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Exhibit 10.1    
    

 
 

SIXTH AMENDMENT

        This
SIXTH AMENDMENT (this "Amendment"), dated as of April 9, 2003, is entered into by and among Huntsman International LLC (f/k/a
Huntsman ICI Chemicals LLC), a Delaware limited liability company (the "Borrower"), Huntsman International Holdings LLC (f/k/a Huntsman ICI Holdings
LLC), a Delaware limited liability company ("Holdings"), the undersigned financial institutions, including Deutsche Bank Trust Company Americas
(formerly named Bankers Trust Company), in their capacities as lenders hereunder (collectively, the "Lenders," and each individually, a
"Lender"), Deutsche Bank Trust Company Americas (formerly named Bankers Trust Company), as Lead Arranger, Administrative Agent
("Administrative Agent") for the Lenders and Sole Book Manager, Goldman Sachs Credit Partners L.P., as Syndication Agent and Co-Arranger and
The Chase Manhattan Bank and UBS Warburg LLC (as successor to Warburg Dillon Read), as Co-Arrangers and as Co-Documentation Agents (collectively, the
"Agents" and each individually, an "Agent"). Terms used herein and not otherwise defined herein shall
have the same meanings as specified in the Credit Agreement (as defined below). 

RECITALS:

        A.
The Borrower, Holdings, the Lenders, the Agents and the Administrative Agent have heretofore entered into that certain Credit Agreement dated as of June 30, 1999, as amended by
that certain First Amendment dated as of December 21, 2000, that certain Second Amendment dated as of March 5, 2001, that certain Third Amendment dated as of November 30, 2001,
that certain Fourth Amendment dated as of March 15, 2002 and that certain Fifth Amendment dated as of February 7, 2003 (as amended, restated, supplemented or otherwise modified from time
to time, the "Credit Agreement"). 

        B.
The Borrower and Holdings wish, and the Lenders signatory hereto and the Agents and Administrative Agent are willing, to amend the Credit Agreement subject to the terms and conditions
of this Agreement. 

        C.
This Agreement constitutes a Loan Document and these Recitals shall be construed as part of this Agreement. 

        NOW,
THEREFORE, in consideration of the recitals herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 

SECTION 1. Amendment of Credit Agreement.

        The
Credit Agreement is hereby amended as of the Sixth Amendment Effective Date as follows: 

        (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in their
proper alphabetical order:

        "Sixth Amendment" means that certain Sixth Amendment to this Agreement dated as of April 9, 2003. 

        "Sixth Amendment Effective Date" has the meaning set forth in Section 2 of the Sixth Amendment. 

        (b) Section 4.5(e)(ii) of the Credit Agreement is hereby amended by adding the following new
sentence immediately at the end of such section:

        "Notwithstanding
anything else in this Section 4.5(e)(ii) to the contrary, any prepayment of principal required to be made
by the Borrower pursuant to Section 4.4(m)(ii) during the period beginning on the Sixth Amendment Effective Date and ending on
May 15, 2003 in an amount not exceeding $200 million, shall be applied, first, in an amount equal to 17% of the Net Offering Proceeds thereof, to reduce pro rata the outstanding balance
of the Domestic Revolving Loans and 

 

Multicurrency
Revolving Loans (in each case without any permanent reduction in the applicable Commitment), second shall be applied, subject to  Section 4.5(c), to the Scheduled Term A Dollar Repayments, the
Dollar Equivalent amount of the Scheduled Term A Euro Repayments, the Scheduled
Term B Repayments and the Scheduled Term C Repayments due within the 16 month period following the date of such prepayment in direct order of maturity and thereafter, subject to  Section 4.5(c),
 shall be applied in proportional amounts equal to the Term A Dollar Percentage, the Term A Euro Percentage, Term B Percentage and
Term C Percentage (in each case, after giving effect to the prepayments made to the Scheduled Term A Dollar Repayments, the Scheduled Term A Euro Repayments, Scheduled Term B Repayments and Scheduled
Term C Repayments due within such 16 month period as specified above), as the case may be, of such remaining prepayment, if any, and within each Term Loan, shall be applied to reduce the
remaining Scheduled Term A Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments on a pro rata basis (based upon the then remaining principal amount of such Scheduled Term A Dollar
Repayments, Scheduled Term A Euro Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments, respectively)." 

        (c) Section 8.2(o) of the Credit Agreement is hereby amended by (i) adding the parenthetical
"(including intraday cash management lines relating thereto)" immediately following the word "Indebtedness" where such word first appears in such Section; and (ii) adding the parenthetical
"(other than intraday cash management lines relating thereto)" immediately following the word "Indebtedness" in each other place where such word appears in such Section.

        SECTION 2.    Conditions to Effectiveness of the
Amendment. The provisions of this Amendment shall become effective upon the date of the satisfaction of all of the conditions set forth in this  Section 2 (the
"Sixth Amendment Effective Date"): 

         2.1  Proper Execution and Delivery of Amendment. Borrower, Holdings, the Administrative Agent and the Required Lenders shall
have duly executed and delivered to Administrative Agent this Amendment. 

         2.2  Delivery of Credit Party Documents. On or before the date hereof, Borrower shall deliver or cause to be delivered to
Administrative Agent the following with respect to each of Borrower and Holdings, each, unless otherwise noted, dated the Sixth Amendment Effective Date: 

        (a)
Certified copies of its Certificate of Formation, together with a good standing certificate from the Secretary of State of the jurisdiction of its incorporation and each other state
in which it is qualified as a foreign corporation to do business and where failure to be so qualified would have a Material Adverse Effect and, to the extent generally available, a certificate or
other evidence of good standing as to payment of any applicable franchise or similar taxes from the appropriate taxing authority of each of such states, each dated a recent date prior to the Sixth
Amendment Effective Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a Responsible Officer of the
Borrower indicating that no change has occurred with respect to such document; 

        (b)
Copies of its operating agreement or limited liability company agreement, certified by its corporate secretary or an assistant secretary or a certificate of the lack of any change
thereto since the Initial Borrowing Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a Responsible
Officer of the Borrower indicating that no change has occurred with respect to such document; 

        (c)
Resolutions of its members, manager or board of managers (i) approving and authorizing the execution, delivery and performance of this Amendment, and (ii) approving and
authorizing the execution, delivery and performance of the other Loan Documents to which it is a party and all transactions related thereto, in each case certified as of the Sixth Amendment Effective
Date by its 

2

 

corporate
secretary or an assistant secretary as being in full force and effect without modification or amendments; 

        (d)
Signature and incumbency certificates of its officers executing this Amendment; and 

        (e)
Such other instruments and documents in respect of such matters as Administrative Agent shall reasonably request. 

         2.3  Representations and Warranties; Default; Officer's Certificate. After giving effect to this Amendment, the
representations and warranties set forth in Article VI of the Agreement shall be true and correct, except to the extent such representations and
warranties are expressly made as of a specified date in which event such representations and warranties shall be true and correct as of such specified date, and no Event of Default or Unmatured Event
of Default shall have occurred or be continuing and Administrative Agent shall have received a certificate executed by a Responsible Officer on behalf of Borrower, dated the Sixth Amendment Effective
Date stating that, after giving effect to this Amendment, the representations and warranties set forth in Article VI of the Agreement are true
and correct as of the date of the certificate, except to the extent such representations and warranties are expressly made as of a specified date in which event such representations and warranties
shall be true and correct as of such specified date, that no Event of Default or Unmatured Event of Default has occurred and is continuing, and that the conditions of this  Section 2 hereof have
been fully satisfied or waived. 

         2.4  Fees. Borrower shall have paid to Administrative Agent and the Lenders all costs, fees and expenses (including, without
limitation, reasonable legal fees and expenses) payable to Administrative Agent and the Lenders to the extent then due, including, without limitation, pursuant to  Section 4 of this Amendment.

         2.5  Corporate Proceedings. All corporate and legal proceedings and all instruments and agreements in connection with the
execution and delivery of this Amendment shall be satisfactory in form and substance to Administrative Agent and the Required Lenders and Administrative Agent and all Lenders shall have received all
information and copies of all documents and papers, including records of corporate proceedings, governmental approvals, good standing certificates and bring-down telegrams or certificates,
if any, which Administrative Agent or such Lender reasonably may have requested in connection therewith, such documents and papers where appropriate to be certified by proper corporate or Governmental
Authorities. 

        Each
Lender and the Administrative Agent hereby agrees that by its execution and delivery of its signature page hereto, such Person approves of and consents to each of the matters
set forth in Section 2 which must be approved by, or which must be satisfactory to, the Required Lenders or such Person, as the case may be;  provided
that, in the case of any agreement or document which must be approved by, or which must be satisfactory to, the Required Lenders,
Administrative Agent or Borrower shall have delivered a copy of such agreement or document to such Person if so requested on or prior to the Sixth Amendment Effective Date. 

        SECTION 3. References to and Effect on the Credit Agreement.    On and after the date hereof each
reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of like import, and each reference to the Credit Agreement, as the case may be, in the Loan Documents
and all other documents (the "Ancillary Documents") delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 

        Except
as specifically amended above, the Credit Agreement, and the other Loan Documents and all other Ancillary Documents shall remain in full force and effect and are hereby ratified
and confirmed. 

3

 

        The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or
Administrative Agent under the Credit Agreement, the Loan Documents or the Ancillary Documents. 

        SECTION 4. Fees, Costs and Expenses.    (a) Borrower agrees to pay a fee to the Administrative
Agent on or prior to the Sixth Amendment Effective Date on behalf of each Lender which has executed and delivered this Amendment on or prior to 5:00 p.m. E.S.T. on April 9, 2003 equal to
..05% times the sum of the Domestic Revolving Commitment, Multicurrency Revolving Commitment and outstanding Term Loans of such Lender as in effect under the Credit Agreement on the Sixth Amendment
Effective Date, such fee to be due and payable on the Sixth Amendment Effective Date; and (b) Borrower also agrees to pay all reasonable costs and expenses of the Administrative Agent in
connection with the
negotiation, preparation, printing, typing, reproduction, execution and delivery of this Amendment and all other documents furnished pursuant hereto or in connection herewith, including without
limitation, the reasonable fees and out-of-pocket expenses of Winston & Strawn, special counsel to Administrative Agent and any local counsel retained by Administrative
Agent relative thereto or the reasonable allocated costs of staff counsel as well as the fees and out-of-pocket expenses of counsel, independent public accountants and other
outside experts retained by Administrative Agent in connection with the administration of this Amendment. 

SECTION 5. Miscellaneous.  

         5.1  Execution in Counterparts. This Amendment may be executed in one or more counterparts, each of which, when executed and
delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same document with the same force and effect as if the signatures of all of
the parties were on a single counterpart, and it shall not be necessary in making proof of this Amendment to produce more than one (1) such counterpart. Delivery of an executed signature
page to this Amendment by telecopy shall be deemed to constitute delivery of an originally executed signature page hereto. 

         5.2  Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

         5.3  Headings. Headings used in this Amendment are for convenience of reference only and shall not affect the construction of
this Amendment. 

         5.4  Integration. This Amendment, the other agreements and documents executed and delivered pursuant to this Amendment and the
Credit Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof. 

         5.5  Binding Effect. This Amendment shall be binding upon and inure to the benefit of and be enforceable by the Borrower, the
Administrative Agent and the Lenders and their respective successors and assigns. Except as expressly set forth to the contrary herein, this Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the Borrower, the Administrative Agent and the Lenders and their respective successors and permitted assigns. 

[signature page follows]

4

 

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

5

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Exhibit 10.1

SIXTH AMENDMENTQuickLinks
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Exhibit 10.2  

[Certain portions of this exhibit have been omitted pursuant to Rule 24b-2 and are subject to a confidential treatment request. Copies of this exhibit
containing the omitted information have been filed separately with the Securities and Exchange Commission. The omitted portions of this document occur on pages 2 and 3 and are marked with a
**.]

 
 

SLAG SALES AGREEMENT—AMENDMENT    
    

        THIS AMENDMENT AGREEMENT dated the 21st day of February, 2003 between QIT-FER ET TITANE INC., a Quebec corporation with offices
at 1625, Marie-Victorin, Tracy, Quebec, Canada, J3R 1M6 (hereinafter "QIT"), and TIOXIDE EUROPE LIMITED, An English company with its Registered Office at Haverton Hill Road, Billingham, TS23
1PS, England (hereafter, the "Buyer"); 

        WHEREAS
QIT is a significant producer of titanium bearing slag and Buyer, a member of the Huntsman Tioxide Group of affiliated companies ("Buyer's Group"), is a consumer of titanium
bearing slag of the types produced by QIT; 

        WHEREAS
Buyer's Group operates seven pigment plants worldwide plus a production joint venture; 

        WHEREAS
Buyer's Group has six pigment plants using the sulphate process, three of which typically use ilmenite as feedstock and three of which typically use slag as feedstock; 

        WHEREAS
Buyer's Group has four sulphate pigment plants in Europe, two using ilmenite as feedstock and two using slag as feedstock; 

        WHEREAS
Buyer's Group has a sulphate pigment plant in Asia using ilmenite as feedstock and a sulphate pigment plant in Africa using slag as feedstock; 

        WHEREAS
QIT produces and sells slag and has substantial investments in such process; 

        WHEREAS
Buyer's Group's sulphate pigment plants using slag are in general not as cost competitive as those of its plants using ilmenite, and QIT recognizes that Buyer has considered
converting these plants to use ilmenite; 

        WHEREAS
QIT and Buyer's Group wish to see the slag remain a competitive alternative to ilmenite as a sulphate feedstock; 

        WHEREAS
Buyer's Group is desirous of establishing standardized product quality across all its sulphate pigment plants that use slag, which is facilitated by the usage of a single source
of common feedstock; 

        WHEREAS
Buyer is desirous that QIT share some of the business risk related to the future pricing of pigment produced by Buyer's Group; 

        WHEREAS
QIT is willing to link the price of slag to the sale price for pigment produced worldwide by Buyer's Group under conditions described herein; 

        WHEREAS
pigment prices can vary considerably from year to year and the term of any agreement needs to be of reasonable duration to induce QIT to accept the risk associated with linking
its slag price to variations in the sale price of pigment; 

        WHEREAS
the parties recognize the volatility of market demand for TiO2 pigment has a direct effect on the volume requirements of Buyer's Group; 

        WHEREAS
QIT has agreed to share the business risk associated with pigment demand volatility and to supply all of Buyer's sulphate slag requirements in Europe in an arrangement that links
slag price with pigment price whereby the manufacture, purchase and consumption of titanium bearing slag is established for the mutual benefit of the parties; 

 

        WHEREAS
Buyer and QIT entered into an agreement for the purchase of titanium bearing slag (hereinafter "Product") dated April 19, 2000, as amended to date (the "Agreement"); and 

        WHEREAS,
in view of the above, the parties wish to amend the Agreement as provided herein; 

        NOW
THEREFORE, for and in consideration of the covenants and conditions herein contained, the parties hereto confirm their amendment of the Agreement as follows, effective
January 1, 2003: 

	1.
	Article II
of the Agreement shall be replaced by the following: 

"Unless
otherwise indicated, a "ton" is a metric ton of one thousand kilograms dry weight, a "month" and a "year" are a calendar month and a calendar year, respectively, "dollars", "cents", and the
dollar and cent signs ("$" and "¢") refer to lawful money of the United States of America, "Official Samples" has the meaning given to it in Article XI and all percentages are based
on dry weights. "Party" means QIT as one party and Buyer as one party. "STEM" shall mean that Product will be available and ready for loading at the point of shipment on the stated date and in the
quantity specified. "Weighted Average Pigment Price" means, for any year, the weighted average per ton dollar-based Net Sales Price for TiO2 pigment invoiced by Buyer's group in such year, pursuant to
commercially negotiated arm's length transactions with third parties entered into on the same basic conditions of sale from year to year. "Net Sales Price" means the invoiced delivered price less
volume rebate; for the avoidance of doubt, "delivered" in this definition shall be read in the context of delivery terms to such transactions being consistently applied year on year in all material
respects." 

	2.
	Paragraph A
of Article III of the Agreement shall be replaced by the following: 

"Unless
terminated earlier pursuant to the provisions contained herein, this Agreement shall be for a term of four (4) years commencing on January 1, 2001 and ending on
December 31, 2004." 

	3.
	Article IV
of the Agreement shall be replaced by the following: 

"The
quantity of Product ("Quantity") to be produced, sold and delivered for each year of this Agreement shall be as follows: 

	Year
	 	Quantity
 

	2003	 	** tons.
	

2004	
 	

** tons.

Buyer
shall provide QIT no later than September 30, 2003 with its estimated Quantity requirements for 2004. 

QIT
shall have the right that an independent auditor acceptable to both parties be given access to Buyer's relevant books and records to verify what proportion of its requirements Buyer has taken for
its Calais Plant, subject to the minimum inventory requirement set out above." 

	4.
	Article V.A.
of the Agreement shall be replaced by the following:

	"A.
	Basic Price

	1.
	The
Basic Price of Product shall be that amount per ton, FOB Buyer's Vessel, QIT's dock, Sorel-Tracy, Quebec, as follows: 

	Year
 
	 	Price
 

	2003 and 2004 (**% TiO2 basis)	 	The annual price will be determined by reference to the Weighted Average Pigment Price for the relevant year as follows:

2

 

	Weighted Average Pigment Price (US$ per ton for the year)
 
	 	Basic Price (and % variation from 2002 price)
	 
	**	 	$	**	 	(**	%)
	

**	
 	
$	

**	
 	

(**	
%)
	

**	
 	
$	

**	
 	

(**	
%)
	

**	
 	
$	

**	
 	

(**	
%)
	

**	
 	
$	

**	
 	

(**	
%)

	2.
	QIT
shall invoice Buyer for all shipments made during a year at the previous year's Basic Price. Buyer shall provide QIT with an estimate of the Weighted Average Pigment Price for the
year in question by March 31 of the year in question. QIT shall issue a debit or credit note, as applicable, within fifteen (15) days of the end of each quarter in respect of all
shipments for the previous quarter. Such debit/credit note shall reflect the difference between Product price based on the estimated Weighted Average Pigment Price and the Product price as originally
invoiced (based upon previous year's Basic Price). Buyer shall advise QIT of the actual Weighted Average Pigment Price for the year in question by February 28 of the following year. 

QIT
shall then determine the Basic Price and issue a final credit/debit note in respect of the aggregate of all annual shipments for the year in question reconciling the effect of the differences
between invoiced amounts, the quarterly adjustment payments and the actual Basic Price, by March 15 of the following year. 

	3.
	QIT
shall have the right that an independent auditor acceptable to both parties be given access to relevant books and records so as to audit Buyer's actual Weighted Average Pigment
Price for any year of this Agreement. The independent auditor shall be instructed that his audit report shall be limited to confirming the accuracy of Buyer's calculated Weighted Average Pigment Price
or, if there is disagreement, the Weighted Average Pigment Price that the Auditor determines to be the correct figure. In no circumstances will the auditor reveal a particular price or prices charged
to an individual customer or customers."

	5.
	The
parties hereby ratify and confirm the terms and conditions of the Agreement not specifically amended pursuant to this Amendment Agreement. 

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

	

QIT-FER ET TITANE INC.	
 	

TIOXIDE EUROPE LIMITED
	

By:	
 	

/s/  JAMES D. NAMENY      
	
 	

By:	
 	

/s/  R.A. LOUW      

	Name:	 	James D. Nameny	 	Name:	 	R.A. Louw
	Title:	 	Director	 	Title:	 	Senior VP Commercial

3

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SLAG SALES AGREEMENT—AMENDMENT

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