Document:

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                                                                   EXHIBIT 10.15

                                                                  EXECUTION COPY

                                Dated 24 May 2002

                  SOCIEDAD ESPANOLA DEL ACUMULADOR TUDOR, S.A.

                                       and

                              FULMEN IBERICA, S.L.

                              together, the Sellers

                           EXIDE HOLDING EUROPE, S.A.

                                 as Offer Agent

                            BATTERIES FUNDING LIMITED

                                    as Buyer

                                 CITIBANK, N.A.

                               as Operating Agent

                      -------------------------------------

                           RECEIVABLES SALE AGREEMENT

                      -------------------------------------

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                                    CONTENTS

<TABLE>
<S>                                                                             <C>
1.   DEFINITIONS AND CONSTRUCTION ..........................................     4

2.   FACILITY ..............................................................    27

3.   CONDITIONS PRECEDENT ..................................................    27

4.   PURCHASES .............................................................    31

5.   COLLECTIONS AND SETTLEMENT ............................................    36

6.   FEES, COSTS, STAMP DUTY AND TAXES .....................................    40

7.   PAYMENTS AND COMPUTATIONS, ETC. .......................................    41

8.   REPRESENTATIONS AND WARRANTIES OF EACH SELLER AND EXIDE EUROPE ........    42

9.   AFFIRMATIVE COVENANTS OF EACH SELLER ..................................    45

10.  NEGATIVE COVENANTS OF EACH SELLER AND EXIDE EUROPE ....................    47

11.  REPORTING REQUIREMENTS OF EACH SELLER .................................    48

12.  SERVICER, COLLECTIONS AND BUYER ACCOUNT ...............................    50

13.  PROTECTION OF THE BUYER'S RIGHTS ......................................    53

14.  RESPONSIBILITIES OF EACH SELLER .......................................    54

15.  AGENCY, INDEMNITIES AND TAX CO-OPERATION ..............................    56

16.  AMENDMENTS, ETC. ......................................................    60

17.  NOTICES ...............................................................    60

18.  NO WAIVER: REMEDIES ...................................................    60

19.  BINDING EFFECT: ASSIGNABILITY .........................................    61

20.  FURTHER ASSURANCE-RESTRUCTURING .......................................    62

21.  TERMINATION ...........................................................    63

22.  NO PROCEEDINGS ........................................................    63
</TABLE>

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<TABLE>
<S>                                                                            <C>
23.  EXECUTION IN COUNTERPARTS: SEVERABILITY ...............................    63

24.  CONFIDENTIALITY .......................................................    64

25.  GOVERNING LAW AND JURISDICTION ........................................    64

SCHEDULE 1 .................................................................    66

SCHEDULE 2 FORM OF ADMISSION OF ADDITIONAL SELLER ..........................    68

SCHEDULE 3 FORM OF SETTLEMENT STATEMENT ....................................    71

SCHEDULE 4 FORM OF SUMMARY REPORT ..........................................    72

SCHEDULE 5 INITIAL CONDITIONS PRECEDENT ....................................    75

SCHEDULE 6 FORMS FOR OFFER/ACCEPTANCE/RECEIPT ..............................    77

SCHEDULE 7 FORM OF CONTRACT ................................................    87

SCHEDULE 8 .................................................................    90

SCHEDULE 9 LETTER OF UNDERTAKING ...........................................    94

SCHEDULE 10 LIST OF ACCOUNT DEBTORS OTHER THAN DESIGNATED ACCOUNT DEBTORS ..    99

SCHEDULE 11 NOTICE OF ASSIGNMENT ...........................................   100

SCHEDULE 12 ENIGMA LICENCE AGREEMENT .......................................   104

SCHEDULE 13 FORM OF POWER OF ATTORNEY ......................................   106

SCHEDULE 14 FORM OF DIRECTORS' CERTIFICATE .................................   112

SCHEDULE 15 SPECIAL DILUTION RESERVE .......................................   114
</TABLE>

                                      -3-

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THIS RECEIVABLES SALE AGREEMENT, dated 24 May 2002, is made among:

(1)  SOCIEDAD ESPANOLA DEL ACUMULADOR TUDOR, S.A. a company with its registered
     office at Condesa de Venadito, 1, 28027 Madrid; ("Tudor");

(2)  FULMEN IBERICA, S.L. a company with its registered office at C/Miquel
     Torello i Pages, 11-13 - Pol. Ind. El Pla, 08750 Molins de Rei, Barcelona;
     ("Fulmen");

     (Tudor and Fulmen together with any Additional Seller (as defined herein)
     are collectively referred to as the "Sellers" or "Spanish Sellers", or
     where the context requires, are also individually referred to as a "Seller"
     or "Spanish Seller");

(2)  EXIDE HOLDING EUROPE, S.A., a French Societe Anonyme, with its registered
     office at 5-7 Allee des Pierres Mayettes, 92636 Gennevilliers Cedex, France
     (the "Offer Agent" or "Exide Europe" as applicable);

(3)  BATTERIES FUNDING LIMITED, a company with its registered office at West
     Block, International Financial Services Centre, Dublin 1, Ireland (the
     "Buyer");

(4)  CITIBANK, N.A., a United States national banking association acting through
     its London branch at 336 Strand, London WC2R 1HB (the "Operating Agent").

Preliminary Statements

(A)  The Sellers and the Buyer have agreed, upon the terms and subject to the
     conditions of this Agreement, that the Offer Agent shall from time to time
     for and on behalf of the Sellers offer to assign Receivables arising, from
     time to time, from Contracts and that, subject to the satisfaction of the
     conditions precedent as set out in Clause 3 below, the Buyer will accept
     such offers in the manner prescribed herein; and

(B)  The Operating Agent has been requested and is willing to act as Operating
     Agent as set out in this Agreement and, in particular, in Clause 15(A),
     subject to the ability of the Operating Agent to delegate its obligations
     pursuant to the terms of this Agreement, in particular, Clause 4(G).

NOW, THEREFORE, the parties agree as follows:

1.   DEFINITIONS AND CONSTRUCTION

     In this Agreement (including the Preliminary Statements):

(A)  Accounting Terms: All accounting terms not specifically defined in this
     Agreement shall be construed in accordance with generally accepted
     accounting principles as in effect on the date hereof in Spain.

(B)  Defined Terms: The following terms shall have the meanings indicated:

                                      -4-

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     "Acceptance Fee" has the meaning ascribed to that term in Clause 4(B).

     "Account Bank Mandate" means an agreement in respect of the Buyer
     Collection Account in form and substance satisfactory to the Operating
     Agent and the Buyer (as evidenced by its execution thereof), as described
     in Clause 8(Q).

     "Account Debtor" means a Person obliged to make payment(s) pursuant to a
     Contract.

     "Accounts Receivable Listing" means a list, by invoice number, of all of
     the Contracts entered into with Designated Account Debtors which are shown
     on each Seller's general ledger as outstanding as at (but excluding) each
     relevant Reference Date, including the information specified in Clause 4(E)
     together with such other information concerning each Contract, and in such
     format, as the Operating Agent may specify.

     "Accounts Receivable Trial Balance" means each Seller's accounts receivable
     trial balance computer printout, containing a list of Designated Account
     Debtors together with the aged Outstanding Balance of the Receivables.

     "Accruals" means, as of any time, the aggregate amount by which the face
     value of Eligible Receivables which are Paid Receivables have been reduced
     by virtue of any prompt payment discounts, accruals for volume rebates,
     warranty claims by the applicable Designated Account Debtor(s), and other
     credit notes (including, without limitation, credit notes issued to Account
     Debtors as a result of disputes, claims and invoicing errors by the
     Sellers).

     "Additional Designated Account Debtor" means an Account Debtor designated
     by a Seller as an Designated Account Debtor pursuant to Clause 4(A)(2).

     "Additional Seller" means any member of the Exide European Group which
     becomes party to this Agreement in accordance with Clause 19(D).

     "Advance Payment" means, at any time, the aggregate amount of any
     withdrawals from (prior to the Payment Notification Date) the Seller
     Collection Account and (on and following the Payment Notification Date) the
     Buyer Collection Account made by the Sellers under Clause 12(C) to the
     extent they are outstanding and not repaid.

     "Adverse Claim" means any claim of ownership, lien, security interest,
     mortgage, charge, or encumbrance, or other right or claim of any Person.

     "Admission of Additional Seller" means an agreement substantially in the
     form set out in Schedule 2.

     "Affiliate" when used with respect to a Person, a Subsidiary of that Person
     or a Holding Company of that Person or any other Subsidiary of that Holding
     Company.

                                      -5-

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     "Approved Currency" means, on the date hereof, Euro and, thereafter, with
     the prior written consent of the Operating Agent and in addition to Euro,
     Dollars.

     "Approved Jurisdiction" means each (i) jurisdiction in the European Union,
     or (ii) any other jurisdiction in respect of which the Seller has obtained
     as security from the applicable Designated Account Debtor a clear and
     unconditional demand letter of credit (governed by the Uniform Customs and
     Practice for Documentary Credits) from a bank whose short-term debt is
     rated at least A-1 and P-1 by the Rating Agencies, the term of which is in
     form and substance satisfactory to the Operating Agent (acting reasonably)
     and the conditions of which are in form and substance satisfactory to the
     Operating Agent (acting reasonably), and which letter of credit has been
     fully assigned to the Operating Agent on behalf of the Buyer (which
     assignment shall include full notice to the applicable bank issuing the
     letter of credit), requiring payment to be made directly to the Operating
     Agent on behalf of the Buyer.

     "Banesto" means Banco Espanol de Credito, S.A., a credit entity
     incorporated and organised under the laws of Spain, acting for the purposes
     of this Agreement through its branch at Paseo de la Castellana, 103, 28046
     Madrid.

     "Buyer Account" means each account in the name of the Buyer with Citibank,
     the details of which are set out in Schedule 1 Part 2, or (with the prior
     written consent of the Operating Agent) such other account at such bank as
     the Buyer may utilise for the purposes of this Agreement and designate as a
     Buyer Account.

     "Buyer Collection Account" means in respect of the Buyer, the account to be
     established with the Buyer Collection Account Bank on or prior to the
     Payment Notification Date pursuant to an Account Bank Mandate.

     "Buyer Collection Account Bank" means, in respect of the Buyer, such bank
     and branch at which the Buyer Collection Account is maintained from time to
     time.

     "Buyer Entitlement" means, at any time, in respect of the total amount
     standing to the credit of the Seller Collection Account (prior to the
     Payment Notification Date) and the Buyer Collection Account (on and
     following the Payment Notification Date), the portion thereof attributable
     to or representing Collections together with interest credited by the
     Collection Account Bank or the Buyer Collection Account Bank to such
     portion.

     "Capital" equals, on any Settlement Date, the aggregate of the Dollar
     Equivalent of the Existing Receivables Purchase Price and Future
     Receivables Purchase Price paid to the Sellers (including, on such
     Settlement Date, if any) less the aggregate amount of Collections which
     have been paid to the Buyer as of such Settlement Date.

     "Citibank" means Citibank, N.A., a national banking association under the
     laws of the United States of America.

                                      -6-

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     "Collections" means, with respect to any Purchased Receivable, all cash
     collections received and other cash proceeds of that Purchased Receivable
     (excluding any cash proceeds arising under any transaction as referred to
     in Clause 19(C)) and of any Related Security with respect to that Purchased
     Receivable received.

     "Collection Account Bank" means Banesto in respect of Tudor and La Caixa in
     respect of Fulmen or such other branch or bank at which each Seller
     Collection Account is, with the prior written consent of the Operating
     Agent, maintained from time to time.

     "Concentration Amount" means as of any date, with respect to each
     Designated Account Debtor, the product of (a) the Concentration Limit
     applicable to such Designated Account Debtor and (b) the Dollar Equivalent
     of the Programme Eligible Receivables.

     "Concentration Limit" means, in relation to the aggregate Receivables for
     each Designated Account Debtor: (a) for any single Designated Account
     Debtor rated at least A-l or P-l or its equivalent by the Rating Agencies,
     17%; (b) for any single Designated Account Debtor rated A-2 or P-2 or its
     equivalent by the Rating Agencies, 8.5%; (c) for any single Designated
     Account Debtor rated A-3 or P-3 or its equivalent by the Rating Agencies,
     5.66%; (d) for any single Designated Account Debtor rated below A-3 or P-3
     or not rated on its short term debt, 3.4% (to the extent a Designated
     Account Debtor does not have a short term rating but has an actual or
     implied senior long-term debt rating, the applicable percentage will be
     determined based on equivalent senior long-term debt ratings (as determined
     by the Operating Agent) for the short term ratings specified above).

     "Contract" means a written agreement (and, for the avoidance of doubt,
     includes any oral agreement evidenced by an invoice containing or referring
     to the standard terms of business of the relevant Seller) between a Seller
     and an Account Debtor pursuant to which such Account Debtor is obliged to
     pay for goods or services sold or provided by such Seller (including any
     value added tax in respect thereof) from time to time.

     "Country" means Spain.

     "Credit and Collection Policy" means each Seller's policies, practices and
     procedures relating to Contracts and Receivables in form and content
     satisfactory to the Operating Agent in accordance with paragraph (k) of
     Schedule 5 as modified from time to time with the consent of the Operating
     Agent.

     "Currency Exchange Agreement" means the spot currency agreement and the
     forward currency agreement to be entered into on or prior to the Effective
     Date by the Buyer and a counterparty rated at least A-1 and P-1 or its
     equivalent by the Rating Agencies (a "Swap Counterparty") to exchange,
     respectively, the amount in Dollars received by the Buyer under the
     Facilities Agreement into the currencies of the denomination of the
     Receivables acquired by the Buyer under all Origination Agreements to which
     it is a party and the currencies of the amount of Collections

                                      -7-

<PAGE>

     payable to the Buyer under all Origination Agreements to which it is a
     party into Dollars.

     "Currency Exchange Costs" means the costs payable by the Buyer to the
     counterparty under the Currency Exchange Agreement (expressed as a
     percentage of Capital);

     "Debt" means any indebtedness, present or future, actual or contingent in
     respect of moneys borrowed or raised or any financial accommodation
     whatever and, without limitation, shall include:

     (1)  indebtedness under or in respect of a negotiable or other financial
          instrument, Guarantee, interest, gold or currency exchange, hedge or
          arrangement of any kind, redeemable share, share the subject of a
          Guarantee, discounting arrangement, finance lease or hire purchase
          agreement;

     (2)  the deferred purchase price (for more than 90 days) of an asset or
          service; and

     (3)  any obligation to deliver goods or other property or provide services
          paid for in advance by a financier or in relation to another financing
          transaction.

     "Deemed Settlement Date" means a date which would have been a Settlement
     Date were it not to fall during a Specified Bank Holiday Period.

     "Default Ratio" as of any date, is equal to the ratio (expressed as a
     percentage) for the most recent month for which such ratio is available of
     (i) aggregate Eligible Receivables which are Paid Receivables that were
     91-120 days past due at the end of each such month plus Eligible
     Receivables which are Paid Receivables that were charged off (or, without
     duplication, which should have been charged off) as uncollectible during
     each such month which, if they had not been charged off (or, without
     duplication, which should have been charged off) would have been less than
     90 days past due during such month to (ii) aggregate sales giving rise to
     Receivables that were generated during the calendar month immediately
     preceding the commencement of the Loss Horizon preceding such date.

     "Defaulted Receivable" means an Eligible Receivable which is a Paid
     Receivable and:

     (1)  which, after the original due date, remains unpaid in whole or in part
          for more than 90 days;

     (2)  in respect of which the Designated Account Debtor has taken any
          action, or suffered any event to occur, of the type described in
          Clause 11(D)(2); or

     (3)  which has been, or should be, written off or provided for in the
          Seller's books as uncollectible in accordance with the Credit and
          Collection Policy.

                                      -8-

<PAGE>

     "Designated Account Debtor" means, at any time, all Account Debtors (other
     than those designated in Schedule 10) unless the Operating Agent has
     advised the Offer Agent (on behalf of the Sellers) that an Account Debtor
     shall not be considered a Designated Account Debtor.

     "Determination Date" means initially, the Effective Date and thereafter,
     each following Monday (or such other day as may be agreed from time to time
     between the Offer Agent (on behalf of the Sellers) and the Operating
     Agent); provided however, if such day is not a Programme Business Day, the
     applicable Determination Date shall be the next succeeding Programme
     Business Day.

     "Diluted Receivable" means that portion of any Eligible Receivable which is
     a Paid Receivable which is either (a) reduced or cancelled as a result of
     (i) any defective or rejected goods or services, or any failure by any
     Seller to deliver any goods or services or otherwise to perform under the
     underlying Contract or invoice, or (ii) any change in the terms of or
     cancellation of any Contract or invoice or any other adjustment by any
     Seller which reduces the amount payable by the Designated Account Debtor on
     the related Paid Receivable or (iii) any set-off in respect of any claim by
     the Designated Account Debtor on the related Eligible Receivable which is a
     Paid Receivable or (b) subject to any specific dispute, offset,
     counterclaim or defence whatsoever (except the discharge in bankruptcy of
     the Designated Account Debtor thereof).

     "Dilution Horizon" means, at any time, the estimated weighted average
     period in days between the issuance of invoices and the related credit
     note, if any, by the Programme Sellers, as such period is calculated by the
     Operating Agent from time to time.

     "Dilution Horizon Ratio" equals the higher of (a) the Dollar Equivalent of
     total sales giving rise to Programme Receivables for the Programme Sellers
     for the past Dilution Horizon divided by the Dollar Equivalent of the
     outstanding balance of Eligible Receivables (whether or not they are Paid
     Receivables) (as such term is used in each applicable Origination
     Agreement)) aggregated among all Origination Agreements as of the end of
     the most recent month and (b) 0.5.

     "Dilution Ratio" as of any date, is equal to the ratio (expressed as a
     percentage) for the most recently ended month of (i) the aggregate amount
     of Receivables that become Diluted Receivables during each such month to
     (ii) the aggregate sales giving rise to Receivables that were originated
     during the preceding month.

     "Dilution Reserve" means as of any Settlement Date:

     (PER minus DefR) x max [DYN, FLOOR]

     where :

     DYN        =   [(SF2xED)     +     DVF) x     DHR]

                                      -9-

<PAGE>

     FLOOR   =   EDxDHR

     Provided that the Dilution Reserve shall never be less than the amount such
     that, when aggregated to the floor applicable to the Loss Reserve, is equal
     to the Euro Equivalent of Dollars 15,000,000

     Where :

     PER  =  The aggregate amount of the Programme Eligible Receivables

     DefR =  The aggregate amount of Programme Eligible Receivables that are
             Defaulted Receivables (as defined in and aggregated among all
             Origination Agreements)

     SF2  =  Stress Factor = 2.25

     ED   =  The average Programme Dilution Ratio during the preceding 12 months

     DVF  =  Dilution Volatility Factor

     DHR  =  Dilution Horizon Ratio

     "Dilution Volatility Factor" means as of any date, a percentage equal to
     the product of (i) the amount by which (A) the highest two month average
     Programme Dilution Ratio during the most recently ended twelve month period
     exceeds (B) the average of the Programme Dilution Ratios during such twelve
     month period and (ii) (A) the highest two month average Programme Dilution
     Ratio during such twelve month period divided by (B) the average of the
     Programme Dilution Ratios during such twelve month period.

     "Directors' certificate" means a certificate in the form appended in
     Schedule 14.

     "Discount" means, with respect to (i) Existing Receivables the subject of a
     Letter of Offer or (ii) Purchased Receivables (which were Future
     Receivables at the time of their Purchase) having come into existence
     during the relevant Reference Period, on the relevant Settlement Date, the
     sum of applicable Yield, the applicable Country's Proportionate Share of
     Programme Costs, applicable Accruals and the sums then required to bring
     applicable Reserves and the Stamp Duty Reserve to their required levels.

     "Dollars" and the sign "$" each mean the lawful currency of the United
     States of America.

     "Dollar Equivalent" of any sum in any currency at any time means the amount
     of Dollars that would be purchased under the Currency Exchange Agreement at
     the Spot Rate determined for such sum as at the most recent Settlement
     Date.

     "Early Amortisation Event" means the first to occur of:

                                      -10-

<PAGE>

     (1)  any Originator or Exide Europe defaults in the payment on the due date
          of any payment due and payable by it under or relating to the Relevant
          Documents to which it is a party and such default continues unremedied
          for a period of five (5) Local Business Days after the earlier of such
          Originator or Exide Europe becoming aware of such default and the
          receipt by such Originator or Exide Europe of written notice by the
          Operating Agent requiring the same to be remedied;

     (2)  subject to Clause 12(D), any Originator, Exide Europe or the Offer
          Agent (if an Affiliate of Exide Technologies other than Exide Europe)
          defaults in the performance or observance of any of its other
          covenants and obligations, or breaches any representation or warranty
          under the Relevant Documents to which it is a party, which in the
          reasonable opinion of the Operating Agent is materially prejudicial to
          the interests of the Buyer and/or the Lenders and/or the Operating
          Agent, and such default is not remedied to the satisfaction of the
          Operating Agent within five Local Business Days of the earlier of such
          Originator, Exide Europe or the Offer Agent (if an Affiliate of Exide
          Technologies other than Exide Europe) becoming aware of such default
          and receipt by such Originator, Exide Europe or the Offer Agent (if an
          Affiliate of Exide Technologies other than Exide Europe) of written
          notice by the Operating Agent requiring the same to be remedied (for
          the avoidance of doubt, for the purposes of this paragraph (2) if such
          Originator satisfies its obligations pursuant to Clause 5(D) within
          such five Local Business Day period, such default or breach shall not
          be considered to be an Early Amortisation Event);

     (3)  an effective resolution is passed for the winding up of any
          Originator, Exide Europe or the Offer Agent (if an Affiliate of Exide
          Technologies other than Exide Europe);

     (4)  any Originator, Exide Europe or the Offer Agent (if an Affiliate of
          Exide Technologies other than Exide Europe) ceases or threatens to
          cease to carry on its business or ceases to carry on the whole or a
          substantial part of its business, or stops payment or threatens to
          stop payment of its debts, or such Originator becomes unable to pay
          its debts, or is deemed unable to pay its debts within the meaning of
          Article 874 et seq. of the Spanish Commercial Code of 1885 or Article
          1001 et seq. of the Spanish Commercial Code of 1829 (as those Articles
          may be amended, varied or re-enacted) (or, with respect to Exide
          Europe, within the meaning of Law No. 85-98 of 25 January 1985 (as
          amended) or, with respect to the Offer Agent (if an Affiliate of Exide
          Technologies other than Exide Europe), within the meaning of
          equivalent provisions under applicable law), or becomes unable to pay
          its debts as they fall due, or the value of its assets falls to less
          than the amount of its liabilities (taking into account for both these
          purposes its contingent and prospective liabilities) or otherwise
          becomes insolvent;

                                      -11-

<PAGE>

     (5)  Exide Europe ceases at any time to own, directly or indirectly, a
          minimum of 80% of each class of the outstanding capital stock of any
          Seller;

     (6)  any Debt of a member of the Exide Europe Group in excess (in the
          aggregate) of the Euro Equivalent of $5,000,000 becoming prematurely
          due and payable or is placed on demand as a result of an event of
          default (howsoever described) under the document relating to that
          Debt;

     (7)  any sale of Eligible Receivables pursuant to this Agreement ceases to
          be deemed as or is determined not to be a true sale of such Eligible
          Receivables;

     (8)  proceedings are initiated against any Originator, Exide Europe or the
          Offer Agent (if an Affiliate of Exide Technologies other than Exide
          Europe) in respect of its liquidation, winding-up, administration,
          insolvency (including quiebra and suspension de pagos), composition,
          reorganisation (other than a reorganisation the terms of which have
          been approved by the Operating Agent and where such Originator, Exide
          Europe or the Offer Agent (if an Affiliate of Exide Technologies other
          than Exide Europe) is solvent) under any applicable liquidation,
          administration, insolvency (including quiebra and suspension de
          pagos), composition, reorganisation or other similar laws save where
          such proceedings are being contested in good faith by such Originator,
          Exide Europe or (if an Affiliate of Exide Technologies other than
          Exide Europe) the Offer Agent or an administrative or other receiver,
          servicer or other similar official is appointed in relation to such
          Originator, Exide Europe or (if an Affiliate of Exide Technologies
          other than Exide Europe) the Offer Agent or in relation to the whole
          or any substantial part of the undertaking or assets of such
          Originator, Exide Europe or (if an Affiliate of Exide Technologies
          other than Exide Europe) the Offer Agent or an encumbrancer shall take
          possession of the whole or any substantial part of the undertaking or
          assets of such Originator, Exide Europe or (if an Affiliate of Exide
          Technologies other than Exide Europe) the Offer Agent, or a distress
          or execution or other process shall be levied or enforced upon or sued
          out against the whole or any substantial part of the undertaking or
          assets of such Originator, Exide Europe or (if an Affiliate of Exide
          Technologies other than Exide Europe) the Offer Agent and in any of
          the foregoing cases it shall not be discharged within 15 days;

     (9)  if any Originator, Exide Europe or (if an Affiliate of Exide
          Technologies other than Exide Europe) the Offer Agent shall initiate
          or consent to judicial proceedings relating to itself under any
          applicable liquidation, administration, insolvency (including quiebra
          and suspension de pagos), composition, reorganisation or other similar
          laws or shall make a conveyance or assignment for the benefit of its
          creditors generally;

     (10) for any three month period, the average Default Ratio exceeds 9%;

                                      -12-

<PAGE>

     (11) for any three month period, the average Dilution Ratio exceeds 20%;

     (12) for any three month period, the Loss to Liquidation Ratio exceeds
          0.5%;

     (13) for any three month period, the average Programme Default Ratio
          exceeds 6%;

     (14) for any three month period, the average Programme Dilution Ratio
          exceeds 12%;

     (15) for any three month period, the average Programme Loss to Liquidation
          Ratio exceeds 0.5%;

     (16) a Programme Amortisation Event (as such terms is defined in any other
          Origination Agreement) occurs;

     (17) any amount owing under the US DIP Facility Agreement becomes
          immediately due and payable as a result of the occurrence of an Event
          of Default (as that term is defined in the US DIP Facility Agreement)
          thereunder; and

     (18) an Event of Default (as that term is defined under the Facilities
          Agreement) occurs.

     "Effective Date" means the date upon which the initial conditions precedent
     set forth in Schedule 5 have been satisfied and which has been designated
     as such by the Operating Agent, which day shall be a Thursday (or such
     other day as may be agreed by the Offer Agent (on behalf of the Sellers)
     and the Operating Agent) which is a Programme Business Day.

     "Eligible Receivable" means a Receivable:

     (1)  the Account Debtor of which is a corporate body or corporate entity
          which is (according to the address specified in the related invoice)
          resident of an Approved Jurisdiction;

     (2)  the Account Debtor of which is a Designated Account Debtor and is not
          an Affiliate of any party to this Agreement;

     (3)  the Account Debtor of which is not the Account Debtor of any Defaulted
          Receivables the aggregate Outstanding Balance of which equals or
          exceeds 10% of the aggregate Outstanding Balance of all Receivables of
          such Account Debtor;

     (4)  in respect of the Account Debtor of which no delivery or shipment has
          been cancelled or suspended for credit reasons and no credit line or
          accommodation has been cancelled or suspended for credit reasons, in
          either case at any time

                                      -13-

<PAGE>

          in the 2 years preceding the date that the invoice relating thereto is
          despatched;

     (5)  which is not a Defaulted Receivable (A) at the date of Purchase (in
          respect of Existing Receivables) and (B) at the date on which such
          Receivables becomes a Paid Receivable (in respect of Future
          Receivables);

     (6)  which, according to the Contract related thereto, is required to be
          paid in full on a date which falls (A) not earlier than the Purchase
          Date (in respect of Existing Receivables) and not earlier than the
          date on which such Receivables becomes a Paid Receivable (in respect
          of Future Receivables) and (B) within 180 days, after the earlier of
          the original billing date and the date that the invoice relating
          thereto is despatched;

     (7)  the Dollar Equivalent of the Outstanding Balance of which, when added
          to the Dollar Equivalent of the Outstanding Balance (as that term is
          defined under each Origination Agreement) of all other Paid
          Receivables (as such term is used in each applicable Origination
          Agreement) owing by the same Account Debtor or any of its Affiliates
          under all Origination Agreements, does not exceed the Concentration
          Amount;

     (8)  which is denominated and payable only in an Approved Currency;

     (9)  which (A) arises under a form of Contract set out in Schedule 7 (or
          which otherwise has been duly authorised by the Operating Agent),
          which is stated to be, and is, governed by Spanish law and which,
          together with such Receivable, is in full force and effect and
          constitutes the legal, valid, binding and enforceable obligation of
          the Account Debtor, (B) is freely assignable (or if not assignable
          without the consent of the Account Debtor, such consent has been
          obtained to the satisfaction of the Operating Agent) and (C) is not
          subject to any Adverse Claim or dispute, set off, counterclaim or
          defence whatsoever;

     (10) which, together with the Contract related thereto, does not contravene
          in any material respect any applicable laws, rules or regulations (and
          in respect of which Consumer Credit Act of 23 March 1995 (Ley de
          Credito al Consumo) does not apply to all or any part thereof and none
          of the records thereof constitutes "personal data" as defined in the
          Personal Data Protection Act of 13 December 1998 (Ley Organica de
          Proteccion de Datos de Caracter Personal) and with respect to which
          the Seller is not in violation of any such law, rule or regulation in
          any material respect;

     (11) which (A) satisfies all applicable requirements of the Credit and
          Collection Policy and (B) complies with such other criteria and
          requirements (other than those relating to the collectability of such
          Receivable) as the Operating Agent may from time to time specify to
          the Seller and which are based on a criterion or requirement of any
          one or more of the Rating Agencies;

                                      -14-

<PAGE>

     (12) which is not subject to withholding taxes on payments from the Account
          Debtors in respect thereof;

     (13) which represents all or part of the sales price in respect of the
          supply of goods or services in the Approved Jurisdiction in question;

     (14) the Account Debtor of which is not a government agency or local
          authority unless, the Account Debtor of which is considered a separate
          corporate entity under applicable law that is owned, directly or
          indirectly by a government agency or local authority;

     (15) which has not been prepaid in whole or in part;

     (16) for which all goods and services to which it relates have been
          delivered and performed, and all requirements of such Contract
          concerning the nature, amount, quality, condition or delivery of the
          goods or services, or upon which payment of such Receivable may be
          dependent, have been fulfilled in all material respects;

     (17) for the payment of which, no action has been brought before any Court
          or Arbitrator by the Seller; and

     (18) The Account Debtor of which has, in respect of Purchased Receivables
          (other than Defaulted Receivables) falling due for payment on or after
          31 August, 2002, paid in full the most recent Purchased Receivable
          owing by it directly to the credit of the Buyer Collection Account.

     "Enigma" means the proprietary computer software furnished by Citibank
     pursuant to the Enigma Licence Agreement, as such computer software may be
     modified, updated or replaced by Citibank from time to time.

     "Enigma Licence Agreement" means an agreement in the form of Schedule 12
     hereto, duly executed by the Offer Agent.

     "Euro" means the single currency unit of the Participating Member States.

     "Euro Equivalent" of any sum and at any time means the amount of Euro that
     would be purchased under the Currency Exchange Agreement at the Spot Rate
     for such sum at such time.

     "Exide Europe" means Exide Holding Europe, S.A., a French societe anonyme.

     "Exide Europe Group" means Exide Europe and all of its Subsidiaries.

     "Exide Group" means Exide Technologies and all of its Subsidiaries.

     "Exide Technologies" means Exide Technologies, a Delaware Corporation.

                                      -15-

<PAGE>

     "Existing Receivables" means all Receivables which are specified by (or on
     behalf of) the Sellers (i) in the initial Letter of Offer as being in
     existence in respect of Designated Account Debtors as at the Initial
     Reference Date and (ii) in any subsequent Letter of Offer, as being in
     existence in respect of Additional Designated Account Debtors as at the
     Reference Date immediately preceding the Offer Date in respect of such
     Letter of Offer.

     "Existing Receivables Purchase Price" means, on any Purchase Date, in
     respect of Existing Receivables comprised in a Group of Receivables, an
     amount in Euros equal to the Outstanding Balance of those of the
     Receivables which are Eligible Receivables as at the Reference Date
     immediately preceding the relevant Offer Date less the Discount applicable
     on the Purchase Date immediately succeeding such Offer Date, as calculated
     by the Operating Agent.

     "Facilities Agreement" means the agreement entered into on or about the
     date hereof among, inter alia, the Buyer and the Lenders.

     "Facility Fee" means 0.75% per annum of the positive difference between (i)
     the Facility Limit and (ii) Programme Capital (as such fee is calculated
     monthly in arrears and applied on each Settlement Date).

     "Facility Limit" means Dollars 177,500,000, as such amount may be reduced
     from time to time upon notice given by the Operating Agent to the Offer
     Agent (on behalf of the Sellers) as a result of the event specified in
     Clause 7.1 of the Facilities Agreement.

     "Fees Letter" means the fees letters dated as of the date hereof, between
     Exide Europe and the Operating Agent in respect of the calculation and
     payment of certain fees.

     "Foreign Currency Reserve" as of any Settlement Date will equal 5% of
     Programme Capital on such Settlement Date, or such other amount as
     determined by the Operating Agent (and notified in writing to the Offer
     Agent), acting reasonably (upon the written request of a Seller after any
     redetermination of the level of the Foreign Currency Reserve, the Operating
     Agent agrees to provide such Seller with information relating to the basis
     of such redetermination).

     "Future Receivables" means all Receivables owing by a Designated Account
     Debtor which are not Existing Receivables.

     "Future Receivables Purchase Price" means, on any Settlement Date, in
     respect of Future Receivables comprised in a Group of Receivables which
     have come into existence during any Reference Period, an amount in Euros
     equal to the Outstanding Balance of those of the Receivables which are
     Eligible Receivables as at the Reference Date immediately preceding such
     Settlement Date less the Discount applicable on such Settlement Date, as
     calculated by the Operating Agent.

                                      -16-

<PAGE>

     "German Excess Loss Reserve" means the positive difference (if any) between
     (i) the aggregate of the German Sellers' Proportionate Share (as such term
     is defined under the German RSA) of the Loss Reserve and (ii) an amount
     equal to 9% of the Outstanding Balance of Paid Receivables which are
     Eligible Receivables (as each such term is defined in the German RSA) under
     the German RSA.

     "Group of Receivables" means, at any time, all Receivables purchased or to
     be purchased by the Buyer on a Purchase Date or, as appropriate, the Group
     of Receivables specified in a Letter of Offer.

     "Guarantee" means any guarantee, indemnity, letter of credit or any other
     obligation or irrevocable offer (whatever called and of whatever nature):

     (1)  to pay or to purchase;

     (2)  to provide funds (whether by the advance of money, the purchase of or
          subscription for shares or other securities, the purchase of assets,
          rights or services, or otherwise) for the payment or discharge of;

     (3)  to indemnify against the consequences of default in the payment of; or

     (4)  to be responsible otherwise for,

     an obligation or indebtedness of another person, a dividend, distribution,
     capital or premium on shares, stock or other interests, or the insolvency
     or financial condition of another person.

     "Holding Company" means, in relation to a company or corporation, any other
     company or corporation in respect of which it is a Subsidiary.

     "Initial Offer Date" means the date which is two Programme Business Days
     before the Effective Date.

     "Initial Purchase" means the first Purchase completed under this Agreement.

     "Initial Reference Date" means 24 May 2002.

     "Interest Period" means initially, the period commencing on (and including)
     the Effective Date and ending on (but excluding) the following Settlement
     Date, and thereafter, each period beginning on (and including) the day
     following the last day of the immediately preceding Interest Period and
     ending on (but excluding) the following Settlement Date; provided however,
     if such day is not a Programme Business Day, the applicable Interest Period
     shall end on the next succeeding Programme Business Day.

     "La Caixa" means Caja de Ahorros y Pensiones de Barcelona, a credit entity
     incorporated and organised under the laws of Spain, acting for the purposes
     of this Agreement through its branch at Madre Antonia de Paris, 2, 28027
     Madrid.

                                      -17-

<PAGE>

     "Lenders" means any bank financial institution, trust, fund or other entity
     which is or may from time to time become a party to the Facility Agreement
     as a "Lender" thereunder.

     "Letter of Acceptance" has the meaning ascribed to that term in Clause
     4(B).

     "Letter of Offer" has the meaning ascribed to that term in Clause 4(A).

     "Letter of Undertaking" means the Letter of Undertaking given by Exide
     Europe substantially in the form set out in Schedule 9 to this Agreement.

     "LIBOR" means (a) the applicable Screen Rate or (b) (if no Screen Rate is
     available one week Dollars) the arithmetic mean of the rates (rounded
     upwards to four decimal places) as supplied to the Operating Agent at its
     request quoted by the Reference Banks to leading banks in the London
     interbank market, as of 11.00 a.m. London time on the Quotation Day for the
     offering of deposits in Dollars for a period comparable to the Interest
     Period.

     "Loan" means any loan to be made to the Buyer by the Lenders pursuant to
     the Facilities Agreement or, when made, the principal amount outstanding
     thereof.

     "Local Business Day" means any day (other than a Saturday or Sunday) on
     which banks and foreign exchange markets are open for business in Madrid.
     Where an obligation is expressed in this Agreement to be performed on a
     Local Business Day and such Local Business Day is not also a Programme
     Business Day, the applicable Local Business Day shall be the immediately
     preceding Local Business Day which is also a Programme Business Day.

     "Loss Reserve" as of any Settlement Date will equal:

     (PER minus DefR) x [max(DYN, FLOOR)] plus DefR

     where:

     DYN = SFl x LR x LHR

     FLOOR = CF

     Provided that the Loss Reserve shall never be less than an amount such
     that, when aggregated to the floor applicable to the Dilution Reserve is
     equal to the Euro Equivalent of Dollars 15,000,000

     where :

     PER = The aggregate amount of Programme Eligible Receivables

                                      -18-

<PAGE>

     DefR =     the aggregate amount of Programme Eligible Receivables that are
     Defaulted Receivables (as defined in and aggregated among all Origination
     Agreements)

     SF1 = Stress Factor One = 2.25

     LHR = Loss Horizon Ratio

     CF = Concentration Floor = 17%

     LR = Loss Ratio

     "Loss Horizon" equals the sum of 90 days plus the Weighted Average Term
     calculated among all Origination Agreements as of the Settlement Date.

     "Loss Horizon Ratio" equals the total sales giving rise to Programme
     Receivables for the Programme Sellers for the Loss Horizon divided by the
     outstanding balance of Programme Receivables as of the end of the most
     recent month.

     "Loss Ratio" as of any date equals the highest 3 month average Default
     Ratio aggregated among all Origination Agreements which has occurred in the
     12 months immediately preceding such date.

     "Loss to Liquidation Ratio" as of any date, is equal to the ratio
     (expressed as a percentage) of (i) the Dollar Equivalent of the aggregate
     outstanding balance of all Receivables that were written off by the Sellers
     during the twelve month period most recently ended prior to such date to
     (ii) the aggregate amount of such total sales giving rise to Receivables
     less the Dollar Equivalent of the total Diluted Receivables during such
     twelve month period.

     "Mandatory Cost Rate" has the meaning ascribed to that term in the Facility
     Agreement.

     "Margin" means 3.75% per annum.

     "Offer Date" means, initially, the Initial Offer Date and, thereafter, each
     Determination Date.

     "Origination Agreement" means as of any time each agreement pursuant to
     which a member of the Exide Europe Group sells trade receivables originated
     in the ordinary course of business of such member company and which has
     been designated from time to time as such by the Operating Agent. Until and
     unless a designation has been made by the Operating Agent to the contrary,
     the Origination Agreements shall consist of (i) for the United Kingdom, the
     Receivables Securitisation Deed dated as of the date hereof between CMP
     Batteries Limited, Fulmen (U.K.) Limited, Exide (DAGENHAM) Limited, DETA UK
     Limited (the "U.K. Sellers"), the Buyer and the Operating Agent, (ii) for
     France, (a) the Receivables Subrogation Agreement dated 6 June 1997 (as
     amended on the date hereof) between Compagnie Europeenne

                                      -19-

<PAGE>

     d'Accumulateurs S.A.S., (the "French Seller"), Exide Europe Funding Ltd.
     ("Exide Funding"), the Offer Agent and the Operating Agent (the "French
     RSA") and (b) the Onward Receivables Sale Agreement dated as of the date
     hereof between Exide Europe Funding Ltd., the Buyer, the Offer Agent and
     the Operating Agent (the "French ORSA"), (iii) for Spain, this Agreement,
     (iv) for Italy, (a) the Receivables Purchase Agreement dated 3 June 1997
     (as amended on the date hereof) between Societa Industriale Accumulatori,
     S.r.l. and Compagnia Generale Accumulatori S.p.a. (now Exide Italia S.r.l.)
     (the "Italian Sellers"), Archimede Securitisation s.r.l., the Offer Agent
     and the Operating Agent ("Italian RSA") and (b) the Onward Sale Agreement
     dated as of the date hereof between Archimede Securitisation s.r.l., the
     Buyer and the Operating Agent (the "Italian OSA"), and (v) for Germany, the
     German Receivables Sale Agreement dated as of the date hereof between Exide
     Automotive Batterie GmbH, Deutsche Exide GmbH, Deutsche Exide Standby GmbH
     (the "German Sellers"), the Buyer, the Offer Agent and the Operating Agent
     (the "German RSA").

     "Originator" means Tudor, Fulmen and any Additional Seller, in its capacity
     as Seller or Sub-Servicer, as the context may require.

     "Outstanding Balance" of any Receivable at any time means the then unpaid
     face amount thereof (including VAT) (except for purposes of determining the
     Default Ratio, where the unpaid face amount of any Paid Receivable which
     has been, or would be, written off or provided for in a Seller's books as
     uncollectible in accordance with the Credit and Collection Policy shall be
     deemed to be zero).

     "Paid Receivables" means all Purchased Receivables the Existing Receivables
     Purchase Price (in respect of Existing Receivables) and Future Receivables
     Purchase Price (in respect of Future Receivables) of which have been paid
     by the Buyer pursuant to the provisions of this Agreement.

     "Payment Notification Date" means 31 July 2002.

     "Person" means an individual, partnership, company, body corporate,
     corporation, trust, unincorporated association, joint venture, government,
     or governmental body or agency or other entity.

     "Programme" means the revolving sale of trade receivables originated by
     Exide and certain Subsidiaries of Exide Europe and the funding of such
     revolving sale pursuant to the funding arrangements established in relation
     to each Origination Agreement.

     "Programme Amortisation Event" means any Early Amortisation Event under
     each other Origination Agreement other than an Early Amortisation Event of
     the type described in any of paragraphs (5), (7), (10) (11) or (12) of the
     definition Early Amortisation Event hereunder;

                                      -20-

<PAGE>

     "Programme Business Day" means any day (other than a Saturday or Sunday) on
     which banks are open for business in New York, London, Dublin, Paris,
     Frankfurt am Main, Milan and Madrid and which is a TARGET Day.

     "Programme Capital" equals, at any time, Capital aggregated among all
     Origination Agreements.

     "Programme Costs" means (i) the Facility Fee and (ii) all other fees set
     out in the Fees Letter.

     "Programme Default Ratio" as of any date, is equal to the weighted average
     of the Default Ratios calculated among all Origination Agreements;

     "Programme Dilution Ratio" as of any date, is equal to the weighted average
     of the Dilution Ratios calculated among all Origination Agreements.

     "Programme Eligible Receivables" means, on any Settlement Date, the
     aggregate Dollar Equivalent of the Outstanding Balance of Eligible
     Receivables (as that term is defined in each Origination Agreement),
     aggregated among all Origination Agreements which are Paid Receivables and
     which are to become Paid Receivables (as such term is defined in each
     Origination Agreement) on such Settlement Date, aggregated among all
     Origination Agreements.

     "Programme Loss to Liquidation Ratio" as of any date, is equal to the
     weighted average of the Loss to Liquidation Ratios calculated among all
     Origination Agreements.

     "Programme Receivables" means the aggregate Dollar Equivalent of
     Receivables (as defined in and aggregated among all Origination
     Agreements).

     "Programme Reserves" means the Reserves aggregated among all Origination
     Agreements.

     "Programme Sellers" means, collectively, all of the Affiliates of Exide
     Europe designated as Sellers or Originators pursuant to all of the
     Origination Agreements.

     "Proportionate Share" equals, at any time:

     (a)   in respect of a Seller, the result of the formula: the Dollar
           Equivalent of all Eligible Receivables which are Paid Receivables
           from such Seller, divided by the Dollar Equivalent of all Eligible
           Receivables which are Paid Receivables; and

     (b)   in respect of the Country, the result of the formula: the Dollar
           Equivalent of all Eligible Receivables which are Paid Receivables in
           the Country, divided by the Dollar Equivalent of all Eligible
           Receivables which are Paid Receivables (as such term is used in each
           Origination Agreement), aggregated among all Origination Agreements.

                                      -21-

<PAGE>

     "Purchase" means a purchase or purported purchase by the Buyer of a Group
     of Receivables from a Seller pursuant to the acceptance of an offer in
     accordance with this Agreement.

     "Purchase Date" means the Effective Date and each Settlement Date after the
     Effective Date occurring before the Termination Date on which there is a
     Purchase of Receivables by the Buyer as contemplated by this Agreement.

     "Purchased Receivable" means a Receivable (whether or not an Eligible
     Receivable) purchased or purported to be purchased by the Buyer pursuant to
     the acceptance of an offer in accordance with this Agreement.

     "Quarterly Settlement Date" means initially, the first Settlement Date
     falling in September 2002 and, thereafter, until the Termination Date, the
     first Settlement Date falling in the third calendar month following the
     calendar month of the immediately preceding Quarterly Settlement Date.

     "Quotation Day" means, in relation to any Interest Period, two Business
     Days before the first day of that period unless market practice differs in
     the London interbank market for Dollar, in which case the Quotation Day for
     that currency will be determined by the Operating Agent in accordance with
     market practice in the London interbank market (and if quotations would
     normally be given by leading banks in the London interbank market on more
     than one day, the Quotation Day will be the last of those days).

     "Rating Agencies" means Standard & Poor's Ratings Group, a division of the
     McGraw Hill Companies Inc. and Moody's Investors Service, Inc

     "Receivable" means the indebtedness owed or which will become owed by any
     Designated Account Debtor under a Contract arising from a sale or contract
     of sale of merchandise or provision or contract of provision of services by
     a Seller and representing part or all of the sale price of such merchandise
     or services and includes the right to payment of any interest or finance
     charges and other obligations of such Designated Account Debtor with
     respect thereto.

     "Reference Banks" means the principal London offices of Citibank, N.A.,
     Barclays Bank PLC and The Royal bank of Scotland or such other banks as may
     be appointed by the Operating Agent.

     "Reference Date" means each Friday or any other later date (as may be
     agreed from time to time between the Offer Agent (on behalf of the Sellers)
     and the Operating Agent) falling immediately prior to the next succeeding
     Determination Date.

     "Reference Period" means, initially, the period beginning on (and
     including) the Initial Reference Date and ending on (but excluding) the
     next following Reference Date and thereafter, each period from (and
     including) a Reference Date to (but excluding) the next following Reference
     Date.

                                      -22-

<PAGE>

     "Related Security" means with respect to any Receivable all of the Seller's
     interest in any goods and work in progress (including returned or
     repossessed goods and work in progress) relating to the sale creating such
     Receivable, and all insurance policies, security, deposits, guarantees,
     indemnities, letters of credit, bills of exchange, cheques, other
     negotiable instruments, warranties, retention of title and other agreements
     and arrangements not created or made by the Buyer supporting or securing
     payment of such Receivable.

     "Relevant Date" means the earlier of:

     (1)   the date on which all Capital of all Groups of Receivables is reduced
           to zero; and

     (2)   the date on which the Outstanding Balance of all Eligible Receivables
           which are Paid Receivables is reduced to zero.

     "Relevant Documents" means this Agreement, the Letter of Undertaking, the
     Account Bank Mandate and the Fees Letter.

     "Reserves" means as of any date, the Dollar Equivalent of the Country's
     Proportionate Share of the sum of the Loss Reserve, the German Excess Loss
     Reserve, the Dilution Reserve, the Special Dilution Reserve, the Yield
     Reserve and the Foreign Currency Reserve.

     "Screen Rate" means the British Bankers' Association Settlement Rate for
     one week Dollars displayed on the appropriate page of Telerate Screen. If
     the agreed page is replaced or service ceases to be available, the
     Operating Agent may specify another page or service displaying the
     appropriate rate.

     "Security Interest" means any mortgage, pledge, lien, charge, assignment,
     hypothecation or security interest or any other agreement or arrangement
     having the effect of conferring security.

     "Sellers" means Tudor, Fulmen and any Additional Seller made party to this
     Agreement in accordance with Clause 19(D), and "Seller" means any of them.

     "Seller Collection Account" means in respect of each Seller, the account
     set opposite the relevant Seller's name in Schedule 1 Part 1, under the
     heading "Seller Collection Account", in each case in the name of the
     appropriate Seller, or such other account at such branch of such bank as
     each Seller may from time to time specify, with the prior written consent
     of the Operating Agent.

     "Seller Entitlement" means, at any time, in respect of the total amount
     standing to the credit of the Seller Collection Account or the Buyer
     Collection Account together with interest thereon, the portion thereof
     which is not attributable to or representing Collections.

                                      -23-

<PAGE>

          "Seller Non-Transaction Account" means in respect of each Seller, the
          account set opposite the relevant Seller's name in Schedule 1 Part 1,
          under the heading "Seller Non-Transaction Account", in each case in
          the name of the appropriate Seller, or such other account at such
          branch of such bank as each Seller may from time to time specify by
          written notice to the Operating Agent.

          "Servicer" means at any time the Person then authorised pursuant to
          this Agreement to service, administer and collect Purchased
          Receivables.

          "Settlement Date" means initially, the Effective Date and thereafter,
          each Thursday provided that in relation to a Thursday (or such other
          day as may be agreed from time to time between the Offer Agent (on
          behalf of the Sellers) and the Operating Agent) falling in a Specified
          Bank Holiday Period, the Settlement Date shall be the Thursday
          immediately succeeding such Thursday and provided further that, if any
          such day is not a Programme Business Day the Settlement Date shall be
          the next succeeding Programme Business Day.

          "Settlement Period" means any period beginning on (and including) a
          Settlement Date and ending on (but excluding) the next following
          Settlement Date.

          "Settlement Statement" means a statement, as of any Settlement Date,
          prepared by the Operating Agent substantially in the form of Schedule
          3 showing (amongst other things) the amount of Receivables purchased
          by the Buyer during the last Settlement Period.

          "Special Dilution Reserve" means:

          (a)  on each Settlement Date other than that falling immediately prior
               to a Deemed Settlement Date, an amount equal to the percentage,
               set opposite such settlement Date in Schedule 15, of the
               Programme Eligible Receivables on such date (including any
               Eligible Receivables sold or transferred on such date under or
               pursuant to each Origination Agreement); and

          (b)  on each Settlement Date falling immediately prior to a Deemed
               Settlement Date, an amount determined by the Operating Agent
               (acting reasonably) as a reserve to cover the estimated excess of
               Collections to be received over Receivables which may be
               generated under all Origination Agreements during the two
               successive Reference Periods immediately succeeding such
               Settlement Date (such amount to be notified by the Operating
               Agent to the Offer Agent on the Determination Date immediately
               preceding such Settlement Date),

          provided however that the Special Dilution Reserve determined in
          paragraph (a) or (b) above may be adjusted from time to time by the
          Operating Agent (acting reasonably) on the basis of actual excess of
          Collections received over Receivables generated based on recent
          history of Collections' and Receivables' generation and any expected
          change in the sales pattern of any Seller (including, without
          limitation, a reduction of the number of Designated Account Debtors
          and a reduction of sales to designated Account

                                      -24-

<PAGE>

          Debtors) (such adjustment amounts to be notified by the Operating
          Agent to the Offer Agent on the Determination Date immediately
          preceding such Settlement Date).

          "Specified Bank Holiday Period" means the relevant calendar week;

          (a)  in which the 25th of December falls;

          (b)  in which Easter falls; and

          (c)  in which the 15th of August falls.

          "Spot Rate" means, as of any Settlement Date, the spot rate utilised
          under the Currency Exchange Agreement, as determined for such
          Settlement Date.

          "Stamp Duty" means any stamp duty, registration or other transaction
          or documentary tax (including without limitation, any penalty or
          interest payable in connection with any failure to pay or any delay in
          paying any of the same).

          "Sterling" and the sign "(pound)" each mean the lawful currency of the
          United Kingdom.

          "Subsidiary" means, in relation to any company or corporation, a
          company or corporation:

          (a)  which is controlled, directly or indirectly, by the
               first-mentioned company or corporation; or

          (b)  more than half the issued share capital of which is beneficially
               owned, directly or indirectly, by the first-mentioned company or
               corporation;

          (c)  which is a Subsidiary of another Subsidiary of the
               first-mentioned company or corporation;

          and for this purpose, a company or corporation shall be treated as
          being controlled by another if that other company or corporation is
          able to direct its affairs and/or to control the composition of its
          board of directors or equivalent body; or

          (d)  where the context so requires, any equivalent concept under the
               laws of the relevant jurisdiction.

          "Summary Report" means a report as of each Determination Date or more
          frequently if requested by the Operating Agent, substantially in the
          form of Schedule 4, furnished by each Seller to the Operating Agent
          pursuant to Clause 11(E).

          "Summary Report Date" means each Determination Date or such other
          dates as the Operating Agent may request.

          "TARGET" means the Trans-European Automated Real-time Gross Settlement
          Express Transfer Payment System.

                                      -25-

<PAGE>

          "TARGET Day" means any day on which TARGET is open for the settlement
          of payments in Euro.

          "Temporary Adjustment Account" means the sub-account held by the Buyer
          with Citibank, N.A., London branch, denominated in Sterling and
          utilised for the purposes set out in Clause 12(D), under the account
          number 60918971.

          "Termination Date" means the earliest to occur of (1) 15 February,
          2004, (2) an Early Amortisation Event and (3) the US DIP Facility
          Termination Date.

          "Turnover Rate" means, as of any Purchase Date, the average of each of
          the three most recently ended months of the Dollar Equivalent of the
          aggregate outstanding balance of Paid Receivables (aggregated among
          all Origination Agreements) as of the last day of each such month,
          over the average or each of the three most recently ended months of
          the total sales giving rise to Programme Receivables as of the last
          day of each such month.

          "US DIP Facility Agreement" means the $250,000,000 secured superior
          priority debtor in possession credit agreement entered into on 15
          April, 2002 between Exide Technologies and certain of its Subsidiaries
          as debtors and debtors-in-possession, Citicorp USA, Inc. as
          Administrative Agent, Collateral Monitoring Agent and Arranger (as
          such terms are defined in the US DIP Facility Agreement), Salomon
          Smith Barney Inc. as Sole Book Manager and Lead Manager (as such terms
          are defined in the US DIP Facility Agreement) and the lenders and
          issuers from time to time party thereto.

          "US DIP Facility Termination Date" means has the meaning given to

          "Scheduled Termination Date" in the US DIP Facility Agreement.

          "Weighted Average Term" means the weighted average term of all Paid
          Receivables, calculated on the basis of the formula: (original stated
          payment term of each invoice x amount of such invoice) / invoice
          amount.

          "Yield" will be calculated on the first Purchase Date and on each
          Settlement Date thereafter on the basis of the outstanding Capital as
          at such dates times the Yield Rate divided by 360 times the number of
          days elapsed in the relevant Interest Period.

          "Yield Rate" means the percentage rate per annum which is the
          aggregate of the applicable (i) Margin, (ii) LIBOR and (iii) the
          Mandatory Costs Rate (if any).

          "Yield Reserve" means, as of any Settlement Date, an amount equal to
          the sum of (a) the product of (i) the Programme Eligible Receivables
          less the Defaulted Receivables (aggregated among all Origination
          Agreements) and (ii) the Yield Reserve Rate and (b) the product of (i)
          the Dollar Equivalent of the Outstanding Balance of all Paid
          Receivables (as aggregated among all Origination Agreements) and (ii)
          0.75% (substitute servicer reserve).

                                      -26-

<PAGE>

          "Yield Reserve Rate" means as of any Settlement Date, the product of
          (1) two times the Turnover Rate for such date and (2) the sum of (a) 1
          month LIBOR times 1.5 plus the Margin plus the Mandatory Costs Rate
          (if applicable); (b) the Currency Exchange Costs; (c) the Facility
          Fee; and (d) the other fees set out in the Fees Letter.

     (C)  This Agreement: Any reference to "this Agreement" or any other
          agreement or document shall, unless the context otherwise requires,
          include this Agreement or, as the case may be, that other agreement or
          document as from time to time amended, supplemented or novated, and
          any document which amends, supplements or novates this Agreement or,
          as the case may be, that other agreement or document. Any reference to
          Clauses or paragraphs in this Agreement is, subject to any contrary
          indication, a reference to a Clause or paragraph in this Agreement.

     (D)  Origination Agreements: All references in this Agreement to terms
          defined in the Origination Agreements or to amounts which are
          aggregated among all Origination Agreements, shall, unless the
          contrary is indicated, be deemed to refer to the equivalent concepts
          in the Origination Agreements where the same defined term is not used.

     (E)  Headings: Headings shall be ignored in construing this Agreement.

     (F)  Time: Save where the contrary is indicated, any reference in this
          Agreement to a time of day (including opening and closing of business
          hours) shall be construed as a reference to London time.

     (G)  Time of Essence: Time shall be of the essence in this Agreement and
          all documents delivered pursuant to the terms of this Agreement,
          subject to the prior waiver of such timing by the affected party.

     (H)  Limited Recourse Provisions under Facilities Agreement and Currency
          Exchange Agreement: Any amount payable hereunder by reference to
          amounts payable by the Buyer under the Facilities Agreement and the
          Currency Exchange Agreement shall be due and payable irrespective of
          whether the Buyer is liable to pay such amounts as a result of the
          limited resource provisions contained in the Facilities Agreement and
          the Currency Exchange Agreement.

     2.   FACILITY

          On the terms and conditions set out in this Agreement, each Seller
          commits, until the Termination Date, to offer to sell and assign the
          Receivables owed by it in respect of the Contracts to the Purchaser by
          submitting Letters of Offer and the Buyer commits, until the
          Termination Date, to purchase at a discount from each Seller full
          title and ownership in and to such Receivables by acceptance of the
          Letters of Offer.

     3.   CONDITIONS PRECEDENT

     (A)  To Initial Purchase:

                                      -27-

<PAGE>

     (1)  the Initial Purchase in respect of each Seller is subject to the
          condition precedent that the Operating Agent receives on or before the
          date on which the first Letter of Offer is accepted the documents and
          information specified in Schedule 5, each in form and substance
          satisfactory to the Operating Agent; and

(B)  To All Purchases (including the Initial Purchase): Each Purchase (including
     the Initial Purchase) is subject to the further following conditions
     precedent:

     (1)  On each Determination Date immediately prior to each proposed Purchase
          Date, the Offer Agent has delivered by electronic mail or facsimile to
          the Operating Agent each Accounts Receivables Trial Balance to be
          entered into Enigma and, as soon as practicable thereafter but before
          11.00 a.m. London time on the relevant Determination Date, the
          relevant Accounts Receivables Listing.

     (2)  On each Purchase Date the following statements must be true and
          correct (and each Seller will be deemed to have so certified on such
          date that):

          (a)  the representations and warranties of each Seller contained in
               this Agreement are true and correct on and as of such day as
               though made on such day and by reference to the then existing
               circumstances;

          (b)  each Seller has delivered such certificate as may be required by
               the Operating Agent as to such Seller's solvency;

          (c)  after the proposed Purchase the Outstanding Balance of Paid
               Receivables which are Eligible Receivables would be at least
               equal to the sum of (i) aggregate outstanding Capital, (ii)
               applicable Accruals and (iii) Reserves in relation to outstanding
               Capital;

          (d)  there has been no Early Amortisation Event which has not been
               waived by the Operating Agent in writing;

          (e)  there has been no sale by a Seller of any of its Receivables out
               of the ordinary course of its business without the prior written
               consent of the Operating Agent;

          (f)  in respect of the Purchase of Receivables whose Designated
               Account Debtors are resident in a European Union jurisdiction
               other than in Spain, after the proposed Purchase, Capital in
               respect of such Purchased Receivables which are Paid Receivables
               and Eligible Receivables does not exceed 15% of the Capital in
               respect of all Paid Receivables which are Eligible Receivables;
               and

          (g)  after the proposed Purchase, Programme Capital would not exceed
               the Facility Limit.

                                      -28-

<PAGE>

     (3)  On or prior to each Settlement Date each Seller shall have complied
          with all of its reporting and other obligations under this Agreement,
          unless any such failure to comply has been waived by the Operating
          Agent in respect of such Settlement Date.

     (4)  The Operating Agent has received such other approvals, legal opinions
          or documents as the Operating Agent may reasonably request.

     (5)  The appointment of the Offer Agent by the Sellers is in full force and
          effect and has not been revoked or otherwise terminated.

     (6)  the Buyer is able to obtain appropriate funds from its currency swap
          counterparty under the Currency Exchange Agreement.

(C)  To All Payments of Future Receivables Purchase Price: The payment by the
     Buyer of the Future Receivables Purchase Price in respect of Purchased
     Receivables on each Settlement Date in the manner contemplated in Clause 4
     (D) is subject to the fulfilment of the following conditions precedent on
     the relevant Settlement Date:

     (1)  on each Determination Date immediately prior to each proposed
          Settlement Date, the Offer Agent has delivered by electronic mail or
          facsimile to the Operating Agent each Accounts Receivables Trial
          Balance to be entered into Enigma and, as soon as practicable
          thereafter but before 11.00 a.m. London time on the relevant
          Determination Date, the relevant Accounts Receivables Listing.

     (2)  after the payment of the Future Receivables Purchase Price, the
          Outstanding Balance of Paid Receivables which are Eligible Receivables
          would be at least equal to the sum of (i) aggregate outstanding
          Capital, (ii) applicable Accruals and (iii) Reserves in relation to
          outstanding Capital;

     (3)  there has been no Early Amortisation Event which has not been waived
          by the Operating Agent in writing;

     (4)  in respect of the payment for a Future Receivables Purchase Price of
          Receivables whose Designated Account Debtors are resident in a
          European Union jurisdiction other than in Spain, after the proposed
          payment, Capital in respect of such Paid Receivables which are
          Eligible Receivables does not exceed 15% of the Capital in respect of
          all Paid Receivables which are Eligible Receivables; and

     (5)  after the payment of the Future Receivables Purchase Price, Programme
          Capital would not exceed the Facility Limit.

     (6)  The appointment of the Offer Agent by the Sellers is in full force and
          effect and has not been revoked or otherwise terminated.

                                      -29-

<PAGE>

     (7)  On or prior to each Quarterly Settlement Date, the Operating Agent has
          received a Director's Certificate from each Seller.

     (8)  the Buyer is able to obtain appropriate funds from its currency swap
          counterparty under the Currency Exchange Agreement.

(D)  To any Purchase and any payment for Future Receivables from the Payment
     Notification Date: Any purchase of Receivables and payment for Future
     Receivables from the Payment Notification Date is in addition to the
     conditions set out in Clause 3 (B) and 3 (C) subject to the following
     conditions precedent on the relevant Settlement Date:

     (1)  each Seller has provided evidence to the Operating Agent that it has
          given to each Designated Account Debtor or Additional Designated
          Account Debtor by way of registered letter notice of the assignment
          and instructions in the form set out in Schedule 11 Part 1 to make all
          the payments in respect of Receivables to the credit of the Buyer
          Collection Account and that similar instructions to this effect in the
          form set out in Schedule 11 Part 3 have been inserted in each of the
          invoices to be addressed to such Designated Account Debtors.

          For the purposes of this Clause 3 (D)(1), the following shall
          constitute sufficient evidence:

          (a)  a copy of the notice of assignment referred to above
               countersigned by the relevant Designated Account Debtor or
               Additional Designated Account Debtor; or

          (b)  in the case of Designated Account Debtors or Additional
               Designated Account Debtors (i) with Receivables outstanding of
               Euro 100,000 or more; or (ii) in relation to which the Seller
               expects annual Receivables to be Euro 100,000 or more; or (iii)
               in relation to which Receivables have arisen in the period of
               twelve months ending on the date of this Agreement in an amount
               of Euro 100,000 or more, a copy of a certificate from a public
               notary (acta notarial) to the effect that such notice of
               assignment has been issued to such Designated Account Debtors or
               Additional Designated Account Debtors; or

          (c)  in the case of Designated Account Debtors or Additional
               Designated Account Debtors other than those designated under (b)
               above in relation to which notices have been sent by certified
               mail with acknowledgment of receipt (carta certificada con acuse
               de recibo), a copy of the relevant postal acknowledgment (acuse
               de recibo) together with a copy of the relevant signed notice;
               and

     (2)  the Buyer Collection Account has been opened with the Buyer Collection
          Account Bank and an Account Bank Mandate in a form satisfactory to the

                                      -30-

<PAGE>

               Operating Agent has been entered into with respect to such Buyer
               Collection Account.

(E)  New Forms of Contract: The Operating Agent shall, as soon as reasonably
     practicable after submission to it of a form of Contract other than the
     form set out in Schedule 7, notify the relevant Seller as to whether it
     approves of the form for the purposes of paragraph (9) of the definition of
     "Eligible Receivable", such approval not to be unreasonably withheld. In
     considering whether to approve such other form of Contract, the Operating
     Agent may, as a condition of considering whether to give its approval, take
     such legal advice as it deems appropriate including, without limitation,
     advice from Spanish solicitors, and all related costs, charges, and
     expenses (including without limitation reasonable legal fees, disbursements
     and VAT thereon) shall be for the account of the relevant Seller.

4.   PURCHASES

(A)  Making Offers: The Offer Agent may, on behalf of each Seller, by 11:00
     a.m., London time:

     (1)  On the Initial Offer Date, deliver to the Operating Agent, acting on
          behalf of the Buyer, a Letter of Offer by facsimile (and shall send
          the original Letter of Offer to an Operating Agent's office outside
          the United Kingdom (as the Operating Agent may direct to Offer Agent
          from time to time) by ordinary post on the day it is delivered by
          facsimile) substantially in the form of Schedule 6 Part 1 (a "Letter
          of Offer") in respect of the assignment of:

          (a)  all Existing Receivables (if any) specified in such Letter of
               Offer as in existence as at (but excluding) the Initial Reference
               Date relating to each Designated Account Debtor on the Initial
               Offer Date;

          (b)  all Future Receivables (if any) in respect of a Designated
               Account Debtor on the Initial Offer Date which are not specified
               in the Letter of Offer and which have come or will come into
               existence from (and including) the Initial Reference Date to (but
               excluding) the Effective Date; and

          (c)  all Future Receivables (if any) in respect of a Designated
               Account Debtor which will come into existence from (and
               including) the Effective Date to (but excluding) the next
               Settlement Date,

          such Initial Letter of Offer to specify (i) the proposed Purchase Date
          of the Receivables in respect of which such Initial Letter of Offer is
          delivered and (ii) the then Outstanding Balance of the Receivables (if
          any) set out in (a) above and the Existing Receivables Purchase Price
          with respect thereto, as computed by the Operating Agent. The
          computation of the Existing Receivables Purchase Price by the
          Operating Agent shall, in the absence of manifest error, be deemed to
          be conclusive;

                                      -31-

<PAGE>

     (2)  On any Offer Date subsequent to the Initial Offer Date and falling
          prior to the Termination Date, nominate (unless otherwise agreed by
          the Operating Agent) any new Account Debtor to be a Designated Account
          Debtor (an "Additional Designated Account Debtor").

     (3)  On any Offer Date subsequent to the Initial Offer Date, deliver to the
          Operating Agent, acting on behalf of the Buyer, a Letter of Offer by
          facsimile (and shall send the original Letter of Offer to the
          Operating Agent's office outside the United Kingdom (as the Operating
          Agent may direct from time to time) by ordinary post on the day it is
          delivered by facsimile), substantially in the form of Schedule 6 Part
          2 in respect of the assignment of:

          (a)  all Future Receivables (if any) in respect of each Designated
               Account Debtor (including, for the avoidance of doubt, each
               Additional Designated Account Debtor) which will come into
               existence during the immediately succeeding Settlement Period;
               and

          (b)  in relation to each Additional Designated Account Debtor on such
               Offer Date:

               (i)  all Existing Receivables (if any) in respect of such
               Additional Designated Account Debtor specified in such Letter of
               Offer as in existence as at (but excluding) the immediately
               preceding Reference Date; and

               (ii) all Future Receivables (if any) in respect of an Additional
               Designated Account Debtor which are not specified in the Letter
               of Offer and which have come and will come into existence from
               (and including) the Reference Date immediately preceding such
               Offer Date to (but excluding) the immediately succeeding
               Settlement Date,

          such Letter of Offer to specify (i) the proposed Purchase Date of the
          Receivables in respect of which such Letter of Offer is delivered and
          (ii) the then Outstanding Balance of the Existing Receivables (if any)
          set out in (b)(i) above and the Existing Receivables Purchase Price
          with respect thereto. The Operating Agent shall compute the Existing
          Receivables Purchase Price in accordance with this Agreement and the
          computation of the Existing Receivables Purchase Price by the
          Operating Agent shall, in the absence of manifest error, be deemed to
          be conclusive.

(B)  Offer and Acceptance: The delivery of the Letter of Offer by facsimile
     shall be irrevocable and will constitute an offer by each relevant Seller
     to sell to the Buyer each of (i) the Existing Receivables (if any)
     designated pursuant to Clause 4(E) and the Related Security with respect
     thereto for the Existing Receivables Purchase Price applicable to such
     Existing Receivables (at least 10 Euros of which shall be paid in cash) as
     set out in the Letter of Offer and (ii) the Future Receivables (if any) and
     the

                                      -32-

<PAGE>

     Related Security with respect thereto designated pursuant to Clause 4(E)
     for an amount of Euro 10 in cash (the "Acceptance Fee") plus the Future
     Receivables Purchase Price in accordance with Clause 4(D) of this
     Agreement. The Buyer, subject to the satisfaction of the conditions
     precedent as set out in Clause 3 above, will accept a Letter of Offer with
     respect to both (i) all Existing Receivables referred to in such Letter of
     Offer and (ii) all Future Receivables referred to in such Letter of Offer
     by sending a written (including by fax or email) letter of acceptance
     substantially in the form of Schedule 6 Part 2 (a "Letter of Acceptance"),
     not later that 11.00 am on the proposed Purchase Date.

     The Existing Receivables referred to in the Letter of Offer and the Related
     Security with respect thereto shall be transferred to the Buyer and title
     and ownership in and to those Receivables shall pass from the Seller to the
     Buyer after the Existing Receivables Purchase Price has been paid in full
     in accordance with Clause 4(C).

     The Future Receivables referred to in the Letter of Offer and the Related
     Security with respect thereto shall be transferred to the Buyer and title
     and ownership in and to those Receivables shall pass from the Seller to the
     Buyer after the Acceptance Fee which Acceptance has been fully paid in cash
     to the account referred to in accordance with Clause 4(C).

(C)  Method of Payment in relation to acceptance of a Letter of Offer: Upon
     acceptance of a Letter of Offer by the Buyer by sending a Letter of
     Acceptance, it will make payment in full of the Existing Receivables
     Purchase Price in respect of Existing Receivables (if any) referred to in
     such Letter of Offer and the Acceptance Fee in respect of Future
     Receivables referred to in such Letter of Offer on the immediately
     succeeding Settlement Date in the currency and funds specified in Clause
     7(B) and (subject to the provisions of Clause 12(C) in respect of the
     Existing Receivables Purchase Price in relation to Existing Receivables
     offered on any Offer Date other than the Initial Offer Date) to the account
     specified in Clause 7(C). Within one Local Business Day of receipt of the
     Existing Receivables Purchase Price in respect of Existing Receivables
     or/and the Acceptance Fee in respect of Future Receivables referred to in a
     Letter of Offer, Tudor shall provide to the Buyer a receipt substantially
     in the form set out in Schedule 6 Part 3 Section A.

(D)  Covenant for Payment in respect of Purchased Receivables which are Future
     Receivables: In consideration of the sale and assignment by the relevant
     Seller of Future Receivables (which Receivables have been automatically
     assigned pursuant to Clause 4 (B)), the Buyer shall (subject to the
     conditions set out in Clause 3), on each Settlement Date, pay in full the
     Future Receivables Purchase Price (as calculated by the Operating Agent) in
     respect of Future Receivables having come into existence during the
     Reference Period immediately preceding such Settlement Date in the currency
     and funds specified in Clause 7(B) and (subject to the provisions of Clause
     12(C)) to the account specified in Clause 7(C). Within one Local Business
     Day of receipt of the Future Receivables Purchase Price, Tudor shall
     provide to the Buyer a receipt substantially in the form set out in
     Schedule 6 Part 3 Section B.

                                      -33-

<PAGE>

(E)  Determination of Receivables: No later than 11:00 a.m. on the Initial Offer
     Date and thereafter on each Determination Date immediately preceding a
     Settlement Date, the Offer Agent will, on behalf of the Sellers, deliver to
     the Operating Agent (or as the Operating Agent may direct) the Accounts
     Receivables Listing generated in relation to such Settlement Date
     specifying, inter alios:

     (1)  on the Initial Offer Date:

          (i)   the Initial Reference Date;

          (ii)  each Designated Account Debtor;

          (iii) each Existing Receivable which is the subject of the Letter of
                Offer delivered on the Initial Offer Date and the Seller
                thereof;

          (iv)  each of such Existing Receivables which is an Eligible
                Receivable;

          (v)   the Outstanding Balance of such Existing Receivables which are
                Eligible Receivables as at (but excluding) the Initial Reference
                Date and the Seller thereof; and

          (vi)  the Seller of the Future Receivables referred to in the Letter
                of Offer delivered on the Initial Offer Date,

     (2)  on each subsequent Determination Date:

          (i)   the relevant Reference Date;

          (ii)  each Additional Designated Account Debtor (if any) the Existing
                Receivables of which are subject of a Letter of Offer on such
                Determination Date;

          (iii) each Existing Receivable from such Additional Designated Account
                Debtor which are the subject of a Letter of Offer on such
                Determination Date and the Seller thereof;

          (iv)  each of such Existing Receivables which is an Eligible
                Receivable;

          (v)   the Outstanding Balance of such Existing Receivables which are
                Eligible Receivables as at (but excluding) the immediately
                preceding Reference Date and the Seller thereof;

          (vi)  each Purchased Receivable which is a Future Receivable which has
                come into existence during the Reference Period immediately
                preceding such Determination Date and the Seller thereof;

                                      -34-

<PAGE>

          (vii)   each of such Purchased Receivables set out in (vi) above which
                  is an Eligible Receivable as at (but excluding) the Reference
                  Date immediately preceding such Determination Date;

          (viii)  the Outstanding Balance of such Purchased Receivables which
                  are Eligible Receivables as at (but excluding) the Reference
                  Date immediately preceding such Determination Date and the
                  Seller thereof; and

          (ix)    the Seller of the Future Receivables referred to in any Letter
                  of Offer delivered on such Determination Date.

(F)  Perfection: Each of the Seller, the Offer Agent and the Buyer will take all
     such steps and comply with all such formalities as may be required by the
     Buyer to perfect or more fully to evidence or secure title to the
     Receivables assigned (or purported to be assigned) pursuant to Clause 4.

     To the extent that title to the Related Security cannot be transferred by
     mere agreement between a Seller and the Buyer as provided above in this
     Clause, the Sellers and the Buyer agree that:

     (1)  insofar as Related Security governed by Spanish law is concerned:

          (a)     any transfer of possession necessary to transfer title in a
                  Related Security, in particular in relation to cheques, bills
                  of exchange, is replaced by, as the case may be:

                  (i)  the Seller holding Related Security in custody for the
                       Buyer free of charge; and/or

                  (ii) assigning hereby to the Buyer all claims for return
                       gainst the relevant persons which are in actual
                       possession of such instrument or movable;

          (b)     any notice to be given in order to perfect or give
                  effectiveness to the right of the Buyer to any such Related
                  Security shall immediately be given by the Seller in such form
                  as the Operating Agent requires and the Seller hereby agrees
                  that if it fails to give such notice, the Operating Agent is
                  hereby irrevocably authorised to give such notice on behalf of
                  the Seller; and

          (c)     any other thing to be done or form or registration to be
                  effected shall be done and effected by the Seller at its own
                  cost; and

     (2)  insofar as Related Security governed by the laws of any other
          jurisdiction is concerned:

                                      -35-

<PAGE>

              (a)    the Seller shall do all acts and things at its own cost
                     which, under applicable law, are necessary to be done in
                     order to effect transfer of title; and

              (b)    insofar as applicable law does allow, sub-paragraphs
                     (F)(1)(a), (b) and (c) shall apply mutatis mutandis to such
                     Related Security.

(G)    Delegation of Powers of Operating Agent: The Operating Agent hereby
       delegates to the Offer Agent and each Seller its obligations to compute
       the Existing Receivables Purchase Price and the Future Receivables
       Purchase Price under this Clause 4, which delegation is irrevocably
       accepted by the Offer Agent and each Seller. The Offer Agent shall notify
       the Operating Agent of all calculations made by it under this Clause 4.
       The Operating Agent may revoke this delegation in writing at any time.

(H)    Appointment of Offer Agent:

       (a)    Exide Europe is hereby appointed by each Seller as Offer Agent to
              make offers to the Buyer on behalf of each such Seller pursuant to
              the terms hereof and perform all the related functions and Exide
              Europe hereby accepts such appointment as Offer Agent on the terms
              and subject to the conditions of this Agreement;

       (b)    each Seller agrees that the Buyer and the Operating Agent shall be
              entitled to assume without further enquiry that performance by the
              Offer Agent purportedly on behalf of such Seller is duly
              authorised and undertaken on behalf of such Seller;

       (c)    Exide Europe may not resign its appointment as Offer Agent without
              the consent of the Operating Agent on behalf of the Buyer.

(I)    Appointment of Tudor:

       (a)    Tudor is hereby appointed by each other Seller as its agent to
              receive, for and on behalf of such Seller, any payment to be made
              hereunder by the Buyer which is attributable to such Seller and
              Tudor hereby accepts such appointment on the terms and subject to
              the conditions of this Agreement;

       (b)    each Seller other than Tudor agrees that any payment made to Tudor
              shall constitute performance by the Buyer of its payment
              obligations and the Buyer shall not concern itself as to how Tudor
              deals with the payment to such Seller and how amounts paid in
              respect of any Letter of Offer are distributed between each such
              Seller.

       (c)    Tudor may not resign from its appointment under this Clause 4 (I)
              without the consent of the Operating Agent.

5.     COLLECTIONS AND SETTLEMENT

(A)    Collection of Receivables:

                                      -36-

<PAGE>

       (1)    Each Servicer shall:

              (a)    on each Local Business Day prior to the Payment
                     Notification Date, deposit and cause each Designated
                     Account Debtors to deposit all Collections of Purchased
                     Receivables to the Seller Collection Account;

              (b)    on each Local Business Day from the Payment Notification
                     Date, deposit and cause each Designated Account Debtors to
                     deposit all Collections of Purchased Receivables to the
                     Buyer Collection Account.

              (c)    on each Settlement Date (subject to Clause 12(C)) transfer
                     all Collections received since the last Settlement Date to
                     the Buyer Account;

       (2)    Upon demand of the Operating Agent, each Servicer shall set aside
              and hold for the account of the Buyer all Collection received by
              it and immediately deposit such Collections to the Buyer Account.

       (3)    The Operating Agent shall issue a Settlement Statement to the
              Offer Agent (on behalf of the Sellers) within two Programme
              Business Days after each Settlement Date in relation to the
              Settlement Period which ended on that Settlement Date.

(B)    Settlement Procedures prior to Termination Date: Prior to the Termination
       Date the procedures described in this Clause 5(B) will be applicable:

       (1)    On each Determination Date the Operating Agent shall calculate:

              (a)    Capital as at the forthcoming Settlement Date; and

              (b)    Yield and Programme Costs in respect of the Capital as at
                     the forthcoming Settlement Date.

       (2)    On each Settlement Date the Operating Agent shall cause to be paid
              from the Buyer Account, in the following order of priority:

              (a)    to the Buyer, Yield and the Country's Proportionate Share
                     Programme Costs in respect of the Interest Period ending on
                     that Settlement Date;

              (b)    to each Seller, (i) (on the date of the Initial Purchase)
                     the Existing Receivables Purchase Price for the Existing
                     Receivables offered for Purchase on the Initial Offer Date
                     and the Acceptance Fee in respect of all Future Receivables
                     offered for Purchase on such Initial Offer Date and (ii)
                     (on any Settlement Date thereafter) the Acceptance Fee for
                     all Future Receivables offered for Purchase on the
                     immediately

                                      -37-

<PAGE>

                     preceding Offer Date and, to the extent such amounts are
                     not satisfied by way of set-off pursuant to Clause 12 (C),
                     the Existing Receivables Purchase Price for all Existing
                     Receivables (if any) offered for Purchase on the
                     immediately preceding Offer Date and the Future Receivables
                     Purchase Price for all Purchased Receivables (which were
                     Future Receivables) which have come or will come into
                     existence during the immediately preceding Reference
                     Period;

              (c)    to the Buyer, such amounts as determined by the Operating
                     Agent as are required to repay Programme Capital and result
                     in the Programme Reserves being equal to the amount
                     calculated pursuant to Clause 5(B)(3); and

              (d)    to each Seller, its Proportionate Share of all amounts
                     standing to the credit of the Buyer Account, after payment
                     of the amounts set forth in (a), (b) and (c) above, by way
                     of deferred purchase price for the Purchased Receivables.

       (3)    On each Determination Date, the Operating Agent shall calculate
              the Reserves and the Programme Reserves required in respect of
              that Settlement Period commencing on the next following Settlement
              Date.

(C)    Settlement Procedures after Termination Date: On the Termination Date and
       each day thereafter, the procedures described in this Clause 5(C) will be
       applicable for all Purchased Receivables:

       (1)    On each Settlement Date, the Operating Agent shall cause to be
              paid from the Buyer Account to the Buyer, all amounts standing to
              the credit of the Buyer Account.

       (2)    When the Operating Agent notifies each Seller that Programme
              Capital has been reduced to zero and all Yield (as aggregated
              among all Origination Agreements), Programme Costs and other fees
              due under this Agreement (including the fees payable under the
              Fees Letter) have been paid, then an amount equal to the Seller's
              Proportionate Share of any future Collections on Purchased
              Receivables shall be remitted by the Buyer to each Seller by way
              of deferred purchase price for all of the Purchased Receivables.

(D)    Adjustments and Allowances:

       (1)    If on any day the Outstanding Balance of any Paid Receivable is
              either (a) reduced or adjusted as a result of any defective,
              rejected, repossessed or returned goods or services or any cash
              discount (whether commercial, financial or otherwise), rebate or
              other adjustment made by the Seller or any other Person, or (b)
              reduced or cancelled as a result of a set off or by agreement in
              respect of any claim by the Designated Account Debtor thereof
              against any Seller or any other Person (whether such claim arises
              out of the

                                      -38-

<PAGE>

              same or another transaction) (including without limitation any
              change in the due date for payment of any Paid Receivable
              otherwise than with the prior consent of the Operating Agent),
              such Seller will be deemed to have received on such day a
              Collection of such Paid Receivable in the amount of such
              reduction, adjustment or cancellation and shall credit such amount
              to the Buyer Account by way of indemnity.

       (2)    If on any day any of the representations or warranties in Clause 8
              is no longer true with respect to a Paid Receivable, the relevant
              Seller will be deemed to have received on such day a Collection of
              such Paid Receivable equal to its original Outstanding Balance
              less any Collections previously received with respect thereto and
              shall credit to the Buyer Account an amount equal to such deemed
              Collection by way of indemnity.

       (3)    If any Existing Receivable expressed to be an Eligible Receivable
              in the relevant Accounts Receivables Listing was not an Eligible
              Receivable at the time of Purchase or any Future Receivable
              expressed to be an Eligible Receivable in the relevant Accounts
              Receivables Listing was not an Eligible Receivables on the
              Settlement Date on which the Future Receivable Purchase Price was
              paid in respect of such Future Receivable, on the date such fact
              becomes known to any Seller, such Seller will be deemed to have
              received a Collection of such Paid Receivable equal to its
              original Outstanding Balance less any Collections previously
              received with respect thereto and shall credit to the Buyer
              Account an amount equal to such deemed collection by way of
              indemnity.

       (4)    If, following any payment in respect of a deemed Collection of a
              Purchased Receivable pursuant to Clause 5(D)(2) and 5(D)(3) above,
              the Buyer shall receive any further Collections in respect of such
              Purchased Receivable, the Buyer shall (provided the Termination
              Date has not yet occurred) pay to the relevant Seller an amount or
              amounts equal to such further Collections by way of repayment of
              indemnity.

(E)    Application of Collections: Any payment by a Designated Account Debtor in
       respect of any indebtedness owed by it to a Seller and any credits in
       respect of defective, rejected, repossessed or returned goods or other
       non cash items of a Designated Account Debtor will, except as otherwise
       specified in writing by such Account Debtor or otherwise required by
       contract or law and unless otherwise instructed by the Operating Agent,
       be applied as a Collection of Purchased Receivables of such Designated
       Account Debtor, in the order of the age of such Purchased Receivables,
       starting with the oldest such Purchased Receivables, to the extent of any
       amounts then due and payable thereunder before being applied to or in
       respect of any other indebtedness of such Designated Account Debtor.

(F)    Sellers' obligations joint and several: All obligations, covenants,
       indemnities, representations and warranties of, given or made by any
       Seller under the Relevant

                                      -39-

<PAGE>

       Documents (in any of its capacities under the Relevant Documents) are
       joint and several with those of any other Seller (in any of its
       capacities under the Relevant Documents).

6.     FEES, COSTS, STAMP DUTY AND TAXES

(A)    Servicer Fees: Until the later of the Termination Date and the Relevant
       Date, for any period during which a Seller or an Affiliate of the Seller
       is not a Servicer (or a Sub-Servicer), such Seller will pay the Buyer,
       upon its demand, a servicing fee as determined by the Operating Agent,
       not exceeding 110% of the fees, costs and expenses, plus value added tax
       (if applicable), charged by the substitute Servicer in performing such
       function.

(B)    Costs and Expenses: Each Seller agrees to pay on demand of the Operating
       Agent all reasonable costs and expenses incurred by the Operating Agent
       in connection with the preparation, execution and delivery of the
       Relevant Documents and the other documents to be delivered pursuant to
       the Relevant Documents or in connection therewith, such costs and
       expenses to include, without limitation, any notarial fees generated
       pursuant to 13(B), the reasonable fees and out-of-pocket expenses of
       legal advisers (plus VAT thereon) to the Buyer and the Operating Agent
       with respect thereto and with respect to advising the Buyer and the
       Operating Agent as to their respective rights and remedies under this
       Agreement, and all costs and expenses, if any (including legal fees and
       expenses plus VAT thereon), in connection with the enforcement of the
       Relevant Documents, the other documents to be delivered pursuant to the
       Relevant Documents or in connection therewith and the Purchased
       Receivables.

(C)    Duties and Taxes: In addition, each Seller will pay on demand of the
       Operating Agent any sales, excise, registration and other taxes, duties
       and fees payable in connection with the execution, delivery, filing or
       recording of the Relevant Documents or the purchase, assignment or
       reassignment of Receivables under or pursuant to the Relevant Documents
       or the other documents to be delivered under the Relevant Documents or in
       any way connected with any transaction contemplated by the Relevant
       Documents. Each Seller agrees to indemnify the Operating Agent and the
       Buyer on demand of the Operating Agent against any liabilities with
       respect to or resulting from any delay in paying or omission to pay any
       such taxes, duties or fees.

(D)    Computations: All computations of interest and fees shall be made on the
       basis of a year of 360 days for any currency other than Euro and 365 days
       in the case of Euro for the actual number of days (including the first
       but excluding the last day) elapsed.

(E)    Computation of Time Periods: Unless otherwise stated in this Agreement,
       in the computation of a period of time from a specified date to a later
       specified date, the word "from" means "from and including" and the words
       "to" and "until" each means "to but excluding".

                                      -4-

<PAGE>

7.     PAYMENTS AND COMPUTATIONS, ETC.

(A)    Mechanics: All amounts to be paid to or deposited with the Operating
       Agent for its own account or for the account of the Buyer by any Seller
       and/or the Servicer under this Agreement shall be paid or deposited no
       later than 12:00 noon (local time in the place of payment) on the day
       when due in immediately available same day funds to the relevant account
       specified below.

(B)    Currency: All amounts payable by a Seller and/or Servicer under this
       Agreement to the Operating Agent for its own account or for the account
       of the Buyer shall be paid in Euros or, where such payments relate to a
       Purchased Receivable, in the currency of such Purchased Receivable (or
       any other currency which is agreed from time to time between the Offer
       Agent and the Operating Agent). All amounts payable by the Buyer under
       this Agreement shall be paid in the currency specified herein and the
       Existing Receivables Purchase Price and Future Receivables Purchase Price
       amounts payable by the Buyer under this Agreement shall be paid in the
       currency of the Purchased Receivables.

(C)    Accounts: Any amounts payable under this Agreement shall be remitted to
       the following accounts:

       (1)   if to a Seller, the relevant Seller Non-Transaction Account;

       (2)   if to the Buyer, to the relevant Buyer Account; and

       (3)   if to the Operating Agent for its own account, Account No. 83267
             (Sort Code 18-50-08) with Citibank, 336 Strand, London WC2R 1HB.

(D)    Grossing Up: To the fullest extent permitted by law, each Seller (in each
       of its capacities under the Relevant Documents) will make all payments
       under this Agreement regardless of any defence or counterclaim. Further,
       if such Seller (in any of its capacities under the Relevant Documents),
       is compelled by law to make any deductions or withholdings from any
       payments pursuant to the Relevant Documents, including, without
       limitation, payments in respect of Receivables or Collections, such
       Seller will pay such additional amounts as may be necessary in order that
       the net amount received by the Operating Agent or the Buyer after such
       deductions or withholdings (including any required deduction or
       withholding on such additional amounts) will equal the amount that the
       Operating Agent or the Buyer (as appropriate) would have received had no
       such deductions or withholdings been made. Each relevant Seller will
       provide the Operating Agent with evidence satisfactory to the Operating
       Agent that it has paid such deductions or withholdings.

(E)    Appropriation of Payments: Regardless of any appropriation by any Seller
       or Servicer, the Operating Agent shall determine the appropriation of any
       payment to it for the account of the Buyer to any amount to be paid to or
       deposited with it for the account of the Buyer by such Seller and/or
       Servicer under this Agreement.

                                      -41-

<PAGE>

8.     REPRESENTATIONS AND WARRANTIES OF EACH SELLER AND EXIDE EUROPE

       Each of the Sellers (in each of its capacities under the Relevant
       Documents) and Exide Europe represents and warrants to the Buyer and the
       Operating Agent, in each case in relation to the matters relating to
       itself, as of the Effective Date, as follows:

(A)    Incorporation: Each Seller and Exide Europe is a company duly
       incorporated and validly existing under the laws of its jurisdiction of
       incorporation or organisation.

(B)    Seller Power and Authority: Each Seller has full power and authority to
       effect, and has taken all necessary action to authorise, the execution,
       delivery and performance by it of the Relevant Documents to which it is a
       party and all other instruments and documents to be delivered under the
       Relevant Documents to which it is a party, and the transactions
       contemplated by the Relevant Documents to which it is a party.

(C)    Exide Europe Power and Authority: Exide Europe has full power and
       authority to effect, and has taken all necessary action to authorise, the
       execution, delivery and performance by it of the Relevant Documents to
       which it is a party and all other instruments or documents to be
       delivered under the Relevant Documents to which it is a party, and the
       transactions contemplated by the Relevant Documents to which it is a
       party.

(D)    Non-Violation: The execution, delivery and performance by each Seller and
       Exide Europe of the Relevant Documents to which it is a party and all
       other instruments and documents to be delivered pursuant to the Relevant
       Documents to which it is a party and all transactions contemplated by the
       Relevant Documents to which it is a party:

       (1)    do not contravene (a) any Seller's or Exide Europe's memorandum or
              articles of association (or analogous constitutive documents), (b)
              any law, rule or regulation applicable to any Seller or Exide
              Europe, (c) any material contractual restriction contained in any
              agreement or instrument binding on or affecting any Seller or its
              assets or Exide Europe or Exide Europe's assets, or (d) any order,
              writ, judgment, award, injunction or decree binding on or
              affecting any Seller, or any of the Seller's assets or Exide
              Europe or Exide Europe's assets;

       (2)    do not result in or require the creation of any lien, security
              interest or other charge or encumbrance upon or with respect to
              any of the Seller's or Exide Europe's assets or undertaking; and

       (3)    will not constitute a breach of, nor give rise to any actual or
              potential event of default under, any Debt of any member of the
              Exide Group, or under any document relating to such Debt.

(E)    Consents: No consent, authorisation, approval, notice or filing is
       required (or, if required, which has not been obtained on a timely basis)
       for the due execution,

                                      -42-

<PAGE>

     delivery or performance by each Seller Exide Europe of the Relevant
     Documents to which it is a party or any other document to be delivered in
     connection with the Relevant Documents to which it is a party or for the
     transactions contemplated by the Relevant Documents to which it is a party.

(F)  Obligations Binding: Each of the Relevant Documents to which it is a party
     constitutes the legal, valid, binding and enforceable obligation of each
     Seller and Exide Europe.

(G)  Accounts: The most recent audited annual accounts of each Seller and Exide
     Europe, copies of which have been furnished to the Operating Agent, present
     a true and fair view of the financial condition of such Seller and its
     consolidated Subsidiaries (if any) or Exide Europe and its consolidated
     Subsidiaries (if any), as applicable, as at that date and the results of
     the operations of such Seller and those Subsidiaries, or Exide Europe and
     those Subsidiaries, as applicable, for the period ended on that date, all
     in accordance with generally accepted accounting principles consistently
     applied.

(H)  No Material Adverse Change to Seller: Since the date of this Agreement,
     there has been no change in the business or financial condition of the
     Seller which may materially adversely affect the ability of such Seller to
     perform its obligations under the Relevant Documents.

(I)  No Material Adverse Change to Exide Europe Group: Since the date of this
     Agreement, there has been no change in the business or financial condition
     of the Exide Europe Group which may materially adversely affect the ability
     of Exide Europe to perform its obligations under the Relevant Documents to
     which it is a party.

(J)  No Litigation: There are no actions, suits or proceedings current or
     pending, or to the knowledge of any Seller threatened, against or affecting
     such Seller or its Subsidiaries (if any) or any of their respective assets,
     or Exide Europe or Exide Europe's assets, in any court, or before any
     arbitrator of any kind, or before or by any governmental body, which may
     materially adversely affect the financial condition of such Seller and its
     Subsidiaries taken as a whole or Exide Europe, or materially adversely
     affect the ability of such Seller or Exide Europe to perform its
     obligations under the Relevant Documents to which it is a party.

(K)  No Default: No Seller nor Exide Europe, or any of its Subsidiaries is in
     default with respect to any order of any court, arbitrator or governmental
     body, excluding defaults with respect to orders of governmental agencies
     which are not material to the business or operations of such Seller, Exide
     Europe or any of its Subsidiaries, and would not materially adversely
     affect the ability of such Seller, Exide Europe or any of its Subsidiaries
     to perform its obligations under the Relevant Documents to which it is a
     party.

(L)  No Adverse Claim: Each Receivable will, together with the Contract related
     thereto, at all times be owned by such Seller free and clear of any Adverse
     Claim, and upon

                                      -43-

<PAGE>

     each Purchase the Buyer will acquire full equitable and beneficial title
     and ownership to and of such Receivable, the Collections and the Related
     Security then existing or thereafter arising free and clear of any Adverse
     Claim.

(M)  Performance of Contracts: All goods and services to which each Purchased
     Receivable relates have been delivered and performed, and all requirements
     of such Contract concerning the nature, amount, quality, condition or
     delivery of the goods or services, or upon which payment of the Purchased
     Receivable may be dependent, have been fulfilled in all material respects.

(N)  Information: None of the information and reports (including but not limited
     to each portfolio profile and each Summary Report) furnished or to be
     furnished (whether by way of computerised data or otherwise) by such Seller
     (in any of its capacities under the Relevant Documents) or Exide Europe, to
     the Operating Agent or Exide Europe, as applicable, is inaccurate in any
     material respect (except as otherwise disclosed to the Operating Agent at
     the time of delivery) as of the date so furnished, or contains any material
     misstatement of fact or omits to state a material fact or any fact
     necessary to make the statements contained therein not materially
     misleading.

(O)  Place of Business: The principal place of business and registered office of
     each Seller is as set forth in Schedule 1 or at such other location(s)
     approved by the Operating Agent (such approval not to be unreasonably
     withheld or delayed).

(P)  Location of Books: The offices where each Seller keeps all its books,
     records and documents evidencing Receivables or the related Contracts are
     at the locations set forth in Schedule 1 or at such other location(s)
     approved by the Operating Agent (such approval not to be unreasonably
     withheld or delayed).

(Q)  Location of Bank Accounts: The bank accounts to which each Seller has
     directed the Designated Account Debtors to remit payments for the
     Receivables are (a) prior to the Payment Notification Date, the Seller
     Collection Account and (b) on and following the Payment Notification Date,
     the Buyer Collection Account.

(R)  No Winding-Up: No step has been taken or is intended by any Seller, Exide
     Europe or to the best of such Seller's or Exide Europe's knowledge by any
     other Person for such Seller's or Exide Europe's winding-up, liquidation,
     insolvency (including quiebra and suspension de pagos), dissolution,
     administration, merger or consolidation or for the appointment of a
     receiver or administrator of such Seller or Exide Europe all or any of its
     assets.

(S)  No Breach: There has been no breach by any Seller of any of its obligations
     under the Relevant Documents to which it is a party or by Exide Europe of
     any of its obligations under the Letter of Undertaking.

(T)  Eligibility: Each (i) Existing Receivable the subject of a Letter of Offer
     which is expressed to be an Eligible Receivable in the relevant Accounts
     Receivables Listing is an Eligible Receivable as at the time of Purchase
     and (ii) each Future Receivable the

                                      -44-

<PAGE>

     subject of a Letter of Offer which is expressed to be an Eligible
     Receivable in the relevant Accounts Receivable Listing is an Eligible
     Receivable as at the Settlement Date immediately succeeding the Reference
     Period in which such Future Receivable has come into existence.

(U)  Exide Europe Group: Each of the Sellers, the French Seller, the German
     Sellers, the Italian Seller, the U.K. Sellers and Exide Funding (and each
     entity acceding as a "Seller" to any Origination Agreement) is a member of
     Exide Europe Group.

(V)  Aggregate Amount of Receivables: The amount of Receivables aggregated among
     all Origination Agreements (other than the Italian RSA and the Italian OSA)
     is such that the purchase price amounts paid by the Buyer in respect of
     such Receivables under each Origination Agreement to which it is a party
     (other than the Italian OSA) in the three month period commencing on the
     date of the Initial Purchase is not less than Euro 12,700,000.

     Each of the Sellers and Exide Europe further represents and warrants that
     the representations and warranties in this Clause 8 shall be true and
     correct on and as of each Settlement Date as though made on each such date
     and by reference to the then-existing circumstances.

9.   AFFIRMATIVE COVENANTS OF EACH SELLER

     Until the later of the Termination Date and the Relevant Date, each Seller
     will (in each of its capacities under the Relevant Documents), unless the
     Operating Agent otherwise consents:

(A)  Compliance with Law: Comply in all material respects with all applicable
     laws, rules, regulations and orders binding on it, its business and assets
     and all Receivables and related Contracts, except where non-compliance
     would not have a material adverse effect on its ability to perform its
     obligations hereunder.

(B)  Maintain Existence: Preserve and maintain its corporate existence.

(C)  Access: Upon reasonable prior notice, permit the Operating Agent, or its
     agents or representatives, to visit the offices of such Seller during
     normal office hours and examine and make and take away copies of all books,
     records and documents relating to the Receivables and to discuss matters
     relating to the Receivables or such Seller's performance hereunder with any
     of the officers or employees of such Seller having knowledge of such
     matters and co-operate in the reconstruction of the Accounts Receivable
     Trial Balance pursuant to Clause 13(C).

(D)  Maintain Records: Maintain and implement administrative and operating
     procedures (including, without limitation, an ability to recreate records
     in the event of their destruction), and keep and maintain, all documents,
     books, records and other information reasonably necessary or advisable for
     the collection of all Receivables (including, without limitation, records
     adequate to permit the identification on each

                                      -45-

<PAGE>

     Purchase Date of each new Purchased Receivable and the daily identification
     of all Collections of and adjustments to each existing Purchased
     Receivable).

(E)  Perform Contracts: Timely and fully perform and comply with all material
     provisions, covenants and other promises required to be observed by it
     under the Contracts relating to the Purchased Receivables.

(F)  Priority: Ensure that at all times the claims against it under this
     Agreement rank at least pari passu with the claims of all its other
     unsecured creditors save those whose claims are preferred by any
     bankruptcy, insolvency or other similar laws of general application.

(G)  Credit and Collection Policy: Comply in all material respects with its
     Credit and Collection Policy with respect to each Receivable purchased or
     to be offered for purchase pursuant to this Agreement and the related
     Contract.

(H)  Value Added Tax: Make all relevant value added tax or other applicable tax
     payments in respect of supplies of goods or services pursuant to a Contract
     or which otherwise relate to Purchased Receivables, and pay all value added
     tax (if any) payable in respect of any value added tax supply made, or
     input value added tax suffered, by the Buyer, the Operating Agent or any of
     the Operating Agent's Affiliates with respect to supplies of goods or
     services by the Seller pursuant to a Contract or which otherwise relates to
     Purchased Receivables.

(I)  Collections: If such Seller is not acting as Sub-Servicer, (1) give all
     reasonable assistance (including the provision of information) to any
     Servicer in accordance with the provisions of this Agreement, and (2) remit
     any Collections on Purchased Receivables to the Servicer within one Local
     Business Day after the receipt or deemed receipt thereof.

(J)  Payment Instructions: (i) instruct, no later than on the Payment
     Notification Date, the Designated Account Debtor to make payments in
     respect of Purchased Receivables to the relevant Buyer Collection Account
     and (ii) instruct each Additional Designated Account Debtor which has
     become a Designated Debtor following the Payment Notification Date, to make
     payments in respect of Purchased Receivables as of the Purchase Date
     immediately succeeding the Offer Date on which the relevant Account Debtor
     has become an Additional Designated Account Debtor to the relevant Buyer
     Collection Account, in each case by way of letter (substantially in the
     form set out in Schedule 11) and by the insertion of a payment instruction
     to this effect in each invoice relating to a Designated Account Debtor.

(K)  Bank Accounts: (i) prior to the Payment Notification Date, instruct all
     Designated Account Debtors to pay all Collections into the Seller
     Collection Account referred to in Clause 8(Q) and (ii) on and following the
     Payment Notification Date, instruct all Designated Debtors to pay all
     Collections into the relevant Buyer Collection Account referred to in
     Clause 8 (Q)

                                      -46-

<PAGE>

(L)  Audit Costs: Each Seller shall pay the fees and expenses for up to four
     audits to be carried out by such accounting firm as is selected by the
     Operating Agent in respect of the Receivables (the scope of which to be
     determined by the Operating Agent, acting reasonably) in each financial
     year of such Seller, plus the costs of one additional audit to be conducted
     within 4 months after the execution of this Agreement. Except for such
     additional audit, any further additional audit(s) that may be required by
     the Operating Agent during any such financial year shall be for the
     Operating Agent's own account.

(M)  Provision of Information to Exide Europe: Each Seller shall promptly
     provide Exide Europe with computerised information regarding the Purchased
     Receivables on the dates shown, and containing the information set forth in
     Schedule 8 of its Accounts Receivables Trial Balance and all such different
     or other information as the Operating Agent may reasonably determine from
     time to time to properly allow Exide Europe and/or the Operating Agent to
     identify all required information in respect of Account Debtors and
     Receivables.

10.  NEGATIVE COVENANTS OF EACH SELLER AND EXIDE EUROPE

     Until the later of the Termination Date and the Relevant Date, neither a
     Seller (in each of its capacities under the Relevant Documents) and (in
     respect of paragraph (F) below), Exide Europe will, without the consent of
     the Operating Agent:

(A)  No Disposal of Receivables: Except as otherwise provided herein, sell,
     assign (by operation of law or otherwise) or otherwise dispose of, or
     create or suffer to exist any Adverse Claim upon or with respect to, any
     Receivable purchased or to be offered for purchase under this Agreement or
     the related Contract, or assign any right to receive income in respect
     thereof.

(B)  No Transfer of Business: No Seller shall transfer all or substantially all
     of its assets and undertaking to any person without the prior written
     consent of the Operating Agent, such consent not to be unreasonably
     withheld, unless such transfer would have no adverse effect on the ability
     of the Seller to collect and sell Receivables as contemplated by this
     Agreement.

(C)  No Security Interest over Receivables and Contracts: No Seller shall create
     nor permit to subsist any Security Interest on any of its Receivables and
     related Contracts.

(D)  No Amendment to Receivables: Extend, amend or otherwise modify the terms of
     any Purchased Receivable, or amend, modify or waive any term or condition
     of any Contract related thereto, or commence or settle any legal action to
     enforce collection of any Purchased Receivable without the prior written
     consent of the Operating Agent.

(E)  No Change to Credit and Collection Policy: Make any change in the character
     of its business or in the Credit and Collection Policy, which change would
     or might, in either case, materially impair the collectability of any
     Receivable purchased or to be offered for purchase under this Agreement or
     the enforcement of any related Contract

                                      -47-

<PAGE>

     against the related Designated Account Debtor or any other relevant Person
     the operation of this Agreement without the prior written consent of the
     Operating Agent.

(F)  Cross Indemnity: Neither Exide Europe nor any Seller shall amend or
     otherwise change the Deed of Cross-Indemnity dated as of the date hereof
     between Exide Europe and the Programme Sellers, except in respect of
     amendments or changes of a purely technical or immaterial nature which do
     not affect either: (i) the title of the Buyer to the Receivables assigned
     (or purported to be assigned) pursuant to Clause 4 or (ii) the
     effectiveness of the assignment (or purported assignment) pursuant to
     Clause 4.

11.  REPORTING REQUIREMENTS OF EACH SELLER

     Until the later of the Termination Date and the Relevant Date, each of the
     Sellers and Exide Europe (in each case in relation to matters relating to
     itself) will, unless the Operating Agent otherwise consents, furnish to the
     Operating Agent:

(A)  Annual Accounts of Seller: As soon as available and in any event within 180
     days after the end of each of each Seller's financial years, a copy of such
     Seller's annual accounts and (if they are prepared) consolidated accounts
     in conformity with generally accepted accounting principles, applied on a
     basis consistent with that of the preceding financial year.

(B)  Annual Accounts of Exide Europe: As soon as available and in any event
     within 180 days after the end of each of Exide Europe's financial years, a
     copy of Exide Europe's annual accounts, prepared (as appropriate) on a
     consolidated basis in conformity with generally accepted accounting
     principles, applied on a basis consistent with that of the preceding
     financial year, together with the report of an internationally recognised
     firm of independent auditors.

(C)  Other Financial Information: Upon request of the Operating Agent, such
     financial information, accounts and records with respect to such Seller or
     Exide Europe which are relevant to the Programme, as the Operating Agent
     may from time to time reasonably request.

(D)  Defaults and other Events: Forthwith on becoming aware of any of the events
     described in (1), (2), (3) or (4) below or any event which, with the giving
     of notice or lapse of time or both, would constitute one of such events,
     the statement of the chief financial officer or chief accounting officer of
     such Seller or, as the case may be, Exide Europe, setting out details of
     that event and the action which such Seller or, as the case may be, Exide
     Europe, proposes to take with respect to that event:

     (1)  such Seller or Exide Europe fails to pay any principal of or premium
          or interest on any Debt in excess (in the aggregate) of the Euro
          Equivalent of $5,000,000 when the same becomes due and payable
          (whether by scheduled maturity, required prepayment, acceleration,
          demand or otherwise) and such failure shall continue after the
          applicable grace period, if any, specified in the

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<PAGE>

          agreement or instrument relating to such Debt, or any other default
          under any agreement or instrument relating to any Debt, or any other
          event, shall occur and shall continue after the applicable grace
          period, if any, specified in such agreement or instrument, if the
          effect of such default or event is to accelerate or to permit the
          acceleration of the maturity of such Debt, or any such Debt shall be
          declared to be due and payable or required to be prepaid (other than
          by a regularly scheduled required prepayment) prior to the stated
          maturity thereof, or any present or future mortgage, charge or other
          security interest on or over any assets of such Seller or Exide Europe
          becomes enforceable;

     (2)  a resolution is passed or a petition is presented or an order made for
          the insolvency (including quiebra and suspension de pagos), winding
          up, liquidation, dissolution, merger or consolidation of such Seller
          or Exide Europe (except for the purposes of a bona fide reconstruction
          or amalgamation with the consent of the Operating Agent), or a
          petition is presented or an order made for the appointment of an
          administrator in relation to such Seller, Exide Europe or a receiver,
          administrative receiver or manager is appointed over any part of the
          assets or undertaking of such Seller or Exide Europe or any event
          analogous, to any of the foregoing occurs (except, in the case where a
          petition is presented (i) the proceeding is frivolous or vexatious and
          (ii) the Originator or Exide Europe is solvent and is contesting the
          proceeding in good faith); or

     (3)  an Early Amortisation Event occurs; or

     (4)  an Event of Default (as such term is defined in the US DIP Facility
          Agreement) occurs under the US DIP Facility Agreement.

(E)  Summary Report: Promptly, from time to time, such other information,
     documents, records or reports respecting the Receivables or the condition
     or operations, financial or otherwise, of such Seller or any member of the
     Exide Europe Group, as the Operating Agent may from time to time reasonably
     request in order to protect the interests of the Buyer or the Operating
     Agent, including, prior to 10:00 am, London time, on each Summary Report
     Date, a Summary Report (with, among other things, the information necessary
     to determine the Default Ratio).

(F)  Designated Account Debtors: Within two calendar weeks after the end of each
     calendar quarter (or such more frequent time as the Operating Agent may
     request in writing), each Seller shall deliver to the Operating Agent a
     current list of all Designated Account Debtors in respect of Purchased
     Receivables and the addresses of such Designated Account Debtors.

     The obligations of each Seller to deliver reports or similar information to
     the Buyer pursuant to this Agreement may be delegated by each Seller to
     Exide Europe, and the performance by Exide Europe of such obligations
     hereunder shall be deemed to be the

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<PAGE>

     performance by each Seller of such obligations; provided however, that such
     Seller shall remain liable for any non-performance of such obligations.

12.  SERVICER, COLLECTIONS AND BUYER ACCOUNT

(A)  Designation of Servicer: The servicing, administering and collection of the
     Receivables shall be conducted by Citibank, N.A., London Branch (the
     "Servicer") or such other Person so designated from time to time pursuant
     to this Clause 12(A). Until the Operating Agent gives notice to the
     Servicer of a designation of a new Servicer, Citibank, N.A., London Branch
     is designated as, and agrees, subject to the provisions of this paragraph
     (A), to perform the duties and obligations of a Servicer pursuant to the
     terms of this Agreement. The Servicer hereby delegates to each Seller in
     respect of the Purchased Receivables originated by such Seller, its duties
     and obligations as Servicer and each such Seller (each a "Sub-Servicer")
     hereby agrees to perform the duties and obligations of the Servicer
     pursuant to the terms of this Agreement in relation to the Purchased
     Receivables originated by it. The delegation hereby granted to each
     Sub-Servicer may not be terminated by the Sub-Servicer without the prior
     written consent of the Servicer and may be terminated at any time and
     without a cause by the Servicer and, for so long as a Seller is acting as
     Sub-Servicer pursuant to the terms of this Agreement, (i) it shall perform
     the duties and obligations of the Servicer in respect of the Purchased
     Receivables originated by it and (ii) all duties, obligations and
     indemnities expressed to be those of a "Servicer" pursuant to Clause 5 and
     this Clause 12 shall be regarded for all purposes as those of the relevant
     Sub-Servicer. The Servicer shall not be liable for the performance of the
     duties and obligations of any Sub-Servicer under this Agreement and each
     Sub-Servicer shall be liable to the Operating Agent and the Buyer for the
     performance of its duties and obligations as Sub-Servicer under this
     Agreement. Each Sub-Servicer may, with the prior written consent of the
     Operating Agent, subcontract with any other Person for servicing,
     administering or collecting the Purchased Receivables; provided, however,
     that such Sub-Servicer (a) procures to the Operating Agent that its
     sub-contractor shall not delegate the servicing duties and obligations sub
     contracted to it by the Sub-Servicer without the prior written consent of
     the Operating Agent and (b) will remain liable for the performance of its
     duties and obligations of Sub-Servicer under this Agreement. The Operating
     Agent may at any time designate as Servicer any Person to succeed the
     Servicer (which designation shall, for the avoidance of doubt,
     automatically terminate the delegation hereby granted to the Sub-Servicer)
     or any successor Servicer, on the condition in each case that any such
     Person agrees to perform the duties and obligations of Servicer pursuant to
     the terms of this Agreement.

(B)  Duties of Servicer:

     Each Servicer:

     (1)  will take or cause to be taken all such actions as may be necessary or
          advisable to collect each Purchased Receivable, all in accordance with

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<PAGE>

          applicable laws, rules and regulations, with reasonable care and
          diligence, and in accordance with the Credit and Collection Policy and
          the instructions of the Operating Agent. Each of the Seller and the
          Buyer hereby appoints the Servicer as its agent to enforce its
          respective rights and interests in and under the Purchased
          Receivables, the Related Security and the Contracts;

     (2)  will (i) prior to the Payment Notification Date, pay all Collections
          to be paid directly by all Designated Account Debtors in the relevant
          Seller Collection Account and deposit to the Seller Collection
          Account, immediately upon receipt, any Collection received not paid to
          such Seller Collection Account and (ii), no later than on the Payment
          Notification Date and on each Local Business Day thereafter, pay all
          Collections to be paid directly by all Designated Account Debtors in
          the Buyer Collection Account and deposit to the Buyer Collection
          Account, immediately upon receipt, any Collection received and not
          paid to such Buyer Collection Account;

     (3)  (i) may, unless and until instructed otherwise by the Operating Agent,
          deposit in the Seller Collection Account monies other than
          Collections; and (ii) will not deposit in the Buyer Collection Account
          monies other than Collections.

     (4)  confirms that, in accordance with the Account Bank Mandate, the Buyer
          Collection Account Bank and the Buyer will be instructed to make
          available to such Servicer information showing amounts received on
          each Local Business Day and standing to the credit of the Buyer
          Collection Account as at the close of business on that day;

     (5)  upon receipt of the information referred to in (4) above the Servicer
          shall, on behalf of the Buyer and the relevant Seller, make all such
          determinations and calculations as are necessary in order to
          determine, in respect of amounts standing to the credit of the Seller
          Collection Account on each Local Business Day, the Buyer Entitlement
          and the Seller Entitlement in relation to the Seller Collection
          Account, and shall direct (subject to Clause 12 (C)) the relevant
          Collection Account Bank or the Buyer Collection Account Bank, prior to
          12:00 noon on each Local Business Day, to transfer to the Buyer
          Account the Buyer Entitlement in relation to the Seller Collection
          Account and all monies standing to the credit of the Buyer Collection
          Account;

     (6)  other than the transfers referred to in paragraph (5) above, Clause
          5(A) and Clause 12 (C) no Servicer shall, without the prior written
          consent of the Operating Agent, withdraw funds from the relevant
          Seller Collection Account or the Buyer Collection Account or direct
          the Collection Account Bank or the Buyer Collection Account Bank to
          make any transfers from such Seller Collection Account or Buyer
          Collection Account, except for withdrawals or transfers of cleared
          funds standing to the credit of the Seller Collection Account or the
          Buyer Collection Account which represent the Seller Entitlement and
          provided that any such withdrawal or transfer would not

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<PAGE>

          cause such Seller Collection Account or the Buyer Collection Account
          to become overdrawn;

     (7)  may not extend, amend, modify or waive the terms of any Purchased
          Receivable or amend, modify or waive any term or condition of any
          Contract related thereto where such extension, amendment, modification
          or waiver would prejudicially affect such Purchased Receivable, unless
          the Operating Agent shall have otherwise consented in writing. Each
          Seller shall deliver to the relevant Servicer (if such Seller has
          ceased to be a Sub-Servicer) all documents, instruments and records
          which evidence or relate to the Purchased Receivables which the
          Operating Agent may reasonably request;

     (8)  if other than a Seller (and such Seller has ceased to be a
          Sub-Servicer), will provide to the relevant Seller all such
          information as the Seller may require for purposes of the Summary
          Report and will as soon as practicable following receipt pay to or to
          the order of such Seller the collections of any Receivable which is
          not a Purchased Receivable;

     (9)  if other than a Seller (and such Seller has ceased to be a
          Sub-Servicer), will as soon as practicable upon demand make available
          or (if so demanded) deliver to such Seller all documents, instruments
          and records in its possession which evidence or relate to Receivables
          of such Seller other than Purchased Receivables, and copies of
          documents, instruments and records in its possession which evidence or
          relate to Purchased Receivables which the Operating Agent may
          reasonably request; and

     (10) if other than a Seller (and such Seller has ceased to be a
          Sub-Servicer), and notwithstanding anything to the contrary contained
          in this Agreement, will have no obligation to collect, enforce or take
          any other action described in this Agreement with respect to any
          Receivable that is not a Purchased Receivable other than to turn over,
          make available or deliver to the relevant Seller the collections and
          documents with respect to any such Receivable as described in (8) and
          (9) above.

(C)  Advance Payments: The Sellers may, from time to time on any Local Business
     Day prior to the Termination Date unless and until the Operating Agent
     directs otherwise withdraw, by way of advance payment on account of such
     Existing Receivables Purchase Price and Future Receivables Purchase Price
     as will or may be payable to the Sellers on the next following Settlement
     Date, any amount or amounts standing to the credit of the Seller Collection
     Account (prior to the Payment Notification Date) and the Buyer Collection
     Account (on and following the Payment Notification Date) representing
     Collections. Any amount so withdrawn (an "Advance Payment") during each
     Reference Period shall be set off pro tanto against the Buyer's obligation
     (if any) to pay Existing Receivables Purchase Price and Future Receivables
     Purchase Price payable on the next following Settlement Date and, to the
     extent the amount of the Advance Payments made during such Reference Period
     exceeds the amount of the

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<PAGE>

     Existing Receivables Purchase Price and Future Receivables Purchase Price
     (or, where no Existing Receivables Purchase Price and Future Receivables
     Purchase Price is payable), be refunded by the Sellers in full by the
     transfer of cleared funds to the Buyer Account, not later than 12:00 noon
     on the next following Settlement Date; provided always that any Advance
     Payment shall be refunded by the Sellers by the transfer of cleared funds
     to the Buyer Account, immediately upon the demand of the Operating Agent.
     The Sellers shall not be obliged to pay interest on any Advance Payment.

(D)  Failure to Report: If there is a failure at any time by a Servicer to
     report and quantify the amount of Collections received or the amounts of
     any Advance Payments and/or the funds standing to the credit of the Seller
     Collection Account, Buyer Collection Account or Buyer Account in respect of
     any Settlement Period such that the amounts due by any Seller and the Buyer
     pursuant to Clauses 4(B), 4(C) and 12(C) cannot be accurately determined
     (in the Operating Agent's reasonable opinion), there will fall due from the
     relevant Seller to the Buyer on the Settlement Date at the end of such
     Settlement Period (on account of repayment of Advance Payments) an amount
     equal to the anticipated Collections in respect of such Settlement Period
     as determined by the Operating Agent, acting reasonably. For the purposes
     of this Clause 12(D), it shall be considered reasonable for the Operating
     Agent to anticipate that all Collections due during such Settlement Period
     were received by the relevant Servicer during such Settlement Period. The
     Buyer shall deposit such amount into the Temporary Adjustment Account. Upon
     the Operating Agent becoming satisfied that a proper assessment of the
     amounts due by way of repayment of Advance Payments has been made, there
     shall be an adjustment in accordance with such assessment, by way of
     repayment from the Buyer (provided the Termination Date has occurred) or by
     way of further payment by the relevant Seller, as required, and such
     adjusted sum shall be treated for all purposes under this Agreement as the
     Collections received during such Settlement Period. Provided that such
     failure by the relevant Servicer does not last longer than two consecutive
     Settlement Periods and the provisions of this Clause 12(D) are complied
     with, such failure shall not by itself constitute an Early Amortisation
     Event.

13.  PROTECTION OF THE BUYER'S RIGHTS

(A)  Notice of Sale: the Operating Agent may at any time (and each Seller
     following the Operating Agent's request shall) notify the Designated
     Account Debtors, or any of them, of Purchased Receivables of the Buyer's
     ownership of the Purchased Receivables and the Collections of the Purchased
     Receivables and direct (or cause each Seller to direct) all the Designated
     Account Debtors of Purchased Receivables, or any of them, that payment of
     all amounts payable under any such Purchased Receivable be made directly to
     the Operating Agent or its designee.

(B)  Assignment effective against third parties: Each Seller shall, if requested
     by the Operating Agent, forthwith execute any required documents (including
     but not limited to, the execution of a public deed (escritura publica or
     poliza) intervened by a Spanish

                                      -53-

<PAGE>

     Notary Public in relation to any assignment of Receivables pursuant to this
     agreement) to establish an assignment effective against third parties, and
     will give notices of assignment to the relevant Designated Account Debtors
     (and any guarantors) in respect of the Receivables (and any Related
     Security) of the assignment thereof to the Buyer.

(C)  Reconstruction of Accounts Receivable Trial Balance: If at any time a
     Seller does not (i) generate an Accounts Receivable Trial Balance on the
     Determination Date immediately preceding each Settlement Date or (ii)
     provide the information to Exide Europe enumerated in Clause 9(M), the
     Operating Agent will have the right to reconstruct that Accounts Receivable
     Trial Balance or such information so that a determination of the Purchased
     Receivables can be made, and such reconstruction will be conclusive (in the
     absence of manifest error) for the purposes of determining Purchased
     Receivables.

(D)  Operating Agent's Right to Perform: If the Originator or the Offer Agent
     fails to perform any of its agreements or obligations under this Agreement,
     the Operating Agent may (but shall not be required to) itself perform, or
     cause performance of, such agreement or obligation.

(E)  Power of Attorney: Without prejudice to the provisions of Clauses 13(A) to
     (D), each Seller irrevocably constitutes and appoints the Buyer and the
     Operating Agent, which hereby accept such appointment with full power of
     substitution, as its true and lawful attorney and agent, with full power
     and authority in its name or otherwise, and in its place and stead, and for
     its use and benefit at any time after the occurrence of an Early
     Amortisation Event to take such action as the Operating Agent may deem
     necessary or desirable in order to protect the interests of the Buyer
     and/or the Lenders and/or the Operating Agent and/or to perfect title to
     any of the Purchased Receivables, or Related Security, including the
     redirection of mail and the endorsement of drafts, cheques and other
     payment media, to perform any agreement or obligation of such Seller under
     or in connection with this Agreement and/or under the Account Bank Mandate,
     and to exercise all other remedies of such Seller under this Agreement or
     existing at law. In furtherance of the power herein granted, the Originator
     will assist and co-operate with the Operating Agent and provide such
     facilities as the Operating Agent may request. The power of attorney hereby
     granted is given by way of security, is coupled with an interest, and is
     irrevocable and will extend to and be binding upon the successors and
     assigns of each Seller. The Sellers hereby agree that they shall execute
     the power of attorney substantially in the form set out in Schedule 13 in
     respect of its obligations under this Clause 13(E). The Buyer and the
     Operating Agent are hereby released from the restrictions under Article 267
     of the Spanish Commercial Code (restriction on self-dealing).

14.  RESPONSIBILITIES OF EACH SELLER

     Anything herein to the contrary notwithstanding:

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<PAGE>

(A)  Perform Contracts: Each Seller will perform all its obligations under the
     Contracts related to the Purchased Receivables to the same extent as if
     such Purchased Receivables had not been sold pursuant to this Agreement and
     the exercise by either the Operating Agent or the Buyer of its rights
     hereunder will not relieve such Seller from such obligations.

(B)  Exoneration of Buyer and Operating Agent: None of the Buyer nor the
     Operating Agent will have any obligation or liability with respect to any
     Purchased Receivables, any Related Security or related Contracts, nor will
     the Buyer or the Operating Agent be obliged to perform any of the
     obligations of any Seller thereunder.

(C)  Custody: Until the Operating Agent requests otherwise, each Seller will
     hold in custody for the sole benefit of the Buyer the Contracts and other
     documentary items relating to the uncollected Purchased Receivables at its
     address specified in this Agreement. To the extent that the Contracts or
     other documentary items also relate to Receivables that are not Purchased
     Receivables, such Seller will hold them in custody for the account of both
     the Buyer and itself to the extent of the respective rights of the Buyer
     and itself therein unless possession thereof is required by the Buyer to
     enforce its ownership rights. Each Seller will deliver such Purchased
     Receivables, Contracts and documents to the Operating Agent (or as it may
     direct), if so directed by the Operating Agent and the Operating Agent will
     make them available to the relevant Seller to the extent that they contain
     material or information that does not relate to Purchased Receivables and
     to the extent that the Buyer's interests are not thereby compromised.

(D)  Marking: Each Seller will mark clearly and unambiguously its ordinary
     business records, including without limitation its master data processing
     records, relating to the Purchased Receivables with a legend acceptable to
     the Operating Agent indicating that such Purchased Receivables are owned by
     the Buyer. Each Seller agrees that from time to time it will promptly
     execute and deliver all instruments and documents, and take all further
     action that the Operating Agent may reasonably request in order to perfect,
     protect or more fully evidence the Buyer's ownership interest in the
     Purchased Receivables, the Collections and the Related Security and pending
     such time will keep an up to date record of all Purchased Receivables.

(E)  Third Party Servicer: At any time following the designation of a Servicer
     other than Citibank, N.A., London Branch or the termination of the
     delegation granted to any Sub-Servicer pursuant to Clause 12(A):

     (1)  The relevant Seller will, at the Operating Agent's request, (a)
          assemble all the documents, instruments and other records (including,
          without limitation, computer tapes and disks) which evidence the
          Purchased Receivables, and the related Contracts and Related Security,
          or which are otherwise necessary or desirable to collect such
          Purchased Receivables, and will make the same available to the
          Operating Agent at a place selected by the Operating Agent or its
          designee or (if so requested) deliver the same to the Operating Agent
          (or as

                                  -55-

<PAGE>

          it may direct), and (b) segregate all cash, cheques and other
          instruments received by it from time to time constituting Collections
          of Purchased Receivables in a manner acceptable to the Operating Agent
          and will, promptly upon receipt, remit all such cash, cheques and
          instruments, duly endorsed or with duly executed instruments of
          transfer, to the Operating Agent or its designee.

     (2)  The relevant Seller authorises the Operating Agent to take any and all
          steps in such Seller's name and on behalf of such Seller necessary or
          desirable, in the determination of the Operating Agent, to collect all
          amounts due under any and all Purchased Receivables, including,
          without limitation, endorsing such Seller's name on cheques and other
          instruments representing Collections and enforcing such Purchased
          Receivables and the related Contracts and Related Security.

(F)  Value Added Tax: For the purpose of ensuring recoupment of any value added
     tax forming part of a Purchased Receivable:

     (1)  all or part of which remains unpaid after the statutory period for
          purposes of claiming bad debt relief has elapsed; or

     (2)  (without prejudice to Clause 5(D)) which or the Outstanding Balance of
          which is, or would be, reduced, adjusted or cancelled by any Seller
          and/or any other Person whether as a result of the matters in Clause
          5(D) or for any other reason;

     each Seller will use its reasonable endeavours to recover such value added
     tax (or the appropriate part thereof) from the appropriate tax authorities,
     as agent of the Buyer, and promptly remit it to the Buyer and, until so
     remitted, will hold for the account of the Buyer any dividend received or
     value added tax recovered by such Seller in respect thereof (and any such
     dividend or recovery will be and be treated as a Collection). Each Seller
     will make such accounting write-offs and transfers and raise such credit
     notes as may be necessary or desirable for this purpose, and take all such
     other steps as may be reasonably requested by the Operating Agent. In
     particular, each Seller will, at the request of the Operating Agent, accept
     a re-assignment of any such Purchased Receivable (for a nil consideration)
     solely for the purpose of facilitating recoupment of such value added tax.

15.  AGENCY, INDEMNITIES AND TAX CO-OPERATION

(A)  Agency: In acting under this Agreement the Operating Agent shall have only
     such duties, obligations and responsibilities as are expressly set out in
     this Agreement (and such other duties, obligations and responsibilities as
     are reasonably incidental) and acts solely as agent of the Buyer. However,
     without prejudice to the generality of the foregoing, only the Operating
     Agent shall be entitled to receive and retain fees and

                                      -56-

<PAGE>

     other amounts (including indemnification under this Clause 15) payable to
     the Operating Agent for its own account.

(B)  Indemnities by Sellers and Exide Europe: The Sellers and (in relation to
     matters relating to itself) Exide Europe agree to indemnify the Buyer, the
     Operating Agent and their respective Affiliates and any Servicer (if a
     Seller has ceased to be a Sub-Servicer) from and against any and all
     damages, losses, claims, liabilities and related reasonable costs and
     expenses, including attorneys' fees and disbursements together with VAT
     thereon (all of the foregoing being collectively referred to as
     "Indemnified Amounts") awarded against or incurred by any of them arising
     out of or relating to this Agreement or the ownership of Purchased
     Receivables, excluding, however, (a) such amounts resulting from gross
     negligence or wilful misconduct on the part of the Person who would
     otherwise be entitled to claim such indemnification or (b) recourse (except
     as otherwise specifically provided in this Agreement) for uncollectible
     Purchased Receivables or for losses arising out of late Collections.
     Without limiting the foregoing, Indemnified Amounts include amounts
     relating to or resulting from:

     (1)  reliance on any representation or warranty made or deemed made by any
          Seller (in any of its capacities under the Relevant Documents) or
          Exide Europe under or in connection with this Agreement, or any other
          information or report delivered by such Seller (in any of its
          capacities under the Relevant Documents) pursuant to this Agreement,
          which shall have been false or incorrect in any material respect when
          made or deemed made or delivered (to the extent that such amounts have
          not already been recovered by the applicable indemnified party
          pursuant to Clause 5(D));

     (2)  the failure by any Seller (in any of its capacities under the Relevant
          Documents) or Exide Europe to comply with any term, provision or
          covenant contained in this Agreement or with any applicable law, rule
          or regulation with respect to any Receivable, the related Contract or
          the Related Security, or the nonconformity of any Receivable or the
          related Contract or the Related Security with any such applicable law,
          rule or regulation;

     (3)  the failure to vest and maintain vested in the Buyer ownership of each
          Purchased Receivable, free and clear of any Adverse Claim whether
          existing at the time of the Purchase of such Receivable or at any time
          thereafter, excluding any such Adverse Claim created by the Buyer;

     (4)  any dispute, claim, offset or defence (other than discharge in
          bankruptcy or winding up by reason of insolvency or analogous event of
          the Designated Account Debtor) of the Designated Account Debtor to the
          payment of any Receivable which is, or is purported to be, a Purchased
          Receivable (including, without limitation, a defence based on such
          Receivable or the related Contract not being a legal, valid, binding
          and enforceable obligation of such Designated Account Debtor), or any
          other claim resulting from the sale of the goods or

                                      -57-

<PAGE>

          services related to such Receivable or the furnishing or failure to
          furnish such goods or services;

     (5)  any failure of any Seller (in any of its capacities under the Relevant
          Documents) or Exide Europe, to perform its duties or obligations in
          accordance with the provisions of this Agreement;

     (6)  the Buyer makes a request for a Loan and/or contracts for a foreign
          exchange transaction to fund any anticipated Purchase following the
          delivery of a Letter of Offer or to make a Future Receivables Purchase
          Price payment in the manner contemplated in this Agreement and such
          Purchase not taking place or such Future Receivables Purchase Price
          payment not being made as a result of the operation of Clause 3 or any
          other provision of this Agreement, or a sale of Receivables not being
          effected in relation to a Letter of Offer or a Future Receivables
          Purchase Price payment not being made by reason of any event described
          in Clause 11(D)(1), (2) (3) or (4) or any breach by any Seller (in
          whatever capacity) or Exide Europe of any of its obligations under or
          in connection with this Agreement;

     (7)  any products liability claim, or personal injury or property damage
          claim, or other similar or related claim or action of whatever sort
          arising out of or in connection with goods, merchandise or services
          which are the subject of any Receivable or Contract; and

     (8)  the payment of the Existing Receivables Purchase Price or the Future
          Receivables Purchase Price of any Receivable other than an Eligible
          Receivable (to the extent that such amounts have not already been
          recovered by the applicable indemnified party pursuant to Clause
          5(D)).

     The Operating Agent will provide each Seller with a certificate or
     certificates showing in reasonable detail the basis for the calculation of
     Indemnified Amounts claimed under this Clause 15(B) provided, for the
     avoidance of doubt, that the provision of such certificate or certificates
     shall not be a condition for the making of any claim under this Clause
     15(B).

(C)  Costs, increased costs and gross-up for withholding tax under the
     Facilities Agreement and the Currency Exchange Agreement: The Sellers
     hereby agree from time to time to indemnify the Buyer for, and to pay to it
     on demand of the Operating Agent, an amount equal to the Country's
     Proportionate Share of (i) all costs, increased costs, indemnities, tax,
     tax gross-up, tax indemnities, default interest and all other amounts
     (other than interest and principal payments) which are required to be paid
     by the Buyer under and in accordance with the terms of the Facilities
     Agreement and (ii) all costs, indemnities, tax, tax gross-up and
     terminations costs which are required to be paid by the Buyer under and in
     accordance with the Currency Exchange Agreement.

                                      -58-

<PAGE>

(D)  Judgment Currency: Each reference in this Agreement to a specific currency
     is of the essence. The obligation of each Seller (in any of its capacities
     under the Relevant Documents) (individually, or as the Servicer) or Exide
     Europe in respect of any sum due from it to the Operating Agent or the
     Buyer under this Agreement will, notwithstanding any judgment in any other
     currency, or any bankruptcy or winding up by reason of insolvency
     (including quiebra and suspension de pagos) or analogous event of such
     Seller or Exide Europe, be discharged only to the extent that on the Local
     Business Day following receipt by the Operating Agent or the Buyer of any
     sum adjudged or determined to be so due in such other currency, the
     Operating Agent could in accordance with normal banking procedures purchase
     the currency specified in this Agreement with such other currency. If the
     amount of currency so purchased is less than the amount of the specified
     currency originally due to the Operating Agent or the Buyer, each of the
     Sellers and Exide Europe agrees, as a separate obligation and
     notwithstanding any such judgment, bankruptcy, winding up or analogous
     event, to indemnify the Operating Agent and the Buyer against such loss.

(E)  Payment: Any amounts subject to the indemnification provisions of Clause
     15(B), (C) or (D) shall be paid by the Sellers or Exide Europe to the
     Operating Agent within two Programme Business Days following the Operating
     Agent's demand therefor.

(F)  After Tax Amount: In the event that any taxing authority seeks to charge to
     tax any sum paid to the Buyer or the Operating Agent or any of their
     respective Affiliates as a result of the indemnities or other obligations
     contained herein, or impose a requirement on the payer of such indemnity to
     deduct tax, then the amount so payable shall be grossed up by such amount
     as will ensure that after payment of the tax so charged there shall be left
     a sum equal to the amount that would otherwise be payable under such
     indemnity or obligation.

(G)  General Tax Co-operation: Each of (a) the Buyer and (b) the Seller shall
     co-operate in completing any procedural formalities under, as applicable:

     (1)  the Convention between Ireland and Spain for the Avoidance of Double
          Taxation and the Prevention of Fiscal Evasion with respect to Taxes on
          Income and Capital signed on 10 February, 1994 (the "Ireland/Spain
          DTC"); and/or

     (2)  the domestic law of Spain;

     necessary to obtain exemption or relief (whether in full or in part) from
     any deduction or withholding for or on account of tax applicable to any
     payment made to the Buyer pursuant to this Agreement. In particular (and
     without qualification of the foregoing), the Buyer shall, prior to the
     first payment to be made to the Buyer pursuant to this Agreement, use its
     reasonable endeavours to supply to the Offer Agent for the Seller a
     certificate of residence issued by the appropriate tax authorities in
     Ireland providing confirmation that the Buyer is resident in Ireland for
     Irish tax purposes (without prejudice to the form of certificate delivered
     by the appropriate tax authorities). As

                                      -59-

<PAGE>

     any certificate required under the domestic law of Spain is, at the date
     hereof, valid only for a period of one year from issue, the Buyer shall use
     its reasonable endeavours (for so long as it is a requirement of the
     domestic law of Spain for a further certificate to be obtained by the Buyer
     in order that any payments made to the Buyer pursuant to this Agreement may
     be made free and clear of any deduction or withholding for or on account of
     tax) supply a further certificate to the Offer Agent for the Seller prior
     to the Settlement Date immediately succeeding the first anniversary of the
     delivery of the previous certificate to the Offer Agent for the Seller.

16.  AMENDMENTS, ETC.

(A)  Amendments and Waivers: No amendment or waiver of any provision of this
     Agreement nor consent to any departure by any Seller therefrom shall in any
     event be effective unless the same shall be in writing and signed by (1)
     such Seller, the Buyer and the Operating Agent with respect to an
     amendment, or (2) such Seller, the Buyer or the Operating Agent, as the
     case may be, with respect to a waiver or consent by it, and then such
     waiver or consent shall be effective only in the specific instance and for
     the specific purpose for which given.

(B)  Entire Agreement: This Agreement contains a final and complete integration
     of all prior expressions by the parties with respect to the subject matter
     of this Agreement and constitutes the entire agreement among the parties
     with respect to the subject matter of this Agreement, superseding all prior
     oral or written understandings.

17.  NOTICES

     All notices and other communications provided for under this Agreement
     shall, unless otherwise stated in this Agreement, be in writing in the
     English language (including telex and fax communication) and mailed (first
     class, postage paid) or delivered to each party at its address set out
     under its name on the execution pages of this Agreement or at such other
     telex or fax number or address as may be designated by such party in a
     written notice to the other parties. All such notices and communications
     will be effective (other than in respect of a Letter of Offer delivered
     pursuant to Clause 4(A)), (i) in the case of written notice, five days
     after being deposited in the post, or (ii) in the case of notice by telex,
     when telexed against receipt of answer back, or (iii) in the case of notice
     by fax, at the time of transmission unless served on a day which is not a
     Local Business Day or after 5.00pm at the place in which the recipient is
     located, in which case it will be effective at 9.00am at the place in which
     the recipient is located on the following Local Business Day. In each case
     notice must be addressed as aforesaid.

18.  NO WAIVER: REMEDIES

(A)  No Waiver: No failure on the part of the Buyer, any Seller (in any of its
     capacities under the Relevant Documents) or the Operating Agent to
     exercise, and no delay in

                                      -60-

<PAGE>

     exercising, any right hereunder shall operate as a waiver thereof, nor
     shall any single or partial exercise of any right or remedy preclude any
     other or further exercise thereof or the exercise of any other right or
     remedy. The remedies in this Agreement are cumulative and not exclusive of
     any remedies provided by law.

(B)  Set Off: Without limiting the provisions of Clause 18(A) the Buyer and the
     Operating Agent are hereby authorised (except in relation to the payment of
     the Acceptance Fee) by the Sellers and Exide Europe at any time after any
     of the Sellers or Exide Europe is in default of its obligations under this
     Agreement or an Early Amortisation Event has occurred, to set off and
     apply, and/or to instruct Citibank or any of Citibank's Affiliates to set
     off and apply, any and all deposits at any time held and other indebtedness
     at any time owing (whether general or special, time or demand, provisional
     or final and in whatever currency) by the Buyer, the Operating Agent,
     Citibank or, as the case may be, any such Affiliate to or for the credit or
     the account of any Seller against any and all of the obligations of any
     Seller or Exide Europe (in any of its capacities under the Relevant
     Documents), now or hereafter existing under this Agreement, to the Buyer or
     the Operating Agent or their respective successors and assigns or, as the
     case may be, now or hereafter due or owing on any account to Citibank or
     any of Citibank's Affiliates (and for this purpose to convert one currency
     into another).

19.  BINDING EFFECT: ASSIGNABILITY

(A)  Successors and Assigns: This Agreement is binding upon and enures to the
     benefit of (1) each Seller, Exide Europe and any of their successors and
     permitted assignees in accordance with Clause 19(B); (2) the Buyer and also
     in relation to the benefit, but not the burden of this Agreement, each
     Person to whom the Buyer has for the time being in accordance with Clause
     19(C) (2) or (3) granted or assigned (or agreed to grant or assign) all or
     part of any Purchased Receivable (or any participation or interest, whether
     proprietary or contractual, in or in respect of all or part of any
     Purchased Receivable) and/or all or any of its rights, benefits and
     interest in or under this Agreement and their respective successors and
     assignees; and (3) Citibank and its successors as Operating Agent (and the
     terms "Seller", "Exide Europe", "Buyer" and "Operating Agent" shall be
     construed accordingly).

(B)  Sellers and Exide Europe: Neither a Seller nor Exide Europe may assign any
     of its rights, benefits or interest in or under this Agreement except with
     the prior consent of the Operating Agent.

(C)  The Buyer: The Buyer may assign all or part of any Purchased Receivables
     and/or all or any of its rights, benefits and interest in or under this
     Agreement to any Lender.

(D)  Additional Sellers: The Operating Agent may, in its sole and absolute
     discretion, at the request of Exide Europe, admit a member of the Exide
     Europe Group as a Seller under this Agreement (for the purposes of this
     Clause 19(D), such party or parties shall be referred to as the "Additional
     Seller"). In addition to the discretion of the

                                      -61-

<PAGE>

     Operating Agent, the admission the Additional Seller shall also be subject
     to the following conditions precedent:

     (1)  the Operating Agent receives the documents and information specified
          in Schedule 5 in respect of the Additional Seller, each in form and
          substance satisfactory to the Operating Agent;

     (2)  the Additional Seller, each Seller and the Buyer have delivered to the
          Operating Agent a duly completed and executed Admission of Additional
          Seller in the form attached as Schedule 2 (together with confirmation
          of due execution and delivery, in form and substance satisfactory to
          the Operating Agent) and the Operating Agent has indicated its consent
          by execution of the Admission of Additional Seller; and

     (3)  Exide Europe shall have confirmed in writing to the Operating Agent
          that the Letter of Undertaking shall apply, on the terms stated
          therein, to all of the obligations of the Additional Seller under the
          Programme;

     upon which time the Additional Seller shall be deemed to be a party to this
     Agreement from and after the next Settlement Date subsequent to the
     execution of the Admission of Additional Seller by the Operating Agent, and
     the Additional Seller shall be under the same obligations towards each of
     the other parties to this Agreement as if it had been an original party
     hereto as a "Seller" and a "Sub-Servicer".

20.  FURTHER ASSURANCE-RESTRUCTURING

     Each of the Sellers and Exide Europe hereby agrees that:

(A)  in the event that it receives notice from the Operating Agent for the
     purpose of amending the existing Programme on the basis that:

     (1)  the Receivables which are the subject of the French RSA will be first
          purchased from the French Sellers by a French fonds commun de creances
          (the "FCC"), such purchases to be funded by the subscription or
          purchase by the Buyer of units issued by the FCC;

     (2)  the Receivables which are the subject of the Italian RSA will be first
          purchased by a company set up pursuant to law 130 of 30 April 1999 in
          Italy (the "Law 130 Company"), such purchases to be funded by the
          subscription or purchase by the Buyer of notes issued by the Law 130
          Company,

     upon commercial terms consistent with those applicable under the existing
     Programme (save in relation to additional costs arising as a result of the
     involvement of a FCC, each of the Sellers and Exide Europe undertakes to
     the Operating Agent and the Buyer that it will enter into such
     arrangements, documents and agreements as are necessary or desirable, in
     the opinion of the Operating Agent (acting reasonably), for the purposes of
     giving effect to the transactions set out in paragraphs (1) and (2) and

                                      -62-

<PAGE>

     ensuring consistency between such transactions and the other transactions
     contemplated under the Programme.

(B)  if, by reason of any change (a) in any law or regulation or in its
     interpretation or application or (b) in the generally recognised market
     practice after the date hereof (in each case as evidenced by legal advice
     from a reputable law firm delivered by the Operating Agent to Exide
     Europe), the Operating Agent determines that the interest of the Buyer
     and/or the Operating Agent under the Programme may be affected as a result
     of such change, then the parties to this Agreement, acting in good faith,
     shall cooperate with a view to restructuring this Agreement, the other
     Relevant Documents and the transactions contemplated herein and therein
     upon such terms and conditions as would result in the interests of the
     Buyer and/or the Operating Agent to be protected, to the best extent
     possible under applicable law, in the same manner as if that change had not
     occurred.

(C)  All the fees, cost and expenses (including legal fees) arising as a result
     of any of the events described in paragraphs (A) and (B) will be borne by
     the Sellers.

21.  TERMINATION

     This Agreement will create and constitute the continuing obligations of the
     parties in accordance with its terms, and will remain in full force and
     effect until such time, after the Termination Date, as all Programme
     Capital of all Groups of Receivables has been reduced to zero and all Yield
     (as aggregated among all Originator Agreements), Programme Costs and other
     fees due under this Agreement or the Fees Letter have been paid; provided,
     however, that the rights and remedies with respect to any breach of any
     representation and warranty made by any Seller in or pursuant to this
     Agreement, the provisions of Clause 21 and the indemnification and payment
     provisions of this Agreement will be continuing and will survive any
     termination of this Agreement.

22.  NO PROCEEDINGS

     Each Seller, Exide Europe, the Offer Agent (if not Exide Europe) and the
     Operating Agent each hereby agree that they will not institute against the
     Buyer any bankruptcy, insolvency or similar proceeding until all amounts
     owing by the Buyer under the Facilities Agreement and the Currency Exchange
     Agreement have been paid in full and that no recourse shall be had for the
     payment of any amount owing hereunder or claims arising out of or based
     upon the Relevant Documents against any member, equity holder, employee,
     officer, director or affiliate of the Buyer.

23.  EXECUTION IN COUNTERPARTS: SEVERABILITY

(A)  Counterparts: This Agreement may be executed in any number of counterparts
     and by different parties hereto in separate counterparts, each of which
     when so executed shall be deemed to be an original and all of which when
     taken together shall constitute one and the same agreement.

                                      -63-

<PAGE>

(B)  Severability: If any provision in or obligation under this Agreement shall
     be invalid, illegal or unenforceable in any jurisdiction, the validity,
     legality and enforceability of the remaining provisions or obligations
     under this Agreement, or of such provision or obligation in any other
     jurisdiction, shall not be affected or impaired thereby.

24.  CONFIDENTIALITY

(A)  Unless otherwise required by applicable law or regulation, or as requested
     by any regulator or tribunal with competent jurisdiction over, or over any
     business of, the relevant party, and subject to Clause 24(B) below, each of
     the parties agrees to maintain the confidentiality of this Agreement in its
     communications with third parties and otherwise.

(B)  The provisions of Clause 24(A) shall not apply:

     (1)  to the disclosure of any information which is or becomes public
          knowledge other than as a result of the conduct of the recipient;

     (2)  to the disclosure of any information to the Finance Parties (as
          defined in the Facilities Agreement) under the Facilities Agreement
          (including any participant, potential participant or potential Lender
          thereunder), the Swap Counterparty and any secured party under the
          Deed of Charge (as defined in the Facilities Agreement), any FCC
          (including the custodian and the management company thereof) and/or
          Law 130 Company set-up pursuant to Clause 20 and the Rating Agencies
          (including their officers, employees, agents and advisers), provided
          that such Persons will hold that information confidential on the same
          basis as the Operating Agent;

     (3)  to the disclosure of any written consent of the parties hereto.

25.  GOVERNING LAW AND JURISDICTION

(A)  Governing Law: This Agreement is governed by, and shall be construed in
     accordance with, the laws of Spain.

(B)  Consent to Jurisdiction: The parties hereto hereby irrevocably and for the
     benefit of each other submit to the jurisdiction of the courts of Spain any
     action or proceeding arising out of or relating to this Agreement, and
     hereby irrevocably agree that all claims in respect of such action or
     proceeding may be heard and determined in such courts. The parties hereto
     hereby irrevocably waive, to the fullest extent they may effectively do so,
     the defence of an inconvenient forum to the maintenance of such action or
     proceeding. As an alternative method of service, the Sellers and the Buyer
     also irrevocably consent to the service of any and all process in any such
     action or proceeding by the delivery of copies of such process to the
     Sellers, Exide Europe or the Buyer, as applicable, at the address
     designated for notices under this Agreement. The Sellers, Exide Europe and
     the Buyer agree that a final judgment in any action or proceeding shall be
     conclusive and may be enforced in other jurisdictions by suit on

                                     -64-

<PAGE>

     the judgment or in any other manner provided by law. Nothing shall affect
     the right to serve process in any other manner permitted by law.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date
specified on the first page of this document.

                                      -65-

<PAGE>

                                   SCHEDULE 1

                                     Part 1

 Offices of the Sellers/Seller Collection Account/Seller Non-Transaction Account

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
             Seller                Seller Collection Account   Seller Non-Transaction Account

-----------------------------------------------------------------------------------------------
<S>                                <C>                         <C>
SOCIEDAD ESPANOLA DEL ACUMULADOR   0030-1518-02-0000233271,    0030-1518-02-0000233271,
TUDOR, S.A.                        with Banesto                with Banesto
Condesa de Venadito, 1
28027 Madrid
-----------------------------------------------------------------------------------------------
FULMEN IBERICA, S.L.               2100-4517-06-2200000617,    0030-1518-02-0000233271
C/Miquel Torello i Pages, 11-13-   with La Caixa               with Banesto
Pol. Ind. El Pla,
08750 Molins de Rei, Barcelona
-----------------------------------------------------------------------------------------------
</TABLE>

                                      -66-

<PAGE>

                                     Part 2

                                  Buyer Account

Account Number:       10123765

Currency:             Euro

Sort Code:            18-50-08

Bank:                 Citibank, N.A., London

Bank Swift Code:      CITIGB21

                                      -67-

<PAGE>

                                   SCHEDULE 2
                     FORM OF ADMISSION OF ADDITIONAL SELLER

To:    Citibank, N.A.                Copy to:    Exide Holding Europe

       336 Strand                                5-7 Allee des Pierres Mayettes

       WC2R 1HB                                  92636 Gennevilliers Cedex

       U.K.                                      France

                         ADMISSION OF ADDITIONAL SELLER

Pursuant to the Receivables Sale Agreement dated 24 May 2002 (the "Agreement")
among inter alia, you, Batteries Funding Limited , Fulmen Iberica, S.L. and
Sociedad Espanola del Acumulador Tudor, S.A.

1.   Terms defined in the Agreement shall, subject to any contrary indication,
     have the same meanings herein.

2.   The Additional Seller hereby requests the Operating Agent to accept this
     Admission of Additional Seller pursuant to and for the purposes of Clause
     19(D) of the Agreement so as to take effect in accordance with the terms
     thereof.

3.   The Additional Seller confirms that it has received a copy of the Agreement
     together with such other information as it has required in connection with
     this transaction and that it has not relied and will not hereafter rely on
     the Operating Agent to check or enquire on its behalf into the legality,
     validity, effectiveness, adequacy, accuracy or completeness of any such
     information and further agrees that it has not relied and will not rely on
     the Operating Agent to assess or keep under review on its behalf the
     financial condition, creditworthiness, condition, affairs, status or nature
     of Batteries Funding Limited or any Seller.

4.   The Additional Seller hereby undertakes with the Operating Agent and each
     of the other parties to the Agreement that it will perform in accordance
     with their terms all those obligations which by the terms of the Agreement
     will be assumed by it after acceptance of this Admission of Additional
     Seller by the Operating Agent and satisfaction of the conditions precedent
     subject to which this Admission of Additional Seller is expressed to take
     effect.

5.   The Operating Agent makes no representation or warranty and assumes no
     responsibility with respect to the legality, validity, effectiveness,
     adequacy or enforceability of the Agreement or any document relating
     thereto and assumes no responsibility for the financial condition of
     Batteries Funding Limited or any Seller or

                                      -68-

<PAGE>

     for the performance and observance by Batteries Funding Limited or any
     Seller of any of their respective obligations under the Agreement or any
     document relating thereto and any and all such conditions and warranties,
     whether express or implied by law or otherwise, are hereby excluded.

6.   The Additional Seller requests that in respect of references to any Seller
     in the Agreement, the following information be inserted in respect of the
     Additional Seller:

================================================================================
(i) Number of days in respect of the payment of        [.] days
invoices for the purposes of paragraph (6) of the
definition of "Eligible Receivable"

================================================================================
(ii) Date of most recent audited annual accounts for   [.]
the purposes of Clause 8(H)

================================================================================
(iii) principal place of business of Additional        [.]
Seller for the purposes of Clause 8(O) and Schedule 1

================================================================================
(iv) Seller Non-Transaction Account for the purposes   [.]
of Schedule 1

================================================================================

7.   This Admission of Additional Seller and the rights, benefits and
     obligations of the parties hereunder is governed by and shall be construed
     in accordance with Spanish law.

[ADDITIONAL SELLER]

By:

Address:

Attention:

Telefax:

Date:

AGREED TO BY:

[RELEVANT ADDITIONAL SELLER]  SOCIEDAD ESPANOLA

                              DEL ACUMULADOR TUDOR, S.A.

                                      -69-

<PAGE>

By:                                         By:

FULMEN IBERICA, S.L.                        BATTERIES FUNDING LIMITED

By:                                         By:

CONSENTED TO THIS ______ DAY OF __________, ________:

Citibank, N.A., London Branch

By:

                                      -70-

<PAGE>

                                   SCHEDULE 3
                          FORM OF SETTLEMENT STATEMENT

                                      -71-

<PAGE>

                                   [GRAPHIC]

                                      -72-

<PAGE>

                                   SCHEDULE 4
                             FORM OF SUMMARY REPORT

                            Batteries Funding Limited

      Seller   :        Spain
      Currency :        Total Spanish Peseta Portfolio in EURO
      Summary Report Date                                           02/05/19
      Summary Report for period ended                               02/05/18
      =========================================================================
      Capital Requested at next purchase           ----->

      Sold Portfolio Ageing by invoice due date :

             Current - Due beyond 91      ----->         4.475.689,91   10,739%
             Current - Due in 90 days     ----->         9.647.867,61   23,150%
             Current - Due in 60 days     ----->         9.831.254,58   23,590%
             Current - Due in 30 days     ----->        12.232.341,47   29,351%
             1 - 30 days Overdue          ----->         3.547.455,94    8,512%
             31 - 60 days Overdue         ----->           482.780,67    1,158%
             61 - 90 days Overdue         ----->           709.046,01    1,701%
             91 - 120 days Overdue        ----->           -70.447,43   -0,169%
             121 - 150 days Overdue       ----->            94.147,06    0,226%
             151 - 180 days Overdue       ----->            77.577,39    0,186%
             181 + days Overdue           ----->           648.410,72    1,556%
                                                   ------------------
             Total                        ----->        41.676.123,93

      Estimated Cash         Days 1 - 30           ----->        17.721.311,83
      Collections in         Days 31 - 60          ----->         9.831.254,58
      future periods         Days 61 - 90          ----->         9.647.867,61
                             Days 91 +             ----->         4.475.689,91
                                                            ------------------
                             Total                 ----->        41.676.123,93

      Collections in
      current period Received by due date          ----->           205.932,32
      by due date :  Received 30 days after due date --->         1.047.355,42
                     Received 60 days after due date --->            23.451,19
                     Received 90 days after due date --->           148.560,96
                     Received 91+ days after due date -->           200.906,22
                                                            ------------------
                     Total Collections             ----->         1.626.206,11

      Total new receivables sold this month        ----->           325.264,73

      Sold Credit Notes Outstanding     -------->         4.920.436,70  10,560%
      Credit Notes issued in last 30 days ------>           635.698,04   1,502%

      Total Credit Notes Outstanding    -------->         4.962.670,45  10,089%
      Credit Notes issued in last 30 days ------>           635.698,04   1,417%

      Total Invoices sold                       -------->               22.815
      Total New Invoices sold                   -------->                    0

      Total delinquent receivables in sold portfolio --->         1.941.514,42
      Total delinquent receivables (Sold + Unsold) ----->         1.987.165,57

      Total defaulted receivables in sold portfolio ---->           749.687,74
      Total defaulted receivables (Sold + Unsold) ------>           790.322,08

                                      -73-

<PAGE>

                            Batteries Funding Limited

      Seller   :        Spain
      Currency :        Total Spanish Peseta Portfolio in EURO
      Summary Report Date                                           02/05/19
      Summary Report for period ended                               02/05/18
      =========================================================================

      Average Credit Terms (Sold Portfolio)     -------->      0,000
      Average Credit Terms (Total Portfolio)    -------->      0,000
      Weighted Credit Terms (Sold Portfolio)    -------->      0,000
      Weighted Credit Terms (Total Portfolio)   -------->      0,000

      Net invoices issued in the last seven days ------>         521.303,31

      Total Portfolio Ageing (Sold + Unsold) by invoice due date

               Current                    ----->        38.690.275,87   87,480%
               1 - 30 Days Overdue        ----->         3.550.335,44    8,027%
               31 - 60 Days Overdue       ----->           483.551,10    1,093%
               61 - 90 Days Overdue       ----->           713.292,39    1,613%
               91 - 120 Days Overdue      ----->           -69.751,49   -0,158%
               121 - 150 Days Overdue     ----->            94.147,06    0,213%
               151 - 180 Days Overdue     ----->            77.577,39    0,175%
               181 + Days Overdue         ----->           688.349,12    1,556%
                                                     ----------------
               Total Receivables          ----->        44.227.776,88

     =========================================================================
       ALL INFORMATION HEREIN IS TRUE AND ACCURATE

       ____________________                            ____________________
       Authorised Signature                            Authorised Signature

                                      -74-

<PAGE>

                                   SCHEDULE 5

                          INITIAL CONDITIONS PRECEDENT

(a)  A certificate issued by the Secretary of the Board of Directors and
     endorsed by the Chairmen of the resolutions of the board of directors (or
     analogous body) of the Seller approving this Agreement and the other
     documents to be delivered by it and the transactions contemplated in this
     Agreement.

(b)  Copies of the statutes (Estatutos) of the Seller (certified by the
     Secretary of the Board of Directors of the Seller to be a true and up to
     date copy).

(c)  A certificate of an appropriate officer of each Seller certifying the names
     and true signatures of the officers authorised on its behalf to sign or, as
     appropriate, witness the sealing of this Agreement and the other documents
     to be delivered by it (on which certificate the Operating Agent may
     conclusively rely until such time as the Operating Agent receives from the
     Seller a revised certificate meeting the requirements of this paragraph
     (c)).

(d)  A favourable opinion of legal advisers to the Operating Agent as to sale of
     Receivables and other relevant matters, in such form as the Operating Agent
     may reasonably require.

(e)  A favourable opinion of legal advisers to the Sellers as to capacity and
     corporate powers of each Seller in such form as the Operating Agent may
     reasonably require.

(f)  Letter of Undertaking from Exide Europe in a form acceptable to the
     Operating Agent, plus a favourable opinion of legal advisers satisfactory
     to the Operating Agent as to the execution and enforceability of the Letter
     of Undertaking.

(g)  A favourable opinion of legal advisers to Exide Europe as to capacity and
     corporate powers of Exide Europe in such form as the Operating Agent may
     reasonably require.

(h)  A Directors' Certificate from the directors of each Seller in relation to
     the solvency of such Seller and a certificate from the directors of Exide
     Europe in relation to the solvency of Exide Europe in form and substance
     acceptable to the Operating Agent.

(i)  Execution of the Relevant Documents (as defined in each of the Origination
     Agreements) (excluding, for the avoidance of doubt, the Bank Account
     Mandate in respect of the Buyer Collection Account) and all documentation
     to be delivered therewith.

(j)  Satisfactory review by the Operating Agent of each Seller's billing and
     collection operations and reporting systems and implementation of any
     additional receivable tracking and reporting systems in form and substance
     satisfactory to the Operating Agent.

                                      -75-

<PAGE>

(k)  Preparation of a written Credit and Collection Policy by each Seller, in
     form and substance satisfactory to the Operating Agent.

(l)  The Operating Agent has received such other approvals, opinions or
     documents as it may reasonably request.

(m)  A direction from Exide Europe or the Seller with regard to the payment of
     Citibank's (on its own behalf), the Operating Agent's and Batteries
     Funding's reasonable legal costs (together with disbursements and VAT) in
     form and substance satisfactory to the Operating Agent.

(n)  Enigma Licence Agreement duly executed by Exide Europe.

(o)  Satisfaction of all initial conditions precedent set forth in Schedule 2 to
     the Facility Agreement.

(p)  Duly registered copy of the relevant application form including the
     Financial Number (Numero de Operacion Financiera, NOF) granted by the
     Central Bank (Banco de Espana) in connection with this Agreement.

(q)  Execution of the Currency Exchange Agreement.

                                      -76-

<PAGE>

                                   SCHEDULE 6
                       FORMS FOR OFFER/ACCEPTANCE/RECEIPT

                                     Part 1

                                    Section A

                  Form of Letter of Offer on Initial Offer Date

From:          Exide Europe Funding Ltd

               c/o Exide Holding Europe

               5-7 Allee des Pierres Mayettes

               92636 Gennevilliers Cedex-France

To:            Batteries Funding Limited

               West Block

               International Financial Services Centre

               Dublin 1

Copy to:       Citibank, N.A.

               Citicorp Centre

               33 Canada Square

               Canary Wharf

               London E14 5LB

Attention:                            Date:

                               SUBJECT TO CONTRACT

Dear Sirs,

1.   Pursuant to the Receivables Sale Agreement dated 24 May 2002 (as from time
     to time amended, supplemented or novated) (the "Agreement") among, inter
     alios, you, Citibank, N.A., the undersigned, [name of the Seller/s] (the
     "Sellers") concerning the purchase of Receivables from the Seller as
     beneficial owner we, on behalf of [name of Seller] hereby offer to you an
     assignment of:

     (i)  Existing Receivables with an Outstanding Balance of [.] (being the
          Existing Receivables identified for you pursuant to Clause 4(E) of the
          Agreement) on the next Settlement Date for an Existing Receivables
          Purchase Price calculated in accordance with the Agreement of [.];

     (ii) (a) Future Receivables which have come and will come into existence
          between (and including) the Initial Reference Date and (but excluding)
          the next

                                      -77-

<PAGE>

          Effective Date in respect of [name of the Designated Account Debtors];
          and (b) Future Receivables with respect to [name of the Designated
          Account Debtors] which will come into existence during the next
          Settlement Period for an Acceptance Fee of Euro 10.

2.   The provisions of the Agreement will apply to this letter and the related
     Purchase by the Buyer, and except as otherwise provided herein, capitalised
     terms in this letter will have the meaning ascribed to them in the
     Agreement.

3.   The Discount computed for the Group of Receivables (which are Existing
     Receivables and Eligible Receivables) the subject of this letter is [.].

4.   The offer made under this letter constitutes an irrevocable offer by [name
     of the Sellers], binding upon them to assign and to sell to you the
     ownership interest in the Receivables to in this Letter of Offer and the
     Related Security.

5    This Letter of Offer shall be governed by Spanish law.

The Purchase Date relevant to this Purchase is [.]

Yours faithfully,

EXIDE HOLDING EUROPE, acting on behalf of [Sellers]

By:

Authorised Signatory

                                      -78-

<PAGE>

                                    Section B

              Form of Letter of Offer on Any Subsequent Offer Date

From:       Exide Europe Funding Ltd

            c/o Exide Holding Europe

            5-7 Allee des Pierres Mayettes

            92636 Gennevilliers Cedex-France

To:         Batteries Funding Limited

            West Block

            International Financial Services Centre

            Dublin 1

Copy to:    Citibank, N.A.

            Citicorp Centre

            33 Canada Square

            Canary Wharf

            London E14 5LB

Attention:                                  Date:

                               SUBJECT TO CONTRACT

Dear Sirs,

1.   Pursuant to the Receivables Sale Agreement dated 24 May 2002 (as from time
     to time amended, supplemented or novated) (the "Agreement") among, inter
     alios, you, Citibank, N.A., the undersigned and [name of the Seller/s] (the
     "Sellers") concerning the purchase of Receivables from the Seller as
     beneficial owner we, on behalf of [name of Seller/s], hereby offer to you
     an assignment of:

     [(i)]  all Future Receivables with respect to [name of the Designated
            Account Debtors] which will come into existence during the next
            Settlement Period for an Acceptance Fee of Euro 10;

     [in the event only of Additional Designated Account Debtors offering
     Receivables for the first time:

     (ii)   all Existing Receivables with respect to [name of the Additional
            Designated Account Debtors] with an Outstanding Balance of [.]
            (being the Existing Receivables identified for you pursuant to
            Clause 4(E) of the Agreement) on

                                      -79-

<PAGE>

            the next Settlement Date for an Existing Receivables Purchase Price
            calculated in accordance with the Agreement of [.]; and

      (iii) all Future Receivables with respect to [name of the Additional
            Designated Account Debtors] which have come and will come into
            existence between (and including) the Reference Date preceding this
            Offer Date and (but excluding) the next Settlement Date for the
            Acceptance Fee]

2.    The provisions of the Agreement will apply to this letter and the related
      Purchase by the Buyer, and except as otherwise provided herein,
      capitalised terms in this letter will have the meaning ascribed to them in
      the Agreement.

[3.   The Discount computed for the Group of Receivables (which are Existing
      Receivables and the Eligible Receivables) the subject of this letter is
      [.].]

[3/4] The offer made under this letter constitutes an irrevocable offer by
      [name of the Sellers], binding upon them to assign and to sell to you
      the ownership interest in the Receivables to in this Letter of Offer
      and the Related Security.

[4/5] This Letter of Offer shall be governed by Spanish law.

The Purchase Date relevant to this Purchase is [.].

Yours faithfully

EXIDE HOLDING EUROPE, acting on behalf of [Sellers]

By:

Authorised Signatory

                                      -80-

<PAGE>

                                     Part 2

                          Form of Letter of Acceptance

From:      Batteries Funding Limited

           West Block

           International Financial Services Centre

           Dublin 1

To:        Exide Holding Europe

           5-7 Allee des Pierres Mayettes

           92636 Gennevilliers Cedex-France

Copy to:   Citibank, N.A.

           Citicorp Centre

           33 Canada Square

           Canary Wharf

           London E14 5LB

Dated: [ ]

1.   We refer to the Letter of Offer dated [  ] (the "Letter of Offer") in
     relation to a receivables purchase agreement (such receivables purchase
     agreement, as from time to time amended, supplemented or novated being
     herein called the "Agreement") dated May 24, 2002 and originally made
     between, among other, ourselves and yourselves as Offer Agent on behalf of
     the Sellers.

     (a)  Terms defined in the Agreement shall bear the same meaning herein.

     (b)  We hereby accept to purchase from the Seller[s], pursuant to the
          Agreement, the Group of Receivables and the Related Security subject
          of the Letter of Offer at the Existing Receivables Purchase Price and
          Future Receivables Purchase Price calculated in accordance with the
          Agreement and confirm that we will pay such Existing Receivables
          Purchase Price and Future Receivables Purchase Price less any set-offs
          made pursuant to the Agreement, into the below account:

                Credit entity: [ ]
                SWIFT:         [ ]
                Beneficiary:   [ ]

     (c)  We hereby confirm our acceptance of the assignment of the Group of
          Receivables and the Related Security specified in your Letter of
          Offer.

                                      -81-

<PAGE>

All the above, in accordance with Article 1527 et seq. of the Spanish Civil Code
and Article 347 et seq. of the Spanish Commercial Code.

Yours faithfully,

______________________________
for and on behalf of
Batteries Funding Limited

                                      -82-

<PAGE>

                                     Part 3

                                    Section A

 Form of Receipt of the Existing Receivables Purchase Price and the Acceptance
                                      Fee

From:      Sociedad Espanola del Acumulador Tudor, S.A.

To:        Batteries Funding Limited

           West Block

           International Financial Services Centre

           Dublin 1

Copy to:   Citibank, N.A.

           Citicorp Centre

           33 Canada Square

           Canary Wharf

           London E14 5LB

Dated: [.]

Dear Sirs,

1.   We refer to the receivables purchase agreement (such receivables purchase
     agreement, as from time to time amended, supplemented or novated being
     herein called the "Agreement") dated May 24, 2002 and originally made
     between, among other, ourselves and yourselves as Offer Agent on behalf of
     the Sellers.

2.   Terms defined in the Agreement shall bear the same meaning herein. This
     Receipt is given pursuant to Clause 4(C) of the Agreement.

3.   We hereby acknowledge receipt of: (i) the Existing Receivables Purchase
     Price in the amount of [.] on the [specify date] in respect of the Existing
     Receivables subject of the Letter of Offer dated [.]; and (ii) the
     Acceptance Fee in the amount of Euro 10 on the [specify date] in respect of
     the Future Receivables identified in the Letter of Offer dated [.];
     calculated in accordance with the Agreement less the amount of [.] which
     was set off by you in accordance with the Agreement.

All the above, in accordance with Article 1527 et seq. of the Spanish Civil Code
and Article 347 et seq. of the Spanish Commercial Code.

Yours faithfully,

_____________________

                                      -83-

<PAGE>

for and on behalf of
Exide Holding Europe
as Offer Agent

                                      -84-

<PAGE>

                                    Section B

            Form of Receipt of the Future Receivables Purchase Price

From:      Sociedad Espanola del Acumulador Tudor, S.A.

To:        Batteries Funding Limited

           West Block

           International Financial Services Centre

           Dublin 1

Copy to:   Citibank, N.A.

           Citicorp Centre

           33 Canada Square

           Canary Wharf

           London E14 5LB

Dated: [.]

Dear Sirs,

1.   We refer to the receivables purchase agreement (such receivables purchase
     agreement, as from time to time amended, supplemented or novated being
     herein called the "Agreement") dated May 24, 2002 and originally made
     between, among other, ourselves and yourselves as Offer Agent on behalf of
     the Sellers.

2.   Terms defined in the Agreement shall bear the same meaning herein. This
     Receipt is given pursuant to Clause 4(D) of the Agreement.

3.   We hereby acknowledge receipt of: (i) the Future Receivables Purchase Price
     in the amount of [.] on the [specify Settlement Date] in respect of the
     Future Receivables having come into existence during the Reference Period
     preceding such date and listed in the Accounts Receivables Listing attached
     hereto, calculated in accordance with the Agreement less the amount of [.]
     which was set off by you in accordance with the Agreement.

All the above, in accordance with Article 1527 et seq. of the Spanish Civil Code
and Article 347 et seq. of the Spanish Commercial Code.

Yours faithfully,

_____________________________
for and on behalf of

                                      -85-

<PAGE>

Exide Holding Europe
as Offer Agent

                                      -86-

<PAGE>

                                   SCHEDULE 7
                                FORM OF CONTRACT

                                      -87-

<PAGE>

                                      -88-

<PAGE>

                                      -89-

<PAGE>

                                   SCHEDULE 8

                                     Part 1

                   Information to be Provided to Exide Europe

1.   On the last Local Business Day in each calendar week prior to each Purchase
     Date:

     a computerised download containing the following fields:

     - number, which identifies the applicable Seller

     - customer number

     - customer name

     - customer type

     - location of customer (country)

     - invoice number

     - journal number

     - issue date of invoice

     - due date of invoice

     - currency of invoice

     - currency amount of invoice

     - type of invoice

     and other fields which may vary from applicable Seller to applicable Seller
     and which are necessary for Enigma to select Eligible Receivables.

2.   On or before the third Determination Date of each calendar month, the
     information requested in Part 2 of this Schedule 8 in respect of the
     previous calendar month.

3.   On or before the third Determination Date of each of the calendar months of
     March, June, September and December (or such more frequent time as the
     Operating Agent may request in writing in accordance with Clause 11(G) of
     the Agreement):

     a computerised download containing the addresses of the Account Debtors
     listed in paragraph 1 above, containing the following specific information:

     - full customer name

                                      -90-

<PAGE>

     - address field 1

     - address field 2

     - address field 3

     - town

     - area code

     - country of address

     AND ALL OTHER INFORMATION WHICH MIGHT BE NECESSARY FOR THE CORRECT
     IDENTIFICATION BY THE OPERATING AGENT AND/OR EXIDE EUROPE OF THE ACCOUNT
     DEBTOR/CUSTOMER AND INVOICE.

                                      -91-

<PAGE>

                                     Part 2

                             Form of Monthly Summary

To:      Charles Prowse - Citibank [Fax: +44 171 500 9665]

CC:      Claire Berdou - Exide Europe Headquarters [Fax: +33 1 4121 2697]

Seller:          _____________________________________

Date Prepared:   _____________________________________

For month:       _____________________________________

All information relates to 3rd party domestic customers.

1.Total value of sales (incl. VAT):            _________________________________

2. Total value of Write-offs in the month
(overdue 90 days or less):                     _________________________________

3. Total value of Credit Notes
(Disputes/Claims/invoicing errors etc,
incl. VAT):                                    _________________________________

4. Level of accruals for volume rebates:       _________________________________

5. Amount of credit notes issued for volume
rebates in the month:                          _________________________________

6. Expenses for warrantly claims during the
month:                                         _________________________________

7. Prompt payment discounts paid during the
month:                                         _________________________________

Receivable Ageing - Month-end Ledger

(only necessary if the downloaded file does not contain all 3rd party domestic
customers, e.g. Italy)

-------------------------------------------------------------------------------
       Days Past Due                        Amounts in Ledger Currency

-------------------------------------------------------------------------------

                                      -92-

<PAGE>

--------------------------------------------------------------------------------
Current

--------------------------------------------------------------------------------
1 - 30

--------------------------------------------------------------------------------
31 - 60

--------------------------------------------------------------------------------
61 - 90

--------------------------------------------------------------------------------
91 - 120

--------------------------------------------------------------------------------
121 +

--------------------------------------------------------------------------------

We certify that all information contained in this summary is true and accurate

[SELLER NAME]

____________________________

Name

                                      -93-

<PAGE>

                                   SCHEDULE 9

                              LETTER OF UNDERTAKING

                     [EXIDE HOLDING EUROPE, S.A. LETTERHEAD]

                              Letter of Undertaking

                                                               Date:[.] May 2002

To:  Batteries Funding Limited ("Batteries Funding"); and

     Citibank, N.A., London Branch ("Citibank") as Operating Agent and Servicer
     under the Origination Agreements and Agent under the Facilities Agreement.

Dear Sirs,

1.   We refer to the following agreements:

     (i)   the Receivables Securitisation Deed dated as of the date hereof
           between CMP Batteries Limited, Exide (Dagenham) Limited, Fulmen
           (U.K.) Limited, DETA UK Limited (together with any additional member
           of the Exide Group acceding to the Receivables Securitisation Deed
           after the date hereof, the "U.K. Originators"), ourselves as Offer
           Agent, Batteries Funding and Citibank, N.A. as Operating Agent (the
           "U.K. Origination Agreement");

     (ii)  (a) the Receivables Subrogation Agreement dated 6 June 1997 (as
           amended on the date hereof) between Compagnie Europeenne
           d'Accumulateurs, S.A.S. (together with any additional member of the
           Exide Europe Group acceding to the Receivables Subrogation Agreement
           after the date hereof, the "French Originators"), Exide Europe
           Funding Ltd. ("Exide Funding"), ourselves as Offer Agent and
           Citibank, N.A. as Operating Agent and (b) the Onward Receivables Sale
           Agreement dated as of the date hereof between Exide Funding,
           ourselves as Offer Agent, Batteries Funding and the Operating Agent
           (the "French Origination Agreements");

     (iii) the Receivables Sale Agreement dated as of the date hereof between
           Sociedad Espanola del Acumulador Tudor, S.A. and Fulmen Iberica, S.L.
           (together with any additional member of the Exide Europe Group
           acceding to such Receivables Sale Agreement after the date hereof,
           (the "Spanish Originators"), ourselves as Offer Agent, Batteries
           Funding and Citibank, N.A., as Operating Agent (the "Spanish
           Origination Agreement");

     (iv)  (a) the Receivables Purchase Agreement dated 3 June 1997 (as amended
           on the date hereof) between Societa Industriale Accumulatori, S.r.l.
           and Compagnia Generale Accumulatori S.p.a. (now Exide Italia S.r.l.)
           (together with any additional member of the Exide Europe Group
           acceding to the

                                      -94-

<PAGE>

          Receivables Sale Agreement after the date hereof, the "Italian
          Originators"), ourselves as Offer Agent, Archimede Securitisation
          s.r.l. and Citibank, N.A. as the Operating Agent and (b) the Onward
          Sale Agreement dated as of the date hereof between Archimede
          Securitisation s.r.l., Batteries Funding and the Operating Agent (the
          "Italian Origination Agreements");

     (v)  the Receivables Sale Agreement dated as of the date hereof between
          Exide Automotive Batterie GmbH, Deutsche Exide GmbH and Deutsche Exide
          Standby GmbH (together with any additional member of the Exide Group
          acceding to such Receivables Sale Agreement after the date hereof, the
          "German Originators" and, together with the U.K. Originators, the
          French Originators, the Spanish Originators and the Italian
          Originators, the "Originators"), ourselves as Offer Agent, Batteries
          Funding and Citibank, N.A. as Operating Agent (the "German Origination
          Agreement") and, together with the U.K. Origination Agreement, the
          French Origination Agreements, the Spanish Origination Agreement and
          the Italian Origination Agreements (the "Origination Agreements"); and

     (vi) the Facilities Agreement dated the date hereof among Batteries
          Funding, Citibank, N.A., London Branch as Agent and Arranger and the
          lenders from time to time party to the Facilities Agreement (the
          "Facilities Agreement").

2.   Unless otherwise specified in this letter, terms defined in the Origination
     Agreements shall have the same meanings when used herein.

3    Any reference in this letter to any other agreement or document shall,
     unless the context otherwise requires, include that other agreement or
     document as from time to time amended, supplemented or novated and any
     document which amends, supplements or novates that other agreement of
     document.

4.   We hereby confirm to you that the Facilities Agreement and the Origination
     Agreements, all their respective terms and conditions and all related
     documents, fully meet our approval.

5.   We are aware that the Facilities Agreement and the Origination Agreements
     have been entered into on the condition that, inter alia, our indirect and
     beneficial ownership of at least 80% of the issued share capital of each
     Originator and Exide Funding and we control each Originator and Exide
     Funding. We are further aware that the Facilities Agreement and the
     Origination Agreements have been entered into in reliance on this Letter of
     Undertaking.

6.   We confirm that we currently own indirectly and beneficially at least 80%
     of the issued share capital of each Originator and Exide Funding and that
     we control each Originator and Exide Funding and we covenant, subject to
     paragraph 6 below, that we will not reduce our percentage shareholding or
     alter our control of each Originator and Exide Funding until the Facilities
     Agreement and the Origination Agreements have been

                                      -95-

<PAGE>

     terminated and all obligations under the Origination Agreements to each of
     you have been met by the Originators and Exide Funding.

7.   We undertake to you that in the event that our percentage shareholding in
     any Originator falls below 80% of the issued share capital of such
     Originator or that we cease to control such Originator, we shall ensure
     that (a) you (or, as the case may be, Archimede or Exide Funding) will
     receive from such Originator, prior to the date on which our shareholding
     falls below 80% of the issued share of such Originator or we cease to
     control such Originator, an amount equal to the Outstanding Balance of the
     Receivables which have been purchased from such Originator (such amount to
     be treated as a Collection for the purpose of the relevant Origination
     Agreement) and that such Originator will cease to offer to sale Receivables
     under the terms of the Origination Agreement to which it is a party.

8.   We further covenant to ensure that each Originator and Exide Funding (in
     each of their capacities under the Originor Agreements) at all times duly
     perform and comply with all their obligations to each of you under or in
     connection with the Origination Agreements and, in particular, that we will
     at all times take all measures necessary or desirable to ensure that the
     billing, credit and collection policies and procedures of such Originator
     and Exide Funding are not changed in any way that may materially adversely
     affect the interests of either of you under the Origination Agreements. We
     further covenant that we will comply with our obligations in this paragraph
     7 even if any of the relevant obligations of the Originators or Exide
     Funding under the Origination Agreements are determined by a court of
     competent jurisdiction to be invalid or unenforceable.

9.   Without limiting our covenant in paragraph 7 above, we further covenant to
     either ensure that: (i) each Originator and Exide Funding will at all times
     duly perform and comply with or (ii) we will perform and comply with, on
     behalf of each Originator and Exide Funding, all reporting, documentary and
     calculation requirements of the Originators and Exide Funding under the
     Origination Agreements and that the same are met in a timely fashion.

10.  We further covenant to provide you with immediate notice upon becoming
     aware of any breach by any Originator or Exide Funding of any of its
     obligations under the Origination Agreements and any of the events
     described in (A), (B) or (C) below or any event which, with the giving of
     notice or lapse of time or both, would constitute one of such events:

     (A)  Any Originator or Exide Funding fails to pay any principal of or
          premium or interest on any debt, when the same becomes due and payable
          (whether by scheduled maturity, required prepayment, acceleration,
          demand or otherwise) and such failure shall continue after the
          applicable grace period, if any, specified in the agreement or
          instrument relating to such debt, or any other default under any
          agreement or instrument relating to any debt, or any other event,
          shall occur and shall continue after the applicable grace period, if
          any,

                                      -96-

<PAGE>

          specified in such agreement or instrument, if the effect of such
          default or event is to accelerate or to permit the acceleration of the
          maturity of such debt, or any such debt shall be declared to be due
          and payable or required to be prepaid (other than by a regularly
          scheduled required prepayment) prior to the stated maturity thereof,
          or any present or future mortgage, charge or other security interest
          on or over any assets of such Originator or Exide Funding becomes
          enforceable;

     (B)  a resolution is passed or a petition is presented or an order made for
          the winding up, liquidation, dissolution, merger or consolidation of
          such Originator or Exide Funding (except for the purposes of a bona
          fide reconstruction or amalgamation with your consent), or a petition
          is presented or an order made for the appointment of an administrator
          in relation to any Originator or Exide Funding, or a receiver,
          administrative receiver or manager is appointed over any part of the
          assets or undertaking of any Originator or Exide Funding, or any event
          analogous, to any of the foregoing occurs (except, in the case where a
          petition is presented (i) the proceeding is frivolous or vexatious and
          (ii) such Originators or Exide Funding is solvent and is contesting
          the proceeding in good faith); or

     (C)  an Early Amortisation Event under any of the Origination Agreements
          occurs.

11.  We undertake that we will provide to Citibank all documents which Exide
     Technologies, ourselves or any European Affiliate of Exide Technologies is
     required to provide under the US DIP Facility Agreement in relation to
     ourselves and such European Affiliate as and when the same are provided
     under the US DIP Facility Agreement.

12.  This Letter of Undertaking is governed by the laws of England. We hereby
     irrevocably and for your benefit submit to the jurisdiction of the courts
     of England in any action or proceeding arising out of or relating to this
     letter, and hereby irrevocably agree that all claims in respect of such
     action or proceeding may be heard and determined in such courts. We hereby
     irrevocably waive, to the fullest extent that we may effectively do so, the
     defence of an inconvenient forum to the maintenance of such action or
     proceeding. We agree that a final judgment in any action or proceeding
     shall be conclusive and may be enforced in other jurisdictions by suit on
     the judgment or in any other manner provided by law. We irrevocably appoint
     the Person specified against our signature to accept any service of any
     process on our behalf and further undertake that we will at all times
     during the continuance of this letter maintain the appointment of some
     Person in England as its agent for the service of process and irrevocably
     agree that the service of any writ, notice or other document for the
     purposes of any suit, action or proceeding in the courts of England shall
     be duly served upon it if delivered or sent to the address of such
     appointee (or to such other address in England as that party may notify to
     the other parties hereto).

 Yours faithfully,

                                      -97-

<PAGE>

______________________________               Process Agent:

EXIDE HOLDING EUROPE, S.A.                   CMP Batteries Limited
                                             P.O. Box 1
                                             Salford Road
                                             Over Hulton
                                             Bolton BL5 1DD

                                      -98-

<PAGE>

                                   SCHEDULE 10
          LIST OF ACCOUNT DEBTORS OTHER THAN DESIGNATED ACCOUNT DEBTORS

FIAT

                                      -99-

<PAGE>

                                   SCHEDULE 11
                              NOTICE OF ASSIGNMENT

                                     Part 1

                          Form of Notice of Assignment

                          [ENCABEZAMIENTO DEL VENDEDOR]

[DATE]

A: [Designated Account Debtor]

Muy Sres. Mios:

Por la presente le notificamos:

(i)  que hemos cedido a Batteries Funding Limited, sociedad con domicilio en
     [incluir domicilio], todos nuestros derechos e intereses sobre todos los
     recibos que usted nos adeuda a fecha de hoy y aquellos recibos que usted
     nos adeude hasta [.] en relacion con [Contratos pertinentes]; en
     consecuencia, se le requiere para que, a partir del 30 de Junio de 2002,
     efectue todos los pagos en relacion con dichos recibos en la cuenta de
     Batteries Funding Limited [detalles de la Buyer Collection Account] con [.]
     y todos los pagos que en relacion con dichos recibos efectue mediante
     cheque, letra de cambio, pagare u otros documentos bancarios los libre a
     favor de Batteries Funding Limited y remita dichos cheques, letras de
     cambio, pagares u otros documentos bancarios a [.]; y

(ii) que es nuestra intencion ceder a Batteries Funding Ltd., todos nuestros
     derechos e intereses sobre todos los recibos que usted nos adeude en el
     futuro por razon de nuestras operaciones. En consecuencia, salvo que otra
     cosa se disponga en la factura, la emision y envio a ustedes de dicha
     factura debe ser considerado: (a) una notificacion de la cesion de los
     derechos, intereses y derechos accesorios que resulten de la misma; y (b)
     una instruccion de realizar, a partir del 30 de Junio de 2002, los futuros
     pagos en relacion con dichos recibos de la manera dispuesta en el parrafo
     anterior o de la manera que se le indique en la factura relacionada con
     tales recibos.

Atentamente,

[RAZON SOCIAL DEL SELLER]

Acuse de recibo:

                                     -100-

<PAGE>

Mediante la firma de la copia adjunta y remision de la misma a [.], confirmamos
haber sido notificados de la cesion de los derechos, intereses y derechos
accesorios que resulten de las facturas recibidas de [Seller] que no establezcan
otra cosa y consentimos la cesion de los mismos a todos los efectos (incluyendo
los del Articulo 1198 del Codigo Civil), con efectos a partir de la recepcion de
cada una de las facturas anteriormente referidas.

[RAZON SOCIAL DEL DESIGNATED ACCOUNT DEBTOR]

                                     -101-

<PAGE>

                                     Part 2

                Translation into English for information purposes

[Date]

To:  [Designated Account Debtor]

Dear Sirs,

We hereby give you notice you that:

(i)  we have assigned to Batteries Funding Limited, a company domiciled at
     [include address] all our rights, title and interest in all receivables
     owing to us by you as of this date and those which you will be owing to us
     up to [.] in relation to [relevant Contracts] and that, as a result, as
     from 30 June 2002, you are required to make all payments in respect of such
     receivables to the account of Batteries Funding Limited [Buyer Collection
     Account details] with [.] and to make all your payments by cheque, bill of
     exchange, promissory note or other banking document, in respect of such
     receivables to the order of Batteries Funding Limited and to remit such
     cheques, bills of exchange, promissory notes or other banking documents to
     [.]; and

(ii) we are intending to assign to Batteries Funding Ltd. in all our rights,
     title and interest in all [other] receivables which you will be owing to us
     in the course of our businesses. Accordingly, and except as otherwise
     provided in the relevant invoices, the issuance and remittance to you of
     such invoice must be considered as (a) a notice of the assignment of the
     indebtedness, interests and benefits arising thereof; and (b) an
     instruction to make all your further payments as from 30 June, 2002 in
     respect of such receivables in the manner set out above or as otherwise
     instructed to you in the invoice related to such receivables.

Kindest regards,

[NAME OF THE SELLER]

Acknowledgement of Receipt

By signing the enclosed copy and returning the same to [.], we do hereby
acknowledge receipt of the notice of assignment of the indebtedness, interests
and benefits arising from any invoices received from [Seller] which do not
expressly provide otherwise and consent to the assignment thereof to all effects
(including those of Section 1198 of the Spanish Civil Code) and with effect from
the date of reception of each of the aforesaid invoices.

[NAME OF THE DESIGNATED ACCOUNT DEBTOR]

                                     -102-

<PAGE>

                                     Part 3

                        (to be inserted in each invoice)

Please ensure that all your payments are made to the credit of [details of the
Buyer Collection Account] with [Buyer Collection Account Bank].

                                     -103-

<PAGE>

                                   SCHEDULE 12
                            ENIGMA LICENCE AGREEMENT

Attention: Company Secretary and Financial Director

                            Enigma Licence Agreement

                                                                    [.] May 2002

Dear Sirs,

In connection with the preparation of certain date required to be delivered
under the origination agreements dated (or amended) as of the date hereof
between certain of your European subsidiaries, Batteries Funding Limited,
yourselves and ourselves (together with any other origination agreement which
may be entered after the date hereof, the "Agreements") we are making available
to you certain proprietary computer software and related documentation
collectively known as "Enigma". Enigma has been developed by us, on the basis of
commercially available software which we purchased, to help manage the
securitisation of trade receivables portfolios. This letter is to confirm the
terms on which we are licensing your use of Enigma.

Acknowledging that Enigma is an shall remain the property of Citibank, N.A., you
shall be entitled to sue Enigma solely in connection with the performance of
your obligations under the Agreements. Only those of your personnel responsible
for such performance will be allowed to have access to Enigma and the use
thereof. You will keep Enigma confidential and not copy or divulge any of its
content to any third parties and shall return to us or destroy all copies of
Enigma in your possession upon the termination of the Agreements.

Should Enigma fail accurately to produce information required under the
Agreements from adequate and accurate input, we will (i) provide all assistance
you reasonably request to enable the timely production of such information using
alternative methods, (ii) immediately commence efforts to identify and correct
the cause of such failure, and (iii) should the foregoing prove unsuccessful,
co-operate fully with you in devising alternative solutions, taking into account
the actual circumstances, and in obtaining any required approval thereof from
other parties. Further, we will promptly update your version of Enigma with any
future program improvements.

Except as provided above and in the Agreements, we shall have no responsibility
whatever arising out of any Enigma failure, do not in any manner warrant or
guaranty its performance and in no event shall we have monetary liability in
connection with such failure or such performance or the consequences thereof,
you having acknowledged that our foregoing commitment of assistance and
co-operation is appropriate in the circumstances and your sole remedy.

                                     -104-

<PAGE>

Please acknowledge your acceptance of the foregoing in the place provided below.

Very truly yours,

CITIBANK, N.A.,
London Branch

By:

Title: Vice President

Agreed and accepted

EXIDE HOLDING EUROPE

By:

Name:
Title:

By:

Name:
Title:

                                     -105-

<PAGE>

                                   SCHEDULE 13
                            FORM OF POWER OF ATTORNEY

                                     Part 1
                 MODELO DE PODER NOTARIAL IRREVOCABLE A FAVOR DE
                   BATTERIES FUNDING LIMITED Y CITIBANK, N.A.

NUMERO [.]

En la ciudad de [.], a [.] de 2002.

Ante mi, D. [.], Notario del Ilustre Colegio de [.], debidamente autorizado y en
ejercicio de mis funciones notariales,

                                    COMPARECE

El Sr. [.], mayor de edad, de nacionalidad [.], domiciliado en [.].

                                   INTERVIENE

En nombre y representacion de [Name of the Seller] entidad con domicilio social
en [.] (en lo sucesivo, la "Sociedad")

[Datos relativos a la facultad del otorgante para otorgar el Poder]

Identifico al otorgante por sus datos personales y su firma y yo, el Notario,
doy fe de que los mismos coinciden con los datos personales y la firma que
aparecen en este documento.

                                     EXPONE

I.   Que, de conformidad con un contrato de cesion de creditos, suscrito con el
     nombre de "Receivables Sale Agreement" (en lo sucesivo, el "RSA") en fecha
     proxima al 24 de Mayo de 2002 o en dicha fecha, [entre otros,] por la
     Sociedad como Vendedor (Seller), Exide Holding Europe como Agente Oferente
     (Offer Agent), Citibank, N.A. como Agente de Operacion (Operating Agent) y
     Batteries Funding Limited, como Comprador (Buyer), la Sociedad ofrecera
     periodicamente al Comprador ciertos derechos de credito (en lo sucesivo,
     los "Recibos" (Receivables), junto con los Derechos Accesorios a los
     mismos, documentados en las correspondientes facturas presentadas por el
     Vendedor, y el Comprador podra aceptar la cesion en su favor de tales
     Recibos.

II.  Que los Recibos, Cobros (Collections) y Derechos Accesorios (Related
     Security) asi adquiridos que no hubieran sido readquiridos o cobrados en su
     totalidad por el

                                     -106-

<PAGE>

     Vendedor seran referidos en la presente escritura como "Recibos Adquiridos"
     (Purchased Receivables).

     La Sociedad, de conformidad con la Clausula 13(E) del RSA, otorga, con
     caracter irrevocable, un poder a favor de Batteries Funding Limited y
     Citibank, N.A., en los terminos expuestos en el presente Poder, y en
     garantia del cumplimiento por aquella de las obligaciones asumidas con
     estos en el marco del RSA y en relacion con los Recibos Adquiridos.

III. Los terminos en castellano cuya traduccion al ingles se acompana entre
     parentesis tendran el mismo significado que en el RSA.

                                     OTORGA

PRIMERO.- En nombre y representacion de la Sociedad, confiere poder, tan amplio
en derecho como fuera necesario, a favor de Batteries Funding Limited (en lo
sucesivo, "Batteries Funding" o el "Comprador"), con domicilio en West Block,
International Financial Services Centre, Dublin 1, Irlanda, y Citibank, N.A.,
actuando a traves de su Sucursal de Londres (en lo sucesivo, "Citibank" o el
"Agente de Operacion"), con domicilio en 336 Strand, Londres WC2R 1HB, Reino
Unido, para que, cada uno de ellos indistintamente, actuando solidariamente, en
nombre y representacion de dicha Sociedad, puedan a traves de personas
autorizadas:

(a)  Ejercitar cuantos derechos, facultades y acciones correspondan a la
     Sociedad en relacion con los Recibos Adquiridos y los Derechos Accesorios a
     los mismos;

(b)  Otorgar, firmar, sellar y enviar cuantos documentos, asi como realizar
     cualquier otro acto o cosa (incluyendo la elevacion a publico de las
     cesiones de Recibos), que fueren necesarios, adecuados o convenientes para
     la plena y efectiva atribucion, cesion o para lograr su efectividad frente
     a terceros de los Recibos Adquiridos y los Derechos Accesorios a los mismos
     en o a favor del Comprador, cualquier sucesor en la titularidad de los
     mismos, o cualesquiera otra persona o personas que tuvieran derecho a su
     beneficio (como pudiera ser el caso), en virtud y de acuerdo con el RSA;

(c)  Notificar a los correspondientes Deudores Designados de los Recibos
     Adquiridos (Designated Account Debtors of Purchased Receivables) todas las
     cesiones de Recibos que hayan tenido lugar o que tengan lugar, entre el
     Comprador y el Vendedor al amparo del RSA, asi como otorgar y remitir
     cuantos documentos publicos y privados sean necesarios para la constancia
     en documento publico de cada una de dichas cesiones;

(d)  Reclamar judicial y extrajudicialmente y cobrar cualesquiera cantidades
     vencidas y exigibles por razon de los Recibos Adquiridos y los Derechos
     Accesorios a los mismos, asi como pagar dichas cantidades a las partes con
     derecho a ello en virtud del RSA;.

                                     -107-

<PAGE>

(e)  Una vez cobradas las cantidades, o parte de las mismas, a que se refiere la
     letra (d) anterior, dar a sus pagadores carta de pago eficaz por dichas
     cantidades, expidiendo los recibos y otorgando los documentos publicos y
     privados y realizando las retrocesiones, cesiones posteriores o
     liberaciones que fueren necesarias o aconsejables.

(f)  Cobrar, descontar, endosar y, en general, disponer de cualquier letra de
     cambio, cheque, pagare o instrumento de pago analogo, cumplir cualquier
     obligacion o acuerdo asumido por la Sociedad en virtud de o en relacion con
     el RSA, y ejercer todos los derechos y acciones que correspondan a la
     Sociedad en virtud del RSA o cualesquiera otros previstos legalmente.

(g)  Sustituir y/o delegar el ejercicio de las facultades conferidas en virtud
     del presente Poder (incluida asimismo la facultad de delegacion y
     sustitucion) en cualquier persona fisica o juridica que considere
     conveniente; y

(h)  Llevar a cabo cuantas actuaciones y suscribir cuantos documentos estime
     necesarios o convenientes para el ejercicio de las facultades conferidas en
     las letras (a) a (g) antecedentes.

Las facultades antedichas se conceden incluso para los supuestos de
autocontratacion, aun a favor de terceros.

SEGUNDO.- La Sociedad se obliga a partir de ahora a ratificar y confirmar
cuantas actuaciones, y/o documentos que Batteries Funding Limited o Citibank,
N.A. (o sus sustitutos o delegados) hubieren causado, llevado a cabo u otorgado
en el marco del presente Poder (Power of Attorney), en la medida en que la
Sociedad pueda realizar dichas actuaciones y las mismas se encuentren
contempladas en el presente Poder; la Sociedad indemnizara a Batteries Funding
Limited o Citibank, N.A (o sus sustitutos o delegados) por cualesquiera
perdidas, reclamaciones, gastos o responsabilidades en que incurriesen en
relacion con el presente Poder, salvo que concurriese negligencia,
incumplimiento culpable o mala fe por parte de estas.

TERCERO.- El presente Poder tiene el caracter de mandato irrevocable por cuanto
los derechos y obligaciones derivados del RSA interesan no solo la Sociedad sino
tambien al Comprador y a determinadas terceras personas, exigiendo la ejecucion
y el cumplimiento del RSA la irrevocabilidad del presente Poder con la finalidad
de evitar la imposibilidad de consecucion de los objetivos perseguidos por las
partes con el RSA.

CUARTO.- El presente Poder se regira por, y sera interpretado de acuerdo con, la
ley espanola. Todos los actos que, en el marco del presente Poder, sean llevadas
a cabo por el Comprador o por el Agente de Operaciones (o sus sustitutos o
delegados) se regiran por la ley espanola.

En Madrid a [.] de [.] de 2002.

                                     -108-

<PAGE>

                                     Part 2
                 (English Translation for information purposes)

                 FORM OF IRREVOCABLE NOTARIAL POWER OF ATTORNEY

            IN FAVOUR OF BATTERIES FUNDING LIMITED AND CITIBANK, N.A.

NUMBER [.]

In the town of [.], on this [.] day of [.] of 2002.

Before me, Mr [.], Notary public of [.], duly commissioned and in exercise of my
notarial duties.

                                     APPEARS

Mr [.], of legal age of [nationality] nationality, domiciled at [address]

                                     HE ACTS

In the name and on behalf of [Name of the Seller], a company with registered
office at [.] (hereinafter, the "Company")

[Details regarding the authority of the grantor]

The grantor exhibits his personal details and signature, and, I the Notary,
certify that the personal details and signature which appear in this document
coincide with them.

                                     WHEREAS

I.   Pursuant to a receivables sale agreement denominated "Receivables Sale
     Agreement" (the "RSA") dated 24 May, 2002 made by and between, among other,
     the Company as Seller, Exide Holding Europe as Offer Agent, Citibank, N.A.
     as the Operating Agent and Batteries Funding Limited as the Buyer, the
     Company will from time to time offer to sell to the Buyer certain
     receivables (the "Receivables") and the Related Security thereto evidenced
     by invoices rendered by the Seller and the Buyer may accept an assignment
     of all such Receivables for its benefit.

II.  Receivables, Collections and Related Assets so acquired and not
     subsequently reacquired by the Seller or collected in full are referred to
     herein as the "Purchased Receivables".

     The Company, pursuant to Clause 13(E) of the RSA, appointed Batteries
     Funding Limited and Citibank, N.A., as its attorneys on the terms
     hereinafter appearing irrevocably and by way of security for the
     performance of certain of the Company' respective obligations to the Buyer
     under the RSA in respect of the Purchased Receivables.

                                     -109-

<PAGE>

III. Spanish Terms which are translated into English shall have the meaning
     ascribed to such terms in the RSA.

NOW THEREFORE, he agrees as follows:

FIRST: In the name and on behalf of the Company, he grants a power of attorney,
as wide as in law might be necessary, to Batteries Funding Limited ("Batteries
Funding" or the "Buyer") with registered office at West Block, International
Financial Services Centre, Dublin 1, Ireland and Citibank, N.A., acting trough
its London branch ("Citibank" or the "Operating Agent") and with registered
office in London WC2R 1HB at 336 Strand, United Kingdom so that any of them
indistinctly acting through authorised persons, jointly and severally may,
acting in the name and on behalf of the Company:

(a)  exercise its rights, powers and discretions in respect of the Purchased
     Receivables and in respect of the related benefit of any Related Security;

(b)  execute, sign, seal and deliver any document and to do any other act or
     thing (including the notarisation of any assignment of Receivables) which
     it may deem to be necessary, proper or expedient for fully and effectively
     vesting or transferring the Purchased Receivables or achieve the
     effectiveness vis a vis third parties of such assignment, the Related
     Security thereto in or to the Buyer or its successors in title or other
     Person or Persons entitled to the benefit thereof (as the case may require)
     pursuant to and in accordance with the RSA;

(c)  give notice to the relevant Designated Account Debtors of Purchased
     Receivables of all the existing or future assignments of Receivables
     between the Buyer and the Seller made under the RSA, as well as execute and
     deliver as many deeds or documents as may be deemed necessary for all the
     assignments of Receivables to be raised to a public status.

(d)  demand, sue for and receive all moneys due or payable under or in respect
     of the Purchased Receivables and the Related Security thereto and pay such
     moneys to the Persons to whom such moneys are required to be paid under the
     RSA;

(e)  upon receipt of such moneys as referred to in paragraph (d) above or of any
     part thereof, give to the payer thereof good receipts and discharges for
     the same and execute such receipts, releases, re-assignments, retransfers,
     instruments and deeds as may be requisite or advisable;

(f)  collect payment, discount, endorse and, in general, dispose of any bills of
     exchange, cheques, promissory notes or similar payment instruments, perform
     any agreement or obligation of the Company under or in connection with the
     RSA and exercise all other remedies of the Company under the RSA or
     existing at law;

(g)  substitute and/or delegate the exercise of the powers granted by virtue of
     this power of attorney (including likewise the power of delegation and
     substitution) in favour of any individual or corporation as it may deem
     convenient; and

                                     -110-

<PAGE>

(h)  take such actions and execute and deliver such documents as may be required
     or convenient in its sole discretion for the exercise of the powers in
     sections (a) to (g) above.

The aforementioned powers are granted even for the cases of self-contracting,
even in favour of third parties.

SECOND: The Company hereby agrees at all times hereafter to ratify and confirm
any act, matter or deed whatsoever Batteries Funding Limited and Citibank, N.A.
(or any of its substitutes or delegates) shall lawfully do or cause to be done
under or pursuant to this Power of Attorney to the extent that such act or acts
and execution are within the power of the Company and within the contemplation
of this Power of Attorney and the Company shall indemnify the Buyer or the
Operating Agent (or any of its substitutes or delegates) in respect of any loss,
claim, cost, expense or liability in connection with this Power of Attorney save
to the extent that the same arises out of their gross negligence, wilful default
or bad faith.

THIRD: This Power of Attorney is granted as an irrevocable mandate as the rights
and obligations under the RSA interest not only the Company but the Buyer and
certain third parties, requiring it to be irrevocable in order to avoid the
frustration of the objectives pursued by the parties under the RSA.

FOURTH: This Power of Attorney shall be governed by and construed in accordance
with Spanish law, which shall apply to all acts of the Buyer or the Operating
Agent (or any of its substitutes or delegates) carried out under the terms
hereof.

In Madrid, on [DD][MM] 2002

                                     -111-

<PAGE>

                                   SCHEDULE 14
                         FORM OF DIRECTORS' CERTIFICATE

To:   BATTERIES FUNDING LIMITED

      Citibank, N.A.

Date: [.]

 IN RELATION TO THE SALE OF TRADE RECEIVABLES ORIGINATED BY [Name of the Seller]
                                 (the "Company")

I, the undersigned having considered the Receivables Sale Agreement (the "RSA")
dated on or about 24 May, 2002 between, among other, the Company, Exide Holding
Europe, Batteries Funding Limited, Citibank, N.A. and the latest audited
financial statements of the Company dated as of [.], HEREBY CERTIFY that, having
made all due enquiry:

1.   To the best of my/our knowledge and belief (based upon due enquiry) the
     Company is not unable to pay its debts as they fall due within the meaning
     of Article 874 et seq. of the Spanish Commercial Code and to the best of
     my/our knowledge and belief the Company would not become unable to do so in
     consequence of the periodic sale of trade receivables during the term of
     the SRPA.

2.   To the best of my/our knowledge and belief, no order has been made or
     resolution passed for the liquidation of the Company and no court order for
     the opening of bankruptcy, composition or similar insolvency proceedings
     (including, for the avoidance of doubt, quiebra and suspension de pagos) in
     relation to the Company has been made and no opening of bankruptcy
     proceedings in relation to the Company has been registered pursuant to the
     applicable laws, and, to the best of my/our knowledge and belief:

     (a)  no petition for the liquidation of the Company or bankruptcy or
          insolvency petition or a petition for the making of an administration
          order has been presented;

     (b)  the Seller is not dissolved or extinguished, and is not subject to
          dissolving or extinguishment; and

     (d)  no insolvency administrator, receiver, administrative receiver,
          administrator or receiver and manager and/or sequester has been
          appointed in relation to the Company.

3.   In my/our opinion the value of the consideration which would be received
     for the sale of the Receivables from time to time calculated in accordance
     with the RSA would in all the circumstances be fair and reasonable.

                                     -112-

<PAGE>

4.   To the best of my/our knowledge and belief the sale of Receivables to
     Batteries Funding Limited from time to time under the RSA and all matters
     concerning the Company, would, to the extent to which these were carried
     out by the Company, be effected by the Company in good faith and in
     connection with its business, and in my/our opinion there are reasonable
     grounds for believing that the sale of Receivables and all related matters
     contemplated by the RSA would benefit the Company.

5.   In authorising the submission of Letters of Offer the Company has not, to
     the best of my/our knowledge and belief, been influenced by a desire to
     prefer Batteries Funding Limited as a creditor over any other creditors of
     the Company; and

6.   No Early Amortisation Event has occurred.

Words and expressions defined in the RSA shall, unless the context otherwise
requires, bear the same meanings when used herein.

This certificate is given on behalf of the Company by:

_________________________                           __________________________
[Director]                                          [Director]

                                     -113-

<PAGE>

                                   SCHEDULE 15
                            SPECIAL DILUTION RESERVE

<TABLE>
<CAPTION>
    *Settlement Date         *Settlement Date              Table               Reserve
<S>                         <C>                      <C>                       <C>
      May 16, 2002             May 15, 2003             May Week 3              1.8%
      May 23, 2002             May 22, 2003             May Week 4              0.1%
      May 30, 2002             May 29, 2003             May Week 5              0.0%
      June 7, 2002             June 5, 2003             June Week 1             0.5%
      June 13, 2002            June 12, 2003            June Week 2             0.2%
      June 20, 2002            June 19, 2003            June Week 3             0.0%
      June 27, 2002            June 26, 2003            June Week 4             0.0%
      July 5, 2002             July 3, 2003             July Week 1             0.0%
      July 11, 2002            July 10, 2003            July Week 2             0.0%
      July 18, 2002            July 17, 2003            July Week 3             0.4%
      July 25, 2002            July 24, 2003            July Week 4             0.0%
     August 1, 2002            July 31, 2003           August Week 1            0.0%
     August 8, 2002           August 7, 2003           August Week 2            0.0%
     August 15, 2002          August 14, 2003          August Week 3            0.0%
     August 22, 2002          August 21, 2003          August Week 4            0.0%
     August 29, 2002          August 28, 2003          August Week 5            2.4%
    September 5, 2002        September 4, 2003       September Week 1           0.7%
   September 12, 2002       September 11, 2003       September Week 2           0.0%
   September 19, 2002       September 18, 2003       September Week 3           3.0%
   September 26, 2002       September 25, 2003       September Week 4           0.0%
     October 3, 2002          October 2, 2003         October Week 1            0.0%
    October 10, 2002          October 9, 2003         October Week 2            0.0%
    October 17, 2002         October 16, 2003         October Week 3            0.0%
    October 24, 2002         October 23, 2003         October Week 4            1.3%
    October 31, 2002         October 30, 2003         October Week 5            0.0%
    November 7, 2002         November 6, 2003         November Week 1           0.0%
    November 14, 2002        November 13, 2003        November Week 2           0.0%
    November 21, 2002        November 20, 2003        November Week 3           0.0%
    November 29, 2002        November 28, 2003        November Week 4           0.0%
    December 5, 2002         December 4, 2003         December Week 1           0.0%
    December 12, 2002        December 11, 2003        December Week 2           0.0%
    December 19, 2002        December 18, 2003        December Week 3           0.0%
    December 27, 2002        December 24, 2003        December Week 4           0.0%
     January 3, 2003          January 2, 2004         January Week 1            0.0%
     January 9, 2003          January 8, 2004         January Week 2            3.6%
    January 16, 2003         January 15, 2004         January Week 3            2.8%
    January 23, 2003         January 22, 2004         January Week 4            0.0%
    January 30, 2003         January 29, 2004         January Week 5            0.0%
    February 6, 2003         February 5, 2004         February Week 1           1.3%
    February 13, 2003        February 12, 2004        February Week 2           2.2%
    February 20, 2003        February 19, 2004        February Week 3           1.1%
    February 27, 2003        February 26, 2004        February Week 4           0.0%
      March 6, 2003            March 4, 2004           March Week 1             2.7%
     March 13, 2003           March 11, 2004           March Week 2             3.3%
     March 20, 2003           March 18, 2004           March Week 3             0.0%
     March 27, 2003           March 25, 2004           March Week 4             0.0%
      April 3, 2003            April 1, 2004           April Week 1             0.8%
     April 10, 2003            April 8, 2004           April Week 2             1.9%
     April 17, 2003           April 15, 2004           April Week 3             0.0%
     April 24, 2003           April 22, 2004           April Week 4             2.0%
</TABLE>

                                     -114-

<PAGE>

<TABLE>
<CAPTION>
    *Settlement Date         *Settlement Date              Table               Reserve
<S>                         <C>                      <C>                       <C>
       May 2, 2003            April 29, 2004            May Week 1              1.0%
       May 8, 2003              May 6, 2004             May Week 2              3.2%
</TABLE>

*    If the date set out in the column below is not a Programme Business Day,
     the Settlement Date shall be the next succeeding Programme Business Day.

                                     -115-

<PAGE>

                                 EXECUTION PAGES

SELLERS:

Sociedad Espanola de Acumulador Tudor, S.A.

By:

Address:      Condesa de Venadito, 1

              28027 Madrid

Attention:    Carlos Parra

Telefax:      +34 91 403 20 34

Fulmen Iberica, S.L.

By:

Address:      C/Miquel Torello i Pages, 11-13

              Pol. Ind. El Pla, 08750 Molins de Rei

              Barcelona

Attention:    Jaume Carbonell / Jordi Pla

Telefax:      +34 93 680 25 45

BUYER:

Batteries Funding Limited

By:

Address:      West Block Building

              International Financial Services Centre

              Dublin 1

Attention:    The Directors

Telefax::     +353 1 8743050

                                     -116-

<PAGE>

OFFER AGENT:

Exide Holding Europe

By:

Address:      5-7 Allee des Pierres Mayettes

              92636 Gennevilliers Cedex

              France

Attention:    Dr. Albrecht Leuschner

Telefax:      33 1 47 92 74 81

Phone Number: 33 1 41 21 23 00

OPERATING AGENT:

Citibank, N.A., London Branch

By:

Address:      Citicorp Centre

              33 Canada Square

              5th Floor

              Canary Wharf

              London E14 5LB

Attention:    Nigel Kilvington / Charles Prowse

Telefax:      + 44 (0) 207 986 4705

                                     -117-<PAGE>

                                                                   EXHIBIT 10.16

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP

C H A N C E                                                       EXECUTION COPY

                                Dated 24 May 2002

                              CMP BATTERIES LIMITED

                            EXIDE (DAGENHAM) LIMITED

                              FULMEN (U.K.) LIMITED

                                       And

                                 DETA UK LIMITED
                              together, the Sellers

                            EXIDE HOLDING EUROPE S.A.
                                 as Offer Agent

                            BATTERIES FUNDING LIMITED
                                    as BUYER

                                 CITIBANK, N.A.
                               as Operating Agent

                 ----------------------------------------------

                         RECEIVABLES SECURITISATION DEED

                 ----------------------------------------------

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
Clause                                                                                                 Page
<S>                                                                                                    <C>
1.   Definitions And Construction ................................................................        1
2.   Facility ....................................................................................       24
3.   Conditions Precedent ........................................................................       24
4.   Purchases ...................................................................................       27
5.   Collections And Settlement ..................................................................       32
6.   Fees, Costs And Stamp Duty ..................................................................       35
7.   Payments And Computations, Etc. .............................................................       38
8.   Representations And Warranties Of Each Seller And Exide Europe ..............................       39
9.   Affirmative Covenants Of Each Seller ........................................................       42
10.  Negative Covenants Of Each Seller And Exide Europe ..........................................       44
11.  Reporting Requirements Of Each Seller .......................................................       45
12.  Servicer, Collections And Buyer Account .....................................................       47
13.  Protection Of The Buyer's Rights ............................................................       51
14.  Responsibilities Of Each Seller .............................................................       52
15.  Agency And Indemnities ......................................................................       54
16.  Amendments, Etc. ............................................................................       56
17.  Notices .....................................................................................       57
18.  No Waiver: Remedies .........................................................................       57
19.  Binding Effect: Assignability ...............................................................       58
20.  Further Assurance - Restructuring ...........................................................       59
21.  Termination .................................................................................       59
22.  No Proceedings ..............................................................................       60
23.  Execution In Counterparts: Severability .....................................................       60
24.  Confidentiality .............................................................................       60
25.  Governing Law And Jurisdiction ..............................................................       61
26.  Process Agent ...............................................................................       61

Schedule 1 .......................................................................................       62
     Part 1 Offices Of The Sellers/Collection Account/Seller Non Transaction Account .............       62
     Part 2 Buyer Account ........................................................................       63

Schedule 2 Form Of Admission Of Additional Seller ................................................       64

 Form Of Settlement Statement ....................................................................       67
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                  <C>
Schedule 4 Form Of Summary Report ...........................................................         68
Schedule 5 Initial Conditions Precedent .....................................................         70
Schedule 6 Letter Of Offer ..................................................................         72
     Part 1 On Initial Offer Date ...........................................................         72
     Part 2 On Any Subsequent Offer Date ....................................................         74
Schedule 7 Form Of Contract .................................................................         76
Schedule 8 ..................................................................................         77
     Part 1 Information To Be Provided To Exide Europe ......................................         77
     Part 2 Form Of Monthly Summary .........................................................         78
Schedule 9 Letter Of Undertaking ............................................................         80
Schedule 10 List Of Account Debtors Other Than Designated Account Debtors ...................         85
Schedule 11 Payment Instructions ............................................................         86
     Part 1 .................................................................................         86
     Part 2 .................................................................................         86
Schedule 12 Enigma Licence Agreement ........................................................         87
Schedule 13 Form Of Interim Trust Account Bank Mandates .....................................         89
Schedule 14 Form Of Trust Account Bank Mandates .............................................        135
Schedule 15 Directors' Certificate ..........................................................        144
Schedule 16 Power Of Attorney In Favour Of Citibank And Batteries Funding Limited ...........        146
Schedule 17 Special Dilution Reserve ........................................................        149
</TABLE>

<PAGE>

THIS RECEIVABLES SECURITISATION DEED, dated 24 May 2002, is made among:

(1)      CMP BATTERIES LIMITED, a company with its registered office at P.O. Box
         1, Salford Road, Over Hulton, Bolton BL5 1DD ("CMP");

(2)      FULMEN (U.K.) LIMITED, a company with its registered office at P.O. Box
         1, Salford Road, Over Hulton, Bolton BL5 1DD ("Fulmen");

(3)      DETA UK LIMITED, a company with its registered office at P.O. Box 1,
         Salford Road, Bolton BL5 1DD ("Deta");

(4)      EXIDE (DAGENHAM) LIMITED, a company with its registered office at P.O.
         Box 1, Salford Road, Over Hulton, Bolton BL5 1DD ("Exide Dagenham");

         (all of the above parties, together with any Additional Seller (as
         defined herein) are collectively referred to as the "Sellers", or where
         the context requires, are also individually referred to as a "Seller");

(5)      EXIDE HOLDING EUROPE S.A., a French Societe Anonyme, with its
         registered office at 5-7 Allee des Pierres Mayettes, 92636
         Gennevilliers Cedex, France (the "Offer Agent" or "Exide Europe" as
         applicable);

(6)      BATTERIES FUNDING LIMITED, a company with its registered office at West
         Block, International Financial Services Centre, Dublin 1, Ireland (the
         "Buyer");

(7)      CITIBANK, N.A., a United States national banking association acting
         through its London branch at 336 Strand, London WC2R 1HB (the
         "Operating Agent").

Preliminary Statements

(A)      The Sellers and the Buyer have agreed, upon the terms and subject to
         the conditions of this Deed, that the Offer Agent may from time to time
         for and on behalf of the Sellers offer to assign Receivables arising,
         from time to time, from Contracts and, in the event that the Buyer
         determines to accept such offers, it will do so in the manner
         prescribed herein; and

(B)      The Operating Agent has been requested and is willing to act as
         Operating Agent as set out in this Deed and, in particular, in Clause
         15(A), subject to the ability of the Operating Agent to delegate its
         obligations pursuant to the terms of this Deed, in particular, Clause
         4(G).

NOW, THEREFORE, the parties agree as follows:

1.       Definitions And Construction

         In this Deed (including the Preliminary Statements):

(A)      Accounting Terms: All accounting terms not specifically defined in this
         Deed shall be construed in accordance with generally accepted
         accounting principles as in effect on the date hereof in England and
         Wales.

                                      -1-

<PAGE>

(B)      Defined Terms: The following terms shall have the meanings indicated:

         "Acceptance Fee" has the meaning ascribed to that term in Clause 4(B).

         "Account Debtor" means a Person obliged to make payment(s) pursuant to
         a Contract.

         "Accounts Receivable Listing" means a list, by invoice number, of all
         of the Contracts entered into with Designated Account Debtors which are
         shown on each Seller's general ledger as outstanding as at (but
         excluding) each relevant Reference Date including the information
         specified in Clause 4(E) together with such other information
         concerning each Contract, and in such format, as the Operating Agent
         may specify.

         "Accounts Receivable Trial Balance" means each Seller's accounts
         receivable trial balance computer printout, containing a list of
         Designated Account Debtors together with the aged Outstanding Balance
         of the Receivables.

         "Accruals" means, as of any time, the aggregate amount by which the
         face value of Eligible Receivables which are Paid Receivables have been
         reduced by virtue of any prompt payment discounts, accruals for volume
         rebates, warranty claims by the applicable Designated Account
         Debtor(s), and other credit notes (including, without limitation,
         credit notes issued to Account Debtors as a result of disputes, claims
         and invoicing errors by the Sellers).

         "Additional Designated Account Debtor" means an Account Debtor
         designated by a Seller as a Designated Account Debtor pursuant to
         Clause 4(A)(2).

         "Additional Seller" means any member of the Exide European Group which
         becomes party to this Deed in accordance with Clause 19(D).

         "Advance Payment" means, at any time, the aggregate amount of any
         withdrawals from (prior to the Payment Instruction Date) the Collection
         Accounts and (on and following the Payment Instruction Date) the
         Dedicated Collection Accounts made by the Sellers under Clause 12(C) to
         the extent they are outstanding and not repaid.

         "Adverse Claim" means any claim of ownership, lien, security interest,
         mortgage, charge, or encumbrance, or other right or claim of any
         Person.

         "Admission of Additional Seller" means an agreement substantially in
         the form set out in Schedule 2.

         "Affiliate" when used with respect to a Person, a Subsidiary of that
         Person or a Holding Company of that Person or any other Subsidiary of
         that Holding Company.

         "Approved Currency" means (a) on the date hereof, (i) in relation to
         each Seller, Sterling, (ii) in relation to CMP, Euro and (b)
         thereafter, with the prior written consent of the Operating Agent and
         in addition to Sterling and (in respect of CMP) Euro, Euro and Dollars.

                                      -2-

<PAGE>

         "Approved Jurisdiction" means each (i) jurisdiction in the European
         Union, or (ii) any other jurisdiction in respect of which the Seller
         has obtained as security from the applicable Designated Account Debtor
         a clear and unconditional demand letter of credit (governed by the
         Uniform Customs and Practice for Documentary Credits) from a bank whose
         short-term debt is rated at least A-1 and P-1 by the Rating Agencies,
         the term of which is in form and substance satisfactory to the
         Operating Agent (acting reasonably) and the conditions of which are in
         form and substance satisfactory to the Operating Agent (acting
         reasonably), and which letter of credit has been fully assigned to the
         Operating Agent on behalf of the Buyer (which assignment shall include
         full notice to the applicable bank issuing the letter of credit),
         requiring payment to be made directly to the Operating Agent on behalf
         of the Buyer.

         "Buyer Account" means each account in the name of the Buyer with
         Citibank, the details of which are set out in Schedule 1 Part 2, or
         (with the prior written consent of the Operating Agent) such other
         account at such bank as the Buyer may utilise for the purposes of this
         Deed and designate as a Buyer Account.

         "Buyer Entitlement" means, at any time, in respect of the total amount
         standing to the credit of each Collection Account, the portion thereof
         attributable to or representing Collections together with interest
         credited by the Collection Account Bank to such portion.

         "Capital" equals, on any Settlement Date, the aggregate of the Dollar
         Equivalent of the Existing Receivables Purchase Price and Future
         Receivables Purchase Price paid to the Sellers (including, on such
         Settlement Date, if any) less the aggregate amount of Collections which
         have been paid to the Buyer as of such Settlement Date.

         "Citibank" means Citibank, N.A., a national banking association under
         the laws of the United States of America.

         "Collection Account" means in respect of each Seller, the trust account
         set opposite the relevant Seller's name in Schedule 1 Part 1 under the
         heading "Collection Account", in each case in the name of the
         appropriate Seller (or, with respect to Exide Dagenham, its agent,
         Exide Batteries Limited "Exide Batteries"), established with the
         Collection Account Bank pursuant to an Interim Trust Account Bank
         Mandate or such other account or accounts with the Collection Account
         Bank as may, with the prior written consent of the Operating Agent, be
         utilised for the purposes of this Deed and designated as a Collection
         Account.

         "Collection Account Bank" means, in respect of each Seller, such bank
         and branch at which a Collection Account or a Dedicated Collection
         Account is, with the prior written consent of the Operating Agent,
         maintained from time to time.

         "Collections" means, with respect to any Purchased Receivable, all cash
         collections received and other cash proceeds of that Purchased
         Receivable (excluding any cash proceeds arising under any transaction
         as referred to in Clause 19(C)) and of any Related Security with
         respect to that Purchased Receivable received.

                                      -3-

<PAGE>

         "Concentration Amount" means as of any date, with respect to each
         Designated Account Debtor, the product of (a) the Concentration Limit
         applicable to such Designated Account Debtor and (b) the Dollar
         Equivalent of the Programme Eligible Receivables.

         "Concentration Limit" means, in relation to the aggregate Receivables
         for each Designated Account Debtor: (a) for any single Designated
         Account Debtor rated at least A-l or P-l or its equivalent by the
         Rating Agencies, 17%; (b) for any single Designated Account Debtor
         rated A-2 or P-2 or its equivalent by the Rating Agencies, 8.5%; (c)
         for any single Designated Account Debtor rated A-3 or P-3 or its
         equivalent by the Rating Agencies, 5.66%; (d) for any single Designated
         Account Debtor rated below A-3 or P-3 or not rated on its short term
         debt, 3.4% (to the extent an Designated Account Debtor does not have a
         short term rating but has an actual or implied senior long-term debt
         rating, the applicable percentage will be determined based on
         equivalent senior long-term debt ratings (as determined by the
         Operating Agent) for the short term ratings specified above).

         "Contract" means a written agreement (and, for the avoidance of doubt,
         includes any oral agreement evidenced by an invoice containing or
         referring to the standard terms of business of the relevant Seller)
         between a Seller and an Account Debtor pursuant to which such Account
         Debtor is obliged to pay for goods or services sold or provided by such
         Seller (including any value added tax in respect thereof) from time to
         time.

         "Country" means the United Kingdom.

         "Credit and Collection Policy" means each Seller's policies, practices
         and procedures relating to Contracts and Receivables in form and
         content satisfactory to the Operating Agent in accordance with
         paragraph (k) of Schedule 5 as modified from time to time with the
         consent of the Operating Agent.

         "Currency Exchange Agreement" means the spot currency agreement and the
         forward currency agreement to be entered into on or prior to the
         Effective Date by the Buyer and a counterparty rated at least A-1 and
         P-1 or its equivalent by the Rating Agencies (a "Swap Counterparty") to
         exchange, respectively, the amount in Dollars received by the Buyer
         under the Facilities Agreement into the currencies of the denomination
         of the Receivables acquired by the Buyer under all Origination
         Agreements to which it is a party and the currencies of the amount of
         Collections payable to the Buyer under all Origination Agreements to
         which it is a party into Dollars.

         "Currency Exchange Costs" means the costs payable by the Buyer to the
         counterparty under the Currency Exchange Agreement (expressed as a
         percentage of Capital);

         "Custody Documents" means this Deed or any Letter of Offer hereunder.

         "Debt" means any indebtedness, present or future, actual or contingent
         in respect of moneys borrowed or raised or any financial accommodation
         whatever and, without limitation, shall include:

                                      -4-

<PAGE>

         (1)  indebtedness under or in respect of a negotiable or other
              financial instrument, Guarantee, interest, gold or currency
              exchange, hedge or arrangement of any kind, redeemable share,
              share the subject of a Guarantee, discounting arrangement, finance
              lease or hire purchase agreement;

         (2)  the deferred purchase price (for more than 90 days) of an asset or
              service; and

         (3)  any obligation to deliver goods or other property or provide
              services paid for in advance by a financier or in relation to
              another financing transaction.

         "Dedicated Collection Account" means in respect of each Seller, the
         trust account to be established with the Collection Account Bank on or
         prior to the Payment Instruction Date pursuant to a Trust Account Bank
         Mandate.

         "Deemed Settlement Date" means a date which would have been a
         Settlement Date were it not to fall during a Specified Bank Holiday
         Period.

         "Default Ratio" as of any date, is equal to the ratio (expressed as a
         percentage) for the most recent month for which such ratio is available
         of (i) aggregate Eligible Receivables which are Paid Receivables that
         were 91-120 days past due at the end of each such month plus Eligible
         Receivables which are Paid Receivables that were charged off (or,
         without duplication, which should have been charged off) as
         uncollectible during each such month which, if they had not been
         charged off (or, without duplication, which should have been charged
         off) would have been less than 90 days past due during such month to
         (ii) aggregate sales giving rise to Receivables that were generated
         during the calendar month immediately preceding the commencement of the
         Loss Horizon preceding such date.

         "Defaulted Receivable" means an Eligible Receivable which is a Paid
         Receivable and:

         (1)  which, after the original due date, remains unpaid in whole or in
              part for more than 90 days;

         (2)  in respect of which the Designated Account Debtor has taken any
              action, or suffered any event to occur, of the type described in
              Clause 11(D)(2); or

         (3)  which has been, or should be, written off or provided for in the
              Seller's books as uncollectible in accordance with the Credit and
              Collection Policy.

         "Designated Account Debtor" means, at any time, all Account Debtors
         (other than those designated in Schedule 10) unless the Operating Agent
         has advised the Offer Agent (on behalf of the Sellers) that an Account
         Debtor shall not be considered a Designated Account Debtor.

         "Determination Date" means initially, the Effective Date and
         thereafter, each following Monday (or such other day as may be agreed
         from time to time between the Offer Agent (on behalf of the Sellers)
         and the Operating Agent); provided however, if such day is not a
         Programme Business Day, the applicable Determination Date shall be the
         next succeeding Programme Business Day.

                                      -5-

<PAGE>

         "Diluted Receivable" means that portion of any Eligible Receivable
         which is a Paid Receivable which is either (a) reduced or cancelled as
         a result of (i) any defective or rejected goods or services, or any
         failure by any Seller to deliver any goods or services or otherwise to
         perform under the underlying Contract or invoice, or (ii) any change in
         the terms of or cancellation of any Contract or invoice or any other
         adjustment by any Seller which reduces the amount payable by the
         Designated Account Debtor on the related Paid Receivable or (iii) any
         set-off in respect of any claim by the Designated Account Debtor on the
         related Eligible Receivable which is a Paid Receivable or (b) subject
         to any specific dispute, offset, counterclaim or defence whatsoever
         (except the discharge in bankruptcy of the Designated Account Debtor
         thereof).

         "Dilution Horizon" means, at any time, the estimated weighted average
         period in days between the issuance of invoices and the related credit
         note, if any, by the Programme Sellers, as such period is calculated by
         the Operating Agent from time to time.

         "Dilution Horizon Ratio" equals the higher of (a) the Dollar Equivalent
         of total sales giving rise to Programme Receivables for the Programme
         Sellers for the past Dilution Horizon divided by the Dollar Equivalent
         of the outstanding balance of Eligible Receivables (whether or not they
         are Paid Receivables) (as such term is used in each applicable
         Origination Agreement) aggregated among all Origination Agreements as
         of the end of the most recent month and (b) 0.5.

         "Dilution Ratio" as of any date, is equal to the ratio (expressed as a
         percentage) for the most recently ended month of (i) the aggregate
         amount of Receivables that become Diluted Receivables during each such
         month to (ii) the aggregate sales giving rise to Receivables that were
         originated during the preceding month.

         "Dilution Reserve" means as of any Settlement Date:

         (PER minus DefR) x max [DYN, FLOOR]

         where:

         DYN      =     [(SF2 x ED) + DVF] x DHR

         FLOOR    =     ED x DHR

         Provided that the Dilution Reserve shall never be less than the amount
         such that, when aggregated to the floor applicable to the Loss Reserve,
         is equal to the Euro Equivalent of Dollars 15,000,000

         where:

         PER      =     The aggregate amount of the Programme Eligible
                        Receivables

         DefR     =     The aggregate amount of Programme Eligible Receivables
                        that are Defaulted Receivables (as defined in and
                        aggregated among all Origination Agreements)

                                      -6-

<PAGE>

         SF2    =    Stress Factor 2 = 2.25

         ED     =    The average Programme Dilution Ratio during the
                     preceding 12 months

         DVF    =    Dilution Volatility Factor

         DHR    =    Dilution Horizon Ratio

         "Dilution Volatility Factor" means as of any date, a percentage equal
         to the product of (i) the amount by which (A) the highest two month
         average Programme Dilution Ratio during the most recently ended twelve
         month period exceeds (B) the average of the Programme Dilution Ratios
         during such twelve month period and (ii) (A) the highest two month
         average Programme Dilution Ratio during such twelve month period
         divided by (B) the average of the Programme Dilution Ratios during such
         twelve month period.

         "Directors' Certificate" means a certificate in the form appended in
         Schedule 15.

         "Discount" means, with respect to (i) Existing Receivables the subject
         of a Letter of Offer or (ii) Purchased Receivables (which were Future
         Receivables at the time of their Purchase) having come into existence
         during the relevant Reference Period, on the relevant Settlement Date,
         the sum of applicable Yield, the applicable Country's Proportionate
         Share of Programme Costs, applicable Accruals and the sums then
         required to bring applicable Reserves and the Stamp Duty Reserve to
         their required levels.

         "Dollar Equivalent" of any sum in any currency at any time means the
         amount of Dollars that would be purchased under the Currency Exchange
         Agreement at the Spot Rate determined for such sum as at the most
         recent Settlement Date.

         "Dollars" and the sign "$" each mean the lawful currency of the United
         States of America.

         "Early Amortisation Event" means the first to occur of:

         (1)  any Originator or Exide Europe defaults in the payment on the due
              date of any payment due and payable by it under or relating to the
              Relevant Documents to which it is a party and such default
              continues unremedied for a period of five (5) Local Business Days
              after the earlier of such Originator or Exide Europe becoming
              aware of such default and the receipt by such Originator or Exide
              Europe of written notice by the Operating Agent requiring the same
              to be remedied;

         (2)  subject to Clause 12(D), any Originator, Exide Europe or the Offer
              Agent (if an Affiliate of Exide Technologies other than Exide
              Europe) defaults in the performance or observance of any of its
              other covenants and obligations, or breaches any representation or
              warranty under the Relevant Documents to which it is a party,
              which in the reasonable opinion of the Operating Agent is

                                      -7-

<PAGE>

              materially prejudicial to the interests of the Buyer and/or the
              Lenders and/or the Operating Agent, and such default is not
              remedied to the satisfaction of the Operating Agent within five
              Local Business Days of the earlier of such Originator, Exide
              Europe or the Offer Agent (if an Affiliate of Exide Technologies
              other than Exide Europe) becoming aware of such default and
              receipt by such Originator, Exide Europe or the Offer Agent (if an
              Affiliate of Exide Technologies other than Exide Europe) of
              written notice by the Operating Agent requiring the same to be
              remedied (for the avoidance of doubt, for the purposes of this
              paragraph (2) if such Originator satisfies its obligations
              pursuant to Clause 5(D) within such five Local Business Day
              period, such default or breach shall not be considered to be an
              Early Amortisation Event);

         (3)  an effective resolution is passed for the winding up of any
              Originator, Exide Europe, Exide Batteries (for so long as it is
              the agent of Exide Dagenham) or the Offer Agent (if an Affiliate
              of Exide Technologies other than Exide Europe);

         (4)  any Originator, Exide Europe, Exide Batteries (for so long as it
              is the agent of Exide Dagenham) or the Offer Agent (if an
              Affiliate of Exide Technologies other than Exide Europe) ceases or
              threatens to cease to carry on its business or ceases to carry on
              the whole or a substantial part of its business, or stops payment
              or threatens to stop payment of its debts, or such Originator or
              Exide Batteries (for so long as it is the agent of Exide Dagenham)
              becomes unable to pay its debts, or is deemed unable to pay its
              debts within the meaning of section 123 of the Insolvency Act 1986
              (as that section may be amended, varied or re-enacted) (or, with
              respect to Exide Europe, within the meaning of Law No. 85-98 of 25
              January 1985 (as amended) or, with respect to the Offer Agent (if
              an Affiliate of Exide Technologies other than Exide Europe),
              within the meaning of equivalent provisions under applicable law),
              or becomes unable to pay its debts as they fall due, or the value
              of its assets falls to less than the amount of its liabilities
              (taking into account for both these purposes its contingent and
              prospective liabilities) or otherwise becomes insolvent;

         (5)  Exide Europe ceases at any time to own, directly or indirectly, a
              minimum of 80% of each class of the outstanding capital stock of
              any Seller;

         (6)  any Debt of a member of the Exide Europe Group in excess (in the
              aggregate) of the Euro Equivalent of $5,000,000 becoming
              prematurely due and payable or is placed on demand as a result of
              an event of default (howsoever described) under the document
              relating to that Debt;

         (7)  any sale of Eligible Receivables pursuant to this Deed ceases to
              create or is determined not to be a valid sale in equity of such
              Eligible Receivables;

         (8)  proceedings are initiated against any Originator, Exide Europe,
              Exide Batteries (for so long as it is the agent of Exide Dagenham)
              or the Offer Agent

                                      -8-

<PAGE>

              (if an Affiliate of Exide Technologies other than Exide Europe) in
              respect of its liquidation, winding-up, administration,
              insolvency, composition, reorganisation (other than a
              reorganisation the terms of which have been approved by the
              Operating Agent and where such Originator, Exide Europe, Exide
              Batteries (for so long as it is the agent of Exide Dagenham) or
              the Offer Agent (if an Affiliate of Exide Technologies other than
              Exide Europe) is solvent) under any applicable liquidation,
              administration, insolvency, composition, reorganisation or other
              similar laws save where such proceedings are being contested in
              good faith by such Originator, Exide Europe, Exide Batteries (for
              so long as it is the agent of Exide Dagenham) or (if an Affiliate
              of Exide Technologies other than Exide Europe) the Offer Agent, or
              an administrative or other receiver, servicer or other similar
              official is appointed in relation to such Originator, Exide
              Europe, Exide Batteries (for so long as it is the agent of Exide
              Dagenham) or (if an Affiliate of Exide Technologies other than
              Exide Europe) the Offer Agent or in relation to the whole or any
              substantial part of the undertaking or assets of such Originator,
              Exide Europe, Exide Batteries (for so long as it is the agent of
              Exide Dagenham) or (if an Affiliate of Exide Technologies other
              than Exide Europe) the Offer Agent or an encumbrancer shall take
              possession of the whole or any substantial part of the undertaking
              or assets of such Originator, Exide Europe, Exide Batteries (for
              so long as it is the agent of Exide Dagenham) or (if an Affiliate
              of Exide Technologies other than Exide Europe) the Offer Agent, or
              a distress or execution or other process shall be levied or
              enforced upon or sued out against the whole or any substantial
              part of the undertaking or assets of such Originator, Exide Europe
              or (if an Affiliate of Exide Technologies other than Exide Europe)
              the Offer Agent and in any of the foregoing cases it shall not be
              discharged within 15 days;

         (9)  if any Originator, Exide Europe, Exide Batteries (for so long as
              it is the agent of Exide Dagenham) or (if an Affiliate of Exide
              Technologies other than Exide Europe) the Offer Agent shall
              initiate or consent to judicial proceedings relating to itself
              under any applicable liquidation, administration, insolvency,
              composition, reorganisation or other similar laws or shall make a
              conveyance or assignment for the benefit of its creditors
              generally;

         (10) for any three month period, the average Default Ratio exceeds 6%;

         (11) for any three month period, the average Dilution Ratio exceeds
              12%;

         (12) for any three month period, the Loss to Liquidation Ratio exceeds
              0.5%;

         (13) for any three month period, the average Programme Default Ratio
              exceeds 6%;

         (14) for any three month period, the average Programme Dilution Ratio
              exceeds 12%;

                                      -9-

<PAGE>

         (15) for any three month period, the average Programme Loss to
              Liquidation Ratio exceeds 0.5%;

         (16) a Programme Amortisation Event (as such term is defined in any
              other Origination Agreement) occurs;

         (17) any amount owing under the US DIP Facility Agreement becomes
              immediately due and payable as a result of the occurrence of an
              Event of Default (as that term is defined in the US DIP Facility
              Agreement) thereunder; and

         (18) an Event of Default (as that term is defined under the Facilities
              Agreement) occurs.

         "Effective Date" means the date upon which the initial conditions
         precedent set forth in Schedule 5 have been satisfied and which has
         been designated as such by the Operating Agent, which day shall be a
         Thursday (or such other day as may be agreed by the Offer Agent (on
         behalf of the Sellers) and the Operating Agent) which is a Programme
         Business Day.

         "Eligible Receivable" means a Receivable:

         (1)  the Account Debtor of which is a corporate body or corporate
              entity which is (according to the address specified in the related
              invoice) resident of an Approved Jurisdiction;

         (2)  the Account Debtor of which is a Designated Account Debtor and is
              not an Affiliate of any party to this Deed;

         (3)  the Account Debtor of which is not the Account Debtor of any
              Defaulted Receivables the aggregate Outstanding Balance of which
              equals or exceeds 10% of the aggregate Outstanding Balance of all
              Receivables of such Account Debtor;

         (4)  in respect of the Account Debtor of which no delivery or shipment
              has been cancelled or suspended for credit reasons and no credit
              line or accommodation has been cancelled or suspended for credit
              reasons, in either case at any time in the 2 years preceding the
              date that the invoice relating thereto is despatched;

         (5)  which is not a Defaulted Receivable (A) at the date of Purchase
              (in respect of Existing Receivables) and (B) at the date on which
              such Receivables becomes a Paid Receivable (in respect of Future
              Receivables);

         (6)  which, according to the Contract related thereto, is required to
              be paid in full on a date which falls (A) not earlier than the
              Purchase Date (in respect of Existing Receivables) and not earlier
              than the date on which such Receivables becomes a Paid Receivable
              (in respect of Future Receivables) and (B) within 90 days in
              respect of CMP and Deta (and which is not, in respect of Deta, and

                                      -10-

<PAGE>

              for the avoidance of doubt, subject to a Sales Scheme) or 120 days
              in respect of Fulmen and Exide Dagenham, after the earlier of the
              original billing date and the date that the invoice relating
              thereto is despatched;

         (7)  the Dollar Equivalent of the Outstanding Balance of which, when
              added to the Dollar Equivalent of the Outstanding Balance (as that
              term is defined under each Origination Agreement) of all other
              Paid Receivables (as such term is used in each applicable
              Origination Agreement) owing by the same Account Debtor or any of
              its Affiliates under all Origination Agreements, does not exceed
              the Concentration Amount;

         (8)  which is denominated and payable only in an Approved Currency;

         (9)  which (A) arises under a form of Contract set out in Schedule 7
              (or which otherwise has been duly authorised by the Operating
              Agent), which is stated to be, and is, governed (for the purposes
              of the conflict of laws principles of the Approved Jurisdiction in
              question) by English law and which, together with such Receivable,
              is in full force and effect and constitutes the legal, valid,
              binding and enforceable obligation of the Account Debtor, (B) is
              freely assignable (or if not assignable without the consent of the
              Account Debtor, such consent has been obtained to the satisfaction
              of the Operating Agent) and (C) is not subject to any Adverse
              Claim or dispute, set off, counterclaim or defence whatsoever;

         (10) which, together with the Contract related thereto, does not
              contravene in any material respect any applicable laws, rules or
              regulations and with respect to which the Seller is not in
              violation of any such law, rule or regulation in any material
              respect;

         (11) which (A) satisfies all applicable requirements of the Credit and
              Collection Policy and (B) complies with such other criteria and
              requirements (other than those relating to the collectability of
              such Receivable) as the Operating Agent may from time to time
              specify to the Seller and which are based on a criterion or
              requirement of any one or more of the Rating Agencies;

         (12) which is not subject to withholding taxes on payments from the
              Account Debtors in respect thereof;

         (13) which represents all or part of the sales price in respect of the
              supply of goods or services in the Approved Jurisdiction in
              question;

         (14) the Account Debtor of which is not a government agency or local
              authority unless, the Account Debtor of which is considered a
              separate corporate entity under applicable law that is owned,
              directly or indirectly by a government agency or local authority;

         (15) which has not been prepaid in whole or in part;

                                      -11-

<PAGE>

         (16) for which all goods and services to which it relates have been
              delivered and performed, and all requirements of such Contract
              concerning the nature, amount, quality, condition or delivery of
              the goods or services, or upon which payment of such Receivable
              may be dependent, have been fulfilled in all material respects;
              and

         (17) the Account Debtor of which has, in respect of Purchased
              Receivables (other than Defaulted Receivables) falling due for
              payment on or after 31 August 2002, paid in full the most recent
              Purchased Receivable owing by it directly to the credit of the
              relevant Dedicated Collection Account.

         "Enigma" means the proprietary computer software furnished by Citibank
         pursuant to the Enigma Licence Agreement, as such computer software may
         be modified, updated or replaced by Citibank from time to time.

         "Enigma Licence Agreement" means an agreement in the form of Schedule
         12 hereto, duly executed by the Offer Agent.

         "Euro" means the single currency unit of the Participating Member
         States.

         "Euro Equivalent" of any sum and at any time means the amount of Euro
         that would be purchased under the Currency Exchange Agreement at the
         Spot Rate for such sum at such time.

         "Exide Europe" means Exide Holding Europe S.A., a French societe
         anonyme.

         "Exide Europe Group" means Exide Europe and all of its Subsidiaries.

         "Exide Group" means Exide Technologies and all of its Subsidiaries.

         "Exide Technologies" means Exide Technologies, a Delaware Corporation.

         "Existing Receivables" means all Receivables which are specified by (or
         on behalf of) the Sellers (i) in the initial Letter of Offer as being
         in existence in respect of Designated Account Debtors as at the Initial
         Reference Date and (ii) in any subsequent Letter of Offer, as being in
         existence in respect of Additional Designated Account Debtors as at the
         Reference Date immediately preceding the Offer Date in respect of such
         Letter of Offer.

         "Existing Receivables Purchase Price" means, on any Purchase Date, in
         respect of Existing Receivables comprised in a Group of Receivables, an
         amount in Sterling equal to the Outstanding Balance of those of the
         Receivables which are Eligible Receivables as at the Reference Date
         immediately preceding the relevant Offer Date less the Discount
         applicable on the Purchase Date immediately succeeding such Offer Date,
         as calculated by the Operating Agent.

         "Facilities Agreement" means the agreement entered into on or about the
         date hereof among, inter alia, the Buyer and the Lenders.

                                      -12-

<PAGE>

         "Facility Fee" means 0.75 % per annum of the positive difference
         between (i) the Facility Limit and (ii) Programme Capital (as such fee
         is calculated monthly in arrears and applied on each Settlement Date).

         "Facility Limit" means Dollars 177,500,000 as such amount may be
         reduced from time to time upon notice given by the Operating Agent to
         the Offer Agent (on behalf of the Sellers) as a result of the event
         specified in Clause 7.1 of the Facilities Agreement.

         "Fees Letter" means the fees letters dated as of the date hereof,
         between Exide Europe and the Operating Agent in respect of the
         calculation and payment of certain fees.

         "Foreign Currency Reserve" as of any Settlement Date will equal 5% of
         Programme Capital on such Settlement Date, or such other amount as
         determined by the Operating Agent (and notified in writing to the Offer
         Agent), acting reasonably (upon the written request of a Seller after
         any redetermination of the level of the Foreign Currency Reserve, the
         Operating Agent agrees to provide such Seller with information relating
         to the basis of such redetermination).

         "Future Receivables" means all Receivables owing by a Designated
         Account Debtor which are not Existing Receivables.

         "Future Receivables Purchase Price" means, on any Settlement Date, in
         respect of Future Receivables comprised in a Group of Receivables which
         have come into existence during any Reference Period, an amount in
         Sterling equal to the Outstanding Balance of those of the Receivables
         which are Eligible Receivables as at the Reference Date immediately
         preceding such Settlement Date less the Discount applicable on such
         Settlement Date, as calculated by the Operating Agent.

         "German Excess Loss Reserve" means the positive difference (if any)
         between (i) the aggregate of the German Sellers' Proportionate Share
         (as such term is defined under the German RSA) of the Loss Reserve and
         (ii) an amount equal to 9% of the Outstanding Balance of Paid
         Receivables which are Eligible Receivables (as each such term is
         defined in the German RSA) under the German RSA.

         "Group of Receivables" means, at any time, all Receivables purchased or
         to be purchased by the Buyer on a Purchase Date or, as appropriate, the
         Group of Receivables specified in a Letter of Offer.

         "Guarantee" means any guarantee, indemnity, letter of credit or any
         other obligation or irrevocable offer (whatever called and of whatever
         nature):

         (1)  to pay or to purchase;

         (2)  to provide funds (whether by the advance of money, the purchase of
              or subscription for shares or other securities, the purchase of
              assets, rights or services, or otherwise) for the payment or
              discharge of;

         (3)  to indemnify against the consequences of default in the payment
              of; or

                                      -13-

<PAGE>

         (4)  to be responsible otherwise for,

         an obligation or indebtedness of another person, a dividend,
         distribution, capital or premium on shares, stock or other interests,
         or the insolvency or financial condition of another person.

         "Holding Company" means, in relation to a company or corporation, any
         other company or corporation in respect of which it is a Subsidiary.

         "Initial Offer Date" means the date which is two Programme Business
         Days before the Effective Date.

         "Initial Purchase" means the first Purchase completed under this Deed.

         "Initial Reference Date" means 24 May 2002.

         "Interest Period" means initially, the period commencing on (and
         including) the Effective Date and ending on (but excluding) the
         following Settlement Date, and thereafter, each period beginning on
         (and including) the day following the last day of the immediately
         preceding Interest Period and ending on (but excluding) the following
         Settlement Date; provided however, if such day is not a Programme
         Business Day, the applicable Interest Period shall end on the next
         succeeding Programme Business Day.

         "Interim Trust Account Bank Mandates" means the mandates substantially
         in the form set out in Schedule 13.

         "Lenders" means any bank, financial institution, trust, fund or other
         entity which is or may from time to time become a party to the
         Facilities Agreement as a "Lender" thereunder.

         "Letter of Offer" has the meaning assigned to that term in Clause 4(A).

         "Letter of Undertaking" means the Letter of Undertaking given by Exide
         Europe substantially in the form set out in Schedule 9 to this Deed.

         "LIBOR" means (a) the applicable Screen Rate or (b) (if no Screen Rate
         is available one week Dollars) the arithmetic mean of the rates
         (rounded upwards to four decimal places) as supplied to the Operating
         Agent at its request quoted by the Reference Banks to leading banks in
         the London interbank market, as of 11.00 a.m. London time on the
         Quotation Day for the offering of deposits in Dollars for a period
         comparable to the Interest Period.

         "Loan" means any loan to be made to the Buyer by the Lenders pursuant
         to the Facilities Agreement or, when made, the principal amount
         outstanding thereof.

         "Local Business Day" means any day (other than a Saturday or Sunday) on
         which banks and foreign exchange markets are open for business in
         London. Where an obligation is expressed in this Deed to be performed
         on a Local Business Day and such Local Business Day is not also a
         Programme Business Day, the applicable Local

                                      -14-

<PAGE>

         Business Day shall be the immediately preceding Local Business Day
         which is also a Programme Business Day.

         "Loss Reserve" as of any Settlement Date will equal:

         (PER minus DefR) x [max(DYN,FLOOR)] plus DefR where:

         DYN = SFl x LR x LHR

         FLOOR = CF

         Provided that the Loss Reserve shall never be less than an amount such
         that, when aggregated to the floor applicable to the Dilution Reserve
         is equal to the Euro Equivalent of Dollars 15,000,000 where:

         PER = The aggregate amount of Programme Eligible Receivables
         DefR = the aggregate amount of Programme Eligible Receivables that are
         Defaulted Receivables (as defined in and aggregated among all
         Origination Agreements)
         SF1 = Stress Factor One = 2.25
         LHR = Loss Horizon Ratio
         CF = Concentration Floor = 17%
         LR = Loss Ratio

         "Loss Horizon" equals the sum of 90 days plus the Weighted Average Term
         calculated among all Origination Agreements as of the Settlement Date.

         "Loss Horizon Ratio" equals the total sales giving rise to Programme
         Receivables for the Programme Sellers for the Loss Horizon divided by
         the outstanding balance of Programme Receivables as of the end of the
         most recent month.

         "Loss Ratio" as of any date equals the highest 3 month average Default
         Ratio aggregated among all Origination Agreements which has occurred in
         the 12 months immediately preceding such date.

         "Loss to Liquidation Ratio" as of any date, is equal to the ratio
         (expressed as a percentage) of (i) the Dollar Equivalent of the
         aggregate outstanding balance of all Receivables that were written off
         by the Sellers during the twelve month period most recently ended prior
         to such date to (ii) the aggregate amount of such total sales giving
         rise to Receivables less the Dollar Equivalent of the total Diluted
         Receivables during such twelve month period.

         "Mandatory Cost Rate" has the meaning ascribed to that term in the
         Facilities Agreement.

         "Margin" means 3.75% per annum.

                                      -15-

<PAGE>

         "Offer Date" means, initially, the Initial Offer Date and, thereafter,
         each Determination Date.

         "Origination Agreement" means as of any time each agreement or deed
         pursuant to which a member of the Exide Europe Group sells trade
         receivables originated in the ordinary course of business of such
         member company and which has been designated from time to time as such
         by the Operating Agent. Until and unless a designation has been made by
         the Operating Agent to the contrary, the Origination Agreements shall
         consist of (i) for the United Kingdom, this Deed, (ii) for France, (a)
         the Receivables Subrogation Agreement dated 6 June 1997 (as amended on
         the date hereof) between CEAC, Compagnie Europeenne d'Accumulateurs
         S.A.S. (the "French Seller"), Exide Europe Funding Ltd. ("Exide
         Funding"), the Offer Agent and the Operating Agent (the "French RSA")
         and (b) the Onward Receivables Sale Agreement dated as of the date
         hereof between Exide Europe Funding Ltd., the Buyer, the Offer Agent
         and the Operating Agent (the "French ORSA"), (iii) for Spain, the
         Receivables Sale Agreement dated as of the date hereof between Sociedad
         Espanola del Acumulador Tudor, S.A., Fulmen Iberica, S.L. (the "Spanish
         Sellers"), the Buyer, the Offer Agent and the Operating Agent (the
         "Spanish RSA"), (iv) for Italy, (a) the Receivables Purchase Agreement
         dated 3 June 1997 (as amended on the date hereof) between Exide Italia
         S.r.l., (the "Italian Seller") Archimede Securitisation s.r.l., the
         Offer Agent and the Operating Agent (the "Italian RSA") and (b) the
         Onward Sale Agreement dated as of the date hereof between Archimede
         Securitisation s.r.l., the Buyer and the Operating Agent (the "Italian
         OSA"), and (v) for Germany, the German Receivables Sale Agreement dated
         as of the date hereof between Exide Automotive Batterie GmbH, Deutsche
         Exide GmbH, Deutsche Exide Standby GmbH, (the "German Sellers") the
         Buyer, the Offer Agent and the Operating Agent (the "German RSA").

         "Originator" means each of CMP, Fulmen, Exide Dagenham, Deta and any
         Additional Seller, in its capacity as Seller or Sub-Servicer, as the
         context may require.

         "Outstanding Balance" of any Receivable at any time means the then
         unpaid face amount thereof (including VAT) (except for purposes of
         determining the Default Ratio, where the unpaid face amount of any Paid
         Receivable which has been, or would be, written off or provided for in
         a Seller's books as uncollectible in accordance with the Credit and
         Collection Policy shall be deemed to be zero).

         "Paid Receivables" means all Purchased Receivables the Existing
         Receivables Purchase Price (in respect of Existing Receivables) and
         Future Receivables Purchase Price (in respect of Future Receivables) of
         which has been paid by the Buyer pursuant to the provisions of this
         Deed.

         "Payment Instruction Date" means 31 July 2002.

         "Person" means an individual, partnership, company, body corporate,
         corporation, trust, unincorporated association, joint venture,
         government, or governmental body or agency or other entity.

                                      -16-

<PAGE>

         "Programme" means the revolving sale of trade receivables originated by
         Exide and certain Subsidiaries of Exide Europe and the funding of such
         revolving sale pursuant to the funding arrangements established in
         relation to each Origination Agreement.

         "Programme Amortisation Event" means any Early Amortisation Event under
         each other Origination Agreement other than an Early Amortisation Event
         of the type described in any of paragraphs (5), (7), (10), (11) or (12)
         of the definition "Early Amortisation Event" hereunder;

         "Programme Business Day" means any day (other than a Saturday or
         Sunday) on which banks are open for business in New York, London,
         Dublin, Paris, Frankfurt am Main, Milan and Madrid and which is a
         TARGET Day.

         "Programme Capital" equals, at any time, Capital aggregated among all
         Origination Agreements.

         "Programme Costs" means (i) the Facility Fee and (ii) all other fees
         set out in the Fees Letter.

         "Programme Default Ratio" as of any date, is equal to the weighted
         average of the Default Ratios calculated among all Origination
         Agreements;

         "Programme Dilution Ratio" as of any date, is equal to the weighted
         average of the Dilution Ratios calculated among all Origination
         Agreements.

         "Programme Eligible Receivables" means, on any Settlement Date, the
         aggregate Dollar Equivalent of the Outstanding Balance of Eligible
         Receivables (as that term is defined in each Origination Agreement),
         aggregated among all Origination Agreements which are Paid Receivables
         and which are to become Paid Receivables (as such term is defined in
         each Origination Agreement) on such Settlement Date, aggregated among
         all Origination Agreements.

         "Programme Loss to Liquidation Ratio" as of any date, is equal to the
         weighted average of the Loss to Liquidation Ratios calculated among all
         Origination Agreements.

         "Programme Receivables" means the aggregate Dollar Equivalent of
         Receivables (as defined in and aggregated among all Origination
         Agreements).

         "Programme Reserves" means the Reserves aggregated among all
         Origination Agreements.

         "Programme Sellers" means, collectively, all of the Affiliates of Exide
         Europe designated as Sellers or Originators pursuant to all of the
         Origination Agreements.

         "Proportionate Share" equals, at any time:

         (a)   in respect of a Seller, the result of the formula: the Dollar
               Equivalent of all Eligible Receivables which are Paid Receivables
               from such Seller, divided by

                                      -17-

<PAGE>

              the Dollar Equivalent of all Eligible Receivables which are Paid
              Receivables; and

         (b)  in respect of the Country, the result of the formula: the Dollar
              Equivalent of all Eligible Receivables which are Paid Receivables
              in the Country, divided by the Dollar Equivalent of all Eligible
              Receivables which are Paid Receivables (as such term is used in
              each Origination Agreement), aggregated among all Origination
              Agreements.

         "Purchase" means a purchase or purported purchase by the Buyer of a
         Group of Receivables from a Seller pursuant to the acceptance of an
         offer in accordance with this Deed.

         "Purchase Date" means the Effective Date and each Settlement Date after
         the Effective Date occurring before the Termination Date on which there
         is a Purchase of Receivables by the Buyer as contemplated by this Deed.

         "Purchased Receivable" means a Receivable (whether or not an Eligible
         Receivable) purchased or purported to be purchased by the Buyer
         pursuant to the acceptance of an offer in accordance with this Deed.

         "Quarterly Settlement Date" means, initially, the first Settlement Date
         falling in September 2002 and, thereafter, until the Termination Date,
         the first Settlement Date falling in the third calendar month following
         the calendar month of the immediately preceding Quarterly Settlement
         Date;

         "Quotation Day" means, in relation to any Interest Period, two Business
         Days before the first day of that period unless market practice differs
         in the London interbank market for Dollar, in which case the Quotation
         Day for that currency will be determined by the Operating Agent in
         accordance with market practice in the London interbank market (and if
         quotations would normally be given by leading banks in the London
         interbank market on more than one day, the Quotation Day will be the
         last of those days).

         "Rating Agencies" means Standard & Poor's Ratings Group, a division of
         the McGraw Hill Companies Inc. and Moody's Investors Service, Inc.

         "Receivable" means the indebtedness (including VAT) owed or which will
         become owed by any Designated Account Debtor under a Contract arising
         from a sale or contract of sale of merchandise or provision or contract
         of provision of services by a Seller and representing part or all of
         the sale price of such merchandise or services and includes the right
         to payment of any interest or finance charges and other obligations of
         such Designated Account Debtor with respect thereto.

         "Reference Banks" means the principal London offices of Citibank, N.A.,
         Barclays Bank PLC and The Royal Bank of Scotland plc or such other
         banks as may be determined by the Operating Agent.

                                      -18-

<PAGE>

         "Reference Date" means each Friday or any other later date (as may be
         agreed from time to time between the Offer Agent (on behalf of the
         Sellers) and the Operating Agent) falling immediately prior to the next
         succeeding Determination Date.

         "Reference Period" means, initially, the period beginning on (and
         including) the Initial Reference Date and ending on (but excluding) the
         next following Reference Date and thereafter, each period from (and
         including) a Reference Date to (but excluding) the next following
         Reference Date.

         "Related Security" means with respect to any Receivable all of the
         Seller's interest in any goods and work in progress (including returned
         or repossessed goods and work in progress) relating to the sale
         creating such Receivable, and all insurance policies, security,
         deposits, guarantees, indemnities, letters of credit, bills of
         exchange, cheques, other negotiable instruments, warranties, retention
         of title and other agreements and arrangements not created or made by
         the Buyer supporting or securing payment of such Receivable.

         "Relevant Date" means the earlier of:

         (1)   the date on which all Capital of all Groups of Receivables is
               reduced to zero; and

         (2)   the date on which the Outstanding Balance of all Eligible
               Receivables which are Paid Receivables is reduced to zero.

         "Relevant Documents" means this Deed, the Letter of Undertaking, the
         Interim Trust Account Bank Mandates, the Trust Account Bank Mandates
         and the Fees Letter.

         "Reserves" means as of any date, the Dollar Equivalent of the Country's
         Proportionate Share of the sum of the Loss Reserve, the German Excess
         Loss Reserve, the Dilution Reserve, the Special Dilution Reserve, the
         Yield Reserve and the Foreign Currency Reserve.

         "Sales Scheme" means, in respect of Deta, a scheme pursuant to which
         (a) Receivables have extended or delayed payment terms exceeding 90
         days, arise from sales on consignment or sales or (b) the good giving
         rise to such Receivables has been sold on a return basis.

         "Screen Rate" means the British Bankers' Association Settlement Rate
         for one week Dollars displayed on the appropriate page of Telerate
         Screen. If the agreed page is replaced or service ceases to be
         available, the Operating Agent may specify another page or service
         displaying the appropriate rate.

         "Security Interest" means any mortgage, pledge, lien, charge,
         assignment, hypothecation or security interest or any other agreement
         or arrangement having the effect of conferring security.

                                      -19-

<PAGE>

         "Sellers" means, CMP, Fulmen, Deta, Exide Dagenham and any Additional
         Seller made party to this Deed in accordance with Clause 19(D), and
         "Seller" means any of them.

         "Seller Entitlement" means, at any time, in respect of the total amount
         standing to the credit of each Collection Account together with
         interest thereon, the portion thereof which is not attributable to or
         representing Collections.

         "Seller Non-Transaction Account" means in respect of each Seller, the
         account set opposite the relevant Seller's name in Schedule 1 Part 1,
         under the heading "Seller Non-Transaction Account", in each case in the
         name of the appropriate Seller, established with the Collection Account
         Bank, or such other account at such branch of such bank as each Seller
         may from time to time specify by written notice to the Collection
         Account Bank with a copy to the Operating Agent.

         "Servicer" means at any time the Person then authorised pursuant to
         this Deed to service, administer and collect Purchased Receivables.

         "Settlement Date" means initially, the Effective Date and thereafter,
         each Thursday (or such other day as may be agreed from time to time
         between the Offer Agent (on behalf of the Sellers) and the Operating
         Agent) provided that in relation to a Thursday falling in a Specified
         Bank Holiday Period, the Settlement Date shall be the Thursday
         immediately succeeding such Thursday and provided further that, if any
         such day is not a Programme Business Day, the Settlement Date shall be
         the next succeeding Programme Business Day.

         "Settlement Period" means any period beginning on (and including) a
         Settlement Date and ending on (but excluding) the next following
         Settlement Date.

         "Settlement Statement" means a statement, as of any Settlement Date,
         prepared by the Operating Agent substantially in the form of Schedule 3
         showing (amongst other things) the amount of Receivables purchased by
         the Buyer during the last Settlement Period.

         "Special Dilution Reserve" means:

         (a)   on each Settlement Date other than that falling immediately prior
               to a Deemed Settlement Date, an amount equal to the percentage,
               set opposite such settlement Date in Schedule 17, of the
               Programme Eligible Receivables on such date (including any
               Eligible Receivables sold or transferred on such date under or
               pursuant to each Origination Agreement); and

         (b)   on each Settlement Date falling immediately prior to a Deemed
               Settlement Date, an amount determined by the Operating Agent
               (acting reasonably) as a reserve to cover the estimated excess of
               Collections to be received over Receivables which may be
               generated under all Origination Agreements during the two
               successive Reference Periods immediately succeeding such
               Settlement

                                      -20-

<PAGE>

               Date (such amount to be notified by the Operating Agent to the
               Offer Agent on the Determination Date immediately preceding such
               Settlement Date),

         provided however that the Special Dilution Reserve determined in
         paragraph (a) or (b) above may be adjusted from time to time by the
         Operating Agent (acting reasonably) on the basis of actual excess of
         Collections received over Receivables generated based on recent history
         of Collections' and Receivables' generation and any expected change in
         the sales pattern of any Seller (including, without limitation, a
         reduction of the number of Designated Account Debtors and a reduction
         of sales to designated Account Debtors) (such adjustment amounts to be
         notified by the Operating Agent to the Offer Agent on the Determination
         Date immediately preceding such Settlement Date).

         "Specified Bank Holiday Period" means the relevant calendar week:

         (a)   in which the 25/th/ of December falls;

         (b)   in which Easter falls; and

         (c)   in which the 15/th/ of August falls.

         "Spot Rate" means, as of any Settlement Date, the spot rate utilised
         under the Currency Exchange Agreement, as determined for such
         Settlement Date.

         "Stamp Duty" means any stamp duty, stamp duty reserve tax, registration
         or other transaction or documentary tax (including without limitation,
         any penalty or interest payable in connection with any failure to pay
         or any delay in paying any of the same).

         "Stamp Duty Account" means the account kept pursuant to Clause 6(D).

         "Stamp Duty Reserve" as of any time means 4% of the value of the
         Outstanding Balance of Paid Receivables (or such greater or lesser
         amount that may be required under then-applicable United Kingdom stamp
         duty legislation).

         "Sterling" and the sign "(pound)" each mean the lawful currency of the
         United Kingdom.

         "Subsidiary" means, in relation to any company or corporation, a
         company or corporation:

         (a)   which is controlled, directly or indirectly, by the first
               mentioned company or corporation; or

         (b)   more than half the issued share capital of which is beneficially
               owned, directly or indirectly by the first mentioned company or
               corporation; or

         (c)   which is a Subsidiary of another Subsidiary of the first
               mentioned company or corporation,

         and for this purpose, a company or corporation shall be treated as
         being controlled by another if that other company or corporation is
         able to direct its affairs and/or to control the composition of its
         board of directors or equivalent body.

                                      -21-

<PAGE>

         "Summary Report" means a report as of each Determination Date or more
         frequently if requested by the Operating Agent, substantially in the
         form of Schedule 4, furnished by each Seller to the Operating Agent
         pursuant to Clause 11(E).

         "Summary Report Date" means each Determination Date or such other dates
         as the Operating Agent may request.

         "TARGET" means the Trans-European Automated Real-time Gross Settlement
         Express Transfer Payment System.

         "TARGET Day" means any day on which TARGET is open for the settlement
         of payments in Euro.

         "Temporary Adjustment Account" means the sub-account held by the Buyer
         with Citibank, N.A., London branch, denominated in Sterling and
         utilised for the purposes set out in Clause 12(D), under the account
         number 60918971.

         "Termination Date" means the earliest to occur of (1) 15 February 2004,
         (2) an Early Amortisation Event and (3) the US DIP Facility Termination
         Date.

         "Trust Account Bank Mandate" means an agreement in respect of each
         Dedicated Collection Account substantially in the form set out in
         Schedule 14.

         "Turnover Rate" means, as of any Purchase Date, the average of each of
         the three most recently ended months of the Dollar Equivalent of the
         aggregate outstanding balance of Paid Receivables (aggregated among all
         Origination Agreements) as of the last day of each such month, over the
         average or each of the three most recently ended months of the total
         sales giving rise to Programme Receivables as of the last day of each
         such month.

         "US DIP Facility Agreement" means the $250,000,000 secured superior
         priority debtor in possession credit agreement entered into on 15 April
         2002 between Exide Technologies and certain of its Subsidiaries as
         debtors and debtors-in-possession, Citicorp USA, Inc. as Administrative
         Agent, Collateral Monitoring Agent and Arranger, Salomon Smith Barney
         Inc. as Sole Book Manager and Lead Manager and the lenders and issuers
         from time to time party thereto.

         "US DIP Facility Termination Date" has the meaning given to "Scheduled
         Termination Date" in the US DIP Facility Agreement.

         "Weighted Average Term" means the weighted average term of all Paid
         Receivables, calculated on the basis of the formula: (original stated
         payment term of each invoice x amount of such invoice) / invoice
         amount.

         "Yield" will be calculated on the first Purchase Date and on each
         Settlement Date thereafter on the basis of the outstanding Capital as
         at such dates times the Yield Rate divided by 360 times the number of
         days elapsed in the relevant Interest Period.

                                      -22-

<PAGE>

         "Yield Rate" means the percentage rate per annum which is the aggregate
         of the applicable (i) Margin, (ii) LIBOR and (iii) the Mandatory Costs
         Rate (if any).

         "Yield Reserve" means, as of any Settlement Date, an amount equal to
         the sum of (a) the product of (i) the Programme Eligible Receivables
         less the Defaulted Receivables (aggregated among all Origination
         Agreements) and (ii) the Yield Reserve Rate and (b) the product of (i)
         the Dollar Equivalent of the Outstanding Balance of all Paid
         Receivables (as aggregated among all Origination Agreements) and (ii)
         0.75% (substitute servicer reserve).

         "Yield Reserve Rate" means as of any Settlement Date, the product of
         (1) two times the Turnover Rate for such date and (2) the sum of (a) 1
         month LIBOR times 1.5 plus the Margin plus the Mandatory Costs Rate (if
         applicable); (b) the Currency Exchange Costs; (c) the Facility Fee; and
         (d) the other fees set out in the Fees Letter.

(C)      This Deed: Any reference to "this Deed" or any other agreement or
         document shall, unless the context otherwise requires, include this
         Deed or, as the case may be, that other agreement or document as from
         time to time amended, supplemented or novated, and any document which
         amends, supplements or novates this Deed or, as the case may be, that
         other agreement or document. Any reference to Clauses or paragraphs in
         this Deed is, subject to any contrary indication, a reference to a
         Clause or paragraph in this Deed.

(D)      Origination Agreements: All references in this Deed to terms defined in
         the Origination Agreements or to amounts which are aggregated among all
         Origination Agreements, shall, unless the contrary is indicated, be
         deemed to refer to the equivalent concepts in the Origination
         Agreements where the same defined term is not used.

(E)      Headings: Headings shall be ignored in construing this Deed.

(F)      Time: Save where the contrary is indicated, any reference in this Deed
         to a time of day (including opening and closing of business hours)
         shall be construed as a reference to London time.

(G)      Time of Essence: Time shall be of the essence in this Deed and all
         documents delivered pursuant to the terms of this Deed, subject to the
         prior waiver of such timing by the affected party.

(H)      Third Party Rights: A person who is not party to this Deed will have no
         rights under the Contracts (Rights of Third Parties) Act 1999 or
         otherwise to enforce any terms of this Deed.

(I)      Limited Recourse Provisions under Facilities Agreement and Currency
         Exchange Agreement: Any amount payable hereunder by reference to
         amounts payable by the Buyer under the Facilities Agreement and the
         Currency Exchange Agreement shall be due and payable irrespective of
         whether the Buyer is liable to pay such amounts as a

                                      -23-

<PAGE>

         result of the limited recourse provisions contained in the Facilities
         Agreement or the Currency Exchange Agreement.

2.       FACILITY

         On the terms and conditions set out in this Deed, the Buyer may, in the
         Buyer's sole discretion until the Termination Date, purchase at a
         discount from each Seller full title and ownership in and to certain
         Receivables arising under Contracts by acceptance of a Letter of Offer
         in accordance with the terms of this Deed. Nothing in this Deed shall
         oblige the Buyer to make any purchase at any time, and nothing in this
         Deed shall oblige a Seller to deliver any Letter of Offer to the Buyer
         or to sell any Receivables to the Buyer.

3.       CONDITIONS PRECEDENT

(A)      To Initial Purchase: Without prejudice to the unlimited right of the
         Buyer at any time to refuse or otherwise not to accept any Letter of
         Offer delivered under this Deed, with or without cause, the Letter of
         Offer in relation to the proposed Initial Purchase may only be accepted
         subject to the condition precedent that the Operating Agent receives on
         or before the date on which the first Letter of Offer may be accepted
         the documents and information specified in Schedule 5, each in form and
         substance satisfactory to the Operating Agent.

(B)      To All Purchases (including the Initial Purchase): Without prejudice to
         the unlimited right of the Buyer at any time to refuse or otherwise not
         to accept any Letter of Offer delivered under this Deed, with or
         without cause, each Letter of Offer in relation to a proposed Purchase
         (including the Initial Purchase) may only be accepted if the further
         following conditions precedent are satisfied or waived by the Operating
         Agent:

         (1)   On each Determination Date immediately prior to each proposed
               Purchase Date, the Offer Agent has delivered by electronic mail
               or facsimile to the Operating Agent each Accounts Receivables
               Trial Balance to be entered into Enigma and, as soon as
               practicable thereafter but before 11.00 a.m. London time on the
               relevant Determination Date, the relevant Accounts Receivables
               Listing.

         (2)   On each Purchase Date the following statements must be true and
               correct (and each Seller will be deemed to have so certified on
               such date that):

               (a)  the representations and warranties of each Seller contained
                    in this Deed are true and correct on and as of such day as
                    though made on such day and by reference to the then
                    existing circumstances;

               (b)  each Seller has delivered such certificate as may be
                    required by the Operating Agent as to such Seller's
                    solvency;

               (c)  after the proposed Purchase the Outstanding Balance of Paid
                    Receivables which are Eligible Receivables would be at least
                    equal to the sum of (i)

                                      -24-

<PAGE>

                   aggregate outstanding Capital, (ii) applicable Accruals and
                   (iii) Reserves in relation to outstanding Capital;

              (d)  there has been no Early Amortisation Event which has not been
                   waived by the Operating Agent in writing;

              (e)  there has been no sale by a Seller of any of its Receivables
                   out of the ordinary course of its business without the prior
                   written consent of the Operating Agent;

              (f)  in respect of the Purchase of Receivables whose Designated
                   Account Debtors are resident in a European Union jurisdiction
                   other than in England or Wales, after the proposed Purchase,
                   Capital in respect of such Purchased Receivables which are
                   Paid Receivables and Eligible Receivables does not exceed 15%
                   of the Capital in respect of all Paid Receivables which are
                   Eligible Receivables; and

              (g)  after the proposed Purchase, Programme Capital would not
                   exceed the Facility Limit.

         (3)  On or prior to each Settlement Date each Seller shall have
              complied with all of its reporting and other obligations under
              this Deed, unless any such failure to comply has been waived by
              the Operating Agent in respect of such Settlement Date.

         (4)  The Operating Agent has received such other approvals, legal
              opinions or documents as the Operating Agent may reasonably
              request.

         (5)  The appointment of the Offer Agent by the Sellers is in full force
              and effect and has not been revoked or otherwise terminated.

         (6)  On or prior to each Quarterly Settlement Date, the Operating Agent
              has received a Directors' Certificate from each Seller.

         (7)  the Buyer is able to obtain appropriate funds from its currency
              swap counterparty under the Currency Exchange Agreement.

(C)      To All Payments of Future Receivables Purchase Price: The payment by
         the Buyer of the Future Receivables Purchase Price in respect of
         Purchased Receivables on each Settlement Date in the manner
         contemplated in Clause 4 (D) is subject to the fulfilment of the
         following conditions precedent on the relevant Settlement Date:

         (1)  on each Determination Date immediately prior to each proposed
              Settlement Date, the Offer Agent has delivered by electronic mail
              or facsimile to the Operating Agent each Accounts Receivables
              Trial Balance to be entered into Enigma and, as soon as
              practicable thereafter but before 11.00 a.m. London time on the
              relevant Determination Date, the relevant Accounts Receivables
              Listing;

                                      -25-

<PAGE>

         (2)  after the payment of the Future Receivables Purchase Price, the
              Outstanding Balance of Paid Receivables which are Eligible
              Receivables would be at least equal to the sum of (i) aggregate
              outstanding Capital, (ii) applicable Accruals and (iii) Reserves
              in relation to outstanding Capital;

         (3)  there has been no Early Amortisation Event which has not been
              waived by the Operating Agent in writing;

         (4)  in respect of the payment for a Future Receivables Purchase Price
              of Receivables whose Designated Account Debtors are resident in a
              European Union jurisdiction other than in England or Wales, after
              the proposed payment, Capital in respect of such Paid Receivables
              which are Eligible Receivables does not exceed 15% of the Capital
              in respect of all Paid Receivables which are Eligible Receivables;
              and

         (5)  after the payment of the Future Receivables Purchase Price,
              Programme Capital would not exceed the Facility Limit.

         (6)  The appointment of the Offer Agent by the Sellers is in full force
              and effect and has not been revoked or otherwise terminated.

         (7)  the Buyer is able to obtain appropriate funds from its currency
              swap counterparty under the Currency Exchange Agreement.

(D)      To any Purchase and any Payment for Future Receivables from the Payment
         Instruction Date: Any purchase of Receivables and payment for Future
         Receivables from the Payment Instruction Date is, in addition to the
         conditions set out in Clause 3(B) and 3(C) subject to the following
         conditions precedent on the relevant Settlement Date:

         (1)  each Seller has provided evidence to the Operating Agent that it
              has given to each Designated Account Debtor by way of registered
              letter instructions in the form set out in Schedule 11 Part 1 to
              make all the payments in respect of Receivables to the credit of
              the relevant Dedicated Collection Account and that similar
              instructions to this effect in the form set out in Schedule 11
              Part 2 have been inserted in each of the invoices to be addressed
              to such Designated Account Debtors; and

         (2)  a Dedicated Collection Account has been opened with the relevant
              Collection Account Bank and a Trust Account Bank Mandate has been
              entered into with respect to each such Dedicated Collection
              Account.

(E)      New Forms of Contract: The Operating Agent shall, as soon as reasonably
         practicable after submission to it of a form of Contract other than the
         form set out in Schedule 7, notify the relevant Seller as to whether it
         approves of the form for the purposes of paragraph (9) of the
         definition of "Eligible Receivable", such approval not to be
         unreasonably withheld. In considering whether to approve such other
         form of Contract, the Operating Agent may, as a condition of
         considering whether to give its

                                      -26-

<PAGE>

         approval, take such legal advice as it deems appropriate including,
         without limitation, advice from English, Scottish or Northern Irish
         solicitors, and all related costs, charges, and expenses (including
         without limitation reasonable legal fees, disbursements and VAT
         thereon) shall be for the account of the relevant Seller.

4.       PURCHASES

(A)      Making Offers: The Offer Agent may, on behalf of each Seller, by 11:00
         a.m., London time:

         (1)  On the Initial Offer Date, deliver to the Operating Agent, acting
              on behalf of the Buyer, a Letter of Offer by facsimile (and shall
              send the original Letter of Offer to an Operating Agent's office
              outside the United Kingdom (as the Operating Agent may direct the
              Offer Agent from time to time) by ordinary post on the day it is
              delivered by facsimile) substantially in the form of Schedule 6
              Part 1 (a "Letter of Offer") in respect of the assignment of:

              (a)  all Existing Receivables (if any) specified in such Letter of
                   Offer as in existence as at (but excluding) the Initial
                   Reference Date relating to each Designated Account Debtor on
                   the Initial Offer Date;

              (b)  all Future Receivables (if any) in respect of a Designated
                   Account Debtor on the Initial Offer Date which are not
                   specified in the Letter of Offer and which have come or will
                   come into existence from (and including) the Initial
                   Reference Date to (but excluding) the Effective Date; and

              (c)  all Future Receivables (if any) in respect of a Designated
                   Account Debtor which will come into existence from (and
                   including) the Effective Date to (but excluding) the next
                   Settlement Date,

              such Initial Letter of Offer to specify (i) the proposed Purchase
              Date of the Receivables in respect of which such Initial Letter of
              Offer is delivered and (ii) the then Outstanding Balance of the
              Receivables (if any) set out in (a) above and the Existing
              Receivables Purchase Price with respect thereto, as computed by
              the Operating Agent. The computation of the Existing Receivables
              Purchase Price by the Operating Agent shall, in the absence of
              manifest error, be deemed to be conclusive;

         (2)  On any Offer Date subsequent to the Initial Offer Date and falling
              prior to the Termination Date, nominate a new Account Debtor to be
              a Designated Account Debtor (and if one new Account Debtor is so
              designated, all new Account Debtors will, unless the Operating
              Agent agrees otherwise, be so designated) (an "Additional
              Designated Account Debtor");

         (3)  On any Offer Date subsequent to the Initial Offer Date, deliver to
              the Operating Agent, acting on behalf of the Buyer, a Letter of
              Offer by facsimile (and shall send the original Letter of Offer to
              an Operating Agent's office

                                      -27-

<PAGE>

              outside the United Kingdom (as the Operating Agent may direct the
              Offer Agent from time to time)) by ordinary post on the day it is
              delivered by facsimile) substantially in the form of Schedule 6
              Part 2 in respect of the assignment of:

              (a)  all Future Receivables (if any) in respect of each Designated
                   Account Debtor (including, for the avoidance of doubt, each
                   Additional Designated Account Debtor) which will come into
                   existence during the immediately succeeding Settlement
                   Period; and

              (b)  in relation to each Additional Designated Account Debtor on
                   such Offer Date:

                   (i)   all Existing Receivables (if any) in respect of such
                         Additional Designated Account Debtor specified in such
                         Letter of Offer as in existence as at (but excluding)
                         the immediately preceding Reference Date; and

                   (ii)  all Future Receivables (if any) in respect of an
                         Additional Designated Account Debtor which are not
                         specified in the Letter of Offer and which have come or
                         will come into existence from (and including) the
                         Reference Date immediately preceding such Offer Date to
                         (but excluding) the immediately succeeding Settlement
                         Date,

              such Letter of Offer to specify (i) the proposed Purchase Date of
              the Receivables in respect of which such Letter of Offer is
              delivered and (ii) the then Outstanding Balance of the Existing
              Receivables (if any) set out in (b)(i) above and the Existing
              Receivables Purchase Price with respect thereto. The Operating
              Agent shall compute the Existing Receivables Purchase Price in
              accordance with this Deed and the computation of the Existing
              Receivables Purchase Price by the Operating Agent shall, in the
              absence of manifest error, be deemed to be conclusive.

(B)      Offer and Acceptance: The delivery of the Letter of Offer by facsimile
         shall be irrevocable and will constitute an offer by each relevant
         Seller to sell to the Buyer each of (i) the Existing Receivables (if
         any) designated pursuant to Clause 4(E) and the Related Security with
         respect thereto for the Existing Receivables Purchase Price applicable
         to such Existing Receivables as set out in the Letter of Offer and (ii)
         the Future Receivables (if any) designated pursuant to Clause 4(E) and
         the Related Security with respect thereto for an amount of(pound)10 in
         cash (the "Acceptance Fee") plus the Future Receivables Purchase Price
         in accordance with Clause 4(D) of this Deed. The Buyer may, in its sole
         discretion, accept a Letter of Offer with respect to both (i) all
         Existing Receivables referred to in such Letter of Offer and (ii) all
         Future Receivables referred to in such Letter of Offer by payment in
         full of the Existing Receivables Purchase Price relating to such
         Existing Receivables and the Acceptance Fee (which

                                      -28-

<PAGE>

     Acceptance Fee must be paid in cash) to the account referred to and in
     accordance with Clause 4(C).

     Payment of the Existing Receivables Purchase Price in respect of the
     Existing Receivables referred to in such Letter of Offer will constitute:

     (1)  acceptance of the offer in respect of the Existing Receivables
          referred to in such Letter of Offer; and

     (2)  the transfer to the Buyer of title and ownership in and to those
          Receivables and the Related Security with respect to those
          Receivables, and

     Payment of the Acceptance Fee in respect of Future Receivables referred to
     in such Letter of Offer will constitute:

     (1)  acceptance of the offer in respect of the Future Receivables referred
          to in such Letter of Offer;

     (2)  the transfer to the Buyer of title and ownership in and to those
          Receivables and the Related Security with respect to those
          Receivables; and

     (3)  an undertaking by the Buyer to pay the Future Receivables Purchase
          Price pursuant to Clause 4(D) of this Deed.

     If the Buyer accepts an offer in accordance with this Clause 4(B), no
     Seller shall concern itself as to whether the Buyer has received
     instructions from the Operating Agent in relation to such acceptance.

(C)  Method of Payment in relation to acceptance of a Letter of Offer: If the
     Buyer wishes to accept a Letter of Offer, it will make payment in full of
     the Existing Receivables Purchase Price in respect of Existing Receivables
     (if any) referred to in such Letter of Offer and the Acceptance Fee in
     respect of Future Receivables referred to in such Letter of Offer on the
     immediately succeeding proposed Purchase Date in the currency and funds
     specified in Clause 7(B) and (subject to the provisions of Clause 12(C) in
     respect of the Existing Receivables Purchase Price in relation to Existing
     Receivables offered on any Offer Date other than the Initial Offer Date) to
     the account specified in Clause 7(C). If the Buyer wishes to reject a
     Letter of Offer, it shall notify the Offer Agent prior to 11.00 am on the
     proposed Purchase Date of such rejection; provided, for the avoidance of
     doubt, that failure to so notify the Offer Agent of a rejection of a Letter
     of Offer shall not constitute an acceptance or deemed acceptance of the
     Letter of Offer, and a Letter of Offer which has not been accepted by 11.00
     am on the proposed Purchase Date shall be deemed to be rejected.

(D)  Covenant for Payment in respect of Purchased Receivables which are Future
     Receivables: In consideration of the sale and assignment by the relevant
     Seller of Future Receivables (which Receivables have been automatically
     assigned in equity pursuant to Clause 4 (B)), the Buyer shall (subject to
     the conditions set out in Clause 3), on each Settlement Date, pay in full
     the Future Receivables Purchase Price (as

                                      -29-

<PAGE>

         calculated by the Operating Agent in accordance with this Deed) in
         respect of Future Receivables having come into existence during the
         Reference Period immediately preceding such Settlement Date in the
         currency and funds specified in Clause 7(B) and (subject to the
         provisions of Clause 12(C)) to the account specified in Clause 7(C).
         The computation of the Future Receivables Purchase Price by the
         Operating Agent shall, in the absence of manifest error, be deemed to
         be conclusive.

(E)      Determination of Receivables: No later than 11:00 a.m. on the Initial
         Offer Date and thereafter on each Determination Date immediately
         preceding a Settlement Date, the Offer Agent will, on behalf of the
         Sellers, deliver to the Operating Agent (or as the Operating Agent may
         direct) the Accounts Receivables Listing generated in relation to such
         Settlement Date specifying, inter alios:

         (1)      on the Initial Offer Date:

                    (i)      the Initial Reference Date;

                    (ii)     each Designated Account Debtor;

                    (iii)    each Existing Receivable which is the subject of
                             the Letter of Offer delivered on the Initial Offer
                             Date and the Seller thereof;

                    (iv)     each of such Existing Receivables which is an
                             Eligible Receivable;

                    (v)      the Outstanding Balance of such Existing
                             Receivables which are Eligible Receivables as at
                             (but excluding) the Initial Reference Date and the
                             Seller thereof; and

                    (vi)     the Seller of the Future Receivables referred to in
                             the Letter of Offer delivered on the Initial Offer
                             Date,

         (2)      on each subsequent Determination Date:

                    (i)      the relevant Reference Date;

                    (ii)     each Additional Designated Account Debtor (if any)
                             the Existing Receivables of which are subject of a
                             Letter of Offer on such Determination Date;

                    (iii)    each Existing Receivable from such Additional
                             Designated Account Debtor which are the subject of
                             a Letter of Offer on such Determination Date and
                             the Seller thereof;

                    (iv)     each of such Existing Receivables which is an
                             Eligible Receivable;

                    (v)      the Outstanding Balance of such Existing
                             Receivables which are Eligible Receivables as at
                             (but excluding) the immediately preceding Reference
                             Date and the Seller thereof;

                                      -30-

<PAGE>

                    (vi)     each Purchased Receivable which is a Future
                             Receivable which has come into existence during the
                             Reference Period immediately preceding such
                             Determination Date and the Seller thereof;

                    (vii)    each of such Purchased Receivables set out in (vi)
                             above which is an Eligible Receivable as at (but
                             excluding) the Reference Date immediately preceding
                             such Determination Date;

                    (viii)   the Outstanding Balance of such Purchased
                             Receivables which are Eligible Receivables as at
                             (but excluding) the Reference Date immediately
                             preceding such Determination Date and the Seller
                             thereof; and

                    (ix)     the Seller of the Future Receivables referred to in
                             any Letter of Offer delivered on such Determination
                             Date,

(F)      Perfection: Each of the Seller, the Offer Agent and the Buyer will take
         all such steps and comply with all such formalities as may be required
         by the Buyer to perfect or more fully to evidence or secure title to
         the Receivables assigned (or purported to be assigned) pursuant to
         Clause 4.

(G)      Delegation of Powers of Operating Agent: The Operating Agent hereby
         delegates to the Offer Agent and each Seller its obligations to compute
         the Existing Receivables Purchase Price and the Future Receivables
         Purchase Price under this Clause 4, which delegation is irrevocably
         accepted by the Offer Agent and each Seller. The Offer Agent shall
         notify the Operating Agent of all calculations made by it under this
         Clause 4. The Operating Agent may revoke this delegation in writing at
         any time.

(H)      Appointment of Offer Agent:

         (a)      Exide Europe is hereby appointed by each Seller as Offer Agent
                  to make offers to the Buyer on behalf of each such Seller
                  pursuant to the terms hereof and perform all the related
                  functions and Exide Europe hereby accepts such appointment as
                  Offer Agent on the terms and subject to the conditions of this
                  Deed;

         (b)      each Seller agrees that the Buyer and the Operating Agent
                  shall be entitled to assume without further enquiry that
                  performance by the Offer Agent purportedly on behalf of such
                  Seller is duly authorised and undertaken on behalf of such
                  Seller; and

         (c)      Exide Europe may not resign its appointment as Offer Agent
                  without the consent of the Operating Agent on behalf of the
                  Buyer.

(I)      Appointment of CMP Batteries Limited:

         (a)      CMP is hereby appointed by each other Seller as its agent to
                  receive, for and on behalf of such Seller, any payment to be
                  made hereunder by the Buyer

                                      -31-

<PAGE>

              which is attributable to such Seller and CMP hereby accepts such
              appointment on the terms and subject to the conditions of this
              Deed;

         (b)  each Seller other than CMP agrees that any payment made to CMP
              shall constitute performance by the Buyer of its payment
              obligations and the Buyer shall not concern itself as to how CMP
              deals with the payment to such Seller and how amounts paid in
              respect of any Letter of Offer are distributed between each such
              Seller.

         (c)  CMP may not resign from its appointment under this Clause 4 (I)
              without the consent of the Operating Agent.

5.       COLLECTIONS AND SETTLEMENT

(A)      Collection of Receivables:

         (1)  Prior to an Early Amortisation Event, each Servicer shall:

              (a)   on each Local Business Day prior to the Payment Instruction
                    Date, deposit and cause each Designated Account Debtor to
                    deposit all Collections of Purchased Receivables to the
                    relevant Collection Account;

              (b)   on each Local Business Day from the Payment Instruction
                    Date, deposit and cause each Designated Account Debtor to
                    deposit all Collections of Purchased Receivables to the
                    relevant Dedicated Collection Account; and

              (c)   on each Settlement Date (subject to Clause 12(C)) transfer
                    all Collections received since the last Settlement Date to
                    the Buyer Account.

         (2)  Upon demand of the Operating Agent, each Servicer shall set aside
              and hold in trust for the Buyer all Collections received by it and
              immediately deposit such Collections to the relevant Buyer
              Account.

         (3)  The Operating Agent shall issue a Settlement Statement to the
              Offer Agent (on behalf of the Sellers) within two Programme
              Business Days after each Settlement Date in relation to the
              Settlement Period which ended on that Settlement Date.

(B)      Settlement Procedures prior to Termination Date: Prior to the
         Termination Date the procedures described in this Clause 5(B) will be
         applicable:

         (1)  On each Determination Date the Operating Agent shall calculate:

              (a)   Capital as at the forthcoming Settlement Date; and

              (b)   Yield and Programme Costs in respect of th0e Capital as at
                    the forthcoming Settlement Date.

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     (2)  On each Settlement Date the Operating Agent shall cause to be paid
          from the Buyer Accounts in the following order of priority:

          (a)  to the Buyer, Yield and the Country's Proportionate Share of
               Programme Costs in respect of the Interest Period ending on that
               Settlement Date;

          (b)  to each Seller, (i) (on the date of the Initial Purchase) the
               Existing Receivables Purchase Price for the Existing Receivables
               offered for Purchase on the Initial Offer Date and the Acceptance
               Fee in respect of all Future Receivables offered for Purchase on
               such Initial Offer Date and (ii) (on any Settlement Date
               thereafter) the Acceptance Fee for all Future Receivables offered
               for Purchase on the immediately preceding Offer Date and, to the
               extent such amounts are not satisfied by way of set-off pursuant
               to Clause 12 (C), the Existing Receivables Purchase Price for all
               Existing Receivables (if any) offered for Purchase on the
               immediately preceding Offer Date and the Future Receivables
               Purchase Price for all Purchased Receivables (which were Future
               Receivables) which have come into existence during the
               immediately preceding Reference Period;

          (c)  to the Buyer, such amounts as determined by the Operating Agent
               as are required to repay Programme Capital and result in the
               Programme Reserves being equal to the amount calculated pursuant
               to Clause 5(B)(3); and

          (d)  to each Seller, its Proportionate Share of all amounts standing
               to the credit of the Buyer Account after payment of the amounts
               set forth in (a), (b) and (c) above, by way of deferred purchase
               price for the Purchased Receivables.

     (3)  On each Determination Date, the Operating Agent shall calculate the
          Reserves and the Programme Reserves required in respect of that
          Settlement Period commencing on the next following Settlement Date.

(C)  Settlement Procedures after Termination Date: On the Termination Date and
     each day thereafter, the procedures described in this Clause 5(C) will be
     applicable for all Purchased Receivables:

     (1)  On each Settlement Date, the Operating Agent shall cause to be paid
          from the Buyer Account to the Buyer all amounts standing to the credit
          of the Buyer Account.

     (2)  When the Operating Agent notifies each Seller that Programme Capital
          has been reduced to zero and all Yield (as aggregated among all
          Origination Agreements), Programme Costs and other fees due under this
          Deed (including the fees payable under the Fees Letter) have been
          paid, then an amount equal to the Seller's Proportionate Share of any
          future Collections on Purchased

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<PAGE>

              Receivables shall be remitted by the Buyer to each Seller by way
              of deferred purchase price for all of the Purchased Receivables.

(D)      Adjustments and Allowances:

         (1)  If on any day the Outstanding Balance of any Paid Receivable is
              either (a) reduced or adjusted as a result of any defective,
              rejected, repossessed or returned goods or services or any cash
              discount (whether commercial, financial or otherwise), rebate or
              other adjustment made by the Seller or any other Person, or (b)
              reduced or cancelled as a result of a set off or by agreement in
              respect of any claim by the Designated Account Debtor thereof
              against any Seller or any other Person (whether such claim arises
              out of the same or another transaction) (including without
              limitation any change in the due date for payment of any Paid
              Receivable otherwise than with the prior consent of the Operating
              Agent), such Seller will be deemed to have received on such day a
              Collection of such Paid Receivable in the amount of such
              reduction, adjustment or cancellation and shall credit such amount
              to the relevant Buyer Account by way of indemnity.

         (2)  If on any day any of the representations or warranties in Clause 8
              is no longer true with respect to a Paid Receivable, the relevant
              Seller will be deemed to have received on such day a Collection of
              such Paid Receivable equal to its original Outstanding Balance
              less any Collections previously received with respect thereto and
              shall credit to the relevant Buyer Account an amount equal to such
              deemed Collection by way of indemnity.

         (3)  If any Existing Receivable expressed to be an Eligible Receivable
              in the relevant Accounts Receivables Listing was not an Eligible
              Receivable at the time of Purchase or any Future Receivable
              expressed to be an Eligible Receivable in the relevant Accounts
              Receivables Listing was not an Eligible Receivables on the
              Settlement Date on which the Future Receivable Purchase Price was
              paid in respect of such Future Receivable, on the date such fact
              becomes known to any Seller, such Seller will be deemed to have
              received a Collection of such Paid Receivable equal to its
              original Outstanding Balance less any Collections previously
              received with respect thereto and shall credit to the relevant
              Buyer Account an amount equal to such deemed Collection by way of
              indemnity.

         (4)  If, following any payment in respect of a deemed Collection of a
              Purchased Receivable pursuant to Clause 5(D)(2) and 5(D)(3) above,
              the Buyer shall receive any further Collections in respect of such
              Purchased Receivable, the Buyer shall (provided the Termination
              Date has not yet occurred) pay to the relevant Seller an amount or
              amounts equal to such further Collections by way of repayment of
              indemnity.

(E)     Application of Collections: Any payment by a Designated Account Debtor
        in respect of any indebtedness owed by it to a Seller and any credits in
        respect of defective,

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<PAGE>

         rejected, repossessed or returned goods or other non cash items of a
         Designated Account Debtor will, except as otherwise specified in
         writing by such Account Debtor or otherwise required by contract or law
         and unless otherwise instructed by the Operating Agent, be applied as a
         Collection of Purchased Receivables of such Designated Account Debtor,
         in the order of the age of such Purchased Receivables, starting with
         the oldest such Purchased Receivables, to the extent of any amounts
         then due and payable thereunder before being applied to or in respect
         of any other indebtedness of such Designated Account Debtor.

(F)      Trust: If for any reason any Receivable purported to be assigned cannot
         be duly assigned to the Buyer as contemplated hereby but the Buyer has
         accepted the offer relating to that Receivable then, with effect from
         the date on which the Buyer accepted such offer, that Receivable shall
         be treated as if it had been validly and duly assigned to the Buyer and
         each Seller shall hold the same and all Collections related thereto in
         trust absolutely for the Buyer and all such Collections shall be
         applied as if such Receivable had been validly and duly assigned. The
         provisions of this Clause shall be without prejudice to:

         (a)   any obligations or representations of each Seller hereunder in
               respect of any Receivables; and

         (b)   any liabilities of each Seller or rights of the Buyer in relation
               to any breach or inaccuracy on the part of the Sellers of the
               matters referred to in this Clause.

         All Collections in respect of any such Receivables received by a Seller
         shall, pending their application to the Buyer Account, be held on trust
         for and to the order of the Buyer.

(G)      Sellers' obligations joint and several: All obligations, covenants,
         indemnities, representations and warranties of, given or made by any
         Seller under the Relevant Documents (in any of its capacities under the
         Relevant Documents) are joint and several with those of any other
         Seller (in any of its capacities under the Relevant Documents).

6.       FEES, COSTS AND STAMP DUTY

(A)      Servicer Fees: Until the later of the Termination Date and the Relevant
         Date, for any period during which a Seller or an Affiliate of the
         Seller is not a Servicer (or a Sub-Servicer), such Seller will pay the
         Buyer, upon its demand, a servicing fee as determined by the Operating
         Agent, not exceeding 110% of the fees, costs and expenses, plus value
         added tax (if applicable), charged by the substitute Servicer in
         performing such function.

(B)      Costs and Expenses: Each Seller agrees to pay on demand of the
         Operating Agent all reasonable costs and expenses incurred by the
         Operating Agent in connection with the preparation, execution and
         delivery of the Relevant Documents and the other documents to be
         delivered pursuant to the Relevant Documents or in connection
         therewith, such costs and expenses to include, without limitation, the
         reasonable fees

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<PAGE>

         and out-of-pocket expenses of legal advisers (plus VAT thereon) to the
         Buyer and the Operating Agent with respect thereto and with respect to
         advising the Buyer and the Operating Agent as to their respective
         rights and remedies under this Deed, and all costs and expenses, if
         any (including legal fees and expenses plus VAT thereon), in
         connection with the enforcement of the Relevant Documents, the other
         documents to be delivered pursuant to the Relevant Documents or in
         connection therewith and the Purchased Receivables.

(C)      Duties and Taxes: In addition, each Seller will pay on demand of the
         Operating Agent any sales, excise, registration and other taxes, duties
         and fees payable in connection with the execution, delivery, filing or
         recording of the Relevant Documents or the purchase, assignment or
         reassignment of Receivables under or pursuant to the Relevant Documents
         or the other documents to be delivered under the Relevant Documents or
         in any way connected with any transaction contemplated by the Relevant
         Documents. Each Seller agrees to indemnify the Operating Agent and the
         Buyer on demand of the Operating Agent against any liabilities with
         respect to or resulting from any delay in paying or omission to pay any
         such taxes, duties or fees.

(D)      Stamp Duty Reserve: As of each Settlement Date, the Buyer shall ensure
         that an amount equal to the Stamp Duty Reserve is on deposit in the
         sub-account with Citibank, N.A., London branch, denominated in Sterling
         and utilised for such purpose under the account number 60918971 (the
         Stamp Duty Account ). The Buyer covenants that it shall hold the Stamp
         Duty Account upon trust for itself and the Operating Agent as
         beneficiaries absolutely, and that funds standing to the credit of the
         Stamp Duty Account may only be used to pay applicable stamp duty in the
         United Kingdom in the circumstances described in Clauses 6(E) and (F)
         or to adjust the amount standing to the credit of the Stamp Duty
         Account to reflect the required level of the Stamp Duty Reserve as of
         each Settlement Date.

(E)      Liability for Stamp Duty: Each of the Sellers and the Offer Agent (a
         "Relevant Party") agrees with the Buyer and the Operating Agent that if
         a Relevant Party (or any of its Affiliates) causes executed originals
         or counterparts of any of the Custody Documents to be brought into the
         United Kingdom, or executed originals or counterparts of any of the
         Custody Documents are brought into the United Kingdom in any of the
         circumstances contemplated in Clause 6(F), such Relevant Party will pay
         and hold itself responsible for and will seek no indemnity from the
         Buyer or the Operating Agent in respect of Stamp Duty that may be
         required by the Buyer or the Operating Agent to be paid, provided
         always that no Relevant Party shall pay or be responsible for any
         penalty arising from any failure on the part of the Buyer or the
         Operating Agent to present any executed original or counterpart of any
         Custody Document for stamping within 30 days after it has first been
         brought into the United Kingdom. Each of the parties to this Deed
         agrees that, except to the extent that a Relevant Party is liable to
         pay Stamp Duty in accordance with the foregoing, the liability to pay
         Stamp Duty in respect of a Custody Document shall be borne by the party
         which brings, or causes the bringing of, the executed original or
         counterpart of the relevant Custody Document into the United Kingdom.

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<PAGE>

(F)      Documents not to be brought into United Kingdom: Each of the Buyer and
         the Operating Agent undertakes that it shall not at any time cause or
         permit executed originals or counterparts of any of the Custody
         Documents to be brought into the United Kingdom, except in accordance
         with the provisions of this Clause 6(F). Nothing in this Deed shall in
         any way inhibit or restrict the right of a Relevant Party to bring any
         executed original or counterpart of any Custody Document into the
         United Kingdom at any time. Notwithstanding any other provision of this
         Deed, the Buyer and the Operating Agent shall be entitled at any time
         to cause or permit an executed original or counterpart of any of the
         Custody Documents to be brought into the United Kingdom:

         (1)  if it is required to do so for the purposes of any judicial,
              arbitration, regulatory or administrative proceedings in the
              United Kingdom involving matters which are the subject of the
              relevant Custody Document, or if, in its reasonable opinion, it is
              necessary to produce the same as evidence in any of such
              proceedings and either:

              (a)  the judge, arbitrator or other person responsible for the
                   determination of such proceedings has ruled that an executed
                   original or counterpart of any of the Custody Documents must
                   be brought into the United Kingdom (provided that if an
                   appeal against the ruling is permissible and the relevant
                   Seller so requests, and on the condition that the such
                   Seller indemnifies either the Buyer or the Operating Agent,
                   as the case may be, to its respective satisfaction on an
                   after-tax basis for all costs involved in such an appeal,
                   the Buyer or the Operating Agent, as the case may be, will
                   pursue such an appeal pending which neither the Buyer nor
                   the Operating Agent, as the case may be, will cause an
                   executed original or counterpart of any of the Custody
                   Documents to be brought into the United Kingdom); or

              (b)  the rules governing the conduct of such proceedings provide
                   that a certified unstamped copy of the relevant Custody
                   Document, or any other form of evidence of the matters which
                   are subject of such proceedings cannot be produced as
                   adequate evidence of the purposes of such proceedings; or

         (2)  if it is required to do so for the purpose of the determination by
              any tax authority or court or tribunal or its liability to
              taxation (other than Stamp Duty); or

         (3)  if as a result of a change in applicable law or the interpretation
              of such law by any court or tribunal or a change in the published
              practice of any governmental authority, or in any published
              extra-statutory concession, an executed original or counterpart of
              any of the Custody Documents is required to be brought in to the
              United Kingdom or a liability to Stamp Duty in respect thereof
              shall otherwise arise; or

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<PAGE>

         (4)  if it is at any time required by any law or the published practice
              of any governmental authority, central bank, regulatory authority,
              taxation authority or comparable authority; or

         (5)  on the occurrence of an Early Amortisation Event.

(G)      Computations: All computations of interest and fees shall be made on
         the basis of a year of 360 days for any currency other than Sterling
         and 365 days in the case of Sterling for the actual number of days
         (including the first but excluding the last day) elapsed.

(H)      Computation of Time Periods: Unless otherwise stated in this Deed, in
         the computation of a period of time from a specified date to a later
         specified date, the word "from" means "from and including" and the
         words "to" and "until" each means "to but excluding".

7.       PAYMENTS AND COMPUTATIONS, ETC.

(A)      Mechanics: All amounts to be paid to or deposited with the Operating
         Agent for its own account or for the account of the Buyer by any Seller
         and/or the Servicer under this Deed shall be paid or deposited no later
         than 12:00 noon (local time in the place of payment) on the day when
         due in immediately available same day funds to the relevant account
         specified below.

(B)      Currency: All amounts payable by a Seller and/or Servicer under this
         Deed to the Operating Agent for its own account or for the account of
         the Buyer shall be paid in Sterling or, where such payments relate to a
         Purchased Receivable, in the currency of such Purchased Receivable (or
         any other currency which is agreed from time to time between the Offer
         Agent and the Operating Agent). All amounts payable by the Buyer under
         this Deed shall be paid in the currency specified herein and the
         Existing Receivables Purchase Price and Future Receivables Purchase
         Price amounts payable by the Buyer under this Deed shall be paid in the
         currency of the Purchased Receivables.

(C)      Accounts: Any amounts payable under this Deed shall be remitted to the
         following accounts:

         (1)  if to a Seller, the relevant Seller Non-Transaction Account of
              CMP;

         (2)  if to the Buyer, to the relevant Buyer Account; and

         (3)  if to the Operating Agent for its own account, Account No. 83267
              (Sort Code 18-50-08) with Citibank, 336 Strand, London WC2R 1HB.

(D)      Grossing Up: To the fullest extent permitted by law, each Seller (in
         each of its capacities under the Relevant Documents) will make all
         payments under this Deed regardless of any defence or counterclaim.
         Further, if such Seller (in any of its capacities under the Relevant
         Documents) is compelled by law to make any deductions or withholdings
         from any payments pursuant to the Relevant Documents, including,
         without limitation, payments in respect of Receivables or Collections,
         such Seller will

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<PAGE>

         pay such additional amounts as may be necessary in order that the net
         amount received by the Operating Agent or the Buyer after such
         deductions or withholdings (including any required deduction or
         withholding on such additional amounts) will equal the amount that the
         Operating Agent or the Buyer (as appropriate) would have received had
         no such deductions or withholdings been made. Each relevant Seller
         will provide the Operating Agent with evidence satisfactory to the
         Operating Agent that it has paid such deductions or withholdings.

(E)      Appropriation of Payments: Regardless of any appropriation by any
         Seller or Servicer, the Operating Agent shall determine the
         appropriation of any payment to it for the account of the Buyer to any
         amount to be paid to or deposited with it for the account of the Buyer
         by such Seller and/or Servicer under this Deed.

8.       REPRESENTATIONS AND WARRANTIES OF EACH SELLER AND EXIDE EUROPE

         Each of the Sellers (in each of its capacities under the Relevant
         Documents) and Exide Europe represents and warrants to the Buyer and
         the Operating Agent, in each case in relation to the matters relating
         to itself (provided that the representations made and warranties given
         by Exide Dagenham in this Clause shall be deemed to also be made and
         given in respect of Exide Batteries), as of the Effective Date, as
         follows:

(A)      Incorporation: Each Seller and Exide Europe is a company duly
         incorporated and validly existing under the laws of its jurisdiction of
         incorporation or organisation.

(B)      Seller Power and Authority: Each Seller has full power and authority to
         effect, and has taken all necessary action to authorise, the execution,
         delivery and performance by it of the Relevant Documents to which it is
         a party and all other instruments and documents to be delivered under
         the Relevant Documents to which it is a party, and the transactions
         contemplated by the Relevant Documents to which it is a party.

(C)      Exide Europe Power and Authority: Exide Europe has full power and
         authority to effect, and has taken all necessary action to authorise,
         the execution, delivery and performance by it of the Relevant Documents
         to which it is a party and all other instruments or documents to be
         delivered under the Relevant Documents to which it is a party, and the
         transactions contemplated by the Relevant Documents to which it is a
         party.

(D)      Non-Violation: The execution, delivery and performance by each Seller
         and Exide Europe of the Relevant Documents to which it is a party and
         all other instruments and documents to be delivered pursuant to the
         Relevant Documents to which it is a party and all transactions
         contemplated by the Relevant Documents to which it is a party:

         (1)  do not contravene (a) any Seller's or Exide Europe's memorandum or
              articles of association (or analogous constitutive documents), (b)
              any law, rule or regulation applicable to any Seller or Exide
              Europe, (c) any material contractual restriction contained in any
              agreement or instrument binding on or affecting any Seller or its
              assets or Exide Europe or Exide Europe's assets, or (d) any order,
              writ, judgment, award, injunction or decree binding on or

                                      -39-

<PAGE>

              affecting any Seller, or any of the Seller's assets or Exide
              Europe or Exide Europe's assets;

         (2)  do not result in or require the creation of any lien, security
              interest or other charge or encumbrance upon or with respect to
              any of the Seller's or Exide Europe's assets or undertaking; and

         (3)  will not constitute a breach of, nor give rise to any actual or
              potential event of default under, any Debt of any member of the
              Exide European Group, or under any document relating to such Debt.

(E)      Consents: No consent, authorisation, approval, notice or filing is
         required (or, if required, which has not been obtained on a timely
         basis) for the due execution, delivery or performance by each Seller or
         Exide Europe of the Relevant Documents to which it is a party or any
         other document to be delivered in connection with the Relevant
         Documents to which it is a party or for the transactions contemplated
         by the Relevant Documents to which it is a party.

(F)      Obligations Binding: Each of the Relevant Documents to which it is a
         party constitutes the legal, valid, binding and enforceable obligation
         of each Seller and Exide Europe.

(G)      Accounts: The most recent audited annual accounts of each Seller and
         Exide Europe, copies of which have been furnished to the Operating
         Agent, present a true and fair view of the financial condition of such
         Seller and its consolidated Subsidiaries (if any) or Exide Europe and
         its consolidated Subsidiaries (if any), as applicable, as at that date
         and the results of the operations of such Seller and those
         Subsidiaries, or Exide Europe and those Subsidiaries, as applicable,
         for the period ended on that date, all in accordance with generally
         accepted accounting principles consistently applied.

(H)      No Material Adverse Change to Seller: Since the date of this Deed,
         there has been no change in the business or financial condition of such
         Seller which may materially adversely affect the ability of such Seller
         to perform its obligations under the Relevant Documents.

(I)      No Material Adverse Change to Exide Europe Group: Since the date of
         this Deed, there has been no change in the business or financial
         condition of the Exide Europe Group which may materially adversely
         affect the ability of Exide Europe to perform its obligations under the
         Relevant Documents to which it is a party.

(J)      No Litigation: There are no actions, suits or proceedings current or
         pending, or to the knowledge of any Seller threatened, against or
         affecting such Seller or its Subsidiaries (if any) or any of their
         respective assets, or Exide Europe or Exide Europe's assets, in any
         court, or before any arbitrator of any kind, or before or by any
         governmental body, which may materially adversely affect the financial
         condition of such Seller and its Subsidiaries taken as a whole or Exide
         Europe, or materially adversely affect the ability of such Seller or
         Exide Europe to perform its obligations under the Relevant Documents to
         which it is a party.

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<PAGE>

(K)      No Default: No Seller nor Exide Europe or any of its Subsidiaries is in
         default with respect to any order of any court, arbitrator or
         governmental body, excluding defaults with respect to orders of
         governmental agencies which are not material to the business or
         operations of such Seller, Exide Europe or any of its Subsidiaries, and
         would not materially adversely affect the ability of such Seller, Exide
         Europe or any of its Subsidiaries to perform its obligations under the
         Relevant Documents to which it is a party.

(L)      No Adverse Claim: Each Receivable will, together with the Contract
         related thereto, at all times be owned by such Seller free and clear of
         any Adverse Claim, and upon each Purchase the Buyer will acquire full
         equitable and beneficial title and ownership to and of such Receivable,
         the Collections and the Related Security then existing or thereafter
         arising free and clear of any Adverse Claim.

(M)      Performance of Contracts: All goods and services to which each
         Purchased Receivable relates have been delivered and performed, and all
         requirements of such Contract concerning the nature, amount, quality,
         condition or delivery of the goods or services, or upon which payment
         of the Purchased Receivable may be dependent, have been fulfilled in
         all material respects.

(N)      Information: None of the information and reports (including but not
         limited to each portfolio profile and each Summary Report) furnished or
         to be furnished (whether by way of computerised data or otherwise) by
         such Seller (in any of its capacities under the Relevant Documents) or
         Exide Europe, to the Operating Agent or Exide Europe, as applicable, is
         inaccurate in any material respect (except as otherwise disclosed to
         the Operating Agent at the time of delivery) as of the date so
         furnished, or contains any material misstatement of fact or omits to
         state a material fact or any fact necessary to make the statements
         contained therein not materially misleading.

(O)      Place of Business: The principal place of business and registered
         office of each Seller is as set forth in Schedule 1 or at such other
         location(s) approved by the Operating Agent (such approval not to be
         unreasonably withheld or delayed).

(P)      Location of Books: The offices where each Seller keeps all its books,
         records and documents evidencing Receivables or the related Contracts
         are at the locations set forth in Schedule 1 or at such other
         location(s) approved by the Operating Agent (such approval not to be
         unreasonably withheld or delayed).

(Q)      Location of Bank Accounts: The bank accounts to which each Seller has
         directed the Designated Account Debtors to remit payments for the
         Receivables are (a) prior to the Payment Instruction Date, the
         Collection Accounts and (b) on and following the Payment Instruction
         Date, the Dedicated Collection Accounts (or, in each case, such other
         account(s) at such location(s) as may have been previously approved by
         the Operating Agent and in relation to each of which (in relation to a
         Collection Account) an Interim Trust Account Bank Mandate or (in
         relation to a Dedicated Collection Account) a Trust Account Bank
         Mandate has been duly executed by such Seller (in such capacity and in
         its capacity as Sub-Servicer) and delivered to the Operating Agent)

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<PAGE>

         and in respect of which the relevant bank has acknowledged the Trust
         Commencement (as that term is defined in any Interim Trust Account
         Bank Mandate or Trust Account Bank Mandate) and has agreed not to
         exercise any right of set-off, net-off, combination or consolidation
         of accounts or counterclaim whatsoever (such agreement being given, in
         respect of the Collection Accounts, only in respect of the Buyer
         Entitlement).

(R)      No Winding-Up: No step has been taken or is intended by any Seller,
         Exide Europe or to the best of such Seller's or Exide Europe's
         knowledge by any other Person for such Seller's or Exide Europe's
         winding-up, liquidation, dissolution, administration, merger or
         consolidation or for the appointment of a receiver or administrator of
         such Seller or Exide Europe on all or any of its assets.

(S)      No Breach: There has been no breach by any Seller of any of its
         obligations under the Relevant Documents to which it is a party or by
         Exide Europe of any of its obligations under the Letter of Undertaking.

(T)      Eligibility: Each (i) Existing Receivable the subject of a Letter of
         Offer which is expressed to be an Eligible Receivable in the relevant
         Accounts Receivables Listing is an Eligible Receivable as at the time
         of Purchase and (ii) each Future Receivable the subject of a Letter of
         Offer which is expressed to be an Eligible Receivable in the relevant
         Accounts Receivable Listing is an Eligible Receivable as at the
         Settlement Date immediately succeeding the Reference Period in which
         such Future Receivable has come into existence.

(U)      Exide Europe Group: Each of the Sellers, the French Seller, the German
         Sellers, the Italian Seller, the Spanish Seller and Exide Funding (and
         each entity acceding as a "Seller" to any Origination Agreement) is a
         member of the Exide Europe Group.

(V)      Aggregate Amount of Receivables: The amount of Receivables aggregated
         among all Origination Agreements (other than the Italian RSA and the
         Italian OSA) is such that the purchase price amounts paid by the Buyer
         in respect of such Receivables under each Origination Agreement to
         which it is a party (other than the Italian OSA) in the three month
         period commencing on the date of the Initial Purchase is not less than
         Euro 12,700,000.

         Each of the Sellers and Exide Europe further represents and warrants
         that the representations and warranties in this Clause 8 shall be true
         and correct on and as of each Settlement Date as though made on each
         such date and by reference to the then-existing circumstances.

9.       AFFIRMATIVE COVENANTS OF EACH SELLER

         Until the later of the Termination Date and the Relevant Date, each
         Seller (provided that the covenants made in this Clause by Exide
         (Dagenham) shall be deemed to also be made in respect of Exide
         Batteries) will (in each of its capacities under the Relevant
         Documents), unless the Operating Agent otherwise consents:

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<PAGE>

(A)      Compliance with Law: Comply in all material respects with all
         applicable laws, rules, regulations and orders binding on it, its
         business and assets and all Receivables and related Contracts, except
         where non-compliance would not have a material adverse effect on its
         ability to perform its obligations hereunder.

(B)      Maintain Existence: Preserve and maintain its corporate existence.

(C)      Access: Upon reasonable prior notice, permit the Operating Agent, or
         its agents or representatives, to visit the offices of such Seller
         during normal office hours and examine and make and take away copies of
         all books, records and documents relating to the Receivables and to
         discuss matters relating to the Receivables or such Seller's
         performance hereunder with any of the officers or employees of such
         Seller having knowledge of such matters and co-operate in the
         reconstruction of the Accounts Receivable Trial Balance pursuant to
         Clause 13(C).

(D)      Maintain Records: Maintain and implement administrative and operating
         procedures (including, without limitation, an ability to recreate
         records in the event of their destruction), and keep and maintain, all
         documents, books, records and other information reasonably necessary or
         advisable for the collection of all Receivables (including, without
         limitation, records adequate to permit the identification on each
         Purchase Date of each new Purchased Receivable and the daily
         identification of all Collections of and adjustments to each existing
         Purchased Receivable).

(E)      Perform Contracts: Timely and fully perform and comply with all
         material provisions, covenants and other promises required to be
         observed by it under the Contracts relating to the Purchased
         Receivables.

(F)      Priority: Ensure that at all times the claims against it under this
         Deed rank at least pari passu with the claims of all its other
         unsecured creditors save those whose claims are preferred by any
         bankruptcy, insolvency or other similar laws of general application.

(G)      Credit and Collection Policy: Comply in all material respects with its
         Credit and Collection Policy with respect to each Receivable purchased
         or to be offered for purchase pursuant to this Deed and the related
         Contract.

(H)      Value Added Tax: Make all relevant value added tax or other applicable
         tax payments in respect of supplies of goods or services pursuant to a
         Contract or which otherwise relate to Purchased Receivables, and pay
         all value added tax (if any) payable in respect of any value added tax
         supply made, or input value added tax suffered, by the Buyer, the
         Operating Agent or any of the Operating Agent's Affiliates with respect
         to supplies of goods or services by the Seller pursuant to a Contract
         or which otherwise relates to Purchased Receivables.

(I)      Collections: If such Seller is not acting as Sub-Servicer, (1) give all
         reasonable assistance (including the provision of information) to any
         Servicer in accordance with the provisions of this Deed, and (2) remit
         any Collections on Purchased Receivables to the Servicer within one
         Local Business Day after the receipt or deemed receipt thereof.

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<PAGE>

(J)      Payment Instructions: (i) Instruct, no later than on the Payment
         Instruction Date, the Designated Account Debtors to make payments in
         respect of Purchased Receivables to the relevant Dedicated Collection
         Account and (ii) instruct each Additional Designated Account Debtor
         which has become a Designated Debtor following the Payment Instruction
         Date, to make payments in respect of Purchased Receivables as of the
         Purchase Date immediately succeeding the Offer Date on which the
         relevant Account Debtor has become an Additional Designated Account
         Debtor to the relevant Dedicated Collection Account, in each case by
         way of letter (substantially in the form set out in Schedule 11) and by
         the insertion of a payment instruction to this effect in each invoice
         relating to a Designated Account Debtor.

(K)      Bank Accounts: (i) prior to the Payment Instruction Date, instruct all
         Designated Account Debtors to pay all Collections into the relevant
         Collection Account referred to in Clause 8(Q) and (ii) on and following
         the Payment Instruction Date, instruct all Designated Debtors to pay
         all Collections into the relevant Dedicated Collection Account referred
         to in Clause 8(Q).

(L)      Audit Costs: Each Seller shall pay the fees and expenses for up to four
         audits to be carried out by such accounting firm as is selected by the
         Operating Agent in respect of the Receivables (the scope of which to be
         determined by the Operating Agent, acting reasonably) in each financial
         year of such Seller, plus the costs of one additional audit to be
         conducted within 4 months after the execution of this Deed. Except for
         such additional audit, any further additional audit(s) that may be
         required by the Operating Agent during any such financial year shall be
         for the Operating Agent's own account.

(M)      Provision of Information to Exide Europe: Each Seller shall promptly
         provide Exide Europe with computerised information regarding the
         Purchased Receivables on the dates shown, and containing the
         information set forth in Schedule 8, its Accounts Receivables Trial
         Balance and all such different or other information as the Operating
         Agent may reasonably determine from time to time to properly allow
         Exide Europe and/or the Operating Agent to identify all required
         information in respect of Account Debtors and Receivables.

10.      NEGATIVE COVENANTS OF EACH SELLER AND EXIDE EUROPE

         Until the later of the Termination Date and the Relevant Date, neither
         a Seller (in each of its capacities under the Relevant Documents and
         provided that the covenants made in this Clause by Exide (Dagenham)
         shall be deemed to also be made in respect of Exide Batteries) and (in
         respect of paragraph (F) below), Exide Europe will, without the consent
         of the Operating Agent:

(A)      No Disposal of Receivables: Except as otherwise provided herein, sell,
         assign (by operation of law or otherwise) or otherwise dispose of, or
         create or suffer to exist any Adverse Claim upon or with respect to,
         any Receivable purchased or to be offered for purchase under this Deed
         or the related Contract, or assign any right to receive income in
         respect thereof.

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<PAGE>

(B)      No Transfer of Business: No Seller shall transfer all or substantially
         all of its assets and undertaking to any person without the prior
         written consent of the Operating Agent, such consent not to be
         unreasonably withheld, unless such transfer would have no adverse
         effect on the ability of the Seller to collect and sell Receivables as
         contemplated by this Deed.

(C)      No Security Interest over Receivables and Contracts: No Seller shall
         create nor permit to subsist any Security Interest on any of its
         Receivables and related Contracts.

(D)      No Amendment to Receivables: Extend, amend or otherwise modify the
         terms of any Purchased Receivable, or amend, modify or waive any term
         or condition of any Contract related thereto, or commence or settle any
         legal action to enforce collection of any Purchased Receivable without
         the prior written consent of the Operating Agent.

(E)      No Change to Credit and Collection Policy: Make any change in the
         character of its business or in the Credit and Collection Policy, which
         change would or might, in either case, materially impair the
         collectability of any Receivable purchased or to be offered for
         purchase under this Deed or the enforcement of any related Contract
         against the related Designated Account Debtor or any other relevant
         Person or the operation of this Deed without the prior written consent
         of the Operating Agent.

(F)      Cross Indemnity: Neither Exide Europe nor any Seller shall amend or
         otherwise change the Deed of Payment Allocation and Cross-Indemnity
         dated on or about the Effective Date between Exide Europe and the
         Programme Sellers, except in respect of amendments or changes of a
         purely technical or immaterial nature which do not affect either: (i)
         the title of the Buyer to the Receivables assigned (or purported to be
         assigned) pursuant to Clause 4 or (ii) the effectiveness of the
         assignment (or purported assignment) pursuant to Clause 4.

11.      REPORTING REQUIREMENTS OF EACH SELLER

         Until the later of the Termination Date and the Relevant Date, each of
         the Sellers and Exide Europe (in each case in relation to matters
         relating to itself) will, unless the Operating Agent otherwise
         consents, furnish to the Operating Agent:

(A)      Annual Accounts of Seller: As soon as available and in any event within
         180 days after the end of each of each Seller's financial years, a copy
         of such Seller's audited annual accounts and (if they are prepared)
         consolidated accounts in conformity with generally accepted accounting
         principles, applied on a basis consistent with that of the preceding
         financial year.

(B)      Annual Accounts of Exide Europe: As soon as available and in any event
         within 180 days after the end of each of Exide Europe's financial
         years, a copy of Exide Europe's annual accounts, prepared (as
         appropriate) on a consolidated basis in conformity with generally
         accepted accounting principles, applied on a basis consistent with that
         of the preceding financial year, together with the report of an
         internationally recognised firm of independent auditors.

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<PAGE>

(C)      Other Financial Information: Upon request of the Operating Agent, such
         financial information, accounts and records with respect to such Seller
         or Exide Europe which are relevant to the Programme, as the Operating
         Agent may from time to time reasonably request.

(D)      Defaults and other Events: Forthwith on becoming aware of any of the
         events described in (1), (2), (3) or (4) below or any event which, with
         the giving of notice or lapse of time or both, would constitute one of
         such events, the statement of the chief financial officer or chief
         accounting officer of such Seller or, as the case may be, Exide Europe,
         setting out details of that event and the action which such Seller or,
         as the case may be, Exide Europe, proposes to take with respect to that
         event:

         (1)      such Seller or Exide Europe fails to pay any principal of or
                  premium or interest on any Debt in excess (in the aggregate)
                  of the Euro Equivalent of $5,000,000, when the same becomes
                  due and payable (whether by scheduled maturity, required
                  prepayment, acceleration, demand or otherwise) and such
                  failure shall continue after the applicable grace period, if
                  any, specified in the agreement or instrument relating to such
                  Debt, or any other default under any agreement or instrument
                  relating to any Debt, or any other event, shall occur and
                  shall continue after the applicable grace period, if any,
                  specified in such agreement or instrument, if the effect of
                  such default or event is to accelerate or to permit the
                  acceleration of the maturity of such Debt, or any such Debt
                  shall be declared to be due and payable or required to be
                  prepaid (other than by a regularly scheduled required
                  prepayment) prior to the stated maturity thereof, or any
                  present or future mortgage, charge or other security interest
                  on or over any assets of such Seller or Exide Europe becomes
                  enforceable;

         (2)      a resolution is passed or a petition is presented or an order
                  made for the winding up, liquidation, dissolution, merger or
                  consolidation of such Seller or Exide Europe (except for the
                  purposes of a bona fide reconstruction or amalgamation with
                  the consent of the Operating Agent), or a petition is
                  presented or an order made for the appointment of an
                  administrator in relation to such Seller, Exide Europe or a
                  receiver, administrative receiver or manager is appointed over
                  any part of the assets or undertaking of such Seller or Exide
                  Europe or any event analogous, to any of the foregoing occurs
                  (except, in the case where a petition is presented (i) the
                  proceeding is frivolous or vexatious and (ii) the Originator
                  or Exide Europe is solvent and is contesting the proceeding in
                  good faith);

         (3)      an Early Amortisation Event occurs; or

         (4)      an Event of Default (as such term is defined in the US DIP
                  Facility Agreement) occurs under the US DIP Facility
                  Agreement.

(E)      Summary Report: Promptly, from time to time, such other information,
         documents, records or reports respecting the Receivables or the
         condition or operations, financial or otherwise, of such Seller or any
         member of the Exide Europe Group, as the

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<PAGE>

         Operating Agent may from time to time reasonably request in order to
         protect the interests of the Buyer or the Operating Agent, including,
         prior to 10:00 am, London time, on each Summary Report Date, a Summary
         Report (with, among other things, the information necessary to
         determine the Default Ratio).

(F)      Designated Account Debtors: Within two calendar weeks after the end of
         each calendar quarter (or such more frequent time as the Operating
         Agent may request in writing), each Seller shall deliver to the
         Operating Agent a current list of all Designated Account Debtors in
         respect of Purchased Receivables and the addresses of such Designated
         Account Debtors.

         The obligations of each Seller to deliver reports or similar
         information to the Buyer pursuant to this Deed may be delegated by each
         Seller to Exide Europe, and the performance by Exide Europe of such
         obligations hereunder shall be deemed to be the performance by each
         Seller of such obligations; provided however, that such Seller shall
         remain liable for any non-performance of such obligations.

12.      SERVICER, COLLECTIONS AND BUYER ACCOUNT

(A)      Designation of Servicer: The servicing, administering and collection of
         the Receivables shall be conducted by Citibank, N.A., London Branch
         (the "Servicer") or such other Person so designated from time to time
         pursuant to this Clause 12(A). Until the Operating Agent gives notice
         to the Servicer of a designation of a new Servicer, Citibank, N.A.,
         London Branch is designated as, and agrees, subject to the provisions
         of this paragraph (A), to perform the duties and obligations of a
         Servicer pursuant to the terms of this Deed. The Servicer hereby
         delegates to each Seller in respect of the Purchased Receivables
         originated by such Seller, its duties and obligations as Servicer and
         each such Seller (each a "Sub-Servicer") hereby agrees to perform the
         duties and obligations of the Servicer pursuant to the terms of this
         Deed in relation to the Purchased Receivables originated by it. The
         delegation hereby granted to each Sub-Servicer may not be terminated by
         the Sub-Servicer without the prior written consent of the Servicer and
         may be terminated at any time and without a cause by the Servicer and,
         for so long as a Seller is acting as Sub-Servicer pursuant to the terms
         of this Deed, (i) it shall perform the duties and obligations of the
         Servicer in respect of the Purchased Receivables originated by it and
         (ii) all duties, obligations and indemnities expressed to be those of a
         "Servicer" pursuant to Clause 5 and this Clause 12 shall be regarded
         for all purposes as those of the relevant Sub-Servicer. The Servicer
         shall not be liable for the performance of the duties and obligations
         of any Sub-Servicer under this Deed and each Sub-Servicer shall be
         liable to the Operating Agent and the Buyer for the performance of its
         duties and obligations as Sub-Servicer under this Deed. Each
         Sub-Servicer may, with the prior written consent of the Operating
         Agent, subcontract with any other Person for servicing, administering
         or collecting the Purchased Receivables; provided, however, that such
         Sub-Servicer (a) procures to the Operating Agent that its
         sub-contractor shall not delegate the servicing duties and obligations
         sub contracted to it by the Sub-Servicer without the prior written
         consent of the Operating Agent and (b) will remain liable for the
         performance of its duties and obligations of

                                      -47-

<PAGE>

         Sub-Servicer under this Deed. The Operating Agent hereby agrees that
         Exide Dagenham will, from the date hereof, subcontract with Exide
         Batteries the duties and obligations of Exide Dagenham as Sub-Servicer.
         The Operating Agent may at any time designate as Servicer any Person to
         succeed the Servicer (which designation shall, for the avoidance of
         doubt, automatically terminate the delegation hereby granted to the
         Sub-Servicer) or any successor Servicer, on the condition in each case
         that any such Person agrees to perform the duties and obligations of
         Servicer pursuant to the terms of this Deed.

(B)      Duties of Servicer:
         Each Servicer:

         (1)  will take or cause to be taken all such actions as may be
              necessary or advisable to collect each Purchased Receivable, all
              in accordance with applicable laws, rules and regulations, with
              reasonable care and diligence, and in accordance with the Credit
              and Collection Policy and the instructions of the Operating Agent.
              Each of the Seller and the Buyer hereby appoints the Servicer as
              its agent to enforce its respective rights and interests in and
              under the Purchased Receivables, the Related Security and the
              Contracts;

         (2)  will (i) prior to the Payment Instruction Date, pay all
              Collections to be paid directly by all Designated Account Debtors
              in the relevant Collection Account and deposit to the relevant
              Collection Account immediately upon receipt any Collection
              received not paid to such Collection Account and (ii) no later
              than on the Payment Instruction Date and on each Local Business
              Day thereafter, pay all Collections to be paid directly by all
              Designated Account Debtors in the relevant Dedicated Collection
              Account and deposit to the relevant Dedicated Collection Account
              immediately upon receipt any Collection received and not paid to
              such Dedicated Collection Account;

         (3)  (i) may, unless and until instructed otherwise by the Operating
              Agent, deposit in the relevant Collection Account monies other
              than Collections and (ii) will not deposit in any Dedicated
              Collection Account monies other than Collections. Each Servicer
              shall segregate all cash, cheques and other instruments received
              by it from time to time constituting Collections of Purchased
              Receivables as the Operating Agent may direct and deposit in a
              bank account designated by the Operating Agent all such cash,
              cheques and other instruments (together with the Buyer's
              Entitlement to the Collection Account) as soon as practicable and
              in any event on the first Local Business Day following receipt by
              such Servicer of such Collections and will take such other steps
              (whether or not contemplated by the Interim Trust Account Bank
              Mandate) as the Operating Agent may require;

         (4)  confirms that, in accordance with the Interim Trust Account Bank
              Mandates and the Trust Account Bank Mandates, the relevant
              Collection Account Bank has been instructed to make available to
              such Servicer information showing amounts received on each Local
              Business Day and standing to the credit of the

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<PAGE>

              relevant Collection Account and the Dedicated Collection Account
              as at the close of business on that day;

         (5)  upon receipt of the information referred to in (4) above the
              Servicer shall, on behalf of the Buyer and the relevant Seller,
              make all such determinations and calculations as are necessary in
              order to determine, in respect of amounts standing to the credit
              of the relevant Collection Account and the Dedicated Collection
              Account on each Local Business Day, the Buyer Entitlement and the
              Seller Entitlement respectively in relation to the Collection
              Account, and shall direct (subject to Clause 12(C)) the relevant
              Collection Account Bank, prior to 12:00 noon on each Local
              Business Day, to transfer to the Buyer Account the Buyer
              Entitlement in relation to the Collection Accounts and all monies
              standing to the credit of the Dedicated Collection Accounts;

         (6)  other than the transfers referred to in paragraph (5) above,
              Clause 5(A) and Clause 12(C) no Servicer shall, without the prior
              written consent of the Operating Agent, withdraw funds from the
              relevant Collection Account or Dedicated Collection Account or
              direct the Collection Account Bank to make any transfers from such
              Collection Account or Dedicated Collection Account, except for
              withdrawals or transfers of cleared funds standing to the credit
              of any Collection Account which represent the Seller Entitlement
              and provided that any such withdrawal or transfer would not cause
              such Collection Account to become overdrawn;

         (7)  may not extend, amend, modify or waive the terms of any Purchased
              Receivable or amend, modify or waive any term or condition of any
              Contract related thereto where such extension, amendment,
              modification or waiver would prejudicially affect such Purchased
              Receivable, unless the Operating Agent shall have otherwise
              consented in writing. Each Seller shall deliver to the relevant
              Servicer (if such Seller has ceased to be a Sub-Servicer) all
              documents, instruments and records which evidence or relate to the
              Purchased Receivables which the Operating Agent may reasonably
              request;

         (8)  if other than a Seller (and such Seller has ceased to be a
              Sub-Servicer), will provide to the relevant Seller all such
              information as the Seller may require for purposes of the Summary
              Report and will as soon as practicable following receipt pay to or
              to the order of such Seller the collections of any Receivable
              which is not a Purchased Receivable;

         (9)  if other than a Seller (and such Seller has ceased to be a
              Sub-Servicer), will as soon as practicable upon demand make
              available or (if so demanded) deliver to such Seller all
              documents, instruments and records in its possession which
              evidence or relate to Receivables of such Seller other than
              Purchased Receivables, and copies of documents, instruments and
              records in its possession which evidence or relate to Purchased
              Receivables which the Operating Agent may reasonably request; and

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<PAGE>

         (10) if other than a Seller (and such Seller has ceased to be a
              Sub-Servicer), and notwithstanding anything to the contrary
              contained in this Deed, will have no obligation to collect,
              enforce or take any other action described in this Deed with
              respect to any Receivable that is not a Purchased Receivable other
              than to turn over, make available or deliver to the relevant
              Seller the collections and documents with respect to any such
              Receivable as described in (8) and (9) above.

(C)      Advance Payments: The Sellers may, from time to time on any Local
         Business Day prior to the Termination Date unless and until the
         Operating Agent directs otherwise withdraw, by way of advance payment
         on account of such Existing Receivables Purchase Price and Future
         Receivables Purchase Price as will or may be payable to the Sellers on
         the next following Settlement Date, any amount or amounts standing to
         the credit of, prior to the Payment Instruction Date, the Collection
         Accounts and, on and following the Payment Instruction Date, the
         Dedicated Collection Accounts representing Collections. Any amount so
         withdrawn (an "Advance Payment") during each Reference Period shall be
         set off pro tanto against the Buyer's obligation (if any) to pay
         Existing Receivables Purchase Price and Future Receivables Purchase
         Price payable on the next following Settlement Date and, to the extent
         the amount of the Advance Payments made during such Reference Period
         exceeds the amount of the Existing Receivables Purchase Price and
         Future Receivables Purchase Price (or, where no Existing Receivables
         Purchase Price and Future Receivables Purchase Price is payable), be
         refunded by the Sellers in full by the transfer of cleared funds to the
         Buyer Accounts not later than 12:00 noon on the next following
         Settlement Date; provided always that any Advance Payment shall be
         refunded by the Sellers by the transfer of cleared funds to the Buyer
         Account immediately upon the demand of the Operating Agent. The Sellers
         shall not be obliged to pay interest on any Advance Payment.

(D)      Failure to Report: If there is a failure at any time by a Servicer to
         report and quantify the amount of Collections received or the amounts
         of any Advance Payments and/or the funds standing to the credit of the
         Collection Account, Dedicated Collection Account or Buyer Account in
         respect of any Settlement Period such that the amounts due by any
         Seller and the Buyer pursuant to Clauses 4(B), 4(C) and 12(C) cannot be
         accurately determined (in the Operating Agent's reasonable opinion),
         there will fall due from the relevant Seller to the Buyer on the
         Settlement Date at the end of such Settlement Period (on account of
         repayment of Advance Payments) an amount equal to the anticipated
         Collections in respect of such Settlement Period as determined by the
         Operating Agent, acting reasonably. For the purposes of this Clause
         12(D), it shall be considered reasonable for the Operating Agent to
         anticipate that all Collections due during such Settlement Period were
         received by the relevant Servicer during such Settlement Period. The
         Buyer shall deposit such amount into the Temporary Adjustment Account.
         Upon the Operating Agent becoming satisfied that a proper assessment of
         the amounts due by way of repayment of Advance Payments has been made,
         there shall be an adjustment in accordance with such assessment, by way
         of repayment from the Buyer (provided the Termination Date has not
         occurred) or by way

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<PAGE>

         of further payment by the relevant Seller, as required, and such
         adjusted sum shall be treated for all purposes under this Deed as the
         Collections received during such Settlement Period. Provided that such
         failure by the relevant Servicer does not last longer than two
         consecutive Settlement Periods and the provisions of this Clause 12(D)
         are complied with, such failure shall not by itself constitute an Early
         Amortisation Event.

13.      PROTECTION OF THE BUYER'S RIGHTS

(A)      Notice of Sale: the Operating Agent may at any time (and each Seller
         following the Operating Agent's request shall) notify the Designated
         Account Debtors, or any of them, of Purchased Receivables of the
         Buyer's ownership of the Purchased Receivables and the Collections of
         the Purchased Receivables and direct (or cause each Seller to direct)
         all the Designated Account Debtors of Purchased Receivables, or any of
         them, that payment of all amounts payable under any such Purchased
         Receivable be made directly to the Operating Agent or its designee.

(B)      Legal Assignment: Each Seller shall, if requested by the Operating
         Agent, forthwith execute a legal assignment to the Buyer or the
         Operating Agent or as the Operating Agent may direct (as determined by
         the Operating Agent) in such form as the Operating Agent requires of
         all or any of the Purchased Receivables and the Related Security and
         the full benefit thereof and will, if so required, give notice thereof
         to the relevant Designated Account Debtor.

(C)      Reconstruction of Accounts Receivable Trial Balance: If at any time a
         Seller does not (i) generate an Accounts Receivable Trial Balance on
         the Determination Date immediately preceding each Settlement Date or
         (ii) provide the information to Exide Europe enumerated in Clause 9(M),
         the Operating Agent will have the right to reconstruct that Accounts
         Receivable Trial Balance or such information so that a determination of
         the Purchased Receivables can be made, and such reconstruction will be
         conclusive (in the absence of manifest error) for the purposes of
         determining Purchased Receivables.

(D)      Operating Agent's Right to Perform: If the Originator or the Offer
         Agent fails to perform any of its agreements or obligations under this
         Deed, the Operating Agent may (but shall not be required to) itself
         perform, or cause performance of, such agreement or obligation.

(E)      Power of Attorney: Without prejudice to the provisions of Clauses 13(A)
         to (D), each Seller irrevocably constitutes and appoints and procures
         that Exide Batteries will constitute and appoint the Operating Agent
         and the Buyer, with full power of substitution, as its true and lawful
         attorney and agent, with full power and authority in its name or
         otherwise, and in its place and stead, and for its use and benefit at
         any time after the occurrence of an Early Amortisation Event to take
         such action each of the Buyer and the Operating Agent may deem
         necessary or desirable in order to protect the interests of the Buyer
         and/or the Lenders and/or the Operating Agent and/or to perfect title
         to any of the Purchased Receivables, or Related Security, including the
         redirection

                                      -51-

<PAGE>

         of mail and the endorsement of drafts, cheques and other payment media,
         to perform any agreement or obligation of such Seller or Exide
         Batteries under or in connection with this Deed and/or under the
         Interim Trust Account Bank Mandate(s) and the Trust Account Bank
         Mandate(s), and to exercise all other remedies of such Seller or Exide
         Batteries under this Deed or existing at law. In furtherance of the
         power herein granted, each Seller will assist and co-operate with the
         Operating Agent and provide such facilities as the Operating Agent may
         request. The power of attorney hereby granted is given by way of
         security, is coupled with an interest, and is irrevocable and will
         extend to and be binding upon the successors and assigns of each
         Seller. The Sellers hereby agree that they shall execute and cause
         Exide Batteries to execute the Power of Attorney set out in the form of
         Schedule 16 in respect of their obligations under this Clause 13(E).

14.      RESPONSIBILITIES OF EACH SELLER

         Anything herein to the contrary notwithstanding:

(A)      Perform Contracts: Each Seller will perform all its obligations under
         the Contracts related to the Purchased Receivables to the same extent
         as if such Purchased Receivables had not been sold pursuant to this
         Deed and the exercise by either the Operating Agent or the Buyer of its
         rights hereunder will not relieve such Seller from such obligations.

(B)      Exoneration of Buyer and Operating Agent: None of the Buyer nor the
         Operating Agent will have any obligation or liability with respect to
         any Purchased Receivables, any Related Security or related Contracts,
         nor will the Buyer or the Operating Agent be obliged to perform any of
         the obligations of any Seller thereunder.

(C)      Trust: Until the Operating Agent requests otherwise, each Seller will
         hold in trust for the sole benefit of the Buyer the Contracts and other
         documentary items relating to the uncollected Purchased Receivables at
         its address specified in this Deed. To the extent that the Contracts or
         other documentary items also relate to Receivables that are not
         Purchased Receivables, such Seller will hold them in trust for both the
         Buyer and itself to the extent of the respective rights of the Buyer
         and itself therein unless possession thereof is required by the Buyer
         to enforce its ownership rights. Each Seller will deliver such
         Purchased Receivables, Contracts and documents to the Operating Agent
         (or as it may direct), if so directed by the Operating Agent and the
         Operating Agent will make them available to the relevant Seller to the
         extent that they contain material or information that does not relate
         to Purchased Receivables and to the extent that the Buyer's interests
         are not thereby compromised.

(D)      Marking: Each Seller will mark clearly and unambiguously its ordinary
         business records, including without limitation its master data
         processing records, relating to the Purchased Receivables with a legend
         acceptable to the Operating Agent indicating that such Purchased
         Receivables are owned by the Buyer. Each Seller agrees that from time
         to time it will promptly execute and deliver all instruments and
         documents, and take all further action that the Operating Agent may
         reasonably request in order to

                                      -52-

<PAGE>

         perfect, protect or more fully evidence the Buyer's ownership interest
         in the Purchased Receivables, the Collections and the Related Security
         and pending such time will keep an up to date record of all Purchased
         Receivables.

(E)      Third Party Servicer: At any time following the designation of a
         Servicer other than Citibank, N.A., London Branch or the termination of
         the delegation granted to any Sub-Servicer pursuant to Clause 12(A):

         (1)  The relevant Seller will, at the Operating Agent's request, (a)
              assemble all the documents, instruments and other records
              (including, without limitation, computer tapes and disks) which
              evidence the Purchased Receivables, and the related Contracts and
              Related Security, or which are otherwise necessary or desirable to
              collect such Purchased Receivables, and will make the same
              available to the Operating Agent at a place selected by the
              Operating Agent or its designee or (if so requested) deliver the
              same to the Operating Agent (or as it may direct), and (b)
              segregate all cash, cheques and other instruments received by it
              from time to time constituting Collections of Purchased
              Receivables in a manner acceptable to the Operating Agent and
              will, promptly upon receipt, remit all such cash, cheques and
              instruments, duly endorsed or with duly executed instruments of
              transfer, to the Operating Agent or its designee.

         (2)  The relevant Seller authorises the Operating Agent to take any and
              all steps in such Seller's name and on behalf of such Seller
              necessary or desirable, in the determination of the Operating
              Agent, to collect all amounts due under any and all Purchased
              Receivables, including, without limitation, endorsing such
              Seller's name on cheques and other instruments representing
              Collections and enforcing such Purchased Receivables and the
              related Contracts and Related Security.

(F)      Value Added Tax: For the purpose of ensuring recoupment of any value
         added tax forming part of a Purchased Receivable:

         (1)  all or part of which remains unpaid after the statutory period for
              purposes of claiming bad debt relief has elapsed; or

         (2)  (without prejudice to Clause 5(D)) which or the Outstanding
              Balance of which is, or would be, reduced, adjusted or cancelled
              by any Seller and/or any other Person whether as a result of the
              matters in Clause 5(D) or for any other reason;

         each Seller will use its reasonable endeavours to recover such value
         added tax (or the appropriate part thereof) from the appropriate tax
         authorities, as agent and trustee of the Buyer, and promptly remit it
         to the Buyer and, until so remitted, will hold in trust for the Buyer
         any dividend received or value added tax recovered by such Seller in
         respect thereof (and any such dividend or recovery will be and be
         treated as a Collection). Each Seller will make such accounting
         write-offs and transfers and raise

                                      -53-

<PAGE>

         such credit notes as may be necessary or desirable for this purpose,
         and take all such other steps as may be reasonably requested by the
         Operating Agent. In particular, each Seller will, at the request of the
         Operating Agent, accept a re-assignment of any such Purchased
         Receivable (for a nil consideration) solely for the purpose of
         facilitating recoupment of such value added tax.

15.      AGENCY AND INDEMNITIES

(A)      Agency: In acting under this Deed the Operating Agent shall have only
         such duties, obligations and responsibilities as are expressly set out
         in this Deed (and such other duties, obligations and responsibilities
         as are reasonably incidental) and acts solely as agent of the Buyer.
         However, without prejudice to the generality of the foregoing, only the
         Operating Agent shall be entitled to receive and retain fees and other
         amounts (including indemnification under this Clause 15) payable to the
         Operating Agent for its own account.

(B)      Indemnities by Sellers and Exide Europe: The Sellers and (in relation
         to matters relating to itself) Exide Europe agree to indemnify the
         Buyer, the Operating Agent and their respective Affiliates and any
         Servicer (if a Seller has ceased to be a Sub-Servicer) from and against
         any and all damages, losses, claims, liabilities and related reasonable
         costs and expenses, including attorneys' fees and disbursements
         together with VAT thereon (all of the foregoing being collectively
         referred to as "Indemnified Amounts") awarded against or incurred by
         any of them arising out of or relating to this Deed or the ownership of
         Purchased Receivables, excluding, however, (a) such amounts resulting
         from gross negligence or wilful misconduct on the part of the Person
         who would otherwise be entitled to claim such indemnification or (b)
         recourse (except as otherwise specifically provided in this Deed) for
         uncollectible Purchased Receivables or for losses arising out of late
         Collections. Without limiting the foregoing, Indemnified Amounts
         include amounts relating to or resulting from:

         (1)  reliance on any representation or warranty made or deemed made by
              any Seller (in any of its capacities under the Relevant Documents)
              or Exide Europe under or in connection with this Deed, or any
              other information or report delivered by such Seller (in any of
              its capacities under the Relevant Documents) pursuant to this
              Deed, which shall have been false or incorrect in any material
              respect when made or deemed made or delivered (to the extent that
              such amounts have not already been recovered by the applicable
              indemnified party pursuant to Clause 5(D));

         (2)  the failure by any Seller (in any of its capacities under the
              Relevant Documents) or Exide Europe to comply with any term,
              provision or covenant contained in this Deed or with any
              applicable law, rule or regulation with respect to any Receivable,
              the related Contract or the Related Security, or the nonconformity
              of any Receivable or the related Contract or the Related Security
              with any such applicable law, rule or regulation;

                                      -54-

<PAGE>

         (3)  the failure to vest and maintain vested in the Buyer ownership of
              each Purchased Receivable, free and clear of any Adverse Claim
              whether existing at the time of the Purchase of such Receivable or
              at any time thereafter, excluding any such Adverse Claim created
              by the Buyer;

         (4)  any dispute, claim, offset or defence (other than discharge in
              bankruptcy or winding up by reason of insolvency or analogous
              event of the Designated Account Debtor) of the Designated Account
              Debtor to the payment of any Receivable which is, or is purported
              to be, a Purchased Receivable (including, without limitation, a
              defence based on such Receivable or the related Contract not being
              a legal, valid, binding and enforceable obligation of such
              Designated Account Debtor), or any other claim resulting from the
              sale of the goods or services related to such Receivable or the
              furnishing or failure to furnish such goods or services;

         (5)  any failure of any Seller (in any of its capacities under the
              Relevant Documents) or Exide Europe, to perform its duties or
              obligations in accordance with the provisions of this Deed;

         (6)  the Buyer makes a request for a Loan and/or contracts for a
              foreign exchange transaction to fund any anticipated Purchase
              following the delivery of a Letter of Offer or to make a Future
              Receivables Purchase Price payment in the manner contemplated in
              this Deed and such Purchase not taking place or such Future
              Receivables Purchase Price payment not being made as a result of
              the operation of Clause 3 or any other provision of this Deed, or
              a sale of Receivables not being effected in relation to a Letter
              of Offer or a Future Receivables Purchase Price payment not being
              made by reason of any event described in Clause 11(D)(1), (2), (3)
              or (4) or any breach by any Seller (in whatever capacity) or Exide
              Europe of any of its obligations under or in connection with this
              Deed;

         (7)  any products liability claim, or personal injury or property
              damage claim, or other similar or related claim or action of
              whatever sort arising out of or in connection with goods,
              merchandise or services which are the subject of any Receivable or
              Contract; and

         (8)  the payment of the Existing Receivables Purchase Price or the
              Future Receivables Purchase Price of any Receivable other than an
              Eligible Receivable (to the extent that such amounts have not
              already been recovered by the applicable indemnified party
              pursuant to Clause 5(D)).

         The Operating Agent will provide each Seller with a certificate or
         certificates showing in reasonable detail the basis for the calculation
         of Indemnified Amounts claimed under this Clause 15(B) provided, for
         the avoidance of doubt, that the provision of such certificate or
         certificates shall not be a condition for the making of any claim under
         this Clause 15(B).

                                  -55-

<PAGE>

(C)      Costs, increased costs and gross-up for withholding tax under the
         Facilities Agreement and the Currency Exchange Agreement: The Sellers
         hereby agree from time to time to indemnify the Buyer for, and to pay
         to it on demand of the Operating Agent, an amount equal to the
         Country's Proportionate Share of (i) all costs, increased costs,
         indemnities, tax, tax gross-up, tax indemnities, default interest and
         all other amounts (other than interest and principal payments) which
         are required to be paid by the Buyer under and in accordance with the
         terms of the Facilities Agreement and (ii) all costs, indemnities, tax,
         tax gross-up and termination costs which are required to be paid by the
         Buyer under and in accordance with the Currency Exchange Agreement.

(D)      Judgment Currency: Each reference in this Deed to a specific currency
         is of the essence. The obligation of each Seller (in any of its
         capacities under the Relevant Documents) or Exide Europe in respect of
         any sum due from it to the Operating Agent or the Buyer under this Deed
         will, notwithstanding any judgment in any other currency, or any
         bankruptcy or winding up by reason of insolvency or analogous event of
         such Seller or Exide Europe, be discharged only to the extent that on
         the Local Business Day following receipt by the Operating Agent or the
         Buyer of any sum adjudged or determined to be so due in such other
         currency, the Operating Agent could in accordance with normal banking
         procedures purchase the currency specified in this Deed with such other
         currency. If the amount of currency so purchased is less than the
         amount of the specified currency originally due to the Operating Agent
         or the Buyer, each of the Sellers and Exide Europe agrees, as a
         separate obligation and notwithstanding any such judgment, bankruptcy,
         winding up or analogous event, to indemnify the Operating Agent and the
         Buyer against such loss.

(E)      Payment: Any amounts subject to the indemnification provisions of
         Clause 15(B), (C) or (D) shall be paid by the Sellers or Exide Europe
         to the Operating Agent within two Programme Business Days following the
         Operating Agent's demand therefor.

(F)      After Tax Amount: In the event that any taxing authority seeks to
         charge to tax any sum paid to the Buyer or the Operating Agent or any
         of their respective Affiliates as a result of the indemnities or other
         obligations contained herein or impose a requirement on the payer of
         such indemnity to deduct tax, then the amount so payable shall be
         grossed up by such amount as will ensure that after payment of the tax
         so charged there shall be left a sum equal to the amount that would
         otherwise be payable under such indemnity or obligation.

16.      AMENDMENTS, ETC.

(A)      Amendments and Waivers: No amendment or waiver of any provision of this
         Deed nor consent to any departure by any Seller therefrom shall in any
         event be effective unless the same shall be in writing and signed by
         (1) such Seller, the Buyer and the Operating Agent with respect to an
         amendment, or (2) such Seller, the Buyer or the Operating Agent, as the
         case may be, with respect to a waiver or consent by it, and then such
         waiver or consent shall be effective only in the specific instance and
         for the specific purpose for which given.

                                      -56-

<PAGE>

(B)      Entire Agreement: This Deed contains a final and complete integration
         of all prior expressions by the parties with respect to the subject
         matter of this Deed and constitutes the entire agreement among the
         parties with respect to the subject matter of this Deed, superseding
         all prior oral or written understandings.

17.      NOTICES

         All notices and other communications provided for under this Deed
         shall, unless otherwise stated in this Deed, be in writing in the
         English language (including telex and fax communication) and mailed
         (first class, postage paid) or delivered to each party at its address
         set out under its name on the execution pages of this Deed or at such
         other telex or fax number or address as may be designated by such party
         in a written notice to the other parties. All such notices and
         communications will be effective (other than in respect of a Letter of
         Offer delivered pursuant to Clause 4(A)), (i) in the case of written
         notice, five days after being deposited in the post, or (ii) in the
         case of notice by telex, when telexed against receipt of answer back,
         or (iii) in the case of notice by fax, at the time of transmission
         unless served on a day which is not a Local Business Day or after
         5.00pm at the place in which the recipient is located, in which case it
         will be effective at 9.00am at the place in which the recipient is
         located on the following Local Business Day. In each case notice must
         be addressed as aforesaid.

18.      NO WAIVER: REMEDIES

(A)      No Waiver: No failure on the part of the Buyer, any Seller (in any of
         its capacities under the Relevant Documents) or the Operating Agent to
         exercise, and no delay in exercising, any right hereunder shall operate
         as a waiver thereof, nor shall any single or partial exercise of any
         right or remedy preclude any other or further exercise thereof or the
         exercise of any other right or remedy. The remedies in this Deed are
         cumulative and not exclusive of any remedies provided by law.

(B)      Set Off: Without limiting the provisions of Clause 18(A) the Buyer and
         the Operating Agent are hereby authorised (except in relation to the
         payment of the Acceptance Fee) by the Sellers and Exide Europe at any
         time after any of the Sellers or Exide Europe is in default of its
         obligations under this Deed or an Early Amortisation Event has
         occurred, to set off and apply, and/or to instruct Citibank or any of
         Citibank's Affiliates to set off and apply, any and all deposits at any
         time held and other indebtedness at any time owing (whether general or
         special, time or demand, provisional or final and in whatever currency)
         by the Buyer, the Operating Agent, Citibank or, as the case may be, any
         such Affiliate to or for the credit or the account of any Seller
         against any and all of the obligations of any Seller or Exide Europe
         (in any of its capacities under the Relevant Documents), now or
         hereafter existing under this Deed, to the Buyer or the Operating Agent
         or their respective successors and assigns or, as the case may be, now
         or hereafter due or owing on any account to Citibank or any of
         Citibank's Affiliates (and for this purpose to convert one currency
         into another).

                                      -57-

<PAGE>

19.      BINDING EFFECT: ASSIGNABILITY

(A)      Successors and Assigns: This Deed is binding upon and enures to the
         benefit of (1) each Seller, Exide Europe and any of their successors
         and permitted assignees in accordance with Clause 19(B); (2) the Buyer
         and also in relation to the benefit, but not the burden of this Deed,
         each Person to whom the Buyer has for the time being in accordance with
         Clause 19(C) (2) or (3) granted or assigned (or agreed to grant or
         assign) all or part of any Purchased Receivable (or any participation
         or interest, whether proprietary or contractual, in or in respect of
         all or part of any Purchased Receivable) and/or all or any of its
         rights, benefits and interest in or under this Deed and their
         respective successors and assignees; and (3) Citibank and its
         successors as Operating Agent (and the terms "Seller", "Exide Europe",
         "Buyer" and "Operating Agent" shall be construed accordingly).

(B)      Sellers and Exide Europe: Neither a Seller nor Exide Europe may assign
         any of its rights, benefits or interest in or under this Deed except
         with the prior consent of the Operating Agent.

(C)      The Buyer: The Buyer may assign all or part of any Purchased
         Receivables and/or all or any of its rights, benefits and interest in
         or under this Deed to any Lender.

(D)      Additional Sellers: The Operating Agent may, in its sole and absolute
         discretion, at the request of Exide Europe, admit a member of the Exide
         Europe Group as a Seller under this Deed (for the purposes of this
         Clause 19(D), such party or parties shall be referred to as the
         "Additional Seller"). In addition to the discretion of the Operating
         Agent, the admission the Additional Seller shall also be subject to the
         following conditions precedent:

         (1)  the Operating Agent receives the documents and information
              specified in Schedule 5 in respect of the Additional Seller, each
              in form and substance satisfactory to the Operating Agent;

         (2)  the Additional Seller, each Seller and the Buyer have delivered to
              the Operating Agent a duly completed and executed Admission of
              Additional Seller in the form attached as Schedule 2 (together
              with confirmation of due execution and delivery, in form and
              substance satisfactory to the Operating Agent) and the Operating
              Agent has indicated its consent by execution of the Admission of
              Additional Seller; and

         (3)  Exide Europe shall have confirmed in writing to the Operating
              Agent that the Letter of Undertaking shall apply, on the terms
              stated therein, to all of the obligations of the Additional Seller
              under the Programme;

         upon which time the Additional Seller shall be deemed to be a party to
         this Deed from and after the next Settlement Date subsequent to the
         execution of the Admission of Additional Seller by the Operating Agent,
         and the Additional Seller shall be under the same obligations towards
         each of the other parties to this Deed as if it had been an original
         party hereto as a "Seller" and a "Sub-Servicer".

                                      -58-

<PAGE>

20.      FURTHER ASSURANCE - RESTRUCTURING

         Each of the Sellers and Exide Europe hereby agrees that:

(A)      in the event that it receives notice from the Operating Agent for the
         purpose of amending the existing Programme on the basis that:

         (1)  the Receivables which are the subject of the French RSA will be
              first purchased from the French Sellers by a French fonds commun
              de creances (the "FCC"), such purchases to be funded by the
              subscription or purchase by the Buyer of units issued by the FCC;
              or

         (2)  the Receivables which are the subject of the Italian RSA will be
              first purchased by a company set up pursuant to law 130 of 30
              April 1999 in Italy (the "Law 130 Company"), such purchases to be
              funded by the subscription or purchase by the Buyer of notes
              issued by the Law 130 Company,

         upon commercial terms consistent with those applicable under the
         existing Programme (save in relation to additional costs arising as a
         result of the involvement of a FCC and/or a Law 130 Company), each of
         the Sellers and Exide Europe undertakes to the Operating Agent and the
         Buyer that it will enter into such arrangements, documents and
         agreements as are necessary or desirable, in the opinion of the
         Operating Agent (acting reasonably), for the purposes of giving effect
         to the transactions set out in paragraphs (1) and (2) and ensuring
         consistency between such transactions and the other transactions
         contemplated under the Programme.

(B)      if, by reason of any change (a) in any law or regulation or in its
         interpretation or application or (b) in the generally recognised market
         practice after the date hereof (in each case as evidenced by legal
         advice from a reputable law firm delivered by the Operating Agent to
         Exide Europe), the Operating Agent determines that the interests of the
         Buyer and/or the Operating Agent under the Programme may be affected as
         a result of such change, then the parties to this Deed, acting in good
         faith, shall co-operate with a view to restructuring this Deed, the
         other Relevant Documents and the transactions contemplated herein and
         therein upon such terms and conditions as would result in the interests
         of the Buyer and/or the Operating Agent to be protected, to the best
         extent possible under applicable law, in the same manner as if that
         change had not occurred.

         All the fees, costs and expenses (including legal fees) arising as a
         result of any of the events described in paragraphs (A) and (B) will
         be borne by the Sellers.

21.      TERMINATION

         This Deed will create and constitute the continuing obligations of the
         parties in accordance with its terms, and will remain in full force and
         effect until such time, after the Termination Date, as all Programme
         Capital of all Groups of Receivables have been reduced to zero and all
         Yield (as aggregated among all Originator Agreements), Programme Costs
         and other fees due under this Deed or the Fees Letter have been paid;
         provided, however, that the rights and remedies with respect to any
         breach of any representation and warranty made by any Seller in or
         pursuant to this Deed, the

                                      -59-

<PAGE>

         provisions of Clause 21 and the indemnification and payment provisions
         of this Deed will be continuing and will survive any termination of
         this Deed.

22.      NO PROCEEDINGS

         Each Seller, Exide Europe, the Offer Agent (if not Exide Europe) and
         the Operating Agent each hereby agree that they will not institute
         against the Buyer any bankruptcy, insolvency or similar proceeding
         until all amounts owing by the Buyer under the Facilities Agreement and
         the Currency Exchange Agreement have been paid in full and that no
         recourse shall be had for the payment of any amount owing hereunder or
         claims arising out of or based upon the Relevant Documents against any
         member, equity holder, employee, officer, director or affiliate of the
         Buyer.

23.      EXECUTION IN COUNTERPARTS: SEVERABILITY

(A)      Counterparts: This Deed may be executed in any number of counterparts
         and by different parties hereto in separate counterparts, each of which
         when so executed shall be deemed to be an original and all of which
         when taken together shall constitute one and the same agreement.

(B)      Severability: If any provision in or obligation under this Deed shall
         be invalid, illegal or unenforceable in any jurisdiction, the validity,
         legality and enforceability of the remaining provisions or obligations
         under this Deed, or of such provision or obligation in any other
         jurisdiction, shall not be affected or impaired thereby.

24.      CONFIDENTIALITY

(A)      Unless otherwise required by applicable law or regulation, or as
         requested by any regulator or tribunal with competent jurisdiction
         over, or over any business of, the relevant party, and subject to
         Clause 23(B) below, each of the parties agrees to maintain the
         confidentiality of this Deed in its communications with third parties
         and otherwise.

(B)      The provisions of Clause 23(A) shall not apply:

         (1)  to the disclosure of any information which is or becomes public
              knowledge other than as a result of the conduct of the recipient;

         (2)  to the disclosure of any information to the Finance Parties (as
              defined in the Facilities Agreement) under the Facilities
              Agreement (including any participant, potential participant or
              potential Lender thereunder), the Swap Counterparty and any
              secured party under the Deed of Charge (as defined in the
              Facilities Agreement), any FCC (including the custodian and the
              management company thereof) and/or Law 130 Company set-up pursuant
              to Clause 20 and the Rating Agencies (including their officers,
              employees, agents and advisers), provided that such Persons will
              hold that information confidential on the same basis as the
              Operating Agent;

         (3)  to the disclosure of any written consent of the parties hereto.

                                      -60-

<PAGE>

25.      GOVERNING LAW AND JURISDICTION

(A)      Governing Law: This Deed is governed by, and shall be construed in
         accordance with, the laws of England.

(B)      Consent to Jurisdiction: The parties hereto hereby irrevocably and for
         the benefit of each other submit to the jurisdiction of the courts of
         England in any action or proceeding arising out of or relating to this
         Deed, and hereby irrevocably agree that all claims in respect of such
         action or proceeding may be heard and determined in such courts. The
         parties hereto hereby irrevocably waive, to the fullest extent they may
         effectively do so, the defence of an inconvenient forum to the
         maintenance of such action or proceeding. As an alternative method of
         service, the Sellers, Exide Europe and the Buyer also irrevocably
         consent to the service of any and all process in any such action or
         proceeding by the delivery of copies of such process to the Sellers,
         Exide Europe or the Buyer, as applicable, at the address designated for
         notices under this Deed. The Sellers, Exide Europe and the Buyer agree
         that a final judgment in any action or proceeding shall be conclusive
         and may be enforced in other jurisdictions by suit on the judgment or
         in any other manner provided by law. Nothing shall affect the right to
         serve process in any other manner permitted by law. Each of the parties
         hereto which is not incorporated in England irrevocably appoints the
         person specified against its signature to accept any service of any
         process on its behalf and further undertakes to the other parties
         hereto that it will at all times during the continuance of this Deed
         maintain the appointment of some person in England as its agent for the
         service of process and irrevocably agrees that the service of any writ,
         notice or other document for the purposes of any suit, action or
         proceeding in the courts of England shall be duly served upon it if
         delivered or sent to the address of such appointee (or to such other
         address in England as that party may notify to the other parties
         hereto).

26.      PROCESS AGENT

         Exide Europe agrees that the process by which any suit, action or
         proceeding is begun may be served on it by being delivered in
         connection with any suit, action or proceeding in England, to CMP
         Batteries Limited, P.O. Box 1, Salford Road, Over Hulton, Bolton BL5
         1DD. If the appointment of the person mentioned in this Clause ceases
         to be effective Exide Europe shall immediately appoint a further person
         in England to accept service of process on its behalf in England and,
         failing such appointment with 15 business days, the Buyer shall be
         entitled to appoint such a person by notice to Exide Europe. Nothing
         contained herein shall affect the right to serve process in any other
         manner permitted by law.

IN WITNESS WHEREOF, this Deed has been duly executed and delivered as a Deed.

                                      -61-

<PAGE>

                                   SHEDULE 1

                                     Part 1
    Offices of the Sellers/Collection Account/Seller Non Transaction Account

<TABLE>
<CAPTION>
Seller                                      Collection Account               Seller Non-Transaction Account
<S>                                         <C>                               <C>
CMP BATTERIES LIMITED                       Sterling                         Sterling
P.O. Box 1                                  00230447                         00230420
Salford Road, Over Hulton                   (Sort Code 12-08-95)             (Sort Code 12-08-95)
Bolton, BL5 1DD

                                            Euro                             Euro

                                            00227092                         To be notified to the Operating Agent
                                            (Sort code 12-08-95)             prior to the Effective Date

FULMEN (U.K.) LIMITED                       00330887                         00330860
P.O. Box 1                                  (Sort Code 12-08-95)             (Sort Code 12-08-95)
Salford Road, Over Hulton
Bolton, BL5 1DD

DETA UK LIMITED                             To be notified to the            00282407
P.O. Box 1                                  Operating Agent prior to the     (Sort Code 12-08-95)
Salford Road,                               Effective Date
Bolton BL5 1DD

EXIDE (DAGENHAM) LIMITED                    (opened in the name of Exide     (opened in the name of Exide Batteries
P.O. Box 1                                  Batteries Limited acting as      Limited acting as agent of Exide
Salford Road, Over Hulton                   agent of Exide (Dagenham)        (Dagenham) Limited)
Bolton, BL5 1DD                             Limited) 00313382                00313366
                                            (Sort Code 12-08-95)             (Sort Code 12-08-95)
</TABLE>

                                      -62-

<PAGE>

                                     Part 2

                                  Buyer Account

Account Number:   10123773

Currency:         Sterling

Sort Code:        18-50-08

Bank:             Citibank, N.A., London

Bank Swift Code:  CITIGB21

Account Number:   10123765

Currency:         Euro

Sort Code:        18-50-08

Bank:             Citibank, N.A., London

Bank Swift Code:  CITIGB21

                                      -63-

<PAGE>

                                   SCHEDULE 2

                     FORM OF ADMISSION OF ADDITIONAL SELLER

To:      Citibank, N.A.                Copy to:  Exide Holding Europe
         336 Strand                              5-7 Allee des Pierres Mayettes
         WC2R 1HB                                92636 Gennevilliers Cedex
         U.K.                                    France

                         ADMISSION OF ADDITIONAL SELLER

Pursuant to the Receivables Securitisation Deed dated [o] May 2002 (the
"Agreement") among inter alia, you, Batteries Funding Limited and certain UK
Affiliates of Exide Holding Europe.

1.       Terms defined in the Agreement shall, subject to any contrary
         indication, have the same meanings herein.

2.       The Additional Seller hereby requests the Operating Agent to accept
         this Admission of Additional Seller pursuant to and for the purposes of
         Clause 19(D) of the Agreement so as to take effect in accordance with
         the terms thereof.

3.       The Additional Seller confirms that it has received a copy of the
         Agreement together with such other information as it has required in
         connection with this transaction and that it has not relied and will
         not hereafter rely on the Operating Agent to check or enquire on its
         behalf into the legality, validity, effectiveness, adequacy, accuracy
         or completeness of any such information and further agrees that it has
         not relied and will not rely on the Operating Agent to assess or keep
         under review on its behalf the financial condition, creditworthiness,
         condition, affairs, status or nature of Batteries Funding Limited or
         any Seller.

4.       The Additional Seller hereby undertakes with the Operating Agent and
         each of the other parties to the Agreement that it will perform in
         accordance with their terms all those obligations which by the terms of
         the Agreement will be assumed by it after acceptance of this Admission
         of Additional Seller by the Operating Agent and satisfaction of the
         conditions precedent subject to which this Admission of Additional
         Seller is expressed to take effect.

5.       The Operating Agent makes no representation or warranty and assumes no
         responsibility with respect to the legality, validity, effectiveness,
         adequacy or enforceability of the Agreement or any document relating
         thereto and assumes no responsibility for the financial condition of
         Batteries Funding Limited or any Seller or for the performance and
         observance by Batteries Funding Limited or any Seller of any of their
         respective obligations under the Agreement or any document relating
         thereto

                                      -64-

<PAGE>

         and any and all such conditions and warranties, whether express or
         implied by law or otherwise, are hereby excluded.

6.       The Additional Seller requests that in respect of references to any
         Seller in the Agreement, the following information be inserted in
         respect of the Additional Seller:

<TABLE>
==================================================================================================
<S>                                                                        <C>
(i)       Number of days in respect of the payment of invoices for the     . days
          purposes of paragraph (6) of the definition of "Eligible
          Receivable"
--------------------------------------------------------------------------------------------------
(ii)      Date of most recent audited annual accounts for the purposes     .
          of Clause 8(G)
--------------------------------------------------------------------------------------------------
(iii)     principal place of business of Additional Seller for the         .
          purposes of Clause 8(O) and Schedule 1
                                                                           .
--------------------------------------------------------------------------------------------------
(iv)      Collection Account/Dedicated Collection Account                  . (Sort Code)
--------------------------------------------------------------------------------------------------
(v)       Seller Non-Transaction Account for the purposes of Schedule 1    . (Sort Code)
==================================================================================================
</TABLE>

7.       This Admission of Additional Seller and the rights, benefits and
         obligations of the parties hereunder is governed by and shall be
         construed in accordance with English law.

[ADDITIONAL SELLER]

By:

Address:

Attention:
Telefax:
Date:

AGREED TO BY:
[RELEVANT ADDITIONAL SELLER]                         CMP BATTERIES LIMITED
By:                                                  By:

DETA UK LIMITED                                      FULMEN (U.K.) LIMITED
By:                                                  By:

EXIDE (DAGENHAM) LIMITED                             BATTERIES FUNDING LIMITED
By:                                                  By:

                                      -65-

<PAGE>

CONSENTED TO THIS ______ DAY OF __________, ________:

Citibank, N.A., London Branch

By:

                                      -66-

<PAGE>

                                   SCHEDULE 3

                          FORM OF SETTLEMENT STATEMENT

                             SETTLEMENT STATEMENT

       SELLER: Exide United Kingdom (CMP Batteries Limited, Exide (Dagenham)
                   Deta UK Limited, Fulmen (U.K.) Limited)
     CURRENCY: GBP and EUR

     Batteries Funding - Settlement Statement as of:         23-May-02

     Next Settlement Date:                                   30-May-02

     PRIOR SETTLEMENT STATEMENT:
                                                             GBP       EUR

 (1) Outstanding Balance                                        -         -
 (2) Reserve Accounts                                           -         -
 (3) Unearned Discount                                          -         -
 (4) Capital                                                    -         -

     Adjustments to Prior Month Balance

 (5) Total Collections                                          -         -
 (6) Adjustments to Reserve Account                             -         -
 (7) Discount Collected                                         -         -
 (8) Cash & Deemed Collections                                  -         -

 (9) New Receivables Sold                                       -         -
(10) Change in Reserve                                          -         -
(11) Change in Discount                                         -         -
(12) Net Cash Paid (7-8)                                        -         -

     Ending Balance as of this Date:

(13) Outstanding Balance                                        -         -
(14) Reserve Account                                            -         -
(15) Discount                                                   -         -
(16) Capital                                                    -         -

     PAYMENT OF FEES DUE ON NEXT SETTLEMENT DATE
                                                            GBP       EUR
     Purchaser Fees Due on the next Settlement Statement
     above 0.0000%                                              -         -

     Agency Fee           50.00 bp                              -         -

     Facility Fee         75.00 bp                              -         -

     Investor Fee          2.00 bp                              -         -

     Please remit funds to Batteries Funding Limited's account at Citibank
     London, GBP to account number 0010123773 and EUR to account number
     0010123765

                                      -67-

<PAGE>

                                   SCHEDULE 4

                             FORM OF SUMMARY REPORT

                            Batteries Funding Limited

      Seller   :        UK
      Currency :        Total Sterling Portfolio
      Summary Report Date                                           02/05/19
      Summary Report for period ended                               02/05/18
      ==========================================================================
      Capital Requested at next purchase           ----->

      Sold Portfolio Ageing by invoice due date :

             Current - Due beyond 91      ----->             9.203,02    0,092%
             Current - Due in 90 days     ----->           760.909,12    7,604%
             Current - Due in 60 days     ----->         2.172.543,93   21,711%
             Current - Due in 30 days     ----->         4.163.210,30   41,604%
             1 - 30 days Overdue          ----->         2.197.431,56   21,959%
             31 - 60 days Overdue         ----->           441.151,66    4,408%
             61 - 90 days Overdue         ----->            63.591,94    0,635%
             91 - 120 days Overdue        ----->            75.341,52    0,753%
             121 - 150 days Overdue       ----->            -9.519,35   -0,095%
             151 - 180 days Overdue       ----->            39.729,28    0,397%
             181 + days Overdue           ----->            93.256,08    0,932%
                                                   ------------------
             Total                        ----->        10.006.849,06

      Estimated Cash         Days 1 - 30           ----->         7.064.192,99
      Collections in         Days 31 - 60          ----->         2.172.543,93
      future periods         Days 61 - 90          ----->           760.909,12
                             Days 91 +             ----->             9.203,02
                                                            ------------------
                             Total                 ----->        10.006.849,06

      Collections in
      current period Received by due date          ----->           220.946,85
      by due date :  Received 30 days after due date --->           461.668,76
                     Received 60 days after due date --->            65.647,07
                     Received 90 days after due date --->             8.786,70
                     Received 91+ days after due date -->             9.208,98
                                                            ------------------
                     Total Collections             ----->           766.258,36

      Total new receivables sold this month        ----->           -52.047,78

      Sold Credit Notes Outstanding     -------->         1.839.082,24  15,525%
      Credit Notes issued in last 30 days ------>           780.347,96   7,234%

      Total Credit Notes Outstanding    -------->         2.401.800,99  19,810%
      Credit Notes issued in last 30 days ------>           782.327,80   7,447%

      Total Invoices sold                       -------->               25.959
      Total New Invoices sold                   -------->                    0

      Total delinquent receivables in sold portfolio --->           703.551,13
      Total delinquent receivables (Sold + Unsold) ----->           415.376,51

      Total defaulted receivables in sold portfolio ---->           198.807,53
      Total defaulted receivables (Sold + Unsold) ------>           -88.466,63

                                      -68-

<PAGE>

                            Batteries Funding Limited

      Seller   :        UK
      Currency :        Total Sterling Portfolio
      Summary Report Date                                           02/05/19
      Summary Report for period ended                               02/05/18
      ==========================================================================

      Average Credit Terms (Sold Portfolio)     -------->     0,000
      Average Credit Terms (Total Portfolio)    -------->     0,000
      Weighted Credit Terms (Sold Portfolio)    -------->     0,000
      Weighted Credit Terms (Total Portfolio)   -------->     0,000

      Net invoices issued in the last seven days ----->         -221.692,03

      Total Portfolio Ageing (Sold + Unsold) by invoice due date

               Current                    ----->         7.109.101,15   73,120%
               1 - 30 Days Overdue        ----->         2.198.015,61   22,608%
               31 - 60 Days Overdue       ----->           439.548,72    4,521%
               61 - 90 Days Overdue       ----->            64.294,42    0,661%
               91 - 120 Days Overdue      ----->            77.426,35    0,796%
               121 - 150 Days Overdue     ----->            -9.519,35   -0,098%
               151 - 180 Days Overdue     ----->            39.947,43    0,411%
               181 +   Days Overdue       ----->          -196.321,06   -2,019%
                                                   ------------------
               Total Receivables          ----->         9.722.493,27

     =========================================================================
       ALL INFORMATION HEREIN IS TRUE AND ACCURATE

       ____________________                            ____________________
       Authorised Signature                            Authorised Signature

                                      -69-

<PAGE>

                                   SCHEDULE 5

                          INITIAL CONDITIONS PRECEDENT

(a)     A certified copy of the resolutions of the board of directors (or
        analogous body) of the Seller approving this Deed and the other
        documents to be delivered by it and the transactions contemplated in
        this Deed.

(b)     Certified copies of the memorandum and articles of association of each
        Seller.

(c)     A certificate of an appropriate officer of each Seller certifying the
        names and true signatures of the officers authorised on its behalf to
        sign or, as appropriate, witness the sealing of this Deed and the other
        documents to be delivered by it (on which certificate the Operating
        Agent may conclusively rely until such time as the Operating Agent
        receives from the Seller a revised certificate meeting the requirements
        of this paragraph (c)).

(d)     Relevant Interim Trust Account Bank Mandates duly executed by each
        Seller, the applicable Collection Account Bank, the Buyer and Citibank
        in relation to each Collection Account.

(e)     A favourable opinion of legal advisers to the Operating Agent as to sale
        of Receivables and other relevant matters, in such form as the Operating
        Agent may reasonably require.

(f)     A favourable opinion of legal advisers to the Sellers as to capacity and
        corporate powers of each Seller in such form as the Operating Agent may
        reasonably require.

(g)     Letter of Undertaking from Exide Europe in a form acceptable to the
        Operating Agent, plus a favourable opinion of legal advisers
        satisfactory to the Operating Agent as to the execution and
        enforceability of the Letter of Undertaking.

(h)     A favourable opinion of legal advisers to Exide Europe as to capacity
        and corporate powers of Exide Europe in such form as the Operating Agent
        may reasonably require.

(i)     A Directors' Certificate from the directors of each Seller in relation
        to the solvency of such Seller and a certificate from the directors of
        Exide Europe in relation to the solvency of Exide Europe in form and
        substance acceptable to the Operating Agent.

(j)     Execution of the Relevant Documents (as defined in each of the
        Origination Agreements) and all documentation to be delivered therewith.

(k)     Satisfactory review by the Operating Agent of each Seller's billing and
        collection operations and reporting systems and implementation of any
        additional receivable tracking and reporting systems in form and
        substance satisfactory to the Operating Agent.

(l)     Preparation of a written Credit and Collection Policy by each Seller, in
        form and substance satisfactory to the Operating Agent.

                                      -70-

<PAGE>

(m)     The Operating Agent has received such other approvals, opinions or
        documents as it may reasonably request.

(n)     A direction from Exide Europe or the Seller with regard to the payment
        of Citibank's (on its own behalf), the Operating Agent's and Batteries
        Funding's reasonable legal costs (together with disbursements and VAT)
        in form and substance satisfactory to the Operating Agent.

(o)     Enigma Licence Agreement duly executed by Exide Europe.

(p)     Satisfaction of all initial conditions precedent set forth in Schedule 2
        to the Facilities Agreement.

(q)     Execution of the Currency Exchange Agreement.

                                      -71-

<PAGE>

                                   SCHEDULE 6

                                 LETTER OF OFFER

                                     Part 1

                              on Initial Offer Date

From:          Exide Holding Europe
               5-7 Allee des Pierres Mayettes
               92636 Gennevilliers Cedex-France

To:            Batteries Funding Limited
               West Block
               International Financial Services Centre
               Dublin 1

Copy to:       Citibank, N.A.
               Citicorp Centre
               33 Canada Square
               Canary Wharf
               London E14 5LB

Attention:                                              Date:

                               SUBJECT TO CONTRACT

Dear Sirs,

1.   We refer to a Receivables Securitisation Deed dated [.] May 2002 (as from
     time to time amended, supplemented or novated) (the "Deed") among, inter
     alios, you, Citibank, N.A., the undersigned and CMP Batteries Limited, Deta
     UK Limited, Exide (Dagenham) Limited and Fulmen (U.K.) Limited (the
     "Sellers").

2.   This Letter of Offer does not record the existence of a contract on the
     date hereof and the Sellers have no intention to enter into a contract at
     any time prior to the acceptance (if any) of this Letter of Offer in
     accordance with the terms of the Deed.

3.   We, on behalf of [name of the Sellers] as beneficial owners, hereby offer
     to sell, to assign and to transfer to you:

     (i)  Existing Receivables with an Outstanding Balance of [.] (being the
          Existing Receivables identified for you pursuant to Clause 4(E) of the
          Agreement) on the next Settlement Date for an Existing Receivables
          Purchase Price calculated in accordance with the Deed of [.];

                                      -72-

<PAGE>

     (ii) (a) Future Receivables which have come and will come into existence
          between (and including) the Initial Reference Date and (but excluding)
          the next Settlement Date and (b) Future Receivables which will come
          into existence during the next Settlement Period for an Acceptance Fee
          of (pound)10.

4.   The provisions of the Deed will apply to this letter and the related
     Initial Purchase (if any) by the Buyer, and except as otherwise provided
     herein, capitalised terms in this letter will have the meaning ascribed to
     them in the Deed.

5.   The Discount computed for the Group of Receivables (which are Existing
     Receivables and Eligible Receivables) the subject of this letter is [.].

6.   The offer made under this letter constitutes an irrevocable offer by [name
     of the Sellers], binding upon them, to assign and to sell to you the
     ownership interest in the Receivables referred to in this Letter of Offer
     and the Related Security.

7.   This Letter of Offer shall be governed by English law.

Yours faithfully

EXIDE HOLDING EUROPE, acting on behalf of [Sellers]

By:
Authorised Signatory

                                      -73-

<PAGE>

                                     Part 2

                          On Any Subsequent Offer Date

From:          Exide Holding Europe
               5-7 Allee des Pierres Mayettes
               92636 Gennevilliers Cedex-France

To:            Batteries Funding Limited
               West Block
               International Financial Services Centre
               Dublin 1

Copy to:       Citibank, N.A.
               Citicorp Centre
               33 Canada Square
               Canary Wharf
               London E14 5LB

Attention:                                              Date:

                               SUBJECT TO CONTRACT

Dear Sirs,

1.   We refer to a Receivables Securitisation Deed dated [.] May 2002 (as from
     time to time amended, supplemented or novated) (the "Deed") among, inter
     alios, you, Citibank, N.A., the undersigned and CMP Batteries Limited, Deta
     UK Limited, Exide (Dagenham) Limited and Fulmen (U.K.) Limited (the
     "Sellers").

2.   This Letter of Offer does not record the existence of a contract on the
     date hereof and the Sellers have no intention to enter into a contract at
     any time prior to the acceptance (if any) of this Letter of Offer in
     accordance with the terms of the Deed.

3.   We, on behalf of [name of Sellers] as beneficial owners, hereby offer to
     sell, to assign and to transfer to you:

     [(i)] Future Receivables which will come into existence during the next
           Settlement Period for an Acceptance Fee of (Pounds)10;

     [in the event only of Additional Designated Account Debtors offering
     Receivables for the first time:

                                      -74-

<PAGE>

       (ii) Existing Receivables with respect to Additional Designated Account
            Debtors notified to you on the date hereof with an Outstanding
            Balance of [.] (being the Existing Receivables identified for you
            pursuant to Clause 4(E) of the Agreement) on the next Settlement
            Date for an Existing Receivables Purchase Price calculated in
            accordance with the Deed of [.]; and

       (iii) Future Receivables with respect to Additional Designated Account
            Debtors notified to you on the date hereof which have come and will
            come into existence between (and including) the Initial Reference
            Date and (but excluding) the next Settlement Date for the Acceptance
            Fee;]

4.     The provisions of the Agreement will apply to this letter and the related
       Purchase (if any) by the Buyer, and except as otherwise provided herein,
       capitalised terms in this letter will have the meaning ascribed to them
       in the Agreement.

[5.    The Discount computed for the Group of Receivables (which are Existing
       Receivables and the Eligible Receivables) the subject of this letter is
       [.].]

[5/6.] The offer made under this Letter of Offer constitutes an irrevocable
       offer by [name of Sellers], binding upon them, to assign and to sell to
       you the ownership interest in the Receivables referred to in this Letter
       of Offer and the Related Security.

[6/7.] This Letter of Offer shall be governed by English law.

Yours faithfully

EXIDE HOLDING EUROPE, acting on behalf of [Sellers]

By:
Authorised Signatory

                                      -75-

<PAGE>

                                   SCHEDULE 7

                                FORM OF CONTRACT

                                      -76-

<PAGE>

                                   SCHEDULE 8

                                     Part 1

                   Information to be Provided to Exide Europe

1.      On the last Local Business Day in each calendar week prior to each
        Purchase Date:

        a computerised download containing the following fields:

        - number, which identifies the applicable Seller
        - customer number
        - customer name
        - customer type
        - location of customer (country)
        - invoice number
        - journal number
        - issue date of invoice
        - due date of invoice
        - currency of invoice
        - currency amount of invoice
        - type of invoice

        and other fields which may vary from applicable Seller to applicable
        Seller and which are necessary for Enigma to select Eligible
        Receivables.

2.      On or before the third Determination Date of each calendar month, the
        information requested in Part 2 of this Schedule 8 in respect of the
        previous calendar month.

3.      On or before the third Determination Date of each of the calendar months
        of March, June, September and December (or such more frequent time as
        the Operating Agent may request in writing in accordance with Clause
        11(G) of the Agreement):

        a computerised download containing the addresses of the Account Debtors
        listed in paragraph 1 above, containing the following specific
        information:

        - full customer name
        - address field 1
        - address field 2
        - address field 3
        - town
        - area code
        - country of address

        AND ALL OTHER INFORMATION WHICH MIGHT BE NECESSARY FOR THE CORRECT
        IDENTIFICATION BY THE OPERATING AGENT AND/OR EXIDE EUROPE OF THE ACCOUNT
        DEBTOR/CUSTOMER AND INVOICE.

                                      -77-

<PAGE>

                                     Part 2

                             Form of Monthly Summary

To:     Charles Prowse - Citibank [Fax: +44 171 500 9665]
CC:     Claire Berdou - Exide Europe Headquarters [Fax: +33 1 4121 2697]

Seller:        ................................

Date Prepared: ................................

For month:     ................................

All information relates to 3rd party domestic customers.

1.      Total value of sales (incl. VAT):                    ...................

2.      Total value of Write-offs in the month (overdue 90
        days or less):                                       ...................

3.      Total value of Credit Notes
        (Disputes/Claims/invoicing errors etc, incl. VAT):   ...................

4.      Level of accruals for volume rebates:                ...................

5.      Amount of credit notes issued for volume rebates
        in the month:                                        ...................

6.      Expenses for warranty claims during the month:       ...................

7.      Prompt payment discounts paid during the month:      ...................

Receivable Ageing - Month-end Ledger

(only necessary if the downloaded file does not contain all 3rd party domestic
customers, e.g. Italy)

=======================================================================
Days Past Due                 Amounts in Ledger Currency

=======================================================================
Current

-----------------------------------------------------------------------
1 - 30
-----------------------------------------------------------------------
31 - 60
-----------------------------------------------------------------------
61 - 90
-----------------------------------------------------------------------
91 - 120
-----------------------------------------------------------------------
121 +

=======================================================================

                                      -78-

<PAGE>

We certify that all information contained in this summary is true and accurate

[SELLER NAME]

.............................................
Name

                                      -79-

<PAGE>

                                   SCHEDULE 9

                              LETTER OF UNDERTAKING

                     [EXIDE HOLDING EUROPE S.A. LETTERHEAD]

                              Letter of Undertaking

                                                              Date: [.] May 2002

To:      Batteries Funding Limited ("Batteries Funding"); and Citibank, N.A.,
         London Branch as Operating Agent and Servicer under the Origination
         Agreements and Agent under the Facilities Agreement,

Dear Sirs

1.       We refer to the following agreements:

         (i)   the Receivables Securitisation Deed dated as of the date hereof
               between CMP Batteries Limited, Exide (Dagenham) Limited, Deta UK
               Limited, Fulmen (U.K.) Limited (together with any additional
               member of the Exide Europe Group acceding to the Receivables
               Securitisation Deed after the date hereof, the "UK Originators"),
               ourselves as Offer Agent, Batteries Funding and Citibank, N.A. as
               Operating Agent (the "U.K. Origination Agreement");

         (ii)  (a) the Receivables Subrogation Agreement dated 6 June 1997 (as
               amended on the date hereof) between Compagnie Europeenne
               d'Accumulateurs S.A.S. (together with any additional member of
               the Exide Europe Group acceding to the Receivables Subrogation
               Agreement after the date hereof, the "French Originators"), Exide
               Europe Funding Ltd. ("Exide Funding"), ourselves as Offer Agent
               and Citibank, N.A. as Operating Agent and (b) the Onward
               Receivables Sale Agreement dated as of the date hereof between
               Exide Funding, ourselves as Offer Agent, Batteries Funding and
               the Operating Agent (the "French Origination Agreements");

         (iii) the Receivables Sale Agreement dated as of the date hereof
               between Sociedad Espanola del Acumulador Tudor, S.A., Fulmen
               Iberica S.L. (together with any additional member of the Exide
               Europe Group acceding to such Receivables Sale Agreement after
               the date hereof, (the "Spanish Originators"), ourselves as Offer
               Agent, Batteries Funding and Citibank, N.A., as Operating Agent
               (the "Spanish Origination Agreement");

         (iv)  (a) the Receivables Purchase Agreement dated 3 June 1997 (as
               amended on the date hereof) between Societa Industriale
               Accumulatori S.r.l. and Compagnia Generale Accumulatori S.p.A.
               (now Exide Italia S.r.l.) (together with any additional member of
               the Exide Europe Group acceding to the Receivables Sale Agreement
               after the date hereof, the "Italian Originators"), ourselves as
               Offer Agent, Archimede Securitisation s.r.l. and Citibank, N.A.

                                      -80-

<PAGE>

               as the Operating Agent and (b) the Onward Sale Agreement dated as
               of the date hereof between Archimede Securitisation s.r.l.,
               Batteries Funding and the Operating Agent (the "Italian
               Origination Agreements");

         (v)   the Receivables Sale Agreement dated as of the date hereof
               between Exide Automotive Batterie GmbH, Deutsche Exide GmbH and
               Deutsche Exide Standby GmbH (together with any additional member
               of the Exide Europe Group acceding to such Receivables Sale
               Agreement after the date hereof, the "German Originators" and,
               together with the UK Originators, the French Originators, the
               Spanish Originators and the Italian Originators, the
               "Originators"), ourselves as Offer Agent, Batteries Funding and
               Citibank, N.A. as Operating Agent (the "German Origination
               Agreement" and, together with the UK Origination Agreement, the
               French Origination Agreements, the Spanish Origination Agreement
               and the Italian Origination Agreements, the "Origination
               Agreements"); and

         (vi)  the Facilities Agreement dated the date hereof among Batteries
               Funding, Citibank, N.A., London Branch as Agent and Arranger and
               the lenders from time to time party to the Facilities Agreement
               (the "Facilities Agreement").

2.       Unless otherwise specified in this letter, terms defined in the
         Origination Agreements shall have the same meanings when used herein.

3.       Any reference in this letter to any other agreement or document shall,
         unless the context otherwise requires, include that other agreement or
         document as from time to time amended, supplemented or novated and any
         document which amends, supplements or novates that other agreement or
         document.

4.       We hereby confirm to you that the Facilities Agreement and the
         Origination Agreements, all their respective terms and conditions and
         all related documents, fully meet our approval.

5.       We are aware that the Facilities Agreement and the Origination
         Agreements have been entered into on the condition that, inter alia,
         our indirect and beneficial ownership of at least 80% of the issued
         share capital of each Originator and Exide Funding and we control each
         Originator and Exide Funding. We are further aware that the Facilities
         Agreement and the Origination Agreements have been entered into in
         reliance on this Letter of Undertaking.

6.       We confirm that we currently own indirectly and beneficially at least
         80% of the issued share capital of each Originator and Exide Funding
         and that we control each Originator and Exide Funding and we covenant,
         subject to paragraph 6 below, that we will not reduce our percentage
         shareholding or alter our control of each Originator and Exide Funding
         (so long as Exide Funding is a party to any Relevant Document) until
         the Facilities Agreement and the Origination Agreements have been
         terminated and all obligations under the Origination Agreements to each
         of you have been met by the Originators and Exide Funding.

                                      -81-

<PAGE>

7.       We undertake to you that in the event that our percentage shareholding
         in any Originator falls below 80% of the issued share capital of such
         Originator or that we cease to control such Originator, we shall ensure
         that (a) you (or, as the case may be, Archimede or Exide Funding) will
         receive from such Originator, prior to the date on which our
         shareholding falls below 80% of the issued share of such Originator or
         we cease to control such Originator, an amount equal to the Outstanding
         Balance of the Receivables which have been purchased from such
         Originator (such amount to be treated as a Collection for the purpose
         of the relevant Origination Agreement) and that such Originator will
         cease to offer to sell Receivables under the terms of the Origination
         Agreement to which it is a party.

8.       We further covenant to ensure that each Originator and Exide Funding
         (in each of their capacities under the Origination Agreements) at all
         times duly perform and comply with all their obligations to each of you
         under or in connection with the Origination Agreements and, in
         particular, that we will at all times take all measures necessary or
         desirable to ensure that the billing, credit and collection policies
         and procedures of such Originator and Exide Funding are not changed in
         any way that may materially adversely affect the interests of either of
         you under the Origination Agreements. We further covenant that we will
         comply with our obligations in this paragraph 8 even if any of the
         relevant obligations of the Originators or Exide Funding under the
         Origination Agreements are determined by a court of competent
         jurisdiction to be invalid or unenforceable.

9.       Without limiting our covenant in paragraph 7 above, we further covenant
         to either ensure that: (i) each Originator and Exide Funding will at
         all times duly perform and comply with or (ii) we will perform and
         comply with, on behalf of each Originator and Exide Funding, all
         reporting, documentary and calculation requirements of the Originators
         and Exide Funding under the Origination Agreements and that the same
         are met in a timely fashion.

10.      We further covenant to provide you with immediate notice upon becoming
         aware of any of any breach by any Originator or Exide Funding of any of
         its obligations under the Origination Agreements and any of the events
         described in (A), (B) or (C) below or any event which, with the giving
         of notice or lapse of time or both, would constitute one of such
         events:

         (A)  Any Originator or Exide Funding fails to pay any principal of or
              premium or interest on any debt, when the same becomes due and
              payable (whether by scheduled maturity, required prepayment,
              acceleration, demand or otherwise) and such failure shall continue
              after the applicable grace period, if any, specified in the
              agreement or instrument relating to such debt, or any other
              default under any agreement or instrument relating to any debt, or
              any other event, shall occur and shall continue after the
              applicable grace period, if any, specified in such agreement or
              instrument, if the effect of such default or event is to
              accelerate or to permit the acceleration of the maturity of such
              debt, or any such debt shall be declared to be due and payable or
              required to

                                      -82-

<PAGE>

          be prepaid (other than by a regularly scheduled required prepayment)
          prior to the stated maturity thereof, or any present or future
          mortgage, charge or other security interest on or over any assets of
          such Originator or Exide Funding becomes enforceable;

     (B)  a resolution is passed or a petition is presented or an order made for
          the winding up, liquidation, dissolution, merger or consolidation of
          such Originator or Exide Funding (except for the purposes of a bona
          fide reconstruction or amalgamation with your consent), or a petition
          is presented or an order made for the appointment of an administrator
          in relation to any Originator or Exide Funding, or a receiver,
          administrative receiver or manager is appointed over any part of the
          assets or undertaking of any Originator or Exide Funding, or any event
          analogous, to any of the foregoing occurs (except, in the case where a
          petition is presented (i) the proceeding is frivolous or vexatious and
          (ii) such Originators or Exide Funding is solvent and is contesting
          the proceeding in good faith); or

     (C)  an Early Amortisation Event under any of the Origination Agreements
          occurs.

11.  We undertake that we will provide to the Operating Agent all documents
     which Exide Technologies, ourselves or any European Affiliate of Exide
     Technologies is required to provide under the US DIP Facility Agreement in
     relation to ourselves and such European Affiliate as and when the same are
     provided under the US DIP Facility Agreement.

12.  This Letter of Undertaking is governed by the laws of England. We hereby
     irrevocably and for your benefit submit to the jurisdiction of the courts
     of England in any action or proceeding arising out of or relating to this
     letter, and hereby irrevocably agree that all claims in respect of such
     action or proceeding may be heard and determined in such courts. We hereby
     irrevocably waive, to the fullest extent that we may effectively do so, the
     defence of an inconvenient forum to the maintenance of such action or
     proceeding. We agree that a final judgement in any action or proceeding
     shall be conclusive and may be enforced in other jurisdictions by suit on
     the judgement or in any other manner provided by law. We irrevocably
     appoint the Person specified against our signature to accept any service of
     any process on our behalf and further undertake that we will at all times
     during the continuance of this letter maintain the appointment of some
     Person in England as its agent for the service of process and irrevocably
     agree that the service of any writ, notice or other document for the
     purposes of any suit, action or proceeding in the courts of England shall
     be duly served upon it if delivered or sent to the address of such
     appointee (or to such other address in England as that party may notify to
     the other parties hereto).

Yours faithfully

                                      -83-

<PAGE>

__________________________                           Process Agent:
EXIDE HOLDING EUROPE S.A.                            CMP Batteries Limited
                                                     P.O. Box 1
                                                     Salford Road
                                                     Over Hulton
                                                     Bolton BL5 1DD

                                      -84-

<PAGE>

                                  SCHEDULE 10

          LIST OF ACCOUNT DEBTORS OTHER THAN DESIGNATED ACCOUNT DEBTORS

FIAT

                                      -85-

<PAGE>

                                  SCHEDULE 11

                              PAYMENT INSTRUCTIONS

                                     Part 1

                                                                       Date: [.]
To   [Designated Account Debtor]

Dear Sir,

1.   We refer to the payments to be made to us in relation to [relevant
     Contracts].

2.   We hereby kindly instruct you to make all such payments owing to us, from
     the date hereof, to the credit of our account [account details of Dedicated
     Collection Account] with [details of bank holding the relevant Dedicated
     Collection Account].

Yours sincerely,

[NAME OF SELLER]

                                     Part 2

                        (to be inserted in each invoice)

"Please ensure that all your payments owing to us are made to the credit of our
account [account details of Dedicated Collection Account] with [details of bank
holding the relevant Dedicated Collection Account]"

                                      -86-

<PAGE>

                                  SCHEDULE 12

                            ENIGMA LICENCE AGREEMENT

                                                                    [.] May 2002
Attention: Company Secretary and Financial Director

                            Enigma Licence Agreement

Dear Sirs:

In connection with the preparation of certain data required to be delivered
under the origination agreements dated (or amended) as of the date hereof
between certain of your European subsidiaries, Batteries Funding Limited,
yourselves and ourselves (together with any other origination agreement which
may be entered after the date hereof, the "Agreements") we are making available
to you certain proprietary computer software and related documentation
collectively known as "Enigma". Enigma has been developed by us, on the basis of
commercially available software which we purchased, to help manage the
securitisation of trade receivables portfolios. This letter is to confirm the
terms on which we are licensing your use of Enigma.

Acknowledging that Enigma is and shall remain the property of Citibank, N.A.,
you shall be entitled to use Enigma solely in connection with the performance of
your obligations under the Agreements. Only those of your personnel responsible
for such performance will be allowed to have access to Enigma and the use
thereof. You will keep Enigma confidential and not copy or divulge any of its
content to any third parties and shall return to us or destroy all copies of
Enigma in your possession upon the termination of the Agreements.

Should Enigma fail accurately to produce information required under the
Agreements from adequate and accurate input, we will (i) provide all assistance
you reasonably request to enable the timely production of such information using
alternative methods, (ii) immediately commence efforts to identify and correct
the cause of such failure, and (iii) should the foregoing prove unsuccessful,
co-operate fully with you in devising alternative solutions, taking into account
the actual circumstances, and in obtaining any required approval thereof from
other parties. Further, we will promptly update your version of Enigma with any
future program improvements.

Except as provided above and in the Agreements, we shall have no responsibility
whatever arising out of any Enigma failure, do not in any manner warrant or
guaranty its performance and in no event shall we have monetary liability in
connection with such failure or such performance or the consequences thereof,
your having acknowledged that our foregoing commitment of assistance and
co-operation is appropriate in the circumstances and your sole remedy.

                                      -87-

<PAGE>

Please acknowledge your acceptance of the foregoing in the place provided below.

                                                 Very truly yours,

                                                 CITIBANK, N.A.,
                                                 London Branch

                                                 By:

                                                 Title:     Vice President

Agreed and accepted

EXIDE HOLDING EUROPE

By:     _____________________

        Name:
        Title:

By:     _____________________

        Name:
        Title:

                                      -88-

<PAGE>

                                  SCHEDULE 13

                   FORM OF INTERIM TRUST ACCOUNT BANK MANDATES

                           TRUST ACCOUNT BANK MANDATE

                               Dated [.] May 2002:

                                     between

(1)  CMP BATTERIES LIMITED, (Company No. 2375355), P.O. Box 1, Salford Road,
     Over Hulton, Bolton BL5 1DD (the "Seller");

(2)  BATTERIES FUNDING LIMITED, West Block, International Financial Services
     Centre, Dublin 1, Ireland (the "Buyer");

(3)  CITIBANK, N.A. 336 Strand, London WC2R 1HB (in its capacity as Operating
     Agent under the Receivables Securitisation Deed (defined below), the
     "Operating Agent"); and

(4)  THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh
     EH1 1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.   Capitalised terms used herein, unless otherwise defined herein, shall have
     the meanings given in the Receivables Securitisation Deed.

2.   The Seller confirms to the Buyer and the Operating Agent that it has
     directed all of the Account Debtors to remit payments for the Purchased
     Receivables denominated in Sterling into the following account at the bank:

     Sort Code:     12-08-95
     Account No:    00230447
     Account Title: Collection Account

3.   The Seller hereby declares that, with effect from (and including) the time
     it first sells Receivables to the Buyer under the Receivables
     Securitisation Deed (the "Trust Commencement"), it will hold the Collection
     Account, which shall thereafter be designated as a trust account (the
     "Trust Account"), upon trust for the Buyer and itself as beneficiaries
     absolutely.

4.   As of and from the Trust Commencement:

     (a)  All moneys at any time standing to the credit of the Trust Account in
          respect of the Buyer Entitlement and any interest on such moneys are
          and shall be

                                      -89-

<PAGE>

          beneficially owned by the Buyer, and all other moneys at any time
          standing to the credit of the Trust Account are and shall be
          beneficially owned by the Seller;

     (b)  The Seller shall pay or procure the payment of all Collections into
          the Trust Account.

     (c)  All cheques, telegraphic transfers and other payment media and all
          cash in respect of Purchased Receivables (including Defaulted
          Receivables which are Purchased Receivables) received and all proceeds
          thereof and all other Collections of Purchased Receivables and/or held
          at any time by or on behalf of the Seller are and shall be in trust
          for the Buyer in accordance with its entitlements and received and/or
          held for and on behalf of the Buyer for payment and credit to the
          Trust Account.

     (d)  Clause 4(b) and (c) hereof shall apply to cheques and other payment
          media whether payable to the Seller its full legal name or expressed
          to be payable to the Seller under any of its trading name(s) or
          otherwise.

     (e)  Should moneys be released from the Trust Account to or to the order of
          the Seller, which represent the Buyer Entitlement, then the Seller
          shall hold such amount on trust for the Buyer upon the terms of this
          Mandate and shall immediately repay such amount into the Trust
          Account.

     (f)  Except in accordance with the Receivables Securitisation Deed and this
          Mandate, the Seller shall not, nor shall it be entitled to, withdraw
          or cause the withdrawal of or instruct the Bank to pay or otherwise
          remit any moneys from or to the debit of the Trust Account.

     (g)  The Seller agrees that all bank charges and the like in respect of the
          Trust Account are for the account of the Seller and it undertakes on
          demand to reimburse any bank charges or the like debited from time to
          time, for which it is responsible hereunder, to the Trust Account.

     (h)  Each of the Seller and the Operating Agent shall be entitled to
          receive from the Bank, bank statements relating to the Trust Account,
          and (if necessary) the Seller shall inform the Bank accordingly.

     (i)  The Seller will ensure that the Operating Agent is furnished with such
          information as the Operating Agent may from time to time request in
          relation to the identification of moneys standing to the credit of the
          Trust Account.

BANK MANDATE

5.   The mandate given to the Bank by virtue of this document (the "Mandate") is
     given on the basis that the Bank complies with the procedures set out in,
     and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
     execution of this Mandate, that the Trust Account is a trust account. So
     long as the Bank complies with its obligations

                                      -90-

<PAGE>

     under Clauses 5-24, the Bank shall not be liable in respect of any claim or
     action relating to a breach of the trust set forth in Clauses 1-4 above.

6.   The Bank is hereby instructed:

     (a)  to honour and comply with all cheques, drafts, bills, promissory
          notes, acceptances, negotiable instruments and orders expressed to be
          drawn, accepted, made or given and to honour and comply with all
          directions given in writing or by way of electronic impulses to effect
          transfers by way of electronic means ("Instructions") from the Trust
          Account to the Buyer's account (Account No. 10123773, Sort Code
          18-50-08), or to the Seller Non-Transaction Account (Account No.
          00230420, Sort Code 12-08-95) (but to no other accounts whatsoever) at
          any time or times; and

     (b)  to treat all Instructions given by the Seller (subject to Clause
          7(b)), the Buyer or the Operating Agent in respect of the Trust
          Account as being endorsed on behalf of the Seller and to deal with
          them.

7.   The Mandate is given on the basis that the Bank:

     (a)  waives any right it has or may hereafter acquire to set-off, combine,
          consolidate or merge the Trust Account with any other account of the
          Seller or any other person or any liabilities of the Seller or any
          other person to the Bank and agrees that it may not set off, transfer,
          combine or withhold payment of any sum whatsoever standing to the
          credit of the Trust Account in or towards or conditionally upon
          satisfaction of any liabilities to it of the Seller or any other
          person (unless ordered to set off, combine, transfer, consolidate,
          merge or withhold by order of a court of competent jurisdiction or
          required by statute); and

     (b)  agrees (with the consent of the Seller, such consent evidenced by the
          Seller's execution of this Mandate), upon receipt of a notice in the
          form annexed hereto from the Operating Agent, which notice may be
          received by facsimile to the Bank's Manchester Office at 19-21 Spring
          Gardens, Manchester M2 1FB (facsimile no. 0161 839 1314) (the "Buyer's
          Notice") (provided that if the Buyer's Notice has been sent by
          facsimile, the Operating Agent shall send an original copy to the Bank
          by registered post):

          (i)  to comply with any direction of the Operating Agent expressed to
               be given by the Operating Agent in respect of the operation of
               the Trust Account and the Bank shall be entitled to rely on any
               such notice purporting to have been given on behalf of the
               Operating Agent without enquiry; and

          (ii) that all right, authority and power of the Seller in respect of
               the operation of the Trust Account shall be deemed to be
               terminated and of no further effect and the Bank agrees that it
               shall, upon receipt of the

                                      -91-

<PAGE>

               Buyer's Notice, comply with the directions of the Operating Agent
               in relation to the operation of the Trust Account.

          Unless and until it receives a notice in writing from or purporting to
          be from the Operating Agent to the contrary, the Bank is authorised to
          continue to operate the Trust Account without regard to such trust.
          For the avoidance of doubt, the parties acknowledge that the terms of
          the trust set forth in Clause 1-4 above do not apply to the Seller
          Non-Transaction Account, and the Bank may operate such account at all
          times without regard to the trust set forth in Clauses 1-4 above.

8.   If the Bank has received the Buyer's Notice, any instructions (including,
     but not limited to Instructions), notices or other directions, dated or
     purporting to be dated after the date of receipt of the Buyer's Notice by
     the Bank, shall be signed by or on behalf of the Operating Agent by the
     person or persons specified by the Operating Agent in the Buyer's Notice or
     as otherwise agreed or directed by the Operating Agent hereafter in
     writing.

9.   The Bank may use (at the Bank's direction and/or the discretion of the
     Bank's correspondents and entirely at the Seller's risk save in the case of
     fraud or negligence by the Bank) telephone, facsimile or any other similar
     transmission system for the purpose of giving any commitment on the
     Seller's behalf authorised under clause 6 above or sending any message
     relating or appearing to relate to the Trust Account and that the Seller
     may give its Instructions to the Bank by such means.

10.  Until the Bank shall have been notified by the Operating Agent that the
     Receivables Securitisation Deed has been terminated:

     (a)  the Bank shall provide the Seller, the Buyer and the Operating Agent
          with a monthly statement in respect of the Trust Account or upon
          request from time to time, and in the latter case such statement shall
          be provided as soon as reasonably practicable after receipt of a
          request for a statement;

     (b)  the Seller covenants that it will not open any further bank accounts
          with the Bank other than as expressly contemplated by this Mandate or
          similar Mandate dated as of the date hereof, without the prior written
          consent of the Bank (which for the purposes of this paragraph (b)
          shall mean the Bank's Manchester Office (referred to above) and the
          Operating Agent; and

     (c)  the Bank agrees and undertakes that (i) it will take no steps against
          the Buyer for the purpose of recovering any amounts or any other debts
          or liabilities owing to it in connection with the Trust Account, this
          Mandate or the Receivables Securitisation Deed by the Buyer and that,
          (ii) it will not petition or commence proceedings for liquidation or
          winding up (or similar proceedings) nor join any person in doing so,
          nor commence any proceedings against the Buyer in connection with the
          Trust Account, this Mandate or the Receivables Securitisation Deed.

                                      -92-

<PAGE>

11.  The Bank confirms that it has received no written notice of any third party
     interest or claim in the Trust Account.

12.  Each of the Seller, the Buyer and the Operating Agent agree to deliver a
     schedule to this Mandate setting forth the names and signatures of those
     agents of the Seller, the Buyer and Operating Agent (as applicable) who are
     authorised on behalf of the Seller, the Buyer or the Operating Agent, as
     applicable, to execute and receive notices, statements, instructions
     (including but not limited to Instructions) and directions in connection
     with this Mandate. Reliance upon a notice or instructions (including but
     not limited to Instructions) or directions apparently or purportedly signed
     by any of such authorised signatories shall operate as a discharge of the
     Bank in relation to any notice or instructions (including but not limited
     to Instructions) or directions relied and acted upon by it.

13.  The Seller agrees to deliver a schedule to this Mandate (if required)
     setting forth all the names in which the Bank is authorised to collect
     cheques or other payment media as described in Clause 4(d), and agrees to
     enter into any indemnity reasonably required by the Bank where such names
     are unconnected with the name of the Seller.

14.  If any notice, instruction (including but not limited to Instructions) or
     direction received by the Bank under, and in accordance with, this Mandate
     is in the Bank's view unclear and/or ambiguous, the Bank may in its
     absolute discretion and without liability on its part act upon what it
     reasonably believes in good faith to be the intent of such notice or
     instruction, until any ambiguity or conflict (which, in any case where the
     Bank refuses to execute instructions, it shall promptly notify the
     Operating Agent) has been resolved to its satisfaction.

15.  Any final payment instructions given in any notice received by the Bank
     before 1:00 p.m. on any banking day if preceded by the necessary pre-advice
     required to effect funds movement shall be executed on the same day,
     failing which they shall be implemented as soon as practical but in any
     event for value by no later than the opening of business on the next
     succeeding banking day.

     A "banking day" for the purposes of this Mandate is a day (other than a
     Saturday or a Sunday) on which banks are open for business in London.

16.  The Seller shall be liable to pay the Bank's costs, charges and expenses in
     relation to the Trust Account (including any amounts which the Bank cannot
     recover from the Buyer as a result of the operation of Clause 10(c))
     whether or not the Bank has received the Buyer's Notice and notwithstanding
     any Early Amortisation under the Receivables Securitisation Deed, without
     recourse to the Buyer or the Operating Agent, and the Bank agrees to seek
     payment of these costs, charges and expenses solely from the Seller and not
     to debit such charges to the Trust Account, or seek to claim such amounts
     from the Buyer or the Operating Agent (for the avoidance of doubt, nothing
     in this Clause 16 shall prevent the Bank from recovering from the Operating
     Agent monies owed to the Bank by the Operating Agent other than the costs,
     charges and expenses in relation to the Trust Account described in this
     Clause 16) in any other

                                      -93-

<PAGE>

     manner, and the Bank shall be entitled to debit account number 00230420
     held by the Seller with all costs, charges and expenses referred to above.

17.  In performance of this Mandate, the Bank may rely on any instruction
     (including but not limited to Instructions), notice, direction or
     communication appearing or purporting to be given under and in accordance
     with this Mandate and reasonably believed by the Bank to be genuine, and
     the Bank shall have no obligation to make enquiries as to the
     justification, validity or contents of any instructions (including but not
     limited to Instructions) directions or notices delivered to it pursuant to
     this Mandate.

18.  If the Bank (which, for the purposes of this Clause 18 means (i) the Bank's
     Head office at the Mound, Edinburgh, EH1 1YZ (ii) the Bank's Manchester
     Office (referred to above) receives any written notice (containing
     sufficient information to identify the Trust Account and the branch at
     which the account is held) that a third party has claimed any interest in,
     or a right to, the credit balance on the Trust Account, then the Bank will
     forthwith notify the Operating Agent accordingly.

GENERAL

19.  The Seller hereby warrants that it has full power and authority to effect
     and has taken all necessary action to authorise the execution, delivery and
     performance by it of this Mandate and the matters contemplated by this
     Mandate.

20.  This Mandate may be terminated by the mutual agreement of the parties. The
     Bank may also request a termination of this Mandate by providing written
     notice to the Seller, the Buyer and the Operating Agent of its intention to
     terminate this Mandate. After such notice, the following procedures shall
     apply:

     (a)  provided no Early Amortisation Event has occurred, the Seller, the
          Buyer and the Operating Agent shall use reasonable efforts to locate
          another bank or financial institution for the location of the Trust
          Account which is mutually acceptable to the Seller, the Buyer and the
          Operating Agent;

     (b)  90 days after the date upon which the Operating Agent receives the
          notice from the Bank referred to above (or such earlier date as agreed
          to by the Bank, the Seller and the Operating Agent), the Bank shall be
          entitled to close the Trust Account. All sums standing to the credit
          of the Trust Account as at such date (and any future sums received by
          the Bank which have been directed towards the Trust Account and which
          have been accepted for deposit by the Bank; however, for the avoidance
          of doubt, after the closure of the Trust Account, the Bank shall be
          under no obligation to accept such sums) shall be deposited into the
          account designated by the Seller, the Buyer and Operating Agent, and
          notified to the Bank; and

     (c)  if, during the 90 day period referred to in paragraph (b) above, the
          Seller, the Buyer and the Operating Agent are unable to mutually agree
          upon a replacement location for the Trust Account, the Trust Account
          and all sums standing to the credit of the Trust Account as at such
          date (and any future

                                      -94-

<PAGE>

              sums received by the Bank which have been directed towards the
              Trust Account and which have been accepted for deposit by the
              Bank; however, for the avoidance of doubt, after the closure of
              the Trust Account, the Bank shall be under no obligation to accept
              such sums) shall be transferred to and held with Citibank, N.A.,
              London branch. Provided no Early Amortisation Event has occurred,
              the Seller, the Buyer and the Operating Agent shall continue to
              use reasonable efforts after such time to locate another bank or
              financial institution for the location of the Trust Account which
              is mutually acceptable to the Seller, the Buyer and the Operating
              Agent.

21.   Headings used in this Mandate are for convenience of reference only and
      shall not affect the interpretation of this Mandate.

22.   This Mandate may be executed in counterparts, all of which taken together
      shall constitute one and the same instrument.

23.   Unless otherwise required by applicable law or regulation, or as requested
      by any regulator with jurisdiction over, or over any business of, the
      relevant party, each of the parties agrees to maintain the confidentiality
      of this Agreement in its communications with third parties and otherwise.

24.   This Mandate shall be governed by, and construed in accordance with, the
      laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by                         )
as attorney for CMP BATTERIES               )
LIMITED in the presence of:                 )

Witness's
Signature:  ...........................

Name:       ...........................

Address:    ...........................

                                      -95-

<PAGE>

SIGNED as a deed by                         )
as attorney for BATTERIES FUNDING           )
LIMITED in the presence of:                 )

Witness's
Signature:  ........................

Name:       ........................

Address:    ........................

EXECUTED as a deed by                       )
CITIBANK N.A. as Operating                  )
Agent acting by                             )

acting under the authority of that          )
company, in the presence of:                )

Witness's
Signature:  ........................

Name:       ........................

Address:    ........................

EXECUTED as a deed by                       )
THE GOVERNOR AND COMPANY                    )
OF THE BANK OF SCOTLAND                     )
acting by                                   )

acting under the authority of that          )
company, in the presence of:                )

Witness's
Signature:  ........................

Name:       ........................

Address:    ........................

                                      -96-

<PAGE>

                             FORM OF BUYER'S NOTICE

CMP BATTERIES LIMITED      A/C NO 00230447

To:  Bank of Scotland
     19-21 Spring Gardens
     Manchester
     M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, CMP BATTERIES LIMITED, Batteries Funding
Limited and Citibank, N.A., hereby give you notice (the "Buyer's Notice")
pursuant to clause 7(b) of the trust account bank mandate for the above account
dated [.] May 2002 (the "Mandate").

In accordance with the terms of the Mandate, you should henceforth operate the
above account solely in accordance with instructions given by ourselves, and
ignore any instructions or directions given by CMP BATTERIES LIMITED. This
Buyer's Notice does not affect the operation of CMP BATTERIES LIMITED's other
accounts (if any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

_________________________________
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

_________________________________
By:
Date:

                                      -97-

<PAGE>

                           TRUST ACCOUNT BANK MANDATE

                               Dated [.] May 2002:

                                     between

(1)   CMP BATTERIES LIMITED, (Company No. 2375355), P.O. Box 1, Salford Road,
      Over Hulton, Bolton BL5 1DD (the "Seller");

(2)   BATTERIES FUNDING LIMITED, West Block, International Financial Services
      Centre, Dublin 1, Ireland (the "Buyer");

(3)   CITIBANK, N.A. 336 Strand, London WC2R 1HB (in its capacity as Operating
      Agent under the Receivables Securitisation Deed (defined below), the
      "Operating Agent"); and

(4)   THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh
      EH1 1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.    Capitalised terms used herein, unless otherwise defined herein, shall have
      the meanings given in the Receivables Securitisation Deed.

2.    The Seller confirms to the Buyer and the Operating Agent that it has
      directed all of the Account Debtors to remit payments for the Purchased
      Receivables denominated in Euro into the following account at the bank:

      Sort Code:         12-08-95
      Account No:        [      ]
      Account Title:     Collection Account

3.    The Seller hereby declares that, with effect from (and including) the
      time it first sells Receivables to the Buyer under the Receivables
      Securitisation Deed (the "Trust Commencement"), it will hold the
      Collection Account, which shall thereafter be designated as a trust
      account (the "Trust Account"), upon trust for the Buyer and itself as
      beneficiaries absolutely.

4.    As of and from the Trust Commencement:

      (a)  All moneys at any time standing to the credit of the Trust Account in
           respect of the Buyer Entitlement and any interest on such moneys are
           and shall be beneficially owned by the Buyer, and all other moneys at
           any time standing to the credit of the Trust Account are and shall be
           beneficially owned by the Seller;

                                      -98-

<PAGE>

      (b)    The Seller shall pay or procure the payment of all Collections
             into the Trust Account.

      (c)    All cheques, telegraphic transfers and other payment media and all
             cash in respect of Purchased Receivables (including Defaulted
             Receivables which are Purchased Receivables) received and all
             proceeds thereof and all other Collections of Purchased Receivables
             and/or held at any time by or on behalf of the Seller are and shall
             be in trust for the Buyer in accordance with its entitlements and
             received and/or held for and on behalf of the Buyer for payment and
             credit to the Trust Account.

      (d)    Clause 4(b) and (c) hereof shall apply to cheques and other payment
             media whether payable to the Seller its full legal name or
             expressed to be payable to the Seller under any of its trading
             name(s) or otherwise.

      (e)    Should moneys be released from the Trust Account to or to the order
             of the Seller, which represent the Buyer Entitlement, then the
             Seller shall hold such amount on trust for the Buyer upon the terms
             of this Mandate and shall immediately repay such amount into the
             Trust Account.

      (f)    Except in accordance with the Receivables Securitisation Deed and
             this Mandate, the Seller shall not, nor shall it be entitled to,
             withdraw or cause the withdrawal of or instruct the Bank to pay or
             otherwise remit any moneys from or to the debit of the Trust
             Account.

      (g)    The Seller agrees that all bank charges and the like in respect of
             the Trust Account are for the account of the Seller and it
             undertakes on demand to reimburse any bank charges or the like
             debited from time to time, for which it is responsible hereunder,
             to the Trust Account.

      (h)    Each of the Seller and the Operating Agent shall be entitled to
             receive from the Bank, bank statements relating to the Trust
             Account, and (if necessary) the Seller shall inform the Bank
             accordingly.

      (i)    The Seller will ensure that the Operating Agent is furnished with
             such information as the Operating Agent may from time to time
             request in relation to the identification of moneys standing to the
             credit of the Trust Account.

BANK MANDATE

5.    The mandate given to the Bank by virtue of this document (the "Mandate")
      is given on the basis that the Bank complies with the procedures set out
      in, and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
      execution of this Mandate, that the Trust Account is a trust account. So
      long as the Bank complies with its obligations under Clauses 5-24, the
      Bank shall not be liable in respect of any claim or action relating to a
      breach of the trust set forth in Clauses 1-4 above.

                                      -99-

<PAGE>

6.    The Bank is hereby instructed:

      (a)    to honour and comply with all cheques, drafts, bills, promissory
             notes, acceptances, negotiable instruments and orders expressed to
             be drawn, accepted, made or given and to honour and comply with all
             directions given in writing or by way of electronic impulses to
             effect transfers by way of electronic means ("Instructions") from
             the Trust Account to the Buyer's account (Account No. 10123765,
             Sort Code 18-50-08), or to the Seller Non-Transaction Account
             (Account No. ., Sort Code 12-08-95) (but to no other accounts
             whatsoever) at any time or times; and

      (b)    to treat all Instructions given by the Seller (subject to Clause 7
             (b)), the Buyer or the Operating Agent in respect of the Trust
             Account as being endorsed on behalf of the Seller and to deal with
             them.

7.    The Mandate is given on the basis that the Bank:

      (j)    waives any right it has or may hereafter acquire to set-off,
             combine, consolidate or merge the Trust Account with any other
             account of the Seller or any other person or any liabilities of the
             Seller or any other person to the Bank and agrees that it may not
             set off, transfer, combine or withhold payment of any sum
             whatsoever standing to the credit of the Trust Account in or
             towards or conditionally upon satisfaction of any liabilities to it
             of the Seller or any other person (unless ordered to set off,
             combine, transfer, consolidate, merge or withhold by order of a
             court of competent jurisdiction or required by statute); and

      (k)    agrees (with the consent of the Seller, such consent evidenced by
             the Seller's execution of this Mandate), upon receipt of a notice
             in the form annexed hereto from the Operating Agent, which notice
             may be received by facsimile to the Bank's Manchester Office at
             19-21 Spring Gardens, Manchester M2 1FB (facsimile no. 0161 839
             1314) (the "Buyer's Notice") (provided that if the Buyer's Notice
             has been sent by facsimile, the Operating Agent shall send an
             original copy to the Bank by registered post):

             (iii)      to comply with any direction of the Operating Agent
                        expressed to be given by the Operating Agent in respect
                        of the operation of the Trust Account and the Bank shall
                        be entitled to rely on any such notice purporting to
                        have been given on behalf of the Operating Agent without
                        enquiry; and

             (iv)       that all right, authority and power of the Seller in
                        respect of the operation of the Trust Account shall be
                        deemed to be terminated and of no further effect and the
                        Bank agrees that it shall, upon receipt of the Buyer's
                        Notice, comply with the directions of the Operating
                        Agent in relation to the operation of the Trust Account.

                                     -100-

<PAGE>

                  Unless and until it receives a notice in writing from or
                  purporting to be from the Operating Agent to the contrary, the
                  Bank is authorised to continue to operate the Trust Account
                  without regard to such trust. For the avoidance of doubt, the
                  parties acknowledge that the terms of the trust set forth in
                  Clause 1-4 above do not apply to the Seller Non-Transaction
                  Account, and the Bank may operate such account at all times
                  without regard to the trust set forth in Clauses 1-4 above.

8.       If the Bank has received the Buyer's Notice, any instructions
         (including, but not limited to Instructions), notices or other
         directions, dated or purporting to be dated after the date of receipt
         of the Buyer's Notice by the Bank, shall be signed by or on behalf of
         the Operating Agent by the person or persons specified by the Operating
         Agent in the Buyer's Notice or as otherwise agreed or directed by the
         Operating Agent hereafter in writing.

9.       The Bank may use (at the Bank's direction and/or the discretion of the
         Bank's correspondents and entirely at the Seller's risk save in the
         case of fraud or negligence by the Bank) telephone, facsimile or any
         other similar transmission system for the purpose of giving any
         commitment on the Seller's behalf authorised under clause 6 above or
         sending any message relating or appearing to relate to the Trust
         Account and that the Seller may give its Instructions to the Bank by
         such means.

10.      Until the Bank shall have been notified by the Operating Agent that the
         Receivables Securitisation Deed has been terminated:

         (a)      the Bank shall provide the Seller, the Buyer and the Operating
                  Agent with a monthly statement in respect of the Trust Account
                  or upon request from time to time, and in the latter case such
                  statement shall be provided as soon as reasonably practicable
                  after receipt of a request for a statement;

         (b)      the Seller covenants that it will not open any further bank
                  accounts with the Bank other than as expressly contemplated by
                  this Mandate or similar Mandate dated as of the date hereof,
                  without the prior written consent of the Bank (which for the
                  purposes of this paragraph (b) shall mean the Bank's
                  Manchester Office (referred to above) and the Operating Agent;
                  and

         (c)      the Bank agrees and undertakes that (i) it will take no steps
                  against the Buyer for the purpose of recovering any amounts or
                  any other debts or liabilities owing to it in connection with
                  the Trust Account, this Mandate or the Receivables
                  Securitisation Deed by the Buyer and that, (ii) it will not
                  petition or commence proceedings for liquidation or winding up
                  (or similar proceedings) nor join any person in doing so, nor
                  commence any proceedings against the Buyer in connection with
                  the Trust Account, this Mandate or the Receivables
                  Securitisation Deed.

11.      The Bank confirms that it has received no written notice of any third
         party interest or claim in the Trust Account.

                                      -101-

<PAGE>

12.      Each of the Seller, the Buyer and the Operating Agent agree to deliver
         a schedule to this Mandate setting forth the names and signatures of
         those agents of the Seller, the Buyer and Operating Agent (as
         applicable) who are authorised on behalf of the Seller, the Buyer or
         the Operating Agent, as applicable, to execute and receive notices,
         statements, instructions (including but not limited to Instructions)
         and directions in connection with this Mandate. Reliance upon a notice
         or instructions (including but not limited to Instructions) or
         directions apparently or purportedly signed by any of such authorised
         signatories shall operate as a discharge of the Bank in relation to any
         notice or instructions (including but not limited to Instructions) or
         directions relied and acted upon by it.

13.      The Seller agrees to deliver a schedule to this Mandate (if required)
         setting forth all the names in which the Bank is authorised to collect
         cheques or other payment media as described in Clause 4(d), and agrees
         to enter into any indemnity reasonably required by the Bank where such
         names are unconnected with the name of the Seller.

14.      If any notice, instruction (including but not limited to Instructions)
         or direction received by the Bank under, and in accordance with, this
         Mandate is in the Bank's view unclear and/or ambiguous, the Bank may in
         its absolute discretion and without liability on its part act upon what
         it reasonably believes in good faith to be the intent of such notice or
         instruction, until any ambiguity or conflict (which, in any case where
         the Bank refuses to execute instructions, it shall promptly notify the
         Operating Agent) has been resolved to its satisfaction.

15.      Any final payment instructions given in any notice received by the Bank
         before 1:00 p.m. on any banking day if preceded by the necessary
         pre-advice required to effect funds movement shall be executed on the
         same day, failing which they shall be implemented as soon as practical
         but in any event for value by no later than the opening of business on
         the next succeeding banking day.

         A "banking day" for the purposes of this Mandate is a day (other than a
         Saturday or a Sunday) on which banks are open for business in London.

16.      The Seller shall be liable to pay the Bank's costs, charges and
         expenses in relation to the Trust Account (including any amounts which
         the Bank cannot recover from the Buyer as a result of the operation of
         Clause 10(c)) whether or not the Bank has received the Buyer's Notice
         and notwithstanding any Early Amortisation under the Receivables
         Securitisation Deed, without recourse to the Buyer or the Operating
         Agent, and the Bank agrees to seek payment of these costs, charges and
         expenses solely from the Seller and not to debit such charges to the
         Trust Account, or seek to claim such amounts from the Buyer or the
         Operating Agent (for the avoidance of doubt, nothing in this Clause 16
         shall prevent the Bank from recovering from the Operating Agent monies
         owed to the Bank by the Operating Agent other than the costs, charges
         and expenses in relation to the Trust Account described in this Clause
         16) in any other manner, and the Bank shall be entitled to debit
         account number 00230420 held by the Seller with all costs, charges and
         expenses referred to above.

                                      -102-

<PAGE>

17.      In performance of this Mandate, the Bank may rely on any instruction
         (including but not limited to Instructions), notice, direction or
         communication appearing or purporting to be given under and in
         accordance with this Mandate and reasonably believed by the Bank to be
         genuine, and the Bank shall have no obligation to make enquiries as to
         the justification, validity or contents of any instructions (including
         but not limited to Instructions) directions or notices delivered to it
         pursuant to this Mandate.

18.      If the Bank (which, for the purposes of this Clause 18 means (i) the
         Bank's Head office at the Mound, Edinburgh, EH1 1YZ (ii) the Bank's
         Manchester Office (referred to above) receives any written notice
         (containing sufficient information to identify the Trust Account and
         the branch at which the account is held) that a third party has claimed
         any interest in, or a right to, the credit balance on the Trust
         Account, then the Bank will forthwith notify the Operating Agent
         accordingly.

GENERAL

19.      The Seller hereby warrants that it has full power and authority to
         effect and has taken all necessary action to authorise the execution,
         delivery and performance by it of this Mandate and the matters
         contemplated by this Mandate.

20.      This Mandate may be terminated by the mutual agreement of the parties.
         The Bank may also request a termination of this Mandate by providing
         written notice to the Seller, the Buyer and the Operating Agent of its
         intention to terminate this Mandate. After such notice, the following
         procedures shall apply:

         (a)      provided no Early Amortisation Event has occurred, the Seller,
                  the Buyer and the Operating Agent shall use reasonable efforts
                  to locate another bank or financial institution for the
                  location of the Trust Account which is mutually acceptable to
                  the Seller, the Buyer and the Operating Agent;

         (b)      90 days after the date upon which the Operating Agent receives
                  the notice from the Bank referred to above (or such earlier
                  date as agreed to by the Bank, the Seller and the Operating
                  Agent), the Bank shall be entitled to close the Trust Account.
                  All sums standing to the credit of the Trust Account as at
                  such date (and any future sums received by the Bank which have
                  been directed towards the Trust Account and which have been
                  accepted for deposit by the Bank; however, for the avoidance
                  of doubt, after the closure of the Trust Account, the Bank
                  shall be under no obligation to accept such sums) shall be
                  deposited into the account designated by the Seller, the Buyer
                  and Operating Agent, and notified to the Bank; and

         (c)      if, during the 90 day period referred to in paragraph (b)
                  above, the Seller, the Buyer and the Operating Agent are
                  unable to mutually agree upon a replacement location for the
                  Trust Account, the Trust Account and all sums standing to the
                  credit of the Trust Account as at such date (and any future
                  sums received by the Bank which have been directed towards the
                  Trust Account and which have been accepted for deposit by the
                  Bank; however, for

                                      -103-

<PAGE>

                  the avoidance of doubt, after the closure of the Trust
                  Account, the Bank shall be under no obligation to accept such
                  sums) shall be transferred to and held with Citibank, N.A.,
                  London branch. Provided no Early Amortisation Event has
                  occurred, the Seller, the Buyer and the Operating Agent shall
                  continue to use reasonable efforts after such time to locate
                  another bank or financial institution for the location of the
                  Trust Account which is mutually acceptable to the Seller, the
                  Buyer and the Operating Agent.

21.      Headings used in this Mandate are for convenience of reference only and
         shall not affect the interpretation of this Mandate.

22.      This Mandate may be executed in counterparts, all of which taken
         together shall constitute one and the same instrument.

23.      Unless otherwise required by applicable law or regulation, or as
         requested by any regulator with jurisdiction over, or over any business
         of, the relevant party, each of the parties agrees to maintain the
         confidentiality of this Agreement in its communications with third
         parties and otherwise.

24.      This Mandate shall be governed by, and construed in accordance with,
         the laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by              )
as attorney for CMP BATTERIES    )
LIMITED in the presence of:      )

Witness's
Signature:  ...............................

Name:       ...............................

Address:    ...............................

SIGNED as a deed by              )
as attorney for BATTERIES FUNDING)
LIMITED in the presence of:      )

Witness's
Signature:  ...............................

Name:       ...............................

Address:    ...............................

                                      -104-

<PAGE>

EXECUTED as a deed by               )
CITIBANK N.A. as Operating          )
Agent acting by                     )

acting under the authority of that  )
company, in the presence of:        )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

EXECUTED as a deed by               )
THE GOVERNOR AND COMPANY            )
OF THE BANK OF SCOTLAND             )
acting by                           )

acting under the authority of that  )
company, in the presence of:        )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

                                      -105-

<PAGE>

                             FORM OF BUYER'S NOTICE

CMP BATTERIES LIMITED  A/C NO [.]

To:      Bank of Scotland
         19-21 Spring Gardens
         Manchester
         M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, CMP BATTERIES LIMITED, Batteries Funding
Limited and Citibank, N.A., hereby give you notice (the "Buyer's Notice")
pursuant to clause 7(b) of the trust account bank mandate for the above account
dated [.] May 2002 (the "Mandate").

In accordance with the terms of the Mandate, you should henceforth operate the
above account solely in accordance with instructions given by ourselves, and
ignore any instructions or directions given by CMP BATTERIES LIMITED. This
Buyer's Notice does not affect the operation of CMP BATTERIES LIMITED's other
accounts (if any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

-----------------------------
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

-----------------------------
By:
Date:

                                      -106-

<PAGE>

                           TRUST ACCOUNT BANK MANDATE

                               Dated [.] May 2002:

                                     between

(1)   FULMEN (U.K.) LIMITED, (Company No. 0221210), P.O. Box 1, Salford Road,
      Over Hulton, Bolton BL5 1DD (the "Seller");

(2)   BATTERIES FUNDING LIMITED, West Block, International Financial Services
      Centre, Dublin 1, Ireland (the "Buyer");

(3)   CITIBANK, N.A., 336 Strand, London WC2R 1HB (in its capacity as Operating
      Agent under the Receivables Securitisation Deed (defined below), the
      "Operating Agent"); and

(4)   THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh
      EH1 1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.    Capitalised terms used herein, unless otherwise defined herein, shall have
      the meanings given in the Receivables Securitisation Deed.

2.    The Seller confirms to the Buyer and the Operating Agent that it has
      directed all of the Account Debtors to remit payments for the Purchased
      Receivables denominated in Sterling into the following account at the
      bank:

      Sort Code:       12-08-95
      Account No:      00330887
      Account Title:   Collection Account

3.    The Seller hereby declares that, with effect from (and including) the time
      it first sells Receivables to the Buyer under the Receivables
      Securitisation Deed (the "Trust Commencement"), it will hold the
      Collection Account, which shall thereafter be designated as a trust
      account (the "Trust Account"), upon trust for the Buyer and itself as
      beneficiaries absolutely.

4.    As of and from the Trust Commencement:

      (a)  All moneys at any time standing to the credit of the Trust Account in
           respect of the Buyer Entitlement and any interest on such moneys are
           and shall be beneficially owned by the Buyer, and all other moneys at
           any time standing to the credit of the Trust Account are and shall be
           beneficially owned by the Seller;

                                      -107-

<PAGE>

      (b)  The Seller shall pay or procure the payment of all Collections into
           the Trust Account.

      (c)  All cheques, telegraphic transfers and other payment media and all
           cash in respect of Purchased Receivables (including Defaulted
           Receivables which are Purchased Receivables) and all proceeds thereof
           and all other Collections of Purchased Receivables received and/or
           held at any time by or on behalf of the Seller are and shall be in
           trust for the Buyer in accordance with its entitlements and received
           and/or held for and on behalf of the Buyer for payment and credit to
           the Trust Account.

      (d)  Clause 4(b) and (c) hereof shall apply to cheques and other payment
           media whether payable to the Seller its full legal name or expressed
           to be payable to the Seller under any of its trading name(s) or
           otherwise.

      (e)  Should moneys be released from the Trust Account to or to the order
           of the Seller, which represent the Buyer Entitlement, then the Seller
           shall hold such amount on trust for the Buyer upon the terms of this
           Mandate and shall immediately repay such amount into the Trust
           Account.

      (f)  Except in accordance with the Receivables Securitisation Deed and
           this Mandate, the Seller shall not, nor shall it be entitled to,
           withdraw or cause the withdrawal of or instruct the Bank to pay or
           otherwise remit any moneys from or to the debit of the Trust Account.

      (g)  The Seller agrees that all bank charges and the like in respect of
           the Trust Account are for the account of the Seller and it undertakes
           on demand to reimburse any bank charges or the like debited from time
           to time, for which it is responsible hereunder, to the Trust Account.

      (h)  Each of the Seller and the Operating Agent shall be entitled to
           receive from the Bank, bank statements relating to the Trust Account,
           and (if necessary) the Seller shall inform the Bank accordingly.

      (i)  The Seller will ensure that the Operating Agent is furnished with
           such information as the Operating Agent may from time to time request
           in relation to the identification of moneys standing to the credit of
           the Trust Account.

BANK MANDATE

5.    The mandate given to the Bank by virtue of this document (the "Mandate")
      is given on the basis that the Bank complies with the procedures set out
      in, and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
      execution of this Mandate, that the Trust Account is a trust account. So
      long as the Bank complies with its obligations under Clauses 5-24, the
      Bank shall not be liable in respect of any claim or action relating to a
      breach of the trust set forth in Clauses 1-4 above.

                                     -108-

<PAGE>

6.    The Bank is hereby instructed:

      (a)  to honour and comply with all cheques, drafts, bills, promissory
           notes, acceptances, negotiable instruments and orders expressed to be
           drawn, accepted, made or given and to honour and comply with all
           directions given in writing or by way of electronic impulses to
           effect transfers by way of electronic means ("Instructions") from the
           Trust Account to the Buyer's account (Account No. 10123773, Sort Code
           18-50-08), or to the Seller Non-Transaction Account (Account No.
           00330860, Sort Code 12-08-95) (but to no other accounts whatsoever)
           at any time or times; and

      (b)  to treat all Instructions given by the Seller (subject to Clause
           7(b)), the Buyer or the Operating Agent in respect of the Trust
           Account as being endorsed on behalf of the Seller and to deal with
           them.

7.    The Mandate is given on the basis that the Bank:

      (a)  waives any right it has or may hereafter acquire to set-off, combine,
           consolidate or merge the Trust Account with any other account of the
           Seller or any other person or any liabilities of the Seller or any
           other person to the Bank and agrees that it may not set off,
           transfer, combine or withhold payment of any sum whatsoever standing
           to the credit of the Trust Account in or towards or conditionally
           upon satisfaction of any liabilities to it of the Seller or any other
           person (unless ordered to set off, combine, transfer, consolidate,
           merge or withhold by order of a court of competent jurisdiction or
           required by statute); and

      (b)  agrees (with the consent of the Seller, such consent evidenced by the
           Seller's execution of this Mandate), upon receipt of a notice in the
           form annexed hereto from the Operating Agent, which notice may be
           received by facsimile to the Bank's Manchester Office at 19-21 Spring
           Gardens, Manchester M2 1FB (facsimile no. 0161 839 1314) (the
           "Buyer's Notice") (provided that if the Buyer's Notice has been sent
           by facsimile, the Operating Agent shall send an original copy to the
           Bank by registered post):

           (i)  to comply with any direction of the Operating Agent expressed to
                be given by the Operating Agent in respect of the operation of
                the Trust Account and the Bank shall be entitled to rely on any
                such notice purporting to have been given on behalf of the
                Operating Agent without enquiry; and

           (ii) that all right, authority and power of the Seller in respect of
                the operation of the Trust Account shall be deemed to be
                terminated and of no further effect and the Bank agrees that it
                shall, upon receipt of the Buyer's Notice, comply with the
                directions of the Operating Agent in relation to the operation
                of the Trust Account.

                                     -109-

<PAGE>

           Unless and until it receives a notice in writing from or purporting
           to be from the Operating Agent to the contrary, the Bank is
           authorised to continue to operate the Trust Account without regard to
           such trust. For the avoidance of doubt, the parties acknowledge that
           the terms of the trust set forth in Clause 1-4 above do not apply to
           the Seller Non-Transaction Account, and the Bank may operate such
           account at all times without regard to the trust set forth in Clauses
           1-4 above.

8.    If the Bank has received the Buyer's Notice, any instructions (including,
      but not limited to Instructions), notices or other directions, dated or
      purporting to be dated after the date of receipt of the Buyer's Notice by
      the Bank, shall be signed by or on behalf of the Operating Agent by the
      person or persons specified by the Operating Agent in the Buyer's Notice
      or as otherwise agreed or directed by the Operating Agent hereafter in
      writing.

9.    The Bank may use (at the Bank's direction and/or the discretion of the
      Bank's correspondents and entirely at the Seller's risk save in the case
      of fraud or negligence by the Bank) telephone, facsimile or any other
      similar transmission system for the purpose of giving any commitment on
      the Seller's behalf authorised under clause 6 above or sending any message
      relating or appearing to relate to the Trust Account and that the Seller
      may give its Instructions to the Bank by such means.

10.   Until the Bank shall have been notified by the Operating Agent that the
      Receivables Securitisation Deed has been terminated:

      (a)  the Bank shall provide the Seller, the Buyer and the Operating Agent
           with a monthly statement in respect of the Trust Account or upon
           request from time to time, and in the latter case such statement
           shall be provided as soon as reasonably practicable after receipt of
           a request for a statement;

      (b)  the Seller covenants that it will not open any further bank accounts
           with the Bank other than as expressly contemplated by this Mandate or
           similar Mandate dated as of the date hereof, without the prior
           written consent of the Bank (which for the purposes of this paragraph
           (b) shall mean the Bank's Manchester Office (referred to above) and
           the Operating Agent; and

      (c)  the Bank agrees and undertakes that (i) it will take no steps against
           the Buyer for the purpose of recovering any amounts or any other
           debts or liabilities owing to it in connection with the Trust
           Account, this Mandate or the Receivables Securitisation Deed by the
           Buyer and that, (ii) it will not petition or commence proceedings for
           liquidation or winding up (or similar proceedings) nor join any
           person in doing so, nor commence any proceedings against the Buyer in
           connection with the Trust Account, this Mandate or the Receivables
           Securitisation Deed.

11.   The Bank confirms that it has received no written notice of any third
      party interest or claim in the Trust Account.

                                     -110-

<PAGE>

12.   Each of the Seller, the Buyer and the Operating Agent agree to deliver a
      schedule to this Mandate setting forth the names and signatures of those
      agents of the Seller, the Buyer and Operating Agent (as applicable) who
      are authorised on behalf of the Seller, the Buyer or the Operating Agent,
      as applicable, to execute and receive notices, statements, instructions
      (including but not limited to Instructions) and directions in connection
      with this Mandate. Reliance upon a notice or instructions (including but
      not limited to Instructions) or directions apparently or purportedly
      signed by any of such authorised signatories shall operate as a discharge
      of the Bank in relation to any notice or instructions (including but not
      limited to Instructions) or directions relied and acted upon by it.

13.   The Seller agrees to deliver a schedule to this Mandate (if required)
      setting forth all the names in which the Bank is authorised to collect
      cheques or other payment media as described in Clause 4(d), and agrees to
      enter into any indemnity reasonably required by the Bank where such names
      are unconnected with the name of the Seller.

14.   If any notice, instruction (including but not limited to Instructions) or
      direction received by the Bank under, and in accordance with, this Mandate
      is in the Bank's view unclear and/or ambiguous, the Bank may in its
      absolute discretion and without liability on its part act upon what it
      reasonably believes in good faith to be the intent of such notice or
      instruction, until any ambiguity or conflict (which, in any case where the
      Bank refuses to execute instructions, it shall promptly notify the
      Operating Agent) has been resolved to its satisfaction.

15.   Any final payment instructions given in any notice received by the Bank
      before 1:00 p.m. on any banking day if preceded by the necessary
      pre-advice required to effect funds movement shall be executed on the same
      day, failing which they shall be implemented as soon as practical but in
      any event for value by no later than the opening of business on the next
      succeeding banking day.

      A "banking day" for the purposes of this Mandate is a day (other than a
      Saturday or a Sunday) on which banks are open for business in London.

16.   The Seller shall be liable to pay the Bank's costs, charges and expenses
      in relation to the Trust Account (including any amounts which the Bank
      cannot recover from the Buyer as a result of the operation of Clause
      10(c)) whether or not the Bank has received the Buyer's Notice and
      notwithstanding any Early Amortisation Event under the Receivables
      Securitisation Deed, without recourse to the Buyer or the Operating Agent,
      and the Bank agrees to seek payment of these costs, charges and expenses
      solely from the Seller and not to debit such charges to the Trust Account,
      or seek to claim such amounts from the Buyer or the Operating Agent (for
      the avoidance of doubt, nothing in this Clause 16 shall prevent the Bank
      from recovering from the Operating Agent monies owed to the Bank by the
      Operating Agent other than the costs, charges and expenses in relation to
      the Trust Account described in this Clause 16) in any other manner, and
      the Bank shall be entitled to debit account number 00330860 held by the
      Seller with all costs, charges and expenses referred to above.

                                     -111-

<PAGE>

17.   In performance of this Mandate, the Bank may rely on any instruction
      (including but not limited to Instructions), notice, direction or
      communication appearing or purporting to be given under and in accordance
      with this Mandate and reasonably believed by the Bank to be genuine, and
      the Bank shall have no obligation to make enquiries as to the
      justification, validity or contents of any instructions (including but not
      limited to Instructions) directions or notices delivered to it pursuant to
      this Mandate.

18.   If the Bank (which, for the purposes of this Clause 18 means (i) the
      Bank's Head office at The Mound, Edinburgh, EH1 1YZ (ii) the Bank's
      Manchester Office (referred to above) receives any written notice
      (containing sufficient information to identify the Trust Account and the
      branch at which the account is held) that a third party has claimed any
      interest in, or a right to, the credit balance on the Trust Account, then
      the Bank will forthwith notify the Operating Agent accordingly.

GENERAL

19.   The Seller hereby warrants that it has full power and authority to effect
      and has taken all necessary action to authorise the execution, delivery
      and performance by it of this Mandate and the matters contemplated by this
      Mandate.

20.   This Mandate may be terminated by the mutual agreement of the parties. The
      Bank may also request a termination of this Mandate by providing written
      notice to the Seller, the Buyer and the Operating Agent of its intention
      to terminate this Mandate. After such notice, the following procedures
      shall apply:

      (a)  provided no Early Amortisation Event has occurred, the Seller, the
           Buyer and the Operating Agent shall use reasonable efforts to locate
           another bank or financial institution for the location of the Trust
           Account which is mutually acceptable to the Seller, the Buyer and the
           Operating Agent;

      (b)  90 days after the date upon which the Operating Agent receives the
           notice from the Bank referred to above (or such earlier date as
           agreed to by the Bank, the Seller and the Operating Agent), the Bank
           shall be entitled to close the Trust Account. All sums standing to
           the credit of the Trust Account as at such date (and any future sums
           received by the Bank which have been directed towards the Trust
           Account and which have been accepted for deposit by the Bank;
           however, for the avoidance of doubt, after the closure of the Trust
           Account, the Bank shall be under no obligation to accept such sums)
           shall be deposited into the account designated by the Seller, the
           Buyer and Operating Agent, and notified to the Bank; and

      (c)  if, during the 90 day period referred to in paragraph (b) above, the
           Seller, the Buyer and the Operating Agent are unable to mutually
           agree upon a replacement location for the Trust Account, the Trust
           Account and all sums standing to the credit of the Trust Account as
           at such date (and any future sums received by the Bank which have
           been directed towards the Trust Account and which have been accepted
           for deposit by the Bank; however, for

                                     -112-

<PAGE>

               the avoidance of doubt, after the closure of the Trust Account,
               the Bank shall be under no obligation to accept such sums) shall
               be transferred to and held with Citibank, N.A., London branch.
               Provided no Early Amortisation Event has occurred, the Seller,
               the Buyer and the Operating Agent shall continue to use
               reasonable efforts after such time to locate another bank or
               financial institution for the location of the Trust Account which
               is mutually acceptable to the Seller, the Buyer and the Operating
               Agent.

21.  Headings used in this Mandate are for convenience of reference only and
     shall not affect the interpretation of this Mandate.

22.  This Mandate may be executed in counterparts, all of which taken together
     shall constitute one and the same instrument.

23.  Unless otherwise required by applicable law or regulation, or as requested
     by any regulator with jurisdiction over, or over any business of, the
     relevant party, each of the parties agrees to maintain the confidentiality
     of this Agreement in its communications with third parties and otherwise.

24.  This Mandate shall be governed by, and construed in accordance with, the
     laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by                 )
as attorney for FULMEN (U.K.)       )
LIMITED in the presence of:         )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

                                     -113-

<PAGE>

SIGNED as a deed by                 )
as attorney for BATTERIES FUNDING   )
LIMITED in the presence of:         )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

EXECUTED as a deed by               )
CITIBANK N.A. as Operating          )
Agent acting by                     )

acting under the authority of that  )
company, in the presence of:        )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

EXECUTED as a deed by               )
THE GOVERNOR AND COMPANY            )
OF THE BANK OF SCOTLAND             )
acting by                           )

acting under the authority of that  )
company, in the presence of:        )

Witness's
Signature:  .............................

Name:       .............................

Address:    .............................

                                     -114-

<PAGE>

                             FORM OF BUYER'S NOTICE

FULMEN . LIMITED  A/C NO 00330887

To:      Bank of Scotland
         19-21 Spring Gardens
         Manchester
         M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, FULMEN (U.K.) LIMITED, Batteries Funding
Limited and Citibank, N.A., hereby give you notice (the "Buyer's Notice")
pursuant to clause 7(b) of the trust account bank mandate for the above account
dated [.] May 2002 (the "Mandate").

In accordance with the terms of the Mandate, you should henceforth operate the
above account solely in accordance with instructions given by ourselves, and
ignore any instructions or directions given by FULMEN (U.K.) LIMITED. This
Buyer's Notice does not affect the operation of FULMEN (U.K.) LIMITED's other
accounts (if any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

_________________________________
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

_________________________________
By:
Date:

                                     -115-

<PAGE>

                           TRUST ACCOUNT BANK MANDATE

                               Dated [.] May 2002:

                                     between

(1)  EXIDE BATTERIES LIMITED, (Company No. 898161), P.O. Box 1, Salford Road,
     Over Hulton, Bolton BL5 1DD (the "Seller's Agent");

(2)  EXIDE (DAGENHAM) LIMITED, P.O. Box 1, Salford Road, Over Hulton, Bolton BL5
     1DD (the "Seller");

(3)  BATTERIES FUNDING LIMITED, West Block, International Financial Services
     Centre, Dublin 1, Ireland (the "Buyer");

(4)  CITIBANK, N.A. 336 Strand, London WC2R 1HB (in its capacity as Operating
     Agent under the Receivables Securitisation Deed (defined below), the
     "Operating Agent"); and

(5)  THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh
     EH1 1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.   Capitalised terms used herein, unless otherwise defined herein, shall have
     the meanings given in the Receivables Securitisation Deed. The Seller as
     Sub-Servicer has delegated to the Seller's Agent the collection of
     Purchased Receivables, as permitted under the Receivables Securitisation
     Deed.

2.   The Seller's Agent confirms to the Buyer and the Operating Agent that it
     has directed all of the Account Debtors to remit payments for the Purchased
     Receivables denominated in Sterling into the following account at the bank:

     Sort Code:       12-08-95
     Account No:      00313382
     Account Title:   Collection Account

3.   The Seller's Agent hereby declares that, with effect from (and including)
     the time the Seller first sells Receivables to the Buyer under the
     Receivables Securitisation Deed (the "Trust Commencement"), it will hold
     the Collection Account, which shall thereafter be designated as a trust
     account (the "Trust Account"), upon trust for the Buyer and the Seller as
     beneficiaries absolutely.

                                      -116-

<PAGE>

4.   As of and from the Trust Commencement:

     (a)  All moneys at any time standing to the credit of the Trust Account in
          respect of the Buyer Entitlement and any interest on such moneys are
          and shall be beneficially owned by the Buyer, and all other moneys at
          any time standing to the credit of the Trust Account are and shall be
          beneficially owned by the Seller;

     (b)  The Seller's Agent shall pay or procure the payment of all Collections
          into the Trust Account.

     (c)  All cheques, telegraphic transfers and other payment media and all
          cash in respect of Purchased Receivables (including Defaulted
          Receivables which are Purchased Receivables) and all proceeds thereof
          and all other Collections of Purchased Receivables received and/or
          held at any time by or on behalf of the Seller are and shall be in
          trust for the Buyer in accordance with its entitlements and received
          and/or held for and on behalf of the Buyer for payment and credit to
          the Trust Account.

     (d)  Clause 4(b) and (c) hereof shall apply to cheques and other payment
          media whether payable to the Seller or the Seller's Agent its full
          legal name or expressed to be payable to the Seller or the Seller's
          Agent under any of its trading name(s) or otherwise.

     (e)  Should moneys be released from the Trust Account to or to the order of
          the Seller or the Seller's Agent, which represent the Buyer
          Entitlement, then the Seller or, as applicable, the Seller's Agent
          shall hold such amount on trust for the Buyer upon the terms of this
          Mandate and shall immediately repay such amount into the Trust
          Account.

     (f)  Except in accordance with the Receivables Securitisation Deed and this
          Mandate, the Seller or the Seller's Agent shall not, nor shall each of
          them be entitled to, withdraw or cause the withdrawal of or instruct
          the Bank to pay or otherwise remit any moneys from or to the debit of
          the Trust Account.

     (g)  The Seller's Agent agrees that all bank charges and the like in
          respect of the Trust Account are for the account of the Seller's Agent
          and it undertakes on demand to reimburse any bank charges or the like
          debited from time to time, for which it is responsible hereunder, to
          the Trust Account.

     (h)  Each of the Seller's Agent and the Operating Agent shall be entitled
          to receive from the Bank, bank statements relating to the Trust
          Account, and (if necessary) the Seller's Agent shall inform the Bank
          accordingly.

     (i)  The Seller's Agent will ensure that the Operating Agent is furnished
          with such information as the Operating Agent may from time to time
          request in relation to the identification of moneys standing to the
          credit of the Trust Account.

                                     -117-

<PAGE>

BANK MANDATE

5.   The mandate given to the Bank by virtue of this document (the "Mandate") is
     given on the basis that the Bank complies with the procedures set out in,
     and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
     execution of this Mandate, that the Trust Account is a trust account. So
     long as the Bank complies with its obligations under Clauses 5-24, the Bank
     shall not be liable in respect of any claim or action relating to a breach
     of the trust set forth in Clauses 1-4 above.

6.   The Bank is hereby instructed:

     (a)          to honour and comply with all cheques, drafts, bills,
                  promissory notes, acceptances, negotiable instruments and
                  orders expressed to be drawn, accepted, made or given and to
                  honour and comply with all directions given in writing or by
                  way of electronic impulses to effect transfers by way of
                  electronic means ("Instructions") from the Trust Account to
                  the Buyer's account (Account No. 10123773, Sort Code
                  18-50-08), or to the Seller Non-Transaction Account (Account
                  No. 00313366, Sort Code 12-08-95) (but to no other accounts
                  whatsoever) at any time or times; and

     (b)          to treat all Instructions given by the Seller's Agent (subject
                  to Clause 7(b)), the Buyer or the Operating Agent in respect
                  of the Trust Account as being endorsed on behalf of the
                  Seller's Agent and to deal with them.

7.   The Mandate is given on the basis that the Bank:

     (a)          waives any right it has or may hereafter acquire to set-off,
                  combine, consolidate or merge the Trust Account with any other
                  account of the Seller's Agent or any other person or any
                  liabilities of the Seller's Agent or any other person to the
                  Bank and agrees that it may not set off, transfer, combine or
                  withhold payment of any sum whatsoever standing to the credit
                  of the Trust Account in or towards or conditionally upon
                  satisfaction of any liabilities to it of the Seller's Agent or
                  any other person (unless ordered to set off, combine,
                  transfer, consolidate, merge or withhold by order of a court
                  of competent jurisdiction or required by statute); and

     (b)          agrees (with the consent of the Seller and the Seller's Agent,
                  such consent evidenced by the Seller's and the Seller's
                  Agent's execution of this Mandate), upon receipt of a notice
                  in the form annexed hereto from the Operating Agent, which
                  notice may be received by facsimile to the Bank's Manchester
                  Office at 19-21 Spring Gardens, Manchester M2 1FB (facsimile
                  no. 0161 839 1314) (the "Buyer's Notice") (provided that if
                  the Buyer's Notice has been sent by facsimile, the Operating
                  Agent shall send an original copy to the Bank by registered
                  post):

                  (i)    to comply with any direction of the Operating Agent
                         expressed to be given by the Operating Agent in respect
                         of the operation of the Trust Account and the Bank
                         shall be entitled to rely on any such notice

                                     -118-

<PAGE>

                purporting to have been given on behalf of the Operating Agent
                without enquiry; and

           (ii) that all right, authority and power of the Seller's Agent in
                respect of the operation of the Trust Account shall be deemed to
                be terminated and of no further effect and the Bank agrees that
                it shall, upon receipt of the Buyer's Notice, comply with the
                directions of the Operating Agent in relation to the operation
                of the Trust Account.

           Unless and until it receives a notice in writing from or purporting
           to be from the Operating Agent to the contrary, the Bank is
           authorised to continue to operate the Trust Account without regard to
           such trust. For the avoidance of doubt, the parties acknowledge that
           the terms of the trust set forth in Clause 1-4 above do not apply to
           the Seller Non-Transaction Account, and the Bank may operate such
           account at all times without regard to the trust set forth in Clauses
           1-4 above.

 8.   If the Bank has received the Buyer's Notice, any instructions (including,
      but not limited to Instructions), notices or other directions, dated or
      purporting to be dated after the date of receipt of the Buyer's Notice by
      the Bank, shall be signed by or on behalf of the Operating Agent by the
      person or persons specified by the Operating Agent in the Buyer's Notice
      or as otherwise agreed or directed by the Operating Agent hereafter in
      writing.

 9.   The Bank may use (at the Bank's direction and/or the discretion of the
      Bank's correspondents and entirely at the Seller's and the Seller's
      Agent's risk save in the case of fraud or negligence by the Bank)
      telephone, facsimile or any other similar transmission system for the
      purpose of giving any commitment on the Seller's Agent behalf authorised
      under clause 6 above or sending any message relating or appearing to
      relate to the Trust Account and that the Seller's Agent may give its
      Instructions to the Bank by such means.

10.   Until the Bank shall have been notified by the Operating Agent that the
      Receivables Securitisation Deed has been terminated:

      (a)  the Bank shall provide the Seller's Agent, the Buyer and the
           Operating Agent with a monthly statement in respect of the Trust
           Account or upon request from time to time, and in the latter case
           such statement shall be provided as soon as reasonably practicable
           after receipt of a request for a statement;

      (b)  the Seller's Agent covenants that it will not open any further bank
           accounts with the Bank other than as expressly contemplated by this
           Mandate or similar Mandate dated as of the date hereof, without the
           prior written consent of the Bank (which for the purposes of this
           paragraph (b) shall mean the Bank's Manchester Office (referred to
           above) and the Operating Agent; and

      (c)  the Bank agrees and undertakes that (i) it will take no steps against
           the Buyer for the purpose of recovering any amounts or any other
           debts or liabilities

                                     -119-

<PAGE>

           owing to it in connection with the Trust Account, this Mandate or the
           Receivables Securitisation Deed by the Buyer and that, (ii) it will
           not petition or commence proceedings for liquidation or winding up
           (or similar proceedings) nor join any person in doing so, nor
           commence any proceedings against the Buyer in connection with the
           Trust Account, this Mandate or the Receivables Securitisation Deed.

11.   The Bank confirms that it has received no written notice of any third
      party interest or claim in the Trust Account.

12.   Each of the Seller's Agent, the Buyer and the Operating Agent agree to
      deliver a schedule to this Mandate setting forth the names and signatures
      of those agents of the Seller's Agent, the Buyer and Operating Agent (as
      applicable) who are authorised on behalf of the Seller's Agent, the Buyer
      or the Operating Agent, as applicable, to execute and receive notices,
      statements, instructions (including but not limited to Instructions) and
      directions in connection with this Mandate. Reliance upon a notice or
      instructions (including but not limited to Instructions) or directions
      apparently or purportedly signed by any of such authorised signatories
      shall operate as a discharge of the Bank in relation to any notice or
      instructions (including but not limited to Instructions) or directions
      relied and acted upon by it.

13.   The Seller's Agent agrees to deliver a schedule to this Mandate (if
      required) setting forth all the names in which the Bank is authorised to
      collect cheques or other payment media as described in Clause 4(d), and
      agrees to enter into any indemnity reasonably required by the Bank where
      such names are unconnected with the name of the Seller's Agent.

14.   If any notice, instruction (including but not limited to Instructions) or
      direction received by the Bank under, and in accordance with, this Mandate
      is in the Bank's view unclear and/or ambiguous, the Bank may in its
      absolute discretion and without liability on its part act upon what it
      reasonably believes in good faith to be the intent of such notice or
      instruction, until any ambiguity or conflict (which, in any case where the
      Bank refuses to execute instructions, it shall promptly notify the
      Operating Agent) has been resolved to its satisfaction.

15.   Any final payment instructions given in any notice received by the Bank
      before 1:00 p.m. on any banking day if preceded by the necessary
      pre-advice required to effect funds movement shall be executed on the same
      day, failing which they shall be implemented as soon as practical but in
      any event for value by no later than the opening of business on the next
      succeeding banking day.

      A "banking day" for the purposes of this Mandate is a day (other than a
      Saturday or a Sunday) on which banks are open for business in London.

16.   The Seller's Agent shall be liable to pay the Bank's costs, charges and
      expenses in relation to the Trust Account (including any amounts which the
      Bank cannot recover from the Buyer as a result of the operation of Clause
      10(c)) whether or not the Bank

                                     -120-

<PAGE>

      has received the Buyer's Notice and notwithstanding any Early Amortisation
      Event under the Receivables Securitisation Deed, without recourse to the
      Buyer or the Operating Agent, and the Bank agrees to seek payment of these
      costs, charges and expenses solely from the Seller's Agent and not to
      debit such charges to the Trust Account, or seek to claim such amounts
      from the Buyer or the Operating Agent (for the avoidance of doubt, nothing
      in this Clause 16 shall prevent the Bank from recovering from the
      Operating Agent monies owed to the Bank by the Operating Agent other than
      the costs, charges and expenses in relation to the Trust Account described
      in this Clause 16) in any other manner, and the Bank shall be entitled to
      debit account number 00313366 held by the Seller's Agent with all costs,
      charges and expenses referred to above.

17.   In performance of this Mandate, the Bank may rely on any instruction
      (including but not limited to Instructions), notice, direction or
      communication appearing or purporting to be given under and in accordance
      with this Mandate and reasonably believed by the Bank to be genuine, and
      the Bank shall have no obligation to make enquiries as to the
      justification, validity or contents of any instructions (including but not
      limited to Instructions) directions or notices delivered to it pursuant to
      this Mandate.

18.   If the Bank (which, for the purposes of this Clause 18 means (i) the
      Bank's Head office at The Mound, Edinburgh, EH1 1YZ (ii) the Bank's
      Manchester Office (referred to above) receives any written notice
      (containing sufficient information to identify the Trust Account and the
      branch at which the account is held) that a third party has claimed any
      interest in, or a right to, the credit balance on the Trust Account, then
      the Bank will forthwith notify the Operating Agent accordingly.

GENERAL

19.   Each of Seller and the Seller's Agent hereby warrants that it has full
      power and authority to effect and has taken all necessary action to
      authorise the execution, delivery and performance by it of this Mandate
      and the matters contemplated by this Mandate.

20.   This Mandate may be terminated by the mutual agreement of the parties. The
      Bank may also request a termination of this Mandate by providing written
      notice to the Seller, the Seller's Agent, the Buyer and the Operating
      Agent of its intention to terminate this Mandate. After such notice, the
      following procedures shall apply:

      (a)  provided no Early Amortisation Event has occurred, the Seller, the
           Seller's Agent, the Buyer and the Operating Agent shall use
           reasonable efforts to locate another bank or financial institution
           for the location of the Trust Account which is mutually acceptable to
           the Seller, the Seller's Agent, the Buyer and the Operating Agent;

      (b)  90 days after the date upon which the Operating Agent receives the
           notice from the Bank referred to above (or such earlier date as
           agreed to by the Bank, the Seller, the Seller's Agent and the
           Operating Agent), the Bank shall

                                     -121-

<PAGE>

           be entitled to close the Trust Account. All sums standing to the
           credit of the Trust Account as at such date (and any future sums
           received by the Bank which have been directed towards the Trust
           Account and which have been accepted for deposit by the Bank;
           however, for the avoidance of doubt, after the closure of the Trust
           Account, the Bank shall be under no obligation to accept such sums)
           shall be deposited into the account designated by the Seller, the
           Seller's Agent, the Buyer and Operating Agent, and notified to the
           Bank; and

      (c)  if, during the 90 day period referred to in paragraph (b) above, the
           Seller, the Seller's Agent, the Buyer and the Operating Agent are
           unable to mutually agree upon a replacement location for the Trust
           Account, the Trust Account and all sums standing to the credit of the
           Trust Account as at such date (and any future sums received by the
           Bank which have been directed towards the Trust Account and which
           have been accepted for deposit by the Bank; however, for the
           avoidance of doubt, after the closure of the Trust Account, the Bank
           shall be under no obligation to accept such sums) shall be
           transferred to and held with Citibank, N.A., London branch. Provided
           no Early Amortisation Event has occurred, the Seller, the Seller's
           Agent, the Buyer and the Operating Agent shall continue to use
           reasonable efforts after such time to locate another bank or
           financial institution for the location of the Trust Account which is
           mutually acceptable to the Seller, the Seller's Agent, the Buyer and
           the Operating Agent.

21.   Headings used in this Mandate are for convenience of reference only and
      shall not affect the interpretation of this Mandate.

22.   This Mandate may be executed in counterparts, all of which taken together
      shall constitute one and the same instrument.

23.   Unless otherwise required by applicable law or regulation, or as requested
      by any regulator with jurisdiction over, or over any business of, the
      relevant party, each of the parties agrees to maintain the confidentiality
      of this Agreement in its communications with third parties and otherwise.

24.   This Mandate shall be governed by, and construed in accordance with, the
      laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by                     )
as attorney for EXIDE BATTERIES         )
LIMITED in the presence of:             )

                                     -122-

<PAGE>

Witness's
Signature: ..................................

Name:      ..................................

Address:   ..................................

SIGNED as a deed by                     )
as attorney for EXIDE (DAGENHAM         )
LIMITED in the presence of:             )

Witness's
Signature: ..................................

Name:      ..................................

Address:   ..................................

SIGNED as a deed by                     )
as attorney for BATTERIES FUNDING
LIMITED in the presence of:             )

Witness's
Signature: ..................................

Name:      ..................................

Address:   ..................................

                                     -123-

<PAGE>

EXECUTED as a deed by                   )
CITIBANK N.A. as Operating              )
Agent acting by                         )

acting under the authority of that      )
company, in the presence of:            )

Witness's
Signature: ..................................

Name:      ..................................

Address:   ..................................

EXECUTED as a deed by                   )
THE GOVERNOR AND COMPANY                )
OF THE BANK OF SCOTLAND                 )
acting by                               )

acting under the authority of that      )
company, in the presence of:            )

Witness's
Signature: ..................................

Name:      ..................................

Address:   ..................................

                                     -124-

<PAGE>

                             FORM OF BUYER'S NOTICE

EXIDE BATTERIES LIMITED     A/C NO 00313382

To:  Bank of Scotland
     19-21 Spring Gardens
     Manchester
     M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, EXIDE (DAGENHAM) LIMITED, Batteries
Funding Limited and Citibank, N.A., hereby give you notice (the "Buyer's
Notice") pursuant to clause 7(b) of the trust account bank mandate for the above
account dated [.] May 2002 (the "Mandate").

In accordance with the terms of the Mandate with respect to the above account
opened in the name of EXIDE BATTERIES LIMITED (as agent of EXIDE (DAGENHAM)
LIMITED), you should henceforth operate the above account solely in accordance
with instructions given by ourselves, and ignore any instructions or directions
given by EXIDE BATTERIES LIMITED. This Buyer's Notice does not affect the
operation of EXIDE (DAGENHAM) LIMITED's or EXIDE BATTERIES LIMITED's other
accounts (if any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

---------------------------------
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

---------------------------------
By:
Date:

                                     -125-

<PAGE>

                           TRUST ACCOUNT BANK MANDATE

                               Dated [.] May 2002:

                                     between

(1) DETA UK LIMITED, (Company No. [.]), [.] (the "Seller");

(2) BATTERIES FUNDING LIMITED, West Block, International Financial Services
    Centre, Dublin 1, Ireland (the "Buyer");

(3) CITIBANK, N.A., 336 Strand, London WC2R 1HB (in its capacity as Operating
    Agent under the Receivables Securitisation Deed (defined below), the
    "Operating Agent"); and

(4) THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh EH1
    1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.  Capitalised terms used herein, unless otherwise defined herein, shall have
    the meanings given in the Receivables Securitisation Deed.

2.  The Seller confirms to the Buyer and the Operating Agent that it has
    directed all of the Account Debtors to remit payments for the Purchased
    Receivables denominated in Sterling into the following account at the
    bank:

    Sort Code:         12-08-95
    Account No:        [.]
    Account Title:     Collection Account

3.  The Seller hereby declares that, with effect from (and including) the
    time it first sells Receivables to the Buyer under the Receivables
    Securitisation Deed (the "Trust Commencement"), it will hold the
    Collection Account, which shall thereafter be designated as a trust
    account (the "Trust Account"), upon trust for the Buyer and itself as
    beneficiaries absolutely.

4.  As of and from the Trust Commencement:

    (a)   All moneys at any time standing to the credit of the Trust Account in
          respect of the Buyer Entitlement and any interest on such moneys are
          and shall be beneficially owned by the Buyer, and all other moneys at
          any time standing to the credit of the Trust Account are and shall be
          beneficially owned by the Seller;

                                     -126-

<PAGE>

    (b)  The Seller shall pay or procure the payment of all Collections into the
         Trust Account.

    (c)  All cheques, telegraphic transfers and other payment media and
         all cash in respect of Purchased Receivables (including
         Defaulted Receivables which are Purchased Receivables) and all
         proceeds thereof and all other Collections of Purchased
         Receivables received and/or held at any time by or on behalf
         of the Seller are and shall be in trust for the Buyer in
         accordance with its entitlements and received and/or held for
         and on behalf of the Buyer for payment and credit to the Trust
         Account.

    (d)  Clause 4(b) and (c) hereof shall apply to cheques and other
         payment media whether payable to the Seller its full legal
         name or expressed to be payable to the Seller under any of its
         trading name(s) or otherwise.

    (e)  Should moneys be released from the Trust Account to or to the
         order of the Seller, which represent the Buyer Entitlement,
         then the Seller shall hold such amount on trust for the Buyer
         upon the terms of this Mandate and shall immediately repay
         such amount into the Trust Account.

    (f)  Except in accordance with the Receivables Securitisation Deed
         and this Mandate, the Seller shall not, nor shall it be
         entitled to, withdraw or cause the withdrawal of or instruct
         the Bank to pay or otherwise remit any moneys from or to the
         debit of the Trust Account.

    (g)  The Seller agrees that all bank charges and the like in
         respect of the Trust Account are for the account of the Seller
         and it undertakes on demand to reimburse any bank charges or
         the like debited from time to time, for which it is
         responsible hereunder, to the Trust Account.

    (h)  Each of the Seller and the Operating Agent shall be entitled
         to receive from the Bank, bank statements relating to the
         Trust Account, and (if necessary) the Seller shall inform the
         Bank accordingly.

    (i)  The Seller will ensure that the Operating Agent is furnished
         with such information as the Operating Agent may from time to
         time request in relation to the identification of moneys
         standing to the credit of the Trust Account.

BANK MANDATE

5.  The mandate given to the Bank by virtue of this document (the "Mandate")
    is given on the basis that the Bank complies with the procedures set out
    in, and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
    execution of this Mandate, that the Trust Account is a trust account. So
    long as the Bank complies with its obligations under Clauses 5-24, the
    Bank shall not be liable in respect of any claim or action relating to a
    breach of the trust set forth in Clauses 1-4 above.

                                     -127-

<PAGE>

6.  The Bank is hereby instructed:

    (a)  to honour and comply with all cheques, drafts, bills, promissory notes,
         acceptances, negotiable instruments and orders expressed to be drawn,
         accepted, made or given and to honour and comply with all directions
         given in writing or by way of electronic impulses to effect transfers
         by way of electronic means ("Instructions") from the Trust Account to
         the Buyer's account (Account No. 10123773, Sort Code 18-50-08), or to
         the Seller Non-Transaction Account (Account No. 00282407, Sort Code
         12-08-95) (but to no other accounts whatsoever) at any time or times;
         and

    (b)  to treat all Instructions given by the Seller (subject to Clause 7(b)),
         the Buyer or the Operating Agent in respect of the Trust Account as
         being endorsed on behalf of the Seller and to deal with them.

7.  The Mandate is given on the basis that the Bank:

    (a)  waives any right it has or may hereafter acquire to set-off,
         combine, consolidate or merge the Trust Account with any other
         account of the Seller or any other person or any liabilities
         of the Seller or any other person to the Bank and agrees that
         it may not set off, transfer, combine or withhold payment of
         any sum whatsoever standing to the credit of the Trust Account
         in or towards or conditionally upon satisfaction of any
         liabilities to it of the Seller or any other person (unless
         ordered to set off, combine, transfer, consolidate, merge or
         withhold by order of a court of competent jurisdiction or
         required by statute); and

    (b)  agrees (with the consent of the Seller, such consent evidenced
         by the Seller's execution of this Mandate), upon receipt of a
         notice in the form annexed hereto from the Operating Agent,
         which notice may be received by facsimile to the Bank's
         Manchester Office at 19-21 Spring Gardens, Manchester M2 1FB
         (facsimile no. 0161 839 1314) (the "Buyer's Notice") (provided
         that if the Buyer's Notice has been sent by facsimile, the
         Operating Agent shall send an original copy to the Bank by
         registered post):

         (i)   to comply with any direction of the Operating Agent expressed to
               be given by the Operating Agent in respect of the operation of
               the Trust Account and the Bank shall be entitled to rely on any
               such notice purporting to have been given on behalf of the
               Operating Agent without enquiry; and

         (ii)  that all right, authority and power of the Seller in respect of
               the operation of the Trust Account shall be deemed to be
               terminated and of no further effect and the Bank agrees that it
               shall, upon receipt of the Buyer's Notice, comply with the
               directions of the Operating Agent in relation to the operation of
               the Trust Account.

                                     -128-

<PAGE>

               Unless and until it receives a notice in writing from or
               purporting to be from the Operating Agent to the contrary, the
               Bank is authorised to continue to operate the Trust Account
               without regard to such trust. For the avoidance of doubt, the
               parties acknowledge that the terms of the trust set forth in
               Clause 1-4 above do not apply to the Seller Non-Transaction
               Account, and the Bank may operate such account at all times
               without regard to the trust set forth in Clauses 1-4 above.

    8.   If the Bank has received the Buyer's Notice, any instructions
         (including, but not limited to Instructions), notices or other
         directions, dated or purporting to be dated after the date of receipt
         of the Buyer's Notice by the Bank, shall be signed by or on behalf of
         the Operating Agent by the person or persons specified by the Operating
         Agent in the Buyer's Notice or as otherwise agreed or directed by the
         Operating Agent hereafter in writing.

    9.   The Bank may use (at the Bank's direction and/or the discretion of the
         Bank's correspondents and entirely at the Seller's risk save in the
         case of fraud or negligence by the Bank) telephone, facsimile or any
         other similar transmission system for the purpose of giving any
         commitment on the Seller's behalf authorised under clause 6 above or
         sending any message relating or appearing to relate to the Trust
         Account and that the Seller may give its Instructions to the Bank by
         such means.

    10.  Until the Bank shall have been notified by the Operating Agent that the
         Receivables Securitisation Deed has been terminated:

         (a)   the Bank shall provide the Seller, the Buyer and the Operating
               Agent with a monthly statement in respect of the Trust Account or
               upon request from time to time, and in the latter case such
               statement shall be provided as soon as reasonably practicable
               after receipt of a request for a statement;

         (b)   the Seller covenants that it will not open any further bank
               accounts with the Bank other than as expressly contemplated by
               this Mandate or similar Mandate dated as of the date hereof,
               without the prior written consent of the Bank (which for the
               purposes of this paragraph (b) shall mean the Bank's Manchester
               Office (referred to above) and the Operating Agent; and

         (c)   the Bank agrees and undertakes that (i) it will take no steps
               against the Buyer for the purpose of recovering any amounts or
               any other debts or liabilities owing to it in connection with the
               Trust Account, this Mandate or the Receivables Securitisation
               Deed by the Buyer and that, (ii) it will not petition or commence
               proceedings for liquidation or winding up (or similar
               proceedings) nor join any person in doing so, nor commence any
               proceedings against the Buyer in connection with the Trust
               Account, this Mandate or the Receivables Securitisation Deed.

    11.  The Bank confirms that it has received no written notice of any third
         party interest or claim in the Trust Account.

                                     -129-

<PAGE>

    12.  Each of the Seller, the Buyer and the Operating Agent agree to deliver
         a schedule to this Mandate setting forth the names and signatures of
         those agents of the Seller, the Buyer and Operating Agent (as
         applicable) who are authorised on behalf of the Seller, the Buyer or
         the Operating Agent, as applicable, to execute and receive notices,
         statements, instructions (including but not limited to Instructions)
         and directions in connection with this Mandate. Reliance upon a notice
         or instructions (including but not limited to Instructions) or
         directions apparently or purportedly signed by any of such authorised
         signatories shall operate as a discharge of the Bank in relation to any
         notice or instructions (including but not limited to Instructions) or
         directions relied and acted upon by it.

    13.  The Seller agrees to deliver a schedule to this Mandate (if required)
         setting forth all the names in which the Bank is authorised to collect
         cheques or other payment media as described in Clause 4(d), and agrees
         to enter into any indemnity reasonably required by the Bank where such
         names are unconnected with the name of the Seller.

    14.  If any notice, instruction (including but not limited to Instructions)
         or direction received by the Bank under, and in accordance with, this
         Mandate is in the Bank's view unclear and/or ambiguous, the Bank may in
         its absolute discretion and without liability on its part act upon what
         it reasonably believes in good faith to be the intent of such notice or
         instruction, until any ambiguity or conflict (which, in any case where
         the Bank refuses to execute instructions, it shall promptly notify the
         Operating Agent) has been resolved to its satisfaction.

    15.  Any final payment instructions given in any notice received by the Bank
         before 1:00 p.m. on any banking day if preceded by the necessary
         pre-advice required to effect funds movement shall be executed on the
         same day, failing which they shall be implemented as soon as practical
         but in any event for value by no later than the opening of business on
         the next succeeding banking day.

         A "banking day" for the purposes of this Mandate is a day (other than a
         Saturday or a Sunday) on which banks are open for business in London.

    16.  The Seller shall be liable to pay the Bank's costs, charges and
         expenses in relation to the Trust Account (including any amounts which
         the Bank cannot recover from the Buyer as a result of the operation of
         Clause 10(c)) whether or not the Bank has received the Buyer's Notice
         and notwithstanding any Early Amortisation Event under the Receivables
         Securitisation Deed, without recourse to the Buyer or the Operating
         Agent, and the Bank agrees to seek payment of these costs, charges and
         expenses solely from the Seller and not to debit such charges to the
         Trust Account, or seek to claim such amounts from the Buyer or the
         Operating Agent (for the avoidance of doubt, nothing in this Clause 16
         shall prevent the Bank from recovering from the Operating Agent monies
         owed to the Bank by the Operating Agent other than the costs, charges
         and expenses in relation to the Trust Account described in this Clause
         16) in any other manner, and the Bank shall be entitled to debit
         account number 00282407 held by the Seller with all costs, charges and
         expenses referred to above.

                                     -130-

<PAGE>

   17.  In performance of this Mandate, the Bank may rely on any instruction
        (including but not limited to Instructions), notice, direction or
        communication appearing or purporting to be given under and in
        accordance with this Mandate and reasonably believed by the Bank to be
        genuine, and the Bank shall have no obligation to make enquiries as to
        the justification, validity or contents of any instructions (including
        but not limited to Instructions) directions or notices delivered to it
        pursuant to this Mandate.

   18.  If the Bank (which, for the purposes of this Clause 18 means (i) the
        Bank's Head office at The Mound, Edinburgh, EH1 1YZ (ii) the Bank's
        Manchester Office (referred to above) receives any written notice
        (containing sufficient information to identify the Trust Account and the
        branch at which the account is held) that a third party has claimed any
        interest in, or a right to, the credit balance on the Trust Account,
        then the Bank will forthwith notify the Operating Agent accordingly.

   GENERAL

   19.  The Seller hereby warrants that it has full power and authority to
        effect and has taken all necessary action to authorise the execution,
        delivery and performance by it of this Mandate and the matters
        contemplated by this Mandate.

   20.  This Mandate may be terminated by the mutual agreement of the parties.
        The Bank may also request a termination of this Mandate by providing
        written notice to the Seller, the Buyer and the Operating Agent of its
        intention to terminate this Mandate. After such notice, the following
        procedures shall apply:

        (a)    provided no Early Amortisation Event has occurred, the Seller,
               the Buyer and the Operating Agent shall use reasonable efforts
               to locate another bank or financial institution for the
               location of the Trust Account which is mutually acceptable to
               the Seller, the Buyer and the Operating Agent;

        (b)    90 days after the date upon which the Operating Agent receives
               the notice from the Bank referred to above (or such earlier date
               as agreed to by the Bank, the Seller and the Operating Agent),
               the Bank shall be entitled to close the Trust Account. All sums
               standing to the credit of the Trust Account as at such date (and
               any future sums received by the Bank which have been directed
               towards the Trust Account and which have been accepted for
               deposit by the Bank; however, for the avoidance of doubt, after
               the closure of the Trust Account, the Bank shall be under no
               obligation to accept such sums) shall be deposited into the
               account designated by the Seller, the Buyer and Operating Agent,
               and notified to the Bank; and

        (c)    if, during the 90 day period referred to in paragraph (b) above,
               the Seller, the Buyer and the Operating Agent are unable to
               mutually agree upon a replacement location for the Trust Account,
               the Trust Account and all sums standing to the credit of the
               Trust Account as at such date (and any future sums received by
               the Bank which have been directed towards the Trust Account and
               which have been accepted for deposit by the Bank; however, for

                                     -131-

<PAGE>

          the avoidance of doubt, after the closure of the Trust Account, the
          Bank shall be under no obligation to accept such sums) shall be
          transferred to and held with Citibank, N.A., London branch. Provided
          no Early Amortisation Event has occurred, the Seller, the Buyer and
          the Operating Agent shall continue to use reasonable efforts after
          such time to locate another bank or financial institution for the
          location of the Trust Account which is mutually acceptable to the
          Seller, the Buyer and the Operating Agent.

21.  Headings used in this Mandate are for convenience of reference only and
     shall not affect the interpretation of this Mandate.

22.  This Mandate may be executed in counterparts, all of which taken together
     shall constitute one and the same instrument.

23.  Unless otherwise required by applicable law or regulation, or as requested
     by any regulator with jurisdiction over, or over any business of, the
     relevant party, each of the parties agrees to maintain the confidentiality
     of this Agreement in its communications with third parties and otherwise.

24.  This Mandate shall be governed by, and construed in accordance with, the
     laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by                )
as attorney for DETA (U.K.)        )
LIMITED in the presence of:        )

Witness's
Signature:    ............................

Name:         ............................

Address:      ............................

                                     -132-

<PAGE>

SIGNED as a deed by                   )
as attorney for BATTERIES FUNDING     )
LIMITED in the presence of:           )

Witness's
Signature:  ......................

Name:       ......................

Address:    ......................

EXECUTED as a deed by                 )
CITIBANK N.A. as Operating            )
Agent acting by                       )

acting under the authority of that    )
company, in the presence of:          )

Witness's
Signature:  ......................

Name:       ......................

Address:    ......................

EXECUTED as a deed by                 )
THE GOVERNOR AND COMPANY              )
OF THE BANK OF SCOTLAND               )
acting by                             )

acting under the authority of that    )
company, in the presence of:          )

Witness's
Signature:  ......................

Name:       ......................

Address:    ......................

                                     -133-

<PAGE>

                             FORM OF BUYER'S NOTICE

DETA UK LIMITED                    A/C NO [.]

To:  Bank of Scotland
     19-21 Spring Gardens
     Manchester
     M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, DETA UK LIMITED, Batteries Funding
Limited and Citibank, N.A., hereby give you notice (the "Buyer's Notice")
pursuant to clause 7(b) of the trust account bank mandate for the above account
dated [.] May 2002 August (the "Mandate").

In accordance with the terms of the Mandate, you should henceforth operate the
above account solely in accordance with instructions given by ourselves, and
ignore any instructions or directions given by DETA UK LIMITED. This Buyer's
Notice does not affect the operation of DETA UK LIMITED's other accounts (if
any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

---------------------------------
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

--------------------------------
By:
Date:

                                      -134-

<PAGE>

                                  SCHEDULE 14
                       FORM OF TRUST ACCOUNT BANK MANDATES

                           TRUST ACCOUNT BANK MANDATE

  [This Trust Account Bank Mandate will be adopted on the basis of the Interim
   Trust Account Bank Mandate for Exide Batteries/Exide Dagenham in the event
     Collections are still collected by Exide Batteries for Exide Dagenham]

                              Dated [.] June 2002:

                                     between

(1) [Relevant Seller], (Company No. [.]), [.] the "Seller");

(2) BATTERIES FUNDING LIMITED, West Block, International Financial Services
    Centre, Dublin 1, Ireland (the "Buyer");

(3) CITIBANK, N.A., 336 Strand, London WC2R 1HB (in its capacity as Operating
    Agent under the Receivables Securitisation Deed (defined below), the
    "Operating Agent"); and

(4) THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND of The Mound, Edinburgh
    EH1 1YZ (the "Bank").

Pursuant to the Receivables Securitisation Deed dated [.] May 2002 (as amended
from time to time, the "Receivables Securitisation Deed") between, inter alia,
the Seller, the Buyer and the Operating Agent, under which at the date hereof
the Seller is Seller and Sub-Servicer, it is agreed:

TRUST

1.  Capitalised terms used herein, unless otherwise defined herein, shall have
    the meanings given in the Receivables Securitisation Deed.

2.  The Seller confirms to the Buyer and the Operating Agent that it has
    directed all of the Account Debtors to remit payments for the Purchased
    Receivables [denominated in Sterling/Euro] into the following account at
    the bank:

    Sort Code:         12-08-95
    Account No:        [.]
    Account Title:     Dedicated Collection Account

3.  The Seller hereby declares that, with effect from (and including) the date
    of the Mandate (the "Trust Commencement"), it will hold the Dedicated
    Collection Account, which shall thereafter be designated as a trust account
    (the "Trust Account"), upon trust for the Buyer as beneficiary absolutely.

4.  As of and from the Trust Commencement:

                                   -135-

<PAGE>

    (a)  All moneys at any time standing to the credit of the Trust Account and
         any interest on such moneys are and shall be beneficially owned by the
         Buyer;

    (b)  The Seller shall pay or procure the payment of all Collections into the
         Trust Account.

    (c)  All cheques, telegraphic transfers and other payment media and all cash
         in respect of Purchased Receivables (including Defaulted Receivables
         which are Purchased Receivables) and all proceeds thereof and all other
         Collections of Purchased Receivables received and/or held at any time
         by or on behalf of the Seller are and shall be in trust for the Buyer
         and received and/or held for and on behalf of the Buyer for payment and
         credit to the Trust Account.

    (d)  Clause 4(b) and (c) hereof shall apply to cheques and other payment
         media whether payable to the Seller its full legal name or expressed to
         be payable to the Seller under any of its trading name(s) or otherwise.

    (e)  Should moneys be released from the Trust Account to or to the order of
         the Seller, then the Seller shall hold such amount on trust for the
         Buyer upon the terms of this Mandate and shall immediately repay such
         amount into the Trust Account.

    (f)  Except in accordance with the Receivables Securitisation Deed and this
         Mandate, the Seller shall not, nor shall it be entitled to, withdraw or
         cause the withdrawal of or instruct the Bank to pay or otherwise remit
         any moneys from or to the debit of the Trust Account.

    (g)  The Seller agrees that all bank charges and the like in respect of the
         Trust Account are for the account of the Seller and it undertakes on
         demand to reimburse any bank charges or the like debited from time to
         time, for which it is responsible hereunder, to the Trust Account.

    (h)  Each of the Seller and the Operating Agent shall be entitled to receive
         from the Bank, bank statements relating to the Trust Account, and (if
         necessary) the Seller shall inform the Bank accordingly.

    (i)  The Seller will ensure that the Operating Agent is furnished with such
         information as the Operating Agent may from time to time request in
         relation to the identification of moneys standing to the credit of the
         Trust Account.

BANK MANDATE

5.  The mandate given to the Bank by virtue of this document (the "Mandate") is
    given on the basis that the Bank complies with the procedures set out in,
    and the terms of, Clauses 5-24 hereof. The Bank acknowledges, by its
    execution of this Mandate, that the Trust Account is a trust account. So
    long as the Bank complies with its obligations under Clauses 5-24, the Bank
    shall not be liable in respect of any claim or action relating to a breach
    of the trust set forth in Clauses 1-4 above.

                                     -136-

<PAGE>

6.   The Bank is hereby instructed:

     (a)   to honour and comply with all cheques, drafts, bills, promissory
           notes, acceptances, negotiable instruments and orders expressed to be
           drawn, accepted, made or given and to honour and comply with all
           directions given in writing or by way of electronic impulses to
           effect transfers by way of electronic means ("Instructions") from the
           Trust Account to the Buyer's account (Account No. [.], Sort Code
           18-50-08), or to the Seller Non-Transaction Account (Account No. [.],
           Sort Code 12-08-95) (but to no other accounts whatsoever) at any time
           or times; and

     (b)   to treat all Instructions given by the Seller (subject to Clause 7
           (b)), the Buyer or the Operating Agent in respect of the Trust
           Account as being endorsed on behalf of the Seller and to deal with
           them.

7.   The Mandate is given on the basis that the Bank:

     (a)   waives any right it has or may hereafter acquire to set-off, combine,
           consolidate or merge the Trust Account with any other account of the
           Seller or any other person or any liabilities of the Seller or any
           other person to the Bank and agrees that it may not set off,
           transfer, combine or withhold payment of any sum whatsoever standing
           to the credit of the Trust Account in or towards or conditionally
           upon satisfaction of any liabilities to it of the Seller or any other
           person (unless ordered to set off, combine, transfer, consolidate,
           merge or withhold by order of a court of competent jurisdiction or
           required by statute); and

     (b)   agrees (with the consent of the Seller, such consent evidenced by the
           Seller's execution of this Mandate), upon receipt of a notice in the
           form annexed hereto from the Operating Agent, which notice may be
           received by facsimile to the Bank's Manchester Office at 19-21 Spring
           Gardens, Manchester M2 1FB (facsimile no. 0161 839 1314) (the
           "Buyer's Notice") (provided that if the Buyer's Notice has been sent
           by facsimile, the Operating Agent shall send an original copy to the
           Bank by registered post):

           (i)    to comply with any direction of the Operating Agent expressed
                  to be given by the Operating Agent in respect of the operation
                  of the Trust Account and the Bank shall be entitled to rely on
                  any such notice purporting to have been given on behalf of the
                  Operating Agent without enquiry; and

           (ii)   that all right, authority and power of the Seller in respect
                  of the operation of the Trust Account shall be deemed to be
                  terminated and of no further effect and the Bank agrees that
                  it shall, upon receipt of the Buyer's Notice, comply with the
                  directions of the Operating Agent in relation to the operation
                  of the Trust Account.

                                     -137-

<PAGE>

           Unless and until it receives a notice in writing from or purporting
           to be from the Operating Agent to the contrary, the Bank is
           authorised to continue to operate the Trust Account without regard to
           such trust. For the avoidance of doubt, the parties acknowledge that
           the terms of the trust set forth in Clause 1-4 above do not apply to
           the Seller Non-Transaction Account, and the Bank may operate such
           account at all times without regard to the trust set forth in Clauses
           1-4 above.

8.   If the Bank has received the Buyer's Notice, any instructions (including,
     but not limited to Instructions), notices or other directions, dated or
     purporting to be dated after the date of receipt of the Buyer's Notice by
     the Bank, shall be signed by or on behalf of the Operating Agent by the
     person or persons specified by the Operating Agent in the Buyer's Notice or
     as otherwise agreed or directed by the Operating Agent hereafter in
     writing.

9.   The Bank may use (at the Bank's direction and/or the discretion of the
     Bank's correspondents and entirely at the Seller's risk save in the case of
     fraud or negligence by the Bank) telephone, facsimile or any other similar
     transmission system for the purpose of giving any commitment on the
     Seller's behalf authorised under clause 6 above or sending any message
     relating or appearing to relate to the Trust Account and that the Seller
     may give its Instructions to the Bank by such means.

10.  Until the Bank shall have been notified by the Operating Agent that the
     Receivables Securitisation Deed has been terminated:

     (a)   the Bank shall provide the Seller, the Buyer and the Operating Agent
           with a monthly statement in respect of the Trust Account or upon
           request from time to time, and in the latter case such statement
           shall be provided as soon as reasonably practicable after receipt of
           a request for a statement;

     (b)   the Seller covenants that it will not open any further bank accounts
           with the Bank other than as expressly contemplated by this Mandate or
           similar Mandate dated as of the date hereof, without the prior
           written consent of the Bank (which for the purposes of this paragraph
           (b) shall mean the Bank's Manchester Office (referred to above) and
           the Operating Agent; and

     (c)   the Bank agrees and undertakes that (i) it will take no steps against
           the Buyer for the purpose of recovering any amounts or any other
           debts or liabilities owing to it in connection with the Trust
           Account, this Mandate or the Receivables Securitisation Deed by the
           Buyer and that, (ii) it will not petition or commence proceedings for
           liquidation or winding up (or similar proceedings) nor join any
           person in doing so, nor commence any proceedings against the Buyer in
           connection with the Trust Account, this Mandate or the Receivables
           Securitisation Deed.

11.  The Bank confirms that it has received no written notice of any third party
     interest or claim in the Trust Account.

                                     -138-

<PAGE>

12.  Each of the Seller, the Buyer and the Operating Agent agree to deliver a
     schedule to this Mandate setting forth the names and signatures of those
     agents of the Seller, the Buyer and Operating Agent (as applicable) who are
     authorised on behalf of the Seller, the Buyer or the Operating Agent, as
     applicable, to execute and receive notices, statements, instructions
     (including but not limited to Instructions) and directions in connection
     with this Mandate. Reliance upon a notice or instructions (including but
     not limited to Instructions) or directions apparently or purportedly signed
     by any of such authorised signatories shall operate as a discharge of the
     Bank in relation to any notice or instructions (including but not limited
     to Instructions) or directions relied and acted upon by it.

13.  The Seller agrees to deliver a schedule to this Mandate (if required)
     setting forth all the names in which the Bank is authorised to collect
     cheques or other payment media as described in Clause 4(d), and agrees
     to enter into any indemnity reasonably required by the Bank where such
     names are unconnected with the name of the Seller.

14.  If any notice, instruction (including but not limited to Instructions) or
     direction received by the Bank under, and in accordance with, this Mandate
     is in the Bank's view unclear and/or ambiguous, the Bank may in its
     absolute discretion and without liability on its part act upon what it
     reasonably believes in good faith to be the intent of such notice or
     instruction, until any ambiguity or conflict (which, in any case where the
     Bank refuses to execute instructions, it shall promptly notify the
     Operating Agent) has been resolved to its satisfaction.

15.  Any final payment instructions given in any notice received by the Bank
     before 1:00 p.m. on any banking day if preceded by the necessary
     pre-advice required to effect funds movement shall be executed on the
     same day, failing which they shall be implemented as soon as practical
     but in any event for value by no later than the opening of business on
     the next succeeding banking day.

     A "banking day" for the purposes of this Mandate is a day (other than a
     Saturday or a Sunday) on which banks are open for business in London.

16.  The Seller shall be liable to pay the Bank's costs, charges and expenses in
     relation to the Trust Account (including any amounts which the Bank cannot
     recover from the Buyer as a result of the operation of Clause 10(c))
     whether or not the Bank has received the Buyer's Notice and notwithstanding
     any Early Amortisation Event under the Receivables Securitisation Deed,
     without recourse to the Buyer or the Operating Agent, and the Bank agrees
     to seek payment of these costs, charges and expenses solely from the Seller
     and not to debit such charges to the Trust Account, or seek to claim such
     amounts from the Buyer or the Operating Agent (for the avoidance of doubt,
     nothing in this Clause 16 shall prevent the Bank from recovering from the
     Operating Agent monies owed to the Bank by the Operating Agent other than
     the costs, charges and expenses in relation to the Trust Account described
     in this Clause 16) in any other manner, and the Bank shall be entitled to
     debit account number [o] held by the Seller with all costs, charges and
     expenses referred to above.

                                     -139-

<PAGE>

17.  In performance of this Mandate, the Bank may rely on any instruction
     (including but not limited to Instructions), notice, direction or
     communication appearing or purporting to be given under and in accordance
     with this Mandate and reasonably believed by the Bank to be genuine, and
     the Bank shall have no obligation to make enquiries as to the
     justification, validity or contents of any instructions (including but not
     limited to Instructions) directions or notices delivered to it pursuant to
     this Mandate.

18.  If the Bank (which, for the purposes of this Clause 18 means (i) the Bank's
     Head office at The Mound, Edinburgh, EH1 1YZ (ii) the Bank's Manchester
     Office (referred to above) receives any written notice (containing
     sufficient information to identify the Trust Account and the branch at
     which the account is held) that a third party has claimed any interest in,
     or a right to, the credit balance on the Trust Account, then the Bank will
     forthwith notify the Operating Agent accordingly.

GENERAL

19.  The Seller hereby warrants that it has full power and authority to effect
     and has taken all necessary action to authorise the execution, delivery and
     performance by it of this Mandate and the matters contemplated by this
     Mandate.

20.  This Mandate may be terminated by the mutual agreement of the parties. The
     Bank may also request a termination of this Mandate by providing written
     notice to the Seller, the Buyer and the Operating Agent of its intention to
     terminate this Mandate. After such notice, the following procedures shall
     apply:

     (a)   provided no Early Amortisation Event has occurred, the Seller, the
           Buyer and the Operating Agent shall use reasonable efforts to locate
           another bank or financial institution for the location of the Trust
           Account which is mutually acceptable to the Seller, the Buyer and the
           Operating Agent;

     (b)   90 days after the date upon which the Operating Agent receives the
           notice from the Bank referred to above (or such earlier date as
           agreed to by the Bank, the Seller and the Operating Agent), the Bank
           shall be entitled to close the Trust Account. All sums standing to
           the credit of the Trust Account as at such date (and any future sums
           received by the Bank which have been directed towards the Trust
           Account and which have been accepted for deposit by the Bank;
           however, for the avoidance of doubt, after the closure of the Trust
           Account, the Bank shall be under no obligation to accept such sums)
           shall be deposited into the account designated by the Seller, the
           Buyer and Operating Agent, and notified to the Bank; and

     (c)   if, during the 90 day period referred to in paragraph (b) above, the
           Seller, the Buyer and the Operating Agent are unable to mutually
           agree upon a replacement location for the Trust Account, the Trust
           Account and all sums standing to the credit of the Trust Account as
           at such date (and any future sums received by the Bank which have
           been directed towards the Trust Account and which have been accepted
           for deposit by the Bank; however, for

                                     -140-

<PAGE>

              the avoidance of doubt, after the closure of the Trust Account,
              the Bank shall be under no obligation to accept such sums) shall
              be transferred to and held with Citibank, N.A., London branch.
              Provided no Early Amortisation Event has occurred, the Seller, the
              Buyer and the Operating Agent shall continue to use reasonable
              efforts after such time to locate another bank or financial
              institution for the location of the Trust Account which is
              mutually acceptable to the Seller, the Buyer and the Operating
              Agent.

21.  Headings used in this Mandate are for convenience of reference only and
     shall not affect the interpretation of this Mandate.

22.  This Mandate may be executed in counterparts, all of which taken together
     shall constitute one and the same instrument.

23.  Unless otherwise required by applicable law or regulation, or as requested
     by any regulator with jurisdiction over, or over any business of, the
     relevant party, each of the parties agrees to maintain the confidentiality
     of this Agreement in its communications with third parties and otherwise.

24.  This Mandate shall be governed by, and construed in accordance with, the
     laws of England.

IN WITNESS WHEREOF, this Mandate has been duly executed and delivered as a Deed.

SIGNED as a deed by               )
as attorney for [RELEVANT SELLER] )
in the presence of:               )

Witness's
Signature: ..........................

Name:      ..........................

Address:   ..........................

                                     -141-

<PAGE>

SIGNED as a deed by                         )
as attorney for BATTERIES FUNDING           )
LIMITED in the presence of:                 )

Witness's
Signature: ..........................

Name:      ..........................

Address:   ..........................

EXECUTED as a deed by                       )
CITIBANK N.A. as Operating                  )
Agent acting by                             )

acting under the authority of that          )
company, in the presence of:                )

Witness's
Signature: ..........................

Name:      ..........................

Address:   ..........................

EXECUTED as a deed by                       )
THE GOVERNOR AND COMPANY                    )
OF THE BANK OF SCOTLAND                     )
acting by                                   )

acting under the authority of that          )
company, in the presence of:                )

Witness's
Signature: ..........................

Name:      ..........................

Address:   ..........................

                                     -142-

<PAGE>

                             FORM OF BUYER'S NOTICE

[RELEVANT SELLER]          A/C NO [.]

To:      Bank of Scotland
         19-21 Spring Gardens
         Manchester
         M2 1FB

                                 BUYER'S NOTICE

We Citibank, N.A., as Operating Agent under a receivables securitisation deed
dated [.] May 2002 between, inter alia, [Relevant Seller], Batteries Funding
Limited and Citibank, N.A., hereby give you notice (the "Buyer's Notice")
pursuant to clause 7(b) of the trust account bank mandate for the above account
dated [.] June 2002 August (the "Mandate").

In accordance with the terms of the Mandate, you should henceforth operate the
above account solely in accordance with instructions given by ourselves, and
ignore any instructions or directions given by [Relevant Seller]. This Buyer's
Notice does not affect the operation of [Relevant Seller's] other accounts (if
any) with yourselves.

Please acknowledge safe receipt of this Buyer's Notice by signing and returning
a copy to us.

If you have any doubt as to the effect of this Buyer's Notice, you are advised
to refer to your legal advisers enclosing a copy of this notice and the Mandate
as a matter of urgency.

_________________________________
For and on behalf of
Citibank, N.A. in its capacity as
Operating Agent

RECEIPT ACKNOWLEDGED BY:

BANK OF SCOTLAND

_________________________________
By:
Date:

                                     -143-

<PAGE>

                                  SCHEDULE 15

                             DIRECTORS' CERTIFICATE

                         FORM OF DIRECTORS' CERTIFICATE

To:      Batteries Funding Limited

         Citibank, N.A.

         IN RELATION TO THE SALE OF TRADE RECEIVABLES ORIGINATED BY

                               [.] (the "Company")

WE HEREBY CERTIFY, that having made all appropriate searches and investigations
of the Company's books and records, the information held by the Registrar of
Companies, the Company's management and statutory accounts (including the notes
thereto and the reports thereon) and having made all enquiry of its officers,
auditors, and professional advisers and, without limiting the generality of the
foregoing, having considered the provisions of sections 123 and 238 to 243 of
the Insolvency Act 1986 (the "Act") and the provisions of (i) the Receivables
Securitisation Deed ("RSD") dated on or about [.] May 2002 between, amongst
others, the Company, Batteries Funding Limited, ("Batteries Funding") and
Citibank, N.A., (ii) the first Letter of Offer delivered by us under the RSD
(the documents at (i) and (ii) above being the "Relevant Transaction
Documents"), we have determined that:

(a)     As at the date hereof the Company is not unable to pay its debts as they
        fall due within the meaning of section 123(1) of the Act (but without
        reference to the court for this purpose ) or otherwise and will not
        become unable to do so in consequence of the entry by the Company into
        the Relevant Transaction Documents and the performance of the
        transactions effected (or, in the case of the first Letter of Offer,
        contemplated) by the Relevant Transaction Documents, and the assets of
        the Company are now and will remain immediately after execution of the
        Relevant Transaction Documents and the performance of the transactions
        effected (and, in the case of the first Letter of Offer, contemplated)
        by the Relevant Transaction Documents greater than its liabilities
        (taking into account its contingent and prospective liabilities ) at
        such times for the purposes of section 123(2) and 242 of the Act and
        there are reasonable grounds for believing that the foregoing state of
        affairs will continue thereafter for at least the period of two years
        from the date hereof;

(b)     The transactions effected (and, in the case of the first Letter of
        Offer, contemplated) by the Relevant Transaction Documents (taken as a
        whole):-

        (i)   Will not be transactions at an undervalue within the meaning of
              section 238 of the Act;

        (ii)  Will not constitute gratuitous alienations within the meaning of
              section 242 of the Act;

                                     -144-

<PAGE>

        (iii) Will not constitute unfair preferences for the purposes of section
              243 of the Act; and

        (iv)  Will not be transactions entered into by the Company for the
              purposes set out at items (a) or (b) of section 423(3) of the Act.

        Since the value, in money or money's worth, of the consideration
        received by the Company under or pursuant to the Relevant Transaction
        Documents and since the value of consideration received by the Company
        under or pursuant to the Relevant Transaction Documents is fully and
        fairly equivalent to the value, in money and money's worth, of the
        consideration provided by the Company under or pursuant to the Relevant
        Transaction Documents and since the transactions (including without
        limitation the purchase contemplated by the first Letter of Offer) will
        constitute reciprocal) obligations of the Company with the other parties
        thereto:

(c)     Each Relevant Transaction Document is entered into by the Company in
        good faith and for the purpose of carrying on its business, and there
        are reasonable grounds for believing that the entry by the Company of
        the transactions brought into effect (or, in the case of the first
        Letter of Offer, contemplated) by the Relevant Transaction Documents
        will benefit the Company;

(d)     In entering into the Relevant Transaction Documents and in performing
        the transactions brought into effect (or, in the case of the first
        Letter of Offer, contemplated) by the Relevant Transaction Documents,
        the Company is not influenced by a desire to give a preference to any
        person as contemplated by section 239 of the Act and, in any event,
        Batteries Funding is not one of the Company's creditors nor a surety or
        guarantor for any of the Company's debts or other liabilities;

(e)     No receiver or administrative receiver has been appointed in relation to
        any of the assets or undertakings of the Company;

(f)     No step has been taken with respect to the voluntary liquidation of the
        Company; and

(g)     No step has been taken for the dissolution of the Company.

This certificate is given on behalf of the Company.

DATED AS OF            MAY 2002

________________________________            __________________________________
(Director)                                  (Director)

                                     -145-

<PAGE>

                                  SCHEDULE 16

      POWER OF ATTORNEY IN FAVOUR OF CITIBANK AND BATTERIES FUNDING LIMITED

THIS POWER OF ATTORNEY is made on the [.] day of May 2002 by CMP BATTERIES
LIMITED, a company with its registered office is at P.O. Box 1, Salford Road,
Over Hulton, Bolton BL5 1DD; by FULMEN (U.K.) LIMITED, a company with its
registered office at P.O. Box 1, Salford Road, Over Hulton, Bolton BL5 1DD; by
DETA UK LIMITED, a company with its registered office at P.O. Box 1, Salford
Road, Bolton BL5 1DD; by EXIDE (DAGENHAM) LIMITED, a company with its registered
office at P.O. Box 1, Salford Road, Over Hulton, Bolton BL5 1DD, respectively
acting in their capacity as Sellers and Sub-Servicers, EXIDE BATTERIES LIMITED,
a company with its registered office at P.O. Box 1, Salford Road, Over Hulton,
Bolton BL5 1DD, in its capacity as agent of EXIDE (DAGENHAM) LIMITED (together
the "Appointors" and each an "Appointor") in favour of CITIBANK, N.A., a company
whose registered office is at 336 Strand, London WC2R 1HB acting in its capacity
as Operating Agent ("Citibank") and BATTERIES FUNDING LIMITED, with its
registered office at West Block, International Financial Services Centre, Dublin
1, Ireland. ("Batteries Funding") Citibank and Batteries Funding are referred to
herein collectively as the "Attorneys".

WHEREAS

(A)     Pursuant to a receivable securitisation deed (the "RSD") dated [.] May
        2002 made by and between the Sellers and Citibank and others, the
        Sellers may, from time to time offer to sell to Batteries Funding
        through the Offer Agent, certain receivables (the "Receivables") and
        Batteries Funding may, in its sole discretion, accept an assignment of
        all Receivables and Collections and Related Security for its benefit.

(B)     Receivables, Collections and Related Security so acquired and not
        subsequently reacquired by the Seller or collected in full are referred
        to herein as the "Purchased Receivables".

(C)     Under the RSD, Citibank is appointed as the Operating Agent of Batteries
        Funding (if applicable).

(D)     Terms not defined herein shall have the meaning ascribed to such terms
        in the RSD.

NOW          THIS DEED WITNESSETH as follows:

1.      EACH OF THE APPOINTORS APPOINTS each of the Attorneys individually and
        any receiver appointed from time to time in respect of the Receivables,
        Collections and Related Security to be its true and lawful attorney for
        it and in its name to do any of the following acts, deeds and things or
        any of them as may be within the power of any Appointor after a Early
        Amortisation Event has occurred:

        (a)       to exercise its rights, powers and discretions in respect of
                  the Purchased Receivables, Collections and in respect of the
                  related benefit of any related

                                     -146-

<PAGE>

                guarantee and any other related rights (such related benefit and
                other rights being the "Ancillary Rights");

        (b)     to exercise all the rights, powers, remedies and discretions
                exercisable by a Seller by reason of such Seller remaining for
                the time being legal owner of any of the Purchased Receivables
                or the Ancillary Rights;

        (c)     to execute, sign, seal and deliver any document and to do any
                other act or thing which it may deem to be necessary to protect
                the interests of Batteries Funding and/or the Lenders and/or the
                Operating Agent, proper or expedient for fully and effectually
                vesting or transferring the Purchased Receivables and the
                Ancillary Rights in or to Batteries Funding or its successors in
                title or other person or persons entitled to the benefit thereof
                (as the case may require) pursuant to and in accordance with the
                RSD;

        (d)     to demand, sue for and receive all moneys due or payable under
                or in respect of the Purchased Receivables and the Ancillary
                Rights and pay such moneys to the persons to whom such moneys
                are required to be paid under the RSD;

        (e)     to redirect mail and endorse drafts, cheques and other payments
                media, to perform any agreement or obligation of an Appointor
                under or in connection with the RSD and to exercise all other
                remedies of an Appointor under the RSD or existing at law; and

        (f)     from time to time to substitute and appoint severally one or
                more attorneys (the "Substitute Attorneys") for all or any of
                the purposes aforesaid (including the power to authorise any
                person so appointed to make further appointments).

2.      The Appointors hereby agree at all times hereafter to ratify and confirm
        any act, matter or deed whatsoever the Attorneys or any Substitute
        Attorney shall lawfully do or cause to be done under or pursuant to this
        Power of Attorney to the extent that such act or acts and execution are
        within the power of the Appointors and within the contemplation of this
        Power of Attorney and the Appointors shall indemnify the Attorneys or
        any Substitute Attorney in respect of any loss, claim, cost, expense or
        liability in connection with this Deed save to the extent that the same
        arises out of their gross negligence, wilful default or bad faith.

3.      The Appointors declare that this Power of Attorney has been given for
        security purposes and to secure continuing obligations of the Appointors
        under the Agreements and the abovementioned assignments, assignations
        and trusts and the powers hereby created shall be irrevocable and shall
        not be affected by the bankruptcy, liquidation, receivership, the making
        of an administration order or appointment of an administrative receiver
        or any other equivalent event of or affecting any of the Appointors.

4.      The laws of England shall apply to this Power of Attorney and the
        interpretation thereof and to all acts of the Attorneys or any
        Substitute Attorney carried out under the terms hereof.

                                      -147-

<PAGE>

IN WITNESS whereof this Power of Attorney has been executed by the Appointors as
a deed the day and year first above written.

CMP BATTERIES LIMITED (as Seller)

By:

Witnessed by:

DETA UK LIMITED (as Seller)

By:

Witnessed by:

EXIDE (DAGENHAM) LIMITED (as Seller)

By:

Witnessed by:

FULMEN (U.K.) LIMITED (as Seller)

By:

Witnessed by:

EXIDE BATTERIES LIMITED

By:

Witnessed by:

                                     -148-

<PAGE>

                                   Schedule 17

                            SPECIAL DILUTION RESERVE

    *Settlement Date       *Settlement Date           Table             Reserve
      May 16, 2002           May 15, 2003           May Week 3            1.8%
      May 23, 2002           May 22, 2003           May Week 4            0.1%
      May 30, 2002           May 29, 2003           May Week 5            0.0%
      June 7, 2002           June 5, 2003           June Week 1           0.5%
      June 13, 2002          June 12, 2003          June Week 2           0.2%
      June 20, 2002          June 19, 2003          June Week 3           0.0%
      June 27, 2002          June 26, 2003          June Week 4           0.0%
      July 5, 2002           July 3, 2003           July Week 1           0.0%
      July 11, 2002          July 10, 2003          July Week 2           0.0%
      July 18, 2002          July 17, 2003          July Week 3           0.4%
      July 25, 2002          July 24, 2003          July Week 4           0.0%
     August 1, 2002          July 31, 2003         August Week 1          0.0%
     August 8, 2002         August 7, 2003         August Week 2          0.0%
     August 15, 2002        August 14, 2003        August Week 3          0.0%
     August 22, 2002        August 21, 2003        August Week 4          0.0%
     August 29, 2002        August 28, 2003        August Week 5          2.4%
    September 5, 2002      September 4, 2003     September Week 1         0.7%
   September 12, 2002     September 11, 2003     September Week 2         0.0%
   September 19, 2002     September 18, 2003     September Week 3         3.0%
   September 26, 2002     September 25, 2003     September Week 4         0.0%
     October 3, 2002        October 2, 2003       October Week 1          0.0%
    October 10, 2002        October 9, 2003       October Week 2          0.0%
    October 17, 2002       October 16, 2003       October Week 3          0.0%
    October 24, 2002       October 23, 2003       October Week 4          1.3%
    October 31, 2002       October 30, 2003       October Week 5          0.0%
    November 7, 2002       November 6, 2003       November Week 1         0.0%
    November 14, 2002      November 13, 2003      November Week 2         0.0%
    November 21, 2002      November 20, 2003      November Week 3         0.0%
    November 29, 2002      November 28, 2003      November Week 4         0.0%
    December 5, 2002       December 4, 2003       December Week 1         0.0%
    December 12, 2002      December 11, 2003      December Week 2         0.0%
    December 19, 2002      December 18, 2003      December Week 3         0.0%
    December 27, 2002      December 24, 2003      December Week 4         0.0%
     January 3, 2003        January 2, 2004       January Week 1          0.0%
     January 9, 2003        January 8, 2004       January Week 2          3.6%
    January 16, 2003       January 15, 2004       January Week 3          2.8%
    January 23, 2003       January 22, 2004       January Week 4          0.0%
    January 30, 2003       January 29, 2004       January Week 5          0.0%
    February 6, 2003       February 5, 2004       February Week 1         1.3%
    February 13, 2003      February 12, 2004      February Week 2         2.2%
    February 20, 2003      February 19, 2004      February Week 3         1.1%
    February 27, 2003      February 26, 2004      February Week 4         0.0%
      March 6, 2003          March 4, 2004         March Week 1           2.7%
     March 13, 2003         March 11, 2004         March Week 2           3.3%
     March 20, 2003         March 18, 2004         March Week 3           0.0%
     March 27, 2003         March 25, 2004         March Week 4           0.0%
      April 3, 2003          April 1, 2004         April Week 1           0.8%
     April 10, 2003          April 8, 2004         April Week 2           1.9%
     April 17, 2003         April 15, 2004         April Week 3           0.0%
     April 24, 2003         April 22, 2004         April Week 4           2.0%

                                     -149-

<PAGE>

    *Settlement Date      *Settlement Date         Table               Reserve
       May 2, 2003         April 29, 2004        May Week 1              1.0%
       May 8, 2003           May 6, 2004         May Week 2              3.2%

*        If the date set out in the column below is not a Programme Business
         Day, the Settlement Date shall be the next succeeding Programme
         Business Day.

                                     -150-

<PAGE>

IN WITNESS whereof the parties hereto have duly executed this Receivables
Securitisation Deed as a deed the day and year first before written

SELLER:

Executed as a deed by                              )
CMP Batteries Limited                              )
acting by its duly authorised                      )
attorney in the presence of:                       )

Address:          P.O. Box 1,
                  Salford Road
                  Over Hulton
                  Bolton BL5 1DD

Attention:        Company Secretary
Telefax:          +44 (0) 1204 661425

Executed as a deed by                              )
Deta UK Limited                                    )
acting by its duly authorised                      )
attorney in the presence of:                       )

Address:          P.O. Box 1,
                  Salford Road
                  Bolton BL5 1DD
Attention:        Company Secretary
Telefax:          +44(0) 1204 661425

Executed as a deed by                              )
Exide (Dagenham) Limited                           )
acting by its duly authorised                      )
attorney in the presence of:                       )

Address:          P.O. Box 1,
                  Salford Road
                  Over Hulton
                  Bolton BL5 1DD

Attention:        Company Secretary
Telefax:          +44(0) 1204 661425

                                     -151-

<PAGE>

Executed as a deed by                                )
Fulmen (U.K.) Limited                                )
acting by its duly authorised                        )
attorney in the presence of:                         )

Address:          P.O. Box 1,
                  Salford Road
                  Over Hulton
                  Bolton BL5 1DD

Attention:        Company Secretary
Telefax:          +44(0) 1204 661425

OFFER AGENT:

Executed as a deed by                                )
Exide Holding Europe S.A.                            )
acting by its duly authorised attorney               )
in the presence of:                                  )

Address:          5-7 allee des Pierres Mayettes
                  92 636 Gennevilliers Cedex

Attention:        Dr. Albrecht Leuschner
Telefax:          +33 147927481

BUYER:

SIGNED SEALED and DELIVERED                          )
by the duly authorised attorney of
Batteries Funding Limited                            )
In the presence of:                                  )

Address:          West Block
                  International Financial Services
                  Centre
                  Dublin 1

Attention:        The Directors
Telefax:          +353 1 8743050

                                      -152-

<PAGE>

OPERATING AGENT:

Executed as a deed by                                )
Citibank, N.A., London Branch                        )
acting by its duly authorised attorney               )
in the presence of:                                  )

Address: Citicorp Centre
                  33 Canada Square
                  5/th/ Floor
                  Canary Wharf
                  London E14 5LB

Attention:        Nigel Kilvington/Charles Prowse
Telefax:          +44 (0)207 986 4705

                                     -153-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]