SEVENTEENTH AMENDMENT TO CREDIT AGREEMENT

Exhibit 10.1

Execution Version

SEVENTEENTH AMENDMENT TO CREDIT AGREEMENT

This SEVENTEENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 15, 2017 is entered into by and among Huntsman International LLC, a Delaware limited liability company (the “Borrower”), the Lenders party hereto and JPMorgan Chase Bank, N.A., as Administrative Agent.

RECITALS:

A.                                    The Borrower, the Lenders, the Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent, have heretofore entered into that certain Credit Agreement dated as of August 16, 2005 (as heretofore amended, restated, supplemented or otherwise modified by, inter alia, the Consent and First Amendment to Credit Agreement dated as of December 12, 2005, the Consent and Second Amendment to Credit Agreement and Amendment to Security Documents dated as of June 30, 2006, the Third Amendment to Credit Agreement dated as of April 19, 2007, the Fourth Amendment to Credit Agreement dated as of June 22, 2009, the Fifth Amendment to Credit Agreement dated as of March 9, 2010, the Sixth Amendment to Credit Agreement dated as of March 7, 2011, the Seventh Amendment to Credit Agreement dated as of March 6, 2012, the Eighth Amendment to Credit Agreement dated as of March 11, 2013, the Ninth Amendment to Credit Agreement dated as of August 22, 2013, the Tenth Amendment to Credit Agreement, Second Amendment to Collateral Security Agreement, Second Amendment to Pledge Agreement and Second Amendment to Subsidiary Guaranty dated as of October 15, 2013, the Eleventh Amendment to Credit Agreement dated as of August 12, 2014, the Twelfth Amendment to Credit Agreement dated as of August 13, 2014, the Thirteenth Amendment to Credit Agreement dated as of October 1, 2014, the Fourteenth Amendment to Credit Agreement dated as of August 10, 2015, the Fifteenth Amendment to Credit Agreement dated as of April 1, 2016, and the Sixteenth Amendment to Credit Agreement dated as of November 15, 2016, the “Credit Agreement”).

B.                                    The Borrower has informed the Administrative Agent and the Lenders that it intends to enter into certain transactions to, among other things, permit the separation of, and sale in an underwritten initial public offering of, its Pigments and Additives Business (as defined in the Amended Credit Agreement (as defined below)), as further described in the Amended Credit Agreement.

C.                                    The Borrower has informed the Administrative Agent and the Lenders that Huntsman has entered into that certain Agreement and Plan of Merger, dated as of May 21, 2017 (as amended, restated, supplemented, waived, or otherwise modified from time to time, the “Merger Agreement”), by and among Clariant Ltd, a Swiss corporation (“Clariant”), HurricaneCyclone Corporation, a Delaware corporation and wholly owned Subsidiary of Clariant (“Merger Sub”) and Huntsman Corporation, pursuant to which Merger Sub will merge with and into Huntsman Corporation, with Huntsman Corporation surviving such merger (the “Merger”).

D.                                    Pursuant to Section 12.1 of the Credit Agreement, the Borrower has requested that the Credit Agreement be amended as described in Section 2 hereto to (i) permit the Venator IPO Transactions (as defined in the Amended Credit Agreement) and (ii) make such other changes and modifications as are set forth in the Amended Credit Agreement, and the Administrative Agent and the Required Lenders are willing to agree to such changes on the terms and subject to the conditions set forth below.

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

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

SECTION 1                            Defined Terms.  Capitalized terms used but not otherwise defined herein (including the preliminary statements hereto) shall have the meanings assigned thereto in the Amended Credit Agreement.  The provisions of the last paragraph of Section 1.1 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

SECTION 2                            Amendments.  Effective as of the Seventeenth Amendment Effective Date and subject to the satisfaction of the terms and conditions set forth herein:

2.1.                            In accordance with Section 12.1 of the Credit Agreement, the Credit Agreement is hereby amended to read in its entirety in the form of Exhibit A attached hereto (as amended, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”).

Except as expressly set forth above, all Schedules and Exhibits to the Credit Agreement are not affected by this Amendment and remain in effect in the forms thereof immediately prior to the Seventeenth Amendment Effective Date.

SECTION 3                            Conditions Precedent to the Effectiveness of this Amendment.  This Amendment shall become effective upon the date of the satisfaction of all of the conditions set forth in this Section 3 (the “Seventeenth Amendment Effective Date”), with any documents delivered to the Administrative Agent dated the Seventeenth Amendment Effective Date unless otherwise noted:

3.1.                            Proper Execution and Delivery of Agreement.  The Administrative Agent shall have received this Amendment, duly executed and delivered by the Borrower, the Administrative Agent and the Required Lenders.

3.2.                            Proper Execution and Delivery of Consent and Reaffirmation.  The Administrative Agent shall have received the Consent and Reaffirmation, in the form attached hereto as Exhibit B, duly executed and delivered by the Borrower and each of the Subsidiary Guarantors.

3.3.                            Fees and Expenses.

(a)                                 The Borrower shall have paid all fees payable on the Seventeenth Amendment Effective Date pursuant to the terms of that certain Engagement Letter dated as of June 5, 2017 between the Borrower and JPMorgan Chase Bank, N.A. (as amended, restated, supplemented or otherwise modified from time to time, the “Engagement Letter”).

(b)                                 Without duplication of clause (a) above, the Borrower shall have paid to the Administrative Agent, for the account of each Lender that returns a counterpart signature page to this Amendment prior to 5:00 p.m., New York City time, on June 13, 2017, as fee compensation for consenting to this Amendment, an amendment fee equal to 0.05% of the aggregate principal amount of such Lender’s Terms Loans and 0.05% of the aggregate principal amount of such Lender’s Revolving Commitments, in each case outstanding immediately prior to the Seventeenth Amendment Effective Date (the “Amendment Fee”), which Amendment Fee will be earned and due and payable in full in cash on the Seventeenth Amendment Effective Date.

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(c)                                  The Borrower shall have paid, to the extent invoiced, the reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment and all other Loan Documents entered into in connection herewith (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).

3.4.                            No Default.  No Unmatured Event of Default or Event of Default shall exist immediately prior to or after giving effect to this Amendment and the transactions contemplated hereby.

3.5                               Representations and Warranties.  The representations and warranties contained in this Amendment and the other Loan Documents shall each be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the Seventeenth Amendment Effective Date, as though made on and as of such time, except to the extent such representations and warranties are expressly made as of a specific date, in which event such representations and warranties are true and correct as of such specified date.

3.6                               Delivery of Credit Party Documents.

(a)                                 Opinion of Counsel.  The Administrative Agent shall have received a customary legal opinion from ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, special counsel to the Borrower, addressed to the Administrative Agent and each of the Lenders and dated the Seventeenth Amendment Effective Date, in form and substance reasonably satisfactory to the Administrative Agent.

(b)                                 Secretary’s Certificate, Etc.  The Administrative Agent shall have received: (i) a certificate as to the good standing of the Borrower and each Subsidiary Guarantor as of a recent date, from the Secretary of State of its state of organization; (ii) a certificate of the secretary or assistant secretary of the Borrower and each Subsidiary Guarantor dated the Seventeenth Amendment Effective Date and certifying (A) that attached thereto is a true and complete copy of (1) the by-laws (or equivalent thereof) and (2) the certificate or articles of incorporation, certified as of a recent date by the Secretary of State of the applicable state of organization, in each case of the Borrower or such Subsidiary Guarantor as in effect on the Seventeenth Amendment Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below (or, if such by-laws (or equivalent thereof) or certificate or articles of incorporation have not been amended or modified since the most recent delivery thereof to the Administrative Agent, certifying that no such amendment or modification has occurred), (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent thereof) of the Borrower or such Subsidiary Guarantor authorizing the execution, delivery and performance of the Loan Documents to which such person is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (C) as to the incumbency and specimen signature of each officer executing this Amendment or the Consent and Reaffirmation Agreement on behalf of the Borrower or such Subsidiary Guarantor; and (iii) a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate pursuant to clause (ii) above.

(c)                                  Officer’s Certificate.  The Administrative Agent shall have received a certificate, dated the Seventeenth Amendment Effective Date and signed by a Responsible Officer on behalf of the Borrower, confirming that (A) the Borrower has complied with the requirements of Section 7.11 of the Credit Agreement with respect to all Subsidiaries formed or acquired on or after the Sixteenth Amendment Effective Date and (B) the representations and warranties contained in Section 5 of this Amendment are true and correct as of the Seventeenth Amendment Effective Date.

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SECTION 4                            Requirements after the Seventeenth Amendment Effective Date.

4.1                               Within 30 days after the Seventeenth Amendment Effective Date (or such later date acceptable to the Administrative Agent in its sole discretion in writing), the Borrower shall deliver to the Administrative Agent an opinion of Bond ▇▇▇▇▇▇▇▇▇ LLP, special United Kingdom counsel to the Borrower, or another firm reasonably acceptable to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and each of the Lenders and dated as of the date of delivery thereof.

SECTION 5                            Representations and Warranties.  On and as of the Seventeenth Amendment Effective Date, before and after giving effect to this Amendment, the Borrower hereby represents and warrants to each Lender as follows:

(a)                                 this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, and the Credit Agreement after giving effect to this Amendment constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms (in each case, except to the extent that the enforceability hereof or thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law));

(b)                                 each of the representations and warranties contained in Article VI of the Amended Credit Agreement and in the other Loan Documents is true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the Seventeenth Amendment Effective Date, as though made on and as of such time, except to the extent such representations and warranties are expressly made as of a specific date, in which event such representations and warranties are true and correct as of such specified date; and

(c)                                  no Event of Default or Unmatured Event of Default has occurred and is continuing.

SECTION 6                            References to and Effect on the Credit Agreement.

6.1.                            On and after the Seventeenth Amendment Effective Date, each reference to the Credit Agreement in the Loan Documents and all other documents (such 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.

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

6.3.                            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 the Administrative Agent under the Credit Agreement, the Loan Documents or the Ancillary Documents.

SECTION 7                            Miscellaneous.

7.1.                            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

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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 or electronic (pdf) transmission shall be deemed to constitute delivery of an originally executed signature page hereto.

7.2.                            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.

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

7.4.                            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.

7.5.                            Binding Effect.  This Amendment shall be binding upon and inure to the benefit of and be enforceable by the Borrower and the Administrative Agent and the Lenders and their respective successors and assigns.  Except as expressly set forth to the contrary herein, this Amendment 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.

7.6.                            Consent to Jurisdiction; Waiver of Jury Trial.

(a)                                 Each party hereby irrevocably submits to the non-exclusive jurisdiction of any United States federal or New York State court sitting in the City of New York in any action or proceeding arising out of or relating to this Amendment, and hereby irrevocably agrees that all claims in respect to such action or proceeding may be heard and determined in any such United States federal or New York State court and the Borrower and each Lender irrevocably waive any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens which any of them may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions.

(b)                                 Each of the parties hereto irrevocably waives trial by jury in any action or proceeding with respect to this Amendment or any other Loan Document.

[Signature Page Follows]

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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.

[SIGNATURE PAGE TO 17TH AMENDMENT TO CREDIT AGREEMENT]

[SIGNATURE PAGE TO 17TH AMENDMENT TO CREDIT AGREEMENT]

[LENDER SIGNATURE PAGES ON FILE WITH ADMINISTRATIVE AGENT]

CONFORMED COPY THROUGH SEVENTEENTH AMENDMENT

EXHIBIT A TO

SEVENTEENTH AMENDMENT TO THE

HUNTSMAN INTERNATIONAL LLC

CREDIT AGREEMENT

CREDIT AGREEMENT

among

HUNTSMAN INTERNATIONAL LLC,

as the Borrower,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

JPMORGAN CHASE BANK, N.A.,

as Sole Lead Arranger and Book Runner

and

VARIOUS LENDING INSTITUTIONS,

as Lenders

Dated as of August 16, 2005

as amended by:

Consent and First Amendment to Credit Agreement dated as of December 12, 2005

Consent and Second Amendment to Credit Agreement and

Amendment to Security Documents dated as of June 30, 2006

Third Amendment to Credit Agreement dated as of April 19, ▇▇▇▇

▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Credit Agreement dated as of June 22, 2009

Fifth Amendment to Credit Agreement dated as of March 9, 2010

Sixth Amendment to Credit Agreement dated as of March 7, 2011

Seventh Amendment to Credit Agreement dated as of ▇▇▇▇▇ ▇, ▇▇▇▇

▇▇▇▇▇▇ Amendment to Credit Agreement dated as of March 11, 2013

Ninth Amendment to Credit Agreement dated as of August 22, 2013

Tenth Amendment to Credit Agreement dated as of October 15, 2013

Eleventh Amendment to Credit Agreement dated as of August 12, 2014

Twelfth Amendment to Credit Agreement dated as of August 13, 2014

Thirteenth Amendment to Credit Agreement dated as of October 1, 2014

Fourteenth Amendment to Credit Agreement dated as of August 10, 2015

Fifteenth Amendment to Credit Agreement dated as of April 1, 2016

Sixteenth Amendment to Credit Agreement dated as of November 15, 2016

Seventeenth Amendment to Credit Agreement dated as of June 15, 2017

TABLE OF CONTENTS

i

ii

iii

iv

v

INDEX OF EXHIBITS AND SCHEDULES

Exhibits

vi

vii

Schedules

viii

CONFORMED COPY THROUGH SEVENTEENTH AMENDMENT

CREDIT AGREEMENT

THIS CREDIT AGREEMENT is dated as of August 16, 2005 and is made by and among Huntsman International LLC, a Delaware limited liability company (the “Borrower”), the financial institutions party hereto, in their capacities as lenders hereunder (collectively, the “Lenders,” and each individually, a “Lender”), and JPMorgan Chase Bank, N.A., as Administrative Agent (acting in such capacity, the “Administrative Agent”) for the Lenders.

W I T N E S S E T H:

WHEREAS, on the Closing Date, Huntsman LLC, a Delaware limited liability company (“HLLC”) will merge with and into the Borrower, with the Borrower as the surviving entity (the “Merger”) pursuant to the terms of the Merger Agreement (as defined herein);

WHEREAS, this Agreement will repay in full, extinguish and replace (i) that certain Revolving Credit Agreement dated as of October 14, 2004 by and among HLLC, Deutsche Bank Trust Company Americas (“DBTCA”), as administrative agent and the lenders party thereto (the “Prior HLLC Revolving Credit Agreement”), (ii) that certain Credit Agreement dated as of October 14, 2004 by and among HLLC, DBTCA, as administrative agent and collateral agent and the lenders party thereto (the “Prior HLLC Term Credit Agreement”) and (iii) that certain Amended and Restated Credit Agreement dated as of July 13, 2004 by and among the Borrower, Huntsman International Holdings LLC, the financial institutions party thereto, DBTCA, as administrative agent, and the co-lead arrangers, co-syndication agents and co-documentation agents identified therein (the “Prior HI Credit Agreement” and together with the Prior HLLC Revolving Credit Agreement and the Prior HLLC Term Credit Agreement the “Prior Credit Agreements”);

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

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

1.1                               Definitions

As used herein, and unless the context requires a different meaning, the following terms have the meanings indicated:

“2013 Additional Term Loan Facility” means the credit facility under this Agreement evidenced by the 2013 Additional Term Loans.

“2013 Additional Term Loans” has the meaning assigned to such term in the Eighth Amendment.

“2014 Incremental Revolving Facility” has the meaning assigned thereto in the Thirteenth Amendment.

“2014 Revolving Commitment Increase” means the making of a Revolving Commitment Increase in the maximum aggregate principal amount equal to $200,000,000 by the Revolving Lenders party to the Eleventh Amendment and the New Revolving Lenders party to the Eleventh Amendment.

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“2013-1 Additional Term Loans” has the meaning assigned to such term in the Ninth Amendment.

“2014-1 Additional Term Commitment” means, with respect to any Person, the principal amount set forth opposite such Person’s name on Schedule 1 to the Eleventh Amendment under the caption “Amount”, and “2014-1 Additional Term Commitments” means such commitments collectively, which commitments equal $1,150,000,000 in the aggregate.

“2014-1 Additional Term Facility” means the credit facility under this Agreement evidenced by the 2014-1 Additional Term Commitments and the 2014-1 Additional Term Loans.

“2014-1 Additional Term Lender” means any Person who has a 2014-1 Additional Term Commitment or has made a 2014-1 Additional Term Loan.

“2014-1 Additional Term Loan Refinancing” shall mean the paying, in part and in accordance with Section 2.14, of the aggregate outstanding principal amount, together with accrued interest, of the 2014-1 Additional Term Loans with the proceeds of the 2021 Term B Loans on the Sixteenth Amendment Effective Date.

“2014-1 Additional Term Loans Termination Date” means December 17, 2014, if the Eleventh Amendment Release Date has not occurred on or prior to such date.

“2014-1 Additional Term Loans” has the meaning assigned to that term in Section 2.1(e).  For the avoidance of doubt, the 2014-1 Additional Term Loans were repaid in full in connection with the consummation of the 2016 Term B Loan Refinancing and the 2014-1 Additional Term Loan Refinancing on the Sixteenth Amendment Effective Date

“2014-1 Additional Term Loan Maturity Date” means (x) if the Eleventh Amendment Release Date has not occurred on or prior to December 17, 2014, one Business Day after the occurrence of the 2014-1 Additional Term Loans Termination Date and (y) in any other case, the date that is the seventh anniversary of the Eleventh Amendment Release Date; provided that (A) to the extent that there are any Existing Senior Notes that have not been refinanced with Permitted Refinancing Indebtedness that has a scheduled maturity date later than the 2014-1 Additional Term Loan Maturity Date prior to the 91st day prior to the scheduled maturity date of the Existing Senior Notes, then, unless, for each day during the period from such 91st day prior to such Existing Senior Notes maturity to such Existing Senior Notes maturity, the sum of (x) Cash and Cash Equivalents of the Borrower and its Subsidiaries on such day, (y) the Total Available Revolving Commitment on such day and (z) the total available capacity under the Receivables Documents in existence on such day that exceeds the actual Receivables Facility Attributed Indebtedness outstanding on such day is at least the Required Sum for such day, the “2014-1 Additional Term Loan Maturity Date” shall be such day, (B) to the extent that there are any 2020 Senior Subordinated Notes that have not been refinanced with Permitted Refinancing Indebtedness that has a scheduled maturity date later than the 2014-1 Additional Term Loan Maturity Date prior to the 91st day prior to the scheduled maturity date of the 2020 Senior Subordinated Notes, then, unless, for each day during the period from such 91st day prior to such 2020 Senior Subordinated Notes maturity to such 2020 Senior Subordinated Notes maturity, the sum of (x) Cash and Cash Equivalents of the Borrower and its Subsidiaries on such day, (y) the Total Available Revolving Commitment on such day and (z) the total available capacity under the Receivables Documents in existence on such day that exceeds the actual Receivables Facility Attributed Indebtedness outstanding on such day is at least the Required Sum for such day, the “2014-1 Additional Term Loan Maturity Date” shall be such day and (C) to the extent that there are any 2021 Senior Subordinated Notes that have not been refinanced with Permitted Refinancing Indebtedness that has a scheduled maturity date later than the 2014-1 Additional Term Loan Maturity

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Date prior to the 91st day prior to the scheduled maturity date of the 2021 Senior Subordinated Notes, then, unless, for each day during the period from such 91st day prior to such 2021 Senior Subordinated Notes maturity to such 2021 Senior Subordinated Notes maturity, the sum of (x) Cash and Cash Equivalents of the Borrower and its Subsidiaries on such day, (y) the Total Available Revolving Commitment on such day and (z) the total available capacity under the Receivables Documents in existence on such day that exceeds the actual Receivables Facility Attributed Indebtedness outstanding on such day is at least the Required Sum for such day, the “2014-1 Additional Term Loan Maturity Date” shall be such day.

“2014-1 Additional Term Note” and “2014-1 Additional Term Notes” have the meanings assigned to those terms in Section 2.2(a).

“2015 Extended Term B Dollar Lender” means, at any time, any Lender that has a 2015 Extended Term B Dollar Loan at such time.

“2015 Extended Term B Dollar Loan” means a Term B Dollar Loan that has been converted to a “2015 Extended Term B Dollar Loan” pursuant to the Fourteenth Amendment.

“2015 Extended Term B Dollar Note” have the meanings assigned to such term in Section 2.2(a).

“2015 Extended Term B Loan Facility” means the credit facility under this Agreement evidenced by the 2015 Extended Term B Dollar Loans.

“2015 Extended Term B Loan Maturity Date” means April 19, 2019, as the same may be extended from time to time pursuant to Section 2.15.

“2015 Non-Extended Term B Dollar Lender” means any Lender which has made (or a portion thereof) a 2015 Non-Extended Term B Dollar Loan.

“2015 Non-Extended Term B Dollar Loan” means a Term B Dollar Loan that shall not have been converted to a “2015 Extended Term B Dollar Loan” pursuant to the Fourteenth Amendment (including, for the avoidance of doubt, any Extended Term B Dollar Loan, 2013 Additional Term Loan, 2013-1 Additional Term Loan or Series 2 Extended Term B Dollar Loan, as the case may be, that shall not have been converted to a “2015 Extended Term B Dollar Loan” pursuant to the Fourteenth Amendment).

“2015 Non-Extended Term B Dollar Note” has the meaning assigned to such term in Section 2.2(a).

“2015 Non-Extended Term B Loan Facility” means the credit facility under this Agreement evidenced by the Non-Extended Term B Dollar Loans.

“2015 Non-Extended Term B Loan Maturity Date” means April 19, 2017, as the same may be extended from time to time pursuant to Section 2.15.

“2016 Extended Revolving Commitments” means a Revolving Commitment that has been converted to a “2016 Extended Revolving Commitment” or has been made as a “2016 Incremental Revolving Commitment” pursuant to the Fifteenth Amendment.  As of the Fifteenth Amendment Effective Date, the aggregate 2016 Extended Revolving Commitments equal $625,000,000.

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“2016 Extended Revolving Lender” means any Revolving Lender which has a 2016 Extended Revolving Commitment or is owed a 2016 Extended Revolving Loan (or a portion thereof).

“2016 Extended Revolving Loan Stated Termination Date” means March 20, 2021 (provided, that (a) to the extent that there are any 2015 Extended Term B Dollar Loans outstanding on any day during the period from and including the date that is 91 days prior to the 2015 Extended Term Loan B Maturity Date to and including the 2015 Extended Term Loan B Maturity Date, then, unless the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2015 Extended Term B Dollar Loans outstanding on such day, the “2016 Extended Revolving Loan Stated Termination Date” shall be such day, (b) to the extent that there are any 2015 Non-Extended Term B Dollar Loans outstanding on any day during the period from and including the date that is 91 days prior to the 2015 Non-Extended Term Loan B Maturity Date to and including the 2015 Non-Extended Term Loan B Maturity Date, then, unless the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2015 Non-Extended Term B Dollar Loans outstanding on such day, the “2016 Extended Revolving Loan Stated Termination Date” shall be such day, (c) to the extent that there are any Existing Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the Existing Senior Notes, then, unless, for each day during the period from such 91st day prior to such Existing Senior Notes maturity to such Existing Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Existing Senior Notes outstanding on such day, the “2016 Extended Revolving Loan Stated Termination Date” shall be such day and (d) to the extent that there are any 2021 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2021 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2021 Senior Notes maturity to such 2021 Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2021 Senior Notes outstanding on such day, the “2016 Extended Revolving Loan Stated Termination Date” shall be such day), as the same may be extended from time to time pursuant to Section 2.15.

“2016 Extended Revolving Loan” means a Revolving Loan that has been converted to a “2016 Extended Revolving Loan” or made as a “2016 Incremental Revolving Loan” pursuant to the Fifteenth Amendment.

“2016 Non-Extended Revolving Commitments” means a Revolving Commitment that has not been converted to a “2016 Extended Revolving Commitment” pursuant to the Fifteenth Amendment.  As of the Fifteenth Amendment Effective Date, the aggregate 2016 Non-Extended Revolving Commitments equal $0.

“2016 Non-Extended Revolving Lender” means any Revolving Lender which has a 2016 Non-Extended Revolving Commitment or is owed a 2016 Non-Extended Revolving Loan (or a portion thereof).

“2016 Non-Extended Revolving Loan Stated Termination Date” means March 20, 2017 (provided, that (a) to the extent that there are any Senior Notes (2016) outstanding on any day during the period from and including the Senior Notes (2016) Trigger Date to and including the Senior Notes (2016) Maturity Date, then, unless the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Senior Notes (2016) outstanding on such day, the “2016 Non-Extended Revolving Loan Stated Termination Date” shall be such day, (b) to the extent that there are any Non-Extended Term B Dollar Loans outstanding on any day during the period from and including the Non-Extended Term B Loan Trigger Date to and including the Non-Extended Term B Loan Maturity Date, then, unless the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Non-Extended Term B Dollar Loans outstanding

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on such day, the “2016 Non-Extended Revolving Loan Stated Termination Date” shall be such day and (c) to the extent that there are any Term C Dollar Loans outstanding on any day during the period from and including the Term C Loan Trigger Date to and including the Term C Loan Maturity Date, then, unless the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Term C Dollar Loans outstanding on such day, the “2016 Non-Extended Revolving Loan Stated Termination Date” shall be such day), as the same may be extended from time to time pursuant to Section 2.15.

“2016 Non-Extended Revolving Loan” means a Revolving Loan that has not been converted to a “2016 Extended Revolving Loan” pursuant to the Fifteenth Amendment.

“2016 Term B Commitment” means, with respect to any Person, the principal amount set forth opposite such Person’s name on Schedule 1 to the Fifteenth Amendment under the caption “Amount”, and “2016 Term B Commitments” means such commitments collectively, which commitments equal $550,000,000 in the aggregate.

“2016 Term B Facility” means the credit facility under this Agreement evidenced by the 2016 Term B Commitments and the 2016 Term B Loans.

“2016 Term B Lender” means any Person who has a 2016 Term B Commitment or has made a 2016 Term B Loan.

“2016 Term B Loan Refinancing” shall mean the paying, in accordance with Section 2.14, (x) of the aggregate remaining outstanding principal amount (after giving effect to the 2014-1 Additional Term Loan Refinancing on the Sixteenth Amendment Effective Date), together with accrued interest, of the 2014-1 Additional Term Loans with the proceeds of the 2023 Term B Loans on the Sixteenth Amendment Effective Date and (y) of the aggregate outstanding principal amount, together with accrued interest, of the 2016 Additional Term Loans with the proceeds of the 2023 Term B Loans on the Sixteenth Amendment Effective Date.

“2016 Term B Loans” has the meaning assigned to that term in Section 2.1(f).  For the avoidance of doubt, the 2016 Term B Loans were repaid in full in connection with the consummation of the 2016 Term B Loan Refinancing and the 2014-1 Additional Term Loan Refinancing on the Sixteenth Amendment Effective Date.

“2016 Term B Loan Maturity Date” means April 1, 2023, being the seventh anniversary of the Fifteenth Amendment Effective Date (provided, that (a) to the extent that there are any Existing Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the Existing Senior Notes, then, unless, for each day during the period from such 91st day prior to such Existing Senior Notes maturity to such Existing Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Existing Senior Notes outstanding on such day, the “2016 Term B Loan Maturity Date” shall be such day, (b) to the extent that there are any 2021 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2021 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2021 Senior Notes maturity to such 2021 Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2021 Senior Notes outstanding on such day, the “2016 Term B Loan Maturity Date” shall be such day and (c) to the extent that there are any 2022 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2022 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2022 Senior Notes maturity to such 2022 Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2022 Senior Notes outstanding on

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such day, the “2016 Term B Loan Maturity Date” shall be such day), as the same may be extended from time to time pursuant to Section 2.15.

“2016 Term B Note” and “2016 Term B Notes” have the meanings assigned to those terms in Section 2.2(a).

“2016 Term B Refinancing” shall mean the paying, in full or in part and in accordance with Section 2.14, of the aggregate outstanding principal amount, together with accrued interest, of the 2015 Non-Extended Term B Dollar Loans and the aggregate outstanding principal amount, together with accrued interest, of the Term C Dollar Loans, in each case with the proceeds of the 2016 Term B Loans on the Fifteenth Amendment Effective Date.

“2020 Senior Subordinated Notes” means those certain 8.625% senior subordinated notes due 2020 issued pursuant to the terms of the 2020 Senior Subordinated Notes Indenture.

“2020 Senior Subordinated Notes Indenture” means that certain Indenture dated as of March 17, 2010 among the Borrower, the guarantors named therein and ▇▇▇▇▇ Fargo Bank, National Association, as trustee (as the same may be amended in compliance with this Agreement) and any supplemental indenture or additional indenture to be entered into with respect to the 2020 Senior Subordinated Notes to the extent permitted under Section 8.11.

“2021 Senior Notes” means those certain 5.125% senior notes due 2021 issued pursuant to the terms of the 2021 Senior Notes Indenture.

“2021 Senior Notes Indenture” means that certain Indenture dated as of December 23, 2013, among the Borrower, the guarantors named therein and Wilmington Trust, National Association, as trustee (as the same may be amended in compliance with this Agreement) and any supplemental indenture or additional indenture to be entered into with respect to the 2021 Senior Notes to the extent permitted under Section 8.11.

“2021 Senior Subordinated Notes” means those certain 8.625% senior subordinated notes due 2021 issued pursuant to the terms of the 2021 Senior Subordinated Notes Indenture.

“2021 Senior Subordinated Notes Indenture” means that certain Indenture dated as of September 24, 2010, among the Borrower, the guarantors named therein and ▇▇▇▇▇ Fargo Bank, National Association, as trustee (as the same may be amended in compliance with this Agreement) and any supplemental indenture or additional indenture to be entered into with respect to the 2021 Senior Subordinated Notes to the extent permitted under Section 8.11.

“2021 Term B Commitment” means, with respect to any Person, the principal amount set forth opposite such Person’s name on Schedule 1 to the Sixteenth Amendment under the caption “Amount”, and “2021 Term B Commitments” means such commitments collectively, which commitments equal $350,000,000 in the aggregate.

“2021 Term B Facility” means the credit facility under this Agreement evidenced by the 2021 Term B Commitments and the 2021 Term B Loans.

“2021 Term B Lender” means any Person who has a 2021 Term B Commitment or has made a 2021 Term B Loan.

“2021 Term B Loans” has the meaning assigned to that term in Section 2.1(g).

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“2021 Term B Loan Maturity Date” means October 1, 2021; provided that (a) to the extent that there are any Existing Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the Existing Senior Notes, then, unless, for each day during the period from such 91st day prior to such Existing Senior Notes maturity to such Existing Senior Notes maturity, the Applicable Liquidity Sum on such date is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Existing Senior Notes outstanding such day, the “2021 Term B Loan Maturity Date” shall be such day and (b) to the extent that there are any 2021 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2021 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2021 Senior Notes maturity to such 2021 Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2021 Senior Notes outstanding on such day, the “2021 Term B Loan Maturity Date” shall be such day.

“2021 Term B Note” and “2021 Term B Notes” have the meanings assigned to those terms in Section 2.2(a).

“2022 Senior Notes” means those certain 5.125% senior notes due 2022 issued pursuant to the terms of the 2022 Senior Notes Indenture.

“2022 Senior Notes Indenture” means that certain Indenture dated as of November 13, 2014, among the Borrower, the guarantors named therein and Wilmington Trust, National Association, as trustee (as the same may be amended in compliance with this Agreement) and any supplemental indenture or additional indenture to be entered into with respect to the 2022 Senior Notes to the extent permitted under Section 8.11.

“2023 Term B Commitment” means, with respect to any Person, the principal amount set forth opposite such Person’s name on Schedule 1 to the Sixteenth Amendment under the caption “Amount”, and “2023 Term B Commitments” means such commitments collectively, which commitments equal $1,375,000,000 in the aggregate.

“2023 Term B Facility” means the credit facility under this Agreement evidenced by the 2023 Term B Commitments and the 2023 Term B Loans.

“2023 Term B Lender” means any Person who has a 2023 Term B Commitment or has made a 2023 Term B Loan.

“2023 Term B Loans” has the meaning assigned to that term in Section 2.1(h).

“2023 Term B Loan Maturity Date” means April 1, 2023 (provided, that (a) to the extent that there are any Existing Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the Existing Senior Notes, then, unless, for each day during the period from such 91st day prior to such Existing Senior Notes maturity to such Existing Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of Existing Senior Notes outstanding on such day, the “2023 Term B Loan Maturity Date” shall be such day, (b) to the extent that there are any 2021 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2021 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2021 Senior Notes maturity to such 2021 Senior Notes maturity, the Applicable Liquidity Sum on such day is at

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least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2021 Senior Notes outstanding on such day, the “2023 Term B Loan Maturity Date” shall be such day and (c) to the extent that there are any 2022 Senior Notes outstanding on the 91st day prior to the scheduled maturity date of the 2022 Senior Notes, then, unless, for each day during the period from such 91st day prior to such 2022 Senior Notes maturity to such 2022 Senior Notes maturity, the Applicable Liquidity Sum on such day is at least the sum of (x) $200,000,000 and (y) the aggregate principal amount of 2022 Senior Notes outstanding on such day, the “2023 Term B Loan Maturity Date” shall be such day), as the same may be extended from time to time pursuant to Section 2.15.

“2023 Term B Note” and “2023 Term B Notes” have the meanings assigned to those terms in Section 2.2(a).

“Acceptable Discount” has the meaning assigned to such term in Section 4.3(c)(iv)(B).

“Acceptable Prepayment Amount” has the meaning assigned to such term in Section 4.3(c)(iv)(C).

“Acceptance and Prepayment Notice” means a notice of the Borrower’s acceptance of the Acceptable Discount in substantially the form of Exhibit 4.3(c)-G.

“Acceptance Date” has the meaning assigned to such term in Section 4.3(c)(iv)(B).

“Accounts Receivable” means presently existing and hereafter arising or acquired accounts receivable, notes, drafts, acceptances, general intangibles, choses in action and other forms of obligations and receivables relating in any way to Inventory or arising from the sale of  Inventory or the rendering of services by the Borrower or its Subsidiaries or howsoever otherwise arising, including the right to payment of any interest or finance charges with respect thereto and all proceeds of insurance with respect thereto, together with all of the Borrower’s or its Subsidiaries’ rights as an unpaid vendor, all pledged assets, guaranty claims, liens and security interests held by or granted to the Borrower or its Subsidiaries to secure payment of any Accounts Receivable and all books, customer lists, ledgers, records and files (whether written or stored electronically) relating to any of the foregoing.

“Acquired Debt” has the meaning assigned to such term in Section 8.2(b)(xi).

“Acquisition” has the meaning assigned to such term in Section 8.7(m).

“Acquisition Agreement” means that certain Stock Purchase Agreement, dated as of September 17, 2013, between the Seller, the Companies and the Borrower, as amended by the Amendment to Stock Purchase Agreement, dated as of March 20, 2014 and the Amendment No. 2 to Stock Purchase Agreement, dated as of July 24, 2014, and as may be further amended, restated, waived or otherwise modified from time to time in manner consistent with the provisions of Section 5.5(j).

“Acquisition Agreement Representations” means the representations and warranties with respect to the Companies made by the Seller  in the Acquisition Agreement to the extent a breach of such representations and warranties is material to the interests of the Lenders, but only to the extent that the Borrower or its Affiliates have the right to terminate its or their obligations under the Acquisition

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Agreement (or decline to consummate the Rockwood Acquisition) as a result of a breach of such representations in the Acquisition Agreement.

“Additional Lender” means, at any time, any bank, other financial institution or institutional investor that agrees to provide any portion of any (a) Incremental Loan in accordance with Section 2.13 or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.14; provided that each Additional Lender shall be subject to the approval of the Administrative Agent, the Facing Agents and/or the Swing Line Lender (such approval not to be unreasonably withheld, conditioned or delayed), in each case to the extent any such consent would be required from the Administrative Agent, the Facing Agents and/or the Swing Line Lender hereunder if the establishment of such Incremental Loan or such Credit Agreement Refinancing Indebtedness constituted an assignment of Loans or, in the case of an Incremental Revolving Facility, Revolving Commitments to such Additional Lender.

“Additional Security Documents” means all mortgages, pledge agreements, security agreements, reaffirmations and other security documents entered into pursuant to Section 7.11 with respect to additional Collateral, in each case, as amended, supplemented or otherwise modified from time to time.

“Additional Term Loan Lender” has the meaning assigned to such term in the Third Amendment.

“Additional Term Loans” means term loans and commitments to make term loans whose contractual priority of payment is pari passu in all respects with the Extended Term B Dollar Loans, Series 2 Extended Term B Dollar Loans or the Non-Extended Term B Dollar Loans, as the case may be, that (i) have a Weighted Average Life to Maturity of not less than that of the relevant Term B Dollar Loan with the then longest Weighted Average Life to Maturity and a final maturity no earlier than the latest relevant Term Maturity Date; (ii) are on terms and conditions otherwise substantially similar to those applicable to the existing Term Facilities and (iii) have applicable margins (which, for such purposes only, shall be deemed to include all upfront or similar compensation or original issue discount (amortized over an assumed three year life) payable to all Lenders providing such loans, but exclusive of any arrangement, structuring or other similar fees payable in connection therewith that are not shared with all Lenders providing such loans) determined as of the initial funding date for such loans not greater than 0.50% above the applicable margins then in effect for the relevant Term B Dollar Loans (which, for such purposes only, shall be deemed to include all upfront or similar compensation or original issue discount (amortized over an assumed three year life) paid to all Extended Term B Dollar Lenders, Series 2 Extended Term B Dollar Lenders or all Non-Extended Term B Dollar Lenders, as the case may be, as of the initial funding date for such Extended Term B Dollar Loans, Series 2 Extended Term B Dollar Loans or the Non-Extended Term B Dollar Loans, as the case may be, but exclusive of any arrangement, structuring or other similar fees payable in connection therewith that are not shared with all Extended Term B Dollar Lenders, Series 2 Extended Term B Dollar Lenders or all Non-Extended Term B Dollar Lenders, as the case may be).  Notwithstanding the foregoing, the foregoing clause (iii) shall not be applicable to any 2014-1 Additional Term Loans.  The Additional Term Loans may only be drawn or made as 2014-1 Additional Term Loans and may only be used to finance a portion of the Rockwood Acquisition or to consummate the Other Debt Refinancing on the Rockwood Acquisition Closing Date or the Other Debt Refinancing Closing Date, as the case may be; provided, that such Additional Term Loans shall be directly funded into escrow pursuant to the Eleventh Amendment Escrow Agreement with the Eleventh Amendment Escrow Agent on the Eleventh Amendment Effective Date upon the satisfaction of the conditions set forth in the Eleventh Amendment.

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“Administrative Agent” has the meaning assigned to that term in the introduction to this Agreement, and includes any successor Administrative Agent in such capacity.

“Affiliate” means, with respect to any Person, any Person or group acting in concert in respect of the Person in question that, directly or indirectly, controls (including but not limited to all directors and officers of such Person) or is controlled by or is under common control with such Person; provided that no Agent nor any Affiliate of an Agent shall be deemed to be an Affiliate of the Borrower.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person or group of Persons, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through the ownership of Voting Securities or by contract or otherwise.  A Person shall be deemed to control a Person if such first Person possesses, directly or indirectly, the power to vote 15% or more of the securities having ordinary voting power for the election of directors, managers or similar governing body of such Person.

“Agent” has the meaning assigned to that term in the introduction to this agreement and includes any successor agent in any such capacity.

“Agreement” means this Credit Agreement, as the same may at any time be amended, supplemented or otherwise modified in accordance with the terms hereof and in effect.

“Airstar Aircraft Financing Documents” means operating leases and related documents entered into by Airstar Corporation relating to aircraft owned or acquired by it and any agreements or documents entered into by Airstar Corporation.

“All-In Yield” means, with respect to any Relevant AIY Reference Tranche or any Incremental Term Loan, the yield thereof determined by taking into account the following: (a) the Applicable Eurocurrency Margin and Applicable Base Rate Margin (provided that, in the event the Eleventh Amendment Release Date occurs, if the Eurocurrency Rate “floor” or Base Rate “floor” for the relevant Incremental Term Loans is greater than the Eurocurrency Rate or Base Rate “floor”, respectively, for the 2014-1 Additional Term Loans, the difference between such “floor” for the 2014-1 Additional Term Loans and the Incremental Term Loans shall be equated to an increase in the Applicable Base Rate Margin and the Applicable Eurocurrency Margin, as applicable), (b) original issue discount (“OID”) or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower for the account of the Lenders with respect to the Relevant AIY Reference Tranche or any Incremental Term Loan in the primary syndication thereof (with OID being equated to interest based on an assumed four year life to maturity), and (c) customary arrangement, structuring or similar fees payable to the Joint Lead Arrangers (or their affiliates) in connection with the Relevant AIY Reference Tranche or to one or more arrangers (or their affiliates) of the relevant Incremental Term Loans shall be excluded.

“Alternative Currency” means, with respect to (i) Revolving Loans, Euros and Sterling, and (ii) any Letter of Credit or Swing Line Loans, Euros, Sterling and any currency which is freely transferable and convertible into Dollars.

“Applicable Base Rate Margin” means at any date, (i) with respect to Revolving Loans denominated in Dollars (including any Swing Line Loans denominated in Dollars), the applicable percentage set forth in the following table under the column Applicable Base Rate Margin for Revolving Loans opposite the Most Recent Senior Secured Leverage Ratio as of such date, (ii) with respect to Term

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C Dollar Loans, 1.25%, (iii) prior to the Fourteenth Amendment Effective Date, with respect to Extended Term B Dollar Loans, and from and after the Fourteenth Amendment Effective Date, with respect to 2015 Non-Extended Term B Dollar Loans (other than 2015 Non-Extended Term B Dollar Loans constituting Series 2 Extended Term B Dollar Loans), the applicable percentage set forth under the column Applicable Base Rate Margin for Extended Term B Dollar Loans and 2015 Non-Extended Term B Dollar Loans, opposite the Most Recent Senior Secured Leverage Ratio as of such date, (iv) with respect to Series 2 Extended Term B Dollar Loans (including, from and after the Fourteenth Amendment Effective Date, any Series 2 Extended Term B Dollar Loans that have been converted to 2015 Non-Extended Term B Dollar Loans but excluding any Series 2 Extended Term B Dollar Loans constituting 2015 Extended Term B Dollar Loans), the applicable percentage set forth under the column Applicable Base Rate Margin for Series 2 Extended Term B Dollar Loans opposite the Most Recent Senior Secured Leverage Ratio as of such date (provided that, for the avoidance of doubt, for the periods prior to the Seventh Amendment Effective Date for which interest or fees have not been paid, the Applicable Base Rate Margin in effect immediately prior to giving effect to the Seventh Amendment shall be applicable), (v) with respect to 2014-1 Additional Term Loans, 2.00%, (vi) with respect to 2015 Extended Term B Dollar Loans (including, for the avoidance of doubt, any Extended Term B Dollar Loans and Series 2 Extended Term B Dollar Loans that have been converted to 2015 Extended Term B Dollar Loans), 2.00%, (vii) with respect to the 2016 Term B Loans, 2.50%, (viii) with respect to the 2021 Term B Loans, 1.75% and (ix) with respect to the 2023 Term B Loans, 2.00%:

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“Applicable Commitment Fee Percentage” means at any date, 0.50% per annum (provided that, for the avoidance of doubt, for the periods prior to the Seventh Amendment Effective Date for which interest or fees have not been paid, the Applicable Commitment Fee Percentage in effect immediately prior to giving effect to the Seventh Amendment shall be applicable).

“Applicable Currency” means as to any particular payment or Loan, Dollars or the Alternative Currency in which such payment or Loan is denominated or is payable.

“Applicable Discount” has the meaning assigned to such term in Section 4.3(c)(iii)(B).

“Applicable Eurocurrency Margin” means at any date, (i) with respect to Revolving Loans denominated in Dollars, the applicable percentage set forth in the following table under the column Applicable Eurocurrency Margin for Revolving Loans opposite the Most Recent Senior Secured Leverage Ratio as of such date, (ii) with respect to Term C Dollar Loans, 2.25%, (iii) prior to the Fourteenth Amendment Effective Date, with respect to Extended Term B Dollar Loans, and from and after the Fourteenth Amendment Effective Date, with respect to 2015 Non-Extended Term B Dollar Loans (other than 2015 Non-Extended Term B Dollar Loans constituting Series 2 Extended Term B Dollar Loans), the applicable percentage set forth under the column Applicable Eurocurrency Margin for Extended Term B Dollar Loans and 2015 Non-Extended Term B Dollar Loans, opposite the Most Recent Senior Secured Leverage Ratio as of such date, (iv) with respect to Series 2 Extended Term B Dollar Loans (including, from and after the Fourteenth Amendment Effective Date, any Series 2 Extended Term B Dollar Loans that have been converted to 2015 Non-Extended Term B Dollar Loans but excluding any Series 2 Extended Term B Dollar Loans constituting 2015 Extended Term B Dollar Loans), the applicable percentage set forth under the column Applicable Eurocurrency Margin for Series 2 Extended Term B Dollar Loans opposite the Most Recent Senior Secured Leverage Ratio as of such date (provided that, for the avoidance of doubt, for the periods prior to the Seventh Amendment Effective Date for which interest or fees have not been paid, the Applicable Eurocurrency Margin in effect immediately prior to giving effect to the Seventh Amendment shall be applicable), (v) with respect to 2014-1 Additional Term Loans, 3.00%, (vi) with respect to 2015 Extended Term B Dollar Loans (including, for the avoidance of doubt, any Extended Term B Dollar Loans and Series 2 Extended Term B Dollar Loans that have been converted to 2015 Extended Term B Dollar Loans), 3.00%, (vi) with respect to the 2016 Term B Loans, 3.50%, (vii) with respect to the 2021 Term B Loans, 2.75% and (viii) with respect to the 2023 Term B Loans, 3.00%:

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“Applicable Liquidity Sum” means, on any day, the sum of (x) Cash and Cash Equivalents of the Borrower and its Subsidiaries on such day, (y) the Total Available Revolving Commitment on such day and (z) the total available capacity under the Receivables Documents in existence on such day that exceeds the actual Receivables Facility Attributed Indebtedness outstanding on such day.

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“Appropriate Lender” means, at any time, with respect to Loans of any Class, the Lenders of such Class.

“Asset Disposition” means any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the Borrower or any of its Subsidiaries (other than Dividends or Tax Distributions to the extent permitted under Section 8.4 or dispositions constituting a Recovery Event) of all or any part of an interest in shares of Capital Stock of a Subsidiary of the Borrower (other than directors’ qualifying shares and similar arrangements required by Requirement of Law), property or other assets (each referred to for the purposes of this definition as a “disposition”); provided that a disposition permitted by Section 8.3(a) through 8.3(g) or Section 8.3(j) through 8.3(o) shall not constitute an Asset Disposition for purposes of this definition.

“Assigned Dollar Value” shall mean (i) in respect of any Borrowing denominated in Dollars, the amount thereof, (ii) in respect of the undrawn amount of any Letter of Credit denominated in an Alternative Currency, the Dollar Equivalent thereof based upon the applicable Exchange Rate as of (a) the date of issuance of such Letter of Credit, and (b) thereafter as of the first Business Day of each month, (iii) in respect of any Letter of Credit reimbursement obligations denominated in an Alternative Currency, the Dollar Equivalent thereof determined based upon the applicable Exchange Rate as of the date such reimbursement obligation was incurred and (iv) in respect of a Borrowing denominated in an Alternative Currency, the Dollar Equivalent thereof based upon the applicable Exchange Rate as of the last Exchange Rate Determination Date; provided, however, in the case of Borrowings in an Alternative Currency, if, as of the end of any Interest Period in respect of such Borrowing, the Dollar Equivalent thereof determined based upon the applicable Exchange Rate as of the date that is three Business Days before the end of such Interest Period would be at least 5% more, or 5% less, than the “Assigned Dollar Value” thereof that would otherwise be applicable, then on and after the end of such Interest Period the “Assigned Dollar Value” of such Borrowing shall be adjusted to be the Dollar Equivalent thereof determined based upon the Exchange Rate that gave rise to such adjustment (subject to further adjustment in accordance with this proviso thereafter), and the Administrative Agent shall give the Borrower notice of such adjustment; provided, however, that failure to give such notice shall not affect the Borrower’s Obligations hereunder or result in any liability to the Administrative Agent.  The Assigned Dollar Value of a Loan included in any Borrowing shall equal the pro rata portion of the Assigned Dollar Value of such Borrowing represented by such Loan.

“Assignee” has the meaning assigned to that term in Section 12.8(c).

“Assignment and Assumption Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit 12.8(c), executed by any applicable Lender, as assignor, and such Lender’s assignee in accordance with Section 12.8.

“Attorney Costs” means all reasonable fees and disbursements of any law firm or other external counsel and the reasonable allocated cost of internal legal services, including all reasonable disbursements of internal counsel.

“Attributable Debt” means as of the date of determination thereof with respect to an Operating Financing Lease, the net present value (discounted according to GAAP at the cost of debt implied in the lease) of the obligations of the lessee for rental payments during the then remaining term of such Operating Financing Lease.

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“Auction Agent” means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Loan Prepayment pursuant to Section 4.3(c); provided that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent); provided, further, that neither the Borrower nor any of its Affiliates may act as the Auction Agent.

“Available Equity Proceeds” means, as of any date of determination, all Net Equity Proceeds received by the Borrower after the Third Amendment Effective Date less the sum of the amounts attributed to such proceeds that are utilized for (i) Restricted Payments pursuant to Section 8.4(b), (ii) Unrestricted Investments pursuant to Section 8.7(o) and (iii) payments in respect of Public Notes pursuant to Section 8.11(i).

“Available Revolving Commitment” means, as to any Lender at any time an amount equal to the amount, if any, by which (i) such Lender’s Revolving Commitment exceeds (ii) the sum of (w) the Assigned Dollar Value of the aggregate principal amount of Revolving Loans made by such Lender then outstanding, (x) such Lender’s Pro Rata Share of the Assigned Dollar Value of LC Obligations, (y) such Lender’s Pro Rata Share of the Assigned Dollar Value of the aggregate principal amount of Swing Line Loans then outstanding and (z) such Lender’s Pro Rata Share of the Overdraft Reserve, if any, at such time.

“Available Unrestricted Subsidiary Investment Basket” means, as of any date of determination, an amount equal to the Unrestricted Subsidiary Investment Basket, as of such date, less the sum of the aggregate outstanding amount of Investments made in Permitted Unconsolidated Ventures or Unrestricted Subsidiaries pursuant to Section 8.7(j)(i).

“Bank Guarantee” means a direct guarantee issued for the account of the Borrower, and, if requested, a Subsidiary of the Borrower, pursuant to this Agreement by a Facing Agent, in form acceptable to the Facing Agent, ensuring that a liability acceptable to the Facing Agent of the Borrower or a Subsidiary of a Borrower to a third Person will be met.

“Bankruptcy Code” means Title I of the Bankruptcy Reform Act of 1978, as amended, as set forth in Title 11 of the United States Code, as hereafter amended.

“Base Rate” means the greater of: (i) the rate most recently announced by JPMCB at its principal office as its “prime rate”, which is not necessarily the lowest rate made available by JPMCB; (ii) the Federal Funds Rate plus 1/2 of 1% per annum; (iii)  the Eurocurrency Rate (without giving effect to the proviso in clause (i) of the definition thereof) for an Interest Period of one month beginning on such date (or, if such day is not a Business Day, the immediately preceding Business Day) plus 1.00% per annum; and (iv) with respect to the 2014-1 Additional Term Loans, the 2016 Term B Loans, the 2021 Term B Loans and the 2023 Term B Loans only, 1.75%.  The “prime rate” announced by JPMCB is evidenced by the recording thereof after its announcement in such internal publication or publications as JPMCB may designate.  Any change in the Base Rate resulting from a change in such “prime rate” announced by JPMCB shall become effective without prior notice to the Borrower as of 12:01 a.m. (New York City time) on the Business Day on which each change in such “prime rate” is announced by JPMCB.  JPMCB may make commercial or other loans to others at rates of interest at, above or below its “prime rate”.

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“Base Rate Loan” means any Loan which bears interest at a rate determined with reference to the Base Rate.

“Benefited Lender” has the meaning assigned to that term in Section 12.6(a).

“Board” means the Board of Governors of the Federal Reserve System.

“Borrower” has the meaning assigned to that term in the introduction to this Agreement.

“Borrower Offer of Specified Discount Prepayment” means the offer by the Borrower to make a voluntary prepayment of Term Loans at a specified discount to par pursuant to Section 4.3(c)(ii).

“Borrower Solicitation of Discount Range Prepayment Offers” means the solicitation by the Borrower of offers for, and the corresponding acceptance by a Lender of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to Section 4.3(c)(iii).

“Borrower Solicitation of Discounted Prepayment Offers” means the solicitation by the Borrower of offers for, and the subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to Section 4.3(c)(iv).

“Borrowing” means a group of Loans of a single Type made by the Lenders or the Swing Line Lender, as appropriate, on a single date (or resulting from one or more conversions or continuations, or a combination thereof, on a single date) and in the case of Eurocurrency Loans, as to which a single Interest Period is, or on such date of conversion or continuation, will be in effect; provided that Base Rate Loans or Eurocurrency Loans acquired by a Replacement Lender pursuant to Section 3.7 shall be considered part of any related Borrowing of Eurocurrency Loans made, converted or continued by the Replaced Lender.

“Business Day” means (i) as it relates to any payment, determination, funding or notice to be made or given in connection with any Dollar-denominated Loan, or otherwise to be made or given to or from the Administrative Agent, a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market; provided, further, that when used in connection with any Letter of Credit, the term “Business Day” shall also exclude any day on which commercial banks in the city in which the Facing Agent for such Letter of Credit is domiciled are required by law to close; and (ii) as it relates to any payment, determination, funding or notice to be made or given in connection with any Loan or Letter of Credit denominated in an Alternative Currency, any day (x) on which dealings in deposits in the relevant Alternative Currency are carried out in the London interbank market, (y) on which commercial banks and foreign exchange markets are open for business in London, New York City and the principal financial center for such Alternative Currency or (z) any day on which the Trans-European Real-time Gross Settlement Operating System (or any successor operating system) is not operating (as determined in good faith by the Administrative Agent).  For purposes of this Agreement (other than for purposes of determining the end of any applicable Interest Period and other than for purposes of any Loan, Letter of Credit or action required to be taken outside of the United States), “Business Day” shall not include Pioneer Day as recognized in the State of Utah in any year.

“C4 Business Sale” means the sale of Huntsman Petrochemical Corporation and Huntsman Fuels, L.P. to Texas Petrochemicals L.P. pursuant to that certain Asset Purchase Agreement dated as of April 5, 2006.

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“Capital Stock” means, with respect to any Person, any and all shares, interests, participations, rights in or other equivalent ownership interests (however designated) in such Person’s capital stock, partnership interests, membership interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into any such ownership interests.

“Capitalized Lease” means, at the time any determination thereof is to be made, any lease of property, real or personal, in respect of which the present value of the minimum rental commitment is capitalized on the balance sheet of the lessee in accordance with GAAP.

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease which would at such time be required to be capitalized on the balance sheet of the lessee in accordance with GAAP.

“Cash” means money, currency or the available credit balance in a Deposit Account.

“Cash Collateralize” means, in respect of an obligation, provide and pledge (as a first priority perfected security interest) Cash in Dollars (or cash in an Alternative Currency if the Administrative Agent, relevant Facing Agent and/or the Swing Line Lender so approves), at a location and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent, relevant Facing Agent  and/or the Swing Line Lender, as applicable (and “Cash Collateralization” has a corresponding meaning).

“Cash Equivalents” means any Investment in (i) a marketable obligation, maturing within two years after issuance thereof, issued or guaranteed by the United States of America or any instrumentality or agency thereof, (ii) a certificate of deposit or banker’s acceptance, maturing within one year after issuance thereof, issued by any Lender, or a national or state bank or trust company organized and existing under the laws of the United States or any state thereof or a European, Canadian or Japanese bank, in each case having capital, surplus and undivided profits of at least $100,000,000 and whose long-term unsecured debt has a rating of “A” or better by S&P or “A2” or better by ▇▇▇▇▇’▇ or the equivalent rating by any other nationally recognized rating agency (provided that the aggregate face amount of all Investments in certificates of deposit or bankers’ acceptances issued by the principal offices of or branches of European or Japanese banks located outside the United States shall not at any time exceed 33-1/3% of all Investments described in this definition), (iii) open market commercial paper, maturing within 270 days after issuance thereof, which has a rating of “A1” or better by S&P or “P1” or better by ▇▇▇▇▇’▇, or the equivalent rating by any other nationally recognized rating agency, (iv) repurchase agreements and reverse repurchase agreements with a term not in excess of one year with any financial institution which has been elected a primary government securities dealer by the Board or whose securities are rated “AA-” or better by S&P or “Aa3” or better by ▇▇▇▇▇’▇ or the equivalent rating by any other nationally recognized rating agency relating to marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or instrumentality thereof and backed by the full faith and credit of the United States of America, (v) “Money Market” preferred stock maturing within six months after issuance thereof or municipal bonds issued by a corporation organized under the laws of any state of the United States, which has a rating of “A” or better by S&P or ▇▇▇▇▇’▇ or the equivalent rating by any other nationally recognized rating agency, (vi) tax exempt floating rate option tender bonds backed by letters of credit issued by a national or state bank whose long-term unsecured debt has a rating of “AA” or better by S&P or “Aa2” or better by ▇▇▇▇▇’▇ or the equivalent rating by any other nationally recognized rating agency, and (vii) shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof by ▇▇▇▇▇’▇ or any other mutual fund holding assets consisting (except for de minimis amounts) of

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securitized products, such as asset backed securities and of the type specified in clauses of (i) through (vi) above.

“Change of Control” means (i) prior the consummation of the Huntsman-Clariant Merger, the occurrence of one or more of the following events: (x) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than ▇▇. ▇▇▇ ▇. ▇▇▇▇▇▇▇▇, his spouse, direct descendants, an entity controlled by any of the foregoing and/or by a trust of the type described hereafter, and/or a trust for the benefit of any of the foregoing (the “Huntsman Group”) or MatlinPatterson Global Opportunities Partners L.P., or any Affiliate thereof (the “MP Group”), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 40% or more of the then outstanding Voting Securities of Huntsman Corporation; (y) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Huntsman Group, the MP Group or Huntsman Corporation (or any successor entity) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 40% or more of the then outstanding Voting Securities of any Parent Company or the Borrower or (z) the replacement of a majority of the Board of Directors of Huntsman Corporation, the Board of Directors or other group with similar powers of any Parent Company or the Board of Managers of the Borrower over a two-year period from the managers or directors who constituted such group, at the beginning of such period, and such replacement shall not (A) have been approved by a vote of at least a majority of the Board of Directors of Huntsman Corporation, the Board of Directors or other group with similar powers of any Parent Company or the Board of Managers of the Borrower, as the case may be, then still in office who either were members of such group at the beginning of such period or whose election as a member of such group was previously so approved or (B) have been elected or nominated for election by one or more members of the Huntsman Group and (ii) on and after the consummation of the Huntsman-Clariant Merger, the occurrence of one or more of the following events: (x) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 40% or more of the then outstanding Voting Securities of Clariant or (y) the replacement of a majority of the Board of Directors of Clariant, the Board of Directors or other group with similar powers of any Parent Company or the Board of Managers of the Borrower over a two-year period from the managers or directors who constituted such group, at the beginning of such period, and such replacement shall not (A) have been approved by a vote of at least a majority of the Board of Directors of Clariant, the Board of Directors or other group with similar powers of any Parent Company or the Board of Managers of the Borrower, as the case may be, then still in office who either were members of such group at the beginning of such period or whose election as a member of such group was previously so approved or (B) have been elected or nominated for election by one or more members of the Clariant.  For the avoidance of doubt, the consummation of the Huntsman-Clariant Merger in accordance with the Huntsman-Clariant Merger Agreement shall not constitute a “Change of Control” under clause (i) of the immediately preceding sentence or a Default or an Event of Default under Section 7.3(d).  Change of Control shall also mean any “Change of Control” as defined in any Public Note Documents that occurs at a time when the market price (as determined by the Administrative Agent) of the Public Notes to which the “Change of Control” applies is less than 103% of the principal amount thereof, or if as a result thereof the holders of such Public Notes collectively put or tender in excess of $50,000,000 in the aggregate of such Public Notes unless the portion of the Public Notes subject to such put or tender is refinanced with the proceeds of Permitted Refinancing Indebtedness.

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“Clariant” means Clariant Ltd, a Swiss corporation, and any successors thereto.

“Class” when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Non-Extended Term B Dollar Loans, Extended Term B Dollar Loans, Series 2 Extended Term B Dollar Loans, 2013 Additional Term Loans, 2013-1 Additional Term Loans, 2014-1 Additional Term Loans, 2015 Non-Extended Term B Dollar Loans, 2015 Extended Term B Dollar Loans, 2016 Term B Loans, 2021 Term B Loans, 2023 Term B Loans, Term C Dollar Loans, Revolving Loans, 2016 Extended Revolving Loans, 2016 Non-Extended Revolving Loans, Swing Line Loans, Incremental Term Loans, Refinancing Term Loans, New Extended Term Loans or New Extended Revolving Loans, (b) any Commitment, refers to whether such Commitment is a Commitment in respect of Non-Extended Term B Dollar Loans, Extended Term B Dollar Loans, Series 2 Extended Term B Dollar Loans, 2014-1 Additional Term Loans, 2015 Non-Extended Term B Dollar Loans, 2015 Extended Term B Dollar Loans, 2016 Term B Loans, 2021 Term B Loans, 2023 Term B Loans, Term C Dollar Loans, Revolving Loans, 2016 Extended Revolving Loans, 2016 Non-Extended Revolving Loans, Swing Line Loans, Refinancing Term Loan Commitment (and, in the case of an Refinancing Term Loan Commitment, the Class of Loans to which such commitment relates), or a Commitment in respect of a Class of Loans to be made pursuant to an Incremental Amendment or a New Extension Offer and (c) any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments.  Refinancing Term Loan Commitments, Refinancing Term Loans, Incremental Term Loans and New Extended Term Loans that have different terms and conditions shall be construed to be in different Classes.

“Closing Date” means August 16, 2005.

“Code” means the Internal Revenue Code of 1986, as from time to time amended, including the regulations proposed or promulgated thereunder, or any successor statute and the regulations proposed or promulgated thereunder.

“Collateral” means all “Collateral” as defined in each of the Security Documents and all other assets of each Credit Party pledged or mortgaged pursuant to any Security Document and any other collateral pledged or mortgaged by any Credit Party to secure the Obligations.

“Collateral Agent” means JPMCB in its capacity as Collateral Agent under the Collateral Security Agreement, the Pledge Agreement or any other applicable Security Document, or any successor Collateral Agent.

“Collateral Security Agreement” has the meaning assigned to that term in Section 5.1(b).

“Commercial Letter of Credit” means any letter of credit or similar instrument issued pursuant to this Agreement for the purpose of supporting trade obligations of the Borrower or any of its Subsidiaries in the ordinary course of business.

“Commitment” means, with respect to each Lender, the aggregate of the Revolving Commitment and Term Commitment, of such Lender and “Commitments” means such commitments of all of the Lenders collectively.

“Commitment Fee” has the meaning assigned to that term in Section 3.2(a).

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“Commitment Period” means, the period from and including the Fifth Amendment Effective Date to but not including the Revolver Termination Date or, in the case of the Swing Line Commitment, five (5) Business Days prior to the Revolver Termination Date.

“Companies” has the meaning assigned to such term in the Tenth Amendment.

“Compliance Certificate” has the meaning assigned to that term in Section 7.2(b).

“Consenting Non-Extended Term B Dollar Loans” has the meaning assigned to that term in Section 2.12(b).

“Consolidated Cash Interest Expense” means, for any period, (i) Consolidated Interest Expense, but excluding, however, interest expense not payable in cash, amortization of discount and deferred financing costs, plus or minus, as the case may be (ii) net amounts paid or received under Interest Rate Agreements (with cap payments amortized over the life of the cap) and minus interest income received in Cash or Cash Equivalents in respect of Investments permitted hereunder.  Subject to adjustment as described in Section 1.2(c) for events occurring after the Third Amendment Effective Date, for purposes of computing Consolidated Cash Interest Expense, the Consolidated Cash Interest Expense for the second, third and fourth Fiscal Quarters of 2006 shall be $74.8 million, $74.9 million and $74.8 million, respectively.

“Consolidated Debt” means, at any time, without duplication, the sum of (i) all Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis that would be required to be shown as debt on a balance sheet prepared in accordance with GAAP and other Indebtedness under Operating Financing Leases incurred pursuant to Section 8.2(b)(iv), less Cash, Cash Equivalents and Foreign Cash Equivalents of the Borrower and its Subsidiaries not subject to any Lien (other than a Lien in favor of the Administrative Agent and/or the Collateral Agent) or transfer restriction and (ii) Indebtedness of Borrower and its Subsidiaries of the type referred to in clause (x) of the definition of such term.  Prior to the Initial Venator IPO Transaction, Consolidated Debt shall exclude any Venator Indebtedness solely to the extent the proceeds of such Indebtedness are held in an escrow account pursuant to the Venator Escrow Agreement in accordance with Section 7.17(b).

“Consolidated EBITDA” means, with respect to any Person, for any applicable period, the sum (without duplication) of (i) Consolidated Net Income minus, to the extent Consolidated Net Income has been increased thereby, any Port ▇▇▇▇▇▇ Fire Insurance Income, and (ii) to the extent Consolidated Net Income has been reduced thereby:

(A)          all income taxes of such Person and its Subsidiaries paid or accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary, unusual or nonrecurring gains or losses or taxes attributable to sales or dispositions outside the ordinary course of business) and Tax Distributions paid during such period;

(B)          Consolidated Interest Expense;

(C)          Permitted Non-Cash Impairment and Restructuring Charges less any non-cash items increasing Consolidated Net Income for such period;

(D)          the amount of net loss resulting from the payment of any premiums or similar amounts that are required to be paid under the express terms of the instrument(s) governing any Indebtedness of the Borrower upon the repayment or other extinguishment of such Indebtedness by the Borrower in accordance with the express terms of such Indebtedness; and

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(E)                                the Port ▇▇▇▇▇▇ Fire Add Back, all as determined on a consolidated basis for such Person and its Subsidiaries in accordance with GAAP.

For purposes of computing Consolidated EBITDA, (i) all components of Consolidated EBITDA for any such applicable period shall be computed without giving effect to any extraordinary gains or losses (in accordance with GAAP) for such period and (ii) subject to adjustment as described in Section 1.2(c) for events occurring after the Third Amendment Effective Date, the Consolidated EBITDA for the second, third and fourth Fiscal Quarters of 2006 shall be $395.9 million, $282.5 million and $231.7 million, respectively.

“Consolidated Interest Expense” means, for any period, the total interest expense (including that attributable to Capitalized Leases in accordance with GAAP) of the Borrower and its Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing, all as determined on a consolidated basis for the Borrower and its Subsidiaries in accordance with GAAP, as modified by the last sentence of this definition.  Notwithstanding anything in this definition to the contrary, as used in this definition, the term “interest” shall include, without limitation, any discount in respect of sales of Receivables Facility Assets pursuant to a Permitted Accounts Receivables Securitization (regardless of whether such discount would constitute interest expense as determined in accordance with GAAP) and any net payments made or received by the Borrower and its Subsidiaries with respect to Other Hedging Agreements entered into by the Borrower or any of its Subsidiaries to protect against fluctuations in currency values in connection with the Permitted Accounts Receivables Securitization, and the term “discount” shall include any amounts which would be interest under GAAP if the Permitted Accounts Receivables Securitization were a debt financing.

“Consolidated Net Income” and “Consolidated Net Loss” mean, respectively, with respect to any Person, for any period, the sum of: (x) the aggregate net income (or loss) of such Person and its Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP plus (y) cash dividends or distributions paid to such Person or a Subsidiary of such Person by any other Person (the “Payor”) other than a Subsidiary of the referent Person, to the extent not otherwise included in Consolidated Net Income, which have been derived from operating cash flow of the Payor; provided that there shall be excluded therefrom (a) after-tax gains and losses from Asset Dispositions or abandonments or reserves relating thereto, (b) after-tax items classified as extraordinary or nonrecurring gains, (c) the net income of any Person acquired in a “pooling of interests” transaction accrued prior to the date it becomes a Subsidiary of the Person or is or is merged or consolidated with the Person or any Subsidiary of the Person, (d) the net income (but not loss) of any Subsidiary of the Person to the extent that the declaration of Dividends or similar distributions by that Subsidiary of that income is restricted; provided however, that the net income of Foreign Subsidiaries shall only be excluded in any calculation of Consolidated Net Income of the Borrower as a result of application of this clause (d) if the restriction on Dividends or similar distributions results from consensual restrictions, (e) the net income or loss of any Person, other than a Subsidiary or the Person, except to the extent of cash Dividends or distributions paid to the Person or to a Subsidiary that is a Wholly-Owned Subsidiary of the Person by such Person, (f) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued), (g) in the case of a successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets, (h) non-cash charges relating to asset impairments, which charges do not require an accrual of or a reserve for cash charges for any future period, (i) all gains or losses from the cumulative effect of any change in accounting principles, (j) the net amount of all Tax Distributions made during such period and (k)

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expenses, losses or charges in connection with the Venator IPO Transactions and the Huntsman-Clariant Merger.

“Consolidated Net Tangible Assets” means, for any Person, the total assets of such Person and its Subsidiaries, as determined from a consolidated balance sheet of such Person and its consolidated Subsidiaries prepared in accordance with GAAP, but excluding therefrom all items that are treated as goodwill and other intangible assets under GAAP.

“Contaminant” means any material with respect to which  any Environmental Law imposes a duty, obligation or standard of conduct, including without limitation any pollutant contaminant (as those terms are defined in 42 U.S.C. §9601(33)), toxic pollutant (as that term is defined in 33 U.S.C.  §1362(13)), hazardous substance (as that term is defined in 42 U.S.C. §9601(14)), hazardous chemical (as that term is defined by 29 CFR §1910.1200(c)), hazardous waste (as that term is defined in 42 U.S.C.  §6903(5)), or any state or local equivalent of such laws and regulations, including, without limitation, radioactive material, special waste, polychlorinated biphenyls, asbestos, petroleum, including crude oil or any petroleum-derived substance, (or any fraction thereof), solid waste (as that term is defined in 42 U.S.C. § 6903(27)), or breakdown or decomposition product thereof, or any constituent of any such substance or waste, including but not limited to polychlorinated biphenyls and asbestos.

“Contractual Obligation” means, as to any Person, any provision of any Securities issued by such Person or of any indenture or credit agreement or any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound or to which such property may be subject.

“Converting Term Loan Lender” has the meaning assigned to such term in the Third Amendment.

“Credit Agreement Refinancing Indebtedness” means any (a) Permitted Pari Passu Secured Refinancing Debt, (b) Permitted Junior Secured Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace or refinance, in whole or part, existing Term Loans (“Refinanced Term Debt”); provided that (i) such exchanging, extending, renewing, replacing or refinancing Indebtedness is in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Term Debt except by an amount equal to unpaid accrued interest (including default interest) and premium (including tender premiums or premium characterized as penalties) thereon plus reasonable upfront fees and original issue discount on such exchanging, extending, renewing, replacing or refinancing Indebtedness, plus other reasonable and customary fees and expenses in connection with such exchange, modification, refinancing, refunding, renewal, replacement or extension, (ii) without limiting the specific requirements set forth in the definitions of “Permitted Pari Passu Secured Refinancing Debt,” “Permitted Junior Secured Refinancing Debt” and “Permitted Unsecured Refinancing Debt,” as applicable, such Indebtedness has a maturity that is not earlier than, and a Weighted Average Life to Maturity equal to or greater than, the Refinanced Term Debt, (iii) the covenants and events of default of such Indebtedness (except, for the avoidance of doubt, as otherwise provided in clause (ii) above and with respect to pricing, premiums and optional prepayment or redemption terms) are substantially identical to, or (taken as a whole as determined by the Borrower in its reasonable judgment) are no more favorable to the lenders or holders providing such Indebtedness, than those applicable to the Term Loans

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being refinanced are to the lenders thereof (except for covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of incurrence of such Indebtedness) (provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material covenants and events of default of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement of this clause (iii) shall be conclusive evidence that such material covenants and events of default satisfy such requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period that it disagrees with such determination (including a description of the basis upon which it disagrees) and (iv) the proceeds of all such Indebtedness shall be applied, on a dollar-for-dollar basis to the substantially concurrent pro rata repayment of such Refinanced Term Debt (including all accrued interest, fees and premiums (if any) in connection therewith), on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained.

“Credit Event” means the making of any Loan or the issuance of any Letter of Credit.

“Credit Exposure” has the meaning assigned to that term in Section 12.8(b).

“Credit Party” means the Borrower, each Subsidiary Guarantor and any guarantor which may hereafter enter into a Guaranty with respect to the Obligations.

“Customary Permitted Liens” means:

(i)                                     Liens for taxes, assessments, governmental charges or levies not yet due and payable or which are being contested in good faith by appropriate proceedings diligently pursued, provided that (x) any proceedings commenced for the enforcement of such Liens shall have been stayed or suspended within 30 days of the commencement thereof and (y) provision for the payment of all such taxes, assessments, governmental charges or levies known to such Person has been made on the books of such Person to the extent required by GAAP;

(ii)                                  mechanics’, processor’s, materialmen’s, carriers’, warehouse-men’s, landlord’s and similar Liens arising by operation of law and arising in the ordinary course of business and securing obligations of such Person that are not overdue for a period of more than 30 days or are being contested in good faith by appropriate proceedings diligently pursued, provided that (x) any proceedings commenced for the enforcement of such Liens shall have been stayed or suspended within 30 days of the commencement thereof and (y) provision for the payment of such Liens has been made on the books of such Person to the extent required by GAAP;

(iii)                               Liens arising in connection with worker’s compensation, unemployment insurance, old age pensions and social security benefits which are not overdue or are being contested in good faith by appropriate proceedings diligently pursued, provided that (A) any proceedings commenced for the enforcement of such Liens shall have been stayed or suspended within 30 days of the commencement thereof and (B) provision for the payment of such Liens has been made on the books of such Person to the extent required by GAAP;

(iv)                              (x)                                 Liens incurred or deposits made in the ordinary course of business to secure the performance of bids, tenders, statutory obligations, fee and expense arrangements with trustees and fiscal agents (exclusive of obligations incurred in connection with

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the borrowing of money or the payment of the deferred purchase price of property) and customary deposits granted in the ordinary course of business under Operating Financing Leases and (y) Liens securing surety, indemnity, performance, appeal and release bonds, provided that full provision for the payment of all such obligations has been made on the books of such Person to the extent required by GAAP;

(v)                                 Permitted Real Property Encumbrances;

(vi)                              attachment, judgment or other similar Liens arising in connection with court or arbitration proceedings involving individually and in the aggregate liability of $50,000,000 or less at any one time, provided the same are discharged, or that execution or enforcement thereof is stayed pending appeal, within 60 days or, in the case of any stay of execution or enforcement pending appeal, within such lesser time during which such appeal may be taken;

(vii)                           leases or subleases granted to others not interfering in any material respect with the business of the Borrower or any of its Subsidiaries and any interest or title of a lessor under any lease permitted by this Agreement or the Security Documents;

(viii)                        customary rights of set off, revocation, refund or chargeback under deposit agreements or under the UCC of banks or other financial institutions where the Borrower or any of its Subsidiaries maintains deposits in the ordinary course of business permitted by this Agreement; and

(ix)                              Environmental Liens, to the extent that (w) any proceedings commenced for the enforcement of such Liens shall have been suspended or are being contested in good faith, (x) provision for all liability and damages that are the subject of said Environmental Liens has been made on the books of such Person to the extent required by GAAP and (y) such Liens do not relate to obligations exceeding $10,000,000 in the aggregate at any one time; and (z) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties in connection with the importation of goods so long as such Liens attach only to the imported goods and provided that such duties are not yet due or are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP.

“DB” means Deutsche Bank AG New York Branch and its successors.

“DBTCA” has the meaning assigned to that term in the Recitals to this Agreement.

“Declining Non-Extended Term B Dollar Lender” has the meaning assigned to that term in Section 2.12(b).

“Default Rate” means a variable rate per annum which shall be two percent (2%) per annum plus either (i) the then applicable interest rate hereunder in respect of the amount on which the Default Rate is being assessed or (ii) if there is no such applicable interest rate, the Base Rate plus the Applicable Base Rate Margin, but in no event in excess of that permitted by applicable law.

“Defaulting Lender” means any Lender with respect to which a Lender Default is in effect.

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“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

“Determination Date” has the meaning assigned to that term in Section 12.23.

“Discount Prepayment Accepting Lender” has the meaning assigned to such term in Section 4.3(c)(ii)(B).

“Discount Range” has the meaning assigned to such term in Section 4.3(c)(iii)(A).

“Discount Range Prepayment Amount” has the meaning assigned to such term in Section 4.3(c)(iii)(A).

“Discount Range Prepayment Notice” means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to Section 4.3(c)(iii) substantially in the form of Exhibit 4.3(c)-A.

“Discount Range Prepayment Offer” means the irrevocable written offer by a Lender, substantially in the form of Exhibit 4.3(c)-B, submitted in response to an invitation to submit offers following the Auction Agent’s receipt of a Discount Range Prepayment Notice.

“Discount Range Prepayment Response Date” has the meaning assigned to such term in Section 4.3(c)(iii)(A).

“Discount Range Proration” has the meaning assigned to such term in Section 4.3(c)(iii)(C).

“Discounted Loan Prepayment” has the meaning assigned to such term in Section 4.3(c)(i).

“Discounted Prepayment Determination Date” has the meaning assigned to such term in Section 4.3(c)(iv)(C).

“Discounted Prepayment Effective Date” means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days following the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment Response Date, as applicable, in accordance with Section 4.3(c)(ii), Section 4.3(c)(iii) or Section 4.3(c)(iv), respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

“Dividends” has the meaning assigned to that term in Section 8.4(a).

“Documents” means the Loan Documents and the Transaction Documents.

“Dollar” and “$” means the lawful currency of the United States of America.

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“Dollar Equivalent” means, at any time, (i) as to any amount denominated in Dollars, the amount thereof at such time, and (ii) as to any amount denominated in any Alternative Currency, the equivalent amount in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate.

“Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary not a party to the Subsidiary Guaranty or a guaranty delivered pursuant to Section 7.11(h).

“Eighth Amendment” means the Eighth Amendment dated March 11, 2013 among the Borrower, the Administrative Agent, and JPMorgan Chase Bank, N.A., in its capacity as the 2013 Additional Term Loan Lender.

“Eighth Amendment Effective Date” has the meaning assigned thereto in the Eighth Amendment.

“Eleventh Amendment” means the Eleventh Amendment to Credit Agreement, dated as of August 12, 2014.

“Eleventh Amendment Effective Date” means the date that the conditions in Section 4 of the Eleventh Amendment shall have been satisfied or waived in accordance therewith.

“Eleventh Amendment Escrow Agent” means Wilmington Trust, National Association.

“Eleventh Amendment Escrow Agreement” means the Escrow and Security Agreement, dated as of August 12, 2014, by and among Wilmington Trust, National Association, in its capacities as escrow agent, depository bank and securities intermediary, JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent and the Borrower, as grantor, as may be amended, restated, waived or otherwise modified from time to time.

“Eleventh Amendment Release Date” means date of the occurrence of the Rockwood Acquisition Closing Date or the Other Debt Refinancing Closing Date.

“Eligible Assignee” means a commercial bank, investment company, financial institution, financial company, Fund (whether a corporation, partnership, trust or other entity) or insurance company in each case, together with its Affiliates or Related Funds, which makes, purchases, holds or otherwise invests in commercial loans or other similar extensions of credit in the ordinary course of its business or any other Person approved by the Administrative Agent and the Borrower, such approval not to be unreasonably withheld or delayed; provided, that (x) the Borrower is an Eligible Assignee for the purposes of the transactions permitted by Section 4.3(c) and (y) except with respect to Revolving Commitments or Revolving Loans, the Borrower or any Affiliate of the Borrower is an Eligible Assignee for the purposes of the transactions permitted  by clause (ii) of Section 12.8(g) (subject, in each case in this clause (y), to the reasonable consent of the Administrative Agent, such consent not to be unreasonably withheld or delayed).

“Environmental Claim” means any notice of violation, claim (including common law claims), suit, written demand, abatement order, or other order or directive (conditional or otherwise), by any Governmental Authority or any Person for any damage, personal injury (including sickness, disease or death), tangible or intangible property damage, contribution, cost recovery, indemnity, indirect or consequential damages, damage to the environment, or for nuisance, pollution, contamination or other adverse effects on the environment, human health, or natural resources, or for fines, penalties, restrictions or injunctive relief, resulting from or based upon (i) the occurrence or existence of a Release or

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substantial threat of a material Release (whether sudden or non-sudden or accidental or non-accidental) of, or exposure to, any Contaminant in, into or onto the environment at, in, by, from or related to any real estate owned, leased or operated at any time by the Borrower or any of its Subsidiaries (the “Premises”), (ii) the use, handling, generation, transportation, storage, treatment or disposal of Contaminants in connection with the operation of any Premises, or (iii) the violation, or alleged violation, of any Environmental Laws relating to environmental matters connected with the Borrower’s operations or any Premises.

“Environmental Laws” means any and all applicable foreign, federal, state or local laws, statutes, ordinances, codes, rules or regulations or orders, decrees, judgments or directives issued by a Governmental Authority, or Environmental Permits or Remedial Action standards, levels or objectives imposing liability or standards of conduct for or relating to the protection of health, safety or the environment, including, but not limited to, the following United States statutes, as now written and hereafter amended:  the Water Pollution Control Act, as codified in 33 U.S.C. §1251 et seq., the Clean Air Act, as codified in 42 U.S.C. §7401 et seq., the Toxic Substances Control Act, as codified in 15 U.S.C. §2601 et seq., the Solid Waste Disposal Act, as codified in 42 U.S.C. §6901 et seq., the Comprehensive Environmental Response, Compensation and Liability Act, as codified in 42 U.S.C. §9601 et seq., the Emergency Planning and Community Right-to-Know Act of 1986, as codified in ▇▇ ▇.▇.▇. §▇▇▇▇▇ et seq., and the Safe Drinking Water Act, as codified in 42 U.S.C. §300f et seq., and any related regulations, as well as all state and local equivalents.

“Environmental Lien” means a Lien in favor of any Governmental Authority for (i) any liability under Environmental Laws or Environmental Permits, or (ii) damages relating to, or costs incurred by such Governmental Authority in response to, a Release or threatened Release of a Contaminant into the environment.

“Environmental Permits” means any and all permits, licenses, certificates, authorizations or approvals of any Governmental Authority required by Environmental Laws or necessary or reasonably required for the current and anticipated future operation of the business of the Borrower or any Subsidiary of the Borrower.

“ERISA” means the Employee Retirement Income Security Act of 1974, as from time to time amended.

“ERISA Affiliate” means, with respect to any Person, any trade or business (whether or not incorporated) which, together with such Person, is under common control as described in Section 414(c) of the Code, is a member of a “controlled group”, as defined in Section 414(b) of the Code, or is a member of an “affiliated service group”, as defined in Section 414(m) of the Code which includes such Person.  Unless otherwise qualified, all references to an “ERISA Affiliate” in this Agreement shall refer to an ERISA Affiliate of the Borrower or any Subsidiary.

“Euro” means the lawful currency adopted by or which is adopted by participating member states of the European Community relating to Economic and Monetary Union.

“Eurocurrency Loan” means any Loan bearing interest at a rate determined by reference to the Eurocurrency Rate.

“Eurocurrency Rate” means

(i)                                     in the case of Dollar denominated loans, (A) the rate per annum equal to the rate determined by Administrative Agent to be the offered rate that appears on the

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Reuters Screen LIBOR01 Page for deposits in Dollars (for delivery on the first day of such interest period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) on the applicable Interest Rate Determination Date, or, in the event such rate does not appear on such Reuters screen, on any successor or substitute page on such screen that displays such rate, and, in the event such rate is not available, (B) then the Eurocurrency Rate for such currency and Interest Period shall be the Interpolated Rate; provided that with respect to (x) the 2014-1 Additional Term Loans, the 2016 Term B Loans, the 2021 Term B Loans and the 2023 Term B Loans only, the Eurocurrency Rate shall be no less than 0.75% and (y) the 2015 Extended Term B Dollar Loans and the Revolving Loans only, the Eurocurrency Rate shall be no less than 0%; or

(ii)                                  in the case of Euro denominated loans, (A) the rate per annum equal to the rate determined by Administrative Agent to be the offered rate that appears on the appropriate page of the Reuters screen that displays EURIBOR (for delivery on the first day of such interest period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) on the applicable Interest Rate Determination Date, or, in the event such rate does not appear on such Reuters screen, on any successor or substitute page on such screen that displays such rate, and, in the event such rate is not available, (B) then the Eurocurrency Rate for such currency and Interest Period shall be the Interpolated Rate; or

(iii)                               in the case of Sterling denominated loans, (A) the rate per annum equal to the rate determined by Administrative Agent to be the offered rate that appears on the appropriate page of the Reuters screen that displays GBP (for delivery on the first day of such interest period) with a term equivalent to such interest period, determined as of approximately 11:00 a.m. (London time) on the applicable Interest Rate Determination Date, or, in the event such rate does not appear on such Reuters screen, on any successor or substitute page on such screen that displays such rate, and, in the event such rate is not available, (B) then the Eurocurrency Rate for such currency and Interest Period shall be the Interpolated Rate.

In the case of Swing Line Loans maintained at the Quoted Rate and Eurocurrency Loans, the cost of the Lenders of complying with any Eurocurrency Reserve Requirements will be added to the interest rate computed in the manner set forth in Schedule 1.1(b).

“Eurocurrency Reserve Requirements” means, for any day as applied to a Eurocurrency Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve liquid asset or similar requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto), including without limitation, under regulations issued from time to time by (a) the Board, (b) any Governmental Authority of the jurisdiction of the relevant currency or (c) any Governmental Authority of any jurisdiction in which advances in such currency are made to which banks in any  jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to loans in such currency are determined, including Mandatory Costs.

“Event of Default” has the meaning assigned to that term in Section 10.1.

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“Excess Cash Flow” means, an amount not less than zero calculated as of the close of business on March 31 of each year (commencing March 31, 2008), equal to (i) the sum of (a) the average daily aggregate Total Available Revolving Commitment during the period of February 1 through and including March 31 of such year plus (b) the amount, if any, by which the average available capacity under Receivables Documents in existence during such period and subject to any limitations on availability contained therein during the period of February 1 through and including March 31 of such year exceeds the actual average Receivables Facility Attributed Indebtedness outstanding during the same period plus (c) the average daily balance of Cash, Cash Equivalents and the Dollar Equivalent as of March 31 of Foreign Cash Equivalents, held during the period February 1 through and including March 31 of such year, less (ii) the sum of (w) the aggregate amount of Net Sale Proceeds from Asset Dispositions during the preceding twelve months, to the extent not reinvested prior to March 31 of such year, plus (x) the aggregate amount of proceeds from the issuance of Indebtedness issued to refinance other Indebtedness and being held pending the payment of such other Indebtedness plus (y) the aggregate amount during the preceding twelve months of cash proceeds from Recovery Events received by the Borrower or any of its Subsidiaries during the preceding twelve months, to the extent not reinvested prior to March 31 of such year, plus (z) $1,050,000,000 plus, from and after the Eleventh Amendment Effective Date, the aggregate principal amount of any Incremental Revolving Facilities.

“Exchange Act” means the Securities Exchange Act of 1934, as amended and as codified in 15 U.S.C. §78a et seq. and as hereafter amended.

“Exchange Rate” shall mean, on any day, (i) with respect to any Alternative Currency, the Spot Rate at which Dollars are offered on such day by the Administrative Agent in London or New York (as selected by the Administrative Agent) for such Alternative Currency at approximately 11:00 A.M. (London time or New York time, as applicable), and (ii) with respect to Dollars in relation to any specified Alternative Currency, the Spot Rate at which such specified Alternative Currency is offered on such day by the Administrative Agent in London or New York for Dollars at approximately 11:00 A.M. (London time or New York time, as applicable).  The Administrative Agent shall provide the Borrower with the then current Exchange Rate from time to time upon the Borrower’s request therefor.

“Exchange Rate Determination Date” means (i) for purposes of the determination of the Exchange Rate of any stated amount on any Business Day in relation to any Borrowing of Revolving Loans or Swing Line Loans in an Alternative Currency, (A) the date which is two Business Days prior to such Borrowing in the case of a Borrowing denominated in Euros or (B) the date of such Borrowing in the case of a Borrowing denominated in Sterling, (ii) for purposes of the determination of the Exchange Rate of any Stated Amount in relation to any issuance of any Letter of Credit, on the date of such issuance and (iii) for the purpose of determining the Exchange Rate to make determinations pursuant to Section 4.4(a), the last Business Day of each calendar month.

“Excluded Property” means:

(a)                                 (i) on and after the Initial Venator IPO Transaction and subject to satisfaction of the Venator Release Conditions, any asset of Venator or its Subsidiaries, including any asset that is or will be disposed, contributed, sold or otherwise transferred to Venator and its Subsidiaries in connection with the Venator Consolidation Transactions and (ii) upon the consummation of any Venator Foreign Contribution, any asset of Venator or any of its Subsidiaries subject to such Venator Foreign Contribution;

(b)                                 (i) on and after the Initial Venator IPO Transaction and subject to satisfaction of the Venator Release Conditions, any Capital Stock of Venator or its Subsidiaries, including any such Capital Stock that is or will be disposed, contributed, sold or otherwise transferred to Venator and its

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Subsidiaries in connection with the Venator Consolidation Transactions and (ii) upon the consummation of any Venator Foreign Contribution, any Capital Stock on any Person subject to such Venator Foreign Contribution but only if, after giving effect to such Venator Foreign Contribution, such Person is Venator or a Subsidiary of Venator;

(c)                                  other Capital Stock subject to an applicable exclusion expressly provided for in Section 7.11(c);

(d)                                 all assets owned by any Receivables Subsidiary, any of the Thai Holding Companies, or IRIC;

(e)                                  copyrights, patents and trademarks to the extent perfection would require filing in any foreign jurisdiction;

(f)                                   assets or real or personal property subject to Liens permitted under Section 8.1(c) under agreements which prohibit the creation of additional Liens on such assets;

(g)                                  any fee owned real estate acquired after the Closing Date with a fair market value of less than $10,000,000;

(h)                                 (i) leasehold interests in real property (including requirements to deliver landlord lien waivers, estoppels and collateral access letters) and (ii) those certain fee-owned real properties located at (1) the Chocolate Bayou Headquarters-Off-Site on FM ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ and (2) on and after the Initial Venator IPO Transaction, any properties contemplated to be owned by Venator or its Subsidiaries upon consummation of the Venator IPO Transactions (the “Specified Properties”);

(i)                                     prior to the date of the Initial Venator IPO Transaction, any and all proceeds of any Venator Indebtedness, but solely to the extent such proceeds are held in an escrow account pursuant to the Venator Escrow Agreement in accordance with Section 7.17(b); and

(j)                                    any other asset with a fair market value of less than $100,000 individually (provided that all such other assets collectively have a fair market value of less than $10,000,000).

“Existing Non-Extended Term B Loan Maturity Date” has the meaning assigned to that term in Section 2.12(a).

“Existing Senior Note Documents” means the Existing Senior Notes, the Existing Senior Notes Indenture and all other documents evidencing, guaranteeing or otherwise governing the terms of the Existing Senior Notes.

“Existing Senior Notes” means those certain 4.875% senior notes due 2020 issued pursuant to the terms of the Existing Senior Notes Indenture.

“Existing Senior Notes Indenture” means that certain Indenture dated as of November 19, 2012 among the Borrower, the guarantors named therein and ▇▇▇▇▇ Fargo Bank, National Association, as trustee (as the same may be amended in compliance with this Agreement) and any supplemental indenture or additional indenture to be entered into with respect to the Existing Senior Notes to the extent permitted under Section 8.11.

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“Existing Term B Dollar Loan” and “Existing Term B Dollar Loans” have the meanings assigned to those terms in Section 2.1(a)(i).

“Existing Term B Lender” means any Lender which made an Existing Term B Dollar Loan.

“Extended Term B Dollar Lender” means, at any time, any Lender that has an Extended Term B Dollar Loan at such time.

“Extended Term B Dollar Loan” means an Existing Term B Dollar Loan that has been converted to an “Extended Term B Dollar Loan” pursuant to the Sixth Amendment.  For the avoidance of doubt, from and after the Fourteenth Amendment Effective Date the Extended Term B Dollar Loans shall constitute either 2015 Extended Term B Dollar Loans or 2015 Non-Extended Term B Dollar Loans, as applicable.

“Extended Term B Dollar Note” and “Extended Term B Dollar Notes” have the meanings assigned to those terms in Section 2.2(a).

“Extended Term B Loan Facility” means the credit facility under this Agreement evidenced by the Extended Term B Dollar Loans.

“Extended Term B Loan Maturity Date” means April 19, 2017; provided, that, to the extent that there are any Senior Notes (2016) outstanding on any day during the period from and including the Senior Notes (2016) Trigger Date to and including the Senior Notes (2016) Maturity Date, then, unless the sum of (x) Cash and Cash Equivalents of the Borrower and its Subsidiaries on such day, (y) the Total Available Revolving Commitment on such day and (z) the total available capacity under the Receivables Documents in existence on such day that exceeds the actual Receivables Facility Attributed Indebtedness outstanding on such day is at least the Required Sum for such day, the “Extended Term B Loan Maturity Date” shall be such day.

“Extended Term B, Series 2, 2013 Additional Term, 2013-1 Additional Term, 2015 Extended Term B, 2015 Non-Extended Term B, 2016 Term B, 2021 Term B, 2023 Term B or 2014-1 Additional Term Percentage” means, at any time with respect to the Extended Term B Loan Facility, the Series 2 Extended Term B Loan Facility, the 2013 Additional Term Loan Facility, the 2013-1 Additional Term Loan Facility, 2015 Extended Term B Loan Facility, 2015 Non-Extended Term B Loan Facility, the 2016 Term B Facility, the 2021 Term B Facility, the 2023 Term B Facility or the 2014-1 Additional Term Loan Facility, as applicable, a fraction (expressed as a percentage) the numerator of which is equal to the aggregate Assigned Dollar Value (without duplication) of all Loans under such Facility outstanding at such time and the denominator of which is equal to the aggregate Assigned Dollar Value (without duplication) of all Extended Term B Dollar Loans, Series 2 Extended Term B Dollar Loans, 2013 Additional Term Loans, 2013-1 Additional Term Loans, 2015 Extended Term B Dollar Loans, 2015 Non-Extended Term B Dollar Loans, 2016 Term B Loans, 2021 Term B Loans, 2023 Term B Loans and 2014-1 Additional Term Loans outstanding at such time.

“Facility” means any of the credit facilities established under this Agreement, i.e., any of the Term Facilities or the Revolving Facility.

“Facing Agent” means each of (i) DB as to each Fifth Amendment Existing Letter of Credit, (ii) JPMCB and (iii) any other Revolving Lender agreed to by such Revolving Lender, the Borrower and the Administrative Agent (in each case, acting through any branch or Affiliate).

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“Facing Agent Sublimit” means $112,500,000.

“FATCA” means the current Sections 1471 through 1474 of the Code, and any similar amended or successor version that is substantively comparable, and any regulations or official published interpretations thereof.

“Federal Funds Rate” means on any one day, the rate per annum equal to the weighted average (rounded upwards, if necessary, to the nearest 1/100th of 1%) of the rate on overnight federal funds transactions with members of the Federal Reserve System only arranged by federal funds brokers, as published as of such day by the Federal Reserve Bank of New York, or, if such rate is not so published, the average of the quotations for such day on such transactions received by JPMCB from three federal funds brokers of recognized standing selected by JPMCB.

“Fifth Amendment” means the Fifth Amendment to Credit Agreement dated as of March 9, 2010.

“Fifth Amendment Effective Date” means the “Amendment Effective Date” as defined in the Fifth Amendment.

“Fifth Amendment Existing Letter of Credit” means any letter of credit issued by DB pursuant to this Agreement prior to the Fifth Amendment Effective Date and set forth on Schedule 1.1(d), to the extent such letter of credit is not increased (other than in accordance with the terms thereof as in effect on the Fifth Amendment Effective Date), extended, auto-extended or renewed, on or after the Fifth Amendment Effective Date.

“Fifth Amendment Fee Letter” means the letter agreement with respect to fees related to this Agreement among the Borrower, ▇.▇. ▇▇▇▇▇▇ Securities Inc. and JPMCB dated on or before the Fifth Amendment Effective Date.

“Fifteenth Amendment” means the Fifteenth Amendment to this Agreement dated as of April 1, 2016, among the Borrower, the Lenders party thereto and the Administrative Agent.

“Fifteenth Amendment Effective Date” has the meaning assigned thereto in the Fifteenth Amendment.

“Fiscal Quarter” has the meaning assigned to that term in Section 7.12.

“Fiscal Year” has the meaning assigned to that term in Section 7.12.

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

“Foreign Cash Equivalents” means (i) debt securities with a maturity of 365 days or less issued by any member nation of the European Union, Switzerland or any other country whose debt securities are rated by S&P and ▇▇▇▇▇’▇ A-1 or P-1, or the equivalent thereof (if a short-term debt rating is provided by either) or at least AA or Aa2, or the equivalent thereof (if a long-term unsecured debt rating is provided by either) (each such jurisdiction, an “approved jurisdiction”), or any agency or instrumentality of an approved jurisdiction, provided that the full faith and credit of the approved

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jurisdiction is pledged in support of such debt securities or such debt securities constitute a general obligation of the approved jurisdiction and (ii) debt securities in an aggregate principal amount not to exceed the Dollar Equivalent of $40,000,000 with a maturity of 365 days or less issued by any nation in which the Borrower or its Subsidiaries has cash which is the subject of restrictions on export, any agency or instrumentality of such nation or any bank or other organization organized in such nation.

“Foreign Factoring Transactions” means transactions (other than pursuant to (a) any Permitted Accounts Receivables Securitization or (b) a transaction described in Section 8.3(e)) for the sale or discounting of (i) the Accounts Receivable of a Foreign Subsidiary and/or (ii) letters of credit the beneficiary of which is a Foreign Subsidiary.

“Foreign Pension Plan” means any plan, fund (including, without limitation, any super-annuation fund) or other similar program established or maintained outside of the United States of America by the Borrower or one or more of its Subsidiaries or its Affiliates primarily for the benefit of employees of the Borrower or such Subsidiaries or its Affiliates residing outside the United States of America, which plan, fund, or similar program provides or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which is not subject to ERISA or the Code.

“Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America or any state thereof or the District of Columbia and that is not a Subsidiary Guarantor.

“Fourth Amendment” means the Fourth Amendment to this Agreement dated as of June 22, 2009.

“Fourth Amendment Effective Date” has the meaning assigned to that term in the Fourth Amendment.

“Fourteenth Amendment” means the Fourteenth Amendment to this Agreement dated as of August 10, 2015, among the Borrower, the Lenders party thereto and the Administrative Agent.

“Fourteenth Amendment Effective Date” has the meaning assigned thereto in the Fourteenth Amendment.

“FSHCO” means any direct or indirect US Subsidiary of the Borrower that has no material assets other than Capital Stock (or Capital Stock and Indebtedness) in one or more Foreign Subsidiaries or other FSHCOs.

“Fund” means a Person that is a fund that makes, purchases, holds or otherwise invests in commercial loans or similar extensions of credit in the ordinary course of its business.

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of government.

“Guarantee Obligations” means, as to any Person, without duplication, any direct or indirect obligation of such Person guaranteeing or intended to guarantee any Indebtedness, Capitalized

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