Document:

$175,000,000 and €60,000,000

 

SENIOR SECURED REVOLVING FACILITIES CREDIT
AGREEMENT

 

Dated as of November 10, 2010

 

As amended and restated as of December 4,
2013

 

among

 

CHEMTURA CORPORATION and

 

the US Subsidiary Borrowers referenced
herein,

as US Borrowers

 

and

 

chemtura
sales europe b.v.

 

as Foreign Borrower 

 

and

 

chemtura
europe GMBH

 

as Swiss Guarantor 

 

and

 

Bank
of America, N.A.

 

as US Administrative Agent, Foreign Administrative Agent and Swing Line Lender

 

and

 

WELLS FARGO CAPITAL FINANCE, LLC

 

as Syndication Agent

 

and

 

CITIBANK, N.A.

 

as Documentation Agent

 

and

 

WELLS FARGO BANK, N.A.

 

as Initial US Issuing Bank and Initial Foreign Issuing Bank

 

and

 

THE INITIAL LENDERS AND THE OTHER LENDERS
PARTY HERETO

 

 

 

MERRILL
LYNCH, PIERCE, FENNER & SMITH iNCORPORATED

 

WELLS FARGO CAPITAL FINANCE, LLC

 

and

 

CITIGROUP GLOBAL MARKETS INC.

 

as Joint Lead Arrangers

 

 

 

MERRILL
LYNCH, PIERCE, FENNER & SMITH iNCORPORATED

 

WELLS FARGO CAPITAL FINANCE, LLC

 

and

 

CITIGROUP GLOBAL MARKETS INC.

 

as Joint Bookrunners

 

    	 	 	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I
	 
	DEFINITIONS AND ACCOUNTING TERMS
	 	 
	Section 1.01 Certain Defined Terms	5
	Section 1.02 Computation of Time Periods; Other Definitional Provisions	61
	Section 1.03 Accounting Terms	61
	Section 1.04 Terms Generally	61
	Section 1.05 Dutch Terms	61
	 	 
	Article II
	 
	AMOUNTS AND TERMS OF THE ADVANCES
	AND THE LETTERS OF CREDIT
	 	 
	Section 2.01 The Advances	62
	Section 2.02 Making the Advances	64
	Section 2.03 Issuance of and Drawings and Reimbursement Under US Letters of Credit	66
	Section 2.04 Swing Line Advances	72
	Section 2.05 Repayment of Advances	75
	Section 2.06 Termination, Reduction or Re-Allocation of Commitments and Availability	75
	Section 2.07 Prepayments	76
	Section 2.08 Interest	78
	Section 2.09 Fees	79
	Section 2.10 Conversion of Advances	80
	Section 2.11 Increased Costs, Etc	81
	Section 2.12 Payments and Computations	83
	Section 2.13 Taxes	85
	Section 2.14 Sharing of Payments, Etc	88
	Section 2.15 Use of Proceeds	89
	Section 2.16 Defaulting Lenders	89
	Section 2.17 Evidence of Debt	91
	Section 2.18 Replacement of Certain Lenders	91
	Section 2.19 Commitment Increase	92
	Section 2.20 Nature and Extent of Each Borrower’s Liability	93
	Section 2.21 Issuance of and Drawings and Reimbursement Under Foreign Letters of Credit	95
	Section 2.22 Extensions	102
	 	 
	Article III
	 
	CONDITIONS TO EFFECTIVENESS
	 	 
	Section 3.01 Conditions Precedent to Effectiveness	103

 

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	Section 3.02 Conditions Precedent to Each Borrowing and Each Issuance of a Letter of Credit	108
	Section 3.03 Determinations Under Sections 3.01 and 3.03	109
	 	 
	Article IV
	 
	REPRESENTATIONS AND WARRANTIES
	 	 
	Section 4.01 Representations and Warranties of the Loan Parties	109
	 	 
	Article V
	 
	COVENANTS OF THE LOAN PARTIES
	 	 
	Section 5.01 Affirmative Covenants	114
	Section 5.02 Negative Covenants	119
	Section 5.03 Reporting Requirements	132
	Section 5.04 Financial Covenant	136
	 	 
	Article VI
	 
	EVENTS OF DEFAULT
	 	 
	Section 6.01 Events of Default	136
	Section 6.02 Actions in Respect of the Letters of Credit upon Default	139
	Section 6.03 Waterfall	139
	 	 
	Article VII
	 
	THE AGENTS
	 	 
	Section 7.01 Appointment and Authority	140
	Section 7.02 Rights as a Lender	141
	Section 7.03 Exculpatory Provisions	142
	Section 7.04 Reliance by Administrative Agent	142
	Section 7.05 Delegation of Duties	143
	Section 7.06 Resignation of Administrative Agent	143
	Section 7.07 Non-Reliance on Administrative Agent and Other Lender Parties	144
	Section 7.08 No Other Duties, etc	144
	Section 7.09 Administrative Agent May File Proofs of Claim	144
	Section 7.10 Collateral and Guaranty Matters	145
	Section 7.11 Intercreditor Agreement and Subordination Agreements	146
	Section 7.12 Parallel Debt Obligations	146
	Section 7.13 Agent as security trustee	147

 

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	Article VIII
	 
	[Intentionally omitted]
	 
	Article IX
	 
	[intentionally omitted]
	 
	Article X
	 
	MISCELLANEOUS
	 
	Section 10.01 Amendments, Etc	149
	Section 10.02 Notices, Posting of Approved Electronic Communications, Etc	150
	Section 10.03 No Waiver; Remedies	152
	Section 10.04 Costs, Fees and Expenses	152
	Section 10.05 Right of Set-off	154
	Section 10.06 Binding Effect	155
	Section 10.07 Successors and Assigns	155
	Section 10.08 Execution in Counterparts; Integration	159
	Section 10.09 Survival of Representations and Warranties	160
	Section 10.10 Severability	160
	Section 10.11 Confidentiality and Related Matters	160
	Section 10.12 Treatment of Information	161
	Section 10.13 Patriot Act Notice	161
	Section 10.14 Jurisdiction, Etc  Without affecting the choice of jurisdiction made in each Foreign Security Document:	162
	Section 10.15 Governing Law	162
	Section 10.16 Waiver of Jury Trial	162
	Section 10.17 No Advisory or Fiduciary Relationship	162
	Section 10.18 Release of Guarantees and Collateral	163
	Section 10.19 Process Agent	163
	Section 10.20 Judgment Currency	164

 

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SCHEDULES

 

	Schedule I	-	Commitments and Applicable Lending Offices
	Schedule III	-	Form of Invoices
	Schedule IV	-	Existing Letters of Credit
	Schedule V	 	Foreign Eligible Inventory Locations
	Schedule 1.01A	-	[Intentionally Omitted]
	Schedule 1.01B	-	US Subsidiary Borrowers
	Schedule 1.01C	-	Guarantors
	Schedule 1.01D	-	Foreign Security Documents
	Schedule 4.01(a)	-	Equity Investments; Subsidiaries
	Schedule 4.01(b)	-	Loan Parties
	Schedule 4.01(i)	-	Disclosures
	Schedule 4.01(m)	-	Environmental Liabilities
	Schedule 4.01(t)	-	Surviving Debt and Effective Date Debt
	Schedule 4.01(u)	-	Liens
	Schedule 5.02(r)	-	Exempt Accounts
	Schedule 10.02	-	Administrative Agents’ Offices, Certain Addresses for Notices

 

EXHIBITS

 

	Exhibit A-1	-	Form of US Revolving Credit Note
	Exhibit A-2	-	Form of Foreign Revolving Credit Note
	Exhibit B-1	-	Form of Notice of Borrowing
	Exhibit B-2	-	Form of Swing Line Advance Notice
	Exhibit C	-	Form of Assignment and Acceptance
	Exhibit D	-	Form of Intercreditor Agreement 
	Exhibit E	-	Form of Borrowing Base Certificate
	Exhibit F	-	Form of US Security Agreement 
	Exhibit G	-	Form of US Guaranty
	Exhibit H	-	Form of Foreign Facility Security Agreement
	Exhibit I	-	Form of Foreign Facility Guaranty
	Exhibit J	-	Form of Subordination Agreement
	Exhibit K-1	-	Form of U.S. Tax Certificate (For Foreign Lenders That Are Not  Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit K-2	-	Form of U.S. Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit K-3	-	Form of U.S. Tax Certificate (For Foreign Participants That Are Not U.S. Persons or Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit K-4	-	Form of U.S. Tax Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

    	 	iv	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

SENIOR SECURED REVOLVING FACILITIES CREDIT
AGREEMENT

 

SENIOR SECURED REVOLVING FACILITIES CREDIT
AGREEMENT (this “Agreement”) dated as of November 10, 2010, as amended and restated as of December 4, 2013,
among CHEMTURA CORPORATION, a Delaware corporation (the “Company”) and each of the US Subsidiary Borrowers (as
hereinafter defined) (each, including the Company, a “US Borrower”, and collectively, the “US Borrowers”),
CHEMTURA SALES EUROPE B.V., a company incorporated under the laws of the Netherlands (the “Foreign Borrower”,
and together with the US Borrowers, the “Borrowers”), Chemtura Europe GmbH, a company formed under the laws
of Switzerland (the “Swiss Guarantor”), the Initial Lenders (as hereinafter defined) and the other banks, financial
institutions and other institutional lenders party hereto (each, a “Lender”, and together with the Initial Lenders
and any other person that becomes a Lender hereunder pursuant to Section 10.07, the “Lenders”), WELLS FARGO
BANK, N.A., as the initial issuing bank in respect of the US Letters of Credit (in such capacity, the “US Initial Issuing
Bank”), as the initial issuing bank in respect of the Foreign Letters of Credit (in such capacity, the “Foreign
Initial Issuing Bank”), BANK OF AMERICA, N.A. (“Bank of America”), as administrative and collateral
agent (or any successor appointed pursuant to Article VII, the “US Administrative Agent”) for the US Lender
Parties and the other US Secured Parties (each as hereinafter defined), as administrative and collateral agent (or any successor
appointed pursuant to Article VII, the “Foreign Administrative Agent”) for the Foreign Lender Parties and the
other Foreign Secured Parties (each as hereinafter defined) and as Swing Line Lender (as hereinafter defined), WELLS FARGO CAPITAL
FINANCE, LLC (“Wells Fargo”), as syndication agent, CITIBANK. N.A. (“Citibank”), as documentation
agent, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (“MLPF&S”), Wells Fargo and CITIGROUP GLOBAL
MARKETS INC. (“CGMI”), as joint lead arrangers (the “Lead Arrangers”), and as joint bookrunners
(the “Bookrunners”).

 

PRELIMINARY STATEMENTS

 

(1)          On
November 10, 2010, the Company and the other Loan Parties party thereto entered into a Senior Secured Revolving Facility Credit
Agreement (as heretofore amended or otherwise modified, the “Existing Facility”).

 

(2)          The
parties hereto hereby wish to amend and restate the Existing Facility in the form hereof effective as of the Effective Date (as
defined below).

 

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

 

Article
I

 

DEFINITIONS
AND ACCOUNTING TERMS

 

Section 1.01 Certain
Defined Terms As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

 

“ABR”
means, for any day, with respect to Advances denominated in US Dollars, a fluctuating rate per annum equal to the highest of (a)
the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time
by Bank of America as its “prime rate,” and (c) the Eurocurrency Rate denominated in US Dollars, plus 1.00%. The “prime
rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs 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 prime rate announced by Bank of America shall take effect at the opening
of business on the day specified in the public announcement of such change.

 

    	 	5	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“ABR
Advance” an Advance denominated in US Dollars that bears interest based on the ABR.

 

“Account
Debtor” means, with respect to any Account, the Person obligated on such Account.

 

“Accounts”
has the meaning set forth in the UCC.

 

“Activities”
has the meaning specified in Section 7.02(b).

 

“Administrative
Agent” means any or each of the US Administrative Agent (with respect to the US Obligations) or the Foreign Administrative
Agent (with respect to the Foreign Obligations), as the context may require.

 

“Administrative
Agent’s Office” means any or each of the US Administrative Agent’s Office (with respect to the US Obligations)
or the Foreign Administrative Agent’s Office (with respect to the Foreign Obligations), as the context may require.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance”
means a Revolving Credit Advance, a Letter of Credit Advance or a Swing Line Advance.

 

“Affected
Lender” has the meaning specified in Section 2.18.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with
such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including
the terms "controlling", “controlled by” and “under common control with”) of a Person means the
possession, direct or indirect, of the power to vote 10% or more of the Voting Stock of such Person or to direct or cause the direction
of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise.

 

“Agents”
means, collectively, (a) the Administrative Agents, (b) MLPF&S, Wells Fargo and CGMI in their capacities as Lead Arrangers,
and (c) MLPF&S, Wells Fargo and CGMI in their capacities as Bookrunners.

 

“Agent
Parties” has the meaning specified in Section 10.02(c).

 

“Agreement”
has the meaning specified in the recital of parties to this Agreement.

 

“Agreement
Currency” has the meaning specified in Section 10.20.

 

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“Agreement
Value” means, for each Hedge Agreement, on any date of determination, an amount determined by the Administrative Agent
equal to: (a) in the case of a Hedge Agreement documented pursuant to the Master Agreement (Multicurrency-Cross Border) published
by the International Swap and Derivatives Association, Inc. (the “Master Agreement”), the amount, if any, that
would be payable by any Loan Party or any of its Restricted Subsidiaries to its counterparty to such Hedge Agreement, as if (i)
such Hedge Agreement were being terminated early on such date of determination, (ii) such Loan Party or Restricted Subsidiary were
the sole “Affected Party,” and (iii) the Administrative Agent were the sole party determining such payment amount (with
the Administrative Agent reasonably making such determination pursuant to the provisions of the form of Master Agreement); (b)
in the case of a Hedge Agreement traded on an exchange, the mark-to-market value of such Hedge Agreement, which will be the unrealized
loss on such Hedge Agreement to the Loan Party or Restricted Subsidiary of a Loan Party party to such Hedge Agreement reasonably
determined by the Administrative Agent based on the settlement price of such Hedge Agreement on such date of determination; or
(c) in all other cases, the mark-to-market value of such Hedge Agreement, which will be the unrealized loss on such Hedge Agreement
to the Loan Party or Restricted Subsidiary of a Loan Party party to such Hedge Agreement reasonably determined by the Administrative
Agent as the amount, if any, by which (i) the present value of the future cash flows to be paid by such Loan Party or Restricted
Subsidiary exceeds (ii) the present value of the future cash flows to be received by such Loan Party or Restricted Subsidiary pursuant
to such Hedge Agreement; capitalized terms used and not otherwise defined in this definition or this Agreement shall have the respective
meanings set forth in the above described Master Agreement or any other document governing such Hedge Agreement.

 

“Albemarle
Settlement and Cross License” means, collectively, (a) the mutual release by the Company and Great Lakes Chemical
Corporation (“GLCC”), on the one hand, and Albemarle Corporation, on the other hand, of claims and counterclaims
raised or that could be raised (i) in Albemarle Corporation v. Great Lakes Chemical Corporation, Civil Action Nos.
02-505-JVP-DLD and 02-506-JVP-DLD, consolidated, pending on the Original Effective Date in the United States District Court for
the Middle District of Louisiana; (ii) in Albemarle Corporation v. Chemtura Corporation and Great Lakes Chemical Corporation,
Civil Action No. 05-1239-JJB-SCR, pending on the Original Effective Date in the United States District Court for the Middle District
of Louisiana; and (iii) in Chemtura Corporation v. Albemarle Corporation, Civil Action No. 3:09cv143-JRS, pending on
the Original Effective Date in the United States District Court for the Eastern District of Virginia, (iv) in controversies
relating to the Company’s and GLCC’s concerns that former employees of the Company or GLCC made available to Albemarle
certain of the Company’s and/or GLCC’s trade secrets, confidential information and/or know-how, and/or (v) under
U.S. Patent Numbers 4,719096, 4,725,425, 4,978518, 5,008,477, 5,030,778, 5,053,447, 5,077,334, 5,124,496, 5,302,768, 5,387,636,
5,457,248 and 6,958,423; and (b) the grant by the Company and/or GLCC to Albemarle Corporation of a nonexclusive, fully paid-up,
royalty-free, irrevocable, world-wide license to manufacture, use, sell, offer for sale and import FM 2100 or any other products
under the claims of U.S. Patent Number 5,457,248 and its respective foreign counterparts and continuations, including reissue patents,
reexamined patents, as well as all of the applications to which this patent claims priority, the patents claiming priority from
it, including continuation applications, continuation-in-part applications, CPA and RCE applications, divisional applications,
and any patent that issues from a patent application that is subject to this clause (b), in consideration of the grant by
Albemarle Corporation of certain licenses to the Company and GLCC with respect to certain of Albemarle Corporation’s intellectual
property, in each case on substantially the terms set forth in the Settlement and Cross-License Agreement signed on December 24,
2009 among Albemarle Corporation, the Company and GLCC.

 

“Allocated
US Availability” has the meaning specified in Section 2.06(a)(iv).

 

    	 	7	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Applicable
Lending Office” means, with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the case
of a Base Rate Advance and such Lender Party’s Eurocurrency Lending Office in the case of a Eurocurrency Rate Advance.

 

“Applicable
Margin” means, in the case of a Eurocurrency Rate Advance, an ABR Advance or a Foreign Base Rate Advance outstanding
on any date of determination, the applicable percentage per annum set forth below opposite Average Excess Availability, which shall
for purposes of this definition be determined by reference to (a) for any such date during the fiscal quarter in which the Effective
Date occurs or during the first full fiscal quarter commencing after the Effective Date, Average Excess Availability as of the
Effective Date (after giving effect to all Transactions contemplated to occur on the Effective Date) and (b) for any such date
during each subsequent fiscal quarter, Average Excess Availability for the immediately preceding fiscal quarter:

 

	Average Excess Availability	 	Eurocurrency Rate Advances 
and Foreign Base Rate Advances	 	 	ABR Advances	 
	 	 	 	 	 	 	 
	<$100 million	 	 	2.00	%	 	 	1.00	%
	 	 	 	 	 	 	 	 	 
	$100 million to $175 million	 	 	1.75	%	 	 	0.75	%
	 	 	 	 	 	 	 	 	 
	>$175 million	 	 	1.50	%	 	 	0.50	%

 

“Applicable
Rate” means, for any period, (a) in the case of the US Revolving Credit Facilities, if the daily average for each day
during such period of the percentage of the US Revolving Credit Commitments represented by the US Unused Revolving Credit Commitments
(i) exceeds 50%, 0.375% per annum or (ii) does not exceed 50%, 0.25%, and (b) in the case of the Foreign Revolving Credit Facilities,
if the daily average for each day during such period of the percentage of the Foreign Revolving Credit Commitments represented
by the Foreign Unused Revolving Credit Commitments (i) exceeds 50%, 0.375% or (ii) does not exceed 50%, 0.25% per annum.

 

“Appropriate
Lender” means, at any time, with respect to (a) any Revolving Credit Facility, a Lender that has a Commitment or Advances
outstanding, in each case with respect to or under such Revolving Credit Facility at such time, (b) any Letter of Credit Sublimit
with respect to any Revolving Credit Facility, (i) any Issuing Bank under such Revolving Credit Facility, and (ii) if the Revolving
Credit Lenders under such Revolving Credit Facility have made Letter of Credit Advances under such Revolving Credit Facility that
are outstanding at such time, each such Revolving Credit Lender, and (c) the Swing Line Sublimit, (i) the Swing Line Lender and
(ii) if any Swing Line Advances are outstanding pursuant to Section 2.04(a), the US Lenders.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

    	 	8	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender Party and an Eligible Assignee, and accepted
by the applicable Administrative Agent, in accordance with Section 10.07 and in substantially the form of Exhibit C hereto.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable
agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease or other agreement or instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person.

 

“Availability”
means, at any time, the sum of the US Availability at such time and the Foreign Availability at such time.

 

“Available
Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit
at such time (assuming compliance at such time with all conditions to drawing).

 

“Average
Excess Availability” means, for any period, the average amount of Availability for each day during such period.

 

“Average
US Excess Availability” means, for any period, the average amount of US Availability for each day during such period.

 

“BA
Rate” means, for the applicable Interest Period of each Advance denominated in Canadian Dollars, the rate of interest
per annum equal to the annual rates applicable to Canadian Dollar bankers’ acceptances having an identical or comparable
term as the proposed Advance displayed and identified as such on the display referred to as the “CDOR Page” (or any
display substituted therefor or if no longer displayed and no substitute exists, a comparable reference rate designated by the
Foreign Administrative Agent shall be the BA Rate) of Reuter Monitor Money Rates Service as at approximately 10:00 a.m. Local
Time on such day (or, if such day is not a Business Day, as of 10:00 a.m. Local Time on the immediately preceding Business
Day).

 

“Bank
of America” has the meaning specified in the recital of parties to this Agreement.

 

“Bank
Product Reserves” means all reserves which the applicable Administrative Agent from time to time establishes in its reasonable
judgment for the Obligations under the Secured Cash Management Agreements then outstanding.

 

“Bankruptcy
Code” means chapter 11 of the U.S. Bankruptcy Code (11 U.S.C. §§ 101 et seq.).

 

“Bankruptcy
Court” means the United States Bankruptcy Court for the Southern District of New York having jurisdiction over the Cases
or any other court having jurisdiction over the Cases, including, to the extent of the withdrawal of any reference under 28 U.S.C.
§ 157, the United States District Court for the Southern District of New York.

 

“Base
Rate” means the ABR in respect of Base Rate Advances denominated in US Dollars or the Foreign Base Rate in respect of
Base Rate Advances denominated in other currencies, as the context may require.

 

    	 	9	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Base
Rate Advance” means each or any of an ABR Advance or a Foreign Base Rate Advance, as the context may require.

 

“BofA
Collection Accounts” means deposit accounts located in the Netherlands and England and Wales, subject to a Foreign Account
Control Agreement, under the sole control and dominion of the Foreign Administrative Agent and maintained at Bank of America or
any of its Affiliates. As of the Effective Date, the BofA Collection Accounts are: account no. 600856014071, account no. 600418754015
and account no. 600418754031.

 

“Bookrunners”
has the meaning specified in the recital of parties to this Agreement.

 

“Borrower”
means any or each of the US Borrowers or Foreign Borrower, as the context may require.

 

“Borrower
Materials” has the meaning specified in Section 10.12.

 

“Borrower’s
Account” means the account of the Company (with respect to the US Revolving Credit Facility) or the Foreign Borrower
(with respect to the Foreign Revolving Credit Facility) maintained by the Company or the Foreign Borrower, as the case may be,
and specified in writing to the Administrative Agent from time to time.

 

“Borrowing”
means a Revolving Credit Borrowing or a Swing Line Borrowing, as the context may require.

 

“Borrowing
Base” means any or each of the US Borrowing Base or the Foreign Borrowing Base, as the context may require.

 

“Borrowing
Base Certificate” means a certificate in substantially the form of Exhibit E hereto (with such changes therein as may
be required in accordance with the terms of this Agreement by the Administrative Agents to reflect the components of, and reserves
against, each Borrowing Base as provided for hereunder from time to time), executed and certified as accurate and complete by a
Responsible Officer of the Company or by the controller of the Company, which shall include detailed calculations as to the Borrowing
Base as reasonably requested by the Administrative Agent.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, New York, New York or the state where the Administrative Agent’s Office is located,
and if such day relates to any Eurocurrency Rate Advance or any Advance under the Foreign Revolving Credit Facility, shall also
exclude (a) any day on which banks are not open for the transaction of banking business in London, United Kingdom and (b) in respect
of any Advance denominated in Euros, any day that is not a TARGET Day.

 

“Canadian
Debtor” means Chemtura Canada Co./Cie, a company organized under the laws of Ontario, Canada.

 

“Canadian
Dollars” or “C$” means the lawful currency of Canada.

 

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“Capital
Expenditures” means, for any Person for any period, the sum (without duplication) of all expenditures made, directly
or indirectly, by such Person or any of its Restricted Subsidiaries during such period for equipment, fixed assets, real property
or improvements, or for replacements or substitutions therefor or additions thereto, that have been or should be, in accordance
with GAAP, reflected as additions to property, plant or equipment on a Consolidated balance sheet of such Person. For purposes
of this definition, the purchase price of equipment that is purchased simultaneously with the trade in of existing equipment or
with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount of such purchase price
less the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of such proceeds,
as the case may be.

 

“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cases”
means the voluntary petitions filed on March 18, 2009 by the Borrowers and certain of its Subsidiaries in the United States Bankruptcy
Court for the Southern District of New York.

 

“Cash
Collateralize” means to pledge and deposit with or deliver to (a) the US Administrative Agent, for the benefit of the
US Issuing Banks or Swing Line Lender and the US Lenders, as collateral for the US L/C Obligations, US Obligations in respect of
Swing Line Advances, or obligations of US Lenders to fund participations in respect of either thereof (as the context may require),
cash or deposit account balances in an amount not less than 103% of the face amount of such Obligations, pursuant to customary
documentation in form and substance reasonably satisfactory to (i) the US Administrative Agent and (ii) the US Issuing Banks or
the Swing Line Lender (as applicable) or (b) the Foreign Administrative Agent, for the benefit of the Foreign Issuing Banks and
the Foreign Lenders, as collateral for the Foreign L/C Obligations or obligations of Foreign Lenders to fund participations in
respect thereof (as the context may require), cash or deposit account balances in an amount not less than 103% of the face amount
of such Obligations, pursuant to customary documentation in form and substance reasonably satisfactory to (i) the Foreign Administrative
Agent and (ii) the Foreign Issuing Banks. Derivatives of such term have corresponding meanings.

 

“Cash
Dominion Period” means (a) the period commencing on any date that is the fifth consecutive Business Day that US Availability
is less than the greater of (i) $17,500,000 and (ii) 10% of the aggregate amount of US Revolving Credit Commitments then in effect
and continuing until the date when US Availability has been, for 30 consecutive days including such date, equal to or greater than
the greater of (i) $17,500,000 and (ii) 10% of the aggregate amount of US Revolving Credit Commitments then in effect and (b) any
period during which a Specified Default shall have occurred and be continuing.

 

“Cash
Equivalents” means any of the following, to the extent having a maturity of not greater than 12 months from the date
of issuance thereof: (a) readily marketable direct obligations of the Government of the United States or any agency or instrumentality
thereof or obligations unconditionally guaranteed by the full faith and credit of the Government of the United States, (b) certificates
of deposit of or time deposits with any commercial bank that is a Lender Party or a member of the Federal Reserve System that issues
(or the parent of which issues) commercial paper rated as described in clause (c), is organized under the laws of the United
States or any state thereof and has combined capital and surplus of at least $1,000,000,000, (c) commercial paper in an aggregate
amount of no more than $25,000 per issuer outstanding at any time, issued by any corporation organized under the laws of any state
of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or “A-1”
(or the then equivalent grade) by S&P, and (d) Investments, classified in accordance with GAAP, as current assets of the
Company or any of its Restricted Subsidiaries, in money market investment programs registered under the Investment Company Act
of 1940, as amended, which are administered by financial institutions that have the highest rating obtainable from either Moody’s
or S&P.

 

    	 	11	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft,
credit or debit card, electronic funds transfer and other cash management arrangements.

 

“Cash
Management Bank” means any or each of a US Cash Management Bank and a Foreign Cash Management Bank, as the context may
require.

 

“CFC”
means an entity that is classified as a controlled foreign corporation under Section 957 of the Internal Revenue Code.

 

“CGMI”
has the meaning specified in the recital of parties to this Agreement.

 

“Change
of Control” means and shall be deemed to have occurred if (a) any Person or two or more Persons acting in concert shall
have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities
Exchange Act of 1934), directly or indirectly, of Voting Stock of the Company (or other securities convertible into such Voting
Stock) representing 35% or more (in the case of a single Person) or 50% or more (in the case of two or more Persons acting in concert)
of the combined voting power of all Voting Stock of the Company; or (b) after the second anniversary of the date of this Agreement,
individuals who as of the date of such second anniversary were directors of the Company, together with each individual on the board
of directors of the Company who was either (x) elected or appointed by a majority of those members of the board of directors of
the Company who were members at the time of such election or appointment or (y) nominated for election or appointment by a majority
of those members of the board of directors of the Company who were members at the time of such nomination, shall cease for any
reason to constitute a majority of the board of directors of the Company.

 

“Citibank”
has the meaning specified in the recital of parties to this Agreement.

 

“Collateral”
means all “Collateral” referred to in the Collateral Documents and all other property of the Loan Parties that is or
is purported to be subject to any Lien in favor of the Administrative Agent for the benefit of any of the applicable Secured Parties.

 

“Collateral
Access Agreement” means any landlord waiver, mortgagee waiver, bailee letter, or any similar acknowledgment or agreement
of any warehouseman or processor that owns or is in possession of property where any Inventory is stored or located, pursuant to
which a Person shall waive or subordinate its rights and claims as landlord, mortgagee, bailee, warehouseman or processor in any
Inventory of a Loan Party and grant access to the Administrative Agent for the enforcement of its security rights with respect
to such Inventory, in each case in form and substance substantially identical to the collateral access agreements obtained in connection
with the Existing Facility.

 

“Collateral
Documents” means, collectively, the Security Agreements, the Intellectual Property Security Agreements, the Mortgages,
the Foreign Security Documents and any other agreement that creates or purports to create a Lien in favor of any Administrative
Agent for any of the benefit of the Secured Parties.

 

    	 	12	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Commitment”
means a Revolving Credit Commitment or a Letter of Credit Commitment.

 

“Commitment
Increase” has the meaning specified in Section 2.19.

 

“Commitment
Increase Lender” has the meaning specified in Section 2.19.

 

“Company”
has the meaning specified in the recital of parties to this Agreement.

 

“Consolidated”
refers to the consolidation of accounts in accordance with GAAP.

 

“Consolidated
Net Income” of a Person (the “Specified Person”) for any period means the aggregate
of the net income (loss) of the Specified Person and its Restricted Subsidiaries for such period, on a Consolidated basis, determined
in accordance with GAAP; provided that:

 

(1)          the
net income (loss) of any Person that is not a Restricted Subsidiary of the Specified Person or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or distributions paid in cash (or to the extent
converted into cash) to the Specified Person or a Restricted Subsidiary thereof (subject, in the case of dividends or distributions
paid to a Restricted Subsidiary, to the limitations contained in clause (2) below);

 

(2)          [Intentionally
Omitted];

 

(3)          any
gain or loss, together with any related provision for taxes on such gain or loss less all fees and expenses or charges relating
thereto, realized in connection with: (a) any sale of assets outside the ordinary course of business of the Specified Person; or
(b) the disposition of any securities by the Specified Person or a Restricted Subsidiary thereof or the extinguishment of any Debt
of the Specified Person or any Restricted Subsidiary thereof, will be excluded;

 

(4)          any
extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss (less all costs and
expenses if incurred in connection with the Cases, the Senior Notes, this Revolving Credit Facility or the Term Facility), will
be excluded;

 

(5)          any
non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers, directors and
employees of the Specified Person and any Restricted Subsidiary thereof will be excluded; provided that such shares, options or
other rights can be redeemed at the option of the holder only for Equity Interests (other than Redeemable Equity Interests) of
the Specified Person;

 

(6)          the
cumulative effect of a change in accounting principles will be excluded;

 

(7)          any
restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated
Net Income accrued at any time following the Original Effective Date, will be excluded;

 

(8)          any
charges or credits relating to any purchase accounting adjustments or to the adoption of fresh-start accounting principles will
be excluded;

 

    	 	13	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(9)          to
the extent the related loss is not added back in calculating such Consolidated Net Income, proceeds of business interruption insurance
policies to the extent of such related loss will be excluded;

 

(10)        fees
and expenses related to a Foreign Asset Based Financing or any asset-based revolving credit agreement incurred in reliance on Section 5.02(b)(vi)
or 5.02(b)(xi) and secured by Liens on inventory and/or accounts receivable (and related assets) of the relevant Foreign Subsidiaries
will be excluded;

 

(11)        any
net after-tax gains attributable to the termination of any employee pension benefit plan will be excluded;

 

(12)        (a)
any non-cash net after-tax income or loss from operating results of discontinued operations as defined by GAAP and (b) any net
after-tax gains or losses from sales of discontinued operations, in each case will be excluded;

 

(13)        any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of Debt, Obligations in respect of Hedge Agreements or other derivative instruments entered into in relation with the Debt extinguished
will be excluded;

 

(14)        any
gain or loss for such period from currency translation gains or losses or net gains or losses related to currency remeasurements
of Debt (including any net loss or gain resulting from Obligations in respect of Hedge Agreements for currency exchange risk entered
into in relation with Debt) will be excluded; and

 

(15)        any
non-cash impairment charges or asset write-downs or write-offs, in each case pursuant to GAAP, and the amortization of intangibles
arising pursuant to GAAP will be excluded.

 

“Consolidated
Net Tangible Assets” means, as of any date, the total assets of the Company and its Restricted Subsidiaries less goodwill
and intangibles (other than intangibles arising from, or relating to, intellectual property, licenses or permits (including, but
not limited to, emissions rights) of the Company and its Restricted Subsidiaries), in each case calculated on a consolidated basis
in accordance with GAAP, as set forth on the consolidated balance sheet of the Company as of the end of the most recent fiscal
year or quarter in respect of which financial statements have been furnished to the Administrative Agents pursuant to Section 5.03
prior to such date; provided that in the event that the Company or any of its Restricted Subsidiaries has assumed or acquired
any assets in connection with the acquisition by the Company and its Restricted Subsidiaries of another Person subsequent to such
balance sheet date but prior to the event as a result of which the calculation of Consolidated Net Tangible Assets is being made,
then Consolidated Net Tangible Assets shall be calculated giving pro forma effect to such assumption or acquisition of assets,
as if the same had occurred on such balance sheet date.

 

“Contract”
means an agreement between any Borrower and an Account Debtor in any written form acceptable to such Borrower, or in the case of
any open account agreement as evidenced by one of the forms of invoices set forth in Schedule III hereto or otherwise approved
by the Administrative Agents from time to time (which approval shall not be unreasonably withheld), pursuant to or under which
such Account Debtor shall be obligated to pay for goods or services from time to time.

 

    	 	14	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Conversion”,
“Convert” and “Converted” each refers to the conversion of Advances from one Type to Advances
of the other Type.

 

“Conyers
Fire Settlement” means the settlement of certain claims against Bio-Lab, Inc. (“BioLab”) and GLCC
relating to a fire that occurred at BioLab’s Plant 14 finished goods warehouse in Conyers, Georgia on May 25 and May 26,
2004, pursuant to which settlement such claims against the Company and its Subsidiaries will be dismissed and released in consideration
of BioLab and GLCC establishing, in an escrow account with Citibank or another escrow agent mutually agreed upon by the parties,
a $7,000,000 settlement fund for the payment of such claims in accordance with the settlement agreement therefor approved by the
Bankruptcy Court.

 

“DCC”
means the Dutch Civil Code (Burgerlijk Wetboek).

 

“Debt”
of any Person means, without duplication, (a) the outstanding principal amount of all indebtedness of such Person for borrowed
money (including Obligations hereunder), (b) all Obligations of such Person for the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business not overdue by more than 90 days), (c) all Obligations of
such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (d) all Obligations of such Person
created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person
(even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession
or sale of such property), (e) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of
such Person and all Synthetic Debt of such Person, (f) all Obligations of such Person arising under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (g) all Obligations
of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests in such Person
or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred
Interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (h) all Obligations
of such Person in respect of Hedge Agreements, valued at the Agreement Value thereof, (i) all Guarantee Obligations of such Person,
and (j) all indebtedness and other payment Obligations referred to in clauses (a) through (i) above of another Person secured by
(or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including,
without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable
for the payment of such indebtedness or other payment Obligations.

 

“Debtor
Relief Law” means the Bankruptcy Code, the Council of the European Union Regulation 1346/2000/EC on insolvency proceedings
and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief laws of the United States or any other applicable jurisdiction from time to
time in effect and affecting the rights of creditors generally, including the Dutch Bankruptcy Act (Faillissementswet).

 

“Default”
means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given
or time elapse or both.

 

    	 	15	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender that, as determined by the Administrative Agent in good faith,
(a) has failed to perform any of its funding obligations hereunder, including in respect of its Advances or participations in respect
of Letters of Credit or Swing Line Advances, within three Business Days of the date required to be funded by it hereunder, (b)
has notified the Borrowers or the Administrative Agent in writing that it does not intend to comply with its funding obligations
or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which
it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, to confirm in
writing to the Administrative Agent and the Company that it will comply with its funding obligations (provided that such Lender
shall cease to be a Defaulting lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action
in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that
a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority.

 

“Designated
Litigation Liabilities” means liabilities for litigation matters the liabilities for which have been estimated or determined
under and in accordance with the Plan and/or Disclosure Statement.

 

“Disclosure
Statement” means that certain disclosure statement dated as of August 4, 2010 and filed with the Bankruptcy Court with
respect to the Cases, as amended, supplemented, amended and restated or otherwise modified from time to time.

 

“Dodd-Frank
Act” means the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L.
111-203, H.R. 4173) signed into law on July 21,
2010, as amended from time to time.

 

“Dollars”
or “US Dollars” or “$” means lawful money of the United States of America.

 

“Domestic
Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Domestic
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became
a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time specify
to the Borrowers and the Administrative Agent.

 

“Domestic
Subsidiary” means, at any time, any of the direct or indirect Subsidiaries of the Company that are not Foreign Subsidiaries.

 

“EBITDA”
means, for any Person for any period, Consolidated Net Income of such Person plus (a) without duplication, to the extent included
in the calculation of Consolidated Net Income of such Person for such period in accordance with GAAP, the sum of (i) provision
for taxes based on income or profits of such Person and its Subsidiaries, plus (ii) Fixed Charges (as defined in the Term Facility
Credit Agreement in effect as of the date hereof), (iii) depreciation, (iv) amortization, and (v) other non-cash expenses (excluding
any such non-cash expense to the extent that it represents an amortization of a prepaid cash expense that was paid in a prior period)
minus (b) the sum of (i) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue
in the ordinary course of business, and (ii) any cash expense paid in such period that had been accrued or reserved for as a non-cash
expense (for expenses in any future period) and added back in the calculation of EBITDA in a prior period, except to the extent
that such expense decreased Consolidated Net Income for such period in accordance with GAAP, plus (c) charges for legal and other
expenses in connection with Designated Litigation Liabilities in an aggregate amount not to exceed $15,000,000, in the case of
each of the foregoing clauses (a) through (c), for such Person and its Subsidiaries on a Consolidated basis in accordance with
GAAP. EBITDA shall be calculated on a Pro Forma Basis. EBITDA for the Company shall mean EBITDA for the Company and its Restricted
Subsidiaries.

 

    	 	16	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Effective
Date” has the meaning specified in Section 3.01.

 

“Effective
Date Debt” has the meaning specified in Section 5.02(b).

 

“Eligible
Assignee” means (i) a Lender Party; (ii) an Affiliate of a Lender Party; (iii) an Approved Fund; and (iv) any other Person
(other than an individual) approved by (w) the applicable Administrative Agent, (x) each Issuing Bank, (y) the Swing Line Lender
and (z) unless an Event of Default has occurred and is continuing, the Company (such approval not to be unreasonably withheld or
delayed, and provided that if the Company shall not grant or deny any such approval in writing within 10 days of any request therefor,
such approval shall be deemed to have been given); provided, however, that (i) neither any Loan Party nor
any Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition and (ii) the Eligible Assignee to which
the rights and obligations of this Agreement with respect to the Foreign Revolving Credit Facility are transferred is a PMP.

 

“Eligible
Inventory” means, at the time of any determination thereof, without duplication, the Inventory Value of the US
Borrowers in US Dollars (in the case of the US Revolving Credit Facility) or of the Swiss Guarantor in Euros or the Equivalent
of US Dollars in Euros (in the case of the Foreign Revolving Credit Facility) at such time that is not ineligible for inclusion
in the calculation of the applicable Borrowing Base pursuant to any of clauses (a) through (n) below. No Inventory shall be deemed
Eligible Inventory if, without duplication:

 

(a)          a
US Borrower or the Swiss Guarantor does not have good, valid and unencumbered title thereto, subject only to Liens granted to the
US Administrative Agent for the benefit of the US Secured Parties under the Loan Documents and Liens granted to the Foreign Administrative
Agent for the benefit of the Foreign Secured Parties under the Loan Documents, Permitted Liens and Liens that are subject to the
Intercreditor Agreement; or

 

(b)          (i)
in the case of the US Revolving Credit Facility, it is not located in the United States or (ii) in the case of the Foreign Revolving
Credit Facility, it is not located at a Foreign Eligible Inventory Location; or

 

    	 	17	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(c)          in
the case of the US Revolving Credit Facility, it is either (i) not located on property owned by a US Borrower or (ii) located at
a third party processor or (except in the case of consigned Inventory, which is covered by clause (f) below) in another location
not owned by a US Borrower (it being understood that the Company will provide its best estimate of the value of such Inventory
to be agreed to by the Administrative Agent and reflected in the Borrowing Base Certificate), and either (A) is not covered by
a Collateral Access Agreement, (B) a Rent Reserve has not been taken with respect to such Inventory or, in the case of any third
party processor, a Reserve has not been taken by the Administrative Agent in the exercise of its reasonable discretion or (C) is
not subject to an enforceable agreement in form and substance reasonably satisfactory to the Administrative Agent pursuant to which
the relevant Borrower has validly assigned its access rights to such Inventory and property to the Administrative Agent; provided,
however, that no Inventory of a Person that is not a US Borrower as of the Effective Date but becomes a US Borrower after
the Effective Date shall be deemed ineligible solely pursuant to this clause (c) during the 40-day period following the later of
(x) the date such Person becomes a US Borrower and (y) such later date as the Administrative Agent may reasonably determine
(it being understood that such later date shall not be more than 20 days after the end of such 40-day period); provided,
further, however, that during the 60-day period following the Effective Date (or such later date as the Administrative
Agent reasonably determines), no Inventory of a Person at any location shall be deemed ineligible pursuant to this clause (c) so
long as a Rent Reserve is taken with respect to such location (and such Rent Reserve shall be taken with respect to such location
if the Borrowers shall so notify the Administrative Agents) in an amount equal to the “Rent Reserve” taken under the
Existing Facility with respect to such location immediately prior to the Effective Date; or

 

(d)          it
is operating supplies, labels, packaging or shipping materials, cartons, repair parts, labels or miscellaneous spare parts, nonproductive
stores inventory and other such materials, in each case not considered used for sale in the ordinary course of business of the
Borrowers or the Swiss Guarantor by the applicable Administrative Agent in its reasonable discretion from time to time; or

 

(e)          (i)
in the case of Inventory of any US Borrower, it is not subject to a valid and perfected first priority Lien in favor of the US
Administrative Agent subject only to Permitted Liens (it being understood that Eligible Inventory of US Borrowers may be subject
to a second priority Lien securing the Foreign Obligations and a third priority Lien securing the Term Facility in accordance with
the Intercreditor Agreement) or (ii) in the case of Inventory of the Swiss Guarantor, it is not subject to a valid and perfected
first priority Lien in favor of the Foreign Administrative Agent subject only to Permitted Liens; or

 

(f)           it
has been sold or is consigned at a customer, supplier or contractor location but still accounted for in the Borrowers’ inventory
balance; or

 

(g)          in
the case of Inventory of any US Borrower, it is in transit (unless (i) it is in transit from one location within the United States
of a US Borrower to another location of a US Borrower within the United States and (ii) as to which a Reserve has been taken by
an Administrative Agent in the exercise of its reasonable discretion); or

 

(h)          it
is obsolete, slow-moving, nonconforming or unmerchantable or is identified as a write-off, overstock or excess by a Borrower, or
does not otherwise conform to the representations and warranties contained in this Agreement and the other Loan Documents applicable
to Inventory; or

 

(i)           it
is Inventory used as a sample or prototype, display or display item; or

 

(j)           it
is Inventory located in the Netherlands which constitutes bodemzaken under the 1990 Dutch Tax Collection Act (Invorderingswet
1990); or

 

    	 	18	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(k)          to
the extent any portion of Inventory Value thereof is attributable to intercompany profit among Borrowers or their Affiliates; or

 

(l)           it
is damaged, defective or marked for return to vendor, has been deemed by a Loan Party to require rework or is being held for quality
control purposes; or

 

(m)         it
does not meet all material applicable standards imposed by any Governmental Authority having regulatory authority over it; or

 

(n)          in
the case it is owned by a Person that is not a Borrower as of the Effective Date but becomes a Borrower after the Effective Date,
as to which the applicable Administrative Agent shall not have completed its due diligence investigation in scope, and with results,
satisfactory to such Administrative Agent (each Administrative Agent hereby agrees to use its commercially reasonable efforts to
complete its due diligence investigation of any such Person on or prior to the date such Person becomes a Borrower; provided the
Administrative Agent is given all diligence information on a timely basis pursuant to Section 5.01(n)(iv)).

 

“Eligible
Receivables” means, at the time of any determination thereof, each Account that satisfies the following criteria: such
Account (i) has been invoiced to, and represents the bona fide amounts due to a Borrower from, the purchaser of goods or services,
in each case originated in the ordinary course of business of such Borrower and (ii) is not ineligible for inclusion in the calculation
of the Borrowing Base pursuant to any of clauses (a) through (w) below. In determining the amount to be so included, the face amount
of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (A) the amount of all
accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges
or other allowances (including any amount that a Borrower may be obligated to rebate to a customer pursuant to the terms of any
written agreement or understanding), (B) the aggregate amount of all limits and deductions provided for in this definition and
elsewhere in this Agreement, if any, and (C) the aggregate amount of all cash received in respect of such Account but not yet applied
by a Borrower to reduce the amount of such Account. No Account shall be an Eligible Receivable if, without duplication:

 

(a)  any
representation or warranty contained in this Agreement or any other Loan Document with respect to such specific Account is not
true and correct with respect to such Account; or

 

(b)  the
Account Debtor on such Account has disputed liability or made any claim with respect to such Account or any other Account due from
such Account Debtor to any Borrower but only to the extent of such dispute or claim; or

 

(c)  the
Account Debtor in respect of such Account or any of its Affiliates is also a supplier to any Borrower; provided that such
Account shall be ineligible pursuant to this clause (c) only to the extent of an amount equal to the aggregate amount of accounts
payable or other indebtedness owing by the Borrowers to such Account Debtor or any of its Affiliates as at such date, unless the
Account Debtor has executed a satisfactory no-offset letter; or

 

    	 	19	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(d)  (i)
in the case of the US Revolving Credit Facility, the transaction represented by such Account is to an Account Debtor which, if
a natural person, is not a resident of the United States, or if not a natural person, is organized under the laws of a jurisdiction
outside the United States or has its chief executive office outside the United States or (ii) in the case of the Foreign Revolving
Credit Facility, the transaction represented by such Account is to an Account Debtor which, if a natural person, is not a resident
of a Foreign Account Debtor Jurisdiction, or if not a natural person, is not organized under the laws of a Foreign Account Debtor
Jurisdiction or has its chief executive office outside a Foreign Account Debtor Jurisdiction, unless (A) such Account is backed
by a letter of credit in customary and reasonable form from an issuer reasonably deemed creditworthy by the Administrative Agents,
which letter of credit is reasonably acceptable to each Administrative Agent in its reasonable discretion and such letter of credit
names the Administrative Agent as the beneficiary or the issuer of such letter of credit has consented to the assignment of the
proceeds thereof to the Administrative Agent, (B) in the case of the US Revolving Credit Facility, such Account Debtor is, if a
natural person, a resident of Canada or the United Kingdom or, if not a natural person, is organized under the laws of the United
Kingdom, Canada or a province of Canada and has its chief executive office in the United Kingdom or Canada, as applicable, and
such Account is denominated in US Dollars, (C) in the case of the US Revolving Credit Facility, the aggregate face amount of such
Accounts included as Eligible Receivables of the US Borrowers in the calculation of the US Borrowing Base does not exceed $10,000,000
at any time or (D) such Account is backed by insurance reasonably acceptable to each applicable Administrative Agent and the relevant
insurance policy names each applicable Administrative Agent as additional insured and loss payee; provided that in the case
of the US Revolving Credit Facility, if the Account Debtor is located in a jurisdiction outside the United States, the United Kingdom
or Canada, this clause (d) shall not apply with respect to Accounts to the extent that such Accounts are denominated in US Dollars
and arise from sales of inventory shipped from the United States and the face amount thereof does not exceed 10% of the face amount
of all Eligible Receivables of the US Borrowers included in the calculation of the US Borrowing Base; or

 

(e)  the
sale to the Account Debtor on such Account is on a bill-and-hold, guaranteed sale, sale-and-return, sale-on-approval or consignment
basis; or

 

(f)  (i)
in the case of an Account of a US Borrower, such Account is not subject to a valid and perfected first priority Lien in favor of
the US Administrative Agent for the benefit of the US Secured Parties or (ii) in the case of an Account of the Foreign Borrower,
such Account is not subject to a valid and perfected first priority Lien in favor of the Foreign Administrative Agent for the benefit
of the Foreign Secured Parties; or

 

(g)  such
Account is subject to any deduction, offset, counterclaim, return privilege or other conditions; or

 

(h)  in
the case of the US Revolving Credit Facility, the Account Debtor on such Account is located in any State of the United States requiring
the holder of such Account, as a precondition to commencing or maintaining any action in the courts of such State either to (A)
receive a certificate of authorization to do business in such State or be in good standing in such State or (B) file a Notice of
Business Activities Report with the appropriate office or agency of such State, in each case unless the holder of such Account
has received such a certificate of authority to do business, is in good standing or, as the case may be, has duly filed such a
notice in such State; or

 

    	 	20	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(i)   in
the case of the US Revolving Credit Facility, the Account Debtor on such Account is a Governmental Authority, unless the applicable
Borrower has assigned its rights to payment of such Account to the applicable Administrative Agent pursuant to the Assignment of
Claims Act of 1940, as amended, in the case of a federal Governmental Authority, and pursuant to applicable law, if any, in the
case of any other Governmental Authority, and such assignment has been accepted and acknowledged by the appropriate government
officers; or

 

(j)   50%
or more of the face amount of the Accounts of the Account Debtor are not, or are determined by the applicable Administrative Agent
not to be, Eligible Receivables as a result of the provisions of clause (o) below; or

 

(k)  (i)
in the case of the US Revolving Credit Facility, the payment obligation represented by such Account is denominated in a currency
other than US Dollars or (ii) in the case of the Foreign Revolving Credit Facility, the payment obligation represented by such
Account is denominated in a currency that is not freely tradable or convertible into Euros, Sterling or US Dollars in open foreign
exchange markets; or

 

(l)   such
Account is not evidenced by an invoice or other writing in form acceptable to the applicable Administrative Agent, in its sole
discretion; or

 

(m) any Borrower, in order to be entitled to collect such Account, is required to deliver any additional goods or merchandise to, perform
any additional service for, or perform or incur any additional obligation to, the Person to whom or to which it was made; or

 

(n)  the
total Accounts of the Account Debtor on such Account to the Borrowers (taken as a whole) represent (a) if such Account Debtor has
an Investment Grade Rating, more than 15% of the face amount of the Eligible Receivables of the Borrowers (taken as a whole) at
such time, or (b) if such Account Debtor does not have an Investment Grade Rating, more than 5% of the face amount of the Eligible
Receivables of the Borrowers (taken as a whole) at such time, but in each case only to the extent of such excess; or

 

(o)  such
Account (or any portion thereof) remains unpaid for more than (x) 60 days from the original payment due date or (y) 90 days from
the original invoice date thereof, except that in the case of this clause (y), such Account that is a Long Term Account shall not
be excluded pursuant to this clause to the extent that Long Term Accounts represent no more than 30% in face amount of the Eligible
Receivables included in the calculation of US Borrowing Base or Foreign Borrowing Base, as applicable; or

 

(p)  the
Account Debtor on such Account has (i) filed a petition for bankruptcy or any other relief under any Debtor Relief Law, (ii) made
an assignment for the benefit of creditors, (iii) had filed against it any petition or other application for relief under any Debtor
Relief Law, (iv) failed, suspended business operations, become insolvent, called a meeting of its creditors for the purpose of
obtaining any financial concession or accommodation or (v) had or suffered a receiver or a trustee to be appointed for all or a
significant portion of its assets or affairs; or

 

    	 	21	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(q)  (i)
in the case of an Account of a US Borrower, such Account is not payable into a deposit account maintained with the US Administrative
Agent or which is the subject of an account control agreement described in Section 5.01(j); provided that no such Account
shall be deemed ineligible pursuant to this clause (q)(i) solely because it is not payable into a deposit account meeting the foregoing
requirements until such time as the US Borrowers are required to have obtained control agreements with respect to such deposit
account under Section 5.01(j), or (ii) in the case of an Account of the Foreign Borrower, such Account is not payable into
a deposit account for which the Foreign Borrower is in compliance with Sections 5.01(i)(ii) and (k) and which is the subject of
a Foreign Account Control Agreement; or

 

(r)  such
Account does not arise under a Contract which has been duly authorized and which, together with such Account, is in full force
and effect and constitutes the legal, valid and binding obligation of the Account Debtor of such Account enforceable against such
Account Debtor in accordance with its terms; or

 

(s) such
Account, together with the Contract related thereto, contravenes in any material respect any laws, rules or regulations applicable
thereto (including, without limitation, laws, rules and regulations relating to usury, consumer protection, truth in lending, fair
credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) or with respect to
which any party to the Contract related thereto is in violation of any such law, rule or regulation in any material respect; or

 

(t)   the
inventory giving rise to such Account has not been sent to the Account Debtor or the services giving rise to such Account have
not yet been rendered to the Account Debtor; or

 

(u)  the
sale to such Account Debtor on such Account is not a final sale; or

 

(v)  such
Account relates to inventory not yet shipped or services not yet rendered; or

 

(w) in
the case such Account is owned by a Person that is not a Borrower as of the Effective Date but becomes a Borrower after the Effective
Date, as to which the applicable Administrative Agent shall not have completed its due diligence investigation in scope, and with
results, satisfactory to each applicable Administrative Agent (each Administrative Agent hereby agrees to use its commercially
reasonable efforts to complete its due diligence investigation of any such Person on or prior to the date such Person becomes a
Borrower; provided such Administrative Agent is given all diligence information on a timely basis pursuant to Section 5.01(n)(iv)).

 

For the avoidance
of doubt, it is acknowledged and agreed that any calculation of ineligibility made pursuant to more than one clause above shall
be made without duplication.

 

“Environmental
Action” means any action, suit, written demand, demand letter, claim, notice of noncompliance or violation, written notice
of liability or potential liability, investigation, proceeding, consent order or consent agreement relating to any Environmental
Law, any Environmental Permit, or Hazardous Material, or arising from alleged injury or threatened injury to public or employee
health and safety, as such relates to exposure to Hazardous Material, or to pollution or protection of the environment, including,
without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response or remedial
action and (b) by any governmental or regulatory authority or third party for damages, contribution, indemnification, cost
recovery, compensation or injunctive relief.

 

    	 	22	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Environmental
Law” means any applicable federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ,
judgment, injunction or decree, or legally binding judicial or agency interpretation, relating to pollution or protection of the
environment, public or employee health and safety, as such relates to exposure to Hazardous Material, or natural resources, including,
without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of
Hazardous Materials.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity
Interests” means, with respect to any Person, shares of capital stock of (or other ownership or profit interests in)
such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock
of (or other ownership or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition
from such Person of such shares (or such other interests), and other ownership or profit interests in such Person (including, without
limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are authorized on any date of determination.

 

“Equivalent”
of a currency in another currency means, on any date of determination, with respect to an amount of the former currency, the equivalent
thereof in the latter currency, as determined by the US Administrative Agent using the Exchange Rate with respect to such currencies
on such date.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

“ERISA
Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan Party,
or under common control with any Loan Party, within the meaning of Section 414(b) or (c) of the Internal Revenue Code (and Sections
414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code).

 

“ERISA
Event” means (a) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any
ERISA Plan (other than any such event with respect to which the notice requirement has been waived pursuant to applicable regulations
in effect as of the date hereof); (b) the application by a Loan Party or any ERISA Affiliate for a minimum funding waiver with
respect to an ERISA Plan; (c) the provision by the administrator of any ERISA Plan of a notice of intent to terminate such ERISA
Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section
4041(e) of ERISA); (d) the cessation of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances
described in Section 4062(e) of ERISA; (e) the withdrawal by any Loan Party or any ERISA Affiliate from a Multiple Employer Plan
during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition
of a Lien under Section 302(f) of ERISA on the assets of any Loan Party or ERISA Affiliate shall have been met with respect to
any ERISA Plan; (g) the adoption of an amendment to an ERISA Plan requiring the provision of security by any Loan Party or ERISA
Affiliate to such ERISA Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of proceedings to terminate an
ERISA Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that
constitutes grounds for the termination of, or the appointment of a trustee to administer, such ERISA Plan.

 

    	 	23	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“ERISA
Plan” means a Single Employer Plan or a Multiple Employer Plan.

 

“EURIBOR”
means, in relation to any Advance denominated in Euros:

 

(a)          the
applicable Screen Rate; or

 

(b)          (if
no Screen Rate is available for the Interest Period of such Advance) the Base Rate,

 

as of 11:00
am (London time) on the Quotation Day for Euros and for a period comparable to the Interest Period of such Advance and, if that
rate is less than zero, EURIBOR shall be deemed to be zero.

 

“Eurocurrency
Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurocurrency
Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became
a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time specify
to the Borrowers and the Administrative Agents.

 

“Eurocurrency
Rate” means, with respect to any Eurocurrency Rate Advance for any Interest Period, an interest rate per annum equal
to (a) (i) for any Eurocurrency Rate Advance denominated in US Dollars, Sterling or Swiss Francs, the LIBO Rate, (ii) for
any Eurocurrency Revolving Borrowing denominated in Euros, EURIBOR, and (iii) for any Eurocurrency Revolving Borrowing denominated
in Canadian Dollars, the BA Rate, in each case in effect for the relevant currency for such Interest Period, divided by (b) one
minus the Statutory Reserves applicable to such Eurocurrency Rate Advance, if any.

 

“Eurocurrency
Rate Advance” means an Advance that bears interest at a rate based on Eurocurrency Rate.

 

“Euros”
and “€” means the lawful single currency of the Participating Member States.

 

“Events
of Default” has the meaning specified in Section 6.01.

 

“Exchange
Rate” means the exchange rate, as determined by the US Administrative Agent, that is applicable to conversion of one
currency into another currency, which is (a) the exchange rate reported by Bloomberg (or other commercially available source designated
by the US Administrative Agent) as of the end of the preceding business day in the financial market for the first currency; or
(b) if such report is unavailable for any reason, the spot rate for the purchase of the first currency with the second currency
as in effect during the preceding business day in the US Administrative Agent's principal foreign exchange trading office for the
first currency.

 

    	 	24	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Excluded
Accounts” means payroll accounts, trust accounts, escrow accounts or security deposits established pursuant to statutory
obligations or for the payment of taxes or holding funds in trust for third parties not affiliated with the Company in the ordinary
course of business or in connection with acquisitions, investments or dispositions permitted under this Agreement, deposits in
the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social
security, and reserve accounts expressly contemplated under the Plan and/or Disclosure Statement (including, but not limited to
reserves expressly contemplated under the Plan and/or Disclosure Statement for diacetyl claims and environmental claims), and escrow
accounts established pursuant to contractual obligations to third parties not affiliated with the Company for casualty payments
and insurance proceeds, or deposit accounts holding deposits below $1,000,000.

 

“Excluded
Subsidiary” means (a) any Foreign Subsidiary, (b) any Subsidiary of the Company that is not a Foreign Subsidiary if substantially
all of its assets consist of Equity Interests of one or more direct or indirect Foreign Subsidiaries, (c) any Receivables Entity,
(d) any wholly owned Subsidiary of the Company that is not a Foreign Subsidiary but that is a Subsidiary of a Foreign Subsidiary
and (e) any Unrestricted Subsidiary.

 

“Excluded
Taxes” has the meaning specified in Section 2.13(a).

 

“Exempt
Account” means each of the deposit accounts of the US Loan Parties listed on Schedule 5.02(r) and each other deposit
account of any US Loan Party that is opened after the Effective Date for similar operating or disbursement purposes and not for
purposes of collecting payments on Accounts.

 

“Existing
Facility” has the meaning specified in the Preliminary Statements.

 

“Existing
Letter of Credit” means each “Letter of Credit” (as defined in the Existing Facility) issued under the Existing
Facility and outstanding on the Effective Date (each of which that is outstanding as of the date hereof is set forth on Schedule
IV).

 

“Existing
Revolving Credit Facility” has the meaning specified in Section 2.22(a).

 

“Extended
Commitments” has the meaning specified in Section 2.22(a).

 

“Extension
Amendment” has the meaning specified in Section 2.22(a).

 

“Extraordinary
Receipt” means any proceeds of property or casualty insurance (in any event excluding proceeds of business interruption
insurance to the extent such proceeds constitute compensation for lost earnings) and condemnation awards in respect of any Revolving
Facility Collateral (and payments in lieu thereof).

 

“Extraordinary
Receipts Proceeds” has the meaning specified in Section 2.06(b)(i).

 

“Facility”
means each or any of the US Revolving Credit Facility, the Foreign Revolving Credit Facility, the US Letter of Credit Sublimit,
the Foreign Letter of Credit and the Swing Line Sublimit, as the context may require.

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version
that is substantially comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1).

 

    	 	25	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the
next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate
for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America
on such day on such transactions as determined by the US Administrative Agent.

 

“Fee
Letter” means the fee letter dated October 25, 2013 among the Company, Bank of America and MLPF&S.

 

“Fiscal
Year” means a fiscal year of the Company and its Restricted Subsidiaries ending on December 31.

 

“Fitch”
means Fitch Ratings Ltd.

 

“Fixed
Charge Coverage Ratio” means, at any time, the ratio, determined on a Consolidated basis for the Company and its Restricted
Subsidiaries for the most recently ended period of four fiscal quarters, of (a) EBITDA for such period minus Capital Expenditures
made (other than those funded by (i) the issuance of Debt (it being understood such Debt does not include Debt borrowed under this
Agreement) or equity, (ii) reinvestment of cash proceeds received within 360 days from any asset sale or condemnation or (iii)
any other third party reimbursements made no later than the end of the fiscal quarter during which such Capital Expenditures were
made) during such period minus taxes paid in cash during such period (to the extent added back to net income in the calculation
of EBITDA for such period), to (b) the sum of (i) Interest Expense paid in cash during such period (minus the sum of (A) total
cash interest income and (B) without duplication of any component of EBITDA, net payments received with respect to interest rate
Hedge Agreements, in each case for such period) plus (ii) scheduled principal payments (it being understood that scheduled principal
payments shall not include mandatory prepayments required as a result of an event other than the occurrence of a certain date)
made on borrowed money plus (iii) declared or paid dividends or other distributions, or repurchases, redemption or other acquisition
or retirement for value, in each case to the extent paid (or declared for payment) in cash with respect to capital stock (except
that this clause (iii) shall not include such payments made or declared (1) to the Company or its Restricted Subsidiaries or (2)
by a Restricted Subsidiary of the Company to a person other than the Company or its Restricted Subsidiaries if such payment or
declaration is made ratably to holders of the relevant class of capital stock of the relevant Restricted Subsidiary), plus (iv)
to the extent not deducted from Consolidated Net Income to determine EBITDA during such period, amounts paid during such period
with respect to any (A) environmental liabilities, and (B) pension and other post employment benefit liabilities. Notwithstanding
anything herein to the contrary, the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis.

 

“Fixed
Charge and Liquidity Conditions” means, on any date of determination of whether the Fixed Charge and Liquidity Conditions
are satisfied with respect to a particular transaction, that immediately after giving effect to such transaction, on a Pro Forma
Basis, (a) the Fixed Charge Coverage Ratio shall be no less than 1.00:1.00 and (b) (i) both the Average Excess Availability for
the 30 day period ending on such date of determination and the Availability on such date of determination shall not be less than
15% of the aggregate Revolving Credit Commitments then in effect and (ii) both the Average US Excess Availability for the 30 day
period ending on such date of determination and the US Availability on such date of determination shall not be less than 15% of
the aggregate US Revolving Credit Commitments then in effect.

 

    	 	26	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Flood
Hazard Property” has the meaning specified in Section 3.01(f)(iv)(I).

 

“Foreign Account Control
Agreement” means a deposit account control agreement (whether in the form of an agreement, notice and acknowledgement
or like instrument) in form and substance reasonably satisfactory to the Foreign Administrative Agent and executed by the applicable
financial institution maintaining a deposit account for the Foreign Borrower, in favor of the Foreign Administrative Agent, for
the benefit of the Foreign Secured Parties.

 

“Foreign Account Debtor
Jurisdiction” (i) the United Kingdom, the Netherlands, Switzerland, Belgium, Germany, Canada and the U.S. and (ii) so
long as Availability is greater than 25% of the aggregate Revolving Credit Commitments, Singapore, Hong Kong, and any other country
that is a member of the Organization for Economic Cooperation and Development and approved from time to time by Foreign Administrative
Agent in its discretion (unless disapproved from time to time by Foreign Administrative Agent), which shall initially include Australia,
Austria, Denmark, Finland, France, Ireland, South Korea, Japan, New Zealand, Portugal, Spain and Sweden (together, in each case,
with any state or province thereof, as applicable), provided, however, if at any time Availability is less than 25% of aggregate
Revolving Credit Commitments then in effect, any such jurisdiction shall continue to be a Foreign Account Debtor Jurisdiction solely
to the extent that the Foreign Administrative Agent determines, in its reasonable discretion, that Foreign Administrative Agent
has a duly perfected and enforceable Lien on the Accounts of Account Debtors organized or located in such jurisdiction under the
applicable law of such jurisdiction.

 

“Foreign
Administrative Agent” has the meaning specified in the recital of parties to this Agreement.

 

“Foreign
Administrative Agent’s Office” means the Foreign Administrative Agent’s address and, as appropriate, account
as set forth on Schedule 10.02, or such other address or account as the applicable Foreign Administrative Agent may from time to
time notify to the Foreign Borrower and the Foreign Lenders.

 

“Foreign
Advance” means a Foreign Revolving Credit Advance or a Foreign Letter of Credit Advance.

 

“Foreign
Asset Based Financing” means any asset-based financing (including receivables and/or and inventory based financing),
factoring arrangements or other securitization programs, in each case entered into by Foreign Subsidiaries; provided that
Foreign Asset Based Financing Obligations shall be considered Debt, and the “principal amount” of a Foreign Asset Based
Financing that is not indebtedness for borrowed money shall mean the amount invested by investors that are not Affiliates of the
Company and paid to the Company or its Restricted Subsidiaries, as reduced by the aggregate amounts received by such investors
from the payment of receivables and applied to reduce such invested amounts.

 

“Foreign
Auto-Extension Letter of Credit” has the meaning specified in Section 2.21(b)(iii).

 

    	 	27	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Foreign Availability”
means, at any time, (a) the lesser of (i) the Foreign Borrowing Base at such time (based on the most recent Borrowing Base Certificate),
and (ii) the aggregate Foreign Revolving Credit Commitments at such time minus (b) the sum of (i) the Foreign Revolving
Credit Advances outstanding at such time plus (ii) the aggregate Available Amount of all Foreign Letters of Credit
outstanding at such time. Foreign Availability at any time shall be determined by reference to the most recent Borrowing Base Certificate
delivered to the Foreign Administrative Agent pursuant to Section 5.03(o) and the amount described in clause (b) above at such
time.

 

“Foreign Base Rate”
means, for any day:

 

(a) With respect to Advances denominated
in Sterling, the rate of interest per annum as set and published by the Bank of England known as the BOE Official Bank Rate (or
any successor rate) for such day.

 

(b) With respect to Advances denominated
in Euros, the rate of interest per annum as set and published by the European Central Bank known as the ECB Main Refinancing Rate
(or any successor rate) for such day.

 

(c) With respect to Advances denominated
in Swiss Francs, the rate of interest per annum in effect for such day as announced by the local branch of the Foreign Administrative
Agent in the jurisdiction in which such currency is funded as its “base rate” with respect to such currency.

 

(d) With
respect to Advances under the Foreign Revolving Credit Facility denominated in Canadian Dollars, the higher of (i) the rate
of interest per annum published by the Wall Street Journal as the “prime rate” in respect of Canadian Dollars for such
day and (ii) the interest rate per annum equal to the BA Rate then in effect applicable to banker acceptances with a one month
period.

 

“Foreign
Base Rate Advance” an Advance denominated in Sterling, Euros, Swiss Francs or Canadian Dollars that bears interest based
on the Foreign Base Rate.

 

“Foreign
Borrower” has the meaning specified in the recital of parties to this Agreement.

 

“Foreign
Borrowing” means a Borrowing under the Foreign Revolving Credit Facility.

 

“Foreign
Borrowing Base” means (a) 85% of the value of Eligible Receivables of the Foreign Borrower, plus (b) the lesser
of (i) 85% of the Net Orderly Liquidation Value Percentage of Eligible Inventory of the Swiss Guarantor and (ii) 75% of the cost
of Eligible Inventory of the Swiss Guarantor, plus (c) the Equivalent in Euros of the then Allocated US Availability, minus
(d) applicable Reserves.

 

“Foreign
Cash Management Bank” means any Person that, at the time it enters into a Cash Management Agreement with the Foreign
Borrower or Swiss Guarantor, is a Foreign Lender Party, an Affiliate of a Foreign Lender Party, a Lead Arranger or an Affiliate
of a Lead Arranger, in its capacity as a party to such Cash Management Agreement.

 

“Foreign Eligible Inventory
Location” means at any time, any of the locations set forth on Schedule V hereto and any other location reasonably acceptable
to the Administrative Agent in each case, for such time that such location is covered by a Collateral Access Agreement.

    	 	28	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Foreign
Facility Guarantor” means each or any of the Swiss Guarantor and the Guarantors that are party to the Foreign Facility
Guaranty, as the context may require.

 

“Foreign
Facility Guaranty” means a guaranty substantially in the form attached hereto as Exhibit I, as amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Foreign
Facility Guaranty Supplement” has the meaning of “Guaranty Supplement” set forth in the Foreign Facility
Guaranty.

 

“Foreign
Facility Intellectual Property Security Agreement” means the amended and restated intellectual property security agreement
in favor of the US Administrative Agent in substantially the form of Exhibit A to the Foreign Facility Security Agreement, together
with each other security agreement supplement delivered to the Foreign Administrative Agent pursuant to Section 5.01(m).

 

“Foreign
Facility Security Agreement” means the pledge and security agreement in favor of the Foreign Administrative Agent in
substantially the form of Exhibit H, together with each other security agreement supplement delivered to the Foreign Administrative
Agent pursuant to Section 5.01(m).

 

“Foreign
Honor Date” has the meaning specified in Section 2.21(c).

 

“Foreign
Initial Issuing Bank” has the meaning specified in the recital of parties to this Agreement.

 

“Foreign
Issuing Bank” means each Foreign Initial Issuing Bank, and any other Foreign Revolving Credit Lender approved as a Foreign
Issuing Bank by the Foreign Administrative Agent and the Foreign Borrower and any Eligible Assignee to which a Foreign Letter of
Credit Commitment hereunder has been assigned pursuant to Section 7.09 or 10.07.

 

“Foreign
L/C Cash Collateral Account” means the account established by the Foreign Borrower in the name of the Foreign Administrative
Agent and under the sole and exclusive control of the Foreign Administrative Agent that shall be used solely for the purposes set
forth herein.

 

“Foreign
L/C Obligations” means, as at any date of determination, the aggregate Available Amount of all outstanding Foreign Letters
of Credit plus the aggregate of all Foreign Unreimbursed Amounts, including all Foreign Letter of Credit Advances.

 

“Foreign
Lender” means any Lender that has a Foreign Revolving Credit Commitment.

 

“Foreign
Lender Party” means any Foreign Lender or any Foreign Issuing Bank.

 

“Foreign
Letter of Credit” means any standby or documentary letter of credit, foreign guarantee, bankers’ acceptance or
similar instrument issued by any Foreign Issuing Bank under Section 2.21.

 

“Foreign
Letter of Credit Advance” means an advance made by any Foreign Issuing Bank or Foreign Revolving Credit Lender pursuant
to Section 2.21(c).

 

    	 	29	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Foreign
Letter of Credit Application” means an application and agreement for the issuance or amendment of a Foreign Letter of
Credit in the form from time to time in use by the applicable Foreign Issuing Bank.

 

“Foreign
Letter of Credit Commitment” means with respect to any Foreign Issuing Bank, at any time, the obligation of such Foreign
Issuing Bank to issue foreign Letters of Credit pursuant to the terms and conditions of this Agreement in the dollar amount (a) set
forth opposite such Foreign Issuing Bank’s name on Schedule I hereto under the caption “Foreign Letter of Credit
Commitment” or (b) if such Foreign Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such
Foreign Issuing Bank in the Foreign Register maintained by the Foreign Administrative Agent pursuant to Section 10.07(d) as
such Foreign Issuing Bank’s Foreign Letter of Credit Commitment, in each case as the amount of such obligation may be reduced
at or prior to such time pursuant to Section 2.06.

 

“Foreign
Letter of Credit Sublimit” means an amount equal to the lesser of (a) the aggregate amount of the Foreign Issuing
Banks’ Foreign Letter of Credit Commitments at such time and (b) €0 as such amount may be reduced or increased
from time to time pursuant to Section 2.06. The Foreign Letter of Credit Sublimit is part of, and not in addition to, the Foreign
Revolving Credit Commitments.

 

“Foreign
Loan Parties” means the Foreign Borrower and the Foreign Facility Guarantors.

 

“Foreign
Non-Extension Notice Date” has the meaning specified in Section 2.21(b)(iii).

 

“Foreign
Obligations” means Obligations of the Foreign Loan Parties owing to Foreign Secured Parties under the Loan Documents,
excluding US Obligations, and including, to the extent relating to Foreign Advances, Foreign Letters of Credit or Foreign Secured
Cash Management Agreements, (a) the obligation to pay principal and interest, letter of credit commissions, charges, expenses,
fees, reasonable attorneys’ fees and disbursements, indemnities and other amounts payable by any Foreign Loan Party under
any Foreign Loan Document and (b) the obligation of any Foreign Loan Party to reimburse any amount in respect of any of the
foregoing that any Foreign Lender Party, in its sole discretion, may elect to pay or advance on behalf of such Foreign Loan Party;
provided, that, notwithstanding the foregoing, the Foreign Borrower and the Swiss Guarantor shall not have any liability
or other obligation in respect of any Foreign Obligations of any Foreign Loan Party (other than the Foreign Borrower and the Swiss
Guarantor).

 

“Foreign
Plan” means any employee pension benefit plan, or similar program, policy, arrangements or agreement (in each case to
the extent a similar substantially plan, program, policy, arrangement or agreement in the U.S. would satisfy the definition of
“Multiemployer Plan”, “Multiple Employer Plan” or “Single Employer Plan”) maintained or contributed
to by any Foreign Subsidiary that is a Restricted Subsidiary with respect to employees employed outside the United States of America.

 

“Foreign
Protective Advances” has the meaning specified in Section 2.01(c).

 

“Foreign
Revolving Credit Advance” has the meaning specified in Section 2.01(a)(ii).

 

“Foreign
Revolving Credit Borrowing” means a borrowing consisting of simultaneous Foreign Revolving Credit Advances of the same
Type made by the Foreign Revolving Credit Lenders.

 

    	 	30	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Foreign
Revolving Credit Commitment” means, with respect to any Lender at any time, the amount set forth for such time opposite
such Lender’s name on Schedule I hereto under the caption “Foreign Revolving Credit Commitment” or, if such
Lender has entered into one or more Assignments and Acceptances, set forth for such Lender in the Register maintained by the Foreign
Administrative Agent pursuant to Section 10.07(d) as such Lender’s “Foreign Revolving Credit Commitment”, as
such amount may be reduced at or prior to such time pursuant to Section 2.06 or as increased pursuant to a Commitment Increase
in accordance with Section 2.19. The aggregate principal amount of the Foreign Revolving Credit Commitments shall be €60,000,000
as of the Effective Date.

 

“Foreign
Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of (a) the aggregate principal
amount of all Foreign Revolving Credit Advances and Foreign Letter of Credit Advances made by such Lender (in its capacity as a
Lender (as opposed to the capacity of the Foreign Issuing Bank)) and outstanding at such time, plus (b) such Lender’s
Pro Rata Share of (i) the aggregate Available Amount of all Foreign Letters of Credit outstanding at such time and (ii) the
aggregate principal amount of all Foreign Letter of Credit Advances made by the Foreign Issuing Banks pursuant to Section 2.21(c)
and outstanding at such time.

 

“Foreign
Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ Foreign Revolving Credit Commitments
at such time.

 

“Foreign
Revolving Credit Lender” means any Lender that has a Foreign Revolving Credit Commitment.

 

“Foreign
Revolving Credit Note” means a promissory note of the Foreign Borrower payable to the order of any Foreign Revolving
Credit Lender, in substantially the form of Exhibit A-2 hereto, evidencing the aggregate indebtedness of the Foreign Borrower to
such Foreign Revolving Credit Lender resulting from the Foreign Revolving Credit Advances made by such Lender.

 

“Foreign
Secured Cash Management Agreement” means any Cash Management Agreement permitted under Article V that is entered into
by and between the Foreign Borrower or the Swiss Guarantor and any Foreign Cash Management Bank and designated in a writing delivered
by the Company or the Foreign Borrower, in its sole discretion, to the Foreign Administrative Agent as a “Foreign Secured
Cash Management Agreement”, in each case solely to the extent that the obligations in respect of such Cash Management Agreement
are not cash collateralized or otherwise secured (other than pursuant to the Collateral Documents).

 

“Foreign
Secured Parties” means, collectively, the Foreign Administrative Agent, the Foreign Lender Parties and the Foreign Cash
Management Banks.

 

“Foreign
Security Documents” means the documents set forth in Schedule 1.01D.

 

“Foreign
Stepped-Up Dominion Period” means any period:

 

(a) commencing
on the fifth consecutive Business Day that Availability is less than the greater of $25,000,000 and 10% of the aggregate Revolving
Credit Commitments then in effect and continuing until the date when, for 30 consecutive days including such date, Availability
is equal to or greater than the greater of $25,000,000 and 10% of the aggregate Revolving Credit Commitments then in effect;

 

    	 	31	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(b) commencing
on the fifth consecutive Business Day that Foreign Availability is less than the greater of $7,500,000 and 10% of the aggregate
Foreign Revolving Credit Commitments then in effect and continuing until the date when, for 30 consecutive days including such
date, Foreign Availability is equal to or greater than the greater of $7,500,000 and 10% of the aggregate Foreign Revolving Credit
Commitments then in effect; or

 

(c) during
which a Specified Default shall have occurred and be continuing.

 

“Foreign
Subsidiary” means, at any time, any of the direct or indirect Subsidiaries of the Company that are organized outside
of the laws of the United States or any state or political subdivision thereof at such time.

 

“Foreign
Unreimbursed Amount” has the meaning specified in Section 2.21(c)(i).

 

“Foreign
Unused Revolving Credit Commitment” means, with respect to any Lender at any time, (a) such Lender’s Foreign
Revolving Credit Commitment at such time minus (b) the Equivalent in Euros of such Lender’s Foreign Revolving
Credit Exposure at such time.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Banks, such Defaulting Lender’s
Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect
to the Swing Line Lender, such Defaulting Lender’s Pro Rata Share of Swing Line Advances other than Swing Line Advances as
to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in
accordance with the terms hereof.

 

“FSA”
means the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) as amended from time to time.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
has the meaning specified in Section 1.03.

 

“Governmental
Authority” means any nation, sovereign or government, any state or other political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, including any central bank
(which shall include, without limitation, the European Central Bank and the Council of Ministers of the European Union).

 

“Granting
Lender” has the meaning specified in Section 10.07(k).

 

    	 	32	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Guarantee
Obligation” means, with respect to any Person, any Obligation or arrangement of such Person to guarantee or intended
to guarantee any Debt (“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for
collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person
of the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless
of nonperformance by any other party or parties to an agreement or (c) any Obligation of such Person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless
the holder of such primary obligation against loss in respect thereof. The amount of any Guarantee Obligation shall be deemed to
be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation
is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of
the instrument evidencing such Guarantee Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof (assuming such Person is required to perform thereunder), as determined by such Person in good faith.

 

“Guarantor”
means each or any of the US Guarantors and the Foreign Facility Guarantors, as the context may require.

 

“Guaranty”
means each or any of the US Guaranty and the Foreign Facility Guaranty, as the context may require.

 

“Hazardous
Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials,
asbestos-containing materials, polychlorinated biphenyls, toxic mold and radon gas and (b) any other chemicals, materials
or substances designated, classified or regulated as hazardous, toxic or words of similar import under any Environmental Law.

 

“Hedge
Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap
agreements, currency future or option contracts and other hedging agreements.

 

“Honor
Date” means each or any of US Honor Date or Foreign Honor Date, as the context may require.

 

“IHB”
means the Company’s Swiss “in-house bank” Subsidiary, Chemtura Financial Services GmbH, or any other Foreign
Subsidiary of the Company designated by the Company after the Effective Date with a prior written notice to the Foreign Administrative
Agent as the netting center/cash pool leader of the Company’s foreign operations.

 

    	 	33	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Immaterial
Subsidiary” means any Restricted Subsidiary of the Company meeting any one of the following conditions that has been
designated by the Company as an Immaterial Subsidiary in a writing delivered to the Administrative Agent (which designation may
be rescinded by the Company’s delivery of written notice of such rescission to the Administrative Agent): (a) the consolidated
total assets of such Restricted Subsidiary determined as of the end of the fiscal year of the Company most recently ended for which
financial statements are required to be delivered under Section 5.03 does not exceed $5 million, or (b) the EBITDA of such Restricted
Subsidiary does not exceed $5 million, for the period of four consecutive quarters of the Company most recently ended for which
financial statements are required to be delivered pursuant to Section 5.03; provided that, at any time or from time to time,
Restricted Subsidiaries shall not be designated as Immaterial Subsidiaries to the extent that the Immaterial Subsidiaries would
represent, in the aggregate, (a) 5% or more of the consolidated total assets of the Company at the end of the most recently ended
fiscal year of the Company or (b) 5% or more of the EBITDA of the Company for the most recently ended fiscal year, in each case,
based upon the most recent financial statements required to be delivered pursuant to Section 5.03; provided, further,
that, if the most recent financial statements required to be delivered pursuant to Section 5.03 for any fiscal quarter indicate
that, by reason of subsequent changes following the designation of any one or more Restricted Subsidiaries as an Immaterial Subsidiary,
the foregoing requirements of this definition would not be complied with (other than as a result of an impairment charge), individually
or in the aggregate, then the Company shall use commercially reasonable efforts to promptly (but in any event within 180 days after
the delivery of such financial statements) rescind such designations as are necessary so as to comply with such requirements and,
in connection therewith, shall comply with the requirements of Section 5.01(m) (provided that any failure to comply with
the requirements of Section 5.01(m) that are applicable as a result of such a rescission shall not constitute a Default or Event
of Default hereunder until the expiration of such 180-day period, provided that such efforts are used).

 

“Incremental
Amendment” has the meaning specified in Section 2.19.

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Indemnified
Taxes” has the meaning specified in Section 2.13(a).

 

“Information”
has the meaning specified in Section 10.11.

 

“Initial
Extension of Credit” means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit
hereunder.

 

“Initial
Issuing Bank” means each or any of the US Initial Issuing Bank or Foreign Initial Issuing Bank, as the context may require.

 

“Initial
Lenders” means the banks, financial institutions and other institutional lenders listed on the signature pages hereof
as the Initial Lenders, which shall consist of the Bookrunners and/or their Affiliates; provided that any such bank, financial
institution or other institutional lender shall cease to be an Initial Lender on any date on which it ceases to have a Commitment.

 

“Initial
Pledged Debt” has the meaning specified in the US Security Agreement.

 

“Initial
Pledged Equity” has the meaning specified in the US Security Agreement.

 

“Insolvency
Proceeding” means any case or proceeding commenced by or against a Person under any state, federal or foreign law for,
or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other Debtor Relief
Law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any
part of its property; (c) an assignment or trust mortgage for the benefit of creditors; or (d) in the case of the Foreign Borrower,
suspension of payment (surseance van betaling), bankruptcy (faillissement), dissolution or winding up (ontbinding)
or an administrative order (onderbewindstelling).

 

    	 	34	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Intellectual
Property Security Agreement” means each or any of the US Intellectual Property Security Agreement and the Foreign Facility
Intellectual Property Security Agreement, as the context may require.

 

“Intercreditor
Agreement” means the Intercreditor Agreement dated as of the Original Effective Date, as amended and restated as of the
Effective Date, among the Borrowers, the initial Guarantors, the Administrative Agents and the administrative agent under the Term
Loan Facility, in substantially the form of Exhibit D attached hereto, as may be further amended, supplemented, amended and restated,
modified, replaced or refinanced.

 

“Interest
Expense” means, for any period, the sum for such period of (a) interest on, and amortization of debt discount in respect
of, Debt of the Company and its Restricted Subsidiaries and (b) amortization of discount of receivables or other assets of the
Company and its Restricted Subsidiaries that are subject to factoring or securitization programs. Interest Expense shall be calculated
on a Pro Forma Basis.

 

“Interest
Period” means, as to each Eurocurrency Rate Advance, the period commencing on the date such Eurocurrency Rate Advance
is disbursed or Converted to or continued as a Eurocurrency Rate Advance and ending on the date one, two, three or six months thereafter,
as selected by the Borrowers in their Notice of Borrowing, provided that:

 

(a)          any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(b)          any
Interest Period 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 the calendar month at the end
of such Interest Period; and

 

(c)          no
Interest Period shall extend beyond the Maturity Date.

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated
and rulings issued thereunder.

 

“Inventory”
has the meaning specified in the UCC.

 

“Inventory
Value” means with respect to any Inventory of a Borrower or the Swiss Guarantor at the time of any determination thereof,
(a) the lower of market value and standard cost determined on a first-in-first-out basis and carried on the general ledger or inventory
system of such Borrower or the Swiss Guarantor, as applicable, stated on a basis consistent with its current and historical accounting
practices, in US Dollars (with respect to Inventory of a US Borrower) or Euros or US Dollars (with respect to Inventory of the
Swiss Guarantor), determined in accordance with the standard cost method of accounting less, (b) without duplication, (i)
any markup on Inventory from an affiliate and (ii) in the event variances under the standard cost method are expensed, a reserve
reasonably determined by the applicable Administrative Agent as appropriate in order to adjust the standard cost of Eligible Inventory
to approximate actual cost.

 

    	 	35	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Investment”
means, with respect to any Person, (a) any direct or indirect purchase or other acquisition (whether for cash, securities,
property, services or otherwise) by such Person of, or of a beneficial interest in, any Equity Interests or Debt of any other Person,
(b) any direct or indirect purchase or other acquisition (whether for cash, securities, property, services or otherwise) by
such Person of all or substantially all of the property and assets of any other Person or of any division, branch or other unit
of operation of any other Person, (c) any direct or indirect loan, advance, other extension of credit or capital contribution by
such Person to, or any other investment by such Person in, any other Person (including, without limitation, any arrangement pursuant
to which the investor incurs indebtedness of the types referred to in clause (i) or (j) of the definition of “Debt”
set forth in this Section 1.01 in respect of such other Person) and (d) any agreement irrevocably binding such Person to make any
Investment prior to the Stated Maturity Date. The amount of any Investment outstanding at any time shall be the original cost of
such Investment plus the cost of all additions made thereto, without adjustment for increases or decreases in value, or write-ups,
write-downs or write-offs with respect to such Investment, but deducting therefrom the amount of any cash repayments or distributions
received on account of such Investment by the Person making such Investment.

 

“Investment
Grade Rating” with respect to a Person means that the Public Debt Rating of such Person is at least BBB- by S&P and
Baa3 by Moody’s and such rating shall not be accompanied by either, in the case of S&P, a negative outlook, creditwatch
negative or the equivalent thereof, or in the case of Moody’s, a negative outlook, a review for possible downgrade or the
equivalent thereof (or, if such Person does not have a Public Debt Rating from S&P and Moody’s, the Public Debt Rating
of such Person is at least BBB- by Fitch, and such rating shall not be accompanied by a negative watch or the equivalent thereof).

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuance”
or “issuance” means, with respect to any Letter of Credit, the issuance (or the deemed issuance under Section
2.03(a) in the case of any Existing Letter of Credit), amendment, renewal or extension of such Letter of Credit. “issue”,
“issues” and “issued” have correlative meanings.

 

“Issuing
Bank” means each or any of a US Issuing Bank or Foreign Issuing Bank, as the context may require.

 

“Joint
Venture” means a joint venture formed by the Company or any Subsidiary of the Company and a Person that is not an Affiliate
of the Company or any Subsidiary of the Company.

 

“Judgment
Currency” has the meaning specified in Section 10.20.

 

“L/C
Cash Collateral Account” means each or any of a US L/C Cash Collateral Account or Foreign L/C Cash Collateral Account,
as the context may require.

 

“L/C
Obligations” means each or any of US L/C Obligations or Foreign L/C Obligations, as the context may require.

 

“Lead
Arrangers” has the meaning specified in the recital of parties to this Agreement.

 

“Lender
Party” means any Lender or any Issuing Bank.

 

    	 	36	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Lenders”
has the meaning specified in the recital of parties to this Agreement and, as the context requires, includes the Swing Line Lender.

 

“Letter
of Credit” means each or any of a US Letter of Credit or Foreign Letter of Credit, as the context may require.

 

“Letter
of Credit Advance” means an advance made by any Issuing Bank or Revolving Credit Lender pursuant to Section 2.03(c).

 

“Letter
of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the
form from time to time in use by the applicable Issuing Bank.

 

“Letter
of Credit Commitment” means each or any of a US Letter of Credit Commitment or Foreign Letter of Credit Commitment, as
the context may require.

 

“Letter
of Credit Expiration Date” means as of any date of determination, the day that is 5 Business Days prior to the Maturity
Date.

 

“Letter
of Credit Sublimit” means each or any of a US Letter of Credit Sublimit or Foreign Letter of Credit Sublimit, as the
context may require.

 

“LIBO
Rate” means, with respect to any Eurocurrency Rate Advances denominated in US Dollars, Sterling or Swiss Francs for any
Interest Period, the rate per annum equal to the arithmetic mean (rounded to the nearest 1/100th of 1.0%) of the offered rates
for deposits in such currency with a term comparable to such Interest Period that appears on Reuters Screen LIBOR01 (or such other
page as may replace such page on such service for the purpose of displaying the rates at which deposits in such currency are offered
by leading banks in the London interbank deposit market as designated by the applicable Administrative Agent from time to time)
at approximately 11:00 a.m., London, England time, on the second full Business Day preceding the first day of such Interest
Period (and, with respect to Eurocurrency Rate Advances in Sterling, on the first day of such Interest Period); provided,
however, that (a) if no comparable term for an Interest Period is available, the LIBO Rate shall be determined using
the weighted average of the offered rates for the two terms most nearly corresponding to such Interest Period and (b) if Reuters
Screen LIBOR01 shall at any time no longer exist and if the applicable Administrative Agent has failed to designate a substitute
page, “LIBO Rate” shall mean the rate per annum equal to the rate at which the applicable Administrative Agent is offered
deposits in such currency and comparable amount and for a maturity comparable to such Interest Period at approximately 11:00 a.m.,
London, England time, two (2) Business Days prior to the first day of such Interest Period.

 

“Lien”
means any lien, pledge, security assignment, security interest or other charge or encumbrance of any kind, or any other type of
preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement,
right of way or other encumbrance on title to real property.

 

“Listed
Subsidiary” has the meaning specified in Section 5.01(m).

 

“Listed
Subsidiary Date” has the meaning specified in Section 5.01(m).

 

    	 	37	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Loan
Documents” means (i) this Agreement, (ii) the Notes, if any, (iii) the US Guaranty, (iv) the Collateral Documents,
(v) the Intercreditor Agreement, (vi) the Fee Letter, (vii) solely for purposes of the Collateral Documents, each Secured Cash
Management Agreement, (viii) each Letter of Credit Application, (ix) the Foreign Facility Guaranty and (x) any other document,
agreement or instrument executed and delivered by a Loan Party in connection with the Facilities, in each case as amended, supplemented
or otherwise modified from time to time in accordance with the terms thereof.

 

“Loan
Parties” means, collectively, the Borrowers and the Guarantors.

 

“Local
Time” means (a) with respect to an Advance or Borrowing under the US Revolving Credit Facility, New York City time,
and (b) with respect to an Advance or Borrowing under the Foreign Revolving Credit Facility, London time.

 

“Long
Term Account” means an Account that relates to a Contract (a) which has an original payment due date that is more than
90 days after the invoice date specified in such Contract and (b) pursuant to or under which the Account Debtor is obligated to
pay for crop protection goods or services or consumer goods or services (including pool and spa treatment products and household
cleaning products).

 

“Margin
Stock” has the meaning specified in Regulation U.

 

“Material
Adverse Change” means a material adverse change, or any event or occurrence which could reasonably be expected to result
in a material adverse change, in (a) the business, condition (financial or otherwise), operations, performance, properties, contingent
liabilities, material agreements or prospects of the Borrowers, the Guarantors and their respective Restricted Subsidiaries, taken
as a whole (it being understood that (i) matters disclosed prior to the date hereof in connection with the Cases, and (ii) to the
extent consistent with the disclosure described in clause (i), the continuation and prosecution of the Cases, and the filing, solicitation
of approvals and negotiation of the Plan for the Cases, shall not constitute such a change), (b) the rights and remedies of the
Administrative Agent or any Lender Party under any Loan Document and (c) the ability of any Loan Party to perform its obligations
under any Loan Document to which it is a party.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, condition (financial or otherwise), operations,
performance, properties, contingent liabilities, material agreements or prospects of the Borrowers, the Guarantors and their respective
Restricted Subsidiaries, taken as a whole (it being understood that (i) matters disclosed prior to the date hereof in connection
with the Cases, and (ii) to the extent consistent with the disclosure described in clause (i), the continuation and prosecution
of the Cases, and the filing, solicitation of approvals and negotiation of the Plan for the Cases, shall not be deemed to have
such an effect), (b) the rights and remedies of the Administrative Agent or any Lender Party under any Loan Document and (c) the
ability of any Loan Party to perform its obligations under any Loan Document to which it is a party.

 

“Material
Real Property” means any real property owned or leased by any Loan Party reasonably determined by the Administrative
Agent to be material (it being understood and agreed that no real property held on the date hereof is Material Real Property unless
it was already designated as such pursuant to the Existing Facility).

 

    	 	38	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Material
Subsidiary” means, on any date of determination, any Restricted Subsidiary of the Company that, on such date, is not
an Immaterial Subsidiary.

 

“Maturity
Date” means the earlier of (a) the fifth anniversary of the Effective Date and (b) the 60th day prior to the
scheduled final maturity date of the Senior Notes if on such day more than $75,000,000 in principal amount of such Senior Notes
are outstanding, as such date may be extended by any Lender from time to time with respect to the Commitments and/or Advances of
such Lender in accordance with the terms hereof.

 

“MLPF&S”
has the meaning specified in the recital of parties to this Agreement.

 

“MNPI”
has the meaning specified in Section 10.12.

 

“Moody’s”
means Moody’s Investor Services, Inc.

 

“Mortgages”
has the meaning specified in Section 3.01(f)(iv)(A).

 

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA
Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or
accrued an obligation to make contributions.

 

“Multiple
Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees
of any Loan Party or any ERISA Affiliate and at least one Person that is not a Loan Party or an ERISA Affiliate or (b) was so maintained
and in respect of which any Loan Party or any ERISA Affiliate would reasonably be expected to have liability under Section 4064
or 4069 of ERISA in the event such plan has been or were to be terminated.

 

“Net
Cash Proceeds” means, (a) with respect to any sale or other disposition of ownership of any asset of any Borrower constituting
Revolving Facility Collateral consummated after the Effective Date (other than any sale or other disposition of assets pursuant
to Section 5.02(h)(i), (ii), (iii), (v), (vi), (vii), (viii), (ix), (xi), (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), (xx);
or (xxi)) or any single sale or other disposition (or series of related sales or other dispositions) of assets for cash proceeds
of less than $50,000), the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such sale or
other disposition (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of,
a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the amount required to be paid in respect
of any Debt permitted hereunder (other than Debt under the Loan Documents) that is secured by a lien permitted under Section 5.02(a)
on such asset and that is required to be repaid in connection with such sale or other disposition thereof, (B) the reasonable and
customary out-of-pocket costs, fees, commissions, premiums and expenses incurred by such Borrower or its Restricted Subsidiaries,
(C) federal, state, provincial, foreign and local taxes reasonably estimated (on a Consolidated basis) to be actually payable within
the current or the immediately succeeding tax year as a result of such sale or other disposition, and (D) a reasonable reserve
(which reserve shall be deposited into an escrow account with the applicable Administrative Agent) for any purchase price adjustment
or any indemnification payments (fixed and contingent) or other liabilities attributable to the seller’s obligations to the
purchaser undertaken by such Borrower or any of its Restricted Subsidiaries in connection with such sale or other disposition (but
excluding any purchase price adjustment or any indemnity which, by its terms, will not under any circumstances be made prior to
the Maturity Date); and

 

    	 	39	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(b) with
respect to any Extraordinary Receipt of any Borrower after the Effective Date that is not otherwise included in clause (a) above,
the excess, if any, of (i) the sum of the cash and Cash Equivalents received in connection therewith over (ii) the sum of (A) the
amount required to be paid in respect of any Debt permitted hereunder (other than Debt under the Loan Documents) that is secured
by a lien permitted under Section 5.02(a) on the assets giving rise to such Extraordinary Receipt and that is required to be repaid
in connection with such Extraordinary Receipt, (B) the amount required to be paid with such Extraordinary Receipt under the terms
of any contractual obligations permitted hereunder then in effect, (C) the reasonable and customary out-of-pocket costs, fees,
commissions, premiums and expenses incurred by such Borrower or its Restricted Subsidiaries, and (D) federal, state, provincial,
foreign and local taxes reasonably estimated (on a Consolidated basis) to be actually payable within the current or the immediately
succeeding tax year as a result of such Extraordinary Receipt.

 

“Net
Orderly Liquidation Value Percentage” means, (a) with respect to Inventory of the US Borrowers at any time, the quotient
(expressed as a percentage) of (i) the Net Orderly Liquidation Value of all Inventory owned by the US Borrowers divided
by (ii) the gross inventory cost of such Inventory, determined on the basis of the then most recently conducted third party
appraisal in form and substance, and performed by an independent appraisal firm, reasonably satisfactory to the US Administrative
Agent and (b) with respect to Inventory of the Swiss Guarantor at any time, the quotient (expressed as a percentage) of (i) the
Net Orderly Liquidation Value of all Inventory owned by the Swiss Guarantor divided by (ii) the gross inventory cost
of such Inventory, determined on the basis of the then most recently conducted third party appraisal in form and substance, and
performed by an independent appraisal firm, reasonably satisfactory to the Foreign Administrative Agent.

 

“Net
Orderly Liquidation Value” means, with respect to Inventory, the orderly liquidation value with respect to such Inventory,
net of expenses estimated to be incurred in connection with such liquidation, based on the most recent third party appraisal in
form and substance, and by an independent appraisal firm, reasonably satisfactory to the applicable Administrative Agent.

 

“Non-Consenting
Lender” means, in the event that the Required Lenders have agreed to any consent, waiver or amendment pursuant to Section
10.01 that requires the consent of one or more Lenders in addition to the Required Lenders (other than in the case of any consent,
waiver or amendment that solely requires the consent of the Required Lenders), any Lender whose agreement is necessary for the
effectiveness of such consent, waiver or amendment but who does not so agree.

 

“Non-Loan
Party” means any Subsidiary of a Loan Party that is not a Loan Party.

 

“Note”
means each or any of a US Revolving Credit Note or Foreign Revolving Credit Note, as the context may require.

 

“Notice
of Borrowing” has the meaning specified in Section 2.02(a).

 

    	 	40	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Obligation”
means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including, without
limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or
unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding under any Debtor Relief
Law. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the
obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, reasonable attorneys’ fees
and disbursements, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation
of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender Party, in its sole discretion, may
elect to pay or advance on behalf of such Loan Party; provided that notwithstanding the foregoing, the Foreign Borrower
and the Swiss Guarantor shall not have any liability or other obligation in respect of any US Obligations.

 

“Original
Effective Date” means November 10, 2010.

 

“Other
Taxes” has the meaning specified in Section 2.13(b).

 

“Outstanding
Amount” means (a) with respect to Revolving Credit Advances or Swing Line Advances on any date, the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Advances or Swing
Line Advances, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount
of such L/C Obligations on such date after giving effect to any Letter of Credit Advance occurring on such date and any other changes
in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid
drawings under any Letters of Credit or any reductions in the Available Amount of any Letter of Credit taking effect on such date.

 

“Participating Member
State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor).

 

“Permitted
Acquired Debt” means Debt of a Person existing at the time that such Person becomes a Restricted Subsidiary of the Company
pursuant to an Investment permitted hereunder, which Debt is existing at the time such Person becomes a Restricted Subsidiary of
the Company (other than Debt incurred solely in contemplation of such Person’s becoming a Restricted Subsidiary of the Company).

 

    	 	41	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Permitted
Acquisition” means the acquisition by the Company or any Restricted Subsidiary of all or substantially all the assets
of a Person or line of business of such Person, or all of the Equity Interests (other than directors’ qualifying shares)
of a Person; provided that (a) such acquired Person shall be in a similar line of business as that of Company and the
Restricted Subsidiaries or reasonably related thereto; (b) at the time of such transaction, both before and immediately
after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; (c) in the case of a Permitted
Acquisition involving a merger or consolidation of any Loan Party (other than the Company), the surviving entity shall be a Loan
Party and in the case of a merger or consolidation of the Company, the Company shall be the surviving entity; and (d) immediately
after giving effect to such acquisition, on a Pro Forma Basis, either (i)(A) the Fixed Charge Coverage Ratio shall be no less
than 1.00:1.00 and (B)(1) both the Average Excess Availability for the 30 day period ending on the date of such acquisition and
the Availability on the date of such acquisition shall not be less than 12.5% of the aggregate Revolving Credit Commitments then
in effect and (2) both the Average US Excess Availability for the 30 day period ending on the date of such acquisition and the
US Availability on the date of such acquisition shall not be less than 12.5% of the aggregate US Revolving Credit Commitments then
in effect or (ii)(A) both the Average Excess Availability for the 30 day period ending on the date of such acquisition and the
Availability on the date of such acquisition shall not be less than 20.0% of the aggregate Revolving Credit Commitments then in
effect and (B) both the Average US Excess Availability for the 30 day period ending on the date of such acquisition and the US
Availability on the date of such acquisition shall not be less than 20.0% of the aggregate US Revolving Credit Commitments then
in effect.

 

“Permitted
Discretion” means the applicable Administrative Agent’s determination based upon such credit and collateral considerations
as it may deem appropriate, in its sole discretion acting in a commercially reasonable manner and in accordance with its customary
business practices.

 

“Permitted
Lien” means such of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced (or if commenced, shall have been stayed): (a) Liens for taxes, assessments and governmental charges or levies
to the extent not required to be paid under Section 5.01(d) hereof; (b) Liens imposed by law, such as materialmen’s, mechanics’,
carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business
securing obligations that individually or together with all other Permitted Liens outstanding on any date of determination do not
materially and adversely affect the use of the property to which they relate; (c) pledges or deposits in the ordinary course of
business to secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations;
(d) deposits to secure the performance of bids, trade contracts and leases (other than Debt), statutory obligations, surety bonds
(other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the
ordinary course of business; (e) Liens securing judgments for the payment of money not constituting a Default under Section 6.01(f)
or securing appeal or other surety bonds related to such judgments; (f) any banker's Lien or right of offset on moneys of the Company
or any of its Restricted Subsidiaries in favor of any lender or holder of its commercial paper deposited with such lender or holder
in the ordinary course of business; (g) interest of lessees in property owned by the Company or any of its Restricted Subsidiaries
where such interests are created in the ordinary course of their respective leasing activities and are not created directly or
indirectly in connection with the borrowing of money or the securing of Debt by the Company or any of its Restricted Subsidiaries;
(h) Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods; (i) Liens arising from or related to precautionary UCC or like personal property security financing
statements regarding operating leases (if any) entered into by the Company and its Restricted Subsidiaries in the ordinary course
of business; (j) licenses, sublicenses, leases and subleases, to the extent that such would be an encumbrance, in each case entered
into in the ordinary course of business and not materially interfering with the business of the Company or any of its Restricted
Subsidiaries; (k) easements, restrictions (including zoning restrictions), rights of way and other encumbrances on title to real
property that do not render title to the property encumbered thereby unmarketable or materially adversely affect the use of such
property for its present purposes; (l) pledges of or Liens on raw materials or on manufactured products as security for any drafts
or bills of exchange drawn in connection with the importation of such raw materials or manufactured products; (m) Liens arising
out of conditional sale, title retention, consignment or similar arrangements for sale of goods (including under Article 2 of the
Uniform Commercial Code) and Liens that are contractual rights of set-off relating to purchase orders and other similar agreements
entered into by the Company or any of its Restricted Subsidiaries; (n) Liens on insurance policies and the proceeds thereof securing
the financing of the premiums with respect thereto incurred in the ordinary course of business; (o) Liens solely on any cash earnest
money deposits made by the Company or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted under this Agreement; (p) Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on
items in the course of collection and (B) attaching to commodity trading accounts or other commodities brokerage accounts incurred
in the ordinary course of business and consistent with past practice; (q) Liens consisting of escrow arrangements with respect
to escrow accounts, to the extent such escrow accounts hold deposits by any proposed buyer in connection with any sale or disposition
of assets permitted under this Agreement; (r) Liens consisting of an agreement to sell or otherwise dispose of any property in
each case solely to the extent such sale or disposition would have been permitted on the date of the creation of such Lien; (s)
any netting or set-off arrangements entered into by the Company or any Restricted Subsidiary of the Company in the ordinary course
of its banking arrangements (including, for the avoidance of doubt, cash pooling arrangements) for the purposes of netting debit
and credit balances of the Company or any Restricted Subsidiary of the Company and (t) any Lien over bank accounts arising under
clauses 24 or 25 of the general terms and conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers' Association
(Nederlandse Vereniging van Banken).

 

    	 	42	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Permitted
Refinancing Debt” means any Debt of the Company or any Restricted Subsidiary thereof issued in exchange for, or the net
cash proceeds of which are used to extend, refinance, renew, replace, defease or refund, other Debt of the Company or any Restricted
Subsidiary thereof (other than Debt owed to the Company or to any Restricted Subsidiary of the Company); provided that:

 

(1) the amount
of such Permitted Refinancing Debt does not exceed the amount of the Debt so extended, refinanced, renewed, replaced, defeased
or refunded (plus all accrued and unpaid interest thereon and the amount of any reasonably determined premium necessary to accomplish
such refinancing and such reasonable expenses incurred in connection therewith);

 

(2) such
Permitted Refinancing Debt has a final maturity date equal to or later than the final maturity date of, and has a weighted average
life to maturity equal to or greater than the weighted average life to maturity of, the Debt being extended, refinanced, renewed,
replaced, defeased or refunded;

 

(3) if the
Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to any of the Obligations
under the Loan Documents, such Permitted Refinancing Debt is subordinated in right of payment to such Obligations on terms at least
as favorable, taken as a whole, to the Lenders as those contained in the documentation governing the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded;

 

(4) if the
Debt being extended, refinanced, renewed, replaced, defeased or refunded ranks equally in right of payment with any of the Obligations
under the Loan Documents, such Permitted Refinancing Debt ranks equally in right of payment with, or is subordinated in right of
payment to, such Obligations; and

 

    	 	43	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(5) such
Debt is incurred by either (a) the Restricted Subsidiary that is the obligor on the Debt being extended, refinanced, renewed, replaced,
defeased or refunded or (b) a Loan Party.

 

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

“Petition
Date” means March 18, 2009.

 

“Plan”
has the meaning specified in Section 3.01(b) of the Existing Facility.

 

“Platform”
has the meaning specified in Section 10.12.

 

“PMC
Settlement” means the settlement of certain claims relating to the asset purchase agreement (the “PMC APA”)
entered into by the Company and PMC Biogenix, Inc. (“PMC”) prior to the Petition Date, pursuant to which the
Company sold its oleochemicals business and certain related assets to PMC, pursuant to which settlement (i) the value of a subordinated
unsecured promissory note in the original principal amount of $10,000,000 owed by PMC to the Company shall be fixed (the “PMC
Note Value”); (ii) the amount of PMC’s claim for amounts due and owing by Great Lakes Chemical Corporation (“GLCC”)
to PMC in connection with certain products sold and delivered on various dates prior to the Petition Date by PMC to GLCC (the “GLCC
Trade Receivables”) shall be fixed at $7,782; (iii) the amount of PMC’s claim for amounts due and owing by the
Company to PMC in connection with certain products sold and delivered on various dates prior to the Petition Date by PMC to the
Company (the “Chemtura Trade Receivables”) shall be fixed; (iv) the amount of the Company’s claims for
amounts due and owing by PMC to the Company in connection with the parties’ ongoing business relationship (the “Chemtura
Trade Payables”) shall be fixed; (v) PMC’s claims against the Company specified in the proof of claim (No. 392)
filed in the Cases on account of alleged breaches of representations and warranties under the PMC APA, for rejection of the PMC
APA and for prepetition and postpetition interest allegedly arising from the PMC APA shall be deemed an allowed unsecured claim
in the amount of $5,500,000 (the “Initial PMC Allowed Chemtura Claim”); (vi) the PMC APA shall be deemed rejected
under and pursuant to section 365(a) of the Bankruptcy Code; (vii) the amount of the Initial PMC Allowed Chemtura Claim shall be
set off against the PMC Note Value, resulting in a net obligation of PMC to the Company of $3,209,810 for which PMC shall issue
a new subordinated unsecured promissory note in like principal amount; (viii) the amount of the GLCC Trade Receivables shall be
allowed as a general unsecured claim against GLCC; (ix) the amount of the Chemtura Trade Receivables shall be set off against the
amount of the Chemtura Trade Payables, resulting in net obligation of the Company to PMC of $70,777.26, to be allowed against the
Company as an administrative expense priority claim; (x) the subordinated secured promissory note in the original principal amount
of $5,000,000 owed by PMC to the Company as of the Petition Date shall remain in full force and effect; and (xi) PMC and the Company
shall execute a mutual release.

 

“PMP”
means a professional market party (professionele marktpartij) as defined in the FSA, as amended from time to time.

 

“Preferred
Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference
or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets,
whether by dividend or upon liquidation.

 

    	 	44	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Pro
Forma Basis” means, in connection with the calculation of EBITDA, clause (b) of the definition of Fixed Charge Coverage
Ratio (for purposes of this definition, “Fixed Charges”) or Interest Expense (each, a “Specified Metric”),
that:

 

(1) in the
event that the Company or any Subsidiary incurs, repays, repurchases or redeems any Debt or issues, repurchases or redeems Redeemable
Equity Interests or Preferred Interests subsequent to the commencement of the period for which any Specified Metric is being calculated
but on or prior to the date on which the event for which the calculation of such Specified Metric is made (the “Calculation
Date”), then such Specified Metric will be calculated giving pro forma effect to such incurrence, repayment, repurchase
or redemption of Debt, or such issuance, repurchase or redemption of Redeemable Equity Interests or Preferred Interests, and the
use of the proceeds therefrom as if the same had occurred at the beginning of such period;

 

(2) acquisitions
and dispositions of business entities or property and assets constituting a division or line of business of any Person that have
been made by the Company or any Subsidiary (or by any Person that has subsequently become a Subsidiary or has subsequently merged
or consolidated with or into the Company or any Subsidiary), including through mergers or consolidations, in each case, during
the 12-month reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro
forma effect as if they had occurred on the first day of the 12-month reference period, and EBITDA for such reference period will
be calculated on a pro forma basis, but without giving effect to clause (3) of the proviso set forth in the definition of “Consolidated
Net Income”;

 

(3) any EBITDA
attributable to discontinued operations, as determined in accordance with GAAP, will be excluded;

 

(4) any Fixed
Charges or Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, will be excluded, but
only to the extent that the obligations giving rise to such Fixed Charges or Interest Expense, as the case may be, will not be
obligations of the Company or any Restricted Subsidiary following the Calculation Date;

 

(5) whenever
pro forma effect is to be given to an acquisition or disposition, the amount of EBITDA relating thereto and the amount of Fixed
Charges or Interest Expense associated with any Debt incurred in connection therewith, unless otherwise specified, the pro forma
calculations will be made in compliance with Article 11 of Regulation S-X under the Securities Act, as determined in good faith
by a responsible financial or accounting officer of the Company provided that, pro forma calculations may include operating expense
reductions and other operating improvements or synergies for such period resulting from such transaction (as determined in accordance
with GAAP) for which pro forma effect is being given that have been realized, including but not limited to (a) reduction in personnel
expenses, (b) reduction of costs related to administrative functions, (c) reduction of costs related to leased or owned properties
and (d) reductions from the consolidation of operations and streamlining of corporate overhead;

 

(6) Fixed
Charges or Interest Expense attributable to interest on any Debt (whether existing or being incurred) computed on a pro forma basis
and bearing a floating interest rate will be computed as if the rate in effect on the Calculation Date (taking into account any
interest rate option, swap, cap or similar agreement applicable to such Debt if such agreement has a remaining term in excess of
12 months or, if shorter, at least equal to the remaining term of such Debt) had been the applicable rate for the entire period;
and

 

    	 	45	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(7) Fixed
Charges or Interest Expense attributable to interest on any Debt incurred under a revolving credit facility computed on a pro forma
basis will be calculated based on the average daily balance of such Debt for the four fiscal quarters subject to the pro forma
calculation to the extent that such Debt was incurred solely for working capital purposes.

 

“Pro
Rata Share” of any amount means, with respect to any Lender under any Revolving Credit Facility at any time, the product
of such amount times a fraction the numerator of which is the amount of such Lender’s Commitment under such Revolving
Credit Facility at such time (or, if the Commitments under such Revolving Credit Facility shall have been terminated pursuant to
Section 2.06 or 6.01, such Lender’s Commitment under such Revolving Credit Facility as in effect immediately prior to such
termination) and the denominator of which is the amount of such Revolving Credit Facility at such time (or, if the Commitments
under such Revolving Credit Facility shall have been terminated pursuant to Section 2.06 or 6.01, the amount of such Revolving
Credit Facility as in effect immediately prior to such termination).

 

“Process
Agent” has the meaning provided in Section 10.19.

 

“Protective
Advances” has the meaning specified in Section 2.01(c).

 

“Public
Debt Rating” means, with respect to any Person, as of any date, the rating that has been most recently announced by either
S&P, Moody’s or Fitch, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued
by such Person or, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by such
rating agency for such debt of such Person. For purposes of the foregoing, (a) if any rating established by S&P, Moody's or
Fitch shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating
agency making such change; and (b) if S&P, Moody's or Fitch shall change the basis on which ratings are established, each reference
to the Public Debt Rating announced by S&P, Moody's or Fitch, as the case may be, shall refer to the then equivalent rating
by S&P, Moody's or Fitch, as the case may be.

 

“Public
Lender” has the meaning specified in Section 10.12.

 

“Purchase
Money Note” means a promissory note of a Receivables Entity evidencing a line of credit, which may be irrevocable, from
the Company or any Restricted Subsidiary of the Company to a Receivables Entity in connection with a Foreign Asset Based Financing,
which note is intended to finance that portion of the purchase price that is not paid in cash or a contribution of equity and which
is customary in a Foreign Asset Based Financing as determined in good faith by the Company.

 

“Quotation
Day” means, in relation to any period for which an interest rate is to be determined:

 

(a)     (if the
currency is Sterling) the first day of that period;

 

(b)     (if the
currency is Euros) two TARGET Days before the first day of that period; or

 

(c)     (for
any other currency) two Business Days before the first day of that period,

 

unless market practice differs
in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Foreign
Administrative Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given
by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

 

    	 	46	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Receivables
Assets” means any accounts receivable and any assets related thereto, including, without limitation, all collateral securing
such accounts receivable and assets and all contracts and contract rights including rights to returned or repossessed goods, all
insurance policies, security deposits, indemnities, checks or other negotiable instruments relating to debtor(s) obligations, and
all guarantees or other supporting obligations (within the meaning of the New York Uniform Commercial Code Section 9-102(a)(77))
(including Obligations under Hedge Agreements), in respect of such accounts receivable and assets and all proceeds of the foregoing
and other assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection
with asset securitization transactions involving Receivables Assets.

 

“Receivables
Entity” means a Restricted Subsidiary of the Company or another Person formed for the purposes of engaging in a Foreign
Asset Based Financing or which is regularly engaged in receivables financings and to which any Foreign Subsidiary transfers Receivables
Assets, and which is designated by the Board of Directors of such Foreign Subsidiary (as provided below) to be a Receivables Entity
(a) no portion of the Debt or any other Obligations (contingent or otherwise) of which (1) is guaranteed by the Company or any
Restricted Subsidiary of the Company (excluding guarantees of Obligations (other than the principal of, and interest on, Debt)
pursuant to Standard Receivables Undertakings), (2) is recourse to or obligates the Company or any Restricted Subsidiary of the
Company (other than the Receivables Entity) in any way other than pursuant to Standard Receivables Undertakings or (3) subjects
any property or asset of the Company or any Restricted Subsidiary of the Company (other than Receivables Assets and related assets
as provided in the definition of “Foreign Asset Based Financing”), directly or indirectly, contingently or otherwise,
to the satisfaction thereof other than pursuant to Standard Receivables Undertakings, (b) with which neither the Company nor any
Restricted Subsidiary of the Company has any material contract, agreement, arrangement or understanding (other than on terms which
the Company reasonably believes to be no less favorable to the Company or such Restricted Subsidiary than those that might be obtained
at the time from Persons who are not Affiliates of the Company) other than fees payable in the ordinary course of business in connection
with servicing Receivables Assets, and (c) with which neither the Company nor any Restricted Subsidiary of the Company has any
obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating
results; provided that any such designation by the Board of Directors of such Foreign Subsidiary is evidenced to the Administrative
Agent by delivery to the Administrative Agent of a certified copy of a resolution of the Board of Directors of such Foreign Subsidiary
giving effect to such designation, together with a certificate signed by a Responsible Officer of the Company certifying that such
designation complied with the foregoing conditions.

 

“Receivables
Fees” means all yield, interest, distributions or other payments made directly or by means of discounts with respect
to any interest issued or sold in connection with, and other fees paid to a Person that is not a Receivables Entity in connection
with, any Foreign Asset Based Financing.

 

“Receivables
Repurchase Obligation” means any obligation of a seller of Receivables Assets in a Foreign Asset Based Financing to repurchase
Receivables Assets arising as a result of a breach of a Standard Receivables Undertaking, including as a result of a Receivables
Asset or portion thereof becoming subject to any asserted defense, dispute, off set or counterclaim of any kind as a result of
any action taken by, any failure to take action by or any other event relating to the seller.

 

    	 	47	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Recipient”
means any Administrative Agent, Lender or Issuing Bank, or any other recipient of any payment
to be made by or on account of any obligation of any Loan Party hereunder.

 

“Redeemable”
means, with respect to any Equity Interest, Debt or other right or Obligation, any such right or Obligation that (a) the issuer
has undertaken to redeem at a fixed or determinable date or dates at any time prior to the date that is six months after the Maturity
Date, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control
of the issuer (other than a change of control, so long as any rights of the holders thereof upon the occurrence of a change of
control shall be subject to the prior repayment in full of the Advances and all other Obligations that are accrued and payable
under the Loan Documents) or (b) is redeemable at the option of the holder at any time prior to the date that is six months
after the Maturity Date.

 

“Register”
has the meaning specified in Section 10.07(d).

 

“Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and such Person’s and such Person’s
Affiliates’ respective administrators, trustees, partners, directors, officers, employees, agents, fund managers and advisors.

 

“Related
Security” means, with respect to any Account, (a) all of the applicable Borrower’s right, title and interest in
and to the goods (including returned or repossessed goods), if any, relating to the sale which gave rise to such Account, (b) all
other security interests or Liens and property subject thereto from time to time purporting to secure payment of such Account,
whether pursuant to the obligation giving rise to such Account or otherwise, (c) all guarantees and other agreements or arrangements
of whatever character from time to time supporting or securing payment of such Account whether pursuant to the obligation giving
rise to such Account or otherwise, (d) all records relating to the foregoing and (e) all proceeds of the foregoing.

 

“Relevant
Interbank Market” means in relation to Euros and Swiss Francs, the European interbank market and, in relation to Sterling,
the London interbank market.

 

“Rent
Reserve” means, with respect to any plant, warehouse distribution center or other operating facility where any Inventory
subject to landlords’ Liens or other Liens arising by operation of law is located and a Collateral Access Agreement has not
been duly executed and delivered by the lessor or bailee at such location, a reserve equal to three (3) month’s rent at such
plant, warehouse distribution center, or other operating facility, and such other reserve amounts that may be determined by the
applicable Administrative Agent in its reasonable discretion.

 

    	 	48	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Required
Lenders” means, at any time, Lenders owed or holding at least a majority in interest of the sum of (a) the aggregate
principal amount of the Advances outstanding at such time (with the aggregate amount of each Lender’s risk participation
and funded participation in Swing Line Advances being deemed owned or held by such Lender for purposes of this definition), (b)
the aggregate Available Amount of all Letters of Credit outstanding at such time (with the aggregate amount of each Lender’s
risk participation in outstanding Letters of Credit being deemed owned or held by such Lender for purposes of this definition)
and (c) the aggregate Unused Revolving Credit Commitments at such time; provided, however, that if any Lender
shall be a Defaulting Lender at such time, there shall be excluded from the determination of Required Lenders at such time (i)
the aggregate principal amount of the Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time,
(ii) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and
(iii) the Unused Revolving Credit Commitment of such Lender at such time.

 

“Reserves”
means, at any time of determination with respect to any Revolving Credit Facility, (a) Bank Product Reserves, (b) Rent Reserves,
(c) in the case of the Foreign Revolving Credit Facility, (i) amounts owed to carriers of goods, storage providers, commission
agents or other creditors with regard to Inventory in their possession and (ii) amounts owed to sellers of Inventory or moveable
assets with retention of title claims or extended retention of title claims (including revindicatory claims (recht van reclame))
in respect of Accounts and/or Inventory owned by the Swiss Guarantor, and (d) such other reserves as determined from time to time
in the Permitted Discretion of the applicable Administrative Agent to preserve and protect the value of the Revolving Facility
Collateral included in the Borrowing Base, in each case of the forgoing clauses (a), (b), (c) and (d) as applicable to such Revolving
Credit Facility.

 

“Responsible
Officer” means the chief executive officer, president, any executive vice president, chief financial officer, principal
accounting officer, controller, chief restructuring officer or treasurer of a Loan Party or, solely with respect to the Foreign
Borrower and the Swiss Guarantor, any director or managing director thereof. Any document delivered hereunder or under any other
Loan Document that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by
all necessary corporate, partnership and/or or other action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted
Payment” has the meaning specified in Section 5.02(e).

 

“Restricted
Payment Conditions” means, with respect to any event on any date, immediately after giving effect to such event, on a
Pro Forma Basis, either (a)(i) both the Average Excess Availability for the 30 day period ending on such date and the Availability
on such date shall not be less than 25% of the aggregate Revolving Credit Commitments then in effect and (ii) both the Average
US Excess Availability for the 30 day period ending on such date and the US Availability on such date shall not be less than 25%
of the aggregate US Revolving Credit Commitments then in effect or (b) the Fixed Charge and Liquidity Conditions with respect thereto
are satisfied.

 

“Restricted
Subsidiary” means any Subsidiary of the Company that is not an Unrestricted Subsidiary.

 

“Reuters
Screen LIBOR01” means the display designated on the Reuters 3000 Xtra Page (or such other page as may replace such page
on such service for the purpose of displaying the rates at which deposits in the applicable currency are offered by leading banks
in the London interbank deposit market as designated by the Administrative Agents from time to time).

 

“Revolving
Credit Advance” means each or any of a US Revolving Credit Advance or a Foreign Revolving Credit Advance, as the context
may require.

 

    	 	49	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Revolving
Credit Borrowing” means each or any of a US Revolving Credit Borrowing or a Foreign Revolving Credit Borrowing, as the
context may require.

 

“Revolving
Credit Commitment” means each or any of a US Revolving Credit Commitment or a Foreign Revolving Credit Commitment, as
the context may require.

 

“Revolving
Credit Facility” means each or any of the US Revolving Credit Facility or the Foreign Revolving Credit Facility, as the
context may require.

 

“Revolving
Credit Lender” means each or any of a US Revolving Credit Lender or a Foreign Revolving Credit Lender, as the context
may require.

 

“Revolving
Facility Collateral” means (a) with respect to the Loan Parties (other than the Foreign Borrower and the Swiss Guarantor),
all of the existing and future Inventory and Accounts of the Loan Parties (other than the Foreign Borrower and the Swiss Guarantor),
together with all related general intangibles, contract rights under agreements relating to Inventory and Accounts, documents relating
to Inventory, supporting obligations and letter-of-credit rights relating to Inventory and Accounts, instruments representing payments
for Inventory and Accounts; money, cash, Cash Equivalents, securities and other property held by any Administrative Agent or any
Lender; deposit accounts, credits and balances which contain proceeds of or collections on Inventory and Accounts; books, records
and other property related to or referring to any of the foregoing; and all proceeds of any of the foregoing, including, proceeds
of any insurance policies and claims against third parties with respect to the foregoing, all as more fully described in the US
Security Agreement and the Intercreditor Agreement, (b) with respect to the Foreign Borrower, its assets constituting collateral
subject to Liens granted by it under the Foreign Security Documents to which it is a party and (c) with respect to the Swiss Guarantor,
its assets constituting collateral subject to Liens granted by it under the Foreign Security Documents to which it is a party.

 

“S&P”
means Standard & Poor’s, a division of The Mc-Graw Hill Companies, Inc.

 

“Screen
Rate” means, in relation to EURIBOR, the euro interbank offered rate administered by the Banking Federation of the European
Union (or any other person which takes over the administration of that rate) for the relevant period displayed on page EURIBOR01
of the Reuters screen (or any replacement Reuters page which displays such page), or on the appropriate page of such other information
service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Foreign
Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Foreign Borrower.

 

“SEC”
means the Securities and Exchange Commission or any governmental authority succeeding to any of its principal functions.

 

“Second
Lien Mortgage Policies” has the meaning specified in Section 3.01(f)(iv)(C).

 

“Second
Lien Mortgages” means, with respect to each Mortgaged real property, the Second Lien Mortgage, Security Agreement, Assignment
of Rents and Leases and Fixture Filing by applicable US Borrower in favor of the US Administrative Agent.

 

    	 	50	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“Secured
Cash Management Agreement” means each or any of the US Secured Cash Management Agreements and the Foreign Secured Cash
Management Agreements, as the context may require.

 

“Secured
Obligations” means the “Secured Obligations” under and as defined in the Collateral Documents.

 

“Secured
Parties” means, collectively, the US Secured Parties and the Foreign Secured Parties.

 

“Security
Agreement” means each or any of the US Security Agreement and the Foreign Facility Security Agreement, as the context
may require.

 

“Senior
2021 Notes” means the 5.75% senior notes due 2021 issued by the Company pursuant to the Senior 2021 Notes Indenture,
as such notes may be amended, supplemented, amended and restated, modified, replaced or refinanced (in each case to the extent
permitted by the terms hereof and in compliance with the definition of “Permitted Refinancing Debt”).

 

“Senior
2021 Notes Indenture” means the Indenture, dated as of June 10, 2013, and the First Supplemental Indenture, dated as
of July 23, 2013, between the Company, the guarantors named therein, and Wells Fargo Bank, National Association, as trustee, under
which the Senior 2021 Notes are issued, as further amended, supplemented, amended and restated, modified, replaced or refinanced
(in each case to the extent permitted by the terms hereof and in compliance with the definition of “Permitted Refinancing
Debt”).

 

“Senior
Notes” means the 7.875% senior notes due 2018 issued by the Company pursuant to the Senior Notes Indenture, as such notes
may be amended, supplemented, amended and restated, modified, replaced or refinanced (in each case to the extent permitted by the
terms hereof and in compliance with the definition of “Permitted Refinancing Debt”).

 

“Senior
Notes Indenture” means the Indenture, dated as of August 27, 2010, between the Company, the guarantors named therein,
and U.S. Bank National Association, as trustee, under which the Senior Notes are issued, as amended, supplemented, amended and
restated, modified, replaced or refinanced to the extent permitted by the terms hereof.

 

“Significant
Subsidiary” means any Restricted Subsidiary of the Borrower which, at the date of determination, is a “Significant
Subsidiary” as such term is defined in Regulation S-X under the Securities Exchange Act of 1934, as amended, or any successor
statute or statutes thereto.

 

“Single
Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees
of any Loan Party or any ERISA Affiliate and is not a Multiple Employer Plan or (b) was so maintained and in respect of which any
Loan Party or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be
terminated.

 

    	 	51	Chemtura (Revolving Facility) Credit Agreement

    	 

    

“Solvent”
and “Solvency” mean, with respect to the Loan Parties on a particular date, that on such date (a) the fair value
of the property of the Loan Parties, taken as a whole, is greater than the total amount of debt, including, without limitation,
contingent liabilities, of the Loan Parties, taken as a whole, (b) the present fair salable value of the assets of the Loan Parties
and their Subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liability of the
Loan Parties, taken as a whole, on their debts as they become absolute and matured, (c) the Loan Parties do not intend to, and
do not believe that they will, incur debts beyond their collective ability to pay such debts as such debts mature and (d) the Loan
Parties do not have unreasonably small capital to conduct their business as currently conducted and as currently contemplated to
be conducted. For purposes of the foregoing, the amount of contingent liabilities at any time shall be computed as the amount that,
in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

 

“SPC”
has the meaning specified in Section 10.07(k).

 

“Specified
Credit Agreement” means any agreement with any Specified Credit Bank to provide foreign working capital facilities or
foreign vendor financing facilities.

 

“Specified
Credit Bank” means any Person that, at the time it enters into a Specified Credit Agreement, is a “Lender”,
an Affiliate of a “Lender”, a “Lead Arranger”, or an Affiliate of a “Lead Arranger” in each
case, as such terms are defined in the Term Facility Credit Agreement, and in each case in its capacity as a party to such Specified
Credit Agreement.

 

“Specified
Default” means any Event of Default under Section 6.01(a), 6.01(b) (but only with respect to a representation made
in a Borrowing Base Certificate or a certificate of an officer accompanying any financial statement), or 6.01(l), or consisting
of a failure to comply with Section 5.01(e)(ii), 5.01(e)(iii), 5.01(e)(iv), 5.01(j) or 5.03(o).

 

“Standard
Receivables Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance entered
into by the Company or any Restricted Subsidiary of the Company which are customary in a Foreign Asset Based Financing, including,
without limitation, those relating to the servicing of the assets of a Receivables Entity, it being understood that any Receivables
Repurchase Obligation shall be deemed a Standard Receivables Undertaking.

 

“Statutory
Reserves” means, with respect to any currency, the aggregate of the maximum reserve, liquid asset, fees or similar requirements
(including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary
authority, the Board, the Prudential Regulation Authority, the Financial Conduct Authority, the Bank of England, the European Central
Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency,
expressed in the case of each such requirement as a decimal. Such reserve percentages shall, in the case of Advances denominated
in US Dollars, include those imposed pursuant to Regulation D of the Board of Governors of the Federal Reserve System (or
any successor). Eurocurrency Rate Advances shall be deemed to be subject to such reserve, liquid asset or similar requirements
without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any
applicable law, rule or regulation, including Regulation D. Statutory Reserves shall be adjusted automatically on and as of
the effective date of any change in any reserve, liquid asset or similar requirement.

 

“Sterling”
or “₤” means the lawful currency of the United Kingdom.

 

“Subordination
Agreement” means a subordination agreement entered into by IHB, the Swiss Guarantor and any other Affiliate required
to be a party thereto in accordance with the terms hereof, in substantially the form of Exhibit J hereto or otherwise reasonably
acceptable to the Foreign Administrative Agent.

 

    	 	52	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which)
more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board
of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation
shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such
partnership, joint venture or limited liability company or (c) the beneficial interest in such trust or estate is at the time
directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or
more of such Person’s other Subsidiaries. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Supermajority
Lenders” means, at any time, Lenders owed or holding 662⁄3% or more in interest of the sum of (a) the aggregate principal
amount of the Advances outstanding at such time (with the aggregate amount of each Lender’s risk participation and funded
participation in Swing Line Advances being deemed owned or held by such Lender for purposes of this definition), (b) the aggregate
Available Amount of all Letters of Credit outstanding at such time (with the aggregate amount of each Lender’s risk participation
in outstanding Letters of Credit being deemed owned or held by such Lender for purposes of this definition) and (c) the aggregate
Unused Revolving Credit Commitments at such time; provided, however, that if any Lender shall be a Defaulting Lender
at such time, there shall be excluded from the determination of Supermajority Lenders at such time (i) the aggregate principal
amount of the Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, (ii) such Lender’s
Pro Rata Share of the aggregate Available Amount of all Letters of Credit outstanding at such time and (iii) the Unused Revolving
Credit Commitment of such Lender at such time.

 

“Surviving
Debt” means Debt of each Loan Party and its Restricted Subsidiaries outstanding immediately before and after the Effective
Date (but excluding, for the avoidance of doubt, Debt under the Senior Notes, the Senior 2021 Notes and the Term Facility).

 

“Swing
Line Advance” has the meaning specified in Section 2.04(a).

 

“Swing
Line Advance Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall
be substantially in the form of Exhibit B-2.

 

“Swing
Line Borrowing” means a borrowing of a Swing Line Advance pursuant to Section 2.04.

 

“Swing
Line Lender” means Bank of America in its capacity as provider of Swing Line Advances, or any successor swing line lender
hereunder.

 

“Swing
Line Sublimit” means an amount equal to the lesser of (a) $30,000,000 and (b) the Revolving Credit Facility. The Swing
Line Sublimit is part of, and not in addition to, the Revolving Credit Facility.

 

“Swiss
Francs” or “CHF” means the lawful currency of Switzerland.

 

“Swiss
Guarantor” has the meaning specified in the recital of parties to this Agreement.

 

    	 	53	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all Obligations of such Person in respect
of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including, without
limitation, any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition
of “Debt” or as a liability on the consolidated balance sheet of such Person and its Restricted Subsidiaries in accordance
with GAAP.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each
case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor
Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“TARGET
Day” means any day on which TARGET2 is open for the settlement of payments in euro.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on 19 November 2007.

 

“Taxes”
has the meaning specified in Section 2.13(a).

 

“Term
Facility” means the term loan credit facility entered into on August 27, 2010 in the initial principal amount of $295
million (subject to subsequent commitment increases), as amended and restated as of October 30, 2013 and as may be further amended,
supplemented, amended and restated, modified, replaced or refinanced from time to time (subject to any restrictions on such amendments,
supplements, modifications, replacements or refinancings set forth herein and in the Intercreditor Agreement, and provided
that any such amendment, supplement, amendment and restatement, modification, replacement or refinancing that constitutes Debt
issued in exchange for, or the net cash proceeds of which are used to extend, refinance, renew, replace, defease or refund the
Term Facility complies with the definition of “Permitted Refinancing Debt”, provided that for purposes of clause
(1) of such definition, the amount of the Debt being extended, refinanced, renewed, replaced, defeased or refunded shall be deemed
to be $420,000,000).

 

“Term
Facility Collateral” means all tangible and intangible assets of the US Loan Parties (other than any assets comprising
Revolving Facility Collateral), including, without limitation, real property, equipment, Intellectual Property, Equity Interests
of their direct Subsidiaries (including 100% of the non-Voting Stock of their respective Foreign Subsidiaries and no more than
(to the extent the pledge of any greater percentage would result in material adverse tax consequences to the Loan Parties) 65%
of the Voting Stock of their respective Foreign Subsidiaries that are CFCs and entities that are treated as partnerships or disregarded
entities for United States federal income tax purposes and whose assets are solely capital stock of CFCs) and other investment
property.

 

    	 	54	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“Term
Facility Credit Agreement” means Senior Secured Term Facility Credit Agreement, dated as of August 27, 2010, among the
Company, the other US Loan Parties, the lenders party thereto and Bank of America, as administrative agent, to govern the Term
Facility, as amended and restated as of October 30, 2013 and as may thereafter further be amended, supplemented, amended and restated,
modified, replaced or refinanced from time to time (subject to any restrictions on such amendments, supplements, amendments and
restatements, modifications, replacements or refinancings set forth herein and in the Intercreditor Agreement, and provided
that any such amendment, supplement, amendment and restatement, modification, replacement or refinancing that constitutes Debt
issued in exchange for, or the net cash proceeds of which are used to extend, refinance, renew, replace, defease or refund, the
Term Facility complies with the definition of “Permitted Refinancing Debt”, provided that for purposes of clause
(1) of such definition, the amount of the Debt being extended, refinanced, renewed, replaced, defeased or refunded shall be deemed
to be $420,000,000).

 

“Termination
Date” means the earliest to occur of (a) the Maturity Date and (b) the date of termination in whole of the
Commitments pursuant to Section 2.06 or 6.01.

 

“Testing
Period” means any period:

 

(a) commencing
on any date on which Availability is less than the greater of $25,000,000 and 10% of the aggregate Revolving Credit Commitments
then in effect and continuing until the date when, for 30 consecutive days including such date, (i) Availability is equal to or
greater than the greater of $25,000,000 and 10% of the aggregate Revolving Credit Commitments then in effect or (ii); or

 

(b) commencing
on any date on which US Availability is less than the greater of $17,500,000 and 10% of the aggregate US Revolving Credit Commitments
then in effect and continuing until the date when, for 30 consecutive days including such date, US Availability is equal to or
greater than the greater of $17,500,000 and 10% of the aggregate US Revolving Credit Commitments then in effect.

 

“Third
Lien Mortgage Policies” has the meaning specified in Section 3.01(f)(iv)(C).

 

“Third
Lien Mortgages” means, with respect to each Mortgaged real property, the Third Lien Mortgage, Security Agreement, Assignment
of Rents and Leases and Fixture Filing by applicable Foreign Loan Party in favor of the Foreign Administrative Agent.

 

“Third
Party Collection Accounts” means deposit accounts, subject to a Foreign Account Control Agreement, and under the sole
control and dominion of the Foreign Administrative Agent that are not maintained at Bank of America or any of its Affiliates. As
of the Effective Date, the Third Party Collection Accounts are: account no. 000.04.03.22.041 at RBS (United Kingdom) and account
no. 000.04.03.22.033 at RBS (United Kingdom). Notwithstanding the foregoing, from the Effective Date until the date that is 60
days (or a later day as extended by the Administrative Agent in its reasonable discretion) after the Effective Date and so long
as being subject to a Foreign Account Control Agreement as required by Section 5.01(k), account no. 1427772 at Commerzbank
shall also be deemed to be a Third Party Collection Account so long as it is owned by the Foreign Borrower as a receivables collection
account.

 

“Transactions”
means (i) the amendment and restatement of the Existing Facility, the Intercreditor Agreement and certain of the Collateral Documents
as of the date hereof, (ii) the entering into certain of the Collateral Documents as of the date hereof and this Agreement and
the extensions of credit hereunder and (iii) the payment of fees and expenses in respect of the forgoing transactions.

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurocurrency
Rate.

 

    	 	55	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“UCC”
means the Uniform Commercial Code as in effect, from time to time, in the State of New York; provided that, if perfection
or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority.

 

“Unreimbursed
Amount” means each or any of a US Unreimbursed Amount or a Foreign Unreimbursed Amount, as the context may require.

 

“Unrestricted
Subsidiary” means (a) any Subsidiary of the Company which has been designated on or after the Effective Date as an Unrestricted
Subsidiary by the Company pursuant to Section 5.02(k)(i) and which has not been re-designated as a Restricted Subsidiary pursuant
to Section 5.02(k)(ii) and (b) any Subsidiary of a Subsidiary described in clause (a); provided that until the
termination of the Foreign Revolving Credit Commitments and payment in full of all of the Foreign Obligations (other than (A) contingent
indemnification obligations and (B) obligations and liabilities under Foreign Secured Cash Management Agreements, as to which arrangements
reasonably satisfactory to the applicable Foreign Cash Management Bank shall have been made) and the expiration or termination
of all Foreign Letters of Credit (other than Foreign Letters of Credit as to which other arrangements reasonably satisfactory to
the Foreign Administrative Agent and the applicable Foreign Issuing Bank shall have been made), no Foreign Loan Party shall be
an Unrestricted Subsidiary. Notwithstanding anything to the contrary herein, Unrestricted Subsidiaries will not be subject to the
representations and warranties, affirmative or negative covenants or event of default provisions of the Loan Documents, and the
financial position, results of operations and Indebtedness of Unrestricted Subsidiaries will not be taken into account for purposes
of determining compliance with any financial covenant in Section 5.04 (or other financial ratio calculation) and any cash or Cash
Equivalents of any Unrestricted Subsidiary will not be taken into account for purposes of any Fixed Charge Coverage Ratio calculation.

 

“Unused
Revolving Credit Commitment” means each or any of a US Unused Revolving Credit Commitment or a Foreign Unused Revolving
Credit Commitments, as the context may require.

 

“US
Administrative Agent” has the meaning specified in the recital of parties to this Agreement.

 

“US
Administrative Agent’s Office” means the US Administrative Agent’s address and, as appropriate, account as
set forth on Schedule 10.02, or such other address or account as the applicable US Administrative Agent may from time to time notify
to the US Borrowers and the US Lenders.

 

“US
Advance” means a US Revolving Credit Advance, a US Letter of Credit Advance or a Swing Line Advance.

 

“US
Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii).

 

“US
Availability” means, at any time, (a) the lesser of (i) the US Borrowing Base at such time (based on the most recent
Borrowing Base Certificate), and (ii) the aggregate US Revolving Credit Commitments at such time minus (b) the sum of (i) the
US Revolving Credit Advances outstanding at such time plus (ii) the aggregate Available Amount of all US Letters of
Credit outstanding at such time. US Availability at any time shall be determined by reference to the most recent Borrowing Base
Certificate delivered to the US Administrative Agent pursuant to Section 5.03(o) and the amount described in clause (b) above at
such time.

 

    	 	56	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“US
Borrower” and “US Borrowers” has the meaning specified in the recital of parties to this Agreement;
provided, that, upon the request of the Company from time to time, additional wholly-owned Domestic Subsidiaries of the
Company that own assets eligible to be included in the US Borrowing Base may be added as US Borrowers hereunder, effective upon
the execution and delivery to each applicable Administrative Agent (a) by the relevant additional US Subsidiary Borrower of Notes
replacing the outstanding Notes or amendments or joinders to the outstanding Notes (in each case to the extent Notes have been
issued under Section 2.17) and appropriate joinder agreements to this Agreement (and if applicable, to the Collateral Documents,
each Guaranty and the Intercreditor Agreement) and (b) by the US Guarantors of their reaffirmation of each US Guaranty, in each
case in customary form reasonably satisfactory to the Administrative Agents, and any other Collateral Documents and other documents
that such US Subsidiary Borrower would be required to deliver pursuant to Section 5.01(m) hereof if it were becoming a US Guarantor
(with such modifications thereto as are reasonably necessary to accommodate the relevant US Subsidiary Borrower becoming a US Borrower
and not a US Guarantor).

 

“US
Borrowing” means a Borrowing under the US Revolving Credit Facility.

 

“US
Borrowing Base” means (a) 85% of the value of Eligible Receivables of the US Borrowers, plus (b) the lesser of
(i) 85% of the Net Orderly Liquidation Value Percentage of Eligible Inventory of the US Borrowers and (ii) 75% of the cost of Eligible
Inventory the US Borrowers, minus (c) applicable Reserves, minus (d) the then Allocated US Availability.

 

“US
Cash Management Bank” means any Person that, at the time it enters into a Cash Management Agreement with a US Loan Party,
is a US Lender Party, an Affiliate of a US Lender Party, a Lead Arrangers or an Affiliate of a Lead Arranger, in its capacity as
a party to such Cash Management Agreement.

 

“US
Guarantor” means (a) those Restricted Subsidiaries of the Company that are parties to the “Guaranty” under
and as defined in the Existing Facility immediately prior to the Effective Date, which Subsidiaries are listed on Schedule 1.01C
annexed hereto, and are the same as the guarantors under the Senior Notes and the Term Facility, and (b) each direct Restricted
Subsidiary of any US Loan Party to the extent that such direct Restricted Subsidiary (i) is a Material Subsidiary formed or acquired
after the Effective Date and required to execute and deliver a counterpart to the US Guaranty pursuant to Section 5.01(m), or (ii)
otherwise has delivered a counterpart to the US Guaranty and remains a guarantor thereunder in accordance with the terms thereof.

 

“US
Guaranty” means the amended and restated guaranty substantially in the form attached hereto as Exhibit G, as in effect
on the Effective Date and as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“US
Guaranty Supplement” has the meaning of “Guaranty Supplement” set forth in the US Guaranty.

 

“US
Honor Date” has the meaning specified in Section 2.03(c).

 

“US
Initial Issuing Bank” has the meaning specified in the recital of parties to this Agreement.

 

    	 	57	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“US
Intellectual Property Security Agreement” means the amended and restated intellectual property security agreement in
favor of the US Administrative Agent in substantially the form of Exhibit A to the US Security Agreement, together with each other
security agreement supplement delivered to the US Administrative Agent pursuant to Section 5.01(m).

 

“US
Issuing Bank” means each US Initial Issuing Bank (including any that issued an Existing Letter of Credit), and any other
US Revolving Credit Lender approved as a US Issuing Bank by the US Administrative Agent and any Eligible Assignee to which a US
Letter of Credit Commitment hereunder has been assigned pursuant to Section 7.09 or 10.07.

 

“US
L/C Cash Collateral Account” means the account established by the US Borrowers in the name of the US Administrative Agent
and under the sole and exclusive control of the US Administrative Agent that shall be used solely for the purposes set forth herein.

 

“US
L/C Obligations” means, as at any date of determination, the aggregate Available Amount of all outstanding US Letters
of Credit plus the aggregate of all US Unreimbursed Amounts, including all US Letter of Credit Advances.

 

“US
Lender” means any Lender that has a US Revolving Credit Commitment.

 

“US
Lender Party” means any US Lender or any US Issuing Bank.

 

“US
Letter of Credit” means any standby or documentary letter of credit issued (or deemed issued in the case of any Existing
Letter of Credit), bankers acceptance or similar instrument issued by any US Issuing Bank under Section 2.03.

 

“US
Letter of Credit Advance” means an advance made by any US Issuing Bank or US Revolving Credit Lender pursuant to Section
2.03(c).

 

“US
Letter of Credit Application” means an application and agreement for the issuance or amendment of a US Letter of Credit
in the form from time to time in use by the applicable US Issuing Bank.

 

“US
Letter of Credit Commitment” means with respect to any US Issuing Bank, at any time, the obligation of such US Issuing
Bank to issue US Letters of Credit pursuant to the terms and conditions of this Agreement in the dollar amount (a) set forth
opposite such US Issuing Bank’s name on Schedule I hereto under the caption “US Letter of Credit Commitment”
or (b) if such US Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such US Issuing Bank in the
US Register maintained by the US Administrative Agent pursuant to Section 10.07(d) as such US Issuing Bank’s US Letter
of Credit Commitment, in each case as the amount of such obligation may be reduced at or prior to such time pursuant to Section 2.06.

 

“US
Letter of Credit Sublimit” means an amount equal to the lesser of (a) the aggregate amount of the US Issuing Banks’
US Letter of Credit Commitments at such time and (b) $125,000,000 as such amount may be reduced from time to time pursuant
to Section 2.06. The US Letter of Credit Sublimit is part of, and not in addition to, the US Revolving Credit Commitments.

 

“US
Loan Parties” means the US Borrowers and the US Guarantors.

 

“US
Non-Extension Notice Date” has the meaning specified in Section 2.03(b)(iii).

 

    	 	58	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

“US
Obligations” means Obligations of the US Loan Parties owing to US Secured Parties under the Loan Documents, excluding
Obligations under the Foreign Facility Guaranty and the Foreign Security Documents, and including, to the extent relating to US
Advances, US Letters of Credit or US Secured Cash Management Agreements, (a) the obligation to pay principal and interest, letter
of credit commissions, charges, expenses, fees, reasonable attorneys’ fees and disbursements, indemnities and other amounts
payable by any US Loan Party under any Loan Document and (b) the obligation of any US Loan Party to reimburse any amount in
respect of any of the foregoing that any US Lender Party, in its sole discretion, may elect to pay or advance on behalf of such
US Loan Party.

 

“US
Protective Advances” has the meaning specified in Section 2.01(c).

 

“US
Revolving Credit Advance” has the meaning specified in Section 2.01(a)(i).

 

“US
Revolving Credit Borrowing” means a borrowing consisting of simultaneous US Revolving Credit Advances of the same Type
made by the US Revolving Credit Lenders.

 

“US
Revolving Credit Commitment” means, with respect to any Lender at any time, the amount set forth for such time opposite
such Lender’s name on Schedule I hereto under the caption “US Revolving Credit Commitment” or, if such Lender
has entered into one or more Assignments and Acceptances, set forth for such Lender in the US Register maintained by the US Administrative
Agent pursuant to Section 10.07(d) as such Lender’s “US Revolving Credit Commitment”, as such amount may be reduced
at or prior to such time pursuant to Section 2.06 or as increased pursuant to a Commitment Increase in accordance with Section
2.19. The aggregate principal amount of the US Revolving Credit Commitments shall be $175,000,000 as of the Effective Date.

 

“US
Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of (a) the aggregate principal
amount of all US Revolving Credit Advances, US Letter of Credit Advances and Swing Line Advances made by such Lender (in its capacity
as a Lender (as opposed to the capacity of the US Issuing Bank or Swing Line Lender)) and outstanding at such time, plus
(b) such Lender’s Pro Rata Share of (i) the aggregate Available Amount of all US Letters of Credit outstanding
at such time, (ii) the aggregate principal amount of all US Letter of Credit Advances made by the US Issuing Banks pursuant
to Section 2.03(c) and outstanding at such time and (iii) the aggregate principal amount of all Swing Line Advances made by
the Swing Line Lender pursuant to Section 2.04(a) and outstanding (i.e., not yet reimbursed by the Lenders) at such time.

 

“US
Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ US Revolving Credit Commitments
at such time.

 

“US
Revolving Credit Lender” means any Lender that has a US Revolving Credit Commitment.

 

“US
Revolving Credit Note” means a promissory note of the US Borrowers payable to the order of any US Revolving Credit Lender,
in substantially the form of Exhibit A-1 hereto, evidencing the aggregate indebtedness of the US Borrowers to such Lender resulting
from the US Revolving Credit Advances or Swing Line Advances made by such Lender.

 

    	 	59	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

“US
Secured Cash Management Agreement” means any Cash Management Agreement permitted under Article V that is entered into
by and between any US Loan Party and any US Cash Management Bank and designated in a writing delivered by the Company, in its sole
discretion, to the US Administrative Agent as a “US Secured Cash Management Agreement”, in each case solely to the
extent that the obligations in respect of such Cash Management Agreement are not cash collateralized or otherwise secured (other
than pursuant to the Collateral Documents).

 

“US
Secured Parties” means, collectively, the US Administrative Agent, the US Lender Parties and the US Cash Management Banks.

 

“US
Security Agreement” means the amended and restated pledge and security agreement in favor of the US Administrative Agent
in substantially the form of Exhibit F, together with each other security agreement supplement delivered to the US Administrative
Agent pursuant to Section 5.01(m).

 

“US
Subsidiary Borrowers” means the Subsidiaries of the Company set forth on Schedule 1.01B hereto, and any Subsidiary of
the Company that becomes a US Borrower.

 

“US
Tax Compliance Certificate” has the meaning specified in Section 2.13(e).

 

“US
Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

 

“US
Unused Revolving Credit Commitment” means, with respect to any Lender at any time, (a) such Lender’s US Revolving
Credit Commitment at such time minus (b) the Equivalent in US Dollars of such Lender’s US Revolving Credit Exposure
at such time; provided that for purposes of Section 2.09(a), Swing Line Advances shall be excluded from the determination
of US Unused Revolving Credit Commitment (i.e., not deducted).

 

“Voting
Stock” means capital stock issued by a corporation, or equivalent interests in any other Person, the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar
functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.

 

“Weekly
Reporting Period” means any period:

 

(a) commencing
on the fifth consecutive Business Day that Availability is less than the greater of $30,875,000 and 12.5% of the aggregate Revolving
Credit Commitments then in effect and continuing until the date when, for 30 consecutive days including such date, Availability
is equal to or greater than the greater of $30,875,000 and 12.5% of the aggregate Revolving Credit Commitments then in effect;
or

 

(b) commencing
on the fifth consecutive Business Day that US Availability is less than the greater of $21,875,000 and 12.5% of the aggregate US
Revolving Credit Commitments then in effect and continuing until the date when, for 30 consecutive days including such date, US
Availability is equal to or greater than the greater of $21,875,000 and 12.5% of the aggregate US Revolving Credit Commitments
then in effect.

 

“Wells
Fargo” has the meaning specified in the recital of parties to this Agreement.

 

“Withdrawal
Liability” has the meaning specified in Part 1 of Subtitle E of Title IV of ERISA.

 

    	 	60	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Section 1.02 Computation
of Time Periods; Other Definitional Provisions. In this Agreement in the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including” and the words “to” and
“until” each mean “to but excluding”. Unless the context requires otherwise, (a) any definition of or
reference to any agreement, instrument or other document in any Loan Document shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein or in any other Loan Document) and (b) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time. Unless otherwise specified herein or the context otherwise requires, (i) each defined term in respect of the
Foreign Revolving Credit Facility, including, without limitation, Foreign Availability, Foreign Borrowing Base, Foreign Revolving
Credit Commitment, Foreign Letter of Credit Commitment, Foreign Letter of Credit Sublimit, Foreign Obligations, Foreign Revolving
Credit Advances and Available Amount of Foreign Letters of Credit, and the components of each thereof, shall be in Euros or the
Equivalent in Euros of any other applicable currency and (ii) each defined term in respect of the US Revolving Credit Facility,
including, without limitation, US Availability, US Borrowing Base, US Revolving Credit Commitment, US Letter of Credit Commitment,
US Letter of Credit Sublimit, US Obligations, US Revolving Credit Advances and Available Amount of US Letters of Credit, and the
components of each thereof, shall be in US Dollars or the Equivalent in US Dollars of any other applicable currency.

 

Section 1.03 Accounting
TermsAll accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles consistent with those applied in the preparation of the financial statements referred to in Section 4.01(f) (“GAAP”).

 

Section 1.04 Terms
GenerallyWhen any Reserve is to be established or a change in any amount, percentage, reserve, eligibility criteria or other
item in the definitions of the terms “Bank Product Reserves”, “US Borrowing Base”, “Foreign Borrowing
Base”, “Eligible Inventory”, “Eligible Receivables”, “Rent Reserve” and “Reserves”
is to be determined in each case in the applicable Administrative Agent’s “reasonable discretion” or “Permitted
Discretion”, such Reserve shall be implemented or such change shall become effective on the second Business Day after the
date of delivery of a written notice thereof to the Borrowers, or immediately, without prior written notice, during the continuance
of an Event of Default.

 

Section
1.05 Dutch Terms .In this Agreement, where it relates to a Dutch entity, a reference to:

 

(a)          a
security interest includes any mortgage (hypotheek), pledge (pandrecht), lien and, in general, any right in rem (beperkte
recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht) and a lien includes any retention
of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie)
or right to reclaim goods (recht van reclame);

 

(b)          a
winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet
verklaard) or dissolved (ontbonden);

 

(c)          a
moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;

 

(d)          any
step taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under article 36 of the Tax
Collection Act of the Netherlands (Invorderingswet 1990) or article 23 of the Sectoral Pension Fund (Obligatory Membership)
Act 2000 (Wet verplichte deelneming in een bedrijfstakpensioenfonds 2000);

 

    	 	61	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(e)          a
trustee in bankruptcy includes a curator;

 

(f)          an
administrator includes a bewindvoerder;

 

(g)          attaching
or taking possession of (and any of those terms) includes beslag leggen; and

 

(h)          subsidiary
includes a subsidiary as defined in article 2:24a DCC.

 

Article
II

 

AMOUNTS
AND TERMS OF THE ADVANCES

AND
THE LETTERS OF CREDIT

 

Section 2.01 The
Advances(a) (i) The US Revolving Credit Advances. Each US Revolving Credit Lender severally agrees, on the terms
and conditions hereinafter set forth, to make advances (each, a “US Revolving Credit Advance”) in US Dollars
or Canadian Dollars to the US Borrowers from time to time on any Business Day during the period from the Effective Date until
the Termination Date in an amount for each such Advance not to exceed the lesser of (A) such US Revolving Credit Lender’s
US Revolving Credit Commitment at such time and (B) such US Revolving Credit Lender’s Pro Rata Share of US Availability
at such time; provided that the aggregate amount of US Revolving Credit Advances that may be made at any time shall not
exceed the US Availability at such time. On the Effective Date, each outstanding “Advance” under and as defined in
the Existing Facility shall be automatically converted into a US Revolving Credit Advance in like principal amount.

 

(ii)          The
Foreign Revolving Credit Advances. Each Foreign Revolving Credit Lender severally agrees, on the terms and conditions hereinafter
set forth, to make advances (each, a “Foreign Revolving Credit Advance”) denominated in US Dollars, Canadian
Dollars, Euros, Sterling or Swiss Francs to the Foreign Borrower from time to time on any Business Day during the period from the
Effective Date until the Termination Date in an amount for each such Advance not to exceed the lesser of (A) such Foreign Revolving
Credit Lender’s Foreign Revolving Credit Commitment at such time and (B) such Foreign Revolving Credit Lender’s Pro
Rata Share of Foreign Availability at such time; provided that the aggregate amount of Foreign Revolving Credit Advances
that may be made at any time shall not exceed the Foreign Availability at such time.

 

(b)          (i)
US Borrowings. Each US Borrowing shall be (x) in the case of each US Borrowing denominated in US Dollars, in a principal
amount of at least $1,000,000 or an integral multiple of $1,000,000 in excess thereof, or (y) in the case of each US Borrowing
denominated in Canadian Dollars, in a principal amount of at least C$1,000,000 or an integral multiple of C$1,000,000 in excess
thereof (other than (A) a Borrowing the proceeds of which shall be used solely to repay or prepay in full outstanding US Letter
of Credit Advances and (B) a US Borrowing in an amount equal to the aggregate unused principal amount of the US Commitments under
the US Revolving Credit Facility) and in each case shall consist of US Revolving Credit Advances made simultaneously by the US
Lenders under the US Revolving Credit Facility ratably according to the US Lenders’ Commitments under the US Revolving Credit
Facility. Within the limits of each US Lender’s US Unused Revolving Credit Commitment in effect from time to time, the US
Borrowers may borrow under Section 2.01(a)(i), prepay pursuant to Section 2.07, and reborrow under Section 2.01(a)(i). The minimum
principal amount of any US Borrowing required under this Section 2.01(b)(i) only applies to Eurocurrency Rate Advances.

 

    	 	62	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii) Foreign Borrowings.
Each Foreign Borrowing shall be (x) in the case of each Foreign Borrowing denominated in US Dollars, in a principal amount of at
least $1,000,000 or an integral multiple of $1,000,000 in excess thereof, (y) in the case of each Foreign Borrowing denominated
in Canadian Dollars, in a principal amount of at least C$1,000,000 or an integral multiple of C$1,000,000 in excess thereof, (z)
in the case of each Foreign Borrowing denominated in Euros, in a principal amount of at least €500,000 or an integral multiple
of €500,000 in excess thereof, (aa) in the case of each Foreign Borrowing denominated in Sterling, in a principal amount of
at least £500,000 or an integral multiple of £500,000 in excess thereof and (bb) in the case of each Foreign Borrowing
denominated in Swiss Francs, in a principal amount of CHF1,000,000 or an integral multiple of CHF1,000,000 in excess thereof (other
than (A) a Foreign Borrowing the proceeds of which shall be used solely to repay or prepay in full outstanding Foreign Letter of
Credit Advances and (B) a Foreign Borrowing in an amount equal to the aggregate unused principal amount of the Foreign Commitments
under any Foreign Facility) and in each case shall consist of Foreign Revolving Credit Advances made simultaneously by the Foreign
Lenders under the applicable Foreign Facility ratably according to the Foreign Lenders’ Commitments under such Foreign Facility.
Within the limits of each Foreign Lender’s Foreign Unused Revolving Credit Commitment in effect from time to time, the Foreign
Borrower may borrow under Section 2.01(a)(ii), prepay pursuant to Section 2.07, and reborrow under Section 2.01(a)(ii). The minimum
principal amount of any Foreign Borrowing required under this Section 2.01(b)(ii) only applies to Eurocurrency Rate Advances.

 

(c)          Protective
Advances. Each of the US Administrative Agent and the Foreign Administrative Agent shall be authorized, in its discretion,
at any time that an Event of Default has occurred and is continuing, and without regard to whether any conditions in Article III
are satisfied, to make a US Revolving Credit Advance (a “US Protective Advance”) or a Foreign Revolving Credit
Advance (a “Foreign Protective Advance”, and together with a US Protective Advance, a “Protective Advance”)
(a) of up to an amount of $20,000,000 (or the Equivalent thereof in the applicable currency in the case of Foreign Protective Advances
denominated in such currency) in the aggregate for all Protective Advances outstanding at any time (provided that (i) the
sum of all Revolving Credit Advances, Swing Line Advances, L/C Obligations and Protective Advances do not exceed the aggregate
Revolving Credit Commitments, (ii) in the case of a US Protective Advance, the sum of all US Revolving Credit Advances, US Swing
Line Advances, US L/C Obligations and US Protective Advances do not exceed the aggregate US Revolving Credit Commitments and (iii)
in the case of a Foreign Protective Advance, the sum of all Foreign Revolving Credit Advances, Foreign L/C Obligations and Foreign
Protective Advances do not exceed the aggregate Foreign Revolving Credit Commitments), if the US Administrative Agent or the Foreign
Administrative Agent deems such Protective Advances necessary or desirable to preserve or protect Collateral, or to enhance the
collectibility or repayment of Obligations under the Loan Documents; or (b) to pay any other amounts chargeable to any Loan Party
under any Loan Documents, including costs, fees and expenses to the extent due and payable. Each US Lender shall participate in
each US Protective Advance, and each Foreign Lender shall participate in each Foreign Protective Advance, in an amount equal to
its Pro Rata Share thereof. The US Lenders holding more than 50% of Advances and Commitments under the US Revolving Credit Facility
may at any time revoke the US Administrative Agent’s authority to make further Protective Advances by written notice to the
US Administrative Agent, and the Foreign Lenders holding more than 50% of Advances and Commitments under the Foreign Revolving
Credit Facility may at any time revoke the Foreign Administrative Agent’s authority to make further Protective Advances by
written notice to the Foreign Administrative Agent. Absent such revocation, the determination by the US Administrative Agent’s
or the Foreign Administrative Agent, as applicable, that funding of a Protective Advance is appropriate shall be conclusive, provided,
that the aggregate outstanding principal amount of Protective Advances shall not, at any one time, exceed the lesser of $20,000,000
and 7.5% of the Revolving Credit Facilities at such time. US Protective Advances shall constitute US Obligations for all purposes.
Foreign Protective Advances shall constitute Foreign Obligations for all purposes.

 

    	 	63	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(d)          Notwithstanding
the foregoing, the Lenders may employ the services of their respective Affiliates or branches in making the Advances and other
payments contemplated hereby and to allocate, in whole or in part, to such Affiliates or branches certain fees payable to such
Lenders in such manner as each such Lender and its Affiliates or branches may agree, but only if such Affiliate or branch complies
with Section 2.13(e) as though it were a Lender Party.

 

Section 2.02 Making
the Advances(a)          Except as otherwise provided in Section 2.02(b),
or 2.03, each Borrowing (other than a Swing Line Borrowing) shall be made on notice, given not later than 11:00 A.M. Local
Time on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurocurrency
Rate Advances, or the second Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of
Base Rate Advances denominated in Sterling, Euros or Swiss Francs, or on the first Business Day prior to the date of the proposed
Borrowing in the case of a Borrowing consisting of Base Rate Advances denominated in US Dollars or Canadian Dollars, by the US
Borrowers to (in the case of a US Borrowing) the US Administrative Agent or by the Foreign Borrower (in the case of a Foreign
Borrowing) to the Foreign Administrative Agent, which, in each case, shall give to each relevant Lender prompt notice thereof
by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by electronic communication,
confirmed promptly in writing, or telex or telecopier, in substantially the form of Exhibit B-1 hereto, specifying therein the
requested (i) date of such Borrowing, (ii) the Facility under which such Borrowing is to be made, (iii) Type of Advances
comprising such Borrowing (it being understood that Advances denominated in Canadian Dollars under the US Revolving Credit Facility
shall only be Eurocurrency Rate Advances), (iv) the currency and aggregate amount of such Borrowing, (v) whether such
Borrowing is a US Borrowing or a Foreign Borrowing and (vi) in the case of a Borrowing consisting of Eurocurrency Rate Advances,
initial Interest Period for each such Advance. Each Appropriate Lender shall, before 11:00 A.M. (Local Time) on the date
of such Borrowing, make available for the account of its Applicable Lending Office to the US Administrative Agent or the Foreign
Administrative Agent at the US Administrative Agent’s Office or the Foreign Administrative Agent’s Office, as applicable,
in same day funds, such Lender’s ratable portion of such Borrowing in accordance with the respective Commitments of such
Lender and the other Lenders. After the applicable Administrative Agent’s receipt of such funds and upon fulfillment of
the applicable conditions set forth in Article III, such Administrative Agent will make such funds available to the applicable
Borrowers by crediting the applicable Borrower’s Account or such other account as such Borrowers shall request; provided,
however, that, in the case of Revolving Credit Advances under any Revolving Credit Facility, the Administrative Agent under
such Revolving Credit Facility shall first apply such funds to prepay ratably the aggregate principal amount of any Letter of
Credit Advances outstanding under any Revolving Credit Facility on the date of such Borrowing, plus interest accrued and unpaid
thereon to and as of such date.

 

(b)          Anything
in subsection (a) above to the contrary notwithstanding, (i) the Borrowers may not select Eurocurrency Rate Advances
for the initial Borrowing hereunder or for any Borrowing which is a Eurocurrency Rate Advance if the aggregate amount of such Borrowing
is less than $1,000,000 if denominated in US Dollars or C$1,000,000 if denominated in Canadian Dollars or €500,000 if denominated
in Euros or £500,000 if denominated in Sterling or CHF1,000,000 if denominated in Swiss Francs, or if the obligation of the
Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.10 or 2.11, and (ii) the Revolving
Credit Advances may not be outstanding as part of more than 15 separate Borrowings.

 

    	 	64	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(c)          Each
Notice of Borrowing shall be irrevocable and binding on the Borrowers. In the case of any Borrowing that the related Notice of
Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the applicable Borrowers shall indemnify each Lender against
any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such
Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation,
any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits
or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance,
as a result of such failure, is not made on such date.

 

(d)          Unless
the Administrative Agent of the Revolving Credit Facility under which a Borrowing is requested to be made shall have received notice
from any Lender under such Revolving Credit Facility prior to the date of such Borrowing that such Lender will not make available
to such Administrative Agent such Lender’s ratable portion of such Borrowing, such Administrative Agent may assume that such
Lender has made such portion available to such Administrative Agent on the date of such Borrowing in accordance with subsection (a)
of this Section 2.02 and such Administrative Agent may, in reliance upon such assumption, make available to the Borrowers
under such Revolving Credit Facility on such date a corresponding amount. If and to the extent that such Lender shall not have
so made such ratable portion available to such Administrative Agent, such Lender and the Borrowers under such Revolving Credit
Facility severally agree to repay or pay to such Administrative Agent forthwith on demand such corresponding amount and to pay
interest thereon, for each day from the date such amount is made available to such Borrowers until the date such amount is repaid
or paid to such Administrative Agent, at (i) in the case of the applicable Borrowers, the interest rate applicable at such
time under Section 2.08 to Advances comprising such Borrowing and (ii) in the case of such Lender, (A) in the case
of an Advance to US Borrowers denominated in US Dollars, the Federal Funds Effective Rate, and (B) in other cases, a customary
rate determined by the applicable Administrative Agent in accordance with banking industry rules or practices on interbank compensation.
If such Lender shall pay to such Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s
Advance as part of such Borrowing under such Revolving Credit Facility for all purposes of this Agreement.

 

(e)          The
failure of any Lender to make the Advance to be made by it shall not relieve any other Lender of its obligation, if any, hereunder
to make its Advance or make available on the date of such Borrowing, but no Lender shall be responsible for the failure of any
other Lender to make the Advance to be made by it.

 

(f)           If
any Lender under any Revolving Credit Facility makes available to the Administrative Agent under such Revolving Credit Facility
funds for any Advance to be made by such Lender under such Revolving Credit Facility as provided in the foregoing provisions of
this Section 2.02, and such funds are not made available to the applicable Borrowers by such Administrative Agent because the conditions
to the applicable Borrowing are not satisfied or waived in accordance with the terms hereof, such Administrative Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without interest.

 

    	 	65	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Section 2.03 Issuance
of and Drawings and Reimbursement Under US Letters of Credit

(a)  The
US Letter of Credit Commitment.

 

(i)           The
US Lenders (including each US Lender that issued any Existing Letter of Credit) and the US Borrowers agree that effective as of
the Effective Date, the Existing Letters of Credit shall be deemed to have been issued and maintained under, and to be governed
by the terms and conditions of, this Agreement as US Letters of Credit. Subject to the terms and conditions set forth herein, (A)
each US Issuing Bank agrees, in reliance upon the agreements of the other US Revolving Credit Lenders set forth in this Section
2.03, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration
Date, to issue US Letters of Credit for the account of any US Borrower or any of their Restricted Subsidiaries, and to amend or
extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the
US Letters of Credit; and (B) the US Revolving Credit Lenders severally agree to participate in US Letters of Credit issued for
the account of any US Borrower or any of its Restricted Subsidiaries; provided that the US Issuing Banks shall not be obligated
to issue any US Letter of Credit, and no US Revolving Credit Lender shall be obligated to participate in any US Letter of Credit,
if as of the date of such issuance, (w) the Available Amount for all US Letters of Credit issued by such US Issuing Bank would
exceed the lesser of the US Letter of Credit Sublimit at such time and such US Issuing Bank’s US Letter of Credit Commitment
at such time, (x) the Available Amount of such US Letter of Credit would exceed the aggregate US Unused Revolving Credit Commitments
or (y) the Available Amount of such US Letter of Credit would exceed the US Availability at such time. Within the foregoing limits,
and subject to the terms and conditions hereof, the US Borrowers’ ability to obtain US Letters of Credit shall be fully revolving,
and accordingly the US Borrowers may, during the foregoing period, obtain US Letters of Credit to replace US Letters of Credit
that have expired or that have been drawn upon and reimbursed.

 

(ii)          No
US Issuing Bank shall be under any obligation to issue any US Letter of Credit, and no US Revolving Credit Lender shall be obligated
to participate in any US Letter of Credit, if: (A) any order, judgment or decree of any governmental authority or arbitrator
shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to
such Issuing Bank or any request or directive (whether or not having the force of law) from any governmental authority with jurisdiction
over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which such
Issuing Bank in good faith deems materially adverse to it; (B) the expiry date of such requested Letter of Credit would occur more
than twelve months after the Letter of Credit Expiration Date, unless all the US Revolving Credit Lenders have approved such expiry
date; (C) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank; or (D) such
Letter of Credit is in an initial amount less than $100,000 (unless such Issuing Bank agrees otherwise), or is to be denominated
in a currency other than US Dollars or Canadian Dollars (except with the prior written consent of such Issuing Bank).

 

(iii)         No
US Issuing Bank shall be under any obligation to amend or extend any US Letter of Credit if (A) such Issuing Bank would have no
obligation at such time to issue such Letter of Credit in its amended or extended form under the terms hereof, or (B) the beneficiary
of such Letter of Credit does not accept the proposed amendment or extension to such Letter of Credit.

 

(iv)         [Reserved]

 

(v)          In
addition to the other conditions precedent herein set forth, if any US Lender becomes, and during the period it remains a Defaulting
Lender, no US Issuing Bank shall be required to issue any US Letter of Credit or to amend or extend any outstanding US Letter of
Credit to increase the face amount thereof, alter the drawing terms thereunder or extend the expiry date thereof, unless such Issuing
Bank is satisfied that any exposure that would result therefrom is eliminated or fully covered by the US Revolving Credit Commitments
of the non-Defaulting Lenders or by Cash Collateralization or a combination thereof reasonably satisfactory to such Issuing Bank.

 

    	 	66	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Procedures
for Issuance and Amendment and Auto-Extension of Letters of Credit.

 

(i)           Each
US Letter of Credit (other than with respect to deemed issuance of Existing Letters of Credit) shall be issued or amended, as the
case may be, upon the request of the US Borrowers delivered to the applicable US Issuing Bank (with a copy to the US Administrative
Agent) in the form of a US Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company.
Such Letter of Credit Application must be received by the applicable Issuing Bank and the US Administrative Agent not later than
11:00 A.M. (Local Time) at least two Business Days (or such later date and time as such Issuing Bank may agree in a particular
instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a
request for an initial issuance of a US Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the applicable Issuing Bank: (A) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented
by such beneficiary in case of any drawing thereunder; and (G) such other matters as such Issuing Bank may reasonably require.
In the case of a request for an amendment of any outstanding US Letter of Credit, such Letter of Credit Application shall specify
in form and detail reasonably satisfactory to the applicable Issuing Bank (A) the Letter of Credit to be amended; (B) the proposed
date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters
as such Issuing Bank may reasonably require.

 

(ii)          Promptly
after receipt of any US Letter of Credit Application for a US Letter of Credit, the applicable US Issuing Bank will confirm with
the US Administrative Agent (by electronic communication or otherwise in writing) that the US Administrative Agent has received
a copy of such US Letter of Credit Application from the US Borrowers and, if not, such US Issuing Bank will provide the US Administrative
Agent with a copy thereof. Upon receipt by such US Issuing Bank of confirmation from the US Administrative Agent that the requested
issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such
US Issuing Bank shall, on the requested date, issue a US Letter of Credit for the account of the US Borrowers or enter into the
applicable amendment, as the case may be, in each case in accordance with such US Issuing Bank’s usual and customary business
practices. Immediately upon the issuance of each US Letter of Credit, each US Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from such US Issuing Bank a risk participation in such US Letter of Credit in an amount
equal to the product of such US Lender’s Pro Rata Share in respect of the US Revolving Credit Facility times the amount
of such US Letter of Credit.

 

(iii)         If
a US Borrower so requests in any applicable US Letter of Credit Application, the US Issuing Bank may, in its discretion, agree
to issue a US Letter of Credit that has automatic extension provisions (each, a “US Auto-Extension Letter of Credit”);
provided that any such US Auto-Extension Letter of Credit must permit the US Issuing Bank to prevent any such extension
at least once in each twelve-month period (commencing with the date of issuance of such US Letter of Credit) by giving prior notice
to the beneficiary thereof not later than a day (the “US Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such US Letter of Credit is issued. Unless otherwise directed by the US Issuing Bank, such
US Borrower shall not be required to make a specific request to the US Issuing Bank for any such extension. Once an US Auto-Extension
Letter of Credit has been issued, the US Revolving Credit Lenders shall be deemed to have authorized (but may not require) the
US Issuing Bank to permit the extension of such US Letter of Credit at any time to an expiry date not later than the Letter of
Credit Expiration Date; provided, however, that the US Issuing Bank shall not permit any such extension if (A) the
US Issuing Bank has determined that it would not be permitted, or would have no obligation at such time to issue such US Letter
of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.03(a) or otherwise),
or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before
the US Non-Extension Notice Date (1) from the US Administrative Agent that the US Revolving Credit Lenders holding at least 50%
of Advances and Commitments under the US Revolving Credit Facility have elected not to permit such extension or (2) from the US
Administrative Agent, any US Revolving Credit Lender or any US Borrower that one or more of the applicable conditions specified
in Section 3.02 is not then satisfied, and in each such case directing the US Issuing Bank not to permit such extension.

 

    	 	67	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iv)         Promptly
after its delivery of any US Letter of Credit or any amendment to a US Letter of Credit to an advising bank with respect thereto
or to the beneficiary thereof, the applicable US Issuing Bank will also deliver to the US Borrowers and the US Administrative Agent
a true and complete copy of such US Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)           Upon
receipt from the beneficiary of any US Letter of Credit of any notice of a drawing under such US Letter of Credit, the applicable
US Issuing Bank shall notify the US Borrowers and the US Administrative Agent thereof. Not later than 11:00 A.M. (Local Time) on
the Business Day following the date of any payment by the applicable US Issuing Bank under a US Letter of Credit, so long as the
US Borrowers have received notice of such drawing by 10:00 A.M. (Local Time) on such following Business Day (each such date, an
“US Honor Date”), the US Borrowers shall reimburse such US Issuing Bank through the US Administrative Agent
in an amount equal to the amount of such drawing (together with interest thereon at the rate set forth in Section 2.08 for US Revolving
Credit Advances bearing interest at the Base Rate). If the US Borrowers fail to so reimburse the applicable US Issuing Bank by
such time, the US Administrative Agent shall promptly notify each US Revolving Credit Lender of the US Honor Date, the amount of
the unreimbursed drawing (the “US Unreimbursed Amount”), and the amount of such US Revolving Credit Lender’s
Pro Rata Share thereof. In such event, the US Borrowers shall be deemed to have requested a US Borrowing to be disbursed on the
US Honor Date in an amount equal to the US Unreimbursed Amount, without regard to the minimum and multiples specified in Section
2.02 for the principal amount of Borrowings, but subject to the amount of the US Unused Revolving Credit Commitments and the conditions
set forth in Section 3.02 (other than the delivery of a Notice of Borrowing).

 

(ii)          Each
US Revolving Credit Lender (including a US Revolving Credit Lender acting as US Issuing Bank) shall upon any notice pursuant to
Section 2.03(c)(i) make funds available to the US Administrative Agent for the account of the applicable US Issuing Bank at the
US Administrative Agent’s Office in an amount equal to its Pro Rata Share of the US Unreimbursed Amount not later than 1:00
P.M. (Local Time) on the Business Day specified in such notice by the US Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each US Revolving Credit Lender that so makes funds available shall be deemed to have made a US Letter
of Credit Advance to the US Borrowers in such amount. The US Administrative Agent shall remit the funds so received to the applicable
US Issuing Bank.

 

(iii)         With
respect to any US Unreimbursed Amount that is not fully refinanced by a Borrowing because the conditions set forth in Section 3.02
cannot be satisfied or for any other reason, the US Borrowers shall be deemed to have incurred from the applicable US Issuing Bank
a US Letter of Credit Advance in the amount of the US Unreimbursed Amount that is not so refinanced, which US Letter of Credit
Advance shall be due and payable on demand (together with interest) and shall bear interest at the rate described in Section 2.08(b)
for US Revolving Credit Advances bearing interest based upon the Base Rate. In such event, each US Revolving Credit Lender’s
payment to the US Administrative Agent for the account of the applicable US Issuing Bank pursuant to Section 2.03(c)(ii) shall
be deemed payment in respect of its participation in such US Letter of Credit Advance and shall constitute a US Letter of Credit
Advance from such US Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.03.

 

    	 	68	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iv)         Until
each US Revolving Credit Lender funds its US Revolving Credit Advance or US Letter of Credit Advance pursuant to this Section 2.03(c)
to reimburse the applicable US Issuing Bank for any amount drawn under any US Letter of Credit, interest in respect of such US
Revolving Credit Lender’s Pro Rata Share of such amount shall be solely for the account of such US Issuing Bank.

 

(v)          Each
US Revolving Credit Lender’s obligation to make US Letter of Credit Advances to reimburse the applicable US Issuing Bank
for amounts drawn under US Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and
shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such
Revolving Credit Lender may have against such Issuing Bank, the Borrowers or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing.
No such making of a US Letter of Credit Advance shall relieve or otherwise impair the obligation of the US Borrowers to reimburse
the applicable US Issuing Bank for the amount of any payment made by such Issuing Bank under any Letter of Credit, together with
interest as provided herein.

 

(vi)         If
any US Revolving Credit Lender fails to make available to the US Administrative Agent for the account of the applicable US Issuing
Bank any amount required to be paid by such US Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.03(c)
by the time specified in Section 2.03(c)(ii), such US Issuing Bank shall be entitled to recover from such US Revolving Credit Lender
(acting through the US Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment
is required to the date on which such payment is immediately available to such US Issuing Bank at a rate per annum equal to the
Federal Funds Rate from time to time in effect. A certificate of the applicable US Issuing Bank submitted to any US Revolving Credit
Lender (through the US Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent
manifest error.

 

(d)          Repayment
of Participations.

 

(i)           At
any time after any US Issuing Bank has made a payment under any US Letter of Credit and has received from any US Revolving Credit
Lender such US Revolving Credit Lender’s Letter of Credit Advance in respect of such payment in accordance with Section 2.03(c),
if the US Administrative Agent receives for the account of the applicable US Issuing Bank any payment in respect of the related
US Unreimbursed Amount or interest thereon (whether directly from the US Borrowers or otherwise, including proceeds of Cash Collateral
applied thereto by the US Administrative Agent), the US Administrative Agent will distribute to such US Revolving Credit Lender
its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such US Revolving Credit Lender’s US Letter of Credit Advance was outstanding) in the same funds as those received by the
US Administrative Agent.

 

(ii)          If
any payment received by the US Administrative Agent for the account of the applicable US Issuing Bank pursuant to Section 2.03(c)(i)
is required to be returned under any circumstances (including pursuant to any settlement entered into by such US Issuing Bank in
its discretion), each US Revolving Credit Lender shall pay to the US Administrative Agent for the account of such US Issuing Bank
its Pro Rata Share thereof on demand of the US Administrative Agent, plus interest thereon from the date of such demand to the
date such amount is returned by such US Revolving Credit Lender, at a rate per annum equal to the Federal Funds Rate from time
to time in effect.

 

    	 	69	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(e)          Obligations
Absolute. The obligation of the US Borrowers to reimburse any US Issuing Bank for each drawing under each US Letter
of Credit and to repay each US Letter of Credit Advance shall be absolute, unconditional and irrevocable, and shall be paid strictly
in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i)           any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

 

(ii)          the
existence of any claim, counterclaim, set-off, defense or other right that any Borrower may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
such Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such
Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)         any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)         any
payment by the Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by such Issuing Bank under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(v)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrowers.

 

The US Borrowers shall
promptly examine a copy of each US Letter of Credit and each amendment thereto that is delivered to it and, in the event of any
claim of noncompliance with the US Borrowers’ instructions or other irregularity, the US Borrowers will promptly notify the
applicable US Issuing Bank. The US Borrowers shall be conclusively deemed to have waived any such claim against the applicable
US Issuing Bank and its correspondents unless such notice is given as aforesaid.

 

    	 	70	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(f)           Role
of Issuing Bank. Each US Revolving Credit Lender and the US Borrowers agree that, in paying any drawing under a US Letter
of Credit, no US Issuing Bank shall have any responsibility to obtain any document (other than any sight draft, certificates and
documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document
or the authority of the Person executing or delivering any such document. None of the US Issuing Banks, any of their Related Parties
nor any of the respective correspondents, participants or assignees of any US Issuing Bank shall be liable to any US Revolving
Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit
Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any
US Letter of Credit or US Letter of Credit Application therefor. The US Borrowers hereby assume all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any US Letter of Credit; provided, however, that this
assumption is not intended to, and shall not, preclude the US Borrowers from pursuing such rights and remedies as it may have against
the beneficiary or transferee at law or under any other agreement. None of the US Issuing Banks, any of their Related Parties,
nor any of the respective correspondents, participants or assignees of any US Issuing Bank, shall be liable or responsible for
any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such
clauses to the contrary notwithstanding, the US Borrowers may have a claim against an US Issuing Bank, any of its Related Parties,
any of their respective correspondents, participants or assignees of such US Issuing Bank or of their Related Parties, and they
may be liable to the US Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by the US Borrowers which the US Borrowers prove were caused by such US Issuing Bank’s, any such Related
Party’s, or any of such respective correspondents, participants or assignees of such US Issuing Bank or of any such Related
Party’s willful misconduct or gross negligence or such US Issuing Bank’s willful failure to pay under any US Letter
of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms
and conditions of a US Letter of Credit. In furtherance and not in limitation of the foregoing, the applicable US Issuing Bank
may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of
any notice or information to the contrary, and such US Issuing Bank shall not be responsible for the validity or sufficiency of
any instrument transferring or assigning or purporting to transfer or assign a US Letter of Credit or the rights or benefits thereunder
or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

 

(g)          Cash
Collateral. (i) Certain Credit Support Events. Upon the request of the US Administrative Agent or any US Issuing Bank
(A) if such US Issuing Bank has honored any full or partial drawing request under any US Letter of Credit and such drawing has
resulted in a US Letter of Credit Advance, or (B) if, as of the US Letter of Credit Expiration Date, any US L/C Obligation for
any reason remains outstanding, the US Borrowers shall, in each case, immediately Cash Collateralize the then Outstanding Amount
of all US L/C Obligations. At any time that there shall exist a Defaulting Lender under the US Revolving Credit Facility, promptly
upon the request of the US Administrative Agent, any US Issuing Bank or the Swing Line Lender, the US Borrowers shall deliver to
the US Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section
2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender) or make other arrangements satisfactory to the US Administrative
Agent and the respective US Issuing Bank, in their reasonable discretion.

 

(ii)          Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) in respect
of the US Revolving Credit Facility shall be maintained in blocked, non-interest bearing deposit accounts at the US Administrative
Agent or its Affiliate. The US Borrowers, and to the extent provided by any US Lender, such US Lender, hereby grants to (and subjects
to the control of) the US Administrative Agent, for the benefit of the US Administrative Agent, the US Issuing Banks and the US
Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit
accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the
foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to clause (iii) below. If
at any time the US Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than
the US Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than 103% of the applicable
Fronting Exposure, the Company or the relevant Defaulting Lender will, promptly upon demand by the US Administrative Agent, pay
or provide to the US Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

    	 	71	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iii)         Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.03(g)
or Sections 2.07, 2.16, 2.21(g), 5.01(i) or 6.02 in respect of Letters of Credit or Swing Line Advances shall be held and applied
to the satisfaction of the specific L/C Obligations, Swing Line Advances, obligations to fund participations therein (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which
the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

(iv)         Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations in respect of US
Letters of Credit shall be released promptly following (A) the elimination of the applicable Fronting Exposure or other such obligations
giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its
assignee following compliance with Section 10.07(a))) or (B) the applicable Administrative Agents’ good faith determination
that there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of
a Loan Party shall not be released during the continuance of a Default or Event of Default, and (y) the Person providing Cash Collateral
and the Issuing Banks or the Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released but instead
held to support future anticipated Fronting Exposure or other obligations.

 

(h)          Applicability
of ISP and UCP. Unless otherwise expressly agreed by the applicable US Issuing Bank and the US Borrowers when a US Letter
of Credit is issued, (i) the rules of the ISP shall apply to each standby US Letter of Credit, and (ii) the rules of the Uniform
Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of
issuance shall apply to each commercial US Letter of Credit.

 

(i)           Conflict
with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any US Letter of
Credit Application, the terms hereof shall control.

 

Section 2.04 Swing
Line Advances. (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in
reliance upon the agreements of the other Lenders set forth in this Section 2.04, may in its sole discretion make advances
(each such advance, a “Swing Line Advance”) to the US Borrowers from time to time on any Business Day
during the period from the Effective Date to the Termination Date in an aggregate amount not to exceed at any time
outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Advances, when aggregated
with the Pro Rata Share of the Outstanding Amount of US Revolving Credit Advances and US L/C Obligations of the Lender acting
as Swing Line Lender, may exceed the amount of such Lender’s US Revolving Credit Commitment; provided, however,
that after giving effect to any Swing Line Advance, (i) the aggregate Outstanding Amount of all US Advances and all US L/C
Obligations shall not exceed the US Revolving Credit Facility at such time and (ii) the aggregate Outstanding Amount of the
US Revolving Credit Advances of any US Revolving Credit Lender at such time, plus such US Revolving Credit
Lender’s Pro Rata Share of the Outstanding Amount of all US L/C Obligations at such time, plus such US Revolving
Credit Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Advances at such time shall not exceed such
US Lender’s US Revolving Credit Commitment, and provided further that the US Borrowers shall not use the
proceeds of any Swing Line Advance to refinance any outstanding Swing Line Advance. Within the foregoing limits, and subject
to the other terms and conditions hereof, the US Borrowers may borrow under this Section 2.04, prepay under Section 2.06, and
reborrow under this Section 2.04. Each Swing Line Advance shall be a Base Rate Advance. Immediately upon the making of a
Swing Line Advance, each US Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the Swing Line Lender a risk participation in such Swing Line Advance in an amount equal to such US
Revolving Credit Lender’s Pro Rata Share of such Swing Line Advance.

 

    	 	72	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrowers’ delivery to the Swing Line Lender and the US
Administrative Agent of a written Swing Line Advance Notice, appropriately completed and signed
by a Responsible Officer of any US Borrower, which may be given by electronic communication. Each such notice must be received
by the Swing Line Lender and the US Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business
Day. Unless the Swing Line Lender has received notice (by electronic communication or otherwise in writing) from the US Administrative
Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing
(A) directing the Swing Line Lender not to make such Swing Line Advance as a result of the limitations set forth in the first proviso
to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article III is not
then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing
date specified in such Swing Line Advance Notice, make the amount of its Swing Line Advance available to such Borrower.

 

(c)          Refinancing
of Swing Line Advances. (i) The Swing Line Lender at any time in its sole discretion may request, on behalf of the US Borrowers
(which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each US Revolving Credit Lender make
a Base Rate Advance in an amount equal to such US Lender’s Pro Rata Share of the amount of Swing Line Advances then outstanding.
Such request shall be made in writing (which written request shall be deemed to be a Notice of Borrowing for purposes hereof) and
in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal
amount of Base Rate Advances, but subject to the US Unused Revolving Credit Commitments and the conditions set forth in Section
3.02. The Swing Line Lender shall furnish the US Borrowers with a copy of the applicable Notice of Borrowing promptly after delivering
such notice to the US Administrative Agent. Each US Revolving Credit Lender shall make an amount equal to its Pro Rata Share of
the amount specified in such Notice of Borrowing available to the US Administrative Agent in immediately available funds (and the
US Administrative Agent may apply Cash Collateral available with respect to the applicable Swing Line Advance) for the account
of the Swing Line Lender at the US Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Notice
of Borrowing, whereupon, subject to Section 2.04(c)(ii), each US Revolving Credit Lender that so makes funds available shall be
deemed to have made a Base Rate Advance to the Borrowers in such amount. The US Administrative Agent shall remit the funds so received
to the Swing Line Lender.

 

(ii)          If
for any reason any Swing Line Advance cannot be refinanced by such a US Revolving Credit Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Advances submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the
Swing Line Lender that each of the US Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and
each US Revolving Credit Lender’s payment to the US Administrative Agent for the account of the Swing Line Lender pursuant
to Section 2.04(c)(i) shall be deemed payment in respect of such participation.

 

    	 	73	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iii)         If
any US Revolving Credit Lender fails to make available to the US Administrative Agent for the account of the Swing Line Lender
any amount required to be paid by such US Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such US Lender (acting through the US Administrative
Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate
and a rate determined by the Swing Line Lender in accordance with banking industry rules or practices on
interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection
with the foregoing. If such US Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such US Lender’s Advance included in the relevant US Revolving Credit Borrowing or funded participation in the relevant Swing
Line Advance, as the case may be. A certificate of the Swing Line Lender submitted to any US Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)         Each
US Revolving Credit Lender’s obligation to make US Revolving Credit Advances or to purchase and fund risk participations
in Swing Line Advances pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender,
any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each US Revolving Credit
Lender’s obligation to make Revolving Credit Advances pursuant to this Section 2.04(c) is subject to the conditions set forth
in Section 3.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the US Borrowers to
repay Swing Line Advances, together with interest as provided herein.

 

(d)          Repayment
of Participations. (i)          At any time after any US Revolving Credit
Lender has purchased and funded a risk participation in a Swing Line Advance, if the Swing Line Lender receives any payment on
account of such Swing Line Advance, the Swing Line Lender will distribute to such US Revolving Credit Lender its Pro Rata Share
thereof in the same funds as those received by the Swing Line Lender.

 

(ii)          If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Advance is required to be returned
by the Swing Line Lender under any circumstances (including pursuant to any settlement entered into by the Swing Line Lender in
its discretion), each US Revolving Credit Lender shall pay to the Swing Line Lender its Pro Rata Share thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum
equal to the Federal Funds Rate. The US Administrative Agent will make such demand upon the request of the Swing Line Lender. The
obligations of the Lenders under this clause shall survive the payment in full of the US Obligations under the Loan Documents and
the termination of this Agreement.

 

(e)          Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the US Borrowers for interest on
the Swing Line Advances. Until each US Revolving Credit Lender funds its Base Rate Advance or risk participation pursuant to this
Section 2.04 to refinance such US Revolving Credit Lender’s Pro Rata Share of any Swing Line Advance, interest in respect
of such Pro Rata Share shall be solely for the account of the Swing Line Lender.

 

    	 	74	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(f)           Payments
Directly to Swing Line Lender. The US Borrowers shall make all payments of principal and interest in respect of the Swing Line
Advances directly to the Swing Line Lender to such account of the Swing Line Lender as it shall notify the US Borrowers from time
to time.

 

Section 2.05 Repayment
of Advances  (a)     Revolving Credit Advances. The US
Borrowers shall repay to the US Administrative Agent for the ratable account of the US Revolving Credit Lenders on the Termination
Date the aggregate outstanding principal amount of the US Revolving Credit Advances then outstanding. The Foreign Borrower shall
repay to the Foreign Administrative Agent for the ratable account of the Foreign Revolving Credit Lenders on the Termination Date
the aggregate outstanding principal amount of the Foreign Revolving Credit Advances then outstanding.

 

(b)          Letter
of Credit Advances. The US Borrowers shall repay to the US Administrative Agent for the account of the US Issuing Banks and
each US Revolving Credit Lender that has made a US Letter of Credit Advance the outstanding principal amount of each US Letter
of Credit Advance made by each of them on the earlier of (i) the date of demand therefor and (ii) the Termination Date.
The Foreign Borrowers shall repay to the Foreign Administrative Agent for the account of the Foreign Issuing Banks and each Foreign
Revolving Credit Lender that has made a Foreign Letter of Credit Advance the outstanding principal amount of each Foreign Letter
of Credit Advance made by each of them on the earlier of (i) the date of demand therefor and (ii) the Termination Date.

 

(c)          Swing
Line Advances. The US Borrowers shall repay each Swing Line Advance on the earlier of (i) the date five Business Days after
such Advance is made and (ii) the Termination Date.

 

Section 2.06 Termination,
Reduction or Re-Allocation of Commitments and Availability. (a)  Optional. The Borrowers may, upon at least
three Business Days’ notice to the Administrative Agent,

 

(i) terminate in whole
or reduce in part the unused portions of the US Revolving Credit Facility, the US Letter of Credit Sublimit or the Swing Line Sublimit
(which shall be applied to the US Unused Revolving Credit Commitments (it being understood that such “unused” portion
of any such Commitments shall include any portion that becomes unused as a result of any repayment occurring concurrently with
such Commitment reduction or termination), as applicable); provided, however, that each partial reduction shall be
in an aggregate amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof,

 

(ii) terminate in whole
or reduce in part the unused portions of the Foreign Revolving Credit Facility or the Foreign Letter of Credit Sublimit (which
shall be applied to the Foreign Unused Revolving Credit Commitments (it being understood that such “unused” portion
of any such Commitments shall include any portion that becomes unused as a result of any repayment occurring concurrently with
such Commitment reduction or termination), as applicable); provided, however, that each partial reduction shall be
in an aggregate amount of €5,000,000 or an integral multiple of €2,500,000 in excess thereof,

 

(iii) increase the Foreign
Letter of Credit Sublimit by an amount no more than the lesser of (A) the Equivalent of $125,000,000 in Euros and (B) the Foreign
Revolving Credit Commitments in effect at the time of such increase; provided, however, that (x) each such increase
shall automatically and concurrently result in a decrease in the Equivalent in US Dollars of the same amount in the US Letter of
Credit Sublimit (and each notice from the Borrowers to so increase the Foreign Letter of Credit Sublimit shall be deemed to also
constitute a notice from the Borrowers to so decrease the US Letter of Credit Sublimit) and (y) immediately after giving effect
to the decrease in the US Letter of Credit Sublimit described in clause (x), the Available Amount for all US Letters of Credit
would not exceed the US Letter of Credit Sublimit; provided further, that each such increase and deemed decrease
shall become effective without the consent of any Lender Party and this Section 2.06(a)(iii) shall supersede any provision in Section
10.01 to the contrary, and

 

    	 	75	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iv) change the amount
(the “Allocated US Availability”) to be deducted from the US Borrowing Base and the Equivalent thereof in Euros
to be added to the Foreign Borrowing Base; provided that (A) the Borrowers shall deliver an updated Borrowing Base Certificate
on the effective date of such change, (B) any increase in the Allocated US Availability shall not exceed the excess of the US Borrowing
Base over the sum of the US Advances and the aggregate Available Amount of all US Letters of Credit, in each case immediately prior
to such increase, (C) the Equivalent in Euros of any decrease in the Allocated US Availability shall not exceed the excess of the
Foreign Borrowing Base over the sum of the Foreign Advances and the aggregate Available Amount of all Foreign Letters of Credit,
in each case immediately prior to such decrease, (D) the Allocated US Availability may not be changed more than four times in each
calendar month, (E) the Allocated US Availability shall remain constant until the next change thereof pursuant to this Section
2.06(a)(v) and (F) on the Effective Date, the Allocated US Availability shall be $0; provided further, that each
change of the Allocated US Availability pursuant to this clause (iv) shall become effective without the consent of any Lender Party
and this Section 2.06(a)(iv) shall supersede any provision in Section 10.01 to the contrary.

 

(b)          Mandatory.
The US Letter of Credit Sublimit or the Swing Line Sublimit shall be automatically and permanently reduced from time to time on
the date of each reduction in the US Revolving Credit Facility by the amount, if any, by which the amount of the US Letter of Credit
Sublimit or Swing Line Sublimit, as the case may be, exceeds the US Revolving Credit Facility after giving effect to such reduction
of the US Revolving Credit Facility. The Foreign Letter of Credit Sublimit shall be automatically and permanently reduced from
time to time on the date of each reduction in the Foreign Revolving Credit Facility by the amount, if any, by which the amount
of the Foreign Letter of Credit Sublimit exceeds the Foreign Revolving Credit Facility after giving effect to such reduction of
the Foreign Revolving Credit Facility.

 

(c)          Application
of Commitment Reductions. Upon each reduction of a Revolving Credit Facility pursuant to this Section 2.06, the Revolving
Credit Commitment of each of the Revolving Credit Lenders under such Revolving Credit Facility shall be reduced by such Revolving
Credit Lender’s Pro Rata Share of the amount by which such Revolving Credit Facility is reduced in accordance with the Lenders’
respective Revolving Credit Commitments under such Revolving Credit Facility.

 

Section 2.07 Prepayments.
(a)  Optional. (i)          Each Borrower under any Revolving
Credit Facility may, upon written notice given to the Administrative Agent under such Revolving Credit Facility not later than
11:00 A.M. Local Time on the third Business Day prior to the date of the proposed prepayment of Eurocurrency Rate Advances,
or the second Business Day prior to the date of the proposed prepayment of Base Rate Advances denominated in Sterling, Euros or
Swiss Francs, or on the first Business Day prior to the date of the proposed prepayment of Base Rate Advances denominated in US
Dollars or Canadian Dollars, stating the proposed date and aggregate principal amount, currency and Type of the prepayment, and
if such notice is given the Borrowers under such Revolving Credit Facility shall, prepay the outstanding aggregate principal amount
of Revolving Credit Advances and Letter of Credit Advances under such Revolving Credit Facility, in whole or ratably in part,
together with accrued interest to the date of such prepayment on the aggregate principal amount prepaid and any additional amounts
required pursuant to Section 10.04(d); provided, however, that each partial prepayment shall be (x) in the case
of each Foreign Borrowing denominated in US Dollars, in a principal amount of at least $1,000,000 or an integral multiple of $1,000,000
in excess thereof, (y) in the case of each Foreign Borrowing denominated in Canadian Dollars, in a principal amount of at least
C$1,000,000 or an integral multiple of C$1,000,000 in excess thereof, (z) in the case of each Foreign Borrowing denominated in
Euros, in a principal amount of at least €500,000 or an integral multiple of €500,000 in excess thereof, (aa) in the
case of each Foreign Borrowing denominated in Sterling, in a principal amount of at least £500,000 or an integral multiple
of £500,000 in excess thereof and (bb) in the case of each Foreign Borrowing denominated in Swiss Francs, in a principal
amount of CHF1,000,000 or an integral multiple of CHF1,000,000 in excess thereof, or, in each case, if less, the aggregate outstanding
principal amount of any Advance denominated in one currency. Any prepayment of Advances pursuant to this Section 2.07(a) shall
be applied to any one or more of the Revolving Credit Facility or the Letter of Credit Advances as directed by the Borrowers.

 

    	 	76	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii)          The
US Borrowers may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Advances in whole or in part without premium or penalty; provided that (A) such notice must
be received by the Swing Line Lender and the US Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and
(B) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount
of such prepayment. If such notice is given by any US Borrower, the US Borrowers shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein.

 

(b)          Mandatory.

 

(i)           The
Borrowers shall, if a Cash Dominion Period, has occurred and is continuing, on the Business Day following the date of receipt of
any Net Cash Proceeds by any Loan Party or any of its Restricted Subsidiaries during such Cash Dominion Period, prepay an aggregate
principal amount of the Advances equal to such Net Cash Proceeds; provided, however, that (A) the Borrowers shall
not be required to make any prepayment hereunder with Net Cash Proceeds unless and until the aggregate amount of all such Net Cash
Proceeds (excluding Net Cash Proceeds from Extraordinary Receipts) that have not theretofore been applied to prepay the Advances
pursuant to this Section 2.07(b)(i) exceeds $5,000,000 (at such time the Borrowers shall be required to make a prepayment hereunder
with all such excess Net Cash Proceeds except to the extent such prepayment is not required under clause (B), (C), (D) or (E) of
this proviso), (B) to the extent the aggregate amount of all Net Cash Proceeds (excluding Net Cash Proceeds from Extraordinary
Receipts) received by the Loan Parties and their Restricted Subsidiaries shall exceed $10,000,000, only 75% of such excess amount
of Net Cash Proceeds received shall be required to be applied to prepayment hereunder, (C) in the case of Net Cash Proceeds that
are Extraordinary Receipts in respect of any casualty or condemnation event (“Extraordinary Receipts Proceeds”),
to the extent such Extraordinary Receipts Proceeds are used to repair, restore or replace the assets that are the subject of such
event in substantially the same location promptly after the receipt of such Extraordinary Receipts Proceeds by a Loan Party or
any of its Restricted Subsidiaries, no such Extraordinary Receipts Proceeds shall be required to be applied to any prepayment hereunder,
(D) in the case of Extraordinary Receipts Proceeds received with respect to a casualty or condemnation event in respect of
Inventory, no such Extraordinary Receipts Proceeds shall be required to be applied to any prepayment hereunder and (E) in the case
of Extraordinary Receipts Proceeds on account of the claims subject to the Conyers Fire Settlement, no such Extraordinary Receipts
Proceeds shall be required to be applied to any prepayment hereunder to the extent that such Extraordinary Receipts Proceeds shall
be used to pay or reimburse the Loan Parties and their Restricted Subsidiaries for funding the settlement fund described in the
definition of “Conyers Fire Settlement” and/or for legal fees and expenses incurred in connection therewith. Notwithstanding
the foregoing, (x) Net Cash Proceeds attributable to the assets of the Foreign Borrower or the Swiss Guarantor or any CFC shall
not be required under this Section 2.07(b) to be applied to any repayment in respect of the US Revolving Credit Facility and (y)
Net Cash Proceeds attributable to the assets of the US Loan Parties shall be applied first to the US Revolving Credit Facility
as set forth in clause (iv) below, second, if required under Section 2.03(g), deposited in the US L/C Cash Collateral Account,
third, to the Foreign Revolving Credit Facility as set forth in clause (iv) below, fourth, if required under Section
2.21(g), deposited in the Foreign L/C Cash Collateral Account.

 

    	 	77	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii)          (A)
The US Borrowers shall, on each Business Day, if applicable, prepay, in each case without any reduction of any Commitments, an
aggregate principal amount of the US Revolving Credit Advances, the US Letter of Credit Advances or the Swing Line Advances or
deposit an amount in the US L/C Collateral Account in an amount equal to the amount by which (1) the sum of (x) the US Revolving
Credit Advances, the US Letter of Credit Advances and the Swing Line Advances then outstanding plus (y) the aggregate Available
Amount of all US Letters of Credit then outstanding exceeds (2) the lesser of (x) the sum of the aggregate US Revolving Credit
Commitments and (y) the US Borrowing Base.

 

(B)         The
Foreign Borrower shall, on each Business Day, if applicable, prepay, in each case without any reduction of any Commitments, an
aggregate principal amount of the Foreign Revolving Credit Advances or the Foreign Letter of Credit Advances or deposit an amount
in the Foreign L/C Collateral Account in an amount equal to the amount by which (1) the sum of (x) the Foreign Revolving Credit
Advances and the Foreign Letter of Credit Advances then outstanding plus (y) the aggregate Available Amount of all Foreign
Letters of Credit then outstanding exceeds (2) the lesser of (x) the sum of the aggregate Foreign Revolving Credit Commitments
and (y) the Foreign Borrowing Base, in each case without any reduction of any Commitments.

 

(iii)         The
US Borrowers shall, on each Business Day, if applicable, pay to the US Administrative Agent for deposit in the US L/C Cash Collateral
Account an amount sufficient to cause the aggregate amount on deposit in such US L/C Cash Collateral Account to equal the amount
by which the aggregate Available Amount of all US Letters of Credit then outstanding exceeds the US Letter of Credit Sublimit on
such Business Day. The Foreign Borrower shall, on each Business Day, if applicable, pay to the Foreign Administrative Agent for
deposit in the Foreign L/C Cash Collateral Account an amount sufficient to cause the aggregate amount on deposit in such Foreign
L/C Cash Collateral Account to equal the amount by which the aggregate Available Amount of all Foreign Letters of Credit then outstanding
exceeds the Foreign Letter of Credit Sublimit on such Business Day.

 

(iv)         Prepayments
of any Revolving Credit Facility made pursuant to clauses (i) and (ii) above shall be first applied ratably to prepay Letter
of Credit Advances and the Swing Line Advances then outstanding under such Revolving Credit Facility, if any, until such Advances
are paid in full, second applied ratably to prepay Revolving Credit Advances under such Revolving Credit Facility then outstanding,
if any, until such Advances are paid in full and third, if required under Section 2.03(g) or 2.21(g), as applicable, deposited
in the US L/C Cash Collateral Account or Foreign L/C Cash Collateral Account, as the case may be, in each case without any reduction
of any Commitments; and, in the case of any prepayment of a Revolving Credit Facility pursuant to clause (i) above, the amount
remaining, if any, from such Revolving Credit Facility’s portion of such Net Cash Proceeds after the prepayment of the Advances
then outstanding and any required Cash Collateralization of Letters of Credit then outstanding may be retained by the Borrowers
for use in their business and operations. Upon the drawing of any Letter of Credit for which funds are on deposit in a L/C Cash
Collateral Account, such funds shall be applied to reimburse the applicable Issuing Bank or Revolving Credit Lenders, as applicable.

 

(v)          [Reserved].

 

(vi)         All
prepayments under this subsection (b) shall be made together with accrued interest to the date of such prepayment on the principal
amount prepaid and any additional amounts required pursuant to Section 10.04(d).

 

Section 2.08 Interest.
(a)  Scheduled Interest. The US Borrowers shall pay interest on each US Revolving Credit Advance or Swing Line
Advance owing to each US Lender from the date of such US Revolving Credit Advance or Swing Line Advance, respectively, until such
principal amount shall be paid in full, and the Foreign Borrowers shall pay interest on each Foreign Revolving Credit Advance owing
to each Foreign Lender from the date of such Foreign Revolving Credit Advance, until such principal amount shall be paid in full,
at the following rates per annum:

 

    	 	78	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(i)           Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of
(A) the Base Rate in effect from time to time plus (B) the Applicable Margin in effect from time to time, payable in arrears
monthly on the first day of each immediately succeeding month during such periods and on the date such Base Rate Advance shall
be Converted or paid in full.

 

(ii)          Eurocurrency
Rate Advances. During such periods as such Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times during
each Interest Period for such Advance to the sum of (A) the Eurocurrency Rate for such Interest Period for such Advance plus
(B) the Applicable Margin in effect on the first day of such Interest Period, payable in arrears on the last day of such Interest
Period (and, if such Interest Period has a duration of six months, also on the date falling three months from the first day of
such Interest Period) and on the date such Eurocurrency Rate Advance shall be Converted or paid in full.

 

(b)          Default
Interest. Upon the occurrence and during the continuance of an Event of Default the applicable Borrowers under each Revolving
Credit Facility shall pay interest on (i) the unpaid principal amount of each Revolving Credit Advance and Swing Line Advance
owing to each Lender (whether or not due), payable in arrears on the dates referred to in clause (a) above and on demand,
at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to
clause (a) and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder
that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on
the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate
per annum required to be paid on Base Rate Advances in the same currency in which such overdue amount is denominated pursuant to
clause (a)(i) above.

 

(c)          Notice
of Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a) with respect to any Revolving
Credit Facility, the applicable Administrative Agent shall give notice to the Borrowers and each Lender under such Revolving Credit
Facility of the interest rate determined by such Administrative Agent for purposes of clause (a) above.

 

Section 2.09 Fees.
(a)  Commitment Fees. (i) The US Borrowers shall pay to the US Administrative Agent for the account of the US
Revolving Credit Lenders a commitment fee, from the Effective Date in the case such Lender is an Initial Lender and (if such date
is later than the Effective Date) from the effective date specified in the Assignment and Acceptance pursuant to which it became
a US Lender in the case of each other such Lender until the Termination Date, payable in arrears monthly on the first day of each
month ending after the Effective Date and on the Termination Date, at the Applicable Rate on the average daily unused portion
of the US Unused Revolving Credit Commitment of such US Lender; provided, however, that no commitment fee shall
accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

 

(ii) The Foreign Borrower
shall pay to the Foreign Administrative Agent for the account of the Foreign Revolving Credit Lenders a commitment fee, from the
Effective Date in the case such Lender is an Initial Lender and (if such date is later than the Effective Date) from the effective
date specified in the Assignment and Acceptance pursuant to which it became a Foreign Lender in the case of each other such Lender
until the Termination Date, payable in arrears monthly on the first day of each month ending after the Effective Date and on the
Termination Date, at the Applicable Rate on the average daily unused portion of the Foreign Unused Revolving Credit Commitment
of such Foreign Lender; provided, however, that no commitment fee shall accrue on any of the Commitments of a Defaulting
Lender so long as such Lender shall be a Defaulting Lender.

 

    	 	79	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Letter
of Credit Fees, Etc.

 

(i)           The
US Borrowers shall pay to the US Administrative Agent for the account of each US Revolving Credit Lender a commission, payable
in arrears on the first day of each month, on the earliest to occur of the full drawing, expiration, termination or cancellation
of any US Letter of Credit and on the Termination Date, on such US Revolving Credit Lender’s Pro Rata Share of the average
daily aggregate Available Amount during such month of all US Letters of Credit outstanding from time to time during such month
at a rate per annum equal to the Applicable Margin for Eurocurrency Rate Advances under the US Revolving Credit Facility; provided,
however, that no such commission shall accrue with respect to any of the US Revolving Credit Commitments of a Defaulting
Lender so long as such Lender shall be a Defaulting Lender. The Foreign Borrower shall pay to the Foreign Administrative Agent
for the account of each Foreign Revolving Credit Lender a commission, payable in arrears on the first day of each month, on the
earliest to occur of the full drawing, expiration, termination or cancellation of any Foreign Letter of Credit denominated in any
currency and on the Termination Date, on such Foreign Revolving Credit Lender’s Pro Rata Share of the average daily
aggregate Available Amount during such month of all Foreign Letters of Credit outstanding from time to time during such month at
a rate per annum equal to the Applicable Margin for Eurocurrency Rate Advances denominated in such currency under the Foreign Revolving
Credit Facility; provided, however, that no such commission shall accrue with respect to any of the Foreign Revolving
Credit Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

 

(ii)          The
US Borrowers shall pay to each US Issuing Bank, for its own account, (A) a fronting fee, payable in arrears on the first Business
Day of each month and on the Termination Date, on the average daily Available Amount during such month of all US Letters of Credit
issued by such US Issuing Bank, at the rate of 0.125% per annum and (B) the customary issuance, presentation, amendment and
other processing fees, and other standard costs and charges, of such US Issuing Bank. The Foreign Borrowers shall pay to each Foreign
Issuing Bank, for its own account, (A) a fronting fee, payable in arrears on the first Business Day of each month and on the
Termination Date, on the average daily Available Amount during such month of all Foreign Letters of Credit issued by such Foreign
Issuing Bank, at the rate of 0.125% per annum and (B) the customary issuance, presentation, amendment and other processing
fees, and other standard costs and charges, of such Foreign Issuing Bank.

 

(c)          Initial
Lender Fees. The applicable Borrowers shall pay to the Administrative Agent and the Bookrunners (or their respective Affiliates)
such other fees as may be from time to time agreed among the Company or the applicable Borrowers, the Administrative Agent and
the Bookrunners (or their respective Affiliates).

 

Section 2.10 Conversion
of Advances. (a) Optional. The applicable Borrowers may on any Business Day, upon notice given to the Administrative
Agent not later than 11:00 A.M. (Local Time) on the third Business Day prior to the date of the proposed Conversion (or the
Business Day prior to the date of the proposed Conversion, in the case of a Conversion of a Eurocurrency Rate Advance to a Base
Rate Advance) and subject to the provisions of Section 2.11, Convert all or any portion of the Advances denominated in a currency
of one Type comprising the same Borrowing into Advances denominated in the same currency of the other Type; provided, however,
that any Conversion of Eurocurrency Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period
for such Eurocurrency Rate Advances, any Conversion of Base Rate Advances into Eurocurrency Rate Advances shall be in an amount
not less than the minimum amount specified in Section 2.02(b), no Conversion of any Advances shall result in more separate
Borrowings than permitted under Section 2.02(b) and each Conversion of Advances under any Revolving Credit Facility comprising
part of the same Borrowing shall be made ratably among the Lenders in accordance with their Commitments under such Revolving Credit
Facility; provided, further, that no Advances denominated in Canadian Dollars under the US Revolving Credit Facility
may be Base Rate Advances. Each such notice of Conversion shall, within the restrictions specified above, specify (i) the
date of such Conversion, (ii) the Advances and the currency denomination to be Converted and (iii) if such Conversion
is into Eurocurrency Rate Advances, the duration of the initial Interest Period for such Advances. Each notice of Conversion shall
be irrevocable and binding on the applicable Borrowers. Notwithstanding anything to the contrary herein, a Swing Line Advance may
not be Converted to a Eurocurrency Rate Advance.

 

    	 	80	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Mandatory.

 

(i)           On
the date on which the aggregate unpaid principal amount of Eurocurrency Rate Advances denominated in US Dollars comprising any
Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $5,000,000, such Advances shall, at the end of
the applicable Interest Period, automatically Convert into Base Rate Advances.

 

(ii)          If
the applicable Borrowers shall fail to select the duration of any Interest Period for any Eurocurrency Rate Advances denominated
in any currency in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01,
the Administrative Agent under the applicable Revolving Credit Facility will forthwith so notify the Borrowers and the Lenders
under such Revolving Credit Facility, whereupon each such Eurocurrency Rate Advance will automatically, on the last day of the
then existing Interest Period therefor, Convert into a Base Rate Advance denominated in such currency; provided that in
the case of Eurocurrency Rate Advances denominated in Canadian Dollars under the US Revolving Credit Facility, in lieu of such
Conversion into Base Rate Advances, upon the US Administrative Agent’s aforesaid notification to the US Borrowers and the
US Lenders, the Interest Period of such Eurocurrency Rate Advances shall automatically, on the last day of the then existing Interest
Period therefor, be changed into an Interest Period with a duration of one month.

 

(iii)         Upon
the occurrence and during the continuance of any Event of Default, (x) each Eurocurrency Rate Advance denominated in any currency
will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance denominated
in such currency and (y) the obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall
be suspended; provided that in the case of Eurocurrency Rate Advances denominated in Canadian Dollars under the US Revolving
Credit Facility, upon the occurrence and during the continuance of any Event of Default, (A) the foregoing clauses (x) and (y)
in this Section 2.10(b)(iii) shall not apply and (B) the Interest Period of such Eurocurrency Rate Advances shall automatically,
on the last day of the then existing Interest Period therefor, be changed into an Interest Period with a duration of one month.

 

Section 2.11 Increased
Costs, Etc. (a) If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation
or (ii) the compliance with any guideline or request from any central bank or other governmental authority (whether or not
having the force of law), there shall be any increase in the cost to any Lender Party of agreeing to make or of making, funding
or maintaining Eurocurrency Rate Advances or of agreeing to issue or of issuing or maintaining or participating in Letters of Credit
or of agreeing to make or of making or maintaining Letter of Credit Advances (excluding, for purposes of this Section 2.11,
any such increased costs resulting from (x) Indemnified Taxes, Excluded Taxes or Other Taxes (as to which Section 2.13 shall
govern) and (y) changes in the basis of taxation of overall net income or overall gross income by the United States or by
the foreign jurisdiction or state under the laws of which such Lender Party is organized or has its Applicable Lending Office or
any political subdivision thereof), then the applicable Borrowers of the affected Facility shall from time to time, upon demand
by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account
of such Lender Party additional amounts sufficient to compensate such Lender Party for such increased cost. A certificate as to
the amount of such increased cost, submitted to the Borrowers by such Lender Party, shall be conclusive and binding for all purposes,
absent manifest error.

 

    	 	81	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          If
any Lender Party determines that compliance with any law or regulation or any guideline or request from any central bank or other
governmental authority (whether or not having the force of law) affects or would affect the amount of capital required or expected
to be maintained by such Lender Party or any corporation controlling such Lender Party and that the amount of such capital is increased
by or based upon the existence of such Lender Party’s commitment to lend or to issue or participate in Letters of Credit
hereunder and other commitments of such type or the issuance or maintenance of or participation in the Letters of Credit (or similar
contingent obligations), then, upon demand by such Lender Party or such corporation (with a copy of such demand to the Administrative
Agent), the applicable Borrowers with respect to the affected Facility shall pay to the Administrative Agent for the account of
such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate such Lender
Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase in capital to
be allocable to the existence of such Lender Party’s commitment to lend or to issue or participate in Letters of Credit hereunder
or to the issuance or maintenance of or participation in any Letters of Credit. A certificate as to such amounts submitted to the
Borrowers by such Lender Party shall be conclusive and binding for all purposes, absent manifest error.

 

(c)          If,
with respect to any Eurocurrency Rate Advances under any Revolving Credit Facility, the Lenders holding at least a majority of
the Commitments and Advances under such Revolving Credit Facility notify the Administrative Agent under such Revolving Credit Facility
that the Eurocurrency Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making,
funding or maintaining their Eurocurrency Rate Advances for such Interest Period, such Administrative Agent shall forthwith so
notify the Borrowers and the Lenders under such Revolving Credit Facility, whereupon (i) each such Eurocurrency Rate Advance
will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the
obligation of the Lenders under such Revolving Credit Facility to make, or to Convert Advances into, Eurocurrency Rate Advances
under such Revolving Credit Facility shall be suspended until such Administrative Agent shall notify the Borrowers under such Revolving
Credit Facility that such Lenders have determined that the circumstances causing such suspension no longer exist.

 

(d)          Notwithstanding
any other provision of this Agreement, if the introduction of or any change in or in the interpretation of any law or regulation
shall make it unlawful, or any central bank or other governmental authority shall assert that it is unlawful, for any Lender or
its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances denominated in any currency
or to continue to fund or maintain Eurocurrency Rate Advances denominated in any currency hereunder, then, on notice thereof and
demand therefor by such Lender to the Borrowers through the Administrative Agent, (i) each Eurocurrency Rate Advance denominated
in such currency will automatically, upon such demand, Convert into a Base Rate Advance denominated in such currency and (ii) the
obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances denominated in such currency shall be
suspended until the Administrative Agent shall notify the Borrowers that such Lender has determined that the circumstances causing
such suspension no longer exist.

 

    	 	82	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(e)          For
purposes of this Section 2.11, (i) the Dodd-Frank Act and any and all rules, regulations, orders, requests, guidelines and directives
adopted, promulgated or implemented in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, regardless of the date enacted, adopted
or issued, in each case are deemed to have been introduced and adopted after the date of this Agreement.

 

Section 2.12 Payments
and Computations. (a)  The US Borrowers shall make each payment hereunder and under the Notes, without condition
or deduction for any counterclaim, defense, recoupment or set-off (except as otherwise provided in Section 2.16), not later than
11:00 A.M. (New York, New York time) on the day when due in US Dollars for US Advances denominated in US Dollars or in Canadian
Dollars for Canadian Advances denominated in Canadian Dollars to the US Administrative Agent at the US Administrative Agent’s
Office in same day funds. The Foreign Borrower shall make each payment hereunder and under the Notes, without condition or deduction
for any counterclaim, defense, recoupment or set-off (except as otherwise provided in Section 2.16), not later than 11:00 A.M.
Local Time on the day when due, in the case of principal and interest of Advances denominated in a currency, in such currency,
and in the case of fees and other amounts, in Euros, to the Foreign Administrative Agent at the Foreign Administrative Agent’s
Office in same day funds. Each Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such
payment by the applicable Borrowers is in respect of principal, interest, commitment fees or any other Obligation then payable
hereunder and under the Notes to more than one Lender Party, to such Lender Parties for the account of their respective Applicable
Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if
such payment by the applicable Borrowers is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender
Party for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement.
Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant
to Section 10.07(d), from and after the effective date of such Assignment and Acceptance, each Administrative Agent shall
make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder,
and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to
such effective date directly between themselves.

 

(b)          If
the US Administrative Agent receives funds for application to the US Obligations under the Loan Documents under circumstances for
which the Loan Documents do not specify the Advances to which, or the manner in which, such funds are to be applied, the US Administrative
Agent may, but shall not be obligated to, elect to distribute such funds to each US Lender Party ratably in accordance with such
US Lender Party’s proportionate share of the principal amount of all outstanding US Advances and the Available Amount of
all US Letters of Credit then outstanding, in repayment or prepayment of such of the outstanding US Advances or other US Obligations
under the Loan Documents owed to such Lender Party, and for application to such principal installments, as the US Administrative
Agent shall direct. If the Foreign Administrative Agent receives funds for application to the Foreign Obligations under the Loan
Documents under circumstances for which the Loan Documents do not specify the Advances to which, or the manner in which, such funds
are to be applied, the Foreign Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each
Foreign Lender Party ratably in accordance with such Foreign Lender Party’s proportionate share of the principal amount of
all outstanding Foreign Advances and the Available Amount of all Foreign Letters of Credit then outstanding, in repayment or prepayment
of such of the outstanding Foreign Advances or other Foreign Obligations under the Loan Documents owed to such Lender Party, and
for application to such principal installments, as the Foreign Administrative Agent shall direct.

 

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(c)          The
US Borrowers hereby authorize each US Lender Party, if and to the extent payment owed to such US Lender Party is not made when
due hereunder or, in the case of a US Lender, under the Note held by such US Lender, to charge from time to time against any or
all of the US Borrowers’ accounts with such US Lender Party any amount so due (subject to the limitations on the exercise
of remedies upon an Event of Default set forth in Article VI hereof). Each of the US Lender Parties hereby agrees to notify the
Borrowers promptly after any such setoff and application shall be made by such US Lender Party; provided, however,
that the failure to give such notice shall not affect the validity of such charge. The Foreign Borrower hereby authorizes each
Foreign Lender Party, if and to the extent payment owed to such Foreign Lender Party is not made when due hereunder or, in the
case of a Foreign Lender, under the Note held by such Foreign Lender, to charge from time to time against any or all of any Foreign
Loan Party’s accounts with such Foreign Lender Party any amount so due (subject to the limitations on the exercise of remedies
upon an Event of Default set forth in Article VI hereof). Each of the Foreign Lender Parties hereby agrees to notify the Borrowers
promptly after any such setoff and application shall be made by such Foreign Lender Party; provided, however, that
the failure to give such notice shall not affect the validity of such charge.

 

(d)          All
computations of interest based on the Base Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366
days, as the case may be, and all computations of interest based on the Eurocurrency Rate or the Federal Funds Rate and of fees
and Letter of Credit commissions shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for
the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest,
fees or commissions are payable. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder
shall be conclusive and binding for all purposes, absent manifest error.

 

(e)          Whenever
any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of
interest or commitment fee, as the case may be; provided, however, that, if such extension would cause payment of
interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made
on the next preceding Business Day.

 

(f)           Unless
the US Administrative Agent shall have received notice from the US Borrowers prior to the date on which any payment is due to any
US Lender Party hereunder that the US Borrowers will not make such payment in full, the US Administrative Agent may assume that
the US Borrowers have made such payment in full to the US Administrative Agent on such date and the US Administrative Agent may,
in reliance upon such assumption, cause to be distributed to each such US Lender Party on such due date an amount equal to the
amount then due such US Lender Party. If and to the extent the US Borrowers shall not have so made such payment in full to the
US Administrative Agent, each such US Lender Party shall repay to the US Administrative Agent forthwith on demand such amount distributed
to such US Lender Party in immediately available funds together with interest thereon, for each day from the date such amount is
distributed to such US Lender Party until the date such US Lender Party repays such amount to the US Administrative Agent, at the
greater of the Federal Funds Rate and a rate determined by the US Administrative Agent in accordance with banking industry rules
or practices on interbank compensation. Unless the Foreign Administrative Agent shall have received notice from the Foreign Borrower
prior to the date on which any payment is due to any Foreign Lender Party hereunder that the Foreign Borrower will not make such
payment in full, the Foreign Administrative Agent may assume that the Foreign Borrower has made such payment in full to the Foreign
Administrative Agent on such date and the Foreign Administrative Agent may, in reliance upon such assumption, cause to be distributed
to each such Foreign Lender Party on such due date an amount equal to the amount then due such Foreign Lender Party. If and to
the extent the Foreign Borrower shall not have so made such payment in full to the Foreign Administrative Agent, each such Foreign
Lender Party shall repay to the Foreign Administrative Agent forthwith on demand such amount distributed to such Foreign Lender
Party in immediately available funds together with interest thereon, for each day from the date such amount is distributed to such
Foreign Lender Party until the date such Foreign Lender Party repays such amount to the Foreign Administrative Agent, at the greater
of the Federal Funds Rate and a rate determined by the Foreign Administrative Agent in accordance with banking industry rules or
practices on interbank compensation.

 

    	 	84	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(g)          All
principal and interest in respect of Advances denominated in any currency shall be payable in such currency; all fees payable under
Section 2.09 in respect of the US Revolving Credit Facility shall be payable in US Dollars; all fees payable under Section 2.09
in respect of the Foreign Revolving Credit Facility shall be payable in Euros; and unless otherwise specified herein or in the
applicable Loan Document, all other amounts payable hereunder or under any other Loan Document shall be payable in US Dollars.

 

Section 2.13 Taxes.
(a)  Any and all payments by any Loan Party to or for the account of any Lender Party or any Agent hereunder or under
any other Loan Document shall be made, in accordance with Section 2.12 or the applicable provisions of such other Loan Document,
if any, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges,
fees or withholdings, and all liabilities, penalties, interest and additions to tax with respect thereto (“Taxes”),
excluding any of the following taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (i) taxes that are imposed on or measured by its overall net income (however denominated), franchise taxes, and
branch profits taxes, in each case, (A) imposed by the jurisdiction (or any political subdivision thereof) under the laws of which
such Recipient is organized or has its principal office or, in the case of each Lender Party, its Applicable Lending Office, or
(B) that are imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such tax
(other than connections that would not have arisen but for entering into the Loan Documents, receiving any payments under or with
respect to the Loan Documents, or enforcing any rights and remedies under the Loan Documents), (ii) any U.S. federal withholding
tax that would not have been imposed but for a failure by such Recipient (or any financial institution through which any payment
is made to such Lender Party or such Agent) to comply with FATCA, (iii) in the case of a Lender, U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a loan or Commitment
pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the loan or Commitment or (B) such
Lender changes its Applicable Lending Office, except for any change or assignment requested by a Borrower or to the extent amounts
with respect to such Taxes were payable either to such Lender’s assignor before such Lender became a party hereto or to
such Lender before it changed its Applicable Lending Office, and (iv) in the case of any Lender, any Taxes attributable to such
Lender’s failure to comply with Section 2.13(e) (all such non-excluded Taxes in respect of payments hereunder or under any
other Loan Document being hereinafter referred to as “Indemnified Taxes” and all such excluded Taxes in respect
of payments hereunder or under any other Loan Document being hereinafter referred to as “Excluded Taxes”).
If any applicable law (as determined in the good faith discretion of an applicable Administrative Agent) requires the deduction
or withholding of any Tax from or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party
or any Agent, (i) the sum payable by such Loan Party shall be increased as may be necessary so that after such Loan Party and
the applicable Administrative Agent have made all required deductions for Indemnified Taxes (including deductions applicable to
additional sums payable under this Section 2.13) such Lender Party or such Agent, as the case may be, receives an amount equal
to the sum it would have received had no such deduction for Indemnified Taxes been made, (ii) such Loan Party or the applicable
Administrative Agent, as required by law, shall make all required deductions for Taxes and (iii) such Loan Party or the applicable
Administrative Agent, to the extent required by such law, shall timely pay the full amount deducted to the relevant taxation authority
or other authority in accordance with applicable law.

 

    	 	85	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          In
addition, the Borrowers shall pay any present or future stamp, documentary, excise, property, intangible, mortgage recording or
similar taxes, charges or levies that arise from any payment made by any Loan Party hereunder or under any other Loan Documents
or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or the other
Loan Documents (hereinafter referred to as “Other Taxes”).

 

(c)          The
Borrowers shall indemnify each Lender Party and each Agent for and hold them harmless against the full amount of Indemnified Taxes
and Other Taxes, including Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this
Section 2.13, imposed on or paid by such Lender Party or such Agent (as the case may be) and any liability (including penalties,
additions to tax, interest and expenses) arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted. A certificate as to the amount of any such taxes or liability delivered to
the Borrowers by a Lender (with a copy to the applicable Administrative Agent), or by the applicable Administrative Agent on its
own behalf or on behalf of a Lender, shall be conclusive absent manifest error. This indemnification shall be made within 30 days
from the date such Lender Party or such Agent (as the case may be) makes written demand therefor. Each Lender Party shall, and
does hereby, severally indemnify each Administrative Agent, and shall make payment in respect thereof within 10 days after demand
therefor, against any (i) Indemnified Taxes attributable to such Lender Party (but only to the extent that any Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties
to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.07 relating to
the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender Party, in each case, that are
payable or paid by an Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender Party by an Administrative Agent shall be conclusive
absent manifest error. Each Lender Party hereby authorizes the Administrative Agents to set off and apply any and all amounts at
any time owing to such Lender Party, as the case may be, under this Agreement or any other Loan Document against any amount due
to an Administrative Agent under this paragraph.

 

(d)          Within
30 days after the date of any payment of Taxes, the appropriate Loan Party shall furnish to each applicable Administrative Agent,
at its address referred to in Section 10.02, the original or a certified copy of a receipt evidencing such payment, to the
extent such a receipt is issued therefor, or other written proof of payment thereof that is reasonably satisfactory to such Administrative
Agent. In the case of any payment hereunder or under the other Loan Documents by or on behalf of a US Loan Party through an account
or branch outside the United States or by or on behalf of a US Loan Party by a payor that is not a United States person, if such
Loan Party determines that no Taxes are payable in respect thereof, such US Loan Party shall furnish, or shall cause such payor
to furnish, to the applicable Administrative Agent, at such address, an opinion of counsel acceptable to such Administrative Agent
stating that such payment is exempt from Taxes. For purposes of subsections (d) and (e) of this Section 2.13, the terms “United
States” and “United States person” shall have the meanings specified in Section 7701 of the Internal
Revenue Code.

 

    	 	86	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(e)          Each
Lender Party under any Revolving Credit Facility organized under the laws of a jurisdiction outside the United States shall, on
or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender Party and on the date of
the Assignment and Acceptance pursuant to which it becomes a Lender Party in the case of each other Lender Party, and from time
to time thereafter as reasonably requested in writing by the Borrowers (but only so long thereafter as such Lender Party remains
lawfully able to do so), provide each of the Administrative Agent and US Borrowers under such Revolving Credit Facility with whichever
of the following is applicable: (i) two executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits
of an income tax treaty to which the United States is a party, (ii) two executed originals of Internal Revenue Service Form W-8ECI,
(iii) two executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, (iv) in the case
of a Lender Party claiming the benefits of the exemption for portfolio interest under section 881(c) of the Internal Revenue Code,
(x) a certificate substantially in the form of Exhibit K-1, K-2, K-3 or K-4, as applicable, to the effect that such Lender Party
is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent
shareholder” of any Loan Party within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled
foreign corporation” described in section 881(c)(3)(C) of the Internal Revenue Code (any such certificate, a “US
Tax Compliance Certificate”) and (y) two executed originals of Internal Revenue Service Form W-8BEN, or (v) two executed
originals of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States
federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the applicable
Administrative Agent to determine the withholding or deduction required to be made. Each Lender Party under any Revolving Credit
Facility that is a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code shall
deliver to the Company and the Administrative Agent under such Revolving Credit Facility two executed originals of Internal Revenue
Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Borrowers
or such Administrative Agent if necessary to enable the Borrowers or such Administrative Agent, as the case may be, to determine
whether or not such Lender Party is subject to backup withholding or information reporting requirements. Each Lender agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrowers and each Administrative Agent in writing of its legal inability to
do so. If any form or document referred to in this subsection (e) requires the disclosure of information, other than information
necessary to compute the tax payable and information required by Internal Revenue Service Form W-8BEN or W-8ECI, or the related
certificate described above, or, in each case, any successor or related form required by the Internal Revenue Service to establish
an exemption from or reduction in the rate of, United States withholding tax, that the applicable Lender Party reasonably considers
to be confidential, such Lender Party shall give notice thereof to the Borrowers and shall not be obligated to include in such
form or document such confidential information.

 

(f)           If
a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrowers and an Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrowers or such Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrowers or such Administrative Agent as may be necessary for the Borrowers and such
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment.

 

    	 	87	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(g)          Unless
required by applicable laws, at no time shall any Administrative Agent have any obligation to file for or otherwise pursue on behalf
of a Lender Party, or have any obligation to pay to any Lender Party, any refund of Taxes withheld or deducted from funds paid
for the account of such Lender Party. If any applicable Administrative Agent or any Lender Party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified
by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section, it shall pay to such
Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such
Loan Party under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses incurred by such Administrative Agent or such Lender Party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Loan Parties, upon the request of such Administrative Agent
or such Lender Party, agree to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) to such Administrative Agent or such Lender Party in the event such Administrative Agent
or such Lender Party is required to repay such refund to such Governmental Authority. This subsection shall not be construed to
require any Administrative Agent or any Lender Party to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to any Person.

 

(h)          Any
Lender Party claiming any additional amounts pursuant to Section 2.11 or this Section 2.13 shall use its reasonable efforts (consistent
with its internal policies and requirements of law) to change the jurisdiction of its lending office if such a change (i) is necessary
to reduce any such additional amounts and (ii) would not, in the sole discretion exercised in good faith of such Lender Party,
be disadvantageous to such Lender Party.

 

(i)           Notwithstanding
the foregoing, neither the Foreign Borrower nor the Swiss Guarantor shall be required to provide any indemnify under this Section
2.13 in respect of any US Obligations.

 

Section 2.14 Sharing
of Payments, Etc. If any Lender Party under any Revolving Credit Facility shall obtain at any time any payment, whether voluntary,
involuntary, through the exercise of any right of set-off, or otherwise (other than pursuant to Section 2.11, 2.13, 10.04 or 10.07),
(a) on account of Obligations in respect of such Revolving Credit Facility due and payable to such Lender Party hereunder
and under the Notes at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations
in respect of such Revolving Credit Facility due and payable to such Lender Party at such time (other than pursuant to Section
2.11, 2.13, 10.04 or 10.07) to (ii) the aggregate amount of the Obligations in respect of such Revolving Credit Facility
due and payable to all Lender Parties hereunder and under the Notes at such time) of payments on account of the Obligations in
respect of such Revolving Credit Facility due and payable to all Lender Parties hereunder and under the Notes at such time obtained
by all the Lender Parties at such time or (b) on account of Obligations in respect of such Revolving Credit Facility owing
(but not due and payable) to such Lender Party hereunder and under the Notes at such time (other than pursuant to Section 2.11,
2.13, 10.04 or 10.07) in excess of its ratable share (according to the proportion of (i) the amount of such Obligations in
respect of such Revolving Credit Facility owing to such Lender Party at such time (other than pursuant to Section 2.11, 2.13,
10.04 or 10.07) to (ii) the aggregate amount of the Obligations in respect of such Revolving Credit Facility owing (but not
due and payable) to all Lender Parties hereunder and under the Notes at such time) of payments on account of the Obligations in
respect of such Revolving Credit Facility owing (but not due and payable) to all Lender Parties hereunder and under the Notes
at such time obtained by all of the Lender Parties at such time, such Lender Party shall forthwith purchase from the other Lender
Parties under such Revolving Credit Facility such participations in the Obligations in respect of such Revolving Credit Facility
under the Loan Documents due and payable or owing to them, as the case may be, as shall be necessary to cause such purchasing
Lender Party to share the excess payment ratably in respect of such Revolving Credit Facility with each of them; provided,
however, that, if all or any portion of such excess payment is thereafter recovered from such purchasing Lender Party,
such purchase from such other Lender Party shall be rescinded and such other Lender Party shall repay to the purchasing Lender
Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (i) the
purchase price paid to such Lender Party to (ii) the aggregate purchase price paid to all Lender Parties under such Revolving
Credit Facility) of such recovery together with an amount equal to such Lender Party’s ratable share (according to the proportion
of (i) the amount of such other Lender Party’s required repayment to (ii) the total amount so recovered from the
purchasing Lender Party) of any interest or other amount paid or payable by the purchasing Lender Party in respect of the total
amount so recovered. The Borrowers under each Revolving Credit Facility agree that any Lender Party under such Revolving Credit
Facility so purchasing a participation from another Lender Party pursuant to this Section 2.14 may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully
as if such Lender Party were the direct creditor of such Borrowers in the amount of such participation.

 

    	 	88	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Section 2.15 Use of
Proceeds. The proceeds of the Revolving Credit Advances shall only be utilized (i) to pay fees, costs and expenses in connection
with such refinancing and the Transactions and (ii) to provide financing for working capital, letters of credit, capital expenditures
and other general corporate purposes of the Borrowers and the Guarantors, including but not limited to investments in other Subsidiaries
to the extent not prohibited under this Agreement or to Cash Collateralize the Fronting Exposure with respect to Defaulting Lenders.
Notwithstanding anything to the contrary in this Section 2.15, the Borrowers shall not use the proceeds of the Revolving Credit
Advances to grant inter-company loans to the Swiss Guarantor, it being understood that nothing in this clause shall restrict commercial
transactions in the ordinary course between the Borrowers and the Swiss Guarantor.

 

Section 2.16 Defaulting
Lenders. (a)  Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
under any Revolving Credit Facility becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting
Lender, to the extent permitted by applicable Law:

 

(i)           Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 10.01.

 

(ii)          Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent under such Revolving
Credit Facility for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI
or otherwise, and including any amounts made available to such Administrative Agent by that Defaulting Lender pursuant to Section
10.05), shall be applied at such time or times as may be determined by such Administrative Agent as follows: first, to the
payment of any amounts owing by that Defaulting Lender to such Administrative Agent hereunder; second, to the payment on
a pro rata basis of any amounts owing by that Defaulting Lender to any Issuing Bank in respect of such Revolving Credit Facility
or (in the case of the US Revolving Credit Facility) the Swing Line Lender hereunder; third, if so determined by such Administrative
Agent or requested by any Issuing Bank under such Revolving Credit Facility or (in the case of the US Revolving Credit Facility)
the Swing Line Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation
in any Letter of Credit under such Revolving Credit Facility or (in the case of the US Revolving Credit Facility) Swing Line Advance;
fourth, as the applicable Borrowers may request (so long as no Default or Event of Default has occurred and is continuing),
to the funding of any Advance under such Revolving Credit Facility in respect of which that Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by such Administrative Agent; fifth, if so determined by
such Administrative Agent and the applicable Borrowers, to be held in a non-interest bearing deposit account and released in order
to satisfy obligations of that Defaulting Lender to fund Advances under such Revolving Credit Facility under this Agreement; sixth,
to the payment of any amounts owing to the Lenders, the Issuing Banks under such Revolving Credit Facility or the (in the case
of the US Revolving Credit Facility) Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender, any Issuing Bank or the Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default has occurred and is continuing,
to the payment of any amounts owing to the Borrowers under such Revolving Credit Facility as a result of any judgment of a court
of competent jurisdiction obtained by such Borrowers against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court
of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances in respect of
which that Defaulting Lender has not fully funded its appropriate share and (y) such Advances were made at a time when the conditions
set forth in Section 3.01 were satisfied or waived, such payment shall be applied solely to pay the Advances of all non-Defaulting
Lenders under such Revolving Credit Facility on a pro rata basis prior to being applied to the payment of any Advances of that
Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid
to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)         Certain
Fees. That Defaulting Lender shall not be entitled to receive any commitment fee or letter of credit fee pursuant to Sections
2.09(a) and (b), respectively, for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required
to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(iv)         Reallocation
of Pro Rata Share to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender under any Revolving
Credit Facility, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or
fund participations in Letters of Credit or Swing Line Advances pursuant to Sections 2.03 and 2.04, the “Pro Rata Share”
of each non-Defaulting Lender under such Revolving Credit Facility shall be computed without giving effect to the Commitment of
that Defaulting Lender; provided, that, (A) each such reallocation shall be given effect only if, at the date the applicable
Lender becomes a Defaulting Lender, no Default or Event of Default has occurred and is continuing; and (B) the aggregate obligation
of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Advances under such
Revolving Credit Facility shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender
under such Revolving Credit Facility minus (2) the aggregate Outstanding Amount of the Advances of that Lender under such
Revolving Credit Facility.

 

(b)          Defaulting
Lender Cure. If the Borrowers, each applicable Administrative Agent, the Issuing Banks and the Swing Line Lender agree in writing
in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, such Administrative Agent
will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to the release of any Cash Collateral held pursuant to Section 2.16(a)(ii)
to pay amounts owed by such Defaulting Lender or to pay to such Defaulting Lender), that Lender will, to the extent applicable,
purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agents may
determine to be necessary to cause the Advances and funded and unfunded participations in Letters of Credit and Swing Line Advances
to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share under each Revolving Credit Facility in respect
of which that Lender has a Commitment, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

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Section 2.17 Evidence
of Debt. (a) The Advances made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
and by the applicable Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative
Agent and any Lender under any Revolving Credit Facility shall be conclusive absent manifest error of the amount of the Advances
made by the Lenders to the Borrowers under such Revolving Credit Facility and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the applicable Borrowers hereunder
to pay any amount owing with respect to the Obligations hereunder. In the event of any conflict between the accounts and records
maintained by any Lender and the accounts and records of any Administrative Agent in respect of such matters, the accounts and
records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through
any applicable Administrative Agent, the applicable Borrowers shall execute and deliver to such Lender (through such Administrative
Agent) a Note, which shall evidence such Lender’s Advances under each applicable Revolving Credit Facility in addition to
such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its
Advances and payments with respect thereto.

 

(b)          In
addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent under such Revolving
Credit Facility shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by
such Lender of participations in Letters of Credit under such Revolving Credit Facility and (in the case of the US Revolving Credit
Facility) Swing Line Advances. In the event of any conflict between the accounts and records maintained by any Administrative Agent
and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error.

 

Section 2.18 Replacement
of Certain Lenders. In the event a Lender under any Revolving Credit Facility shall have (a) become a Defaulting Lender under
Section 2.16, (b) requested compensation from the Borrowers under Section 2.13 with respect to Indemnified Taxes or Other Taxes
or with respect to increased costs or capital or under Section 2.11 or other additional costs incurred by such Lender which, in
any case, are not being incurred generally by the other Lenders, (c) delivered a notice pursuant to Section 2.11(d) claiming that
such Lender is unable to extend Eurocurrency Rate Advances to the Borrowers for reasons not generally applicable to the other Lenders
or (d) become a Non-Consenting Lender (in each case, an “Affected Lender”), then, in any case, the Borrowers
or the Administrative Agent under such Revolving Credit Facility may make written demand on such Affected Lender (with a copy to
the Administrative Agent in the case of a demand by the Borrowers and a copy to the Borrowers in the case of a demand by the Administrative
Agent) for the Affected Lender to assign, and such Affected Lender shall assign pursuant to one or more duly executed Assignments
and Acceptances within 5 Business Days after the date of such demand, to one or more financial institutions that the Borrowers
or the Administrative Agent, as the case may be, shall have engaged for such purpose, all of such Affected Lender’s rights
and obligations under this Agreement and the other Loan Documents (including, without limitation, its Commitment, all Advances
owing to it, all of its participation interests in existing Letters of Credit, and its obligation to participate in additional
Letters of Credit hereunder), in accordance with Section 10.07. The Administrative Agent under any Revolving Credit Facility is
authorized to execute one or more of such Assignments and Acceptances as attorney-in-fact for any Affected Lender under such Revolving
Credit Facility failing to execute and deliver the same within 5 Business Days after the date of such demand. Further, with respect
to such assignment, the Affected Lender shall have concurrently received, in cash, all amounts due and owing to the Affected Lender
hereunder or under any other Loan Document; provided that upon such Affected Lender’s replacement, such Affected Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.11, 2.13 and 10.04, as well as to any
fees accrued for its account hereunder and not yet paid, and shall continue to be obligated under Section 7.09 with respect to
losses, obligations, liabilities, damages, penalties, actions, judgments, costs, expenses or disbursements for matters which occurred
prior to the date the Affected Lender is replaced.

 

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Section 2.19 Commitment
Increase. (a) The Borrowers may at any time or from time to time after the Effective Date (but no more than five times during
the term of the Facilities), by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver
a copy to each of the Lenders), request one or more increases in the amount of the US Revolving Credit Commitments and/or the
Foreign Revolving Credit Commitments (each such increase, a “Commitment Increase”); provided that upon
the effectiveness of any Incremental Amendment (as defined below), no Default or Event of Default shall have occurred and be continuing
and each Commitment Increase shall be in an aggregate principal amount that is not less than $25,000,000 in the case of a Commitment
Increase under the US Revolving Credit Facility or €15,000,000 in the case of a Commitment Increase under the Foreign Revolving
Credit Facility (provided that such amount may be less than $25,000,000 or €15,000,000 if such amount represents all remaining
availability under the limit set forth in the next sentence). Notwithstanding anything to the contrary herein, the aggregate amount
of the Commitment Increases shall not result in the aggregate Commitments exceeding $400,000,000 (calculated based on the Equivalent
thereof in US Dollars in the case of Foreign Revolving Credit Commitments). Each notice from the Borrowers pursuant to this Section
2.19 shall set forth the requested amount of the relevant Commitment Increase. Commitment Increases may be provided by any existing
Lender (it being understood that no existing Lender will have an obligation to provide a portion of any Commitment Increase) or
by any other Eligible Assignee (provided that any required approval of such Eligible Assignee by the Administrative Agent shall
not be unreasonably withheld or delayed, and the commitment of any such Eligible Assignee to the relevant Commitment Increase
is at least $5,000,000 in the case of a Commitment Increase under the US Revolving Credit Facility or €5,000,000 in the case
of a Commitment Increase under the Foreign Revolving Credit Facility). Commitments in respect of Commitment Increases shall become
Commitments (or in the case of a Commitment Increase to be provided by an existing Lender, an increase in such Lender’s
applicable Commitment) under this Agreement pursuant to an amendment (an “Incremental Amendment”) to Schedule
I (with a joinder agreement in the case of any Eligible Assignee providing any portion of such Commitment Increases), executed
by the applicable Administrative Agent, each Lender and Eligible Assignee that is in each case agreeing to provide any portion
of the relevant Commitment Increase, and the Borrowers. Any such Incremental Amendment may, without the consent of any other Lenders,
effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate (including any increase
in the Applicable Margin and the fees set out in Sections 2.09, provided that any such increase shall apply to and be for
the benefit of all the Lenders under the applicable Revolving Credit Facility), in the reasonable opinion of the Administrative
Agent and the Borrowers, to effect the provisions of this Section 2.19. The effectiveness of any Incremental Amendment shall be
subject to the satisfaction on the date thereof of each of the conditions set forth in Section 3.02 (it being understood that
all references to “the date of such Borrowing, issuance or renewal” or similar language in such Section 3.02 shall
be deemed to refer to in such instance to the effective date of such Incremental Amendment). The Borrowers may use Commitment
Increases for any purpose not prohibited by this Agreement.

 

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(b)          Upon
each increase in the Commitments under any Revolving Credit Facility pursuant to this Section 2.19, (x) each Lender under such
Revolving Credit Facility immediately prior to such increase will automatically and without further act be deemed to have assigned
to each Lender providing a portion of the Commitment Increase (each a “Commitment Increase Lender”) in respect
of such increase, and each such Commitment Increase Lender will automatically and without further act be deemed to have assumed,
a portion of such Lender’s participations hereunder in outstanding Letters of Credit under such Revolving Credit Facility
such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate
outstanding participations hereunder in Letters of Credit under such Revolving Credit Facility held by each Lender (including each
such Commitment Increase Lender) will equal the percentage of the aggregate Commitments under such Revolving Credit Facility of
all Lenders represented by such Lender’s Commitment under such Revolving Credit Facility and (y) if, on the date of such
increase, there are any Advances under such Revolving Credit Facility outstanding, portions of such Advances shall on the date
of the effectiveness of such Commitment Increase be prepaid with the proceeds of additional Advances under such Revolving Credit
Facility made by the Commitment Increase Lenders (such that after giving effect to such prepayment, the percentage of the Advances
under such Revolving Credit Facility held by each Lender will equal the percentage of the aggregate Commitments of all Lenders
under such Revolving Credit Facility represented by such Lender’s Commitment under such Revolving Credit Facility after giving
effect to such Commitment Increase), which prepayment shall be accompanied by accrued interest on the Advances being prepaid and
any costs incurred by any Lender in accordance with Section 10.04(d). The Administrative Agents and the Lenders hereby agree that
the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply
to the transactions effected pursuant to the immediately preceding sentence. Except as permitted under Section 2.19(a) with respect
to any increase in Applicable Margin and fees, the terms and conditions of such Commitment Increases (including pricing and maturity
date) shall be identical to those applicable to the Commitments immediately prior to the effectiveness of such Commitment Increases,
and the applicable commitments to the relevant Commitment Increase shall, upon the effectiveness of the relevant Commitment Increase,
constitute Commitments hereunder. This Section 2.19 shall supersede any provisions in Section 2.14 or 10.01 to the contrary.

 

Section 2.20 Nature
and Extent of Each Borrower’s Liability. (a) Joint and Several Liability. Each US Borrower agrees that it is jointly
and severally liable for, and absolutely and unconditionally guarantees to the US Administrative Agent and the US Lenders the prompt
payment and performance of, all US Obligations under the Loan Documents. Each US Borrower agrees that its guaranty obligations
hereunder constitute a continuing guaranty of payment and not of collection, that such guaranty obligations shall not be discharged
until the latest of (i) the payment in full in cash of all US Obligations under the Loan Documents and (ii) the Termination Date,
and that such guaranty obligations are absolute and unconditional, irrespective of (A) the validity or enforceability of any Loan
Document or any Obligations thereunder; (B) the absence of any action to enforce this Agreement (including this Section 2.20) or
any other Loan Document, or any waiver, consent or indulgence of any kind by any Administrative Agent or any Lender with respect
thereto; (C) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or
guaranty for the Obligations under the Loan Documents or any action, or the absence of any action, by the Administrative Agent
or any Lender in respect thereof (including the release of any security or guaranty); (D) the insolvency of any Loan Party; (E)
any election by any Administrative Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of
the Bankruptcy Code; (F) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the
Bankruptcy Code or otherwise; (G) the disallowance of any claims of the Administrative Agent or any Lender against any Loan Party
for the repayment of any Obligations under the Loan Documents under Section 502 of the Bankruptcy Code or otherwise; or (H) any
other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor,
except the payment in full in cash of the Obligations under the Loan Documents. Notwithstanding anything to the contrary contained
herein or any other Loan Document, neither the Foreign Borrower nor the Swiss Guarantor shall be liable for any US Obligations.

 

    	 	93	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Waivers.
(i) Each US Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity
or otherwise, to compel any Administrative Agent or any of the Lenders to marshal assets or to proceed against any Loan Party,
other Person or security for the payment or performance of any Obligations under the Loan Documents before, or as a condition to,
proceeding against such US Borrower. Each US Borrower in its capacity as a guarantor waives all defenses available to a surety,
guarantor or accommodation co-obligor other than the payment in full in cash of all Obligations in respect of the US Revolving
Credit Facility under the Loan Documents. It is agreed among each US Borrower, the Administrative Agent and the Lenders that the
provisions of this Section 2.20 are of the essence of the transaction contemplated by the Loan Documents and that, but for such
provisions, the Administrative Agent and the Lenders would decline to make Revolving Credit Advances and issue Letters of Credit.
Each US Borrower acknowledges that its guaranty pursuant to this Section 2.20 is necessary to the conduct and promotion of its
business, and can be expected to benefit such business.

 

(ii)          At
any time an Event of Default shall have occurred and be continuing, each Administrative Agent and the Lenders may, in their discretion,
pursue such rights and remedies as they deem appropriate, including realization upon Collateral by judicial foreclosure or non-judicial
sale or enforcement, without affecting any rights and remedies under this Section 2.20. If, in taking any action in connection
with the exercise of any rights or remedies, any Administrative Agent or any Lender shall forfeit any other rights or remedies,
including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any applicable laws
pertaining to “election of remedies” or otherwise, each Borrower consents to such action and waives any claim based
upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election
of remedies that results in denial or impairment of the right of any Administrative Agent or any Lender to seek a deficiency judgment
against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the Obligations under
the Loan Documents. Each Borrower waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure
with respect to any security for the Obligations under the Loan Documents, even though that election of remedies destroys such
Borrower’s rights of subrogation against any other Person. The Administrative Agent under any Revolving Credit Facility may
bid all or a portion of the Obligations under such Revolving Credit Facility under the Loan Documents at any foreclosure or trustee’s
sale or at any private sale, and the amount of such bid need not be paid by such Administrative Agent but shall be credited against
such Obligations under the Loan Documents. The amount of the successful bid at any such sale, whether the Administrative Agent
under such Revolving Credit Facility or any other Person is the successful bidder, shall be conclusively deemed to be the fair
market value of the Collateral acquired pursuant to such sale, and, after application of the proceeds of such sale and/or, if applicable,
the amount of such credit bid to payment of the Obligations under such Revolving Credit Facility under the Loan Documents, the
difference between such bid amount and the remaining balance of such Obligations under the Loan Documents shall be conclusively
deemed to be the amount of such Obligations under the Loan Documents guaranteed under this Section 2.20, notwithstanding that any
present or future law or court decision may have the effect of reducing the amount of any deficiency claim to which such Administrative
Agent or any Lender might otherwise be entitled but for such bidding at any such sale.

 

(c)          Extent
of Liability; Contribution. (i) Notwithstanding anything herein to the contrary, each US Borrower’s liability under this
Section 2.20 shall be limited to the greater of (A) all amounts for which such US Borrower is primarily liable, as described below,
and (B) such US Borrower’s Allocable Amount.

 

    	 	94	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii)          If
any US Borrower makes a payment under this Section 2.20 of any US Obligations under the Loan Documents (other than amounts for
which such Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor
Payments previously or concurrently made by any other US Borrower, exceeds the amount that such US Borrower would otherwise have
paid if each US Borrower had paid the aggregate US Obligations under the Loan Documents satisfied by such Guarantor Payments in
the same proportion that such US Borrower’s Allocable Amount bore to the total Allocable Amounts of all US Borrowers, then
such US Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other
US Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to
such Guarantor Payment. The “Allocable Amount” for any US Borrower shall be the maximum amount that could then
be recovered from such US Borrower under this Section 2.20 without rendering such payment voidable under Section 548 of the Bankruptcy
Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law.

 

(iii)         Nothing
contained in this Section 2.20 shall limit the liability of any US Borrower to pay US Revolving Credit Advances made directly or
indirectly to that US Borrower (including US Revolving Credit Advances advanced to any other US Borrower and then re-loaned or
otherwise transferred to, or for the benefit of, such US Borrower), US L/C Obligations relating to US Letters of Credit issued
to support such US Borrower’s business, and all accrued interest, fees, expenses and other related US Obligations under the
Loan Documents, with respect thereto, for which such US Borrower shall be primarily liable for all purposes hereunder.

 

Section 2.21 Issuance
of and Drawings and Reimbursement Under Foreign Letters of Credit (a)  The Foreign Letter of Credit Commitment.

 

(i)           The
Foreign Lenders (including each Foreign Lender that issued any Existing Letter of Credit) and the Foreign Borrower agree that effective
as of the Effective Date, the Existing Letters of Credit shall be deemed to have been issued and maintained under, and to be governed
by the terms and conditions of, this Agreement as Foreign Letters of Credit. Subject to the terms and conditions set forth herein,
(A) each Foreign Issuing Bank agrees, in reliance upon the agreements of the other Foreign Revolving Credit Lenders set forth in
this Section 2.21, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit
Expiration Date, to issue Foreign Letters of Credit for the account of any Foreign Borrower or any of their Restricted Subsidiaries,
and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor
drafts under the Letters of Credit; and (B) the Foreign Revolving Credit Lenders severally agree to participate in Letters of Credit
issued for the account of any Foreign Borrower or any of its Restricted Subsidiaries; provided that the Issuing Banks shall
not be obligated to issue any Letter of Credit, and no Foreign Revolving Credit Lender shall be obligated to participate in any
Letter of Credit, if as of the date of such issuance, (w) the Available Amount for all Foreign Letters of Credit issued by
such Foreign Issuing Bank would exceed the lesser of the Foreign Letter of Credit Sublimit at such time and such Foreign Issuing
Bank’s Foreign Letter of Credit Commitment at such time, (x) the Available Amount of such Foreign Letter of Credit would
exceed the aggregate Foreign Unused Revolving Credit Commitments or (y) the Available Amount of such Foreign Letter of Credit would
exceed the Foreign Availability at such time. Within the foregoing limits, and subject to the terms and conditions hereof, the
Foreign Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Foreign Borrower may,
during the foregoing period, obtain Foreign Letters of Credit to replace Foreign Letters of Credit that have expired or that have
been drawn upon and reimbursed.

 

    	 	95	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii)          No
Foreign Issuing Bank shall be under any obligation to issue any Foreign Letter of Credit, and no Foreign Revolving Credit Lender
shall be obligated to participate in any Foreign Letter of Credit, if: (A) any order, judgment or decree of any governmental
authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit,
or any law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any governmental
authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance
of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank any unreimbursed loss,
cost or expense which such Issuing Bank in good faith deems materially adverse to it; (B) the expiry date of such requested Letter
of Credit would occur more than twelve months after the Letter of Credit Expiration Date, unless such Foreign Issuing Bank has
approved such expiry date; (C) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank;
or (D) such Letter of Credit is in an initial amount less than $100,000 (unless such Issuing Bank agrees otherwise), or is
to be denominated in a currency other than US Dollars, Canadian Dollars, Euros or Swiss Francs (except with the prior written consent
of such Issuing Bank).

 

(iii)         No
Foreign Issuing Bank shall be under any obligation to amend or extend any Foreign Letter of Credit if (A) such Issuing Bank would
have no obligation at such time to issue such Letter of Credit in its amended or extended form under the terms hereof, or (B) the
beneficiary of such Letter of Credit does not accept the proposed amendment or extension to such Letter of Credit.

 

(iv)         [Reserved]

 

(v)          In
addition to the other conditions precedent herein set forth, if any Foreign Lender becomes, and during the period it remains a
Defaulting Lender, no Foreign Issuing Bank shall be required to issue any Foreign Letter of Credit or to amend or extend any outstanding
Foreign Letter of Credit to increase the face amount thereof, alter the drawing terms thereunder or extend the expiry date thereof,
unless such Issuing Bank is satisfied that any exposure that would result therefrom is eliminated or fully covered by the Foreign
Revolving Credit Commitments of the non-Defaulting Lenders or by Cash Collateralization or a combination thereof reasonably satisfactory
to such Issuing Bank.

 

(b)          Procedures
for Issuance and Amendment of Letters of Credit; Automatic Renewal.

 

(i)           Each
Foreign Letter of Credit shall be issued or amended, as the case may be, upon the request of the Foreign Borrower delivered to
the applicable Foreign Issuing Bank (with a copy to the Foreign Administrative Agent) in the form of a Foreign Letter of Credit
Application, appropriately completed and signed by a Responsible Officer of the Foreign Borrower. Such Letter of Credit Application
must be received by the applicable Issuing Bank and the Foreign Administrative Agent not later than 11:00 A.M. (Local Time) at
least two Business Days (or such later date and time as such Issuing Bank may agree in a particular instance in its sole discretion)
prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance
of a Foreign Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the
applicable Issuing Bank: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B)
the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented
by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary
in case of any drawing thereunder; and (G) such other matters as such Issuing Bank may reasonably require. In the case of a request
for an amendment of any outstanding Foreign Letter of Credit, such Letter of Credit Application shall specify in form and detail
reasonably satisfactory to the applicable Issuing Bank (A) the Letter of Credit to be amended; (B) the proposed date of amendment
thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as such Issuing Bank
may reasonably require.

 

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(ii)          Promptly
after receipt of any Foreign Letter of Credit Application for a Foreign Letter of Credit, the applicable Foreign Issuing Bank will
confirm with the Foreign Administrative Agent (by electronic communication or otherwise in writing) that the Foreign Administrative
Agent has received a copy of such Foreign Letter of Credit Application from the Foreign Borrower and, if not, such Foreign Issuing
Bank will provide the Foreign Administrative Agent with a copy thereof. Upon receipt by such Foreign Issuing Bank of confirmation
from the Foreign Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof,
then, subject to the terms and conditions hereof, such Foreign Issuing Bank shall, on the requested date, issue a Foreign Letter
of Credit for the account of the Foreign Borrower or enter into the applicable amendment, as the case may be, in each case in accordance
with such Foreign Issuing Bank’s usual and customary business practices. Immediately upon the issuance of each Foreign Letter
of Credit, each Foreign Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Foreign
Issuing Bank a risk participation in such Foreign Letter of Credit in an amount equal to the product of such Foreign Lender’s
Pro Rata Share in respect of the Foreign Revolving Credit Facility times the amount of such Foreign Letter of Credit.

 

(iii)         If
the Foreign Borrower so requests in any applicable Foreign Letter of Credit Application, the Foreign Issuing Bank may, in its discretion,
agree to issue a Foreign Letter of Credit that has automatic extension provisions (each, a “Foreign Auto-Extension Letter
of Credit”); provided that any such Foreign Auto-Extension Letter of Credit must permit the Foreign Issuing Bank
to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Foreign Letter
of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Foreign Non-Extension Notice Date”)
in each such twelve-month period to be agreed upon at the time such Foreign Letter of Credit is issued. Unless otherwise directed
by the Foreign Issuing Bank, such Foreign Borrower shall not be required to make a specific request to the Foreign Issuing Bank
for any such extension. Once an Foreign Auto-Extension Letter of Credit has been issued, the Foreign Revolving Credit Lenders shall
be deemed to have authorized (but may not require) the Foreign Issuing Bank to permit the extension of such Foreign Letter of Credit
at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the Foreign
Issuing Bank shall not permit any such extension if (A) the Foreign Issuing Bank has determined that it would not be permitted,
or would have no obligation at such time to issue such Foreign Letter of Credit in its revised form (as extended) under the terms
hereof (by reason of the provisions of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone
or in writing) on or before the day that is seven Business Days before the Foreign Non-Extension Notice Date (1) from the Foreign
Administrative Agent that the Foreign Revolving Credit Lenders holding at least 50% of Advances and Commitments under the Foreign
Revolving Credit Facility have elected not to permit such extension or (2) from the Foreign Administrative Agent, any Foreign Revolving
Credit Lender or any Foreign Borrower that one or more of the applicable conditions specified in Section 3.02 is not then satisfied,
and in each such case directing the Foreign Issuing Bank not to permit such extension.

 

(iv)         Promptly
after its delivery of any Foreign Letter of Credit or any amendment to a Foreign Letter of Credit to an advising bank with respect
thereto or to the beneficiary thereof, the applicable Foreign Issuing Bank will also deliver to the Foreign Borrower and the Foreign
Administrative Agent a true and complete copy of such Foreign Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)           Upon
receipt from the beneficiary of any Foreign Letter of Credit of any notice of a drawing under such Foreign Letter of Credit, the
applicable Foreign Issuing Bank shall notify the Foreign Borrower and the Foreign Administrative Agent thereof. Not later than
11:00 A.M. (Local Time) on the Business Day following the date of any payment by the applicable Foreign Issuing Bank under a Foreign
Letter of Credit, so long as the Foreign Borrower have received notice of such drawing by 10:00 A.M. (Local Time) on such following
Business Day (each such date, an “Foreign Honor Date”), the Foreign Borrower shall reimburse such Foreign Issuing
Bank through the Foreign Administrative Agent in an amount equal to the amount of such drawing (together with interest thereon
at the rate set forth in Section 2.08 for Foreign Revolving Credit Advances bearing interest at the Base Rate). If the Foreign
Borrower fails to so reimburse the applicable Foreign Issuing Bank by such time, the Foreign Administrative Agent shall promptly
notify each Foreign Revolving Credit Lender of the Foreign Honor Date, the amount of the unreimbursed drawing (the “Foreign
Unreimbursed Amount”), and the amount of such Foreign Revolving Credit Lender’s Pro Rata Share thereof. In such
event, the Foreign Borrower shall be deemed to have requested a Foreign Borrowing to be disbursed on the Foreign Honor Date in
an amount equal to the Foreign Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the
principal amount of Borrowings, but subject to the amount of the Foreign Unused Revolving Credit Commitments and the conditions
set forth in Section 3.02 (other than the delivery of a Notice of Borrowing). Any notice given by an Issuing Bank or the Foreign
Administrative Agent pursuant to this Section 2.21(c)(i) may be given by electronic communication.

 

    	 	97	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(ii)          Each
Foreign Revolving Credit Lender (including a Foreign Revolving Credit Lender acting as Foreign Issuing Bank) shall upon any notice
pursuant to Section 2.21(c)(i) make funds available to the Foreign Administrative Agent for the account of the applicable Foreign
Issuing Bank at the Foreign Administrative Agent’s Office in an amount equal to its Pro Rata Share of the Foreign Unreimbursed
Amount not later than 1:00 P.M. (Local Time) on the Business Day specified in such notice by the Foreign Administrative Agent,
whereupon, subject to the provisions of Section 2.21(c)(iii), each Foreign Revolving Credit Lender that so makes funds available
shall be deemed to have made a Foreign Letter of Credit Advance to the Foreign Borrower in such amount. The Foreign Administrative
Agent shall remit the funds so received to the applicable Foreign Issuing Bank.

 

(iii)         With
respect to any Foreign Unreimbursed Amount that is not fully refinanced by a Borrowing because the conditions set forth in Section
3.02 cannot be satisfied or for any other reason, the Foreign Borrower shall be deemed to have incurred from the applicable Foreign
Issuing Bank a Foreign Letter of Credit Advance in the amount of the Foreign Unreimbursed Amount that is not so refinanced, which
Foreign Letter of Credit Advance shall be due and payable on demand (together with interest) and shall bear interest at the rate
described in Section 2.08(b) for Foreign Revolving Credit Advances bearing interest based upon the Base Rate. In such event, each
Foreign Revolving Credit Lender’s payment to the Foreign Administrative Agent for the account of the applicable Foreign Issuing
Bank pursuant to Section 2.21(c)(ii) shall be deemed payment in respect of its participation in such Foreign Letter of Credit Advance
and shall constitute a Foreign Letter of Credit Advance from such Foreign Revolving Credit Lender in satisfaction of its participation
obligation under this Section 2.21.

 

(iv)         Until
each Foreign Revolving Credit Lender funds its Foreign Revolving Credit Advance or Foreign Letter of Credit Advance pursuant to
this Section 2.21(c) to reimburse the applicable Foreign Issuing Bank for any amount drawn under any Foreign Letter of Credit,
interest in respect of such Foreign Revolving Credit Lender’s Pro Rata Share of such amount shall be solely for the account
of such Foreign Issuing Bank.

 

(v)          Each
Foreign Revolving Credit Lender’s obligation to make Foreign Letter of Credit Advances to reimburse the applicable Foreign
Issuing Bank for amounts drawn under Foreign Letters of Credit, as contemplated by this Section 2.21(c), shall be absolute and
unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other
right which such Revolving Credit Lender may have against such Issuing Bank, the Borrowers or any other Person for any reason whatsoever;
(B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing. No such making of a Foreign Letter of Credit Advance shall relieve or otherwise impair the obligation of the
Foreign Borrower to reimburse the applicable Foreign Issuing Bank for the amount of any payment made by such Issuing Bank under
any Letter of Credit, together with interest as provided herein.

 

    	 	98	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(vi)         If
any Foreign Revolving Credit Lender fails to make available to the Foreign Administrative Agent for the account of the applicable
Foreign Issuing Bank any amount required to be paid by such Foreign Revolving Credit Lender pursuant to the foregoing provisions
of this Section 2.21(c) by the time specified in Section 2.21(c)(ii), such Foreign Issuing Bank shall be entitled to recover from
such Foreign Revolving Credit Lender (acting through the Foreign Administrative Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such payment is immediately available to such Foreign
Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate from time to time in effect and a rate determined
by the Foreign Administrative Agent in accordance with banking industry rules or practices on
interbank compensation. A certificate of the applicable Foreign Issuing Bank submitted to any Foreign Revolving Credit Lender (through
the Foreign Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest
error.

 

(d)          Repayment
of Participations.

 

(i)           At
any time after any Foreign Issuing Bank has made a payment under any Foreign Letter of Credit and has received from any Foreign
Revolving Credit Lender such Foreign Revolving Credit Lender’s Letter of Credit Advance in respect of such payment in accordance
with Section 2.21(c), if the Foreign Administrative Agent receives for the account of the applicable Foreign Issuing Bank any payment
in respect of the related Foreign Unreimbursed Amount or interest thereon (whether directly from the Foreign Borrower or otherwise,
including proceeds of Cash Collateral applied thereto by the Foreign Administrative Agent), the Foreign Administrative Agent will
distribute to such Foreign Revolving Credit Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Foreign Revolving Credit Lender’s Foreign Letter of Credit Advance
was outstanding) in the same funds as those received by the Foreign Administrative Agent.

 

(ii)          If
any payment received by the Foreign Administrative Agent for the account of the applicable Foreign Issuing Bank pursuant to Section
2.21(c)(i) is required to be returned under any circumstances (including pursuant to any settlement entered into by such Foreign
Issuing Bank in its discretion), each Foreign Revolving Credit Lender shall pay to the Foreign Administrative Agent for the account
of such Foreign Issuing Bank its Pro Rata Share thereof on demand of the Foreign Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by such Foreign Revolving Credit Lender, at a rate per annum equal
to the greater of the Federal Funds Rate from time to time in effect and a rate determined by the Foreign Administrative Agent
in accordance with banking industry rules or practices on interbank compensation.

 

(e)          Obligations
Absolute. The obligation of the Foreign Borrower to reimburse any Foreign Issuing Bank for each drawing under each Foreign
Letter of Credit and to repay each Foreign Letter of Credit Advance shall be absolute, unconditional and irrevocable, and shall
be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i)           any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto;

 

(ii)          the
existence of any claim, counterclaim, set-off, defense or other right that any Borrower may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
such Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such
Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

    	 	99	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)        any
payment by the Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by such Issuing Bank under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(v)         any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrowers.

 

The Foreign Borrower
shall promptly examine a copy of each Foreign Letter of Credit and each amendment thereto that is delivered to it and, in the event
of any claim of noncompliance with the Foreign Borrower’s instructions or other irregularity, the Foreign Borrower will promptly
notify the applicable Foreign Issuing Bank. The Foreign Borrower shall be conclusively deemed to have waived any such claim against
the applicable Foreign Issuing Bank and its correspondents unless such notice is given as aforesaid.

 

(f)          Role
of Issuing Bank. Each Foreign Revolving Credit Lender and the Foreign Borrower agree that, in paying any drawing under
a Foreign Letter of Credit, no Foreign Issuing Bank shall have any responsibility to obtain any document (other than any sight
draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or
accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Foreign Issuing
Banks, any of their Related Parties nor any of the respective correspondents, participants or assignees of any Foreign Issuing
Bank shall be liable to any Foreign Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the
request or with the approval of the Revolving Credit Lenders or the Required Lenders, as applicable; (ii) any action taken or
omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability
of any document or instrument related to any Foreign Letter of Credit or Foreign Letter of Credit Application therefor. The Foreign
Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Foreign
Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Foreign
Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other
agreement. None of the Foreign Issuing Banks, any of their Related Parties, nor any of the respective correspondents, participants
or assignees of any Foreign Issuing Bank, shall be liable or responsible for any of the matters described in clauses (i) through
(v) of Section 2.21(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Foreign
Borrower may have a claim against an Foreign Issuing Bank, any of its Related Parties, any of their respective correspondents,
participants or assignees of such Foreign Issuing Bank or of their Related Parties, and they may be liable to the Foreign Borrower,
to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Foreign
Borrower which the Foreign Borrower proves were caused by such Foreign Issuing Bank’s, any such Related Party’s, or
any of such respective correspondents, participants or assignees of such Foreign Issuing Bank or of any such Related Party’s
willful misconduct or gross negligence or such Foreign Issuing Bank’s willful failure to pay under any Foreign Letter of
Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
conditions of a Foreign Letter of Credit. In furtherance and not in limitation of the foregoing, the applicable Foreign Issuing
Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless
of any notice or information to the contrary, and such Foreign Issuing Bank shall not be responsible for the validity or sufficiency
of any instrument transferring or assigning or purporting to transfer or assign a Foreign Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

 

    	 	100	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(g)          Cash
Collateral. (i) Certain Credit Support Events. Upon the request of the Foreign Administrative Agent or any Foreign Issuing
Bank (A) if such Foreign Issuing Bank has honored any full or partial drawing request under any Foreign Letter of Credit and such
drawing has resulted in a Foreign Letter of Credit Advance, or (B) if, as of the Foreign Letter of Credit Expiration Date, any
Foreign L/C Obligation for any reason remains outstanding, the Foreign Borrower shall, in each case, immediately Cash Collateralize
the then Outstanding Amount of all Foreign L/C Obligations. At any time that there shall exist a Defaulting Lender under the Foreign
Revolving Credit Facility, promptly upon the request of the Foreign Administrative Agent, any Foreign Issuing Bank, the Foreign
Borrower shall deliver to the Foreign Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure
(after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender) or make other arrangements
satisfactory to the Foreign Administrative Agent and the respective Foreign Issuing Bank, in their reasonable discretion.

 

(ii)         Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) in respect
of the Foreign Revolving Credit Facility shall be maintained in blocked, non-interest bearing deposit accounts at the Foreign Administrative
Agent or its Affiliate. The Foreign Borrower, and to the extent provided by any Foreign Lender, such Foreign Lender, hereby grants
to (and subjects to the control of) the Foreign Administrative Agent, for the benefit of the Foreign Administrative Agent, the
Foreign Issuing Banks and the Foreign Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security
interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant
hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied
pursuant to clause (iii) below. If at any time the Foreign Administrative Agent determines that Cash Collateral is subject to any
right or claim of any Person other than the Foreign Administrative Agent as herein provided, or that the total amount of such Cash
Collateral is less than 103% of the applicable Fronting Exposure, the Foreign Borrower or the relevant Defaulting Lender will,
promptly upon demand by the Foreign Administrative Agent, pay or provide to the Foreign Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency.

 

(iii)        Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.21(g)
or Sections 2.03(g), 2.07, 2.16, 5.01(i) or 6.02 in respect of Letters of Credit or Swing Line Advances shall be held and applied
to the satisfaction of the specific L/C Obligations, Swing Line Advances, obligations to fund participations therein (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which
the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

    	 	101	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(iv)        Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure in respect of Foreign Letters of Credit
or other obligations in respect of Foreign Letters of Credit shall be released promptly following (A) the elimination of the applicable
Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable
Lender (or, as appropriate, its assignee following compliance with Section 10.07(a))) or (B) the Foreign Administrative Agents’
good faith determination that there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished
by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default, and (y) the Person
providing Cash Collateral and the Issuing Banks may agree that Cash Collateral shall not be released but instead held to support
future anticipated Fronting Exposure or other obligations.

 

(h)          Applicability
of ISP and UCP. Unless otherwise expressly agreed by the applicable Foreign Issuing Bank and the Foreign Borrower when
a Foreign Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Foreign Letter of Credit, and (ii) the
rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce
at the time of issuance shall apply to each commercial Foreign Letter of Credit.

 

(i)          Conflict
with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Foreign Letter
of Credit Application, the terms hereof shall control.

 

Section
2.22 Extensions.

 

(a)          The
Borrowers and any one or more Lenders may at any time and from time to time agree that all or a portion of such Lender’s
Commitments in respect of any Facility (an “Existing Revolving Credit Facility”) be converted and/or modified
to extend the final maturity date or scheduled date(s) of any payments of principal, as applicable, with respect to such Commitments
and the Advances then outstanding or subsequently made in respect thereof (any such Commitments which have been so converted and/or
modified, “Extended Commitments”) and to provide for other terms consistent with this Section 2.22, in each
case, pursuant to an amendment (an “Extension Amendment”) executed by the applicable Borrowers and each Lender
agreeing to provide any portion of the relevant Extended Commitments; provided, a copy of such Extension Amendment shall
be provided to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the applicable
Lender Parties); provided further, that no such extension shall be effective to extend the “Maturity Date”
with respect to any applicable Issuing Bank or the Swing Line Lender (if such Commitments relate to the US Revolving Credit Facility)
without the consent of such Issuing Bank or Swing Line Lender, as the case may be. The terms and conditions of the Extended Commitments
shall be identical in all material respects to the Existing Revolving Credit Facility from which such Extended Commitments are
to be converted and/or modified except that (1) all or any of the scheduled payments of principal (including payment at maturity)
in respect of the Extended Commitments and Advances made thereunder may be delayed to dates later than the scheduled payments of
principal of the Commitments and Advances, as applicable, under the Existing Revolving Credit Facility, in each case, to the extent
provided in such Extension Amendment, and (2) the Applicable Margin and/or fees payable with respect to the Extended Commitments
and Advances made in respect thereof may be different from the same provisions under the Existing Revolving Credit Facility, in
each case, to the extent provided in such Extension Amendment. For the avoidance of doubt, no Lender shall have any obligation
to agree to have any of its Commitments of any Existing Revolving Credit Facility converted into Extended Commitments pursuant
to any Extension Amendment. Upon the effectiveness of such Extension Amendment, the Extended Commitments shall be Commitments under
the same Facility as the related Existing Revolving Credit Facility.

 

    	 	102	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          All
Extended Commitments, Advances made thereunder and all obligations in respect thereof shall be Obligations under this Agreement
and the other Loan Documents and secured by the Collateral on a pari passu basis with all other applicable Obligations under
related Existing Revolving Credit Facility under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize
the Administrative Agents to enter into further amendments to this Agreement and the other Loan Documents with the Borrowers solely
as may be necessary in order to establish new classes or sub-classes in respect of such Commitments so extended and/or modified
and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the
Borrowers in connection with the establishment of such new classes or sub-classes, of Commitments and/or Advances made in respect
thereof, in each case on terms consistent with this Section 2.22. The Administrative Agents and the Lenders hereby agree that the
minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to
the transactions effected pursuant to this Section 2.22. This Section 2.22 shall supersede any provisions in Section 2.14 or 10.01
to the contrary.

 

Article
III

CONDITIONS TO EFFECTIVENESS

 

Section
3.01 Conditions Precedent to Effectiveness. The initial obligation of the Revolving
Credit Lenders to make Revolving Credit Advances, and the obligation of any Issuing Bank to issue the initial Letter of Credit
are, in each case, subject to the satisfaction or waiver of the following conditions precedent (the first date on which all such
conditions shall have been satisfied or waived being the “Effective Date”):

 

(a)          The
Administrative Agent shall have received on or before the Effective Date the following, each dated such day (unless otherwise specified)
and (except for the Notes) in sufficient copies for each Initial Lender:

 

(i)          Executed
counterparts of this Agreement and each Guaranty.

 

(ii)         The
Notes payable to the order of the Lenders to the extent requested in accordance with Section 2.17(a).

 

(iii)        Certified
copies of the resolutions of the boards of directors of each of the Borrowers and each Guarantor (as constituted immediately prior
to the Effective Date) and in respect of the Foreign Borrower, its shareholders, in customary form approving the execution and
delivery of this Agreement.

 

(iv)        A
copy of the charter or other constitutive document of each of the Borrowers and each Guarantor and each amendment thereto, certified
(as of a date reasonably near the Effective Date), if applicable, by the Secretary of State of the jurisdiction of its incorporation
or organization, as the case may be, thereof as being a true and correct copy thereof; and (x) with respect to the Foreign Borrower,
an up-to-date excerpt (uittreksel) from the trade register of the Dutch Chamber of Commerce (Kamers van Koophandel);
and (y) with respect to the Swiss Guarantor a certified copy of the excerpt of the commercial register of the Canton of Thurgau
relating to the Swiss Guarantor and a certified copy of the articles of association of the Swiss Guarantor issued by the commercial
register of the Canton of Thurgau.

 

    	 	103	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(v)         A
certificate of each of the Borrowers and each Guarantor signed on behalf of each such Borrower and each such Guarantor, respectively,
by a director, its President or a Vice President and its Secretary or any Assistant Secretary, dated the Effective Date (the statements
made in which certificate shall be true on and as of the Effective Date), in customary form, certifying as to (A) the accuracy
and completeness as of the Effective Date of the charter or other constitutive document of each such Borrower or such Guarantor
and each amendment thereto delivered in connection with this Agreement and the absence of any changes thereto; (B) the accuracy
and completeness of the bylaws (or equivalent organizational document) delivered in connection with this Agreement of each such
Borrower or such Guarantor as in effect on the date on which the resolutions of the board of directors (or persons performing similar
functions) of such Person referred to in Section 3.01(a)(iii) were adopted and the absence of any changes thereto; (C) a
certificate as to the good standing (or equivalent document to the extent such concept or a similar concept exists under the laws
of such jurisdiction) of such Borrower or such Guarantor as of a recent date from the Secretary of State (or other similar official,
register or notary) of the jurisdiction where such Borrower or such Guarantor is organized and, to the extent available in such
jurisdiction, commercial register excerpts; and (D) in the case of the Foreign Borrower, the accuracy and completeness of the trade
register excerpt delivered pursuant to Section 3.01(a)(iv) above.

 

(vi)        A
certificate of the Secretary or an Assistant Secretary (or director in the case of the Foreign Borrower or the Swiss Guarantor)
of each of the Borrowers and each Guarantor, in customary form, certifying the names and true signatures of the officers of each
such Borrower and such Guarantor, respectively, authorized to sign this Agreement and the other documents to be delivered hereunder
to which it is a party.

 

(vii)       A
certificate (in form and substance reasonably satisfactory to the Administrative Agent) of the Chief Financial Officer of the Company
attesting to the Solvency of the Loan Parties, taken as a whole, immediately after giving effect to the Transactions.

 

(viii)      A
certificate of a Responsible Officer of the Company, in customary form, certifying that the conditions specified in Sections 3.01(f)(i)
and Sections 3.02(i)(A) and (B) have been satisfied.

 

(ix)         The
following: (A) reasonably satisfactory evidence that certificates representing the Initial Pledged Equity, accompanied by undated
stock powers, duly executed in blank, and such instruments evidencing the Initial Pledged Debt, duly indorsed in blank, as the
US Loan Parties may be able to deliver using their reasonable best efforts, have been delivered to and remained held by the administrative
agent under the Term Facility, and (B) evidence of insurance (to the extent required to be maintained pursuant to this Agreement)
as reasonably requested by the Administrative Agent.

 

    	 	104	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(x)          (A)
Each Security Agreement, duly executed by each Loan Party expressed to be a party to it, together with evidence that all actions
that the Administrative Agent may deem reasonably necessary or desirable in order to perfect and protect the Liens and security
interests in the Revolving Facility Collateral and the Liens and security interests in the Term Facility Collateral, in each case
created under such Security Agreement, have been taken or will be taken in accordance with the terms of the Loan Documents, (B)
each Intellectual Property Security Agreement, duly executed by each Loan Party having Intellectual Property covered thereby, together
with evidence that all actions that the Administrative Agent may deem reasonably necessary or desirable in order to perfect and
protect the Liens and security interests created under such Intellectual Property Security Agreement in the United States have
been taken or will be taken in accordance with the terms of the Loan Documents, (C) each Foreign Security Document (other than
those set forth in clauses (A) and (B) above), duly executed by the relevant Foreign Loan Parties, (D) each Foreign Account Control
Agreement duly executed by the appropriate parties, (E) the Deposit Account Control Agreements, in each case referred to in the
Security Agreements and duly executed by the appropriate parties, (F) the Intercreditor Agreements, duly executed by the parties
thereto and (G) the Subordination Agreement, duly executed by the parties thereto; provided, however, that if the
Company is unable to deliver one or more of the items described in clause (E) above after the exercise of commercially reasonable
efforts, or one or more of the items described in clause (B) above, or the item described in clause (C) or (D) above with respect
to the Foreign Account Control Agreement for the account no. 1427772 at Commerzbank, delivery of such undelivered items shall not
be a condition precedent under this Section 3.01, and the Company hereby agrees to deliver such items to the Administrative Agent
within 60 days after the Effective Date; provided further that in each case, the Administrative Agent may, in its
reasonable discretion, grant extensions of such time period.

 

(xi)         Certified
copies of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches or
equivalent reports or searches, each of a recent date listing financing statements, lien notices or comparable documents that name
any US Loan Party as debtor and that are filed in those state and county jurisdictions, as applicable, in which any Loan Party
is organized or maintains its principal place of business, none of which encumber the Collateral covered or intended to be covered
by the Collateral Documents (other than Permitted Liens and other Liens permitted under Section 5.02(a)).

 

(xii)        (A)
audited annual financial statements of the Company and its Subsidiaries, on a Consolidated basis, for the year ended December 31,
2012; and (B) interim unaudited quarterly financial statements of the Company and its Subsidiaries since December 31, 2012 through
September 30, 2013.

 

(xiii)       A
Notice of Borrowing for (and to the extent of) any Borrowing to be made, and/or one or more Letter of Credit Applications for each
Letter of Credit (other than Existing Letters of Credit) to be issued, on the Effective Date, if any.

 

(xiv)      A
favorable opinion of Kirkland & Ellis LLP, counsel to the Loan Parties, in form and substance reasonably satisfactory to the
Administrative Agents.

 

(xv)       A
favorable opinion of Eversheds B.V., Dutch counsel to the Foreign Borrower, in form and substance reasonably satisfactory to the
Foreign Administrative Agent.

 

(xvi)      A
favorable opinion of Eversheds Ltd, Swiss counsel to the Foreign Borrower and the Swiss Guarantor, in form and substance reasonably
satisfactory to the Foreign Administrative Agent.

 

(xvii)     A
favorable opinion of Norton Rose Fulbright LLP, English counsel to the Administrative Agents.

 

(xviii)    [Reserved]

 

    	 	105	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(xix)       A
favorable opinion of Norton Rose Fulbright LLP, German counsel to the Administrative Agents.

 

(xx)        A
favorable opinion of Lydian CVBA, Belgian counsel to the Administrative Agents.

 

(xxi)       A
favorable opinion of Lenz & Staehelin, Swiss counsel to the Administrative Agents.

 

(b)          No
Default; Representations and Warranties. The conditions set forth in clauses (i)(A) and (B) in Section 3.02 shall be satisfied
on the Effective Date (i) with respect to any Advance or issuance of any Letter of Credit to be made on the Effective Date (ii)
or, absent the making of any Advance or issuance of any Letter of Credit on the Effective Date, as if an Advance were made on the
Effective Date.

 

(c)          Borrowing
Base Certificate. The Lenders shall have received a Borrowing Base Certificate as of October 31, 2013.

 

(d)          Payment
of Fees. All costs, fees and expenses (including, without limitation, legal fees and expenses, title premiums, survey charges
and recording taxes and fees) and other compensation contemplated by the Commitment Letter and the Fee Letter and payable to the
Agents and/or the Lenders shall have been paid to the extent due.

 

(e)          [Reserved]

 

(f)          Others.

 

(i)          Since
December 31, 2012, there shall not have occurred a Material Adverse Change, or any event or occurrence which would reasonably be
expected to result in a Material Adverse Change. There shall exist no action, suit, investigation, litigation or proceeding pending
in any court or before any arbitrator or governmental instrumentality that (i) could reasonably be expected to result in a Material
Adverse Change or (ii) restrains, prevents or imposes or can reasonably be expected to impose conditions materially adverse to
the Lenders upon any Revolving Credit Facility.

 

(ii)         All
material governmental and third party consents and approvals necessary in connection with the Facilities and the Transactions shall
have been obtained (without the imposition of any adverse conditions that are not reasonably acceptable to the Lenders) and shall
remain in effect.

 

(iii)        The
Foreign Administrative Agent shall have received, to the extent requested no later than 3 Business Days prior to the Effective
Date, all documentation and other information required by regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act.

 

(iv)        The
Administrative Agents shall have received, with respect to each Mortgage, each of the following, in form and substance reasonably
satisfactory to the Administrative Agents:

 

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(A)         (i)
amendments to the Second Lien Mortgages, in form and substance reasonably acceptable to the US Administrative Agent and (ii) duly
executed Third Lien Mortgages, in form and substance reasonably acceptable to the Foreign Administrative Agent (each, a “Third
Lien Mortgage”) (such Second Lien Mortgage, as so amended, together with the Third Lien Mortgages and each other mortgage
delivered pursuant to Section 5.01(l), in each case as amended, the “Mortgages”), duly executed by the appropriate
Loan Party, together with:

 

(B)         evidence
that counterparts of the Mortgages have been duly executed, acknowledged and delivered and are in form suitable for filing or recording
in all filing or recording offices that the Administrative Agents may deem necessary or desirable in order to create a valid second
and subsisting Lien on the property described therein in favor of the Administrative Agents for the benefit of the Secured Parties
and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid;

 

(C)         fully
paid date down, modification endorsements or, if not available in the applicable jurisdiction, new American Land Title Association
Lender’s Extended Coverage title insurance policies, with endorsements (including same as survey endorsements) and in amounts
reasonably acceptable to the Administrative Agents, issued by title insurers reasonably acceptable to the Administrative Agents,
insuring the Second Lien Mortgages (such policies, the “Second Lien Mortgage Policies”) and the Third Lien Mortgages
(such policies, the “Third Lien Mortgage Policies”) to be valid and subsisting Liens on the property described
therein, free and clear of all defects and encumbrances, excepting only Liens permitted under Section 5.02(a);

 

(D)         American
Land Title Association/American Congress on Surveying and Mapping form surveys, for which all necessary fees (where applicable)
have been paid, and dated or rectified to the reasonable satisfaction of the Administrative Agent, certified (or, in the case of
existing surveys, recertified or updated) to the Administrative Agents and the issuer of the Second Lien Mortgage Policies and
the Third Lien Mortgage Policies in a manner reasonably satisfactory to the Administrative Agents by a land surveyor duly registered
and licensed in the States in which the property described in such surveys is located and reasonably acceptable to the Administrative
Agents; provided, however, if title insurers agree that Second Lien Mortgage Policies and the Third Lien Mortgage
Policies can be issued with same as survey endorsements, surveys required under this Section 3.01(f)(iv)(D) shall not be required;

 

(E)         a
favorable opinion of Kirkland & Ellis LLP, counsel to the Loan Parties (and if applicable, a favorable opinion of in-house
counsel or local counsel to the Loan Parties), as to corporate formalities and as to such other matters as the Administrative Agents
may reasonably request, in customary form and in substance reasonably satisfactory to the Administrative Agents;

 

(F)         opinions
of local counsel for the Loan Parties in states in which the Real Properties subject to any of the Mortgages are located with respect
to the enforceability and perfection of the Mortgages and any related fixture filings in customary form and in substance reasonably
satisfactory to the Administrative Agents;

 

(G)         evidence
that all other action that the Administrative Agents may reasonably deem necessary or desirable in order to create valid and subsisting
Liens on the property described in the Mortgages has been taken;

 

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(H)         evidence
of insurance required by the terms of the Mortgages; and

 

(I)         (1)
evidence as to whether the Material Real Property is in an area designated by the Federal Emergency Management Agency as having
special flood or mud slide hazards (a “Flood Hazard Property”) pursuant to a standard flood hazard determination
form ordered and received by the Administrative Agents, and (2) if such Material Real Property is a Flood Hazard Property, (x)
evidence as to whether the community in which such Material Real Property is located is participating in the National Flood Insurance
Program, (y) each applicable Borrower’s written acknowledgment of receipt of written notification from the Administrative
Agents as to the fact that such Material Real Property is a Flood Hazard Property and as to whether the community in which each
such Flood Hazard Property is located is participating in the National Flood Insurance Program and (z) copies of each applicable
Borrower’s application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood
insurance has been issued or such other evidence of flood insurance reasonably satisfactory to each Administrative Agent and naming
the Administrative Agent under each Revolving Credit Facility as loss payee on behalf of the Secured Parties under such Revolving
Credit Facility;

 

provided, however, the items
described in Section 3.01(f)(iv) above shall not be a condition precedent under this Section 3.01, and the Company hereby agrees
to deliver such items (to the extent still applicable as of such date) to the Administrative Agents within 90 days after the Effective
Date; provided further that in each case, the Administrative Agents may, in their reasonable discretion, grant extensions
of such time period.

 

Section
3.02 Conditions Precedent to Each Borrowing and Each Issuance of a Letter of Credit.
Each of (a) the obligation of each Appropriate Lender to make an Advance (other than a Letter of Credit Advance to be made by
the Issuing Banks or a Lender pursuant to Section 2.03(c) or 2.21(c)) on the occasion of each Borrowing, and (b) the obligation
of the Issuing Banks to issue a Letter of Credit (other than an Existing Letter of Credit) or to renew a Letter of Credit, shall
be subject to the further conditions precedent that on the date of such Borrowing, issuance or renewal:

 

(i)          the
following statements shall be true (and each of the giving of the applicable Notice of Borrowing, Swing Line Advance Notice or
Letter of Credit Application and the acceptance by any of the Borrowers of the proceeds of such Borrowing or the issuance or renewal
of such Letter of Credit, as the case may be, shall constitute a representation and warranty by the Borrowers that both on the
date of such notice and on the date of such Borrowing, issuance or renewal such statements are true):

 

(A)         the
representations and warranties contained in each Loan Document, are correct in all material respects (provided that any representation
and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall
be true and correct in all respects) on and as of such date, immediately before and immediately after giving effect to such Borrowing,
issuance or renewal and to the application of the proceeds therefrom, as though made on and as of such date, other than any such
representations or warranties that, by their terms, refer to a specific date other than the date of such Borrowing, issuance or
renewal, in which case such representations or warranties were true and correct in all material respects (provided that
any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar
language were true and correct in all respects) as of such specific date; and

 

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(B)         no
event has occurred and is continuing, or would result from such Borrowing, issuance or renewal or from the application of the proceeds,
if any, therefrom, that constitutes a Default; and

 

(ii)         the
Lenders shall have received the Borrowing Base Certificate most recently required to be delivered pursuant to Section 5.03(o).

 

Section
3.03 Determinations Under Sections 3.01 and 3.03. For purposes of determining compliance
with the conditions specified in Section 3.01, each Lender Party shall be deemed to have consented to, approved or accepted
or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to one or more of the Lender Parties unless an officer of the applicable Administrative Agent responsible for the transactions
contemplated by the Loan Documents shall have received notice from such Lender Party prior to the Effective Date specifying its
objection thereto, and if a Borrowing occurs on the Effective Date, such Lender Party shall not have made available to the applicable
Administrative Agent such Lender Party’s ratable portion of such Borrowing.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01 Representations
and Warranties of the Loan Parties. Each Loan Party represents and warrants as follows:

 

(a)          Each
Loan Party and each of its Restricted Subsidiaries (i) is a corporation, limited liability company or limited partnership, as applicable,
duly organized or formed, validly existing and in good standing (or its equivalent) under the laws of the jurisdiction of its incorporation
or formation, except where the failure to be so duly organized, validly existing or in good standing in the case of a Foreign Subsidiary
has not had, or would not reasonably be expected to have, a Material Adverse Effect, (ii) is duly qualified and in good standing
(to the extent applicable with respect to the subject jurisdiction) as a foreign corporation or company in each other jurisdiction
in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed except where
the failure to so qualify or be licensed would not reasonably be expected to have a Material Adverse Effect, and (iii) has all
requisite power and authority (including, without limitation, all governmental licenses, permits and other approvals) to own or
lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted, except where the
failure to have such power or authority, individually or in the aggregate, would not reasonably be expected to result in a Material
Adverse Effect. All of the outstanding capital stock of each Loan Party (other than the Company) has been validly issued, is fully
paid and non-assessable and is owned by the Persons listed on Schedule 4.01(a) hereto in the percentages specified on Schedule 4.01(a)
hereto free and clear of all Liens, except those created under the Collateral Documents or otherwise permitted under Section 5.02(a)
hereof.

 

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(b)          Set
forth on Schedule 4.01(a) hereto is a complete and accurate list of all Subsidiaries of the Company, showing as of the Effective
Date (as to each such Subsidiary) the jurisdiction of its incorporation or organization, as the case may be, and the percentage
of the Equity Interests owned (directly or indirectly) by the Company or its Subsidiaries. Set forth on Schedule 4.01(b) hereto
is a complete and accurate list of all Loan Parties, showing as of the Effective Date (solely as to each US Loan Party) its U.S.
taxpayer identification number. The copy of the charter of each Loan Party and each amendment thereto provided pursuant to Section
3.01(a)(iii) is a true and correct copy of each such document as of the Effective Date, each of which is valid and in full force
and effect.

 

(c)          The
execution, delivery and performance by each Borrower of this Agreement and the Notes and by each Loan Party of each other Loan
Document to which it is or is to be a party, and the consummation of each aspect of the transactions contemplated hereby, including
the Transactions, are within such Loan Party’s constitutive powers, have been duly authorized by all necessary constitutive
action, and do not (i) contravene such Loan Party’s constitutive documents, (ii) violate any law (including, without
limitation, the Securities Exchange Act of 1934), rule, regulation (including, without limitation, Regulation X of the Board
of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award applicable to such
Loan Party, (iii) conflict with or result in the breach of, or constitute a default under, any contract, loan agreement, indenture,
mortgage, deed of trust, lease or other instrument binding on or affecting any Loan Party or (iv) except for the Liens created
or to be created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to
any of the properties of any Loan Party or any of its Restricted Subsidiaries except, in each case referred to in clauses (ii)
and (iii), to the extent that such violation, conflict, breach or default would not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect.

 

(d)          No
authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any
third party is required for (i) the due execution, delivery, recordation, filing or performance by the Borrowers of this Agreement
or the Notes or by any Loan Party of any other Loan Document to which it is or is to be a party, or for the consummation of each
aspect of the transactions contemplated hereby, (ii) the grant by any Loan Party of the Liens granted by it pursuant to the
Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral Documents or (iv) the
exercise by any Administrative Agent or any Lender Party of its rights under the Loan Documents or the remedies in respect of the
Collateral pursuant to the Collateral Documents, except for those authorizations, approvals, actions, notices and filings which
have been duly obtained, taken, given, waived or made and are in full force and effect, and those the failure to obtain which would
not reasonably be expected to have a Material Adverse Effect.

 

(e)          This
Agreement has been, and each of the Notes, if any, and each other Loan Document when delivered hereunder will have been, duly executed
and delivered by each Loan Party party thereto. This Agreement is, and each of the Notes and each other Loan Document when delivered
hereunder will be, the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting the enforcement of creditors rights generally or by equitable principles relating to enforceability and the effect of
foreign laws, rules and regulations as they relate to Pledged Equity in Foreign Subsidiaries.

 

(f)          The
Consolidated balance sheet of the Company and its Subsidiaries as at December 31, 2012, and the related Consolidated statements
of income and cash flows of the Company and its Subsidiaries for the Fiscal Year then ended, which have been furnished to each
Lender Party, present fairly in all material respects the financial condition and results of operations of the Company and its
Subsidiaries as of such date and for such period, all in accordance with GAAP consistently applied. Since December 31, 2012, there
has not occurred a Material Adverse Change.

 

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(g)          All
projected Consolidated balance sheets, income statements and cash flow statements of the Company and its Restricted Subsidiaries
delivered to the Lender Parties pursuant to Section 5.03 were prepared in good faith on the basis of the assumptions stated therein,
which assumptions were fair in light of the conditions existing at the time of delivery of such projections, it being understood
that projections are subject to significant uncertainties and contingencies many of which are beyond the Company’s control,
and that no guarantees can be given that the forecasts will be realized and that any differences from the projections may be material.

 

(h)          The
information, exhibits and reports furnished by or on behalf of the Borrowers to any Administrative Agent or any Lender in connection
with the negotiation and syndication of the Loan Documents or pursuant to the terms of the Loan Documents, taken as a whole, did
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements, taken as
a whole, made therein not misleading in any material respect in light of the circumstances under which such statements were made.

 

(i)          Except
as set forth on Schedule 4.01(i), there is no action, suit, investigation, litigation or proceeding affecting the Company or any
of its Restricted Subsidiaries, including any Environmental Action, pending before any arbitrator or governmental instrumentality
that (i) would reasonably be expected to result in a Material Adverse Change or (ii) purports to adversely affect the
legality, validity or enforceability of this Agreement, any Note or any other Loan Document.

 

(j)          No
Borrower is engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds
of any Advance or any drawing under any Letter of Credit will be used to purchase or carry any Margin Stock or to extend credit
to others for the purpose of purchasing or carrying any Margin Stock.

 

(k)          The
Company and each of its Restricted Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct
of its business as currently conducted except for those the failure to own or license which would not reasonably be expected to
have a Material Adverse Effect. No claim has been asserted and is pending by any Person challenging or questioning the use of any
such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does the Company or any Restricted
Subsidiary know of any valid basis for any such claim, except, in either case, for such claims that in the aggregate would not
reasonably be expected to have a Material Adverse Effect. The use of such Intellectual Property by the Company and its Restricted
Subsidiaries does not infringe on the rights of any Person, except for such claims and infringements that, in the aggregate, would
not reasonably be expected to have a Material Adverse Effect.

 

(l)          (i)
Other than the filing of the Cases, no ERISA Event has occurred or is reasonably expected to occur that has resulted in or is reasonably
expected to result in a liability of any Loan Party or any ERISA Affiliate that in the aggregate would reasonably be expected to
have a Material Adverse Effect.

 

 

(ii)         Neither
any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer
Plan that in the aggregate would reasonably be expected to result in a Material Adverse Effect.

 

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(iii)        Neither
any Loan Party nor any ERISA Affiliate (A) has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan
is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and (B) no such Multiemployer Plan is reasonably
expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA, that, in the case of (A) or (B)
above and in the aggregate is reasonably expected to result in a liability to a Loan Party or an ERISA Affiliate in excess of $15,000,000.

 

(iv)        Except
where noncompliance would not reasonably be expected to have a Material Adverse Effect, (A) each Foreign Plan has been maintained
in substantial compliance with its terms and with the requirements of any and all applicable domestic and foreign laws, statutes,
rules, regulations and orders and has been maintained, where required, in good standing with applicable Governmental Authorities,
and (B) neither the Company nor any Restricted Subsidiary has incurred any material obligation in connection with the termination
of or withdrawal from any Foreign Plan.

 

(m)          Except
as set forth on Schedule 4.01(m) or as would not reasonably be expected to result in a Material Adverse Effect, (i) the operations
and currently owned, leased or operated properties of the Company and each of its Restricted Subsidiaries comply in all material
respects with all applicable Environmental Laws and Environmental Permits, (ii) all material past non-compliance with Environmental
Laws and Environmental Permits has been resolved, and (iii) to the knowledge of the Company and each of its Restricted Subsidiaries,
no circumstances exist that could be reasonably likely to (A) form the basis of an Environmental Action against the Company or
any of its Restricted Subsidiaries or (B) cause any currently owned, leased or operated property to be subject to any restrictions
on ownership, occupancy, use or transferability under any applicable Environmental Law.

 

(n)          Except
to the extent failure to do so would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse
Effect, each Loan Party and each of its Restricted Subsidiaries and Affiliates has filed, has caused to be filed or has been included
in all tax returns (Federal, state, local and foreign) required to be filed and has paid all Federal and taxes shown thereon to
be due, together with applicable interest and penalties except for those which are being contested in good faith by appropriate
proceedings diligently prosecuted and for which adequate reserves have been provided in accordance with GAAP.

 

(o)          Except
as would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect, neither the business
nor the properties of any Loan Party or any of its Restricted Subsidiaries are affected by any unfair labor practices complaint,
union representation campaigns, strike, lockout or other labor dispute.

 

(p)          Other
than as a result of the filing of the Cases, each Loan Party and each of its Restricted Subsidiaries is in compliance with all
contracts and agreements to which it is a party, except such non-compliances as have not had, and would not reasonably be expected
to have, either individually or in the aggregate, a Material Adverse Effect.

 

    	 	112	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(q)          The
Collateral Documents (to the extent required hereby and thereby) create a valid security interest in the Collateral having the
priority set forth in the Loan Documents (subject to Liens and security interests permitted under the Loan Documents) securing
the payment of the Secured Obligations, and all UCC financing statements and filings of security agreements in the U.S. Patent
and Trademark Office and U.S. Copyright Office, as applicable, in appropriate form, required to perfect (subject to Liens and security
interests permitted under the Loan Documents) such security interest, to the extent such security interests can be perfected by
the filing thereof, have been duly filed or provided to the applicable Administrative Agent for filing. The Loan Parties are the
legal and beneficial owners of the Collateral free and clear of any Lien, except for (i) the Liens and security interests created
or permitted under the Loan Documents and (ii) defects in legal title to Intellectual Property that do not materially adversely
affect the use of such property for its present purposes.

 

(r)          Neither
any Loan Party nor any of its Restricted Subsidiaries is an “investment company”, or an “affiliated person”
of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are
defined in the Investment Company Act of 1940, as amended. Neither the making of any Advances, nor the issuance of any Letters
of Credit, nor the application of the proceeds or repayment thereof by any Borrower, nor the consummation of the other transactions
contemplated by the Loan Documents, nor the consummation of the Transactions, will violate any provision of any such Act or any
rule, regulation or order of the Securities and Exchange Commission thereunder.

 

(s)          For
the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”),
each of the Foreign Borrower’s and the Swiss Guarantor’s centre of main interest (as that term is used in Article 3(1)
of the Regulation) is situated in its jurisdiction of incorporation and it has no “establishment” (as that term is
used in Article 2(h) of the Regulation) in any other jurisdiction.

 

(t)          Set
forth on Schedule 4.01(t) hereto is a complete and accurate list as of the Effective Date of all Surviving Debt that is Debt for
borrowed money (other than Surviving Debt in an aggregate amount not exceeding $50,000,000), showing as of the Effective Date the
obligor and the principal amount outstanding thereunder (as of September 30, 2013), and the maturity date thereof.

 

(u)          Set
forth on Schedule 4.01(u) hereto is a complete and accurate list as of the Effective Date of all Liens on the property or assets
of any Loan Party or any of its Restricted Subsidiaries securing any Surviving Debt for borrowed money (other than Debt in aggregate
amount not exceeding $50,000,000), showing as of the Effective Date the lienholder thereof, the principal amount of the obligations
secured thereby (as of September 30, 2013) and the property or assets of such Loan Party or such Restricted Subsidiary subject
thereto.

 

(v)         The
Loan Parties and their Subsidiaries, taken as a whole, after giving effect to the Effective Date, are Solvent.

 

(w)          To
the extent applicable, each of the Company and its Restricted Subsidiaries is in compliance, in all material respects, with (i)
the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department
(31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the
Patriot Act. No Loan Party or any Restricted Subsidiary of the Company, nor to the knowledge of any Loan Party, any director, officer
or employee of a Loan Party or any Restricted Subsidiary of the Company, is subject, as of the Effective Date, to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”). The proceeds
of the Advances and the Letters of Credit will not, to the knowledge of the Borrowers, be made available to any Person for the
purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC.

 

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(x)          No
part of the proceeds of the Advances and Letters of Credit will be used, directly or indirectly, by the Company or its Restricted
Subsidiaries for any payments to any governmental official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

 

Article
V

COVENANTS OF THE LOAN PARTIES

 

Section
5.01 Affirmative Covenants So long as any Advance shall remain unpaid, any
Letter of Credit shall be outstanding and not Cash Collateralized or any Lender Party shall have any Commitment hereunder, each
Loan Party will:

 

(a)          Corporate
Existence. Preserve and maintain, and cause each of its Restricted Subsidiaries to preserve and maintain, its corporate existence,
material rights (charter and statutory) and material franchises; provided, however, that the Company and its Restricted
Subsidiaries may consummate any transaction permitted under Section 5.02(h) or (l) and provided further that neither
the Company nor any of its Restricted Subsidiaries shall be required to preserve any right or franchise, or the existence of any
Subsidiary that is not a Loan Party, if the board of directors (or similar governing body) of the Company or such Restricted Subsidiary
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company or such Restricted
Subsidiary, as the case may be, and that the loss thereof is not disadvantageous in any material respect to the Company, such Subsidiary
or the Lender Parties.

 

(b)          Compliance
with Laws. Comply, and cause each of its Restricted Subsidiaries to comply with all applicable laws, rules, regulations and
orders material to the business of the Company and its Restricted Subsidiaries, such compliance to include, without limitation,
compliance with ERISA, applicable Environmental Laws and the Patriot Act, except in each case where noncompliance would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(c)          Insurance.
Maintain, and cause each of its Restricted Subsidiaries to maintain, insurance with responsible and reputable insurance companies
or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning
similar properties in the same general areas in which the Company or such Restricted Subsidiary operates; provided, however,
that the Company and its Restricted Subsidiaries may self-insure to the same extent as other companies engaged in similar businesses
and owning similar properties in the same general areas in which the Company or such Restricted Subsidiary operates and to the
extent consistent with prudent business practice.

 

(d)          Obligations
and Taxes. Pay all its material obligations promptly and in accordance with their terms, except where failure to do so would
not reasonably be expected to have a Material Adverse Effect, and pay and discharge and cause each of its Restricted Subsidiaries
to pay and discharge promptly all material taxes, assessments and governmental charges or levies imposed upon it or upon its income
or profits or in respect of its property before the same shall become in default, as well as all lawful claims for labor, materials
and supplies or otherwise which, if unpaid, would become a Lien or charge upon such properties or any part thereof; provided,
however, that the Company and each Guarantor shall not be required to pay and discharge or to cause to be paid and discharged
any such obligation, tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good
faith by appropriate proceedings, in each case, if the Company and the Guarantors shall have set aside on their books adequate
reserves therefor in conformity with GAAP.

 

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(e)          Access
to Books and Records.

 

(i)          Maintain
or cause to be maintained at all times books and records in accordance with GAAP of the financial operations of the Borrowers and
the Guarantors; and, upon reasonable advance notice, provide the Lender Parties and their representatives (coordinated by the Administrative
Agents) access to all such books and records during regular business hours (provided that so long as no Event of Default
has occurred and is continuing, such visits shall be limited to, and the Borrowers shall not be required to pay the expenses of
the Lender Parties for more than, one visit per calendar year), in order that the Lender Parties (coordinated by the Administrative
Agents) may examine and make abstracts from such books, accounts, records and other papers for the purpose of verifying the accuracy
of the various reports delivered by the Borrowers or the Guarantors to any Agent or the Lenders pursuant to this Agreement or for
otherwise ascertaining compliance with this Agreement and to discuss the affairs, finances and condition of the Borrowers and the
Guarantors with the officers and independent accountants of the Borrowers.

 

(ii)         Grant
the Lender Parties (coordinated by the Administrative Agents) reasonable access to and the right to inspect all reports, audits
and other internal information of the Borrowers and the Guarantors relating to environmental matters upon reasonable written notice
(provided that so long as no Event of Default has occurred and is continuing, such inspections shall be limited to, and
the Borrowers shall not be required to pay the expenses of the Lender for more than, one inspection per calendar year).

 

(iii)        At
any reasonable time during regular business hours, upon reasonable notice, permit the Initial Lenders and/or any representatives
designated by the Initial Lenders (including any consultants, accountants, lawyers and appraisers retained by the Initial Lenders),
in each case coordinated by the Administrative Agents, to visit the properties of the Borrowers and the Guarantors (provided
that so long as no Event of Default has occurred and is continuing, such visits shall be limited to one visit per calendar year)
to conduct evaluations, appraisals, environmental compliance reviews and ongoing maintenance and monitoring in connection with
the Borrowers’ computation of the Borrowing Base and the assets included in the Borrowing Base and such other assets and
properties of the Borrowers or their Restricted Subsidiaries as the Initial Lenders may require, and to monitor, examine and audit
the Collateral and all related systems.

 

(iv)        Permit
third-party appraisals of Inventory and field audits and examinations of Receivables and Inventory; provided that such third-party
appraisals may be conducted (A) at the reasonable request of any Administrative Agent, at any time during the continuance of an
Event of Default, (B) except as otherwise provided in clause (A) above, if Availability shall have become and continue for any
5 consecutive days to be less than the greater of (x) $61,750,000 and (y) 25% of the aggregate Revolving Credit Commitments then
outstanding at such time, no more than two times per each 12-month period (provided that no such field audit and examination
and appraisal shall be required under this clause (B) unless 120 days have elapsed since the most recent field audit and examination
and appraisal conducted by any Administrative Agent and/or a third party and Availability continues for 5 consecutive days to be
less than the minimum amount described in this clause (B)) and (C) except as otherwise provided in clauses (A) and (B) above, no
more than once per each 12-month period.

 

    	 	115	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(f)          Use
of Proceeds. Use the proceeds of the Advances solely for the purposes, and subject to the restrictions, set forth in Section
2.15.

 

(g)          [Intentionally
Omitted].

 

(h)          Covenant
to Give Foreign Security. If and for so long as Availability is less than 25% of the aggregate Revolving Credit Commitments,
at the reasonable request of the Foreign Administrative Agent, the Foreign Borrower shall execute and deliver to the Foreign Administrative
Agent, within 30 days of each such request, such local law security documentation in respect of receivables owed to it by Account
Debtors in any relevant jurisdiction as the Foreign Administrative Agent may deem necessary to perfect and maintain the validity,
effectiveness and priority of any of the Liens created under any of the Foreign Security Documents and to assure, convey, grant,
assign, transfer, preserve, protect and confirm more effectively unto the Foreign Secured Parties the rights granted or now hereafter
intended to be granted to the Foreign Secured Parties thereunder; provided that no such documentation shall be required
to the extent such receivables are not included in the Foreign Borrowing Base.

 

(i)          Cash
Dominion.

 

(i)          During
any Cash Dominion Period, any and all balances in each lockbox and deposit account subject to an account control agreement pursuant
to Section 5.01(j) or Section 3.01(a)(x) (other than any Exempt Account) shall be transferred to the US Administrative Agent’s
Office on a daily basis to the extent necessary (and will thereupon be applied) to repay any outstanding US Revolving Credit Advance
and to Cash Collateralize any US L/C Obligations. Whether or not reporting by the Borrowers with respect to Availability is otherwise
required on any particular day, the Borrowers may elect to deliver a certificate and supporting information as to Availability
in the event a Cash Dominion Period has commenced.

 

(ii)         (A)
Cause any and all balances in each bank account in which any payment in respect of any Account owed to the Foreign Borrower has
been deposited or credited to be transferred to one or more BofA Collection Accounts or Third Party Collection Accounts on a daily
basis, where such balances may be applied at any time by the Foreign Administrative Agent to repay any outstanding Foreign Advance
and to Cash Collateralize any Foreign L/C Obligations, up to the amount of such Advances and Foreign L/C Obligations, provided
that unless a Foreign Stepped-Up Dominion Period is continuing, such application of balances from any such Third Party Collection
Account shall only be made on each Business Day when the aggregate balance in such bank account before such application exceeds
€500,000 or the Equivalent thereof and (B) instruct all Account Debtors of the Foreign Borrower that make any payment to the
Foreign Borrower’s office or bank accounts in the Netherlands that are not Third Party Collection Accounts or BofA Collection
Accounts in the Netherlands, to instead make any and all of such payments in respect of any Account owed to the Foreign Borrower
to a BofA Collection Account, and instruct all other Account Debtors of the Foreign Borrower to make payments in respect of any
Account owed to the Foreign Borrower to a BofA Collection Account or Third Party Collection Account.

 

    	 	116	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(j)          US
Account Control Agreements. With respect to all lockboxes and deposit accounts (including all Exempt Accounts, but excluding
Excluded Accounts and those (for so long as Bank of America, N.A. is the Administrative Agent hereunder) maintained with Bank of
America, N.A.) (i) of each Person that is a Non-Loan Party as of the Effective Date but becomes a US Loan Party after the Effective
Date, obtain and deliver to the US Administrative Agent, no later than 30 days following the date such Person becomes a US Loan
Party (or such later date as the US Administrative Agent may reasonably determine), account control agreements in form and substance
reasonably satisfactory to the US Administrative Agent and (ii) of each other US Loan Party, obtain and deliver to the US Administrative
Agent, no later than 60 days following the Effective Date (or such later date as the US Administrative Agent may reasonably determine),
account control agreements in form and substance reasonably satisfactory to the US Administrative Agent, and maintain such account
control agreements in form and substance reasonably satisfactory to the US Administrative Agent.

 

 

(k)          Foreign
Account Control Agreements. With respect to (i) each collection account with respect to any Accounts (including each BofA Collection
Account but excluding account no. 1427772 at Commerzbank and collection accounts obtained by the Foreign Borrower after the Effective
Date) maintained by the Foreign Borrower, obtain and deliver to the Foreign Administrative Agent a Foreign Account Control Agreement
in form and substance reasonably satisfactory to the Foreign Administrative Agent no later than the Effective Date, (ii) account
no. 1427772 at Commerzbank, the Company shall obtain and deliver to the Foreign Administrative Agent a Foreign Account Control
Agreement in form and substance reasonably satisfactory to the Foreign Administrative Agent within 60 days (and the Administrative
Agent may, in its reasonable discretion, grant extensions of such time period) after the Effective Date and (iii) collection accounts
obtained by the Foreign Borrower after the Effective Date, obtain and deliver to the Foreign Administrative Agent a Foreign Account
Control Agreement in form and substance reasonably satisfactory to the Foreign Administrative Agent prior to the inclusion in the
Borrowing Base of Accounts payable into such collection account (which inclusion shall be at the Foreign Borrower’s sole
discretion, subject to satisfaction of the definition of Eligible Receivables with respect to any such Account).

 

(l)          Mortgages.
With respect to any Material Real Property acquired by any Loan Party (other than the Foreign Borrower and the Swiss Guarantor)
after the Effective Date or owned by any Person that is a Non-Loan Party as of the Effective Date but becomes a Loan Party after
the Effective Date, obtain and deliver to the Administrative Agent, no later than 60 days following the date of such acquisition
or the date on which such Person becomes a Loan Party (or such later date as the administrative agent under the Term Facility may
reasonably determine), as applicable, duly executed Mortgages suitable for recording with respect to such Material Real Property
and such other documents required to be furnished pursuant to Section 3.01(f)(iv). Notwithstanding anything to the contrary in
this Section 5.01(l), with respect to any leased Material Real Property with respect to which a Loan Party (other than the Foreign
Borrower and the Swiss Guarantor) is the lessee, (i) such Loan Party shall use commercially reasonable efforts to obtain (x) (1)
a memorandum of lease in recordable form with respect to such leasehold interest, executed and acknowledged by the lessor of such
leasehold interest, or (2) evidence that the applicable lease with respect to such leasehold interest or a memorandum thereof has
been recorded in all places necessary, in the Administrative Agent’s reasonable judgment, to give constructive notice to
third-party purchasers of such leasehold interest, and (y) any lessor consent or approval of such Mortgage as may be required pursuant
to the terms of the applicable lease with respect to such leasehold interest, and (ii) if such Loan Party shall fail to obtain
the documents referred to in clauses (x) or (y) above with respect to any such leasehold interest, after using commercially reasonable
efforts to do so, such Loan Party shall have no further obligation to comply with this Section 5.01(l) with respect to the applicable
leasehold interest.

 

    	 	117	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(m)          Covenant
to Guarantee US Obligations and Give US Security. (i) Upon the formation or acquisition of any Material Subsidiary that is
a wholly-owned direct Restricted Subsidiary (other than an Excluded Subsidiary) of any US Loan Party or (ii) if any Subsidiary
of the Company provides a guaranty of the Senior Notes or the Term Facility at a time when such Subsidiary is not already a US
Guarantor or a US Borrower, or if the designation of any Subsidiary of the Company as an Immaterial Subsidiary is subsequently
rescinded in accordance with the definition of “Immaterial Subsidiary” (the date on which such guarantee is provided,
or on which such designation is rescinded, each being a “Relevant Date”), then in each case the Company shall,
at the Company’s expense:

 

(A)         within
10 days after (x) such formation or acquisition (in the case of clause (i) above), or (y) the Relevant Date (in the case of clause
(iii) above), cause such Subsidiary to duly execute and deliver to (1) the US Administrative Agent a US Guaranty Supplement guaranteeing
the US Obligations and (2) the Foreign Administrative Agent a Foreign Facility Guaranty Supplement guaranteeing the Foreign Obligations,

 

(B)         within
15 days after (x) such formation or acquisition (in the case of clause (i) above), or (y) the Relevant Date (in the case of clause
(iii) above), cause such Subsidiary to duly execute and deliver to (1) the US Administrative Agent a security agreement supplement
and an intellectual property security agreement supplement (to the extent such Subsidiary owns registered Intellectual Property)
in form and substance reasonably satisfactory to the US Administrative Agent, securing payment of all the US Obligations of such
Subsidiary under the Loan Documents and constituting Liens on all the Collateral owned by such Subsidiary and (2) the Foreign Administrative
Agent a security agreement supplement and an intellectual property security agreement supplement (to the extent such Subsidiary
owns registered Intellectual Property) in form and substance reasonably satisfactory to the Foreign Administrative Agent, securing
payment of all the Foreign Obligations of such Subsidiary under the Loan Documents and constituting Liens on all the Collateral
owned by such Subsidiary,

 

(C)         within
60 days after (x) such formation or acquisition (in the case of clause (i) above), or (y) the Relevant Date (in the case of clause
(iii) above), deliver to (1) the US Administrative Agent, upon the reasonable request of the US Administrative Agent, a signed
copy of a customary favorable opinion, addressed to the US Administrative Agent and the other US Secured Parties, of counsel for
the US Loan Parties reasonably acceptable to the US Administrative Agent as to the matters contained in clauses (A) and (B) above
and (2) the Foreign Administrative Agent, upon the reasonable request of the Foreign Administrative Agent, a signed copy of a customary
favorable opinion, addressed to the Foreign Administrative Agent and the other Foreign Secured Parties, of counsel for the Foreign
Loan Parties reasonably acceptable to the Foreign Administrative Agent as to the matters contained in clauses (A) and (B) above.

 

(n)          Further
Assurances.

 

(i)          Promptly
upon reasonable request by any Agent, or any Lender Party through any Administrative Agent, correct, and cause each of its Restricted
Subsidiaries promptly to correct, any material defect or error that may be discovered in any Loan Document or in the execution,
acknowledgment, filing or recordation thereof (except to the extent such correction requires consent of one or more third parties
that cannot be obtained after commercially reasonable efforts).

 

    	 	118	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

(ii)         Promptly
upon reasonable request by any Agent, or any Lender Party through any Administrative Agent, except with respect to real properties
that are not Material Real Properties, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register
any and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing
statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other
instruments as any Agent, or any Lender Party through any Administrative Agent, may reasonably require from time to time in order
to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable
law, subject any Loan Party’s Collateral to the Liens now or hereafter required to be covered by any of the Collateral Documents,
(C) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens
required to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively
unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document
or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Restricted Subsidiaries
is or is to be a party, and cause each of its Restricted Subsidiaries to do so (but in any event subject to the terms, provisions
and limitations set forth therein).

 

(iii)        Use
commercially reasonable efforts to cause to be delivered promptly to the Administrative Agent copies of Collateral Access Agreements
duly signed by all parties thereto with respect to all Inventory of US Borrowers located at a third party processor or in a location
not owned by a Loan Party.

 

(iv)        Use
commercially reasonable efforts to deliver information reasonably requested by the Administrative Agent with respect to the business
or assets of any additional US Subsidiary Borrower on a timely basis so that the Administrative Agent may complete its due diligence
investigation thereof as described in the definitions of “Eligible Inventory” and “Eligible Receivables”.

 

(o)          Maintenance
of Properties, Etc. Except as otherwise permitted under Sections 5.02(h) and (l), maintain and preserve, and cause each of
its Restricted Subsidiaries to maintain and preserve, all of its material properties that are used or useful in the conduct of
its business in good working order and condition, ordinary wear and tear, casualty and condemnation excepted.

 

(p)          Quarterly
Conference Call. The Company shall host one conference call or meeting with the Lenders,
if requested by the Administrative Agent, during each calendar quarter at a time mutually agreed by the Company and the Administrative
Agent and upon reasonable advance notice to the Administrative Agent.

 

Section
5.02 Negative Covenants. So long as any Advance shall remain unpaid, any Letter
of Credit shall be outstanding and not Cash Collateralized or any Lender Party shall have any Commitment hereunder, no Loan Party
will, at any time:

 

    	 	119	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(a)          Liens.
Incur, create, assume or suffer to exist any Lien on any asset of the Borrowers or any of their Restricted Subsidiaries now owned
or hereafter acquired by any of the Borrowers or the Guarantors, other than: (i) (A) Liens listed on Schedule 4.01(u), (B) Liens
outstanding on the Effective Date as permitted under the Existing Facility as in effect immediately prior to the Effective Date,
(C) Liens (with the priority set out in the Intercreditor Agreement) securing Debt under the Term Facility (and Obligations under
certain credit facilities, cash management agreements and Hedge Agreements secured by the Liens securing the Term Facility) and
any refinancing or replacement thereof permitted hereunder, and Liens securing Debt permitted under Section 5.02(b)(xxv), and (D)
Liens securing Permitted Refinancing Debt issued in exchange for, or the net cash proceeds of which are used to extend, refinance,
renew, replace, defease or refund Effective Date Debt (as defined below), to the extent that such Liens extend solely to the property
securing the Effective Date Debt being so exchanged, extended, refinanced, renewed, replaced, defeased or refunded; (ii) Permitted
Liens; (iii) Liens on assets of Foreign Subsidiaries to secure Debt permitted by Section 5.02(b)(vi); (iv) Liens in favor of any
Administrative Agent and the Secured Parties granted under the Loan Documents; (v) Liens in connection with Debt permitted to be
incurred pursuant to Section 5.02(b)(vii) so long as such Liens extend solely to the property (and improvements and proceeds of
such property) acquired with the proceeds of such Debt or subject to the applicable Capitalized Lease and so long as the assets
subject to such Lien do not include any assets included in the calculation of the Borrowing Base); (vi) Liens on assets of Foreign
Subsidiaries securing Debt permitted under Section 5.02(b)(x); (vii) Liens (A) of a collection bank arising under Section 4-210
of the Uniform Commercial Code on items in the course of collection and (B) attaching to commodity trading accounts or other commodities
brokerage accounts incurred in the ordinary course of business and consistent with past practice; (viii) Liens upon specific items
of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of documentary letters
of credit, Liens on documents of title in respect of documentary letters of credit or banker’s acceptances issues or credit
for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; (ix) Liens granted
by a Non-Loan Party in favor of any Loan Party; (x) Liens pursuant to the Albemarle Settlement and Cross License; (xi) Liens
consisting of escrow arrangements with respect to escrow accounts, to the extent such escrow accounts hold deposits in connection
with any acquisition, Investment, sale or disposition of assets permitted under this Agreement; (xii) Liens on assets (not including
any assets included in the calculation of the Borrowing Base) of the Company and its Restricted Subsidiaries securing Debt permitted
under Sections 5.02(b)(xi) and/or (if limited to the assets acquired pursuant to, and not incurred in contemplation of, the acquisition
to which such Debt relates) 5.02(b)(xiii); (xiii) Liens on assets (not including any assets included in the calculation of any
Borrowing Base) of any Foreign Subsidiary that is a Restricted Subsidiary securing its pension plan or other similar obligations
of up to the greater of $100,000,000 (or the Equivalent thereof in foreign currencies) and 4.0% of the Consolidated Net Tangible
Assets (as measured at the time of incurrence or creation of such Lien); (xiv) Liens on assets (not including any assets included
in the calculation of the Borrowing Base) securing obligations of the Company and its Subsidiaries (other than Foreign Subsidiaries)
in an aggregate amount not to exceed the greater of $100,000,000 (or the Equivalent thereof in foreign currencies) and 4.0% of
the Consolidated Net Tangible Assets (as measured at the time of incurrence or creation of such Lien); (xv) Liens securing Debt
incurred in reliance on Section 5.02(b)(xii); and (xvi) Liens on assets (not including any assets included in the calculation of
the Borrowing Base) or Equity Interests of Joint Ventures securing Debt permitted under Section 5.02(b)(xiv).

 

    	 	120	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(b)          Debt.
Contract, create, incur, assume or suffer to exist any Debt, or permit any of its Restricted Subsidiaries to contract, create,
incur, assume or suffer to exist any Debt, except for (i) Debt under this Agreement and the other Loan Documents; (ii)(A) Surviving
Debt described in Schedule 4.01(t), Debt and leases (including any operating leases recharacterized as capital leases) outstanding
on the Effective Date that are in each case permitted under the Existing Facility as in effect immediately prior to the Effective
Date (such Debt and leases, together with such Surviving Debt described in Schedule 4.01(t), the “Effective Date Debt”),
Debt under the Term Facility in an aggregate principal amount not to exceed $420,000,000 at any time outstanding, Debt under the
Senior Notes not to exceed $455,000,000 at any time outstanding, and Debt under the Senior 2021 Notes in a principal amount not
exceeding the principal amount outstanding as of the Effective Date, and (B) any Permitted Refinancing Debt refunding, replacing
or refinancing, in whole or in part, any Effective Date Debt or any such Debt under the Term Facility, the Senior Notes or the
Senior 2021 Notes; provided that the terms of any such extending, refunding, replacing or refinancing Debt, and of any agreement
entered into and of any instrument issued in connection therewith, are otherwise permitted by the Loan Documents and such refunding
or refinancing complies with Section 5.02(j); (iii) Debt arising from Investments among the Company and its Subsidiaries that are
permitted hereunder; (iv) Debt in respect of customary overdraft protection and netting services and related liabilities arising
from treasury, depository and cash management services in the ordinary course of business; (v) Debt consisting of Guarantee Obligations
permitted by Section 5.02(c); (vi) Debt of Restricted Subsidiaries that are Foreign Subsidiaries owing to third parties in an aggregate
principal amount not in excess of the greater of $175,000,000 (or the Equivalent thereof in foreign currencies) and 7.0% of Consolidated
Net Tangible Assets (as measured at the time of incurrence of each such Debt); (vii) Debt constituting mortgage financing, purchase
money debt and Capitalized Lease obligations (not otherwise included in subclause (ii) above) in an aggregate amount not in excess
of the greater of $100,000,000 (or the Equivalent thereof in foreign currencies) and 4.0% of Consolidated Net Tangible Assets (as
measured at the time of incurrence of each such Debt); (viii) (A) Debt in respect of Hedge Agreements entered into in the ordinary
course of business to protect against fluctuations in interest rates, foreign exchange rates and commodity prices and (B) Debt
outstanding under Cash Management Agreements; (ix) Debt which may be deemed to exist pursuant to any surety bonds, appeal bonds
or similar obligations or guarantees or letters of credit, in each case incurred in connection with any judgment not constituting
an Event of Default or arising from agreements providing for indemnification, adjustment of purchase price, earn-outs or similar
obligations, surety, performance, bid or appeal bonds and other similar types of performance and completion guarantees securing
any obligations of the Company or any Subsidiary pursuant to such agreements, in any case incurred or assumed in connection with
the disposition or acquisition of any business, assets or Equity Interests held by a Subsidiary (other than guarantees of Debt
incurred by any Person acquiring all or any portion of such business, assets or Equity Interests held by a Subsidiary for the purpose
of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Company or any
Subsidiary in connection with such disposition; (x) Debt of Restricted Subsidiaries that are Foreign Subsidiaries arising under
any Foreign Asset Based Financing, in an aggregate principal amount for all such Foreign Asset Based Financings not to exceed $200,000,000
(or the foreign currency equivalent) at any time outstanding; (xi) Debt not otherwise permitted hereunder in an aggregate principal
amount not to exceed the greater of $175,000,000 and 7.0% of Consolidated Net Tangible Assets (as measured at the time of incurrence
of each such Debt); provided that the aggregate principal amount of such Debt owed by the Loan Parties and their Restricted
Subsidiaries (other than Foreign Subsidiaries) that matures on or prior to the Maturity Date shall not exceed $15,000,000 at any
time outstanding; (xiii) Permitted Acquired Debt and Permitted Refinancing Debt refunding, replacing or refinancing, in whole or
in part, such Permitted Acquired Debt, provided, that (A) any such Debt is not secured by assets of Loan Parties that would
constitute Revolving Facility Collateral of such Loan Parties prior to such acquisition and, if secured by assets of Loan Parties
that would constitute the Term Facility Collateral of such Loan Parties prior to such acquisition, shall be subject to an intercreditor
agreement in form and substance reasonably satisfactory to the Company and the Administrative Agent and (B) any such Debt shall
mature at least six months after the Maturity Date (it being understood that up to $50,000,000 in principal amount of such Debt
at any time outstanding shall not be subject to this clause (B)); (xiv) Debt incurred on behalf of Joint Ventures of the Company
or any Subsidiary not to exceed, at any one time outstanding, together with any Guarantee Obligations incurred in reliance on Section
5.02(c)(vii), the greater of $100,000,000 and 4.0% of Consolidated Net Tangible Assets (as measured at the time of incurrence of
such Debt); (xv) Debt constituting guarantees permitted under Section 5.02(c)(vi); (xvi) an aggregate of up to the greater of $100,000,000
(or the Equivalent thereof in foreign currencies) and 4.0% of Consolidated Net Tangible Assets (as measured at the time of incurrence
of each such Debt) at any one time outstanding of (A) Debt under Specified Credit Agreements and (B) Debt constituting obligations
with respect to letters of credit issued, or surety bonds incurred, in the ordinary course of business, including letters of credit
in respect of workers’ compensation claims, or other Debt with respect to reimbursement obligations regarding workers’
compensation claims, health, disability or other benefits to employees or former employees or their families or property, casualty
or liability insurance or self-insurance or similar requirements, and letters of credit in connection with the maintenance of,
or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Debt with
respect to reimbursement-type obligations regarding workers’ compensation claims; provided that, upon the drawing
of such letters of credit or the incurrence of such Debt, such obligations are reimbursed within 30 Business Days following such
drawing or incurrence; (xvii) Debt arising in connection with endorsement of instruments for deposit in the ordinary course of
business; (xviii) Debt consisting of take-or-pay obligations contained in supply agreements relating to products, services or commodities
of a type that the Company or any of its Restricted Subsidiaries uses or sells in the ordinary course of business; (xix) Debt consisting
of the financing of insurance premiums; (xx) Debt consisting of guarantees incurred in the ordinary course of business under repurchase
agreements or similar agreements in connection with the financing of sales of goods in the ordinary course of business; (xxi) customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course
of business; (xxii) Debt issued by the Company or a Restricted Subsidiary of the Company to future, current or former employees,
directors and consultants thereof, or their respective estates, spouses or former spouses, in each case to finance the purchase
or redemption of Equity Interests of the Company to the extent described in Section 5.02(e)(iii); (xxiii) Debt not in excess of
the greater of $100,000,000 (or the Equivalent thereof in foreign currencies) and 4.0% of Consolidated Net Tangible Assets (as
measured at the time of incurrence of each such Debt) at any time outstanding of Foreign Subsidiaries and/or Joint Ventures to
the extent such Debt is supported by one or more Letters of Credit; (xxiv) any unsecured Debt maturing at least six months after
the Maturity Date; and (xxv) Debt secured by Liens subject to the Intercreditor Agreement with the same respective priorities on
the Term Facility Collateral and the Revolving Facility Collateral as the Liens securing the Term Facility as of the Effective
Date, which Debt matures at least six months after the Maturity Date.

 

    	 	121	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(c)          Guarantees
and Other Liabilities. Contract, create, incur, assume or permit to exist, or permit any Restricted Subsidiary to contract,
create, assume or permit to exist, any Guarantee Obligations, except (i) Guarantee Obligations of a Loan Party in respect of Debt
or other obligations of the Company or a Subsidiary of the Company, if such Debt or other obligations are then permitted under
this Agreement, (ii) by endorsement of negotiable instruments for deposit or collection in the ordinary course of business, (iii) Guarantee
Obligations constituting Investments of the Company and its Restricted Subsidiaries permitted hereunder, (iv) (A) to the extent
constituting Guarantee Obligations, Letters of Credit issued to support Foreign Subsidiaries and other Non-Loan Parties so long
as such Guarantee Obligations do not exceed the greater of $100,000,000 (or the Equivalent thereof in foreign currencies) and 4.0%
of Consolidated Net Tangible Assets (as measured at the time of incurrence of each such Guarantee Obligations) in the aggregate
at any time outstanding and (B) any other support arrangements supporting Debt permitted under Section 5.02(b)(x) that are in form
and substance reasonably satisfactory to the Required Lenders, (v) any Guarantee Obligation or guaranty of Debt or other obligations
of any Non-Loan Party by another Non-Loan Party, (vi) guarantees by the Company (which shall not be secured by assets of the Company)
of contribution obligations existing on the Effective Date of Foreign Subsidiaries to pension plans of such Foreign Subsidiaries
not to exceed the greater of $50,000,000 (or the Equivalent thereof in foreign currencies) and 2.0% of Consolidated Net Tangible
Assets (as measured at the time of incurrence of each such Guarantee Obligations) at any one time outstanding, (vii) guarantees
of Debt of Joint Ventures of the Company or any Subsidiary so long as such Guarantee Obligations, if the amounts thereof were Investments
under Section 5.02(g), would be permitted Investments under Section 5.02(g); (viii) the Guaranty; (ix) Guarantee Obligations outstanding
on the Effective Date that are in each case permitted under the Existing Facility that is in effect immediately prior to the Effective
Date; (x) Guarantee Obligations in respect of Debt incurred in reliance on Section 5.02(b)(xii); and (xi) Guarantee Obligations
in respect of (or constituting) Debt incurred or assumed in reliance on Section 5.02(b)(viii), 5.02(b)(xiii), or 5.02(b)(xx).

 

    	 	122	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(d)          Cash
Pooling of Foreign Loan Parties. Permit or suffer to exist (i) any cash pooling or netting of the Foreign Borrower with the
Company or any of the Company’s Subsidiaries or (ii) any cash pooling and netting of the Swiss Guarantor with the Company
or any of the Company’s Subsidiaries, except (A) in the case of clause (ii) above, cash pooling and netting with IHB, (B) the
foregoing shall in no event be construed to prohibit (1) the Foreign Borrower or the Swiss Guarantor from paying, and each shall
be permitted to pay, any bona fide payables, intercompany or otherwise, generated in the ordinary course of its business, (2) the
Foreign Borrower from advancing, and the Foreign Borrower shall be permitted to advance, funds to the Company or any Subsidiary
of the Company, so long as no Event of Default shall have occurred and be continuing and the aggregate amount of such advances
outstanding at any time shall not exceed €20.0 million, and (3) the Swiss Guarantor from having, and the Swiss Guarantor shall
be permitted to have, cash pooling and netting (and may make and receive payments) arrangements through IHB with the Company and
any Subsidiary of the Company other than the Foreign Borrower, and may borrow (and repay borrowings) from IHB, (C) if the Restricted
Payment Conditions are then satisfied, cash of the Foreign Borrower may be paid as dividends (or similar distributions) or Investments
(but not via cash pooling arrangements) to the Company or any other Subsidiary of Company, and (D) so long as no Event of Default
has occurred and is then continuing, cash of the Swiss Guarantor may be distributed, loaned, advanced, paid or otherwise transferred
(whether via cash pooling arrangements or otherwise) to the Company or any other Subsidiary of Company; provided that: (x)
the Company may elect that amounts loaned by IHB to the Swiss Guarantor from time to time be assigned by IHB to a parent company
of the Swiss Guarantor, in which case such parent company shall agree in the event of an Insolvency Proceeding of the Swiss Guarantor,
its right to repayment of such borrowings shall be subordinated to the payment in full of the Swiss Guarantor’s obligations
under the Loan Documents on terms substantially as set forth in the form of the Subordination Agreement, (y) IHB shall agree
that its right to repayment of any amounts loaned by it to the Swiss Guarantor shall, in the event of an Insolvency Proceeding
of the Swiss Guarantor, be subordinated to the payment in full of Swiss Guarantor’s obligations under the Loan Documents
on terms substantially as set forth in the form of the Subordination Agreement; and (z) in no event shall the Foreign Administrative
Agent or the Foreign Lenders have rights to exercise remedies against such pooled cash of any Subsidiary of the Company other than
the Foreign Borrower, the Swiss Guarantor and (to the extent the Foreign Administrative Agent shall have a Lien on any amount of
such pooled cash of the other Foreign Loan Parties pursuant to the Collateral Documents) the other Foreign Loan Parties.

 

    	 	123	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(e)          Dividends;
Capital Stock. Declare or pay, directly or indirectly, any dividends or make any other distribution, redemption, repurchase
or payment, whether in cash, property, securities or a combination thereof, with respect to (whether by reduction of capital or
otherwise) any shares of capital stock (or any options, warrants, rights or other equity securities or agreements relating to any
capital stock) of the Company, or set apart any sum for the aforesaid purposes (any such dividend, distribution, redemption, repurchase
or payment declared, paid or made, or sum set apart therefor, a “Restricted Payment”) except for (i) Restricted
Payments made on or after the Effective Date in accordance with the Plan and/or the Disclosure Statement; (ii) Restricted Payments
made when (A) no Default or Event of Default shall have occurred and is continuing or would result immediately therefrom and (B)
the Restricted Payment Conditions with respect thereto are satisfied on the date such Restricted Payment is made, provided
that solely for purposes of this clause (B), a non-recurring discretionary payment of dividends, if any, that has been made under
Section 5.02(e)(v) shall be excluded from the calculation of Fixed Charge Coverage Ratio in determining whether the Fixed Charge
and Liquidity Conditions are satisfied; (iii) the repurchase, redemption or other acquisition or retirement for value of any Equity
Interests of the Company (and any direct or indirect parent thereof) held by any future, current or former employee, director,
officer or consultant of the Company (or any Subsidiary) (or their respective spouses and/or estates) pursuant to the terms of
any employee equity subscription agreement, stock option agreement or similar agreement; provided that the aggregate price
paid for all such repurchased, redeemed, acquired or retired Equity Interests in any calendar year will not exceed $5,000,000 (with
unused amounts in any calendar year being carried over to the next two succeeding calendar years); (iv) the declaration and payment
of dividends by the Company to any direct or indirect parent company of the Company that owns 100% of the Company’s common
stock in aggregate amounts not to exceed the aggregate amount required for such parent company to pay, in each case without duplication:
(A) franchise taxes and other fees, taxes and expenses required to maintain the corporate existence of the Company and its Subsidiaries;
(B) foreign, federal, state and local income taxes, to the extent such income taxes are attributable to the income of the Company
and its Subsidiaries, provided that in each case the amount of such payments in any fiscal year does not exceed the amount
that the Company and its Subsidiaries would be required to pay in respect of foreign, federal, state and local taxes for such fiscal
year were the Company, and Subsidiaries to pay such taxes separately from any such parent company; (C) customary salary, bonus,
indemnification obligations and other benefits payable to officers, directors and employees or former officers, directors or employees
of such parent company to the extent such salaries, bonuses, indemnification obligations and other benefits are attributable to
the ownership or operation of the Company and its Subsidiaries; (D) general corporate overhead expenses of such parent company
to the extent such expenses are attributable to the ownership or operation of the Company and its Subsidiaries; (E) fees and expenses
incurred by such parent company in connection with any unsuccessful equity issuances or incurrences of Debt to the extent the net
proceeds thereof were intended to be contributed to the Company; and (F) taxes with respect to income of any such parent company
derived from funding made available to the Company and its Subsidiaries by such parent company; (v) the payment of dividends on
the Company’s common stock in an annual amount not to exceed 6.0% of the net cash proceeds received by or contributed to
the Company from any public offering of common stock, other than public offerings (provided that such dividends are provided
substantially contemporaneously with such offering) with respect to the Company’s common stock registered on Form S-8 (or
any successor form); (vi) the payment of dividends by the Company consisting solely of shares of the Company’s common stock
or other Equity Interests of the Company (other than Redeemable Equity Interests); (vii) the payment of any dividend by a Subsidiary
of the Company to the holders of its Equity Interests (on a pro rata basis, subject to any preferential arrangements in existence
at the time of, and not entered into in contemplation of, such dividend); (viii) the repurchase of Equity Interests deemed to occur
upon the exercise of options or warrants to the extent that such Equity Interests represent all or a portion of the exercise price
thereof and applicable withholding taxes, if any; (ix) payments of cash, dividends, distributions, advances or other Restricted
Payments by the Company or any of its Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon
(A) the exercise of options or warrants or (B) the conversion or exchange of Equity Interests of any such Person; (x) any Restricted
Payment made in connection with the transactions arising out of the Plan; (xi) the declaration and payment of dividends or distributions
to holders of any class or series of Redeemable Equity Interests of the Company or any Subsidiary issued in accordance with Section
5.02(b); and (xii) purchases of Receivables Assets pursuant to a Receivables Repurchase Obligation in connection with a Foreign
Asset Based Financing and the payment or distribution of Receivables Fees.

 

    	 	124	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(f)          Transactions
with Affiliates. Enter into or permit any of its Restricted Subsidiaries to enter into any transaction with any Affiliate,
other than on terms and conditions at least as favorable to the Company or such Restricted Subsidiary as would reasonably be obtained
at that time in a comparable arm’s-length transaction with a Person other than an Affiliate, except for the following: (i)
any transaction between any US Loan Party and any other US Loan Party, between the Foreign Borrower and the Swiss Guarantor, or
between any Non-Loan Party and any other Non-Loan Party; (ii) Restricted Payments made when (A) no Default or Event of Default
shall have occurred and is continuing or would result immediately therefrom and (B) the Restricted Payment Conditions with respect
thereto are satisfied on the date such Restricted Payment is made, provided that solely for purposes of this clause (B),
a non-recurring discretionary payment of dividends, if any, that has been made under Section 5.02(e)(v) shall be excluded from
the calculation of Fixed Charge Coverage Ratio in determining whether the Fixed Charge and Liquidity Conditions are satisfied;
(iii) any transaction expressly permitted pursuant to the terms of the Loan Documents, including, without limitation, Investments
permitted under Section 5.02(g); (iv) customary fees and other benefits to officers, directors, managers and employees of
the Company and its Subsidiaries; (v) reasonable and customary employment and severance arrangements with officers and employees
of the Company and its Subsidiaries in the ordinary course of business; (vi) transactions pursuant to contractual obligations or
arrangements in existence on the Effective Date; or (vii) any transaction with a Receivables Entity effected as part of a Foreign
Asset Based Financing and otherwise in compliance with the terms of this Agreement on fair and reasonable terms that are not materially
less favorable to the Company or the relevant Subsidiary than those that would have been obtained in a comparable arm’s-length
transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company or any Restricted
Subsidiary (as determined in good faith by the Company).

 

    	 	125	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(g)          Investments.
Make or hold, or permit any of its Restricted Subsidiaries to make, any Investment in any Person, except for (i) Investments outstanding
on the Effective Date; (ii) Investments in Cash Equivalents (and other customary cash equivalents acceptable to the Administrative
Agents in their reasonable discretion) and Investments by Restricted Subsidiaries that are Foreign Subsidiaries in securities and
deposits similar in nature to Cash Equivalents and customary in the applicable jurisdiction; (iii) Investments not to exceed $150,000,000
(subject to reduction pursuant to the proviso in Section 5.02(j)(ii)) at any time outstanding; (iv) Investments or intercompany
loans or advances made on or after the Effective Date (A) by any Loan Party to or in any other Loan Party, (B) by any Non-Loan
Party to or in any Loan Party or (C) by any Non-Loan Party to or in any other Non-Loan Party; (v) investments (A) received in satisfaction
or partial satisfaction thereof from financially troubled account debtors or in connection with the settlement of delinquent accounts
and disputes with customers and suppliers, or (B) received in settlement of debts created in the ordinary course of business and
owing to any Borrower or any Restricted Subsidiary or in satisfaction of judgments; (vi) Investments (A) in the form of deposits,
prepayments and other credits to suppliers made in the ordinary course of business consistent with past practices, (B) in
the form of extensions of trade credit in the ordinary course of business, or (C) in the form of prepaid expenses and deposits
to other Persons in the ordinary course of business; (vii) Investments made in any Person to the extent such investment represents
the non-cash portion of consideration received for an asset disposition permitted under the terms of the Loan Documents; (viii)
investments constituting guaranties permitted pursuant to Section 5.02(c)(i), (ii), (iv), (v), (vi), (vii), (viii), (ix), (x) or
(xi) above; (ix) loans and advances to employees, directors and officers of the Company and its Subsidiaries (A) required by applicable
employment laws or (B) otherwise in the ordinary course of business for travel, business, related entertainment, relocation, as
part of a recruitment or retention plan and related expenses in an aggregate principal amount at any time outstanding not to exceed
$10,000,000 (provided that the aggregate amount thereof consisting of loans or advances for travel, business, related entertainment
and related expenses shall not exceed $5,000,000 at any time outstanding); (x) Hedge Agreements and Cash Management Agreements
and Specified Credit Agreements entered into in the ordinary course of business and otherwise permitted under this Agreement; (xi)
Investments by any Restricted Subsidiary that is a Foreign Subsidiary through the licensing, contribution or transactions that
economically result in a contribution in kind of intellectual property rights pursuant to joint venture arrangements, in each case
in the ordinary course of business and consistent with past practice; provided that, in the case of this clause (xi), in
the event any Non-Loan Party becomes a Loan Party, all such Investments made by such Person and outstanding on the date such Person
becomes a Loan Party shall continue to be permitted under this Section 5.02(g)(xi); (xii) any Investment made if (A) on the date
such Investment is made, immediately after giving effect to such Investment, on a Pro Forma Basis, either (x) (1) both the Average
Excess Availability for the 30 day period ending on such date and the Availability on such date shall not be less than 25% of the
aggregate Revolving Credit Commitments then in effect and (2) both the Average US Excess Availability for the 30 day period ending
on such date and the US Availability on such date shall not be less than 25% of the aggregate US Revolving Credit Commitments then
in effect or (y) the Fixed Charge and Liquidity Conditions with respect to such Investment are satisfied and (B) no Default or
Event of Default has occurred and is continuing immediately before or immediately after giving effect to such Investment; (xiii)
Investments made by the Company or any of its Restricted Subsidiaries in joint ventures that are not Subsidiaries in an aggregate
amount not to exceed $5,000,000 at any time outstanding (with unfunded guarantees not counting against such dollar limitation),
it being understood that funding and reimbursement arrangements with respect to the Rubicon LLC joint venture that are consistent
with past practices shall not be deemed loans or investments subject to limitation under this Section 5.02(g); (xiv) [reserved];
(xv) Investments consisting of guarantees by the Company or Non-Loan Parties of loan obligations of the Gulf Stabilizers Industries,
Ltd. joint venture in an aggregate amount not to exceed $12,000,000 at any time outstanding; (xvi) Investments consisting
of (A) equity investments by Chemtura Organometallics GmbH or other Non-Loan Parties and (B) guarantee or other credit
support obligations by Chemtura Organometallics GmbH, other Non-Loan Parties or Loan Parties (including letters of credit issued
for the account of such Persons), in each case in or for the benefit of a joint venture for a manufacturing facility in Saudi Arabia,
so long as the aggregate amount of Investments pursuant to this clause (xvi) shall not exceed $20,000,000 at any time outstanding;
(xvii) Investments by any Loan Party to Canadian Debtor consisting of intercompany advances not to exceed $30,000,000 in the aggregate
at any time outstanding, provided that a portion of such advances shall be applied to repay in full the intercompany obligations
owed by Canadian Debtor to IHB; (xviii) any Investment by the Company or a Restricted Subsidiary of the Company in (x) a Receivables
Entity or (y) any other Person (in the case of an Investment by a Receivables Entity or by the Company or any of its Restricted
Subsidiaries in connection with a European securitization transaction) in connection with a Foreign Asset Based Financing, including
Investments of funds held in accounts permitted or required by the arrangement governing such Foreign Asset Based Financing or
any related Debt; provided that such Investment is in the form of a Purchase Money Note, contribution of additional Receivables
Assets, Cash Equivalents or Equity Interests (other than Redeemable Equity Interests) of the Company; and (xix) Permitted Acquisitions.

 

    	 	126	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(h)          Disposition
of Assets. Sell or otherwise dispose of, or permit any of its Restricted Subsidiaries to sell or otherwise dispose of, any
assets (including, without limitation, the Equity Interests in any Subsidiary) except (i) sales or other dispositions of inventory
in the ordinary course of its business; (ii) in a transaction authorized by Section 5.02(l); (iii) in transactions between or among
the Loan Parties or between or among the Non-Loan Parties; (iv) dispositions of obsolete or worn-out tools, equipment or other
property no longer used or useful in business and sales or other dispositions of intellectual property determined to be uneconomical,
negligible or obsolete; (v) licenses and sub-licenses of intellectual property incurred in the ordinary course of business or to
customers on a non-exclusive basis for the purpose of ensuring supply of product; (vi) dispositions made in the ordinary course
of business in connection with any Investment permitted under Section 5.02(g)(ii), (v) or (vi) above; (vii) leases of real property;
(viii) equity issuances by any Subsidiary to the Company or any other Subsidiary to the extent such equity issuance constitutes
an Investment permitted under Section 5.02(g)(iv) above; (ix) transfers of Receivables Assets or any interest therein by any Restricted
Subsidiary that is a Foreign Subsidiary in connection with any Foreign Asset Based Financing incurred under Section 5.02(b)(vi)
or (x) or (xi) above; (x) any sale or other disposition made if (A) on the date such sale or other disposition is made, immediately
after giving effect to such sale or other disposition, on a Pro Forma Basis, either (x) (1) both the Average Excess Availability
for the 30 day period ending on such date and the Availability on such date shall not be less than 25% of the aggregate Revolving
Credit Commitments then in effect and (2) both the Average US Excess Availability for the 30 day period ending on such date and
the US Availability on such date shall not be less than 25% of the aggregate US Revolving Credit Commitments then in effect or
(y) the Fixed Charge and Liquidity Conditions with respect to such sale or other disposition
are satisfied and (B) no Default or Event of Default has occurred and is continuing immediately before or immediately after giving
effect to such sale or other disposition; (xi) transfers or dispositions of property that is the subject of a casualty event; (xii)
sales, leases, transfers or other dispositions of assets; provided that the aggregate fair value of all such sales or dispositions
effected in reliance on this clause (xii) after the Effective Date shall not exceed $100,000,000; (xiii) sales or dispositions
of property in the ordinary course of business to the extent that (A) such property is exchanged for credit against the purchase
price of similar replacement property in substantially the same location or (B) the proceeds of such sale or disposition are promptly
applied to the purchase price of such replacement property; provided that, in each case, the proceeds of such sale or disposition
are retained and applied by the entity making the sale or disposition to purchase such replacement property; (xiv) dispositions
of cash and property and issuance of Equity Interests solely to consummate Investments permitted under Section 5.02(g)(iv), (ix),
(x), (xi), (xii), (xiii), (xiv), (xv), (xvi) or (xviii); (xv) dispositions of property made or deemed made solely because Liens
permitted under Section 5.02(a) on such property are granted; (xvi) sales or dispositions pursuant to the Albemarle Settlement
and Cross License; (xvii) the sale or disposition of equity securities of Persons that are not Subsidiaries held by the Company
and its Restricted Subsidiaries as of the Effective Date for cash consideration not exceeding $500,000; (xviii) dispositions pursuant
to the PMC Settlement or in accordance with the Plan; (xix) netting by the Company or any Subsidiary of intercompany loans, advances
and accounts receivable (and interest receivable on such loans, advances and receivables) that are held by the Company or such
Subsidiary, as applicable, against intercompany loans, advances and accounts payable (and interest payable with respect to such
loans, advances and payables) owed by the Company or such Subsidiary, as applicable, and dispositions thereof to accomplish such
netting, and dispositions of intercompany loans, advances, accounts receivable and accounts payable (and of interest receivable
on, and interest payable with respect to, such loans, advances, receivables and payables) in accordance with the Plan and/or the
Disclosure Statement; (xx) Restricted Payments made in accordance with Section 5.02(e); (xxi) dispositions of cash or Cash Equivalents
in the ordinary course in any transaction otherwise permitted hereunder; and (xxii) the sale of the Consumer Products business
(including dedicated manufacturing plants in the U.S. and South Africa) of the Company and its Subsidiaries pursuant to the stock
purchase agreement dated as of October 9, 2013 among KIK Custom Products Inc., the Company, Chemtura Holdings GmbH, Great Lakes
Chemical Corporation, Great Lakes Chemical (Netherlands) B.V. and KCP Corporate Holdings Inc. and related documentation in effect
as of the Effective Date, as such agreement and documentation may thereafter be amended, supplemented or otherwise modified in
a manner not material and adverse to the interests of the Lenders.

 

    	 	127	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(i)          Nature
of Business. Engage, or permit any of its Restricted Subsidiaries to engage in any material line of business other than businesses
in which they are engaged in on the Effective Date or which are substantially related thereto or are reasonable extensions thereof,
it being understood that transactions permitted by Sections 5.02(a), 5.02(b), 5.02(c), 5.02(d), 5.02(e), 5.02(f), 5.02(g), 5.02(h)
and 5.02(l) and (for the avoidance of doubt) the discontinuance of a particular line or lines of business shall not constitute
a breach of this Section 5.02(i).

 

(j)          Limitation
on Prepayments, Redemption and Repurchase of Debt. Make, or permit any other Loan Party to make, any payment or prepayment
or redemption or acquisition for value (including, without limitation, by way of depositing with the trustee with respect thereto
money or securities before due for the purpose of paying when due) or any cancellation or other retirement of any Debt for borrowed
money of any Loan Party or any intercompany loan or advance (other than ordinary course accounts payable for goods and services
and interest payable thereon) owed by any Loan Party to a Non-Loan Party, either prior to the scheduled maturity thereof or (if
such Debt for borrowed money, intercompany loan or advance is stated to be payable on demand or has no scheduled maturity) upon
demand, in any manner other than the refinancing thereof with Permitted Refinancing Debt (provided that, for the avoidance
of doubt, nothing in this Section 5.02(j) shall be construed to prohibit the incurrence of additional Debt contemporaneously with
such refinancing if the incurrence of additional Debt is permitted under Section 5.02(b)); provided that (i) nothing in
this Section 5.02(j) shall be construed to prohibit (A) any Loan Party from paying, prepaying, redeeming, acquiring, cancelling
or retiring (or netting against intercompany loans, advances and accounts receivable (and interest receivables on such loans, advances
and receivables)) (1) accounts payable or (2) Debt or intercompany loans or advances owed to any other Loan Party, or
(B) any Non-Loan Party from paying, prepaying, redeeming, acquiring, cancelling or retiring (or netting against intercompany
loans, advances and accounts receivable (and interest receivables on such loans, advances and receivables)) any of its Debt, or
(C) any Loan Party from paying, prepaying, redeeming, acquiring, cancelling or retiring (or netting against intercompany loans,
advances and accounts receivable (and interest receivables on such loans, advances and receivables)) any Debt or intercompany loans
or advances owed to any Non-Loan Party or Joint Venture unless a Default has occurred and is continuing; provided that notwithstanding
the occurrence and continuance of a Default, any Loan Party may pay, prepay, redeem, acquire, cancel or retire (or net against
intercompany loans, advances and accounts receivable (and interest receivables on such loans, advances and receivables)) such Debt
or intercompany loans or advances in the ordinary course of the Loan Parties’ management of their intercompany receivables
and payables, (ii) the Loan Parties may make any prepayment or redemption or acquisition for value or any cancellation or other
retirement of Debt or other obligations of the Company or any Loan Party not to exceed in the aggregate $10,000,000 (to the extent
made after the Effective Date), and notwithstanding the occurrence and continuance of a Default, the Loan Parties may make any
prepayment or redemption or acquisition for value or any cancellation or other retirement of any Debt of a Loan Party or intercompany
loans or advances owed by any Loan Parties to any Non-Loan Parties not to exceed in the aggregate $35,000,000 (to the extent made
after the Effective Date) (provided that any portion of such amount utilized for such repayment and not re-loaned or re-advanced
to Loan Parties shall count against the $35,000,000 of Investments permitted under Section 5.02(g)(iii)), (iii) nothing in this
Section 5.02(j) shall be construed to prohibit (A) the issuance of any Letter of Credit to support any Debt or other obligations
of the Company or any Loan Party (and the drawing or reimbursement of any such Letter of Credit), to the extent the issuance of
such Letter of Credit is otherwise permitted under this Agreement, (B) the [reserved], or (C) the PMC Settlement, (iv) the Borrowers
may (A) prepay the obligations under the Loan Documents, and (B) make mandatory prepayments required under the Term Facility in
connection with any sale, transfer or other disposition of ownership of any asset of the Borrowers or the receipt of any proceeds
of property or casualty insurance and condemnation awards (and payments in lieu thereof), (v) each Loan Party may make any such
prepayment, redemption, acquisition, cancellation or other retirement if (A) the Restricted Payment Conditions with respect thereto
are satisfied on the date of such transaction and (B) no Default has occurred and is continuing immediately before or immediately
after giving effect thereto; (vi) the Company and its Subsidiaries may make any prepayment or redemption or acquisition for value
or any cancellation or other retirement of Debt or other obligations in accordance with the Plan and/or the Disclosure Statement;
and (vii) the Loan Parties may pay, prepay, redeem acquire, cancel, retire, defease or refund the Senior Notes. In addition, no
Loan Party shall permit any of its Restricted Subsidiaries to make any payment, redemption or acquisition on behalf of such Loan
Party which such Loan Party is prohibited from making under the provisions of this subsection (j).

 

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(k)          Unrestricted
Subsidiaries.

 

(i)          Designate
any Subsidiary as an Unrestricted Subsidiary unless such designation is made on or after the Effective Date by the Company delivering
to the Administrative Agent a certificate of a Responsible Officer of the Company certifying such designation and the satisfaction
of the following conditions: (A) Investments in such Subsidiary by the Company and the Restricted Subsidiaries, as applicable,
valued at the fair market value of such Unrestricted Subsidiary immediately prior to the time of such designation, shall be permitted
by Section 5.02(g), (B) at the time of such designation, no Default or Event of Default shall have occurred and be continuing or
would result therefrom, (C) on a Pro Forma Basis immediately after giving effect to such designation, the Restricted Payment Conditions
are satisfied and (D) such Subsidiary is not a “Restricted Subsidiary” (or “restricted subsidiary” or similar
term) under, to the extent outstanding, the Term Facility, the Senior Notes or any other Debt for borrowed money of the Company
or any of its Domestic Subsidiaries that are Material Subsidiaries with an outstanding principal amount exceeding $100,000,000;
or

 

(ii)         Re-designate
any Unrestricted Subsidiary as a Restricted Subsidiary unless such re-designation is made by Company delivering to the Administrative
Agent a certificate of a Responsible Officer of the Company certifying such re-designation and certifying that (A) immediately
after giving effect to such re-designation as a Restricted Subsidiary, such Subsidiary shall be in compliance with the covenants
hereunder, (B) at the time of such re-designation, no Default or Event of Default shall have occurred and be continuing or would
result therefrom and the Company shall be in compliance with the financial covenants in Section 5.04 on a Pro Forma Basis immediately
after giving effect to such re-designation as a Restricted Subsidiary, and (C) on a Pro Forma Basis immediately after giving effect
to such re-designation, the Restricted Payment Conditions are satisfied.

 

    	 	129	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(l)          Mergers.
Merge into or consolidate with any Person or permit any Person to merge into it, or permit any of its Restricted Subsidiaries to
merge into or consolidate with any Person or permit any Person to merge into it, except (i) for mergers or consolidations constituting
permitted Investments under Section 5.02(g) or dispositions (including dispositions of equity by means of a merger or consolidation)
permitted pursuant to Section 5.02(h) (other than Section 5.02(h)(ii)); (ii) mergers, consolidations, liquidations or dissolutions
(A) by any Loan Party (other than the Company) with or into any other Loan Party or any Non-Loan Party (provided that the
surviving entity is a Loan Party or becomes a Loan Party in accordance with Section 5.01(m)) or (B) by any Non-Loan Party with
or into any other Non-Loan Party or into any Loan Party (provided in the latter case that the surviving entity is a Loan
Party or becomes a Loan Party in accordance with Section 5.01(m)); provided that, in the case of any such merger or consolidation
under this clause (ii) involving a wholly owned Subsidiary of the Company that is a Loan Party, the Person formed by or surviving
such merger or consolidation shall be a wholly owned Subsidiary of the Company that is a Loan Party; and provided further
that in the case of any such merger or consolidation under this clause (ii)(x) to which the Company is a party, the Person formed
by such merger or consolidation shall be the Company and (y) to which a Loan Party (other than the Company) is a party (other than
a merger or consolidation made in accordance with subclause (B) above), the Person formed by such merger or consolidation shall
be a Loan Party; (iii) the dissolution, liquidation or winding up of any Subsidiary of the Company, provided that such dissolution,
liquidation or winding up would not reasonably be expected to have a Material Adverse Effect and the assets of the Subsidiary so
dissolved, liquidated or wound-up are distributed to the Company or to a Loan Party or, in the case of any dissolution, liquidation
or winding up of a Non-Loan Party, to the Persons holding the Equity Interests of such Restricted Subsidiary; (iv) mergers, liquidations,
dissolutions and consolidations contemplated under (and consummated in accordance with) the Plan and/or the Disclosure Statement;
and (v) any other merger or consolidation if (A) the condition set forth in clause (d) of the definition of “Permitted Acquisition”
is satisfied with respect to such merger or consolidation, (B) no Default has occurred and is continuing immediately before or
immediately after giving effect thereto and (C) in the case of a merger or consolidation of any Loan Party (other than the Company)
the surviving entity shall be a Loan Party and in the case of a merger or consolidation of the Company, the Company shall be the
surviving entity.

 

(m)          Amendments
of Constitutive Documents, Etc. Amend, or permit any other Loan Party to amend, its constitutive documents or any document
evidencing Debt for borrowed money of any Loan Party in an aggregate principal amount exceeding $20,000,000, except for: (i) in
the case of constitutive documents or Debt other than the Term Facility and the Senior Notes, amendments that would not reasonably
be expected to materially adversely affect the interests of the Lenders and (ii) in the case of any document evidencing Debt under
the Term Facility or the Senior Notes, amendments that (A) do not provide for an earlier final scheduled maturity date or scheduled
amortization that would by its terms result in a shorter weighted average life to maturity of such Debt, as in effect immediately
prior to such amendment, (B) do not result in the principal amount of such Debt (excluding any accrual of interest) exceeding the
applicable amount permitted under Section 5.02(b)(ii), (C) do not by their terms result in such Debt ranking senior in right of
payment to the Obligations under the Loan Documents, (D) do not by their terms contravene any of the requirements contained in
the definition of Permitted Refinancing Debt, mutatis mutandis (as if such amendments result in a replacement of such Debt
with the Permitted Refinancing Debt thereof), provided that for the avoidance of doubt, if any such amendment evidences
a refinancing of such Debt, nothing in this Section 5.02(m)(ii)(D) shall be construed to prohibit the incurrence of additional
Debt contemporaneously with such refinancing if such additional Debt is permitted under Section 5.02(b), (E) do not by their terms
result in any additional direct restriction on any specific payment of the Revolving Credit Facility or imposition of any other
additional direct restriction on the Company or any of its Restricted Subsidiaries that by its express terms conflicts with any
express term or provision set forth in the Loan Documents or contravention of the Intercreditor Agreement and (F) do not result
in such Debt containing any financial covenant with such maximum or minimum level for any period that (x) is materially adverse
to the interests of the Lenders or (y) does not take into account drawings under the Revolving Credit Facility and the most recent
applicable forecasts delivered by the Company pursuant to Section 5.03(e).

 

    	 	130	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(n)          Accounting
Changes. Without the consent of the Administrative Agent (not to be unreasonably withheld or delayed), make or permit any changes
in (i) accounting policies or reporting practices, except as permitted or required by generally accepted accounting principles,
or (ii) its Fiscal Year, it being understood that the application of fresh start accounting shall not be restricted.

 

(o)          Payment
Restrictions Affecting Subsidiaries. Directly or indirectly, enter into or allow to exist, or allow any Restricted Subsidiary
to enter into or allow to exist, any agreement or arrangement prohibiting or conditioning the ability of the Company or any such
Restricted Subsidiary to (i) create or assume any Lien upon any of its property or assets, (ii) pay dividends to, or repay or prepay
any Debt owed to, any Loan Party, (iii) make loans or advances to, or other investments in, any Loan Party, or (iv) transfer any
of its assets to any Loan Party, other than (A) any such agreement with or in favor of the Administrative Agents or the Lenders;
(B) in connection with (1) any agreement evidencing any Liens (or the underlying obligations secured by such Liens) permitted pursuant
to Section 5.02(a)(iii), (iv), (v), (vi), (vii), (viii), (xi), (xii), (xv) or (xvi) (so long as (x) in the case of agreements
evidencing Liens (or the underlying obligations secured by such Liens) permitted under Section 5.02(a)(iii) or (xii), such prohibitions
or conditions are customary for such Liens and the obligations they secure and (y) in the case of agreements evidencing Liens (or
the underlying obligations secured by such Liens) permitted under Section 5.02(a)(v), (vi), (vii), (viii), (xi) or (xvi), such
prohibitions or conditions relate solely to the assets that are the subject of such Liens or in the case of clause (vi), the assets
of Foreign Subsidiaries) or (2) any Debt permitted to be incurred under Sections 5.02(b)(ii), (vi), (vii), (viii), (x), (xi), (xii),
(xiii) or (xiv) above (so long as in the case of agreements evidencing Debt permitted under Section 5.02(b)(ii)(B), (vii), (x),
(xi) or (xiv), such prohibitions or conditions are limited to the assets securing such Debt or in the case of clause (x), the assets
of Foreign Subsidiaries); (C) any agreement setting forth customary restrictions on the subletting, assignment or transfer of any
property or asset that is a lease, license, conveyance or contract of similar property or assets; (D) any restriction or encumbrance
imposed pursuant to an agreement that has been entered into by the Company or any Restricted Subsidiary for the disposition of
any of its property or assets so long as such disposition is otherwise permitted under the Loan Documents; (E) any such agreement
imposed in connection with consignment agreements entered into in the ordinary course of business; (F) any agreement in existence
on the Effective Date; (G) any agreement in existence at the time a Subsidiary is acquired so long as such agreement was not
entered into in contemplation of such acquisition; (H) restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business; (I) customary provisions restricting assignment of any agreement entered into
in the ordinary course of business; and (J) the definitive agreements entered into with respect to the Senior Notes and the Term
Facility.

 

    	 	131	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(p)          Sales
and Lease Backs. Enter into, or permit any of its Restricted Subsidiaries to enter into, any arrangement whereby it shall sell
or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter
lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold
or transferred (a “Sale and Leaseback Transaction”) unless (a) such Sale and Leaseback Transaction is consummated
for fair value as determined at the time of consummation in good faith by (i) the Company or such Restricted Subsidiary and (ii)
in the case of any Sale and Leaseback Transaction (or series of related Sale and Leaseback Transactions) the aggregate proceeds
of which exceed $25.0 million, the board of directors of the Company or such Restricted Subsidiary (which such determination may
take into account any retained interest or other Investment of the Company or such Restricted Subsidiary in connection with, and
any other material economic terms of, such Sale and Leaseback Transaction); (b) the sale of such property is permitted by Section
5.02(h)(x); (c) the Net Cash Proceeds of the sale of such property are applied as and to the extent required by Section 2.07(b)(i);
and (d) the incurrence of any Attributable Indebtedness in respect thereof is permitted under Section 5.02(b); provided,
this Section 5.02(p) shall not apply to Sale and Leaseback Transactions (i) between Loan Parties or (ii) between Non-Loan Parties.

 

(q)          Speculative
Transactions. Engage, or permit any of its Restricted Subsidiaries to engage, in any interest rate, commodity, hedge, currency
or future contract or similar speculative transaction, except for hedge transactions for the sole purpose of risk management of
fluctuations in interest rates, exchange rates and commodity prices in the normal course of business and consistent with industry
practice.

 

(r)          Exempt
Accounts. Deposit or permit to be deposited into any Exempt Account or Excluded Account, or allow any of its Restricted Subsidiaries
to deposit or permit to be deposited into any Exempt Account or Excluded Account, the proceeds of any Revolving Facility Collateral
(to the extent when such proceeds are first received by the Company or any of its Restricted Subsidiaries, such proceeds are paid
for sales of Inventory of the US Loan Parties or collections of Accounts of the US Loan Parties or related general intangibles
and contract rights); provided that (i) so long as a Cash Dominion Period is not in effect, the Company and its Restricted
Subsidiaries (other than the Foreign Borrower and the Swiss Guarantor) may transfer funds from any other account that is not an
Exempt Account or Excluded Account into an Exempt Account or Excluded Account, which funds may contain proceeds of Revolving Facility
Collateral, (ii) any such proceeds of such Revolving Facility Collateral that have been deposited in an Exempt Account or Excluded
Account without causing a breach of this Section 5.02(r) shall immediately after such deposit cease to be subject to the restrictions
of this Section 5.02(r) for all purposes, and (iii) if any such proceeds of such Revolving Facility Collateral are deposited in
or transferred to any Exempt Account or Excluded Account (other than pursuant to clause (i) above and other than such proceeds
which have ceased to be subject to the provisions of this Section 5.02(r)), the US Loan Parties shall promptly transfer, or cause
to be transferred, such proceeds into a lockbox or deposit account other than an Exempt Account or an Excluded Account, and the
US Loan Parties shall not be deemed in breach of this Section 5.02(r) if they comply with their obligation under this clause (iii).

 

Section
5.03 Reporting Requirements. So long as any Advance shall remain unpaid, any Letter
of Credit shall be outstanding and not Cash Collateralized or any Lender Party shall have any Commitment hereunder, the Borrowers
will furnish to the Administrative Agent:

 

(a)          Default
Notice. As soon as possible and in any event within (i) three Business Days after any Loan Party or any Responsible Officer
thereof has knowledge of the occurrence of each Default, (ii) five Business Days after any Loan Party or any Responsible Officer
thereof has knowledge of the occurrence of any event, development or occurrence that has had a Material Adverse Effect or (ii)
30 days after any Loan Party or any Responsible Officer thereof has knowledge of the occurrence of any event, development or occurrence
that would reasonably be expected to have a Material Adverse Effect continuing on the date of such statement, a statement of a
Responsible Officer (or person performing similar functions) of the Company setting forth details of such Default or other event
and the action that the Company has taken and proposes to take with respect thereto.

 

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(b)          [Intentionally
Omitted]

 

(c)          Quarterly
Financials. 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, a Consolidated balance sheet of the Company and its Subsidiaries as of the end of such quarter, and Consolidated
statements of income and cash flows of the Company and its Subsidiaries for the period commencing at the end of the previous quarter
and ending with the end of such quarter, and Consolidated statements of income cash flows of the Company and its Subsidiaries for
the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth, in each case
in comparative form, the corresponding figures for the corresponding period of the immediately preceding Fiscal Year, all in reasonable
detail and duly certified (subject to normal year-end audit adjustments) by a Responsible Officer of the Company as having been
prepared in accordance with GAAP, together with a certificate of said officer stating that no Default has occurred and is continuing
or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Company has taken
and proposes to take with respect thereto, together with a schedule in form reasonably satisfactory to the US Administrative Agent
of the computations that would be used (if such fiscal quarter ended during a Testing Period) in determining, as of the end of
such fiscal quarter, compliance with the covenant contained in Section 5.04; provided that, in the event of any change in
GAAP used in the preparation of such financial statements, the Company shall also provide, if necessary for the determination of
compliance with Section 5.04 and a Testing Period has commenced and is continuing, a statement of reconciliation conforming such
financial statements to GAAP; and provided further that, if the Company has designated any Subsidiaries as Unrestricted
Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary,
then the quarterly financial information required by this Section 5.03(c) shall include a reasonably detailed presentation, as
determined in good faith by senior management of the Company, either on the face of the financial statements or in the footnotes
thereto, and in (to the extent delivered or required to be delivered) “Management’s Discussion and Analysis Condition
and Results of Operations,” of the financial condition and results of operations of the Company and its Restricted Subsidiaries
separate from the financial condition and results of operations of the Unrestricted Subsidiaries.

 

(d)          Annual
Financials. As soon as available and in any event no later than 90 days following the end of the Fiscal Year, a copy of the
annual audit report for such Fiscal Year, including therein a Consolidated balance sheet of the Company and its Subsidiaries as
of the end of such Fiscal Year and Consolidated statements of income and cash flows of the Company and its Subsidiaries for such
Fiscal Year, in each case accompanied by (A) an opinion of independent public accountants of recognized national standing reasonably
acceptable to the US Administrative Agent and (B) a certificate of a Responsible Officer of the Company stating that no Default
has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action
that the Company has taken and proposes to take with respect thereto, together with (if such Fiscal Year ended during a Testing
Period) a schedule in form reasonably satisfactory to the US Administrative Agent of the computations used in determining, as of
the end of such Fiscal Year, compliance with the covenant contained in Section 5.04; provided that, in the event of
any change in GAAP used in the preparation of such financial statements, the Company shall also provide, if necessary for the determination
of compliance with Section 5.04 and a Testing Period has commenced and is continuing, a statement of reconciliation conforming
such financial statements to GAAP; provided further that in the event the Company’s accountants have not yet
completed the procedures required to issue an opinion at the time delivery of such opinion would be required under preceding clause (A),
the requirement to deliver the annual audit report (and the aforementioned financial statements) at such time shall be deemed satisfied
by delivery at such time of a complete draft of the Company’s Form 10-K and delivery of such opinion not later than 120 days
following the end of such Fiscal Year; and provided further that, if the Company has designated any Subsidiaries
as Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been
a Significant Subsidiary, then the annual financial information required by this Section 5.03(d) shall include a reasonably detailed
presentation, as determined in good faith by senior management of the Company, either on the face of the financial statements or
in the footnotes thereto, and in (to the extent delivered or required to be delivered) “Management’s Discussion and
Analysis Condition and Results of Operations,” of the financial condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries.

 

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(e)          Budget.
No later than 45 days after the beginning of each Fiscal Year, the budget for such Fiscal Year and each subsequent Fiscal Year
through the Maturity Date, showing projected Consolidated balance sheets, income statements and cash flow statements of the Company
and its Subsidiaries on an annual basis.

 

(f)          Fixed
Charge Coverage Ratio. No later than 45 days after the end of each of the first three quarters of each Fiscal Year and no later
than 90 days after the end of each Fiscal Year, a certificate by a Responsible Officer of the Company certifying whether the Company
would be in compliance with the covenant in Section 5.04 if such covenant were applicable at such time for the quarter then ended,
together with a schedule in form and substance reasonably satisfactory to the US Administrative Agent of the computations used
in making such determination, such certificate to be required whether or not the Testing Period applies.

 

(g)          ERISA
and Foreign Plan Events and Reports. Promptly and in any event within 10 Business Days after any Loan Party or any ERISA Affiliate
knows or has reason to know that any ERISA Event (or similar event with respect to a Foreign Plan) has occurred, a statement of
a Responsible Officer of the Company describing such ERISA Event (or such similar event with respect to a Foreign Plan) and the
action, if any, that such Loan Party or the applicable ERISA Affiliate has taken and proposes to take with respect thereto, on
the date any records, documents or other information must be furnished to the PBGC with respect to any ERISA Plan pursuant to Section
4010 of ERISA (or to the applicable Governmental Authority with respect to such similar event with respect to a Foreign Plan pursuant
to applicable law), a copy of such records, documents and information.

 

(h)          Plan
Terminations. Promptly and in any event within two Business Days after receipt thereof by any Loan Party or any ERISA Affiliate,
copies of each notice from the PBGC stating its intention to terminate any ERISA Plan or to have a trustee appointed to administer
any ERISA Plan.

 

(i)          Actuarial
Reports. Promptly and in any event within 20 Business Days after receipt thereof by any Loan Party or any ERISA Affiliate,
a copy of the annual actuarial valuation report for each Single Employer Plan with respect to any plan year with respect to which
the funding target attainment percentage (as defined in Section 303(d)(2) of ERISA) is less than 90%.

 

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(j)          Multiemployer
Plan Notices. Promptly and in any event within five Business Days after receipt thereof by any Loan Party or any ERISA Affiliate
from the sponsor of a Multiemployer Plan, copies of each notice concerning (i) the imposition of Withdrawal Liability upon a Loan
Party or ERISA Affiliate by any such Multiemployer Plan, (ii) the reorganization or termination, within the meaning of Title IV
of ERISA, of any such Multiemployer Plan or (iii) the amount of liability that will be incurred, or that may be incurred, by such
Loan Party or any ERISA Affiliate in connection with any event described in clause (i) or (ii) above.

 

(k)          Litigation.
Promptly after the commencement thereof, notice of each unstayed action, suit, investigation, litigation and proceeding before
any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting any
Loan Party or any of its Restricted Subsidiaries that (i) would be reasonably likely to have a Material Adverse Effect or (ii) purports
to affect the legality, validity or enforceability of this Agreement, any Note, any other Loan Document or the consummation of
the transactions contemplated hereby.

 

(l)          Securities
Reports. Promptly after the sending or filing thereof, copies of all proxy statements, financial statements and reports that
the Company sends to its public stockholders, copies of all regular, periodic and special reports, and all registration statements,
that the Company files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor,
or with any national securities exchange and copies of all private placement or offering memoranda pursuant to which securities
of any Loan Party that are exempt from registration under the Securities Act are proposed to be issued and sold thereby; provided
that such documents may be made available by posting on the Company’s website.

 

(m)          Environmental
Conditions. As soon as practicable after the assertion or receipt thereof, written notice of any Environmental Action against
or of any non-compliance by any Loan Party or any of its Restricted Subsidiaries with any applicable Environmental Law or Environmental
Permit that would reasonably be expected to (i) have a Material Adverse Effect or (ii) cause any of its real property to be
subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law that would reasonably be
expected to have a Material Adverse Effect.

 

(n)          Other
Information. Such other information respecting the business, condition (financial or otherwise), operations, performance, properties
or prospects of any Loan Party or any of its Subsidiaries as any Lender Party (through the Administrative Agent) or the Administrative
Agent may from time to time reasonably request.

 

(o)          Borrowing
Base Certificate. A Borrowing Base Certificate substantially in the form of Exhibit E as of the date required to be delivered
or so requested, in each case with supporting documentation, which shall be furnished to the Lenders: (i) as soon as available
and in any event prior to the Initial Extension of Credit to be made on the Effective Date, (ii) after the Effective Date, (A)
if a Weekly Reporting Period or Specified Default has commenced and is continuing, on or before Wednesday (or if such day is not
a Business Day, the immediately succeeding Business Day) of each calendar week, which weekly Borrowing Base Certificate shall reflect
the Inventory and Eligible Receivables updated as of the end of the immediately preceding Friday, and (B) if no Weekly Reporting
Period or Specified Default has commenced and is continuing, on or before the 10th Business Day of each calendar month, which monthly
Borrowing Base Certificate shall reflect the Eligible Receivables and Eligible Inventory updated as of the end of the immediately
preceding calendar month; provided that notwithstanding anything herein to the contrary, the Company shall be permitted
upon notice of such election to the Administrative Agent to deliver an updated Borrowing Base Certificate more frequently than
monthly (as specified in such notice) (provided that in such case, the Company shall, for the immediately following 90 days,
deliver an updated Borrowing Base Certificate with the same frequency as the frequency specified in such notice), (iii) if there
is any sale pursuant to Section 5.02(h)(x) or any casualty or condemnation event with respect to any Inventory or Accounts of the
Borrowers, in any such case for an amount exceeding $25,000,000 in any single such transaction or event, as soon as practicable
after such sale or casualty or condemnation event, and (iv) if reasonably requested by any Administrative Agent at any time
when the Administrative Agent reasonably believes that the then existing Borrowing Base Certificate is materially inaccurate, as
soon as reasonably available after such time or such request, in each case with supporting documentation as the Administrative
Agent may reasonably request.

 

    	 	135	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Section
5.04 Financial Covenant. So long as any Advance shall remain unpaid, any Letter
of Credit shall be outstanding and not Cash Collateralized or any Lender Party shall have any Commitment hereunder, the Company
will, at all times during any Testing Period, maintain a Fixed Charge Coverage Ratio of not less than 1.0:1.0.

 

Article
VI

EVENTS OF DEFAULT

 

Section
6.01 Events of Default. If any of the following events (“Events of Default”)
shall occur and be continuing:

 

(a)          a
Borrower shall fail to pay any principal of any Advance or any unreimbursed drawing with respect to any Letter of Credit when the
same shall become due and payable or any Loan Party shall fail to make any payment of interest on any Advance or any other payment
under any Loan Document within three business days after the same becomes due and payable; or

 

(b)          any
representation or warranty made by any Loan Party (or any of its officers acting in his/her capacity as such and on behalf of a
Loan Party) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made
or deemed made; or

 

(c)          any
Loan Party shall fail to perform or observe (i) any term, covenant or agreement contained in Section 2.15, 5.01(a) (with respect
to the Loan Parties), 5.01(c), 5.01(f), 5.02, 5.03(o) or 5.04 or (ii) any term, covenant or agreement contained in Section 5.03
(other than subsection (o) thereof) if such failure shall remain unremedied for 10 Business Days; or

 

(d)          any
Loan Party shall fail to perform any other term, covenant or agreement contained in any Loan Document on its part to be performed
or observed if such failure shall remain unremedied for 30 days; or

 

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(e)          (i)
any Loan Party or any of its Restricted Subsidiaries shall fail to pay any principal of, premium or interest on or any other amount
payable in respect of one or more items of Debt of the Loan Parties and their Restricted Subsidiaries (excluding Debt outstanding
hereunder) that is outstanding in an aggregate principal or notional amount (or, in the case of any Hedge Agreement, an Agreement
Value) of at least $20,000,000 when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable cure or grace period, if any, specified in the agreements
or instruments relating to all such Debt; or (ii) any other event shall occur or condition shall exist under the agreements
or instruments relating to one or more items of Debt of the Loan Parties and their Restricted Subsidiaries (excluding Debt outstanding
hereunder) that is outstanding in an aggregate principal or notional amount of at least $20,000,000, and such other event or condition
shall continue after the applicable cure or grace period, if any, specified in all such agreements or instruments, if the effect
of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt or otherwise to cause,
or to permit the holder thereof to cause, such Debt to mature, provided that in the case that such other event or condition
shall be a breach of the financial covenant contained in the Term Facility Credit Agreement that shall not have resulted in the
acceleration of the Debt under the Term Facility Credit Agreement, such other event or condition shall have continued for 15 days
after the end of the cure or grace period specified in the Term Facility Credit Agreement as being applicable to such breach; or
(iii) one or more items of Debt of the Loan Parties and their Restricted Subsidiaries (excluding Debt outstanding hereunder) that
is outstanding in an aggregate principal or notional amount (or, in the case of any Hedge Agreement, an Agreement Value) of at
least $20,000,000 shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled
or required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall
be required to be made, in each case prior to the stated maturity thereof; or

 

(f)          there
is rendered against any Loan Party or any of its Restricted Subsidiaries one or more final, non-appealable judgments or orders
for the payment of money in excess of $20,000,000 (to the extent not covered by independent third-party insurance as to which the
insurer has been notified of the potential claim and does not dispute coverage or by reserves established as contemplated under,
and in accordance with, the Plan and/or the Disclosure Statement) in the aggregate at any time and (A) enforcement proceedings
shall have been commenced by any creditor upon such judgment or order and such proceedings are not stayed or vacated, or (B) there
shall be any period of 30 consecutive days during which such judgment or order has not been vacated, discharged or bonded or a
stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 

(g)          (i)
a conservatory attachment (conservatoir beslag) is made on any asset of the Foreign Borrower in respect of an alleged claims of
$10,000,000 (or the Equivalent thereof in the applicable currency) or more and such attachment is not lifted within 65 days, or
(ii) the Foreign Borrower files a notice under Clause 36 of the 1990 Dutch Tax Collection Act (Invorderingswet 1990); or

 

(h)          any
Collateral Document after delivery thereof pursuant to Article III shall for any reason (other than pursuant to the terms thereof
or as a result of an action or inaction of any Administrative Agent or any Lender, to the extent that such action or inaction relates
to the perfection or non-perfection of Collateral) cease to create a valid and perfected Lien on and security interest in the Collateral
purported to be covered thereby and to the extent required therein; or

 

(i)          the
Company or any Loan Party shall incur, or shall be reasonably likely to incur liability as a result of one or more of the following:
(i) the occurrence of any ERISA Event or similar event with respect to a Foreign Plan; (ii) the
partial or complete withdrawal of the Company or any of its ERISA Affiliates or Loan Party from a Multiemployer Plan or Foreign
Plan; or (iii) the reorganization or termination of a Multiemployer Plan or Foreign Plan, except, in each case, (a) any liability
that is reasonably expected to be treated as a general unsecured claim in the Cases and would not reasonably be expected to result
in a Material Adverse Effect and (b) other liabilities not greater than $20,000,000 in the aggregate; or

 

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(j)          any
Loan Party shall challenge the validity of any Loan Document or the applicability or enforceability of any Loan Document or shall
seek to void, avoid, limit, or otherwise adversely affect the security interest created by or in any Loan Document or any payment
made pursuant thereto; or

 

(k)          a
Change of Control shall occur; or

 

(l)          any
Borrower or any Material Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted
by or against any Borrower or any Material Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating
to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment
of a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case of any such
proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such
proceeding shall remain undismissed or unstayed for a period of 30 days or any of the actions sought in such proceeding (including,
without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar
official for, it or any substantial part of its property) shall occur; or any Borrower or any Material Subsidiary shall take any
corporate action to authorize any of the actions set forth above in this subsection (l);

 

then, and in any such event, the Administrative
Agents (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the
obligation of each Lender to make Advances (other than Letter of Credit Advances by the Issuing Banks or a Lender pursuant to Section
2.03(c)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, (ii) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Advances, all interest
thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon
the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers, and (iii) shall at the request,
or may with the consent, of the Required Lenders (A) set-off amounts in the L/C Cash Collateral Account, or any other accounts
of the Loan Parties and apply such amounts to the Obligations of the Loan Parties that are due and payable hereunder and under
the other Loan Documents, and (B) exercise any and all remedies against the Collateral under this Agreement, the Loan Documents,
and applicable law available to the Agents and the Lenders; provided, however, that, upon the occurrence of an actual or
deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code, (x) the Commitments of each Lender
Party and the obligation of each Lender Party to make Advances (other than Letter of Credit Advances by the Issuing Banks or a
Lender pursuant to Section 2.03(c)) and of the Issuing Bank to issue Letters of Credit shall automatically be terminated and (y)
the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand,
protest or any notice of any kind, all of which are hereby expressly waived by each Borrower.

 

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Section
6.02 Actions in Respect of the Letters of Credit upon Default. If any Event
of Default shall have occurred and be continuing, each Administrative Agent may, or shall at the request of the Required Lenders,
irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrowers
to, and forthwith upon such demand the Borrowers will, pay to the Administrative Agents on behalf of the Lender Parties in same
day funds at the Administrative Agent’s Offices, for deposit in the L/C Cash Collateral Accounts, an amount equal to 103%
of the aggregate Available Amount of all Letters of Credit then outstanding. If at any time the Administrative Agent under any
Revolving Credit Facility determines that any funds held in the L/C Cash Collateral Account with respect to such Revolving Credit
Facility are subject to any right or claim of any Person other than such Administrative Agent and the Lender Parties under such
Revolving Credit Facility or that the total amount of such funds is less than the aggregate Available Amount of all Letters of
Credit under such Revolving Credit Facility, the Borrowers under such Revolving Credit Facility will, forthwith upon demand by
such Administrative Agent, pay to such Administrative Agent, as additional funds to be deposited and held in such L/C Cash Collateral
Account, an amount equal to 103% of the excess of (a) such aggregate Available Amount over (b) the total amount of funds,
if any, then held in such L/C Cash Collateral Account that such Administrative Agent determines to be free and clear of any such
right and claim.

 

Section
6.03 Waterfall. (a) Any cash held by or on behalf of the US Administrative Agent
and all cash proceeds received by or on behalf of the US Administrative Agent in respect of any sale of, collection from, or other
realization upon all or any part of the Collateral may, in the discretion of the US Administrative Agent, be held by the US Administrative
Agent as collateral for, and/or then or at any time thereafter applied in whole or in part by the US Administrative Agent for
the ratable benefit of the US Secured Parties against, all or any part of the US Obligations that are Secured Obligations, in
the following manner:

 

(i)          first,
paid to the US Administrative Agent for any costs and expenses then owing to such Agent pursuant to Section 9.04 or otherwise under
the Loan Documents, ratably in accordance with the amount of such costs and expenses then owing to the Agents;

 

(ii)         second,
ratably (A) paid to the US Lender Parties for any amounts then owing to them, in their capacities as such, in respect of the Obligations
under the Loan Documents (excluding, for the avoidance of doubt, Obligations under Cash Management Agreements), ratably in accordance
with such respective amounts then owing to such US Lender Parties;; and (B) deposited as Collateral in the US L/C Cash Collateral
Account up to an amount equal to 103% of the aggregate Available Amount of all outstanding US Letters of Credit, provided
that in the event that any such US Letter of Credit is drawn, the US Administrative Agent shall pay to the US Issuing Bank that
issued such US Letter of Credit the amount held in the US L/C Cash Collateral Account in respect of such US Letter of Credit, provided
further that, to the extent that any such US Letter of Credit shall expire or terminate undrawn and as a result thereof
the amount of the Collateral in the US L/C Cash Collateral Account shall exceed 103% of the aggregate Available Amount of all then
outstanding US Letters of Credit, such excess amount of such Collateral shall be applied in accordance with the remaining order
of priority set out in this Section 6.03(a); and

 

(iii)        third,
ratably paid to the US Cash Management Banks for any amounts then owing to them in respect of Obligations under US Secured Cash
Management Agreements, ratably in accordance with such respective amounts then owing to such US Cash Management Banks;.

 

(b) Any cash held by
or on behalf of the Foreign Administrative Agent and all cash proceeds received by or on behalf of the Foreign Administrative Agent
in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion
of the Foreign Administrative Agent, be held by the Foreign Administrative Agent as collateral for, and/or then or at any time
thereafter applied in whole or in part by the Foreign Administrative Agent for the ratable benefit of the Foreign Secured Parties
against, all or any part of the Foreign Obligations that are Secured Obligations, in the following manner:

 

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(i)          first,
paid to the Foreign Administrative Agent for any costs and expenses then owing to such Agent pursuant to Section 9.04 or otherwise
under the Loan Documents;

 

(ii)         second,
ratably (A) paid to the Foreign Lender Parties for any amounts then owing to them, in their capacities as such, in respect of the
Foreign Obligations under the Loan Documents (excluding, for the avoidance of doubt, Obligations under Cash Management Agreements),
ratably in accordance with such respective amounts then owing to such Foreign Lender Parties; and (B) deposited as Collateral in
the Foreign L/C Cash Collateral Account up to an amount equal to 103% of the aggregate Available Amount of all outstanding Foreign
Letters of Credit, provided that in the event that any such Foreign Letter of Credit is drawn, the Foreign Administrative
Agent shall pay to the Foreign Issuing Bank that issued such Foreign Letter of Credit the amount held in the Foreign L/C Cash Collateral
Account in respect of such Foreign Letter of Credit, provided further that, to the extent that any such Foreign Letter
of Credit shall expire or terminate undrawn and as a result thereof the amount of the Collateral in the Foreign L/C Cash Collateral
Account shall exceed 103% of the aggregate Available Amount of all then outstanding Foreign Letters of Credit, such excess amount
of such Collateral shall be applied in accordance with the remaining order of priority set out in this Section 6.03(b); and

 

(iii)        third,
ratably paid to the Foreign Cash Management Banks for any amounts then owing to them in respect of Foreign Obligations under Foreign
Secured Cash Management Agreements, ratably in accordance with such respective amounts then owing to such Foreign Cash Management
Banks;.

 

Article
VII

THE AGENTS

 

Section
7.01 Appointment and Authority. (a) Each of the US Lender Parties hereby irrevocably
appoints Bank of America to act on its behalf as the US Administrative Agent hereunder and under the other Loan Documents and
authorizes the US Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
US Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.
Each of the Foreign Lender Parties hereby irrevocably appoints Bank of America to act on its behalf as the Foreign Administrative
Agent hereunder and under the other Loan Documents and authorizes the Foreign Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Foreign Administrative Agent by the terms hereof or thereof, together
with such actions and powers as are reasonably incidental thereto. Except for Sections 7.01(c), 7.01(d), 7.10, 7.11, 7.12, and
7.13, the provisions of this Article are solely for the benefit of the Administrative Agent and the Lender Parties, and neither
any Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.

 

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(b)          The
US Administrative Agent shall also act as the “collateral agent” for the US Secured Parties under the Loan Documents,
and each of the US Lender Parties and Lead Arrangers (including in its capacities as a potential US Cash Management Bank) hereby
irrevocably appoints and authorizes the US Administrative Agent to act as the agent of such US Lender Party or Lead Arranger for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of
the US Obligations, together with such powers and discretion as are reasonably incidental thereto. The Foreign Administrative Agent
shall also act as the “collateral agent” for the Foreign Secured Parties under the Loan Documents, and each of the
Foreign Lender Parties and Lead Arrangers (including in its capacities as a potential Foreign Cash Management Bank) hereby irrevocably
appoints and authorizes the Foreign Administrative Agent to act as the agent of such Foreign Lender Party or Lead Arranger for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of
the Foreign Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, each
Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by any Administrative
Agent pursuant to Section 7.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent),
shall be entitled to the benefits of all provisions of this Article VII and Article X (including Section 10.04(c), as though such
co agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in
full herein with respect thereto.

 

(c)          In
addition to the foregoing, each Foreign Secured Party (other than the Foreign Administrative Agent) hereby appoints the Foreign
Administrative Agent as (i) its representative (vertegenwoordiger / représentant) within the meaning of article 5 of the
Belgian Financial Collateral Act of 15 December 2004 in respect of each Foreign Security Document governed by Belgian law relating
to financial instruments and cash on account, and (ii) its representative (lasthebber / mandataire) within the meaning of Article
1984 et seq. of the Belgian Civil Code in respect of any Foreign Security Document governed by Belgian law other than mentioned
in sub-paragraph (i) above, to represent and act on behalf of each Foreign Secured Party in relation to any action required or
advisable in connection with the entry into, performance, management and foreclosure of, and in respect of any dispute arising
from or in connection with, any such Foreign Security Document governed by Belgian law.

 

(d)          Notwithstanding
anything to the contrary in this Agreement or any other Loan Document to the contrary, so long as both the US Administrative Agent
and the Foreign Administrative Agent are the same Person or Affiliates, (i) any obligation or requirement under this Agreement
or any other Loan Document to deliver a document, request, report, notice or other information to an Administrative Agent, shall
be satisfied upon the delivery of such document, request, report, notice or other information to any Administrative Agent, and
(ii) with respect to any term, condition or other provision in this Agreement or any other Loan Document (other than with respect
to amendments to the extent expressly set forth in Section 10.01) requiring the consent or satisfaction of (or determination that
any event, document, information, condition, circumstance, etc. is satisfactory) an Administrative Agent, such consent, satisfaction
or determination furnished by any Administrative Agent shall be deemed furnished by each Administrative Agent and shall satisfy
such term, condition or provision, in each case of clauses (i) and (ii), without any further requirement, obligation or action
of any Loan Party or any other Person.

 

Section
7.02 Rights as a Lender. The Person serving as an Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were
not an Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated
or unless the context otherwise requires, include the Person serving as an Administrative Agent hereunder in its individual capacity.
Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if
such Person were not an Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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Section
7.03 Exculpatory Provisions. No Administrative Agent shall have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, each
Administrative Agent:

 

(a)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law; and

 

(c)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by
the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

No Administrative Agent
shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Sections 6.01 and 10.01) or (ii) in the absence of its own gross negligence
or willful misconduct. Each Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given to such Administrative Agent by the Company or a Lender Party.

 

No Administrative Agent
shall 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 or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection
or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral,
or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to such Administrative Agent.

 

Section
7.04 Reliance by Administrative Agent. Each Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Administrative Agent also
may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of an Advance,
or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or Issuing Bank, each
Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless such Administrative
Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to the making of such Advance or the issuance
of such Letter of Credit. Each Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

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Section
7.05 Delegation of Duties. Each Administrative Agent may perform any and all of
its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by such Administrative Agent. Each Administrative Agent and any such sub agent may perform any and all of its duties
and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Related Parties of each Administrative Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent.

 

Section
7.06 Resignation of Administrative Agent. The Administrative Agent under each Revolving
Credit Facility may at any time give prior written notice of its resignation to the Lender Parties and the Company. Upon receipt
of any such notice of resignation, the Lenders holding at least the majority of the Commitments and Advances under such Revolving
Credit Facility shall have the right, in consultation with the Company, to appoint a successor, which in the case of the US Administrative
Agent shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States;
provided that such successor shall comply with the requirements of Section 2.13(e) prior to becoming the successor under
this Agreement, and a foreign agent shall not be appointed as successor if such appointment would, upon the effectiveness of such
appointment, result in a tax gross-up or indemnification payment under this Agreement. If no such successor shall have been so
appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the Lender Parties appoint a successor Administrative Agent
meeting the qualifications set forth above; provided that if the retiring Administrative Agent shall notify the Company
and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective
in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations as
Administrative Agent in respect of such Revolving Credit Facility hereunder and under the other Loan Documents (except that in
the case of any collateral security held by such Administrative Agent on behalf of any of the Lenders under any of the Loan Documents,
the retiring Administrative Agent shall continue to hold such collateral security as nominee until such time as a successor Administrative
Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through such Administrative
Agent shall instead be made by or to each Lender Party directly, until such time as the Lenders holding a majority of the Commitments
under such Revolving Credit Facility appoint a successor Administrative Agent as provided for above in this Section. Upon the
acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative
Agent shall be discharged from all of its duties and obligations as Administrative Agent hereunder or under the other Loan Documents
(if not already discharged therefrom as provided above in this Section). The fees payable by the Company to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After
the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article
VII and Section 10.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.

 

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Any resignation by Bank
of America as US Administrative Agent pursuant to this Section shall also constitute its resignation as Swing Line Lender and,
if Bank of America shall have become an US Issuing Bank, its resignation as an US Issuing Bank. Any resignation by Bank of America
as Foreign Administrative Agent pursuant to this Section shall also constitute its resignation as a Foreign Issuing Bank. Upon
the acceptance of a successor’s appointment as US Administrative Agent hereunder, (i) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring Swing Line Lender and, if applicable, US Issuing
Bank, (ii) the retiring Swing Line Lender and, if applicable, US Issuing Bank shall be discharged from all of its duties and obligations
as Swing Line Lender and US Issuing Bank, as the case may be, hereunder or under the other Loan Documents, and (iii) the successor
US Issuing Bank shall issue letters of credit in substitution for the US Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to the retiring US Issuing Bank to effectively assume the obligations of
the retiring US Issuing Bank with respect to such US Letters of Credit. Upon the acceptance of a successor’s appointment
as Foreign Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the Foreign Issuing Bank, (ii) the retiring Foreign Issuing Bank shall be discharged from all of its duties
and obligations as Foreign Issuing Bank hereunder or under the other Loan Documents, and (iii) the successor Foreign Issuing Bank
shall issue letters of credit in substitution for the Foreign Letters of Credit, if any, outstanding at the time of such succession
or make other arrangements satisfactory to the retiring Foreign Issuing Bank to effectively assume the obligations of the retiring
Foreign Issuing Bank with respect to such Foreign Letters of Credit.

 

Section
7.07 Non-Reliance on Administrative Agent and Other Lender Parties. Each Lender
Party acknowledges that it has, independently and without reliance upon any Administrative Agent or any other Lender Party or
any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon
any Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Section
7.08 No Other Duties, etc. Anything herein to the contrary notwithstanding,
none of the Bookrunners, Lead Arrangers, the Syndication Agent or the Co-Documentation Agents listed on the cover page hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as an Administrative Agent or as a Lender or Issuing Bank hereunder. 

 

Section
7.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, each Administrative Agent
under each Revolving Credit Facility (irrespective of whether the principal of any Advance or L/C Obligation shall then be due
and payable as herein expressed or by declaration or otherwise and irrespective of whether such Administrative Agent shall have
made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Advances, L/C Obligations
and all other Obligations in respect of such Revolving Credit Facility hereunder and under the other Loan Documents that are owing
and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lender Parties
under such Revolving Credit Facility and such Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lender Parties and the Administrative Agent and their respective agents and counsel and all other
amounts due the Lender Parties and the Administrative Agent under Sections 2.09 and 10.04) allowed in such judicial proceeding;
and

 

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(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
Party under such Revolving Credit Facility to make such payments to such Administrative Agent and, if such Administrative Agent
shall consent to the making of such payments directly to the Lender Parties, to pay to such Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of such Administrative Agent and its agents and counsel,
and any other amounts due such Administrative Agent under Sections 2.09 and 10.04.

 

Nothing contained herein
shall be deemed to authorize any Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender Party
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations under the Loan Documents or the rights
of any Lender Party to authorize any Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding.

 

Section
7.10 Collateral and Guaranty Matters. Each of the Lender Parties and Lead Arrangers
(including in its capacities as a potential Cash Management Bank) under each Revolving Credit Facility irrevocably authorize each
Administrative Agent under such Revolving Credit Facility, at its option and in its discretion,

 

(a)          to
release any Lien on any property granted to or held by such Administrative Agent under any Loan Document (i) upon termination of
the Commitments and payment in full of all Secured Obligations (other than (A) contingent indemnification obligations and (B) obligations
and liabilities under Secured Cash Management Agreements, as to which arrangements reasonably satisfactory to the applicable Cash
Management Bank shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit
as to which other arrangements satisfactory to such Administrative Agent and the applicable Issuing Bank shall have been made)
under such Revolving Credit Facility, (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder
or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 10.01;

 

(b)          to
release any Guarantor from its obligations under any Guaranty if such Person ceases to be a Restricted Subsidiary as a result of
a transaction permitted hereunder or if such Person is merged, liquidated, dissolved or consolidated into another Guarantor or
its assets are sold as permitted under the terms of the Loan Documents and, in the case of such liquidation, dissolution or sale
the assets of such Person or the proceeds thereof, as applicable, are distributed to (x) the Company or (y) the Subsidiary of the
Company holding all of the Equity Interests of such Person or into which such Person is dissolved or liquidated; and

 

(c)          to
subordinate any Lien on any property granted to or held by such Administrative Agent under any Loan Document to the holder of any
Lien on such property that is permitted by Section 5.02(a).

 

Upon request by the Administrative
Agent under any Revolving Credit Facility at any time, the Lenders holding at least the majority of Commitments and Advances under
such Revolving Credit Facility will confirm in writing such Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 7.10. In each case as specified in this Section 7.10, each Administrative Agent will, at the Company’s expense,
execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its
interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the
terms of the Loan Documents and this Section 7.10.

 

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Section
7.11 Intercreditor Agreement and Subordination Agreements. (a) The Administrative
Agents are authorized to enter into the Intercreditor Agreement and the parties hereto acknowledge that the Intercreditor Agreement
is binding upon them. Each Lender (i) hereby consents to the subordination of the Liens on the Term Facility Collateral securing
the Obligations on the terms set forth in the Intercreditor Agreement, (ii) hereby agrees that it will be bound by and will take
no actions contrary to the provisions of the Intercreditor Agreement and (iii) hereby authorizes and instructs the Administrative
Agents to enter into the Intercreditor Agreement and to subject the Liens on the Collateral securing the Obligations to the provisions
thereof.

 

(b)          
The Administrative Agents are authorized to enter into the Subordination Agreements and any other subordination contemplated herein
and the parties hereto acknowledge that the Subordination Agreements and each such subordination agreement in respect of Debt subordinated
to the Obligations shall be binding upon them. Each Lender hereby agrees that it will be bound by, and will take no actions contrary
to, the Subordination Agreement and each such subordination agreement that is on terms reasonably satisfactory to the Administrative
Agents.

 

Section
7.12 Parallel Debt Obligations.

 

In
order to ensure the continuing validity of the security interests governed by Dutch law, German law, Swiss law or Belgian law
(a) each Foreign Loan Party irrevocably and unconditionally undertakes (that undertaking in respect of any amount, a “Parallel
Debt Obligation” and in respect of all of them, the “Parallel Debt Obligations”)
to pay to the Foreign Administrative Agent an amount equal to and in the same currency as all amounts from time to time due and
payable by that Foreign Loan Party to the Lenders under the Loan Documents (the obligations to the Lenders in respect of any amount
and a certain currency, an “Original Obligation” and its obligations
to the Lenders in respect of all of them, the “Original Obligations”);
(b) the Parallel Debt Obligations shall be separate from and independent of the Original Obligations, so that the Foreign Administrative
Agent will have an independent right to demand performance of any Parallel Debt Obligation and any security right granted to the
Foreign Administrative Agent to secure the Parallel Debt Obligations is granted to the Foreign Administrative Agent in its capacity
of sole creditor of the Parallel Debt Obligations; (c) the Parallel Debt Obligations shall be owed to the Foreign Administrative
Agent in its own name and any Foreign Security Document governed by Dutch law, German law, Swiss law or Belgian law shall also
be expanded to secure the Parallel Debt Obligations; (d) the Lenders, the Foreign Loan Parties and the Foreign Administrative
Agent acknowledge that the Foreign Administrative Agent acts in its own name and on behalf of itself but for the benefit of the
Foreign Secured Parties and not as an agent or representative of the Lenders and the security interests governed by Dutch law,
German law, Swiss law or Belgian law created in favor of the Foreign Administrative Agent will not be held on trust and do not
constitute common property (gemeenschap) within the meaning of article 3:166 DCC and that the provisions relating to such
common property shall not apply. If, however, it would be held that such claims of the Foreign Administrative Agent and such claims
of any one or more of the Foreign Secured Parties do constitute such common property and such provisions do apply, the parties
hereto agree that this Agreement shall constitute an administration agreement (beheersregeling) within the meaning of article
3:168 DCC. For the avoidance of doubt, the parties hereto agree that this Agreement is not to be construed as an agreement as
referred to in article 6:16 DCC; (e) other than as set out in clause (f) below, the Parallel Debt Obligations shall not limit
or affect the existence of the Original Obligations, for which the Lenders shall have an independent right to demand performance
(to the extent permitted by this Agreement); and (f) payment by the Foreign Loan Parties of any Parallel Debt Obligation shall
to the same extent decrease and be a good discharge of the corresponding Original Obligation owing to the Lenders and payment
by the Foreign Loan Parties of any Original Obligations to the Lenders shall to the same extent decrease and be a good discharge
of the corresponding Parallel Debt Obligation owing by it to the Foreign Administrative Agent. For the avoidance of doubt, the
Parallel Debt Obligations will become due and payable at the same time as the corresponding Original Obligations.

 

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Section
7.13 Agent as security trustee.

 

(a)          Appointment.
The Foreign Secured Parties appoint the Foreign Administrative Agent to hold (i) any security interest created by any Foreign Security
Document governed by English law (the “English Security Documents”); and (b) the covenants and undertakings
of the English Security Documents, with respect to any jurisdiction where the concept of trust is appropriate, on trust for the
Foreign Secured Parties and with respect to any jurisdiction where the concept of trust is not appropriate, as security agent for
the Foreign Secured Parties, and, in each case, the Foreign Administrative Agent accepts that appointment.

 

(b)          Delegation.
The Foreign Administrative Agent may (whether for the purpose of complying with any law or regulation of any overseas jurisdiction,
or for any other reason) appoint any Person to act jointly with it either as a separate trustee or as a co-trustee (each an "Appointee")
on such terms and subject to such conditions as the Foreign Administrative Agent thinks fit and with such of the rights, powers,
authorities and discretions vested in the Foreign Administrative Agent by any Loan Document as may be conferred by the instrument
of appointment of the Appointee. The Foreign Administrative Agent may pay reasonable remuneration to any Appointee, together with
any costs and expenses (including legal fees) reasonably incurred by the Appointee in connection with its appointment. All such
remuneration, costs and expenses shall be treated, for the purposes of this Agreement, as paid or incurred by the Foreign Administrative
Agent.

 

(c)          The
English Security Documents.

 

(i)          Each
Foreign Secured Party confirms its approval of the English Security Documents and of any security interest intended to be created
under it, and authorizes and instructs the Foreign Administrative Agent to execute and deliver the English Security Documents.

 

(ii)         The
Foreign Administrative Agent may accept without enquiry the title (if any) which any Person may have to any assets over which security
interest is intended to be created by the English Security Documents, and shall not be liable to any other party for any defect
in or failure of any such title.

 

(iii)        The
Foreign Administrative Agent shall not be (A) liable or responsible to any Foreign Secured Party for any failure to perfect, protect,
register, make any filing or give notice in respect of the security interest intended to be created by the English Security Documents,
unless that failure arises directly from its own gross negligence or willful misconduct; (B) obliged to insure any assets over
which security interest is intended to be created by the English Security Documents, to require any other person to maintain any
such insurance, or to make any enquiry or conduct any investigation into the legality, validity, effectiveness, adequacy or enforceability
of any insurance existing over any such asset; or (C) obliged to hold in its own possession the English Security Documents, title
deed or other document relating to any assets over which security interest is intended to be created by the English Security Documents.

 

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(iv)        The
Foreign Administrative Agent shall accept without investigation, requisition or objection, such title as any person may have to
the assets which are subject to the English Security Documents and shall not (A) be bound or concerned to examine or enquire into
the title of any person; (B) be liable for any defect or failure in the title of any person, whether that defect or failure was
known to the Foreign Administrative Agent or might have been discovered upon examination or enquiry and whether capable of remedy
or not; or (C) be liable for any failure on its part to give notice of the English Security Documents to any third party or otherwise
perfect or register the security interests created by the English Security Documents (unless such failure arises directly from
the Foreign Administrative Agent's gross negligence or willful misconduct).

 

(v)         The
Foreign Administrative Agent shall hold the English Security Documents and all proceeds of enforcement of them on trust for the
Foreign Secured Parties on the terms and conditions of this Agreement.

 

(vi)        The
English Security Documents shall rank as continuing security interest for the discharge of the liabilities secured by it.

 

(d)          Foreign
Administrative Agent as Proprietor. Each Foreign Secured Party confirms that it does not wish to be registered as a joint proprietor
of any mortgage or charge created pursuant to the English Security Documents and accordingly (i) authorizes the Foreign Administrative
Agent to hold such mortgages and charges in its sole name as trustee for the Foreign Secured Parties; and (ii) requests the Land
Registry (or other relevant registry) to register the Foreign Administrative Agent as a sole proprietor (or heritable creditor,
as the case may be) of any such mortgage or charge.

 

(e)          Investments.
Except to the extent that an English Security Document otherwise requires, any moneys received by the Foreign Administrative Agent
under or pursuant to an English Security Document may be (i) invested in any investments which it may select and which are authorized
by applicable law; or (ii) placed on deposit at any bank or institution (including itself) on such terms as it may think fit, in
each case in the name or under the control of the Foreign Administrative Agent, and those moneys, together with any accrued income
(net of any applicable taxes) shall be held by the Foreign Administrative Agent.

 

(f)          Foreign
Secured Parties' Indemnity to the Foreign Administrative Agent. Each Foreign Secured Party shall indemnify the Foreign Administrative
Agent, its delegates and sub-delegates and Appointees (each an "Indemnified Party"), within three Business Days of demand,
against any cost, loss or liability incurred by the Foreign Administrative Agent or the relevant Indemnified Party (otherwise than
by reason of the gross negligence or willful misconduct of the Foreign Administrative Agent or that Indemnified Party) in acting
as Foreign Administrative Agent or its delegate, sub-delegate or Appointee under the English Security Documents (except to the
extent that the Foreign Administrative Agent, or the relevant Indemnified Party has been reimbursed by any Foreign Loan Party pursuant
to the English Security Documents).

 

(g)          Trust.
The perpetuity period for each trust created by this Agreement shall be 80 years.

 

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Article
VIII

[Intentionally omitted]

 

Article
IX

[intentionally omitted]

 

Article
X

MISCELLANEOUS

 

Section
10.01 Amendments, Etc. Except as provided in Section 2.19 and 2.22
or as otherwise specifically provided for herein, no amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by any Borrower or any other Loan Party therefrom, shall be effective unless in writing
signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agents, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however,
that no such amendment, waiver or consent shall:

 

(a)          waive
any condition set forth in Section 3.01 without the written consent of each Initial Lender;

 

(b)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 2.06 or Section 6.01) without
the written consent of such Lender (it being understood that a waiver of any condition precedent in Article III or the waiver of
any Default, Event of Default or mandatory prepayment shall not constitute an increase of any Commitment of a Lender);

 

(c)          postpone
any date fixed by this Agreement or any other Loan Document for any payment (but not any prepayment) of principal, interest (other
than any default interest payable pursuant to Section 2.08), fees or other amounts due to the Lenders (or any of them) hereunder
or under any other Loan Document without the written consent of each Lender directly adversely affected thereby;

 

(d)          reduce
the principal of, or the rate of interest specified herein on, any Advance, or any fees or other amounts payable hereunder or under
any other Loan Document (it being understood that any waiver of default interest payable pursuant to Section 2.08, any waiver of
a Default or Event of Default and/or any modification or amendment of defined terms used in the definition of Applicable Margin,
shall not constitute a decrease in the rate of interest or fees for this purpose) or change Section 6.03 or alter the pro rata
sharing of payments required hereunder, whether by modification of Section 2.12 or 2.14 or otherwise, without the written consent
of each Lender directly adversely affected thereby;

 

(e)          change
the definition of “Required Lenders,” “Supermajority Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or grant any consent hereunder,
in each case in a manner that would have the direct effect of reducing the number or percentage of Lenders required to amend, waive
or otherwise modify any rights hereunder or grant any consent hereunder, without the written consent of each Lender;

 

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(f)          release
one or more Guarantors (or otherwise limit such Guarantors’ liability with respect to the Obligations owing to the Agents
and the Lender Parties under the Guaranties) if such release or limitation is in respect of all or substantially all of the value
of the Guaranties to the Lender Parties, or release all or substantially all of the Collateral, in each case without the written
consent of each Lender;

 

(g)          amend,
modify or waive the provisions of Section 5.04 without the consent of the Supermajority Lenders; and

 

(h)          change
the definition of any of “US Availability”, “Foreign Availability”, “Availability’, “Bank
Product Reserves”, “Borrowing Base”, “US Borrowing Base”, “Foreign Borrowing Base”, “Eligible
Inventory”, “Eligible Receivables”, or “Reserves”, in each case in a manner adverse to the Lenders,
without the written consent of the Supermajority Lenders;

 

and provided further that
(i) no amendment, waiver or consent shall, unless in writing and signed by the Issuing Banks, in addition to the Lenders required
above, by its terms adversely affect the rights or duties of the Issuing Banks under this Agreement or any Letter of Credit Application
relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and
signed by the Swing Line Lender in addition to the Lenders required above, adversely affect the rights or duties of the Swing Line
Lender under this Agreement; and (iii) no amendment, waiver or consent shall, unless in writing and signed by each Administrative
Agent in addition to the Lenders required above, by its terms affect the rights or duties of such Administrative Agent under this
Agreement or any other Loan Document. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that the Commitment of such Lender may not be increased or extended without the consent of such Lender (it being
understood that a waiver of any condition precedent in Article III or the waiver of any Default, Event of Default or mandatory
prepayment shall not constitute an increase of any Commitment of a Lender). For the avoidance of doubt, (x) Schedule I may be modified
from time to time and technical and conforming modifications to the Loan Documents may be made to the extent necessary to effectuate
any changes to the Commitments pursuant to Section 2.06 or any Commitment Increase or Incremental Amendment pursuant to Section
2.19, in each case with the prior written consent of each Administrative Agent, the Loan Parties and each Lender or Eligible Assignee
participating in such Commitment Increase pursuant to documentation reasonably satisfactory to each Administrative Agent without
the consent of any other Lender or any Issuing Bank and (y) this Agreement and the Loan Documents may be modified from time to
time to effect any Extended Commitments or Extension Amendment pursuant to Section 2.22, in each case in accordance with the terms
of Section 2.22 and without the consent of any Administrative Agent or other Lender Party (other than as specified in Section 2.22).

 

Section
10.02 Notices, Posting of Approved Electronic Communications, Etc. (a) Except as
provided in subsection (b) below, all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:

 

(i)           if
to any Borrower or any other Loan Party, or to any Administrative Agent or the Swing Line Lender, to the address, telecopier number
or electronic mail address specified for such Person on Schedule 10.02; and

 

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(ii)         if
to any other Lender Party, to the address, telecopier number or electronic mail address specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender Party on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Company).

 

Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below shall be effective as provided in such subsection (b).

 

 

(b)          Electronic
Communications. Notices and other communications to the Lender Parties hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agents,
provided that the foregoing shall not apply to notices to any Lender Party pursuant to Article II if such Lender has notified the
Administrative Agents that it is incapable of receiving notices under such Article by electronic communication. Any Administrative
Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

(i) Notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the
intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient,
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor.

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower,
any other Loan Party, any Lender Party or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether
in tort, contract or otherwise) arising out of any Borrower’s or any Administrative Agent’s transmission of Borrower
Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined
by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any
Borrower, any other Loan Party, any Lender Party or any other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages).

 

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(d)          Change
of Address, Etc. Each of the Borrowers, the other Loan Parties, the Administrative Agents and the Swing Line Lender may change
its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender Party may change its address or telecopier number for notices and other communications hereunder by notice to the Borrowers,
the Administrative Agents, the Issuing Banks and the Swing Line Lender. In addition, each Lender agrees to notify the applicable
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact
name, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public
Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration
screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrowers or their securities for purposes of United States Federal or state securities
laws.

 

(e)          Reliance
by Administrative Agent and Lender Parties. The Administrative Agents and the Lender Parties shall be entitled to rely and
act upon any notices purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The US Borrowers shall, jointly and severally, indemnify
the US Administrative Agent, each US Lender Party and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any US Borrower. The
Foreign Borrower shall indemnify the Foreign Administrative Agent, each Foreign Lender Party and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given
by or on behalf of any Foreign Borrower.

 

Section
10.03 No Waiver; Remedies. No failure on the part of any Lender Party or Administrative
Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall
any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.
The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section
10.04 Costs, Fees and Expenses. (a)  Each Borrower agrees (i) to pay or
reimburse the Administrative Agents and the Lead Arrangers for all reasonable and documented out-of-pocket costs and expenses
incurred by such Persons (including, without limitation, third-party appraisal costs, per diem costs and other charges of field
examiners and other employees in connection with matters relating to the Collateral and reasonable attorneys’ fees and expenses
(it being agreed that reasonable fees and expenses of not more than one counsel for the Administrative Agents and all of the Lead
Arrangers (with one additional counsel if there is a conflict between or among the Administrative Agent and the Lead Arrangers
in the opinion of counsel) shall be payable or reimbursable under the preceding provisions of this sentence, together with reasonable
fees and expenses of special and local counsel, in each case reasonably retained by the Lead Arrangers jointly)) in connection
with (A) the preparation, negotiation and execution of the Loan Documents; (B) the syndication and funding of the Advances and
the issuance of any Letters of Credit; (C) the creation, perfection or protection of the liens under the Loan Documents (including
all search, filing and recording fees); and (D) the on-going administration of the Loan Documents (including the preparation,
negotiation and execution of any amendments, consents, waivers, assignments, restatements or supplements thereto) (provided that
the Lead Arrangers shall not in their capacities as such be entitled to any such payments or reimbursements pursuant to this subclause
(D)), and (ii) to pay or reimburse the Administrative Agents and each of the Lender Parties for all documented out-of-pocket costs
and expenses, including reasonable attorneys’ fees and expenses, incurred by the Administrative Agents or such Lender Parties
in connection with (A) the enforcement of the Loan Documents; (B) any refinancing or restructuring of the Facilities in the nature
of a “work-out” or any insolvency or bankruptcy proceeding; and (C) any legal proceeding relating to or arising out
of the Facilities or the other transactions contemplated by the Loan Documents. All amounts due under this Section 10.04(a) shall
be payable within ten Business Days after demand therefor. The agreements in this Section and Sections 2.11 and 2.13 shall survive
the termination of the Commitments, the termination or expiration of all Letters of Credit and repayment, satisfaction or discharge
of all other Obligations under the Loan Documents.

 

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(b)          Each
Borrower shall jointly and severally indemnify the Administrative Agents (and any sub-agent thereof), each Lender Party and each
Related Party of any of the foregoing Persons (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, without limitation,
the reasonable and documented fees and disbursements of outside counsel), incurred by any Indemnitee or asserted against any Indemnitee
by any third party or by any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution
or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, or, in the case of any Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents, (ii) any Advance or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by any Issuing Bank to honor a demand for payment under any Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its Subsidiaries,
or any Environmental Action relating to any Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by a third party or by any Borrower or any other Loan Party or any of the Borrowers’ or such Loan Party’s directors,
shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that (x) such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee. In the case of an investigation, litigation or proceeding to which the indemnity in this
paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by
any Borrower, any of its directors, security holders or creditors, an Indemnitee or any other Person or whether or not an Indemnitee
is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. Each Borrower also agrees
that no Indemnitee shall have any liability (whether direct or indirect, in contract or tort or otherwise) to any Borrower or any
of their respective Affiliates or to its or their respective security holders or creditors arising out of, related to or in connection
with any aspect of the transactions contemplated hereby, except to the extent such liability is determined in a final, non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from such Indemnitee’s gross negligence or willful
misconduct. In no event, however, shall any Indemnitee be liable on any theory of liability for any special, indirect, consequential
or punitive damages (including without limitation, any loss of profits, business or anticipated savings). Notwithstanding any other
provision of this Agreement, no Indemnitee shall be liable for any damages arising from the use by others of information or other
materials obtained through electronic telecommunications or other information transmission systems, except to the extent such damages
are determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnitee’s
gross negligence or willful misconduct. All amounts due under this Section 10.04(b) shall be payable within ten Business Days after
demand therefor. The agreements in this Section shall survive the resignation of any Administrative Agent, the replacement of any
Lender Party, the termination of the Commitments, the termination or expiration of all Letters of Credit and the repayment, satisfaction
or discharge of all the other Obligations under the Loan Documents. This Section 10.04(b) shall not apply with respect to Taxes,
other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)          To
the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section
10.04 to be paid by them to any Administrative Agent under any Revolving Credit Facility (or any sub-agent thereof) any Related
Party thereof, each Lender under such Revolving Credit Facility severally agrees to pay to such Administrative Agent (or any such
sub-agent) or such Related Party, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Administrative
Agent (or any such sub-agent) in its capacity as such, or against any Related Party thereof acting for such Administrative Agent
(or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject
to the provisions of Section 2.14.

 

(d)          If
any payment of principal of, or Conversion of, any Eurocurrency Rate Advance is made by any Borrower to or for the account of a
Lender Party other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant
to Section 2.07, 2.10(b)(i) or 2.11(d), acceleration of the maturity of the Advances pursuant to Section 6.01 or for any other
reason, or if any Borrower fails to make any payment or prepayment of an Advance for which a notice of prepayment has been given
or that is otherwise required to be made, whether pursuant to Section 2.05, 2.07 or 6.01 or otherwise, the Borrowers shall, upon
demand by such Lender (with a copy of such demand to the applicable Administrative Agent), pay to such Administrative Agent for
the account of such Lender Party any amounts required to compensate such Lender Party for any additional losses, costs or expenses
that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including,
without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by any Lender Party to fund or maintain such Advance.

 

Section
10.05 Right of Set-off. If an Event of Default shall have occurred and be continuing,
each Lender Party under any Revolving Credit Facility and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency)
at any time owing by such Lender Party or any such Affiliate to or for the credit or the account of any Borrower under such Revolving
Credit Facility or any other Loan Party under such Revolving Credit Facility against any and all of the obligations of such Borrower
or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender Party, irrespective
of whether or not such Lender Party shall have made any demand under this Agreement or any other Loan Document and although such
obligations of such Borrower or such Loan Party are owed to a branch or office of such Lender Party different from the branch
or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender
shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to such Administrative Agent
for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of such Administrative Agent and the applicable
Lender Parties, and (y) the Defaulting Lender shall provide promptly to such Administrative Agent a statement describing in reasonable
detail the Obligations under the Loan Documents owing to such Defaulting Lender as to which it exercised such right of setoff.
The rights of each Lender Party and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender Party or their respective Affiliates may have. Each Lender Party agrees to
notify the applicable Borrower and the Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application.

 

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Section
10.06 Binding Effect. This Agreement shall become effective when it shall have been
executed by the Borrowers, each Agent, the Initial Issuing Bank and the Administrative Agent under each Revolving Credit Facility
shall have been notified by each Initial Lender under such Revolving Credit Facility that such Initial Lender has executed it and
thereafter shall be binding upon and inure to the benefit of the Borrowers, each Agent and each Lender Party and their respective
successors and assigns, except that the Borrowers shall not have the right to assign their rights hereunder or any interest herein
without the prior written consent of each Lender Party.

 

Section
10.07 Successors and Assigns.
(a) Each Lender under any Revolving Credit Facility may assign all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment or Commitments, the Advances owing to it and the Note or Notes
held by it); provided, however,
that (i) unless otherwise agreed by the Administrative Agent under such Revolving Credit Facility, each such assignment
under such Revolving Credit Facility shall be of a uniform, and not a varying, percentage of all rights and obligations under
and in respect of any or all Facilities, (ii) except in the case of an assignment to a Person that, immediately prior to
such assignment, was a Lender, an Affiliate of any Lender or an Approved Fund of any Lender or an assignment of all of a Lender’s
rights and obligations under this Agreement, the aggregate amount of the Commitments being assigned to any such Eligible Assignee
pursuant to such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall
be, unless the Administrative Agent under such Revolving Credit Facility shall otherwise consent, $5,000,000 or an integral multiple
of $500,000 in excess thereof in the case of the US Revolving Credit Facility and €5,000,000 or an integral multiple of €500,000
in excess thereof in the case of the Foreign Revolving Credit Facility, (iii) each such assignment shall be to an Eligible Assignee,
(iv) the parties to each such assignment shall execute and deliver to such Administrative Agent, for its acceptance and recording
in the Register, an Assignment and Acceptance, together with any Note or Notes (if any) subject to such assignment and a processing
and recordation fee of $3,500, (v) to the extent any such assignment immediately upon becoming effective shall increase amounts
payable under Section 2.11 or 2.13, the Borrowers shall not be liable for payment of such increased amounts unless such assignment
is made with the Borrowers’ prior written consent after the Borrowers have been informed in writing of such increased amounts
and (vi) prior to such assignment, the assignor or such Administrative Agent shall have given written notice of such assignment
to the Borrowers. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder with respect
to any Revolving Credit Facility, no such assignment shall be effective unless and until, in addition to the other conditions
thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent under
such Revolving Credit Facility in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrowers and such Administrative Agent, the applicable Pro Rata Share of Advances under such Revolving Credit
Facility previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to such Administrative
Agent or any Lender hereunder (and interest accrued thereon) with respect to such Revolving Credit Facility and (y) acquire (and
fund as appropriate) its full Pro Rata Share of all Advances and participations in Letters of Credit under such Revolving Credit
Facility and in the case of the US Revolving Credit Facility, Swing Line Advances. Notwithstanding the foregoing, in the event
that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

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(b)          Upon
such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance,
(i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned
to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender or Issuing Bank, as the case may
be, hereunder and (ii) the Lender or Issuing Bank assignor thereunder shall, to the extent that rights and obligations hereunder
have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than its rights under Sections 2.11,
2.13 and 10.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the remaining portion of an
assigning Lender’s or Issuing Bank’s rights and obligations under this Agreement, such Lender or Issuing Bank shall
cease to be a party hereto).

 

(c)          By
executing and delivering an Assignment and Acceptance, each Lender Party assignor thereunder and each assignee thereunder confirm
to and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment
and Acceptance, such assigning Lender Party makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or priority of any Lien or security interest created or
purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto;
(ii) such assigning Lender Party makes no representation or warranty and assumes no responsibility with respect to the financial
condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document
or any other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of
this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(iv) such assignee will, independently and without reliance upon any Agent, such assigning Lender Party or any other Lender
Party 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 this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such
assignee appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion
as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all
of the obligations that by the terms of this Agreement are required to be performed by it as a Lender or Issuing Bank, as the case
may be.

 

(d)          The
Administrative Agent under each Facility, acting for this purpose (but only for this purpose) as the agent of the Borrowers, shall
maintain at its address referred to in Section 10.02 a copy of each Assignment and Acceptance delivered to and accepted by
it and a register for the recordation in book entry form of the names and addresses of the Lender Parties and the Commitment under
such Facility of, and principal amount of the Advances owing under such Facility to, each Lender Party from time to time (the “Register”).
The entries in the Register with respect to each Facility shall be conclusive and binding for all purposes, absent manifest error,
and the Borrowers, the Agents and the Lender Parties may treat each Person whose name is recorded in the Register as a Lender
Party hereunder for all purposes of this Agreement. In addition, the Administrative Agent under each Revolving Credit Facility
shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender under such Revolving
Credit Facility as Defaulting Lender. The Register with respect to each Revolving Credit Facility shall be available for inspection
by any Borrower or any Agent or any Lender Party under such Revolving Credit Facility at any reasonable time and from time to time
upon reasonable prior notice. This Section 10.07(d) shall be construed so that the Obligations of the Loan Parties under this Agreement
are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of
the Internal Revenue Code.

 

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(e)          Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender Party and an assignee, together with any Note or Notes
subject to such assignment, the applicable Administrative Agent shall, if such Assignment and Acceptance has been completed and
is in substantially the form of Exhibit C hereto, (i) accept such Assignment and Acceptance, (ii) record the information
contained therein in the Register and (iii) give prompt notice thereof to the Borrowers and each other Agent. In the case
of any assignment by a Lender, within five Business Days after its receipt of such notice and request by such Eligible Assignee
of a new Note, the Borrowers, at their own expense, shall execute and deliver to the applicable Administrative Agent in exchange
for the surrendered Note or Notes (if any) a new Note to the order of such Eligible Assignee in an amount equal to the Commitment
assumed by it under each Facility pursuant to such Assignment and Acceptance and, if any assigning Lender that had a Note or Notes
prior to such assignment has retained a Commitment hereunder under such Facility, a new Note to the order of such assigning Lender
in an amount equal to the Commitment retained by it hereunder. Such new Note or Notes shall be dated the effective date of such
Assignment and Acceptance and shall otherwise be in substantially the form of Exhibit A hereto.

 

(f)          Each
Issuing Bank, with the written consent of the Company, may assign to one or more Eligible Assignees all or a portion of its rights
and obligations under the undrawn portion of its Letter of Credit Commitment at any time; provided, however,
that (i) each such assignment shall be to an Eligible Assignee and (ii) the parties to each such assignment shall execute and deliver
to the applicable Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together
with a processing and recordation fee of $3,500.

 

(g)          Each
Lender Party may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates) in or to all or
a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitments,
the Advances owing to it and any Note or Notes held by it); provided, however, that (i) such Lender
Party’s obligations under this Agreement (including, without limitation, its Commitments) shall remain unchanged, (ii) such
Lender Party shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such
Lender Party shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrowers, the Agents and
the other Lender Parties shall continue to deal solely and directly with such Lender Party in connection with such Lender Party’s
rights and obligations under this Agreement, (v) no participant under any such participation shall have any right to approve
any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except
to the extent that such amendment, waiver or consent would reduce the principal of, or interest (other than default interest) on,
the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, postpone
any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in
each case to the extent subject to such participation, or release all or substantially all of the value of the Collateral or of
the value of the Guaranties, (vi) the participating banks or other entities shall be entitled to the benefit of Section 2.13 to
the same extent as if they were a Lender Party but, with respect to any particular participant, to no greater extent than the Lender
Party that sold the participation to such participant and only if such participant agrees to comply with Section 2.13(e) as though
it were a Lender Party and (vii) to the extent any such participation immediately upon becoming effective shall increase amounts
payable under Section 2.11 or 2.13, the Borrowers shall not be liable for payment of such increased amounts unless such participation
is made with the Borrowers’ prior consent after the Borrowers have been informed of such increased amounts. Each Lender Party
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register
on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s
interest in the Advances owing under each Facility (the “Participant Register”); provided that no Lender
Party shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant
or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) to any person except to the extent that such disclosure is necessary to establish that such commitment,
loan, letter of credit or other obligation is in registered form under Section 5f-103-1(c) of the United States Treasury regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender Party shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, each Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

 

    	 	157	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(h)          Any
Lender Party may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 10.07,
disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrowers furnished
to such Lender Party by or on behalf of the Borrowers; provided, however, that, prior to any such disclosure,
the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Information
received by it from such Lender Party in accordance with Section 10.11 hereof.

 

(i)          Notwithstanding
any other provision set forth in this Agreement, any Lender Party may at any time (and without the consent of any Administrative
Agent or the Borrowers) create a security interest in all or any portion of its rights under this Agreement (including, without
limitation, the Advances owing to it and any Note or Notes held by it) in favor of any Federal Reserve Bank in accordance with
Regulation A of the Board of Governors of the Federal Reserve System.

 

(j)          Notwithstanding
anything to the contrary contained herein, any Lender that is a fund that invests in bank loans may create a security interest
in all or any portion of the Advances owing to it and the Note or Notes held by it to the trustee for holders of obligations owed,
or securities issued, by such fund as security for such obligations or securities, provided, however, that unless
and until such trustee actually becomes a Lender in compliance with the other provisions of this Section 10.07, (i) no such pledge
shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be
entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership
rights with respect to the pledged interest through foreclosure or otherwise.

 

(k)          Notwithstanding
anything to the contrary contained herein, any Lender Party (a “Granting Lender”) may grant to a special purpose
funding vehicle organized and administered by such Lender Party identified as such in writing from time to time by the Granting
Lender to the applicable Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any
part of any Advance that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i)
nothing herein shall constitute a commitment by any SPC to fund any Advance, and (ii) if an SPC elects not to exercise such option
or otherwise fails to make all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant
to the terms hereof. The making of an Advance by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Advance were made by such Granting Lender. Each party hereto hereby agrees that (i) no SPC shall be liable
for any indemnity or similar payment obligation under this Agreement for which a Lender Party would be liable, (ii) no SPC shall
be entitled to the benefits of Sections 2.11 and 2.13 (or any other increased costs protection provision) and (iii) the Granting
Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver of any provision of any Loan
Document, remain the Lender Party of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment
in full of all outstanding commercial paper or other senior Debt of any SPC, it will not institute against, or join any other person
in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws
of the United States or any State thereof; provided that each Lender Party designating any SPC hereby agrees to indemnify and hold
harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding
against such SPC during such period of forbearance. Notwithstanding anything to the contrary contained in this Agreement, any SPC
may (i) with notice to, but without prior consent of, the Borrowers and any Administrative Agent, assign all or any portion of
its interest in any Advance to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating
to its funding of Advances to any rating agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity
enhancement to such SPC. This subsection (k) may not be amended without the prior written consent of each Granting Lender, all
or any part of whose Advances are being funded by the SPC at the time of such amendment.

 

    	 	158	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

(l)          Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its Revolving Credit Commitment and Revolving
Credit Advances pursuant to Section 10.07(a), Bank of America may, (i) if Bank of America shall have become an Issuing Bank, upon
30 days’ notice to the Borrowers and the Lenders, resign as Issuing Bank and/or (ii) upon 30 days’ notice to the Borrower,
resign as Swing Line Lender. In the event of any such resignation as Issuing Bank or Swing Line Lender, the Borrowers shall be
entitled to appoint from among the Lenders a successor Issuing Bank or Swing Line Lender hereunder; provided, however,
that no failure by the Borrowers to appoint any such successor shall affect the resignation of Bank of America as Issuing Bank
or Swing Line Lender, as the case may be. If Bank of America resigns as Issuing Bank, it shall retain all the rights, powers, privileges
and duties of the Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
as Issuing Bank and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Advances
or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender,
it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Advances made by it and
outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Advances
or fund risk participations in outstanding Swing Line Advances pursuant to Section 2.04(c). Upon the appointment of a successor
Issuing Bank and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring Issuing Bank or Swing Line Lender, as the case may be, and (b) the successor Issuing Bank shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession (and the Letters
of Credit being issued in substitution shall not be considered outstanding for purposes of determining Availability, US Availability
or Foreign Availability until substituted for the relevant Letters of Credit issued by Bank of America) or make other arrangements
satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

 

(m)          For
the purposes of Article 1271 et seq of the Belgian Civil Code, the parties to this Agreement agree that upon any novation under
the Loan Documents, the Liens, guarantees, indemnities, and other undertakings created under and pursuant to the Loan Documents
shall continue for the benefit of the Secured Parties, their successors, transferees and assignees, as the case may be.

 

Section
10.08 Execution in Counterparts; Integration. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart
of a signature page to this Agreement by telecopier or by electronic transmission (e.g. “.pdf” or “tiff”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

    	 	159	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

 

Section
10.09 Survival of Representations and Warranties. All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith
or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will
be relied upon by the Administrative Agents and each Lender, regardless of any investigation made by any Administrative Agent or
any Lender or on their behalf and notwithstanding that any Administrative Agent or any Lender may have had notice or knowledge
of any Default at the time of any Advance or the issuance, extension or increase in the amount of any Letter of Credit, and shall
continue in full force and effect as long as any Advance or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding.

 

Section
10.10 Severability. If any provision of this Agreement or the other Loan Documents
is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing
provisions of this Section 10.10, if and to the extent that the enforceability of any provisions in this Agreement relating to
Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agents, then such
provisions shall be deemed to be in effect only to the extent not so limited.

 

Section
10.11 Confidentiality and Related Matters. Each of the Administrative Agents and
the Lender Parties agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) on a need to know basis to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority,
such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under
this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.19 or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrowers and their obligations, (g) with the consent of
the Borrowers or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section
or (ii) becomes available to any Administrative Agent, any Lender Party or any of their respective Affiliates on a nonconfidential
basis from a source other than the Company; provided that in the case of disclosure under subsection (c) of this Section 10.11,
such party subject to such requirement or request shall, to the extent permitted by applicable law, rules and regulations, provide
the applicable Loan Party with written notice as promptly as practicable and use commercially reasonable efforts to cooperate with
such Loan Party in such Loan Party’s efforts, at its own expense, to obtain a protective order or other confidential treatment.
For purposes of this Section, “Information” means all information received from the Borrowers or any Subsidiary
relating to the Borrowers or any Subsidiary or any of their respective businesses, other than any such information that is available
to any Administrative Agent or any Lender Party on a nonconfidential basis prior to disclosure by the Borrowers or any Subsidiary,
provided that, in the case of information received from the Borrowers or any Subsidiary after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

    	 	160	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Each of the Administrative
Agents and the Lenders Parties acknowledges that (a) the Information may include material non-public information concerning the
Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable law, including United States
Federal and state securities laws.

 

Section
10.12 Treatment of Information. Each Borrower hereby acknowledges that (a) the Administrative
Agents and/or the other Lead Arrangers will make available to the Lender Parties materials and/or information provided by or on
behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information (within the meaning of the U.S.
federal securities law) (“MNPI”) with respect to the Borrowers or their respective Affiliates, or the respective
securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such
Persons’ securities. Each Borrower hereby agrees that it will, if so requested by any Administrative Agent, use commercially
reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w)
at the request of any Administrative Agent, all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized each Administrative Agent, the
Lead Arrangers, and the Lender Parties to treat such Borrower Materials as not containing any material non-public information
(although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United States Federal
and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 10.11); and (y) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information”; and (z) each Administrative Agent and the
Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only
for posting on a portion of the Platform not designated “Public Side Information”.

 

Section
10.13 Patriot Act Notice. (a)  Each Lender Party that is subject to the Patriot
Act and each Administrative Agent (for itself and not on behalf of any Lender Party) hereby notifies the Loan Parties that pursuant
to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party,
which information includes the name and address of such Loan Party and other information that will allow such Lender Party or the
Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. Each Borrower shall, promptly
following a request by any Administrative Agent or any Lender, provide all documentation and other information that the Administrative
Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti money laundering rules and regulations, including the Patriot Act.

 

    	 	161	Chemtura (Revolving Facility) Credit Agreement

    	 

    

  

Section
10.14 Jurisdiction, Etc Without affecting the choice of jurisdiction
made in each Foreign Security Document:. (a)  Each of the parties hereto hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of
America sitting in the Borough of Manhattan of New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding shall be heard and determined in any such New York State court or, to the extent permitted by
law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

 

(b)          Each
of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any of the other Loan Documents to which it is a party in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

Section
10.15 Governing Law. This Agreement and the Notes shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

Section
10.16 Waiver of Jury Trial.  EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

Section
10.17 No Advisory or Fiduciary Relationship. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document), each of the Loan Parties acknowledges and agrees that: (a)(i) the arranging and other services regarding this Agreement
provided by the Administrative Agents, the Lenders, the Lead Arrangers and the other Bookrunners are arm’s-length commercial
transactions between the Loan Parties, on the one hand, and the Administrative Agents, the Lenders, the Lead Arrangers and the
other Bookrunners, on the other hand, (ii) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax
advisors to the extent it has deemed appropriate, and (iii) each of the Loan Parties is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) each
of the Administrative Agents, the Lenders, the Lead Arrangers and the other Bookrunners is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for any Loan Party or any other Person and (ii) none of the Administrative Agents, the Lenders, the Lead Arrangers
or the other Bookrunners has any obligation to any Loan Party or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative
Agents, the Lenders, the Lead Arrangers and the other Bookrunners and their respective Affiliates may be engaged in a broad range
of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of
the Administrative Agents, the Lenders, the Lead Arrangers or the other Bookrunners has any obligation to disclose any of such
interests to the any Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party
hereby waives and releases any claims that it may have against each of the Administrative Agents, the Lenders, the Lead Arrangers
and the other Bookrunners with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect
of any transaction contemplated hereby.

 

    	 	162	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

Section
10.18 Release of Guarantees and Collateral. If (i) any Guarantor or US Subsidiary
Borrower or any of their successors in interest shall cease to be a Restricted Subsidiary as a result of a transaction permitted
hereunder or (ii) if any Guarantor or US Subsidiary Borrower is merged, liquidated, dissolved or consolidated into another Guarantor
or US Subsidiary Borrower or its assets are sold as permitted under the terms of the Loan Documents and, in the case of such liquidation,
dissolution or sale the assets of such Guarantor or US Subsidiary Borrower or the proceeds thereof, as applicable, are distributed
in accordance with the Loan Documents or, if the Loan Documents do not provide for such distribution, to (x) the Company or (y)
the Subsidiary of the Company holding all of the Equity Interests of such Person or into which such Person is dissolved or liquidated,
each applicable Administrative Agent shall execute and deliver to the Borrowers, at the Borrowers’ expense, all documents
that the Borrowers shall reasonably request to evidence the release of such obligations of such Guarantor under the Guaranty (and
in the case of a US Subsidiary Borrower, under this Agreement) and the Liens securing such obligations.

 

Section 10.19 Process
Agent. Each of the Foreign Borrower and the Swiss Guarantor hereby irrevocably designates,
appoints and empowers the Company, presently located at 199 Benson Road, Middlebury, CT 06749, United States (the “Process
Agent”), in the case of any suit, action or proceeding brought in the United States of America as its designee, appointee
and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal
process, summons, notices and documents that may be served in any action or proceeding arising out of or in connection with this
Agreement or any other Loan Document. Such service may be made by mailing (by registered or certified mail, postage prepaid) or
delivering a copy of such process to such Loan Party in care of the Process Agent at the Process Agent’s above address, and
each of the Foreign Borrower and the Swiss Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such
service on its behalf. As an alternative method of service, each of the Foreign Borrower and the Swiss Guarantor irrevocably consents
to the service of any and all process in any such action or proceeding by the mailing (by registered or certified mail, postage
prepaid) of copies of such process to such Loan Party at its address specified in Schedule 10.02 or at such other address of which
the Foreign Administrative Agent shall have been notified pursuant to Section 10.02. Nothing in this Agreement will affect
the right of any party hereto to serve process in any other manner permitted by applicable law. The Company hereby irrevocably
accepts the designation, appointment and empowerment set forth in this Section 10.19.

 

    	 	163	Chemtura (Revolving Facility) Credit Agreement

    	 

    

  

Section 10.20 Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at
which in accordance with normal banking procedures the applicable Administrative Agent could purchase the first currency with such
other currency on the Business Day preceding that on which final judgment is given. The obligation of each Loan Party in respect
of any such sum due from it to any of the Administrative Agents or the Lenders hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated
in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only
to the extent that on the Business Day following receipt by the applicable Administrative Agent of any sum adjudged to be so due
in the Judgment Currency, such Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency
with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to such Administrative
Agent from such Loan Party in the Agreement Currency, such Loan Party each agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify such Administrative Agent or the Person to whom such obligation was owing against such loss. If
the amount of the Agreement Currency so purchased is greater than the sum originally due to the applicable Administrative Agent
in such currency, such Administrative Agent agrees to return the amount of any excess to such Loan Party (or to any other Person
who may be entitled thereto under applicable law).

 

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    	 	164	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

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

 

	 	CHEMTURA CORPORATION, as US

 Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	BIO-LAB, INC., as US Subsidiary Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GLCC LAUREL, LLC, as US Subsidiary Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GREAT LAKES CHEMICAL

 CORPORATION, as US Subsidiary Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	CHEMTURA SALES EUROPE B.V., as

 Foreign Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	CHEMTURA EUROPE GMBH, as Swiss

 Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	BANK OF AMERICA, N.A., as 
	 	US Administrative Agent and Swing Line Lender 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BANK OF AMERICA, N.A., as 
	 	Foreign Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BANK OF AMERICA, N.A., as 
	 	Initial Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	WELLS FARGO BANK, N.A., as 
	 	US Initial Issuing Bank, Foreign Initial Issuing

 Bank and Initial Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit Agreement

    	 

    

 

	 	[                                ], as 
	 	Initial Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Credit AgreementEXECUTION VERSION

 

GUARANTY

 

Dated as of November 10, 2010

 

As amended and restated on December 4, 2013

 

From

 

THE US GUARANTORS NAMED HEREIN

 

and

 

THE ADDITIONAL US GUARANTORS REFERRED TO
HEREIN

 

as US Guarantors

 

in favor of

 

THE SECURED PARTIES REFERRED TO HEREIN

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	Section	Page
	 	 
	Section 1.   Guaranty; Limitation of Liability	3
	 	 
	Section 2.   Guaranty Absolute	5
	 	 
	Section 3.   Waivers and Acknowledgments	6
	 	 
	Section 4.   Subrogation	7
	 	 
	Section 5.   Payments Free and Clear of Taxes, Etc	8
	 	 
	Section 6.   Representations and Warranties	8
	 	 
	Section 7.   Covenants	8
	 	 
	Section 8.   Amendments, Guaranty Supplements, Etc.	9
	 	 
	Section 9.   Notices, Etc	9
	 	 
	Section 10.   No Waiver; Remedies	9
	 	 
	Section 11.   Right of Set-off	10
	 	 
	Section 12.   Indemnification	10
	 	 
	Section 13.   Subordination	11
	 	 
	Section 14.   Continuing Guaranty; Assignments under the Credit Agreement	12
	 	 
	Section 15.   Rights and Remedies	13
	 	 
	Section 16.   Execution in Counterparts	13
	 	 
	Section 17.   Governing Law; Jurisdiction; Waiver of Jury Trial, Etc.	13
	 	 
	Section 18.   Amendment and Restatement	14

 

Exhibit A - Guaranty Supplement

 

    	 	2	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

GUARANTY

 

GUARANTY dated as of
November 10, 2010 (the “Existing Guaranty”, and as amended and restated on December 4, 2013 and as further
amended, amended and restated, supplemented or otherwise modified from time to time, this “Guaranty”)
made by the US Borrowers (as defined below) and each of the other Persons listed on the signature pages hereof under the caption
“US Guarantors” and the Additional US Guarantors (as defined in Section 8(b)) (the US Borrowers, such Persons so listed
and the Additional US Guarantors being, collectively, the “US Guarantors” and, individually, each a “US
Guarantor”) in favor of the US Secured Parties (as defined in the Credit Agreement referred to below).

 

PRELIMINARY STATEMENT.
Chemtura Corporation, a Delaware corporation (the “Company”) and the other US Borrowers referred to therein
(together with the Company, the “US Borrowers”), are parties to a Senior Secured Revolving Facilities
Credit Agreement, dated as of November 10, 2010 (as amended and restated on December 4, 2013 and as further amended, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the capitalized
terms defined therein or the Intercreditor Agreement (as defined in the Credit Agreement) and not otherwise defined herein being
used herein as therein defined) among the US Borrowers, Bank of America, N.A., as US Administrative Agent, the other agents named
therein, the Lender Parties party thereto from time to time and the other parties thereto. Each US Guarantor will derive substantial
direct and indirect benefits from the transactions contemplated by the Credit Agreement and the other Loan Documents, and it is
a condition precedent to the making of Advances and the issuance of Letters of Credit by the Lender Parties under the Credit Agreement
and the entry by Cash Management Banks into Secured Cash Management Agreements from time to time, that each US Guarantor shall
have executed and delivered this Guaranty.

 

NOW, THEREFORE, in consideration
of the premises, and in order to induce the Lender Parties to make Advances and to issue Letters of Credit under the Credit Agreement
and the Cash Management Banks to enter into Secured Cash Management Agreements from time to time, each US Guarantor, jointly and
severally with each other US Guarantor, hereby agrees as follows:

 

Section
1.  Guaranty; Limitation of Liability. (a) Each US Guarantor hereby absolutely, unconditionally and irrevocably
guarantees the punctual payment when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration,
demand or otherwise, of all US Obligations of each other US Loan Party or Subsidiary of a US Loan Party now or hereafter existing
under or in respect of the Loan Documents and US Secured Cash Management Agreements (including, without limitation, any extensions,
modifications, substitutions, amendments or renewals of any or all of the foregoing US Obligations), whether direct or indirect,
absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses
or otherwise (such US Obligations being the “Guaranteed Obligations”), and agrees to pay any and all
reasonable and documented out-of-pocket expenses (including, without limitation, reasonable fees and expenses of counsel) incurred
by the US Administrative Agent or any other US Secured Party in enforcing any rights under this Guaranty. Without limiting the
generality of the foregoing, each US Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by any other US Loan Party or Subsidiary of a US Loan Party to the US Administrative Agent or any
other US Secured Party under or in respect of the Loan Documents and US Secured Cash Management Agreements but for the fact that
they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such
other US Loan Party or Subsidiary.

 

    	 	3	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

 

(b)           Each
US Guarantor, and by its acceptance of this Guaranty, the US Administrative Agent and each other US Secured Party, hereby confirms
that it is the intention of all such Persons that this Guaranty and the Obligations of each US Guarantor hereunder not constitute
a fraudulent transfer or conveyance for purposes of Bankruptcy Law (as hereinafter defined), the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty
and the Obligations of each US Guarantor hereunder. To effectuate the foregoing intention, the US Administrative Agent, the other
US Secured Parties and the US Guarantors hereby irrevocably agree that the Obligations of each US Guarantor under this Guaranty
at any time shall be limited to the maximum amount as will result in the Obligations of such US Guarantor under this Guaranty not
constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law” means any proceeding
of the type referred to in Section 6.01(l) of the Credit Agreement or Title 11, U.S. Code, or any similar foreign, federal
or state law for the relief of debtors.

 

(c)           Each
US Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any US
Secured Party under this Guaranty or any other guaranty, such US Guarantor will contribute, to the maximum extent permitted by
law, such amounts to each other US Guarantor and each other guarantor so as to maximize the aggregate amount paid to the US Secured
Parties under or in respect of the Loan Documents and US Secured Cash Management Agreements. If any US Guarantor (other than the
US Borrowers) makes a payment under this Guaranty of any Obligations under the Loan Documents or US Secured Cash Management Agreements
(any such payment by a US Guarantor other than the US Borrowers, a “US Guarantor Payment”) that, taking
into account all other US Guarantor Payments previously or concurrently made by any other US Guarantor (other than the US Borrowers),
exceeds the amount that such US Guarantor would otherwise have paid if each US Guarantor had paid the aggregate Obligations under
the Loan Documents or US Secured Cash Management Agreements satisfied by such US Guarantor Payments in the same proportion that
such US Guarantor's Allocable Amount bore to the total Allocable Amounts of all US Guarantors (other than the US Borrowers), then
(subject to compliance with the first sentence of this section 1(c)) such US Guarantor shall be entitled to receive contribution
and indemnification payments from, and to be reimbursed by, each other US Guarantor (other than the US Borrowers) for the amount
of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such US Guarantor Payment.
The “Allocable Amount” for any US Guarantor shall be the maximum amount that could then be recovered
from such US Guarantor under this Guaranty without rendering such payment voidable under Section 548 of the Bankruptcy Code or
under any applicable state fraudulent transfer or conveyance act, or similar statute or common law.

 

    	 	4	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

Section
2.  Guaranty Absolute. Each US Guarantor guarantees that the Guaranteed
Obligations will be paid strictly in accordance with the terms of the Loan Documents and US Secured Cash Management Agreements,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights
of the US Administrative Agent or any other US Secured Party with respect thereto. The Obligations of each US Guarantor under or
in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of any other US Loan Party under
or in respect of the Loan Documents and US Secured Cash Management Agreements, and a separate action or actions may be brought
and prosecuted against each US Guarantor to enforce this Guaranty, irrespective of whether any action is brought against any US
Borrower or any other US Loan Party or whether any US Borrower or any other US Loan Party is joined in any such action or actions.
The liability of each US Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each
US Guarantor hereby irrevocably waives (to the extent permitted by law) any defenses it may now have or hereafter acquire in any
way relating to, any or all of the following:

 

(a)          any
lack of validity or enforceability of any Loan Document or US Secured Cash Management Agreement or any agreement or instrument
relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
Obligations of any other US Loan Party under or in respect of the Loan Documents and US Secured Cash Management Agreements, or
any other amendment or waiver of or any consent to departure from any Loan Document or US Secured Cash Management Agreement, including,
without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any US Loan
Party or any of its Subsidiaries or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or waiver
of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)          any
manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any US Loan Party under the Loan Documents and US Secured Cash Management Agreements, or any other
assets of any US Loan Party or any of its Subsidiaries;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of any US Loan Party or any of its Subsidiaries;

 

(f)          any
failure of the US Administrative Agent or any other US Secured Party to disclose to any US Loan Party any information relating
to the business condition (financial or otherwise), operations, properties or prospects of any other US Loan Party now or hereafter
known to the US Administrative Agent or such other US Secured Party, as the case may be (each US Guarantor waiving any duty on
the part of the US Secured Parties to disclose such information);

 

    	 	5	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(g)          the
failure of any other Person to execute or deliver this Guaranty, any Guaranty Supplement (as hereinafter defined) or any other
guaranty or agreement or the release or reduction of liability of any US Guarantor or other guarantor or surety with respect to
the Guaranteed Obligations; or

 

(h)          any
other circumstance (including, without limitation, any statute of limitations or any existence of or reliance on any representation
by the US Administrative Agent or any other US Secured Party) that might otherwise constitute a defense available to, or a discharge
of, any US Loan Party or any other guarantor or surety, in each case other than the payment in full in cash of the Guaranteed Obligations.

 

This Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by the US Administrative Agent or any other US Secured Party or any other Person upon the insolvency, bankruptcy or
reorganization of any US Borrower or any other US Loan Party or otherwise, all as though such payment had not been made.

 

Section
3.  Waivers and Acknowledgments. (a) Each US Guarantor hereby unconditionally and irrevocably waives (to
the extent permitted by law) promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Guaranty
and any requirement that the US Administrative Agent or any other US Secured Party protect, secure, perfect or insure any Lien
or any property subject thereto or exhaust any right or take any action against any US Loan Party or any other Person or any Collateral.

 

(b)          Each
US Guarantor hereby unconditionally and irrevocably waives (to the extent permitted by law) any right to revoke this Guaranty and
acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the
future.

 

(c)          Each
US Guarantor hereby unconditionally and irrevocably waives (to the extent permitted by law) (i) any defense arising by reason of
any claim or defense based upon an election of remedies by any US Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such US Guarantor
or other rights of such US Guarantor to proceed against any of the other US Loan Parties, any other guarantor or any other Person
or any Collateral and (ii) any defense based on any right of set-off or counterclaim against or in respect of the Obligations of
such US Guarantor hereunder.

 

(d)          Each
US Guarantor acknowledges that the US Administrative Agent may, without notice to or demand upon such US Guarantor and without
affecting the liability of such US Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each US
Guarantor hereby waives any defense to the recovery by the US Administrative Agent and the other US Secured Parties against such
US Guarantor of any deficiency after such nonjudicial sale and any defense or benefits that may be afforded by applicable law.

 

    	 	6	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(e)          Each
US Guarantor hereby unconditionally and irrevocably waives (to the extent permitted by law) any duty on the part of any US Secured
Party to disclose to such US Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other US Loan Party or any of its Subsidiaries now or hereafter known by
such US Secured Party.

 

(f)          Each
US Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by the Loan Documents and US Secured Cash Management Agreements, and that the waivers set forth in Section 2 and this Section 3
are knowingly made in contemplation of such benefits.

 

Section
4.  Subrogation. Each US Guarantor hereby unconditionally and irrevocably
agrees not to exercise any rights that it may now have or hereafter acquire against any US Borrower, any other US Loan Party or
any other insider guarantor that arise from the existence, payment, performance or enforcement of such US Guarantor’s Obligations
under or in respect of this Guaranty, or any other Loan Document or US Secured Cash Management Agreement, including, without limitation,
any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim
or remedy of the US Administrative Agent or any other US Secured Party against any US Borrower, any other US Loan Party or any
other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute
or common law, including, without limitation, the right to take or receive from any US Borrower, any other US Loan Party or any
other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security
on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash, all US Letters of Credit and all US Secured Cash Management Agreements shall
have expired or been terminated (or all US L/C Obligations shall have been Cash Collateralized and all obligations under US Secured
Cash Management Agreements shall have been cash collateralized in a manner reasonably satisfactory to each applicable US Cash Management
Bank) and all US Revolving Credit Commitments shall have expired or been terminated (including the expiration or termination of
the US Borrowers’ rights under Section 2.19 of the Credit Agreement). If any amount shall be paid to any US Guarantor in
violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of the Guaranteed
Obligations and all other amounts payable under this Guaranty, (b) the latest date of expiration or termination of all US Letters
of Credit and all US Secured Cash Management Agreements (or the date on which all US L/C Obligations shall have been Cash Collateralized
and all obligations under US Secured Cash Management Agreements shall have been cash collateralized in a manner reasonably satisfactory
to each applicable US Cash Management Bank), and (c) the expiration or termination of all US Revolving Credit Commitments (including
the expiration or termination of the US Borrowers’ rights under Section 2.19 of the Credit Agreement), such amount shall
be received and held in trust for the benefit of the US Administrative Agent and the other US Secured Parties, shall be segregated
from other property and funds of such US Guarantor and shall forthwith be paid or delivered to the US Administrative Agent in the
same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations
and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Loan Documents
and US Secured Cash Management Agreements, or to be held as Collateral for any Guaranteed Obligations or other amounts payable
under this Guaranty thereafter arising. If (i) any US Guarantor shall make payment to any US Secured Party of all or any part of
the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty (other than
contingent indemnification obligations under which a claim has not yet been asserted) shall have been paid in full in cash, (iii)
all US Letters of Credit and all US Secured Cash Management Agreements shall have expired or been terminated (or all US L/C Obligations
shall have been Cash Collateralized and all obligations under US Secured Cash Management Agreements shall have been cash collateralized
in a manner reasonably satisfactory to each applicable US Cash Management Bank), and (iv) all US Revolving Credit Commitments shall
have expired or been terminated (including the expiration or termination of the US Borrowers’ rights under Section 2.19 of
the Credit Agreement), the US Administrative Agent and the other US Secured Parties will, at such US Guarantor’s request
and expense, execute and deliver to such US Guarantor appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to such US Guarantor of an interest in the Guaranteed Obligations resulting from
such payment made by such US Guarantor pursuant to this Guaranty.

 

    	 	7	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

Section
5.  Payments Free and Clear of Taxes, Etc. Any and all payments made by any US Guarantor under or in respect
of this Guaranty, any other Loan Document or any US Secured Cash Management Agreement shall be made free and clear of and without
deduction or withholding for any Indemnified Taxes or Other Taxes on the same terms and to the same extent that payments by the
US Borrowers are required to be made free and clear of Indemnified Taxes and Other Taxes pursuant to the terms of Section 2.13
of the Credit Agreement.

 

Section
6.  Representations and Warranties. Each US Guarantor hereby makes each representation and warranty made
in the Loan Documents and US Secured Cash Management Agreements by any US Borrower with respect to such US Guarantor and each
US Guarantor hereby further represents and warrants as follows:

 

(a)          There
are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied or waived.

 

(b)          Such
US Guarantor has, independently and without reliance upon any US Secured Party and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty and each other Loan Document and
US Secured Cash Management Agreement to which it is or is to be a party, and such US Guarantor has established adequate means of
obtaining from each other US Loan Party on a continuing basis information pertaining to, and is now and on a continuing basis will
be completely familiar with, the business, condition (financial or otherwise), operations, performance, properties and prospects
of such other US Loan Party.

 

Section
7.  Covenants. Each US Guarantor covenants and agrees that, so long as any part of the Guaranteed Obligations
shall remain unpaid, any US Letter of Credit shall be outstanding, any US Lender Party shall have any Commitment or any US Secured
Cash Management Agreement shall be in effect, such US Guarantor will perform and observe, and cause each of its Restricted Subsidiaries
to perform and observe, all of the terms, covenants and agreements applicable to such Restricted Subsidiaries set forth in the
Loan Documents and US Secured Cash Management Agreements, as the case may be, on its or their part to be performed or observed
or that any US Borrower has agreed to cause such US Guarantor or such Restricted Subsidiaries to perform or observe.

 

    	 	8	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

Section
8.  Amendments, Guaranty Supplements, Etc. (a) No amendment or
waiver of any provision of this Guaranty and no consent to any departure by any US Guarantor therefrom shall in any event be effective
unless the same shall be in writing and signed by the US Administrative Agent and the Required Lenders (or by the US Administrative
Agent with the consent of the Required Lenders) and, in the case of an amendment, the US Guarantors, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no amendment, waiver or consent shall, unless in writing and signed by the US Administrative Agent and all of the Lenders
(other than any Lender that is, at such time, a Defaulting Lender), subject to the next succeeding sentence, release any US Guarantor
hereunder or otherwise limit any US Guarantor’s liability with respect to the Obligations owing to the US Secured Parties
under or in respect of the Loan Documents, if such release or limitation is in respect of all or substantially all of the aggregate
value of the Guarantees to the Lender Parties, or make any other change that is of the type that requires the consent of all Lenders
under Section 10.01 of the Credit Agreement. Upon the sale of a US Guarantor to the extent permitted in accordance with the terms
of the Loan Documents and US Secured Cash Management Agreements, such US Guarantor shall be automatically released from this Guaranty.

 

(b)          Upon
the execution and delivery by any Person of a guaranty supplement in substantially the form of Exhibit A hereto (each, a “Guaranty
Supplement”), (i) such Person shall be referred to as an “Additional US Guarantor” and shall become and
be a US Guarantor hereunder, and each reference in this Guaranty to a “US Guarantor” shall also mean and be a reference
to such Additional US Guarantor, and each reference in any other Loan Document or US Secured Cash Management Agreement to a “US
Guarantor” shall also mean and be a reference to such Additional US Guarantor, and (ii) each reference herein to “this
Guaranty”, “hereunder”, “hereof” or words of like import referring to this Guaranty, and each reference
in any other Loan Document or US Secured Cash Management Agreement to the “Guaranty”, “thereunder”, “thereof”
or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty
Supplement.

 

Section
9.  Notices, Etc. All notices and other communications provided for hereunder
shall be given in accordance with the provisions set out in Section 10.02 of the Credit Agreement, mutatis mutandis.

 

Section
10.  No Waiver; Remedies. No failure on the part of any US Secured Party
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law.

 

    	 	9	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

Section
11.  Right of Set-off. Upon (a) the occurrence and during the continuance
of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 of the Credit
Agreement to authorize the US Administrative Agent to declare the Advances due and payable pursuant to the provisions of said Section
6.01, each Agent and each US Lender Party and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Agent, such US Lender Party or such Affiliate
to or for the credit or the account of any US Guarantor against any and all of the US Obligations of such US Guarantor now or hereafter
existing under the Loan Documents and US Secured Cash Management Agreements, irrespective of whether such Agent or such US Lender
shall have made any demand under this Guaranty or any other Loan Document or US Secured Cash Management Agreement, and although
such US Obligations may be unmatured. Each Agent and each US Lender Party agrees promptly to notify such US Guarantor after any
such set-off and application; provided, however, that the failure to give such notice shall not affect the validity
of such set-off and application. The rights of each Agent and each US Lender Party and their respective Affiliates under this Section
are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Agent, such US
Lender Party and their respective Affiliates may have.

 

Section
12.  Indemnification. (a) Without limitation on any other US Obligations
of any US Guarantor or remedies of the US Secured Parties under this Guaranty, each US Guarantor shall, to the fullest extent permitted
by law, indemnify and hold harmless each US Secured Party and each of their Affiliates and their respective officers, directors,
employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay within
ten (10) Business Days of written demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party in connection
with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of any US Loan
Party enforceable against such US Loan Party in accordance with their terms. This Section 12(a) shall not apply with respect to
Taxes, other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(b)          Each
US Guarantor hereby also agrees that none of the Indemnified Parties shall have any liability (whether direct or indirect, in contract,
tort or otherwise) to any of the US Guarantors or any of their respective Affiliates or any of their respective security holders,
creditors, officers, directors, employees, agents and advisors arising out of, related to or in connection with any aspect of the
transactions contemplated hereby, except to the extent such liability is determined in a final, non-appealable judgment by a court
of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or willful misconduct.
In no event, however, shall any Indemnified Party be liable on any theory of liability for any special, indirect, consequential
or punitive damages (including without limitation, any loss of profits, business or anticipated savings). Notwithstanding any other
provision of this Guaranty, no Indemnified Party shall be liable for any damages arising from the use by others of information
or other materials obtained through electronic telecommunications or other information transmission systems, except to the extent
such damages are determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily
from such Indemnified Party’s gross negligence or willful misconduct.

 

    	 	10	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(c)          Without
prejudice to the survival of any of the other agreements of any US Guarantor under this Guaranty or any of the other Loan Documents
or US Secured Cash Management Agreements, the agreements and obligations of each US Guarantor contained in Section 1(a) (with
respect to enforcement expenses), the last sentence of Section 2, Section 5 and this Section 12 shall survive the
payment in full of the Guaranteed Obligations and all of the other amounts payable under this Guaranty.

 

Section
13.  Subordination. Each US Guarantor hereby subordinates any and all Debt
owed to such US Guarantor by each other US Loan Party (the “Subordinated Obligations”) to the Guaranteed
Obligations to the extent and in the manner hereinafter set forth in this Section 13:

 

(a)          Prohibited
Payments, Etc. After the occurrence and during the continuance of any Event of Default (including the commencement and continuation
of any proceeding under any Bankruptcy Law relating to any other US Loan Party), provided that either (1) a notice of acceleration
of the maturity of the Advances has been delivered to the Borrowers in accordance with Section 6.01(ii) of the Credit Agreement,
or (2) a demand for payment has been made under this Guaranty and, in the case of this clause (2), amounts that are due remain
unpaid, no US Guarantor shall (unless the US Administrative Agent otherwise agrees) demand, accept or take any action to collect
any payment on account of the Subordinated Obligations.

 

(b)          Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other US Loan Party, each US
Guarantor agrees that the US Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations
(including all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting
an allowed claim in such proceeding (“Post Petition Interest”)) before such US Guarantor receives payment
of any Subordinated Obligations.

 

(c)          Turn-Over.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other US Loan Party), provided that either (1) a notice of acceleration of the maturity
of the Advances has been delivered to the Borrowers in accordance with Section 6.01(ii) of the Credit Agreement, or (2) a demand
for payment has been made under this Guaranty and, in the case of this clause (2), amounts that are due remain unpaid, each US
Guarantor shall, if the US Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated
Obligations as trustee for the US Secured Parties and deliver such payments to the US Administrative Agent on account of the Guaranteed
Obligations (including all Post Petition Interest), together with any necessary endorsements or other instruments of transfer,
but without reducing or affecting in any manner the liability of such US Guarantor under the other provisions of this Guaranty.

 

    	 	11	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(d)          US
Administrative Agent Authorization. After the occurrence and during the continuance of any Event of Default (including the
commencement and continuation of any proceeding under any Bankruptcy Law relating to any other US Loan Party), provided that either
(1) a notice of acceleration of the maturity of the Advances has been delivered to the Borrowers in accordance with Section 6.01(ii)
of the Credit Agreement, or (2) a demand for payment has been made under this Guaranty and, in the case of this clause (2), amounts
that are due remain unpaid, the US Administrative Agent is authorized and empowered (but without any obligation to so do), in its
discretion, (i) in the name of each US Guarantor, to collect and enforce, and to submit claims in respect of, Subordinated Obligations
and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition Interest), and (ii)
to pay any amounts received on such obligations to the US Administrative Agent for application to the Guaranteed Obligations (including
any and all Post Petition Interest).

 

Section
14.  Continuing Guaranty; Assignments under the Credit Agreement. This
Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the latest of (i) the payment in full in
cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (ii) the latest date of expiration or termination
of all US Letters of Credit and all US Secured Cash Management Agreements (or the date on which all US L/C Obligations shall have
been Cash Collateralized and all obligations under US Secured Cash Management Agreements shall have been cash collateralized in
a manner reasonably satisfactory to each applicable US Cash Management Bank), and (iii) the expiration or termination of all US
Revolving Credit Commitments (including the expiration or termination of the US Borrowers’ rights under Section 2.19 of the
Credit Agreement), (b) be binding upon each US Guarantor and its successors and assigns and (c) inure to the benefit of and be
enforceable by the US Administrative Agent and the other US Secured Parties and their respective successors, transferees and assigns.
Without limiting the generality of clause (c) of the immediately preceding sentence, any US Secured Party may assign or otherwise
transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any
portion of its US Revolving Credit Commitments, the US Revolving Credit Advances owing to it and the Notes held by it in respect
of the US Revolving Facility) to any other Person, and such other Person shall thereupon become vested with all the benefits in
respect thereof granted to such US Secured Party herein or otherwise, in each case as and to the extent provided in Section 10.07
of the Credit Agreement. No US Guarantor shall have the right to assign its rights hereunder or any interest herein without the
prior written consent of the US Secured Parties.

 

    	 	12	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

Section
15.  Rights and Remedies. At any time an Event of Default shall have occurred
and be continuing, the US Administrative Agent and the US Lender Parties may, in their discretion, pursue such rights and remedies
as they deem appropriate, including realization upon Collateral by judicial foreclosure or non judicial sale or enforcement, without
affecting any rights and remedies under any Loan Document. If, in taking any action in connection with the exercise of any rights
or remedies, the US Administrative Agent or any US Lender Party shall forfeit any other rights or remedies, including the right
to enter a deficiency judgment against any US Guarantor or any other Person, whether because of any applicable laws pertaining
to “election of remedies” or otherwise, each US Guarantor consents to such action and waives any claim based upon it,
even if the action may result in loss of any rights of subrogation that such US Guarantor might otherwise have had. Any election
of remedies that results in denial or impairment of the right of the US Administrative Agent or any US Lender Party to seek a deficiency
judgment against any US Loan Party shall not impair each US Guarantor’s obligation to pay the full amount of the US Obligations
under the Loan Documents. Each US Guarantor waives all rights and defenses arising out of an election of remedies, such as nonjudicial
foreclosure with respect to any security for the US Obligations under the Loan Documents, even though that election of remedies
destroys such US Guarantor’s rights of subrogation against any other Person. The US Administrative Agent may bid all or a
portion of the US Obligations under the Loan Documents at any foreclosure or trustee’s sale or at any private sale, and the
amount of such bid need not be paid by the US Administrative Agent but shall be credited against the US Obligations under the Loan
Documents. The amount of the successful bid at any such sale, whether the US Administrative Agent or any other Person is the successful
bidder, shall be conclusively deemed to be the fair market value of the Collateral acquired pursuant to such sale, and, after application
of the proceeds of such sale to payment of the US Obligations under the Loan Documents, the difference between such bid amount
and the remaining balance of the US Obligations under the Loan Documents shall be conclusively deemed to be the amount of the US
Obligations under the Loan Documents guaranteed under this Guaranty, notwithstanding that any present or future law or court decision
may have the effect of reducing the amount of any deficiency claim to which the US Administrative Agent or any US Lender Party
might otherwise be entitled but for such bidding at any such sale.

 

Section
16.  Execution in Counterparts. This Guaranty and each amendment, waiver
and consent with respect hereto may be executed in any number of counterparts and by different parties thereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Guaranty by telecopier or by electronic transmission
(e.g. “.pdf” or “.tif”) shall be effective as delivery of an original executed counterpart of this Guaranty.

 

Section
17.  Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a)
This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(b)          Each
US Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any
New York State court or federal court of the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any of the other Loan Documents or
US Secured Cash Management Agreements to which it is or is to be a party, or for recognition or enforcement of any judgment, and
each US Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court. Each US Guarantor
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

 

    	 	13	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(c)          Each
US Guarantor irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
or any of the other Loan Documents or US Secured Cash Management Agreements to which it is or is to be a party in any New York
State or federal court. Each US Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such suit, action or proceeding in any such court.

 

(d)          EACH
US GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR US SECURED CASH MANAGEMENT AGREEMENTS, THE ADVANCES
OR THE ACTIONS OF ANY SECURED PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

Section 18.  Amendment
and Restatement. This Guaranty amends and restates the Existing Guaranty in its entirety.

 

    	 	14	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

IN WITNESS WHEREOF, each
US Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date
first above written.

 

	 	CHEMTURA CORPORATION
	 	 	 
	 	By	 
	 	 	Name:  Stephen C. Forsyth
	 	 	Title:  Executive Vice President and

Chief Financial Officer

 

	 	BIO-LAB, INC.
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President
	 	 	 
	 	CROMPTON COLORS INCORPORATED 
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President
	 	 	 
	 	GLCC LAUREL, LLC
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President
	 	 	 
	 	GREAT LAKES CHEMICAL CORPORATION 
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President

 

    	 	[Signature Page]	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

	 	HOMECARE LABS, INC. 
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President
	 	 	 
	 	RECREATIONAL WATER PRODUCTS, INC.
	 	 	 
	 	By	 
	 	 	Name: Arthur Fullerton
	 	 	Title: Vice President

 

    	 	[Signature Page]	Chemtura (Revolving Facility) US Guaranty

    	 

    

  

Exhibit A

To The

Guaranty

 

FORM OF GUARANTY SUPPLEMENT

 

_________ __, ____

 

Bank of America, N.A., as US Administrative Agent

[Address of US Administrative Agent]

 

Attention: ____________

 

Senior Secured Revolving Facilities
Credit Agreement dated as of November 10, 2010 (as amended and restated on December 4, 2013 and as further amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among
Chemtura Corporation, a Delaware corporation (the “Company”) and the other US Borrowers referred to
therein (together with the Company, the “US Borrowers”), Bank of America, N.A., as US
Administrative Agent, the other agents named therein, the Lender Parties party thereto from time to time and the other
parties thereto

 

Ladies and Gentlemen:

 

Reference is made to
the above-captioned Credit Agreement and to the Guaranty referred to therein (such Guaranty, as in effect on the date hereof and
as it may hereafter be amended, supplemented or otherwise modified from time to time, together with this Guaranty Supplement, being
the “Guaranty”). The capitalized terms defined in the Guaranty or in the Credit Agreement and not otherwise
defined herein are used herein as therein defined.

 

Section 1. Guaranty;
Limitation of Liability. (a) The undersigned hereby absolutely, unconditionally and irrevocably guarantees the punctual
payment when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise,
of all US Obligations of each other US Loan Party or Subsidiary of a US Loan Party now or hereafter existing under or in respect
of the Loan Documents and US Secured Cash Management Agreements (including, without limitation, any extensions, modifications,
substitutions, amendments or renewals of any or all of the foregoing US Obligations), whether direct or indirect, absolute or
contingent, and whether for principal, interest, premium, fees, indemnities, contract causes of action, costs, expenses or otherwise
(such US Obligations being the “Guaranteed Obligations”), and agrees to pay any and all reasonable and
documented out-of-pocket expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by the US
Administrative Agent or any other US Secured Party in enforcing any rights under the Guaranty or this Guaranty Supplement. Without
limiting the generality of the foregoing, the undersigned’s liability shall extend to all amounts that constitute part of
the Guaranteed Obligations and would be owed by any other US Loan Party or Subsidiary of a US Loan Party to the US Administrative
Agent or any other US Secured Party under or in respect of the Loan Documents and US Secured Cash Management Agreements but for
the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding
involving such other US Loan Party or Subsidiary.

 

    	 	A-1	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(b)          The
undersigned, and by its acceptance of this Guaranty Supplement, the US Administrative Agent and each other US Secured Party, hereby
confirms that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Obligations of the undersigned
hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this
Guaranty Supplement, the Guaranty and the Obligations of the undersigned hereunder and thereunder. To effectuate the foregoing
intention, the US Administrative Agent, the other US Secured Parties and the undersigned hereby irrevocably agree that the Obligations
of the undersigned under this Guaranty Supplement and the Guaranty at any time shall be limited to the maximum amount as will result
in the Obligations of the undersigned under this Guaranty Supplement and the Guaranty not constituting a fraudulent transfer or
conveyance.

 

(c)          The
undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any US
Secured Party under this Guaranty Supplement, the Guaranty or any other guaranty, the undersigned will contribute, to the maximum
extent permitted by applicable law, such amounts to each other US Guarantor and each other guarantor so as to maximize the aggregate
amount paid to the US Secured Parties under or in respect of the Loan Documents and US Secured Cash Management Agreements.

 

Section 2. Obligations
Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be
bound as a US Guarantor by all of the terms and conditions of the Guaranty to the same extent as each of the other US Guarantors
thereunder. The undersigned further agrees, as of the date first above written, that each reference in this Guaranty Supplement
to an “Additional US Guarantor” or a “US Guarantor” shall also mean and be a reference to the undersigned,
and each reference in any other Loan Document or US Secured Cash Management Agreement to a “US Guarantor” or a “US
Loan Party” shall also mean and be a reference to the undersigned.

 

Section 3. Representations
and Warranties. The undersigned hereby makes each representation and warranty set forth in
Section 6 of the Guaranty with respect to itself to the same extent as each other US Guarantor made such representation with
respect to itself.

 

Section 4. Electronic
Delivery. Delivery of an executed counterpart of a signature page to this Guaranty Supplement
by telecopier or by electronic transmission (e.g. “.pdf” or “.tif”) shall be effective as delivery of an
original executed counterpart of this Guaranty Supplement.

 

Section 5. Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Guaranty Supplement shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    	 	A-2	Chemtura (Revolving Facility) US Guaranty

    	 

    

 

(b)          The
undersigned hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York
State court or any federal court of the United States of America sitting in New York City, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Guaranty Supplement, the Guaranty or any of the other Loan
Documents or US Secured Cash Management Agreements to which it is or is to be a party, or for recognition or enforcement of any
judgment, and the undersigned hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court. The undersigned
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

 

(c)          The
undersigned irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
Supplement, the Guaranty or any of the other Loan Documents or US Secured Cash Management Agreements to which it is or is to be
a party in any New York State or federal court. The undersigned hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court.

 

(d)          THE
UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR US SECURED CASH MANAGEMENT AGREEMENTS, THE ADVANCES
OR THE ACTIONS OF ANY SECURED PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

	 	Very truly yours,
	 	 	 
	 	[NAME OF ADDITIONAL US GUARANTOR]
	 	 	 
	 	By 	 
	 	 	Name:
	 	 	Title:

 

    	 	A-3	Chemtura (Revolving Facility) US Guaranty

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