UNION CARBIDE CORP /NEW/
EXH. 10.26.1
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<TYPE>EX-10.26(1)
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<DESCRIPTION>EXH. 10.26.1
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<BR></FONT><FONT SIZE=2><B>EXHIBIT 10.26.1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Revolving Loan Amendment No.&nbsp;1  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This </FONT><FONT SIZE=2><B>REVOLVING LOAN AMENDMENT NO. 1</B></FONT><FONT SIZE=2> (the "Amendment"), dated as of July&nbsp;1, 2002, is entered into by and
between </FONT><FONT SIZE=2><B>Union Carbide Corporation</B></FONT><FONT SIZE=2>, a New York corporation (the "Borrower") and </FONT><FONT SIZE=2><B>The Dow Chemical Company</B></FONT><FONT SIZE=2>,
a Delaware corporation (the "Lender"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The
Lender and the Borrower entered into a Revolving Loan Agreement dated as of February&nbsp;6, 2001, (as amended, the "Loan Agreement"); and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The
Lender and the Borrower now wish to further amend the Loan Agreement as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
term "Maturity Date" shall mean April&nbsp;30, 2012.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Section&nbsp;2.4(e)
is added and shall read: </FONT></DD></DL>
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<P><FONT SIZE=2>Lender
may demand payment from Borrower of all or any part of the amounts advanced under the Loan, at any time and from time to time, along with accrued but unpaid interest on the principal amount to
be repaid; provided that the repayment date with respect to any such amounts shall be at least 30&nbsp;days after Borrower's receipt of written notice from Lender. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
Loan bears interest from day to day at an interest rate per annum equal to the lesser of: </FONT>
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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>LIBOR
plus <SUP>1</SUP>/<SMALL>8</SMALL> percent; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
maximum rate allowable by law (the "Interest Rate"). Interest accrues on the unpaid principal amount of each Advance from the date each Advance is
made and is payable in accordance with Section&nbsp;2.4. </FONT></DD></DL>
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</DD></DL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>All
other terms of the Loan Agreement shall remain in full force and effect. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have caused this Amendment to the Loan Agreement to be duly executed by their duly authorized representatives. </FONT></P>

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BORROWER:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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LENDER:</FONT></TD>
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<TD COLSPAN=2><BR><FONT SIZE=2><B>UNION CARBIDE CORPORATION</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B><BR>
THE DOW CHEMICAL COMPANY</B></FONT></TD>
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By:</FONT></TD>
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&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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By:</FONT></TD>
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&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>Title:</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

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