herein, terms defined in the Three-Year Credit Agreement and used herein shall have the meanings given to them in the Three-Year Credit Agreement. 

                                (the
"Assignor") and                        (the "Assignee") agree as follows: 

	1.
	The
Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without
recourse to the Assignor, as of the Transfer Effective Date (as defined below), a            % interest (the "Assigned Interest") in and to the
Assignor's rights and obligations under the Three-Year Credit Agreement with respect to the credit facility contained in the Three-Year Credit Agreement as are set forth on  SCHEDULE 1 (the
"Assigned Facility"), in a principal amount for the Assigned Facility as set
forth on SCHEDULE 1.

	2.
	The
Assignor (a) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with
the Three-Year Credit Agreement or any other instrument or document furnished pursuant thereto or with respect to the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Three-Year Credit Agreement, any Note or any other instrument or document furnished pursuant thereto, other than that the Assignor is the legal and beneficial
owner of the Assigned Facility and the Assignor has not created
any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim; (b) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Borrowers or their Subsidiaries or the performance or observance by the Borrowers of any of their obligations under the
Three-Year Credit Agreement or any Note or any other instrument or document furnished pursuant hereto or thereto; and (c) attaches any Notes held by it evidencing the Assigned
Facility and (i) requests that the Administrative Agent, upon request by the Assignee, exchange any attached Notes for a new Note or Notes payable to the Assignee and (ii) if the
Assignor has retained any interest in the Assigned Facility, requests that the Administrative Agent exchange any attached Notes for a new Note or Notes payable to the Assignor, in each case in amounts
which reflect the assignment being made hereby (and after giving effect to any other assignments which have become effective on the Transfer Effective Date).

	3.
	The
Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that it has received a copy of the
Three-Year Credit Agreement, together with copies of the financial statements delivered pursuant to subsection 3.5 or 5.2, as available, thereof and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (c) agrees that it will, independently and without reliance upon the
Assignor, the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Three-Year Credit Agreement, any Notes or any other instrument or document furnished pursuant 

Exhibit B—page 1

 

hereto
or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Three-Year
Credit Agreement, any Notes or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are
incidental thereto; and (e) agrees that it will be bound by the provisions of the Three-Year Credit Agreement and will perform in accordance with its terms all the obligations which
by the terms of the Three-Year Credit Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its
obligation pursuant to subsection 2.15(b) of the Three-Year Credit Agreement. 

	4.
	The
effective date of this Assignment and Acceptance shall be                        , 20    (the "Transfer Effective Date").
Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative Agent pursuant to the
Three-Year Credit Agreement, effective as of the Transfer Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five Business Days after
the date of such acceptance and recording by the Administrative Agent).

	5.
	Upon
such acceptance and recording, from and after the Transfer Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to the Transfer Effective Date and to the Assignee for amounts which have accrued subsequent to the
Transfer Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Transfer Effective Date or with respect
to the making of this assignment directly between themselves.

	6.
	From
and after the Transfer Effective Date, (a) the Assignee shall be a party to the Three-Year Credit Agreement and, to the extent provided in this Assignment and
Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and
Acceptance, relinquish its rights and be released from its obligations under the Three-Year Credit Agreement; provided,  however, that its rights under
subsections 2.14, 2.16, 2.17 and 9.5 thereunder shall not be affected.

	7.
	This
Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers on
Schedule l hereto. 

Exhibit B—page 2

 
SCHEDULE 1

TO ASSIGNMENT AND ACCEPTANCE

RELATING TO THE THREE-YEAR CREDIT AGREEMENT, DATED AS OF AUGUST 29, 2002,
among

CHEVRON PHILLIPS CHEMICAL COMPANY LLC, as a Borrower, and

CHEVRON PHILLIPS CHEMICAL COMPANY LP, as a Borrower,

the Several Lenders from Time to Time Parties thereto, and

BARCLAYS BANK PLC, as Administrative Agent  

Name of Assignor: 

Name
of Assignee: 

Transfer
Effective Date: 

	Principal

Amount Assigned
	 	Commitment

Percentage Assigned1

	 	$                                    	 	 	                  %
	

 	

[Name of Assignee]	
 	

 	

[Name of Assignor]
	

By:	

 	
 	

By:	

 
	 	
	 	 	

	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	

Accepted:	
 	

Consented To2:
	

BARCLAYS BANK PLC, as

Administrative Agent, Same Day Lender and a Lender	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LLC,

as a Borrower
	

By:	

 	
 	

By:	

 
	 	
	 	 	

	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	

 	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY LP, as

a Borrower
	

 	

 	
 	

By:	

 
	 	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 

	1
	Calculate
the Commitment Percentage that is assigned to at least 15 decimal places and show as a percentage of the aggregate commitments of all Banks.

	2
	Not
required during the occurrence and continuation of an Event of Default under subsections 7(g) or (h). 

Exhibit B—page 3

  

 
 

Exhibit C to the
  Three-Year Credit Agreement    
  

 
 

FORM OF
  CLOSING CERTIFICATE
  OF CHEVRON PHILLIPS CHEMICAL COMPANY LLC
  AND CHEVRON PHILLIPS CHEMICAL COMPANY LP    
  

        Reference is made to the THREE-YEAR CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, the
"Three-Year Agreement"), dated as of August 29, 2002, among Chevron Phillips Chemical Company LLC, a Delaware limited liability
company (the "LLC"), and Chevron Phillips Chemical Company LP, a Delaware limited partnership wholly-owned indirectly by the LLC (the
"LP"), each as a Borrower, the Lenders, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise indicated,
capitalized terms used but not defined herein shall have the respective meanings set forth in the Three-Year Agreement. This certificate is being delivered pursuant to subsection 4.1(b) of
the Three-Year Agreement. 

        I,
J.M. McKee, Vice President and Treasurer of each of Chevron Phillips Chemical Company LLC and Chevron Phillips Chemical Company LP, HEREBY CERTIFY that: 

        (a)  Each
of the representations and warranties made by the LLC and the LP in or pursuant to the Three-Year Agreement are true and correct in all material
respects on and as of the date hereof; 

        (b)  No
Default or Event of Default has occurred and is continuing on the date hereof or will occur after giving effect to the extensions of credit requested to be made on
the date hereof; and 

        (c)  Any
governmental and third party approvals necessary and material in connection with the financing contemplated by the Three-Year Agreement and the
continuing operations of the LLC and the LP and their Subsidiaries have been obtained and are in full force and effect. 

Exhibit C—page 1

 

        IN
WITNESS WHEREOF, I have hereunto signed my name this 29th day of August, 2002. 

	

 	
 	

	 	 	Name:	J.M. McKee
	 	 	Title:	Vice President and Treasurer of both Chevron Phillips Chemical Company LLC and Chevron Phillips Chemical Company LP

Exhibit C—page 2

  

 
 

Exhibit D to the
  Three-Year Credit Agreement    
  

 
 

FORM OF CERTIFICATE OF SECRETARY OF CHEVRON PHILLIPS CHEMICAL COMPANY [LLC] [LP]    
  

        Reference is made to the THREE-YEAR CREDIT AGREEMENT (as amended, supplemented or otherwise modified from time to time, the
"Three-Year Agreement"), dated as of August 29, 2002, among Chevron Phillips Chemical Company LLC, a Delaware limited liability
company (the "LLC"), and Chevron Phillips Chemical Company LP, a Delaware limited partnership wholly-owned indirectly by the LLC (the
"LP"), each as a Borrower, the Lenders, Barclays Bank PLC, as the Administrative Agent, and the other agents therein named. Unless otherwise indicated,
capitalized terms used but not defined herein shall have the respective meanings set forth in the Three-Year Agreement. This certificate is being delivered pursuant to subsection 4.1(c) of
the Three-Year Agreement. 

        I,
Kathi E. Warne, Assistant Secretary of Chevron Phillips Chemical Company [LLC][LP], DO HEREBY CERTIFY that: 

        (a)  annexed
hereto as Exhibit A is a true and correct copy of the Certificate of [Formation of the LLC] [Limited Partnership of
the LP] as in effect on [Date] and at all times thereafter through the date hereof; 

        (b)  annexed
hereto as Exhibit B is a true and correct copy of the [Amended and Restated Limited Liability Company Agreement of the LLC]
[Agreement of Limited Partnership of the LP] as in effect on [Date] and at all times thereafter through the date hereof; 

        (c)  annexed
hereto as Exhibit C is a true and correct copy of certain resolutions duly adopted by the [Board of Managers of the LLC]
[General Partner of the LP] on [Date(s)], which resolutions are the only resolutions adopted by the [Board of Directors of the
LLC][General Partner of the LP] or any committee
thereof relating to the Three-Year Agreement and the Notes and borrowings by the [LLC][LP] thereunder and have not been revoked, amended,
supplemented or modified and are in full force and effect on the date hereof; and 

        (d)  each
of the persons named below is and has been at all times since [Date] a duly elected and qualified officer of the
[LLC] [LP] holding the respective office set forth opposite his or her name and the signature set forth opposite the name of each such person is his or
her genuine signature: 

	Name
 
	 	Title
 
	 	Specimen Signature
 

	[Include all officers of the [LLC] [LP] who are signing the Three-Year Agreement, the Notes or any closing document.]	 	 	 	 

        [Remainder of page left blank intentionally; Signature page to follow.]

Exhibit D—page 1

 

        IN
WITNESS WHEREOF, I have hereunto signed my name this 29th day of August, 2002. 

	

 	
 	

	 	 	Name:	Kathi E. Warne
	 	 	Title:	Assistant Secretary

Exhibit D—page 2

  

 
 

Exhibit E to the
  Three-Year Credit Agreement    
  

 
 

FORM OF OPINION OF BORROWERS' COUNSEL    
  

August 29, 2002 

Barclays
Bank PLC, as

Administrative Agent for the

Lenders listed on Schedule I hereto

222 Broadway, 8th floor

New York, NY 10038

Attention: Mr. Gary B. Wenslow 

and

The
Agents and Lenders listed

on Schedule I hereto 

Re:
$400,000,000 Three-Year Revolving Credit Facility 

Ladies
and Gentlemen: 

        I
am Counsel of Chevron Phillips Chemical Company LLC, a Delaware limited liability company (the "LLC") owned equally, indirectly, by Phillips Petroleum Company and Chevron Corporation,
and of Chevron Phillips Chemical Company LP, a Delaware limited partnership wholly-owned, indirectly, by the LLC (the "LP"; and, together with the LLC, the "Borrowers"). I am rendering this opinion in
connection with the preparation, execution and delivery of the 364-Day Credit Agreement, dated as of August 29, 2002 (the "Credit Agreement"), among the Borrowers, Barclays Bank
PLC, as Administrative Agent, the other agents therein named, and the lenders party thereto (collectively, the "Lenders"). 

        Unless
otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings set forth in the Credit Agreement. This opinion is furnished to you pursuant
to subsection 4.1(e) of the Credit Agreement. 

        In
connection with this opinion, I have examined: 

        (A)  the
Credit Agreement, signed by the Borrowers and by the Administrative Agent, the other agents therein named, and the Lenders; and 

        (B)  the
Notes delivered on the Closing Date pursuant to the Credit Agreement (the "Notes"). 

        I
also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, instruments and other documents and have made such other investigations
as I have deemed relevant and necessary in connection with the opinions expressed herein. As to questions of fact material to this opinion, I have relied upon certificates of public officials and of
officers and representatives of the Borrowers. In addition, I have examined, and have relied as to matters of fact upon, the representations made in the Credit Agreement. 

        In
rendering the opinions set forth below, I have assumed the genuineness of all signatures (other than officers of the Borrowers), the legal capacity of natural persons, the
authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as 

Exhibit E—page 1

 

duplicates or certified or conformed copies, and the authenticity of the originals of such latter documents. 

        Based
upon and subject to the foregoing, and subject to the qualifications and limitations set forth herein, I am of the opinion that: 

        1.    The
LLC (a) has been duly organized and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware,
(b) has the limited liability company power and authority to execute and deliver the Credit Agreement and each Note and to borrow and perform its obligations thereunder, and (c) has duly
authorized, executed and delivered the Credit Agreement and the Notes. 

        2.    The
LP (a) has been duly organized and is validly existing and in good standing as a limited partnership under the laws of the State of Delaware, (b) has
the partnership power and authority to execute and deliver the Credit Agreement and each Note and to borrow and perform its obligations thereunder, and (c) has duly authorized, executed and
delivered the Credit Agreement and the Notes. 

        3.    The
execution and delivery by the LLC of the Credit Agreement and each Note, its borrowings in accordance with the terms of the Credit Agreement and performance of its
payment and other obligations thereunder will not result in any violation of (1) its Certificate of Formation or its Amended and Restated Limited Liability Company Agreement, or
(2) assuming that proceeds of borrowings will be used in accordance with the terms of the Credit Agreement, any Federal or New York statute or the Delaware Limited Liability Company Act or any
rule or regulation issued pursuant to any New York or Federal statute or the Delaware Limited Liability Company Act. 

        4.    The
execution and delivery by the LP of the Credit Agreement and each Note, its borrowings in accordance with the terms of the Credit Agreement and performance of its
payment and other obligations thereunder will not result in any violation of (1) its Certificate of Limited Partnership or its Agreement of Limited Partnership, or (2) assuming that
proceeds of borrowings will be used in accordance with the terms of the Credit Agreement, any Federal or New York statute or the Delaware Revised Uniform Limited Partnership Act or any rule or
regulation issued pursuant to any New York or Federal statute or the Delaware Revised Uniform Limited Partnership Act. 

        5.    No
consent, approval, authorization, order, filing, registration or qualification of or with any Federal or New York governmental agency or body or any Delaware
governmental agency or body acting pursuant to the Delaware Limited Liability Company Act or the Delaware Revised Uniform Limited Partnership Act is required for the execution and delivery by either
Borrower of the Credit Agreement and each Note, the borrowings by either Borrower in accordance with the terms of the Credit Agreement and each Note or the performance by the Borrowers of their
payment obligations under the Credit Agreement and each Note. 

        6.    The
Credit Agreement and each Note constitute the valid and legally binding obligation of each Borrower, enforceable against such Borrower in accordance with its terms. 

        7.    Neither
Borrower is an "investment company," "company" or a company "controlled" by an "investment company" within the meaning of and subject to regulation under the
Investment Company Act of 1940, as amended. 

        In
issuing my opinion in paragraph 6, I have assumed that the Credit Agreement is a valid and legally binding obligation of each of the Lenders parties thereto. 

        My
opinion in paragraph 6 above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws of general
application relating to or 

Exhibit E—page 2

 

affecting creditors' rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair
dealing. 

        I
express no opinion with respect to: (a) the effect of any provision of the Credit Agreement which is intended to permit modification thereof only by means of an agreement signed
in writing by the parties thereto; (b) the effect of any provision of the Credit Agreement insofar as it provides that any Person purchasing a participation from a Lender or other Person may
exercise set-off or similar rights with respect to such participation or that any Lender or other Person may exercise set-off or similar rights other than in accordance with
applicable law; (c) the effect of any provision of the Credit Agreement imposing penalties or forfeitures; (d) the enforceability of any provision of the Credit Agreement to the extent
that such provision constitutes a waiver of illegality as a defense to performance of contract obligations; and (e) the effect of any provision of the Credit Agreement relating to
indemnification or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal acts or
gross negligence of the indemnified or exculpated Person or the Person receiving contribution. 

        In
connection with the provisions of the Credit Agreement whereby the parties submit to the jurisdiction of the courts of the United States of America located in the State of New York, I
note the limitations of 28 U.S.C. 1331 and 1332 on subject matter jurisdiction of the Federal courts. 

        I
do not express any opinion herein concerning any law other than the law of the State of New York, the Federal law of the United States, the Delaware Limited Liability Company Law and
the Delaware Uniform Limited Partnership Act. 

        This
opinion letter is rendered to you in connection with the above-described transactions. This opinion letter may not be relied upon by you for any other purpose, or relied upon by, or
furnished to, any other person, firm or corporation without my prior written consent. 

Very
truly yours, 

Jeffrey
Adams 

Exhibit E—page 3

 
 
 

Schedule I
  to Exhibit E    
  

 
 

SCHEDULE I    
    
    THE ADMINISTRATIVE AGENT AND THE LENDERS    
  

Barclays
Bank PLC,

as Administrative Agent and a Lender 

The
Royal Bank of Scotland plc,

as Syndication Agent and a Lender 

Sumitomo
Mitsui Banking Corporation

as Co-Documentation Agent and a Lender 

The
Bank of Tokyo-Mitsubishi, Ltd.,

as Co-Documentation Agent and a Lender 

Morgan
Stanley Bank, a Lender 

ING
Capital LLC, a Lender 

Riyad
Bank, a Lender 

Banca
Monte dei Paschi di Siena, S.p.A., a Lender 

The
Bank of New York, a Lender 

Den
norske Bank ASA, a Lender 

Bank
One, NA, a Lender 

Bank
of America, N.A., a Lender 

The
Bank of Nova Scotia, a Lender 

Exhibit E—page 4

  

 
 

Exhibit F to the
  Three-Year Credit Agreement    
  

 
 

FORM OF BORROWING REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

[Date1] 

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower")
refers to the Three-Year Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"Three-Year Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a Borrower,
the several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Three-Year Credit Agreement. 

        The
Requesting Borrower hereby gives you notice pursuant to subsection 2.3 of the Three-Year Credit Agreement that it requests a [Eurodollar]
[ABR] Loan under the Three-Year Credit Agreement, and in that connection sets forth below the terms on which such [Eurodollar]
[ABR] Loan is requested to be made: 

        (A)  [the
amount to be borrowed2], 

        (B)  [the
requested Borrowing Date], 

        (C)  [Interest
rate basis3] and 

        (D)  [length
of the Interest Period for each Eurodollar Loan requested herein4]. 

1.
Prior to 12:00 P.M., New York City time, at least three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, and prior to 12:00 P.M., New York City time, on the
Borrowing Date, in the case of ABR Loans. 

2.
In an aggregate principle amount of the lesser of (1) $10,000,000 or a whole multiple of $1,000,000 in excess thereof, and (2) the Available Commitments. 

3.
Eurodollar Rate, ABR Rate or a combination thereof. If no election as to the Type of borrowing is specified, the borrowing shall be an ABR borrowing. 

4.
If no Interest Period is specified, the Interest Period shall be deemed to be one month. 

Exhibit F—page 1

 

        Upon
acceptance of any or all of the Loans made by the Lenders in response to this request, the Requesting Borrower shall be deemed to have represented and warranted that the conditions
specified in subsection 4.2 of the Three-Year Credit Agreement have been satisfied. 

	 	 	Very truly yours,
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY [LLC][LP]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

Exhibit F—page 2

  

 
 

Exhibit G to the
  Three-Year Credit Agreement    
  

 
 

FORM OF EXEMPTION CERTIFICATE    
  

        Reference is made to the Three-Year Credit Agreement, dated as of August 29, 2002 (as amended, supplemented or otherwise modified from time to
time, the "Three-Year Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a
Borrower; the several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Unless otherwise defined herein, terms defined in the
Three-Year Credit Agreement and used herein shall have the meanings given to them in the Three-Year Credit Agreement. [Name of Non-U.S.
Lender] (the "Non-U.S. Lender") is providing this certificate pursuant to subsection 2.16(6) of the Three-Year
Credit Agreement. The Non-U.S. Lender hereby represents and warrants that: 

        1.    The
Non-U.S. Lender is the sole record and beneficial owner of the Loans in respect of which it is providing this certificate. 

        2.    The
Non-U. S. Lender is not a "bank" for purposes of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the
"Code"). In this regard, the Non-U. S. Lender further represents and warrants that: 

        (a)  the
Non-U.S. Lender is not subject to regulatory or other legal requirements as a bank in any jurisdiction; and 

        (b)  the
Non-U.S. Lender has not been treated as a bank for purposes of any tax, securities law or other filing or submission made to any Governmental Authority,
any application made to a rating agency or qualification for any exemption from tax, securities law or other legal requirements. 

        3.    The
Non-U. S. Lender is not a 10-percent shareholder of either Borrower within the meaning of Section 881(c)(3)(B) of the Code. 

        4.    The
Non-U.S. Lender is not a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the
Code. 

        IN
WITNESS WHEREOF, the undersigned has duly executed this certificate. 

	 	 	[NAME OF NON-U.S. LENDER]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

Date:	

 
	 	 	 	

Exhibit G–page 1

  

 
 

Exhibit H to the
  Three-Year Credit Agreement    
  

 
 

FORM OF SAME DAY BORROWING REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

[Date1] 

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower")
refers to the Three-Year Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"Three-Year Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC each as a Borrower; the
several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Three-Year Credit Agreement. The Requesting Borrower hereby gives you notice pursuant to subsection 2.4 of the Three-Year Credit
Agreement that it
requests a Same Day Loan under the Three-Year Credit Agreement, and in that connection sets forth below the terms on which such Same Day Loan is requested to be made: 

        (A)  Date
of Same Day Loan (which is a Business Day), 

        (B)  Principal
Amount of Same Day Loan2, and 

        (C)  Length
of Interest Period for each Same Day Loan requested herein.3 

1.
Not later than 12:00 P.M., New York City time, on the day of a proposed Same Day Loan. 

2.
In an aggregate principal amount of the lesser of (1) $1,000,000, and (2) the then Available Commitments with respect to Same Day Loans. 

3.
Commences on the Borrowing Date and ends (a) on a Business Day not later than 15 days after such Borrowing Date, or (b) if an Interest Period is not specified, on the first Business Day after the
Borrowing Date. 

Exhibit H—page 1

 

        Upon
acceptance of any or all of the Loans made by the Same Day Lender in response to this request, the Requesting Borrower shall be deemed to have represented and warranted that the
conditions specified in subsection 4.2 of the Credit Agreement have been satisfied. 

	 	 	Very truly yours,
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY [LLC][LP]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

Exhibit H—page 2

  

 
 

Exhibit I to the
  Three-Year Credit Agreement    
  

 
 

FORM OF CONVERSION OR CONTINUATION REQUEST    
  

Barclays
Bank PLC,

as Administrative Agent

222 Broadway, 8th floor

New York, NY 10038 

Attention:
Mr. Jesse Adams 

[Date] 

Dear
Sirs and Madams: 

        The
undersigned, Chevron Phillips Chemical Company [LLC][LP] (the "Requesting Borrower")
refers to the Three-Year Credit Agreement dated as of August 29, 2002 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
"Three-Year Credit Agreement"), among Chevron Phillips Chemical Company LP and Chevron Phillips Chemical Company LLC, each as a Borrower;
the several Lenders from time to time party thereto, Barclays Bank PLC, as Administrative Agent, and the other agents therein named. Terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Three-Year Credit Agreement. 

        Pursuant
to subsection 2.7 of the Three-Year Credit Agreement, this Notice of Conversion/Continuation (the "Notice")
represents the Requesting Borrower's irrevocable election to [insert one or more of the following]: 

        1      Convert
$                        in aggregate principal amount of ABR Loans to Eurodollar Loans
on                        20    1. The initial Interest Period for
such Eurodollar Loans is requested to be a            month period. 

        2      Convert
$                        in aggregate principal amount of Eurodollar Loans with a current Interest Period
ending                        , 20    to ABR Loans on
                        , 20    .2 

        3      Continue
as Eurodollar Loans $                        in aggregate principal amount of Eurodollar Loans with a current Interest Period
ending                        ,
20            3. The succeeding Interest Period is requested to be
a                        month period. 

	 	 	Very truly yours,
	

 	
 	

CHEVRON PHILLIPS CHEMICAL COMPANY [LLC][LP]
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

1.
Not later than three Business Days' prior irrevocable notice. 

2.
Not later than 12:00 P.M., New York City time, on a Business Day; provided, that any such conversion of Eurodollar Loans may only be made on the last
day of an Interest Period with respect thereto. 

3.
Only may be continued as such upon the expiration of the then current Interest Period with respect thereto. 

Exhibit I—page 1

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