AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

Revolving Credit Agreement

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Title: AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Governing Law: New York Date: 5/8/2007
Law Firm: Akin Gump;Baker Botts

EXHIBIT 10.1

AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT,

dated as of March 29, 2007,

among

STERLING CHEMICALS, INC.

AND

EACH OF ITS SUBSIDIARIES

PARTIES HERETO FROM TIME TO TIME,

as the Borrowers,

VARIOUS FINANCIAL INSTITUTIONS PARTIES HERETO FROM TIME TO TIME,
as the Lenders,

THE CIT GROUP/BUSINESS CREDIT, INC.,
as a Lender and as the Administrative Agent

and

WACHOVIA BANK, NATIONAL ASSOCIATION
as Documentation Agent

TABLE OF CONTENTS


Section	Page
ARTICLE I DEFINITIONS AND ACCOUNTING TERMS		2
SECTION 1.1. Defined Terms		2
SECTION 1.2. Use of Defined Terms		36
SECTION 1.3. Cross-References		37
SECTION 1.4. Accounting and Financial Determinations		37
ARTICLE II TERMS OF COMMITMENTS AND LOANS		37
SECTION 2.1. Commitments		37
2.1.1. Loan Commitments		37
2.1.2. Letter of Credit Commitment		37
2.1.3. Lenders Not Permitted or Required to Make Loans.		38
SECTION 2.2. Reduction of the Commitment Amounts		38
2.2.1. Optional		38
2.2.2. Mandatory		39
2.2.3. Termination of Agreement		39
SECTION 2.3. Borrowing Procedures and Funding Maintenance		39
2.3.1. Borrowing Revolving Credit Loans.		39
2.3.2. Borrowing Swing Line Loans.		41
2.3.3. Joint and Several Liability; Rights of Contribution		42
SECTION 2.4. Continuation and Conversion Elections		44
SECTION 2.5. Funding		45
SECTION 2.6. Letter of Credit Issuance Procedures		45
2.6.1. Other Lenders’ Participation		45
2.6.2. Disbursements: Conversion to Loans		46
2.6.3. Reimbursement		47
2.6.4. Deemed Disbursements		48
2.6.5. Additional Letter of Credit Provisions		48
SECTION 2.7. Register; Notes; Obligation Account; Reserves		49
ARTICLE III PAYMENTS; PREPAYMENTS; INTEREST AND FEES		52
SECTION 3.1. Payments; Application; Controlled Deposit Accounts; Power of Attorney; Charges to Obligation Account; No Discharge		52


Section	Page
3.1.1. Repayments and Prepayments		52
3.1.2. Application		54
3.1.3. Matters Relating to Controlled Deposit Accounts		54
3.1.4. Power of Attorney		57
3.1.5. Charges to Obligation Account		57
SECTION 3.2. Interest Provisions		57
3.2.1. Rates		57
3.2.2. Post-Maturity Rates		58
3.2.3. Payment Dates		58
SECTION 3.3. Fees		59
3.3.1. Commitment Fees		59
3.3.2. The Administrative Agent’s Fees		59
3.3.3. Letter of Credit Fees		59
ARTICLE IV CERTAIN LIBO RATE AND GUARANTY PROVISIONS		60
SECTION 4.1. LIBO Rate Lending Unlawful		60
SECTION 4.2. Deposits Unavailable		60
SECTION 4.3. Increased LIBO Rate Loan Costs, etc		60
SECTION 4.4. Funding Losses		61
SECTION 4.5. Increased Capital Costs		61
SECTION 4.6. Taxes		62
SECTION 4.7. Payments; Computations, etc		66
SECTION 4.8. Sharing of Payments		66
SECTION 4.9. Setoff		67
SECTION 4.10. Guaranty Provisions		67
4.10.1. Guaranty		67
4.10.2. Guaranty Absolute, etc		67
4.10.3. Reinstatement, etc		68
4.10.4. Waiver, etc		68
4.10.5. Postponement of Subrogation, etc		68
ARTICLE V CONDITIONS TO CREDIT EXTENSIONS		69
SECTION 5.1. Initial Credit Extension		69
5.1.1. Resolutions, etc		69
5.1.2. Intercreditor Agreement		69


Section	Page
5.1.3. Closing Date Certificate		69
5.1.4. Delivery of Notes		70
5.1.5. Minimum Opening Liquidity Amount		70
5.1.6. Closing; Fees; Expenses, etc		70
5.1.7. Borrowing Base Certificate		70
5.1.8. Opinions of Counsel		70
5.1.9. U.C.C. and Other Searches		70
5.1.10. Pledge Agreements		70
5.1.11. Security Agreements, etc		71
5.1.12. Lien Terminations and Releases		71
5.1.13. Controlled Deposit Accounts		71
5.1.14. Perfection Certificate		71
5.1.15. Senior Secured Note Documents		71
5.1.16. Existing Senior Secured Notes		71
5.1.17. No Material Adverse Change		72
5.1.18. Required Consents and Approvals		72
5.1.19. Satisfactory Legal Form		72
SECTION 5.2. All Credit Extensions		72
5.2.1. Compliance With Warranties; No Default, etc		72
5.2.2. Credit Extension Request, etc		72
5.2.3. Borrowing Base Certificate		73
5.2.4. Payment of Fees		73
5.2.5. Satisfactory Legal Form		73
ARTICLE VI REPRESENTATIONS AND WARRANTIES		73
SECTION 6.1. Organization, etc		73
SECTION 6.2. Due Authorization, Non-Contravention, etc		73
SECTION 6.3. Government Approval; Regulation, etc		74
SECTION 6.4. Validity, etc		74
SECTION 6.5. Financial Information		74
SECTION 6.6. No Material Adverse Change		74
SECTION 6.7. Litigation; Labor Controversies, etc		75
SECTION 6.8. Subsidiaries		75
SECTION 6.9. Ownership of Properties		75

iii


Section	Page
SECTION 6.10. Taxes		75
SECTION 6.11. Pension Plans		75
SECTION 6.12. Environmental Warranties		75
SECTION 6.13. Accuracy of Information.		77
SECTION 6.14. Regulations U and X		78
SECTION 6.15. Solvency		78
SECTION 6.16. Intellectual Property Collateral		78
SECTION 6.17. Ownership of Stock		78
SECTION 6.18. Material Contracts		79
ARTICLE VII COVENANTS		79
SECTION 7.1. Affirmative Covenants		79
7.1.1. Financial Information; Reports; Notices, etc		79
7.1.2. Maintenance of Existence; Compliance With Laws, etc		82
7.1.3. Maintenance of Properties		82
7.1.4. Insurance		82
7.1.5. Books and Records		83
7.1.6. Post-Closing Requirements		83
7.1.7. Use of Proceeds		83
7.1.8. Borrowers; Security; etc		83
7.1.9. Controlled Deposit Accounts		84
7.1.10. Environmental Covenant		84
7.1.11. As to Intellectual Property Collateral		84
7.1.12. Designation of Restricted and Unrestricted Subsidiaries.		85
SECTION 7.2. Negative Covenants		86
7.2.1. Business Activities		86
7.2.2. Indebtedness		87
7.2.3. Liens		89
7.2.4. Investments		91
7.2.5. Restricted Payments, etc