Exhibit 10.2

INTERCREDITOR AGREEMENT

THIS INTERCREDITOR AGREEMENT (this “Agreement”) is entered into as of August 16, 2005, by and among (i) Deutsche Bank AG New York Branch (“DBAG”), acting in its capacity as Administrative Agent under the Credit Agreement (as hereinafter defined) (together with its successors and assigns in such capacity, the “Administrative Agent”), (ii) Deutsche Bank AG New York Branch, acting in its capacity as collateral agent under the Security Agreement (as hereinafter defined), and in its capacity as collateral agent under the UK Debenture (as hereinafter defined) (together with its successors and assigns in such capacity, the “Bank and Note Collateral Agent”), (iii) Deutsche Bank AG New York Branch, as beneficiary for the benefit of the Secured Creditors under the Mortgages (as hereinafter defined) (together with its successors and assigns in such capacity, the “Mortgagee”) and (iv) HSBC Bank USA, National Association (as successor to HSBC Bank USA), as trustee for the holders of Senior Secured Notes (as defined below) issued under the Senior Secured Notes Indenture (as hereinafter defined) (in such capacity, together with its successors and assigns in such capacity, the “Senior Secured Notes Trustee”), and is acknowledged and consented to by Huntsman International LLC, a Delaware limited liability company (“Borrower”).

R E C I T A L S

WHEREAS, Deutsche Bank Trust Company Americas (“DB”), as First Priority Bank Agent, DB, as First Priority Collateral Agent, DB, as Second Priority Bank Agent, DB, as Second Priority Collateral Agent, DB, as Mortgagee, the Senior Secured Notes Trustee and Borrower are parties to a Second Amended and Restated Intercreditor Agreement dated as of October 14, 2004 (the “Prior Intercreditor Agreement”);

WHEREAS, Huntsman LLC, a Utah limited liability company (“HLLC”), has issued $455.4 million in aggregate principal amount of 11-5/8% Senior Secured Notes due 2010 (such notes, together with any exchange notes and additional notes (the “Senior Secured Notes”)) issued under the Indenture dated as of September 30, 2003 among HLLC, the guarantors named therein and the Senior Secured Notes Trustee (as amended, supplemented or otherwise modified from time to time, in accordance with the terms hereof, the “Senior Secured Notes Indenture”);

WHEREAS, on the Closing Date (as defined in the Credit Agreement), HLLC will merge with and into the Borrower, with the Borrower as the surviving entity (the “Merger”);

WHEREAS, contemporaneously herewith, Borrower, the Administrative Agent and the lenders parties thereto are entering into the Credit Agreement to repay in full, extinguish and replace (i) that certain Revolving Credit Agreement dated as of October 14, 2004 by and among HLLC, DB, as administrative agent and the lenders party thereto, (ii) that certain Credit Agreement dated as of October 14, 2004 by and among HLLC, DB, as administrative agent and collateral agent and the lenders party thereto and (iii) that certain Credit Agreement dated as of July 13, 2004 by and among Borrower, Huntsman International Holdings LLC, the financial

institutions party thereto, DB, as administrative agent, and the co-lead arrangers, co-syndication agents and co-documentation agents identified therein;

WHEREAS, contemporaneously herewith, in order to secure the Obligations (as defined herein), Borrower, certain subsidiaries of Borrower parties thereto and the Bank and Note Collateral Agent are entering into a Collateral Security Agreement (as amended, replaced, modified, extended, renewed, supplemented, restated or replaced (in connection with a Refinancing or otherwise) or otherwise modified from time to time, the “Security Agreement”);

WHEREAS, contemporaneously herewith, Borrower and certain subsidiaries of Borrower are granting certain mortgages to secure the Obligations; and

WHEREAS, the Bank and Note Collateral Agent, the Administrative Agent, the Mortgagee, the Senior Secured Notes Trustee and Borrower desire to enter into this Agreement for the purpose of setting forth the rights and obligations of the Collateral Agents (as defined herein) and the respective secured parties with respect to the Collateral.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, 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. As used in this Agreement, the following terms shall have the following meanings (all such meanings to be equally applicable to both the singular and plural forms of the terms defined):

“Administrative Agent” shall have the meaning set forth in the first paragraph of this Agreement.

“Assignor” shall mean any Assignor (as defined in the Security Agreement).

“Bank and Note Collateral Agent” shall have the meaning set forth in the first paragraph of this Agreement.

“Bank Obligations” shall mean Bank Obligations (as defined in the Security Agreement), together with any obligations incurred to evidence any refunding, Refinancing, replacement or successive refunding, Refinancing or replacement thereof.

“Bank Secured Creditors” shall mean all holders of the Bank Obligations.

“Bankruptcy Code” shall mean the provisions of Title 11 of the United States Code, 11 U.S.C. 101 et seq. or any other applicable bankruptcy, insolvency or similar laws.

“Bankruptcy Event” shall mean the occurrence of any of the events described in Sections 10.1(e) or (f) of the Credit Agreement.

“Bankruptcy Proceeding” shall mean, with respect to any Person, any proceeding commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian,

liquidator, assignee, sequestrator or the like for such Person or any substantial part of its assets, or any similar action with respect to such person under any law (foreign or domestic) relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts or any voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect.

“Borrower” shall have the meaning provided in the first paragraph of this Agreement.

“Collateral” shall mean the property from time to time consisting of Collateral (as defined in the Security Agreement), the Mortgaged Property (as defined in the Mortgages) and any other property from time to time pledged pursuant to any Security Document other than the Excluded Collateral.

“Collateral Agents” shall mean the Bank and Note Collateral Agent and the Mortgagee.

“Credit Agreement” shall mean that certain Credit Agreement by and among Borrower, DBAG, as administrative agent, Deutsche Bank Securities Inc., as joint lead arranger and joint book runner, Citigroup Global Markets Inc., as co-syndication agent, joint lead arranger and joint book runner, and Credit Suisse, as co-syndication agent and joint book runner and the lenders parties thereto, together with any agreement or agreements from time to time executed by Borrower to evidence any refunding, Refinancing, replacement or successive refunding, Refinancing or replacement of all or any part of the Bank Obligations, together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing.

“Credit Documents” shall mean the Loan Documents, the Senior Secured Note Indenture and the notes issued thereunder.

“Credit Party” shall mean any Credit Party (as defined in the Credit Agreement). The term “Credit Parties” shall have a correlative meaning.

“DB” shall have the meaning set forth in the Recitals hereto.

“DBAG” shall have the meaning set forth in the first paragraph of this Agreement.

“Excluded Collateral” shall mean the Collateral (as defined in the Pledge Agreement).

“Fully Paid” shall mean, with respect to any Obligation, that the obligee of such Obligation shall have certified to the Bank and Note Collateral Agent that such Obligation has terminated and that there remain no obligations of any kind whatsoever of the Borrower or any Credit Party with respect thereto (other than contingent indemnification obligations as to which no claims shall have accrued or shall be pending).

“Instructing Group” shall mean the Instructing Group (as defined in the Security Agreement).

“Lender” shall mean any Lender as defined in the Credit Agreement, together with its respective successors and assigns in such capacity.

“Liens” shall mean Liens as defined in the Credit Agreement.

“Loan Documents” shall mean the Loan Documents (as defined in the Credit Agreement) and all other documents, instruments and agreements now or hereafter evidencing or securing the whole or any part of the Bank Obligations (including, without limitation, each of the loan documents as defined in any principal agreement evidencing the Bank Obligations, including any documents evidencing or securing any complete, partial or successive refunding, Refinancing or replacement of the Bank Obligations, together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing).

“Mortgagee” shall have the meaning set forth in the first paragraph of this Agreement.

“Mortgages” shall mean Mortgages (as defined in the Credit Agreement).

“Obligations” shall mean the Bank Obligations and the Senior Secured Notes Obligations.

“Other Collateral Agent” shall mean (i) with respect to the Bank and Note Collateral Agent, the Mortgagee and (ii) with respect to the Mortgagee, the Bank and Note Collateral Agent.

“Person” shall mean Person as defined in the Credit Agreement.

“Pledge Agreement” shall mean Pledge Agreement as defined in the Credit Agreement.

“Prior Intercreditor Agreement” shall have the meaning set forth in the Recitals hereto.

“Refinance” shall mean, with respect to any Obligation, to refinance, extend, renew, repay, prepay, redeem, defease or retire, or to issue indebtedness in exchange or replacement for, such Obligation. “Refinancing” has a correlative meaning.

“Secured Creditors” shall mean all holders of the Obligations.

“Security Agreement” shall have the meaning set forth in the Recitals hereto.

“Security Documents” shall mean the Security Agreement and all other Security Documents as defined in the Credit Agreement, other than the Pledge Agreement and the UK Pledge Agreements.

“Senior Secured Noteholders” shall mean the holders of the Senior Secured Notes Obligations.

“Senior Secured Notes” shall have the meaning set forth in the Recitals hereto.

“Senior Secured Notes Indenture” shall have the meaning set forth in the Recitals hereto.

“Senior Secured Notes Obligations” shall mean Senior Secured Notes Obligations as defined in the Security Agreement.

“Senior Secured Notes Trustee” shall have the meaning set forth in the first paragraph of this Agreement.

“UK Debenture” shall mean UK Debenture as defined in the Credit Agreement.

“UK Pledge Agreements” shall mean UK Pledge Agreements as defined in the Credit Agreement.

“Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time tom time in the relevant jurisdiction.

Section 2. Lien Priorities.

(a) (i) The parties hereto hereby agree that, notwithstanding the time, order or method of creation, attachment or perfection of the respective security interests and/or Liens granted in favor of the Collateral Agents to secure the Obligations or the filing or recording of financing statements or other Security Documents; the validity or enforceability of the security interests and Liens granted in favor of the Collateral Agents or the Secured Creditors; the dating, execution or delivery of any agreement, document or instrument granting any Collateral Agent or Secured Creditor security interests and/or Liens in or on any or all of the property or assets of any pledgor; the date on which any indebtedness is extended; the giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interest; any provision of the Uniform Commercial Code, including any rule for determining priority thereunder or under any other law or rule governing the relative priorities of secured creditors, including with respect to real property or fixtures; any provision set forth in any Loan Document or the Senior Secured Notes Indenture or the Senior Secured Notes; or the possession or control by any Collateral Agent or Secured Creditor or any bailee of all or any part of any Collateral as of the date hereof or otherwise, the Liens granted on the Collateral under the Security Documents to secure the Obligations shall at all times secure the Bank Obligations and the Senior Secured Note Obligations on a pari passu basis.

(ii) Notwithstanding the terms of any Loan Document or the Senior Secured Notes Indenture, in the event of any enforcement of any Liens or in connection with a Bankruptcy Proceeding, all proceeds of Collateral, including the proceeds of any collection, sale or disposition of the Collateral or any portion thereof in connection with the exercise of remedies under the Security Documents or otherwise and any proceeds or recoveries under any title insurance policy(ies) insuring any Mortgage, shall be distributed in accordance with Section 8.5 of the Security Agreement.

(iii) In the event that the Administrative Agent or the Senior Secured Note Trustee receives the proceeds of any Collateral in contravention of the preceding paragraph (ii), it shall hold such proceeds in trust for, and promptly turn over such proceeds (in the same form as received, with any necessary non-recourse endorsement) to the proper Person in accordance with the provisions of clause (ii) above; provided, however, that in the event such Person fails to provide any such endorsement, the Administrative Agent, or the Senior Secured Notes Trustee, as the case may be, or any of its respective officers or employees, is hereby irrevocably authorized to make the same (which authorization, being coupled with an interest, is irrevocable).

(iv) Each of the parties hereto acknowledges that the Lien priorities provided in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of (A) the invalidity, irregularity or unenforceability of all or any part of the Loan Documents, the Senior Secured Notes Indenture or the Senior Secured Notes; (B) any amendment, change or modification of any Loan Document, the Senior Secured Notes Indenture or the Senior Secured Notes; or (C) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, any Credit Party, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any Credit Party.

(b) Each Collateral Agent hereby appoints each other as agent for purposes of perfecting its respective security interests, Liens and claims in the Collateral (in each case, whether such Collateral was delivered to the Bank and Note Collateral Agent or the Mortgagee, as the case may be, prior to, on or after the date hereof), in each case to the extent that such perfection may be obtained by possession or control and hereby acknowledges that it holds possession of such Collateral, including, without limitation, any instruments, for the benefit of the other Collateral Agent.

(c) The parties hereto shall not challenge or question in any proceeding the validity, perfection, priority or enforceability of this Agreement, as a whole, or any term or provision contained herein or the validity or enforceability of any Lien, Mortgage or financing statement in favor of any Collateral Agent or the relative priority of any such Lien or Mortgage.

(d) In the event of any Refinancing of the Bank Obligations, the Senior Secured Notes Trustee, for itself and the Senior Secured Noteholders, does hereby confirm (and, upon request, agrees to reconfirm at any time) the continued applicability of the provisions hereof, including the pari passu nature of the Liens securing the Senior Secured Notes Obligations and the Liens securing any Bank Obligations incurred or refinanced as a result of such Refinancing. In connection with any Refinancing of all or any portion of the Secured Obligations prior to the occurrence of a Bankruptcy Event, the Senior Secured Notes Trustee, on behalf of itself and each Senior Secured Noteholder, shall, if requested by Borrower or the existing or new holders of the Bank Obligations, execute an intercreditor agreement or amend and restate this Agreement in a manner that is substantially similar to this Agreement with the lenders under such Refinancing.

(e) [Reserved].

(f) The Senior Secured Notes Trustee, on behalf of itself and the Senior Secured Noteholders, hereby waives any requirement on the part of the Bank and Note Collateral Agent or the Lenders in respect of marshalling of assets constituting Collateral upon any exercise of remedies by the Bank and Note Collateral Agent or the Bank Secured Creditors and, except as expressly set forth herein, any requirement that the Bank and Note Collateral Agent or any Bank Secured Creditor exercise remedies with respect to collateral security for the Obligations in any particular order or any particular manner.

(g) Nothing in this Agreement shall relieve any Assignor from the performance of any term, covenant, condition or agreement on such Assignor’s part to be performed or observed under or in respect of any of the Collateral pledged by it or from any liability to any Person under or in respect of any of such Collateral or impose any obligation on any Collateral Agent to perform or observe any such term, covenant, condition or agreement on such Assignor’s part to be so performed or observed or impose any liability on any Collateral Agent for any act or omission on the part of such Assignor relative thereto or for any breach of any representation or warranty on the part of such Assignor contained in this Agreement or any other Loan Document or the Senior Secured Notes Indenture, or in respect of the Collateral pledged by it. The obligations of each Assignor described in this paragraph shall survive the termination of this Agreement and the discharge of such Assignor’s other obligations hereunder.

Section 3. Certain Intercreditor Agreements Regarding Refinancing of Bank Obligations, Amendments to Loan Documents and Related Matters.

(a) The Senior Secured Notes Trustee agrees, acknowledges and consents that, until the Bank Obligations are Fully Paid, at any time and from time to time without the consent of or notice to the Senior Secured Notes Trustee or any Senior Secured Noteholder and, without incurring responsibility to the Senior Secured Notes Trustee or any Senior Secured Noteholder, and without impairing or releasing the obligations hereunder, any or all of the Loan Documents and/or any or all of the Bank Obligations thereunder may be Refinanced, refunded, replaced, amended, extended, renewed, restated, supplemented or otherwise modified in any way whatsoever, including, without limitation, to:

(i) shorten or extend the final maturity of all or any part of the Bank Obligations, (ii) modify the amortization of the principal amount of all or any part of the Bank Obligations, (iii) to the extent permitted by the Senior Secured Notes Indenture, increase the principal amount of the Bank Obligations, or otherwise provide for additional advances and grant any lien, mortgage, pledge, hypothecation, collateral assignment, security interest, encumbrance, charge, deposit arrangement or other similar encumbrance to secure any such increased indebtedness and, irrespective of the time, order or method of creation, attachment or perfection thereof or the filing or recording thereof, make any such lien, mortgage, pledge, hypothecation, collateral assignment, security interest, encumbrance, charge, deposit arrangement or other similar encumbrance, in each case subject to Section 2, including the lien priorities set forth set forth therein, (iv) raise the standard or default interest rates applicable to all or any part of the Bank Obligations, (v) impose any additional fees or penalties upon Borrower or any of its subsidiaries or increase the amount of or rate for any fees or penalties provided for in the Loan Documents, (vi) retain or obtain a lien, mortgage, pledge, hypothecation, collateral assignment, security

interest, encumbrance, charge, deposit arrangement or other similar encumbrance on any property to secure any of the Obligations, (vii) enter into any new, replaced, amended, extended, renewed, restated, supplemented or otherwise modified Loan Documents, (viii) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, all or any of the Bank Obligations or otherwise Refinance, refund, replace, amend, extend, renew, restate, supplement or otherwise modify in any manner, or grant any waiver, forbearance or release with respect to, all or any part of the Bank Obligations or any Loan Document, (ix) retain or obtain the primary or secondary obligation of any other Person with respect to any of the Bank Obligations, (x) release any Person liable in any manner under or in respect of Bank Obligations or, acting in accordance with the relevant Security Documents, release or compromise any obligation of any nature of any Person with respect to any of the Obligations, (xi) except to the extent in violation of the Senior Secured Notes Indenture, sell, exchange, not perfect or otherwise deal with any property at any time pledged, assigned or mortgaged to secure or otherwise securing, all or any part of the Obligations, including without limitation, any Collateral, (xii) subject to Section 4, release its security interest in, or surrender, release or permit any substitution or exchange for, all or any part of any property securing any Obligations, or release, compromise, alter or exchange any obligations of any nature of any Person with respect to any such property, (xiii) amend or grant any waiver or release with respect to, or consent to any departure from, any guaranty of all or any of the Bank Obligations, (xiv) grant any lien, mortgage, pledge, hypothecation, collateral assignment, security interest, encumbrance, charge, deposit arrangement or other similar encumbrance, (xv) exercise or refrain from exercising any rights or remedies against and release from obligations of any type (other than the Senior Secured Notes Obligations), Borrower or any of its subsidiaries or any other Person, (xvi) replace the Administrative Agent, Bank and Note Collateral Agent, Mortgagee or any Lender, whether or not in connection with a Refinancing and (xvii) otherwise manage and supervise the Bank Obligations in accordance with such person’s usual practices, modified from time to time as such person deems appropriate under the circumstances.

(b) The Senior Secured Notes Trustee, for itself and on behalf of the Senior Secured Noteholders, hereby irrevocably constitutes and appoints the Bank and Note Collateral Agent and any officer or agent of the Bank and Note Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Senior Secured Notes Trustee or such holder or in the Bank and Note Collateral Agent’s own name, from time to time in the Bank and Note Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 3, to take any and all appropriate action and to execute and record any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Section 3, including, without limitation, any financing statements, endorsements or other instruments of transfer or release. In connection therewith, the Bank and Note Collateral Agent acknowledges its appointment under Section 11.03 of the Senior Secured Notes Indenture as “Second Priority Collateral Agent” for the benefit of the Senior Secured Notes Trustee and the holders of the Senior Secured Notes, subject to all terms and conditions set forth in the Senior Secured Notes Indenture.

(c) In connection with any Refinancing, refunding, replacement, amendment, extension, renewal, restatement, supplement or other modification of all or any portion of the Obligations prior to the occurrence of a Bankruptcy Event, the Senior Secured Notes Trustee, on behalf of each Senior Secured Noteholder, does hereby (i) confirm (and, upon written request,

agrees to reconfirm at any time) the continued applicability of the provisions hereof and (ii) consent to any successor, replacement or assignee of the Administrative Agent or Mortgagee becoming party to this Agreement and/or the Security Agreement or any Loan Document (including by execution of an assignment or joinder agreement or other equivalent instrument) without any additional consent or approval of the Senior Secured Notes Trustee; provided, however, that, notwithstanding the foregoing, the Senior Secured Notes Trustee shall, if requested, in writing, by the Borrower, the Administrative Agent, or the Mortgagee (or any successor, replacement or assignee thereof), or any existing or new holder of Obligations, upon receipt of the documents required by Section 9.06 of the Senior Secured Notes Indenture, execute an intercreditor agreement, or an amendment to or restatement of this Agreement substantially similar to this Agreement (incorporating such amendments, modifications, waivers or variances which do not materially adversely affect the rights and benefits of the holders of the Senior Secured Notes in a different manner than the other Secured Creditors).

Section 4. Release of Liens.

(a) Subject to the provisions of Section 4(b), each of the Bank and Note Collateral Agent and the Mortgagee may, at any time or from time to time, acting in accordance with the Security Agreement, or, in the case of any Mortgage, the terms of the Credit Agreement, as the case may be, release any Liens held by such Collateral Agent against all or any portion of the Collateral.

(b) If (i) the Bank and Note Collateral Agent releases the Liens on all Collateral in respect of all Bank Obligations, or (ii) all Bank Obligations are Fully Paid, then all the Liens on the Collateral securing the Senior Secured Notes Obligations will be automatically released and terminated and the Bank and Note Collateral Agent shall have no further duties or obligations under the Security Documents; provided, however, in the case of either clause (i) or (ii) above, if a Default or Event of Default shall have occurred and be continuing under the Senior Secured Notes Indenture, the Liens on the Collateral securing the Senior Secured Notes Obligations shall not be released and the Security Agreement shall not terminate until such time as the Default or Event of Default is cured or waived in accordance with the Senior Secured Notes Indenture.

(c) Subject to Section 4(b), the Senior Secured Notes Trustee agrees that its consent shall not be required in connection with the release of all or any portion of the Collateral at any time, including, without limitation, any time that a Default or Event of Default shall have occurred and be continuing under the Senior Secured Notes Indenture.

Section 5. Notice of Intent to Foreclose.

(a) The Bank and Note Collateral Agent will give the Senior Secured Notes Trustee notice of its intent to enforce any Lien upon any of the Collateral. The notice required by this Section 5(a) shall be required to be given by the Bank and Note Collateral Agent only if it intends to:

(i) deliver to any Credit Party written notice of its intent to enforce a Lien in full or partial satisfaction of any obligation secured thereby;

(ii) commence legal action against any Credit Party for foreclosure or replevin or other enforcement of a Lien; or

(iii) take possession of or title to, or deliver to any third party possession of or title to, any real or personal property of any Credit Party (other than possession of cash in accounts expressly contemplated by the Credit Documents or possession of property by the Administrative Agent as a means of perfection);

(b) The notice required by Section 5(a):

(i) shall not be required in any other instance or as to any other action or event (including, for purposes of illustration and not by way of limitation, any incurrence, payment or acceleration of any of the Obligations or any amendment or waiver of the terms thereof, any exercise of a right of setoff, any notification to account debtors to make payment directly to the secured party or any other exercise of collection rights or the institution of any other legal proceedings, including suit to collect any debt or claim or the commencement of any bankruptcy case, receivership or insolvency proceeding);

(ii) need only state that it is given pursuant to the provisions of this Agreement and that Lien enforcement action may be taken by the party giving the notice, and need not disclose or describe the action to be taken; and

(iii) shall be given at least five (5) business days prior to the date on which any enforcement action described above is taken, except that a party may give such notice promptly after taking such enforcement action if it in good faith believes that immediate enforcement action is or may be required to protect its interest in the property subject to its Liens.

(c) No liability or defense shall arise, no Lien shall be lost, invalidated or impaired, and no action taken in enforcement of a Lien shall be annulled, set aside, affected, or impaired, as a result of any notice required by this Agreement not being given or being defectively given.

Section 6. [Reserved].

Section 7. Exercise of Remedies - Senior Secured Notes Trustee.

(a) Notwithstanding anything to the contrary in this Agreement or the Senior Secured Notes Indenture, until the Bank Obligations are Fully Paid and, so long as all Liens securing the Senior Secured Notes Obligations have not been released, (i) neither the Senior Secured Notes Trustee nor any Senior Secured Noteholder shall have any right or power to exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any Collateral (other than to receive a share of the Proceeds (as defined in the Security Agreement or the applicable Mortgage, as the case may be) of such Collateral, if any, as and when provided in the Security Agreement or the applicable Mortgage, as the case may be), including, without limitation, the following: (w) to institute any action or proceeding with respect to any Collateral, including, without limitation, any action of foreclosure, (x) contest, protest or object to (1) any foreclosure proceeding or action brought by the Administrative Agent or any Collateral Agent, (2) the exercise of any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the Administrative Agent or any

Lender is a party, or (3) any other exercise by any such party of any rights and remedies relating to the Collateral under any Loan Document or otherwise, (y) object to the forbearance by the Administrative Agent or any Lender from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Collateral or (z) demand, accept or obtain any lien, mortgage, pledge, hypothecation, collateral assignment, security interest, encumbrance, charge, deposit arrangement or other similar encumbrance on any Collateral (other than from time to time as granted pursuant to the Security Agreement or the Mortgages); and (ii) the Collateral Agents acting at the direction of the Administrative Agent and the Lenders shall have the exclusive right to enforce rights, exercise remedies (including, without limitation, setoff, recoupment and the right to credit bid any Obligations) and make determinations regarding release (subject to Section 4), disposition, or restrictions with respect to the Collateral without any consultation with or the consent of the Senior Secured Notes Trustee or any Senior Secured Noteholder. In exercising rights and remedies with respect to the Collateral, the Administrative Agent and the Lenders may (acting in accordance with the terms of the applicable Loan Documents) enforce the provisions of the Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include, without limitation, the rights of an agent or other representative appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under bankruptcy or similar laws of any applicable jurisdiction.

(b) [Reserved].

(c) The Senior Secured Notes Trustee, for itself and on behalf of the Senior Secured Noteholders, agrees that the Senior Secured Notes Trustee and the Senior Secured Noteholders will not take any action that would hinder any exercise of remedies undertaken by the Collateral Agents under the Security Documents or by the Administrative Agent or the Lenders under the Loan Documents, including any sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise.

(d) Without limiting the generality of the foregoing, in any bankruptcy case of a pledgor of Collateral, neither the Senior Secured Notes Trustee nor the Senior Secured Noteholders shall directly or indirectly (i) object to the terms of any use of cash collateral or debtor in possession financing consented to by the Administrative Agent, or file any pleading with respect to use of cash collateral or debtor in possession financing without the prior express written consent of the Administrative Agent in each instance, provided the Senior Secured Notes Obligations and Bank Obligations are treated similarly in connection with any such use of cash collateral or financing, (ii) object to any adequate protection, including additional or replacement liens or administrative priority claims, consented to by the Administrative Agent, or file any pleading with respect to any such adequate protection, without the prior express written consent of the Administrative Agent in each instance, provided the Senior Secured Notes Obligations and Bank Obligations are treated similarly in connection with any such adequate protection, (iii) seek relief from the automatic stay, or object to any relief from the automatic stay requested by the Administrative Agent, with respect to any portion of the Collateral, without the prior express written consent of the Administrative Agent in each instance, provided the Senior Secured Notes

Obligations and Bank Obligations are treated similarly in connection with any such motion, (iv) object to any sale of all or any portion of the Collateral consented to by the Administrative Agent, or file any pleading with respect to the sale of all or any portion of the Collateral, without the prior express written consent of the Administrative Agent in each instance, provided the Senior Secured Notes Obligations and Bank Obligations are treated similarly in connection with any such sale, or (v) appear and be heard on any matter in such case in a manner inconsistent with the terms and provisions of this Agreement.

(e) Unless and until all Bank Obligations have been Fully Paid, the Administrative Agent and the Lenders shall have the sole and exclusive right, subject to the rights of the Borrower under the Loan Documents, to adjust settlement for any insurance policy governing the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Collateral.

Section 8. [Reserved].

Section 9. [Reserved].

Section 10. Disclaimers, Etc.

(a) Each party executing this Agreement agrees, for itself and on behalf of the relevant Secured Creditors, that (i) the Bank and Note Collateral Agent shall have the right to act in the manner that the Instructing Group may direct (regardless of whether any Secured Creditor or any holder represented thereby agrees, disagrees or abstains with respect to such direction), (ii) the Bank and Note Collateral Agent shall have no liability for acting in accordance with such direction (provided such action does not, on its face, conflict with the express terms of this Agreement) and (iii) no Secured Creditor or any holder represented thereby shall have any liability to any other Secured Creditor or any holder represented thereby for any such direction.

(b) For the avoidance of doubt, Bank and Note Collateral Agent may at any time request directions from the Instructing Group as to any course of action or other matter relating hereto or as to any Security Document. Except as otherwise expressly specified in this Agreement, any such directions given by the Instructing Group shall be binding on the Secured Creditors for all purposes as described in this Agreement.

(c) The provisions of Article XI of the Security Agreement are incorporated herein by reference thereto.

(d) Notwithstanding the use of the term “Agent” herein and/or in any Loan Document, it is expressly understood and agreed that no Collateral Agent shall have any fiduciary responsibilities to any Secured Creditor by reason of this Agreement, the Security Agreement or any Loan Document and that each Collateral Agent is merely acting as the contractual representative of the applicable Secured Creditors with only those duties as are expressly set forth in this Agreement and the Security Agreement and Mortgages, as the case may be. In its capacity as the Secured Creditors’ contractual representative, no Collateral Agent assumes any fiduciary duties to any of the Secured Creditors and each is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the Security Agreement and Mortgages, as the case may be. Each party

hereto, for itself and on behalf of the relevant Secured Creditors hereby agrees not to assert a claim against a Collateral Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each party hereto, on behalf of each Secured Creditor, hereby waives. In addition, no Collateral Agent shall have any implied duties to any Secured Creditor or any obligation to any Secured Creditor to take any action hereunder or under the Security Agreement or Mortgage, except any action specifically provided herein or therein to be taken by such Collateral Agent.

Section 11. Notices of Default and of Payment in Full of Indebtedness. Each party hereto agrees to use reasonable efforts to give to the others copies of any written notices of default, termination, demand for payment, redemption, acceleration, foreclosure, exercise of remedies and any other written notice of a like nature, which may be given under or pursuant to the terms of any of the applicable Loan Documents or the Senior Secured Notes Indenture and of any notice contemplated under the definition of the term “Fully Paid” herein, in each case concurrently with, or as soon as practicable after, the giving of such notice to such party; provided, however, that no failure of any party to give a copy of any such notice as provided herein shall in any event affect the validity or effectiveness of the notice or render the party liable to any other party in any respect or relieve any party of its obligations and agreements contained herein; provided, further, however, that in no event shall this Section 11 require the delivery of any notices to Borrower.

Section 12. Notices. All notices and communications hereunder shall be sent or delivered by mail, telecopier or overnight courier service and all such notices and communications shall (i) in the case of a notice or communication sent by mail, be effective three Business Days following deposit with proper prepaid postage in the mail; (ii) in the case of a notice or communication sent by telecopier, be effective when sent, provided appropriate confirmation is received by the sender; and (iii) in the case of a notice or communication sent by overnight courier, be effective on the date of delivery. All notices, requests, demands or other communications shall be in writing and addressed as follows:

(i) If to the Bank and Note Collateral Agent, Mortgagee or Administrative Agent:

Deutsche Bank AG New York Branch
60 Wall Street, 2nd Floor
NYC60 - 0219
New York, New York 10005
Attention: Chris Towery
Telephone No.: (212) 250-0839
Telecopier No.: (212) 797-0070

with a copy to:

Winston & Strawn LLP
35 West Wacker Drive
Chicago, Illinois 60601
Attention: Charles B. Boehrer
Telephone Number: (312) 558-5600
Telecopier Number: (312) 558-5700

(ii) If to the Senior Secured Notes Trustee:

HSBC Bank USA, National Association

452 Fifth Avenue

Corporate Trust

New York, New York 10018
Attention: Gloria Alli

Telephone: (212) 525-1404
Telecopier No.: (212) 525-1300

with a copy to:

Pryor Cashman Sherman & Flynn LLP
410 Park Avenue
New York, New York 10022
Attention: Ronald T. Sarubbi
Telephone No.: (212) 326-0490
Telecopier No.: (212) 798-6307

or at such other address or to any such successor or assign as any party may designate by notice to the other party in accordance with the provisions hereof. In the event that any Secured Creditor shall be required by the Uniform Commercial Code or any other applicable law to give notice to the Borrower or any other Secured Creditor of the intended disposition of any Collateral, such notice shall be given as provided in the Security Agreement and ten days notice shall be deemed to be commercially reasonable. Each Secured Creditor, including the Senior Secured Notes Trustee, hereby appoints the Bank and Note Collateral Agent as its agent and representative for purposes of giving and receiving notices under the Security Documents.

(a) Upon written request from the Bank and Note Collateral Agent, the Senior Secured Notes Trustee agrees to promptly notify the Bank and Note Collateral Agent of (i) the aggregate amount of principal and interest outstanding and other amounts owing with respect to the Senior Secured Notes and the amount, if any, then due and payable under the Senior Secured Notes Indenture, as at such date as the Bank and Note Collateral Agent may specify and (ii) any payment received by the Senior Secured Notes Trustee to be applied to the principal of or interest on the amounts due with respect to the Senior Secured Notes.

Section 13. GOVERNING LAW. THIS AGREEMENT 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.

Section 14. CONSENT TO JURISDICTION. THE PARTIES HERETO HEREBY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE CITY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY HERETO ACCEPTS FOR AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, IN ANY SUCH ACTIONS OR PROCEEDINGS, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT, AND WITH ANY JUDGMENT SUBJECT TO RIGHTS OF APPEAL IN THE JURISDICTIONS SET FORTH ABOVE.

Section 15. WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. THE PARTIES HERETO ALSO WAIVE ANY BOND OR SURETY OR SECURITY UPON SUCH BOND THAT MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF THE PARTIES HERETO. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

Section 16. Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the Agreement between the parties hereto.

Section 17. Counterparts. This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties

hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.

Section 18. Severability. The invalidity, illegality or unenforceability of any provision in or obligation under this Agreement shall not affect or impair the validity, legality or enforceability of the remaining provisions or obligations under this Agreement.

Section 19. Assignment. This Agreement shall be binding upon, and inure to the benefit of, the Secured Creditors and their respective successors and assigns regardless of whether such successors or assigns are signatories hereto. The term “Borrower” as used herein shall also refer to the permitted successors and assigns of the Borrower, including, without limitation, a receiver, trustee, custodian or debtor-in-possession. The Secured Creditors shall have the right to assign, transfer or grant participations in part or all of the senior debt owed to them, the security therefor and their rights hereunder. This Agreement shall be binding upon and enure to the benefit of the Secured Creditors and their successors and assigns.

Section 20. Conflict with Other Agreements. The parties hereto agree that in the event of any conflict between the provisions of this Agreement and the provisions of any Loan Document, the provisions of this Agreement shall control.

Section 21. Amendments and Waivers. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and does not affect any rights and remedies except as expressly provided herein. This Agreement shall be amended, modified or waived only with the written consent of the Bank and Note Collateral Agent (with such written requisite consent of the Lenders as may be required pursuant to Section 12.1 of the Credit Agreement), except that (i) written consent of the Senior Secured Notes Trustee shall be required if the amendment, modification or waiver or variance would materially adversely affect the rights and benefits of the Senior Secured Notes Trustee or the Senior Secured Noteholders in a different manner from the other Secured Creditors; and (ii) written consent of the Borrower shall be required if the amendment, modification or waiver would impose, or have the effect of imposing, on the Borrower more restrictive covenants or greater obligations than those applicable to the Borrower under this Agreement or any of the Loan Documents as of the date hereof. No waiver shall be deemed to be made by either Collateral Agent of their respective rights hereunder, unless the same shall be in writing signed by such Collateral Agent (acting in accordance with this Section 21), and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of such Collateral Agent, in any other respect at any other time.

Section 22. Miscellaneous. This Agreement is solely for the purpose of defining the relative rights and priorities of the parties hereto and that of the Secured Creditors and their respective successors and assigns with respect to the Collateral, and no other Person shall have any right, benefit, priority or interest under, or because of the existence of, this Agreement. It is expressly acknowledged and agreed that the Bank and Note Collateral Agent may be referred to in one or more Security Documents by other defined terms, including, without limitation, the “Collateral Agent” or “Security Trustee”. No such use of such different terminology is intended to affect the enforcement of this Agreement or any other Security

Document. This Agreement shall not inure to the benefit of the Borrower nor to any Subsidiary of the Borrower, nor to their respective successors and assigns. The parties hereto agree and acknowledge that they shall not challenge or question in any proceeding the validity, perfection, priority or enforceability of this Agreement, as a whole, or any term or provision contained herein. Without limiting the terms of this Agreement, the parties intend that this Agreement shall be enforceable in a bankruptcy proceeding, including pursuant to Section 510(a) of the Bankruptcy Code.

Section 23. Termination. Upon the one hundred twenty-first (121st) day after all Bank Obligations have been Fully Paid, this Agreement shall immediately terminate and cease to be effective and the Administrative Agent, the Lenders, the Senior Secured Noteholders, the Senior Secured Notes Trustee, and the Credit Parties shall be released from their respective obligations hereunder (other than such obligations that by their terms are stated to survive the termination of this Agreement); provided, however, (a) this Agreement shall be automatically reinstated if at any time payment of, in whole or in part, any of the Bank Obligations are challenged by the initiation of any suit or proceeding by any party, or are rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, or under any other state or federal law, the common law or any ruling in equity, all as though such payment had not been made, and in such event, all reasonable documented costs and expenses (including, without limitation, any reasonable documented legal fees and disbursements) incurred by the Administrative Agent or any Lender in defending any such action or proceeding or enforcing such reinstatement shall be deemed included as part of the Bank Obligations, and the Administrative Agent, each Lender, the Senior Secured Notes Trustee and the Senior Secured Noteholders shall each account for any payments received in respect of the Collateral prior to such reinstatement and (b) immediately after all Bank Obligations have been Fully Paid, the terms of this Agreement shall no longer be applicable to restrict any action or failure to act by the Senior Secured Notes Trustee and the Senior Secured Noteholders with respect to the Collateral subject to the immediately preceding clause (a).

Section 24. Effect of this Agreement. Each party hereto hereby acknowledges that this Agreement replaces in its entirety the Prior Intercreditor Agreement.

[signature pages follow]

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

	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Administrative Agent


	By:	/s/ Marguerite Sutton

	Name: Marguerite Sutton

	Title: Director


	DEUTSCHE BANK AG NEW YORK BRANCH, as Bank and Note Collateral Agent


	By:	/s/ Marguerite Sutton

	Name: Marguerite Sutton

	Title: Director


	DEUTSCHE BANK AG NEW YORK BRANCH, as Mortgagee


	By:	/s/ Marguerite Sutton

	Name: Marguerite Sutton

	Title: Director


	HSBC BANK USA, NATIONAL ASSOCIATION, as Senior Secured Notes Trustee


	By:	/s/ Frank J. Godino

	Name: Frank J. Godino

	Title: Vice President

A-1

Acknowledged and Agreed:

HUNTSMAN INTERNATIONAL LLC


By:	/s/ Sean Douglas

Name: Sean Douglas

Title: Vice President and Treasurer