Document:

lyoexhibit4-15.htm

    
      

    

    Exhibit 4.15

    
      
        

        

      

    

    REVOLVING
CREDIT AGREEMENT

    

    

    dated as
of March 27, 2008

    

    

    among

    

    

    LYONDELLBASELL
INDUSTRIES AF S.C.A.

    (formerly
known as BASELL AF S.C.A.),

    as the
Company,

    

    

    LYONDELL
CHEMICAL COMPANY,

    as the
U.S. Borrower,

    

    

    BASELL
FINANCE COMPANY, B.V.,

    as the
Foreign Borrower,

    

    

    and

    

    

    ACCESS
INDUSTRIES HOLDINGS LLC,

    as
Lender

     

    
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    TABLE OF
CONTENTS

    

    
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      
	
              ARTICLE
      I

            
	 
      	 
      	 
      
	
              Definitions
      and Accounting Terms

            
	 
      	 
      	 
      
	
              Section
      1.01

            	
              Defined
      Terms

            	
              3

            
	
              Section
      1.02

            	
              Other
      Interpretive Provisions

            	
              3

            
	
              Section
      1.03

            	
              Accounting
      Terms

            	
              3

            
	
              Section
      1.04

            	
              Rounding

            	
              3

            
	
              Section
      1.05

            	
              References
      to Agreements, Laws, Etc.

            	
              3

            
	
              Section
      1.06

            	
              Times
      of Day

            	
              3

            
	
              Section
      1.07

            	
              Timing
      of Payment or Performance

            	
              3

            
	
              Section
      1.08

            	
              Currency
      Equivalents Generally

            	
              3

            
	
              Section
      1.09

            	
              Change
      of Currency

            	
              3

            
	
              Section
      1.10

            	
              [Reserved.]

            	
              3

            
	
              Section
      1.11

            	
              Luxembourg
      Terms

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      II

            
	 
      	 
      	 
      
	
              The
      Revolving Credit Commitments and Credit Extensions

            
	 
      	 
      	 
      
	
              Section
      2.01

            	
              The
      Revolving Credit Loans

            	
              3

            
	
              Section
      2.02

            	
              Borrowings,
      Conversions and Continuations of Loans

            	
              3

            
	
              Section
      2.03

            	
              [Reserved]

            	
              3

            
	
              Section
      2.04

            	
              Repayments

            	
              3

            
	
              Section
      2.05

            	
              Termination
      or Reduction of Revolving Credit Commitments

            	
              3

            
	
              Section
      2.06

            	
              Repayment
      of Loans on the Maturity Date

            	
              3

            
	
              Section
      2.07

            	
              Interest

            	
              3

            
	
              Section
      2.08

            	
              Fees

            	
              3

            
	
              Section
      2.09

            	
              Computation
      of Interest and Fees

            	
              3

            
	
              Section
      2.10

            	
              Evidence
      of Indebtedness

            	
              3

            
	
              Section
      2.11

            	
              Payments
      Generally

            	
              3

            
	
              Section
      2.12

            	
              Several
      and Not Joint Liability.

            	
              3

            
	
              Section
      2.13

            	
              [Reserved.]

            	
              3

            
	
              Section
      2.14

            	
              Currency
      Equivalents

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      III

            
	 
      	 
      	 
      
	
              Taxes,
      Increased Costs Protection and Illegality

            
	 
      	 
      	 
      
	
              Section
      3.01

            	
              Taxes

            	
              3

            
	
              Section
      3.02

            	
              Illegality

            	
              3

            
	
              Section
      3.03

            	
              [Reserved]

            	
              3

            
	
              Section
      3.04

            	
              [Reserved]

            	
              3

            
	
              Section
      3.05

            	
              Funding
      Losses

            	
              3

            
	
              Section
      3.06

            	
              Matters
      Applicable to All Requests for Compensation

            	
              3

            
	
              Section
      3.07

            	
              Survival

            	
              3

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              ARTICLE
      IV

            
	 
      	 
      	 
      
	
              Conditions
      Precedent to Effectiveness of Agreement

            
	 
      	 
      	 
      
	
              Section
      4.01

            	
              Conditions
      to Effectiveness of Agreement

            	
              3

            
	
              Section
      4.02

            	
              Conditions
      to All Credit Extensions

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      V

            
	 
      	 
      	 
      
	
              Representations
      and Warranties

            
	 
      	 
      	 
      
	
              Section
      5.01

            	
              Existence,
      Qualification and Power; Compliance with Laws

            	
              3

            
	
              Section
      5.02

            	
              Authorization;
      No Contravention

            	
              3

            
	
              Section
      5.03

            	
              Governmental
      Authorization; Other Consents

            	
              3

            
	
              Section
      5.04

            	
              Binding
      Effect

            	
              3

            
	
              Section
      5.05

            	
              Financial
      Statements; No Material Adverse Effect

            	
              3

            
	
              Section
      5.06

            	
              Litigation

            	
              3

            
	
              Section
      5.07

            	
              [Reserved]

            	
              3

            
	
              Section
      5.08

            	
              Ownership
      of Property; Liens

            	
              3

            
	
              Section
      5.09

            	
              Environmental
      Matters

            	
              3

            
	
              Section
      5.10

            	
              Taxes

            	
              3

            
	
              Section
      5.11

            	
              ERISA
      Compliance

            	
              3

            
	
              Section
      5.12

            	
              Subsidiaries;
      Equity Interests

            	
              3

            
	
              Section
      5.13

            	
              Margin
      Regulations; Investment Company Act

            	
              3

            
	
              Section
      5.14

            	
              Disclosure

            	
              3

            
	
              Section
      5.15

            	
              [Reserved]

            	
              3

            
	
              Section
      5.16

            	
              Anti-Terrorism
      Laws

            	
              3

            
	
              Section
      5.17

            	
              Intellectual
      Property; Licenses, Etc.

            	
              3

            
	
              Section
      5.18

            	
              Solvency

            	
              3

            
	
              Section
      5.19

            	
              Use
      of Proceeds

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      VI

            
	 
      	 
      	 
      
	
              Affirmative
      Covenants

            
	 
      	 
      	 
      
	
              Section
      6.01

            	
              Financial
      Statements

            	
              3

            
	
              Section
      6.02

            	
              Certificates;
      Other Information

            	
              3

            
	
              Section
      6.03

            	
              Notices

            	
              3

            
	
              Section
      6.04

            	
              Payment
      of Obligations

            	
              3

            
	
              Section
      6.05

            	
              Preservation
      of Existence, Etc

            	
              3

            
	
              Section
      6.06

            	
              Maintenance
      of Properties

            	
              3

            
	
              Section
      6.07

            	
              Maintenance
      of Insurance

            	
              3

            
	
              Section
      6.08

            	
              Compliance
      with Laws

            	
              3

            
	
              Section
      6.09

            	
              Compliance
      with Environmental Laws; Environmental Reports

            	
              3

            
	
              Section
      6.10

            	
              Books
      and Records

            	
              3

            
	
              Section
      6.11

            	
              Inspection
      Rights

            	
              3

            
	
              Section
      6.12

            	
              ERISA

            	
              3

            
	
              Section
      6.13

            	
              Use
      of Proceeds

            	
              3

            

    

    
      
         

      

      
        -iii-

        
          

        

      

      
         

      

    

     

    
      	
              ARTICLE
      VII

            
	 
      	 
      	 
      
	
              Negative
      Covenants

            
	 
      	 
      	 
      
	
              Section
      7.01

            	
              Liens

            	
              3

            
	
              Section
      7.02

            	
              Investments

            	
              3

            
	
              Section
      7.03

            	
              Indebtedness

            	
              3

            
	
              Section
      7.04

            	
              Fundamental
      Changes

            	
              3

            
	
              Section
      7.05

            	
              Dispositions

            	
              3

            
	
              Section
      7.06

            	
              Restricted
      Payments

            	
              3

            
	
              Section
      7.07

            	
              Change
      in Nature of Business

            	
              3

            
	
              Section
      7.08

            	
              Transactions
      with Affiliates

            	
              3

            
	
              Section
      7.09

            	
              Burdensome
      Agreements

            	
              3

            
	
              Section
      7.10

            	
              Anti-Money
      Laundering

            	
              3

            
	
              Section
      7.11

            	
              Financial
      Covenants

            	
              3

            
	
              Section
      7.12

            	
              Accounting
      Changes

            	
              3

            
	
              Section
      7.13

            	
              Prepayments,
      Etc. of Indebtedness

            	
              3

            
	
              Section
      7.14

            	
              Holding
      Company

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      VIII

            
	 
      	 
      	 
      
	
              Events
      of Default and Remedies

            
	 
      	 
      	 
      
	
              Section
      8.01

            	
              Events
      of Default

            	
              3

            
	
              Section
      8.02

            	
              Remedies
      upon Event of Default

            	
              3

            
	
              Section
      8.03

            	
              Application
      of Funds

            	
              3

            
	
              Section
      8.04

            	
              Right
      to Cure

            	
              3

            
	 
      	 
      	 
      
	
              ARTICLE
      IX

            
	 
      	 
      	 
      
	
              Miscellaneous

            
	 
      	 
      	 
      
	
              Section
      9.01

            	
              Amendments,
      Etc.

            	
              3

            
	
              Section
      9.02

            	
              Notices
      and Other Communications; Facsimile Copies

            	
              3

            
	
              Section
      9.03

            	
              No
      Waiver; Cumulative Remedies

            	
              3

            
	
              Section
      9.04

            	
              Costs
      and Expenses

            	
              3

            
	
              Section
      9.05

            	
              Indemnification
      by the Borrowers

            	
              3

            
	
              Section
      9.06

            	
              Payments
      Set Aside

            	
              3

            
	
              Section
      9.07

            	
              Successors
      and Assigns

            	
              3

            
	
              Section
      9.08

            	
              [Reserved

            	
              3

            
	
              Section
      9.09

            	
              Setoff

            	
              3

            
	
              Section
      9.10

            	
              Interest
      Rate Limitation

            	
              3

            
	
              Section
      9.11

            	
              Counterparts

            	
              3

            
	
              Section
      9.12

            	
              Integration

            	
              3

            
	
              Section
      9.13

            	
              Survival
      of Representations and Warranties

            	
              3

            
	
              Section
      9.14

            	
              Severability

            	
              3

            
	
              Section
      9.15

            	
              GOVERNING
      LAW

            	
              3

            
	
              Section
      9.16

            	
              WAIVER
      OF RIGHT TO TRIAL BY JURY

            	
              3

            
	
              Section
      9.17

            	
              Binding
      Effect

            	
              3

            

    

    
      
         

      

      
        -iv-

        
          

        

      

      
         

      

    

     

    
      	
              Section
      9.18

            	
              Judgment
      Currency

            	
              3

            
	
              Section
      9.19

            	
              [Reserved]

            	
              3

            
	
              Section
      9.20

            	
              [Reserved]

            	
              3

            
	
              Section
      9.21

            	
              Agent
      for Service of Process

            	
              3

            
	
              Section
      9.22

            	
              No
      Advisory or Fiduciary Responsibility

            	
              3

            

    

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    REVOLVING CREDIT
AGREEMENT

    

    This
REVOLVING CREDIT AGREEMENT (this “Agreement”) is entered into as
of March 27, 2008, among LYONDELLBASELL INDUSTRIES AF S.C.A. (formerly known as
Basell AF S.C.A.), a Luxembourg limited partnership (société en commandite par
actions), having its registered office in 15-17 avenue Gaston Diderich,
L-1420 Luxembourg, registered with the Luxembourg Register of Commerce and
companies under number B 107.545 (together with its successors and assigns, the
“Company”), LYONDELL
CHEMICAL COMPANY, a Delaware corporation (the “U.S. Borrower”), BASELL
FINANCE COMPANY, B.V., a Dutch corporation limited by shares (the “Foreign Borrower” and,
together with the U.S. Borrower, the “Borrowers”),  and
ACCESS INDUSTRIES HOLDINGS LLC, as the lender (the “Lender”).

    

    PRELIMINARY
STATEMENTS

    

    The
Borrowers have requested that the Lender extend credit to the Borrowers in the
form of Revolving Credit Loans in an initial aggregate amount of up to the
equivalent of $750,000,000 available in Dollars and, to the extent agreed to by
the Lender, Euros.

    

    The
proceeds of the Revolving Credit Loans will be used by the Borrowers for working
capital and general corporate purposes of the Company and its
Subsidiaries.

    

    The
Lender has indicated its willingness to lend on the terms and subject to the
conditions set forth herein.

    

    In
consideration of the mutual covenants and agreements herein contained, the
parties hereto covenant and agree as follows:

    

    ARTICLE
I

    

    Definitions and Accounting
Terms

    

    Section
1.01           Defined Terms.

    

    As used
in this Agreement, the following terms shall have the meanings set forth
below:

    

    “2010 Debentures” means the
$100,000,000 aggregate principal amount of 101⁄4% Debentures due 2010 of
Lyondell.

    

    “2015 Notes” means,
collectively, the $615,000,000 aggregate principal amount of 83⁄8% Senior Notes
due 2015 of the Company and €500,000,000 aggregate principal amount of 83⁄8%
Senior Notes due 2015 of the Company.

    

    “2027 Notes” means the
$300,000,000 aggregate principal amount of the 8.10% guaranteed notes due March
15, 2027 issued by Basell Finance (formerly known as Montell Finance Company
B.V.).

    

    “ABL Intercreditor Agreement”
has the meaning assigned thereto in the Senior Credit Agreement.

    

    “Acquisition” has the meaning
assigned thereto in the Senior Credit Agreement.

    

    “Acquisition Agreement” has the
meaning assigned thereto in the Senior Credit Agreement.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “Affiliate” means, with respect
to any specified Person, any other Person that directly or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common
control with, such specified Person.  The term “control” means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; “controlling” and
“controlled” have meanings correlative of the foregoing.

    

    “Aggregate Commitments” means
at any time the aggregate Revolving Credit Commitments of the Lender at such
time.

    

    “Agreement” means this
agreement, as the same may be amended, supplemented or otherwise modified from
time to time.

    

    “Anti-Terrorism Laws”
means:

    

    (a)           the
Executive Order No. 13224 of September 23, 2001, Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support
Terrorism (the “Executive
Order”);

    

    (b)           the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known
as the USA Patriot Act);

    

    (c)           the
Money Laundering Control Act of 1986, Public Law 99-570;

    

    (d)           the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., and the
Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et seq., and any Executive Order
or regulation promulgated thereunder and administered by the Office of Foreign
Assets Control (“OFAC”)
of the U.S. Department of the Treasury; and

    

    (e)           any
similar law enacted in the United States of America subsequent to the date of
this Agreement.

    

    “Applicable Amount” has the
meaning assigned thereto in the Senior Credit Agreement.

    

    “Applicable Amount Availability
Condition” means, with respect to any proposed use of the Applicable
Amount, that, on a Pro Forma Basis after giving effect to the proposed
transaction, (x) there shall not exist or be continuing any Event of Default and
(y) the Consolidated Fixed Charge Coverage Ratio shall not be less than
2.00:1.00.

    

    “Applicable Rate” means a
percentage per annum equal to with respect to Revolving Credit Loans and unused
Revolving Credit Commitments, (i) until the first full fiscal quarter commencing
on or after June 30, 2008, (A) for Eurocurrency Rate Loans, 6.00%, (B) for Base
Rate Loans, 5.00%, and (C) for unused commitment fees, 0.75%, and (ii)
thereafter, from time to time, the following percentages per annum, based upon
the First Lien Senior Secured Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Lender pursuant to Section 6.02(b)
hereof:

    

    
      	
              First Lien Senior Secured Leverage
      Ratio

            	
              Eurocurrency Rate
      Loans

            	
              Base Rate
      Loans

            	
              Unused Commitment Fees

            
	 
      	 
      	 
      	 
      
	
              >1.625:1

            	
              6.00%

            	
              5.00%

            	
              0.75%

            
	
              <1.625:1
      but >1.000:1

            	
              5.75%

            	
              4.75%

            	
              0.625%

            
	
              <1.000:1

            	
              5.50%

            	
              4.50%

            	
              0.500%

            

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    Any
increase or decrease in the Applicable Rate resulting from a change in the First
Lien Secured Senior Leverage Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate is
delivered to the Lender pursuant to Section 6.02(b) hereof; provided that, at
the option of the Lender, the highest Applicable Rate shall apply (x) as of the
first Business Day after the date on which a Compliance Certificate was required
to have been delivered to the Lender pursuant to Section 6.02(b) hereof but was
not delivered to the Lender, and shall continue to so apply to and including the
date on which such Compliance Certificate is so delivered to the Lender (and
thereafter the Applicable Rate otherwise determined in accordance with this
definition shall apply) and (y) as of the first Business Day after an Event of
Default under Section 8.01(a) shall have occurred and be continuing, and shall
continue to so apply to but excluding the date on which such Event of Default is
cured or waived (and thereafter the Applicable Rate otherwise determined in
accordance with this definition shall apply).

    

    “Approved Bank” has the meaning
set forth in clause (c) of the definition of “Cash Equivalents”.

    

    “Asset Backed Credit Facility”
means (i) subject to the limitations of Section 7.03(o), the asset based
revolving credit agreement dated as of December 20, 2007 among Lyondell Chemical
Company, Equistar Chemicals, LP, Houston Refining LP, Basell USA Inc. and
certain Subsidiaries of the Company party thereto as co-borrowers from time to
time thereunder, the lenders and agents party thereto and Citibank, N.A., as
administrative agent and collateral agent (the “ABF Inventory Facility”) and
(ii) the receivables securitization facility established pursuant to the
Receivables Sale Agreement dated as of December 20, 2007 among Lyondell Chemical
Company and the other sellers party thereto, as sellers, LyondellBasell
Receivables I, LLC, as buyer, and Lyondell Chemical Company, as buyer’s
servicer, and the Receivables Purchase Agreement dated as of December 20, 2007
among LyondellBasell Receivables I, LLC as seller, Lyondell Chemical Company, as
servicer, the purchasers party thereto (the “ABF Receivables Facility”), in
each case, together with any Permitted Refinancing thereof.

    

    “Assignment Taxes” has the
meaning set forth in Section 3.01(b).

    

    “Attributable Indebtedness”
means, on any date, in respect of any Capitalized Lease of any Person, the
capitalized amount thereof of any liability that would be required to appear on
a balance sheet of such Person prepared as of such date in accordance with
GAAP.

    

    “Audited Financial Statements”
means the audited consolidated financial statements of (i) the Company’s
predecessor, Basell N.V. (now Basell Holdings B.V.), for the fiscal year ended
December 31, 2004 and the seven-month period ended July 31, 2005 and (ii) the
Company and its Subsidiaries, for the period beginning April 20, 2005 and ended
December 31, 2005 and the fiscal year ended December 31, 2006.

    

    “BAFB” has the meaning set
forth in the definition of “Structured Financing Transactions.”

    

    “Base Rate” means for any day a
fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate
plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Citibank, N.A. as its “prime
rate.”  The “prime rate” is a rate set by Citibank, N.A. based upon
various factors including Citibank, N.A. costs and desired return, general
economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced
rate.  Any change in such rate announced by Citibank, N.A. shall take
effect at the opening of business on the day specified in the public
announcement of such change.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    “Base Rate Loan” means a Loan
that bears interest based on the Base Rate.

    

    “Basell Funding” means Basell
Funding S.à r.l., a société à responsabilité limitée incorporated under the laws
of the Grand Duchy of Luxembourg.

    

    “Basell Holdings” means Basell
Holdings B.V., a Dutch corporation limited by shares.

    

    “Blavatnik Charitable Trust”
has the meaning set forth in the definition of “Blavatnik Group.”

    

    “Blavatnik Group” means,
collectively:

    

    (1)           Mr.
Leonard Blavatnik, his spouse, direct descendants, siblings, parents, children
of siblings, or grandchildren, grand nieces and grand nephews, any other members
of the immediate Blavatnik family, or

    

    (2)           any
trust or any entity directly or indirectly controlled by, or for the benefit of,
one or more members of the Blavatnik family described above, or

    

    (3)           any
trust (a “Blavatnik Charitable
Trust”):

    

    (a)           for
the benefit of a charity created by any member of the Blavatnik family described
above, or

    

    (b)           to
which any such member of the Blavatnik family described above is a substantial
donor or grantor, or

    

    (4)           the
estate, executor, administrator or committee of beneficiaries of any member of
the Blavatnik Group listed in clause (1) or (2) of this definition;

    

    provided that, in the case of
any Blavatnik Charitable Trust, a member of the Blavatnik Group described in
clause (1) or (2) of this definition maintains control thereof.

    

    For
purposes of this definition only, “control” of a Blavatnik Charitable Trust
means the possession of the power to direct or cause the direction of management
and policies of such Blavatnik Charitable Trust in respect of the issued share
capital of the Company owned by such Blavatnik Charitable Trust.

    

    “Board of Directors” means, as
to any Person, the board of directors (or similar governing body) of such Person
(or, if such Person is a partnership and does not have a board of directors (or
similar governing body), the board of directors (or similar governing body) of
such Person’s general partner) or any duly authorized committee
thereof.

    

    “Borrowers” has the meaning set
forth in the introductory paragraph to this Agreement.

    

    “Borrowing” means a Revolving
Credit Borrowing.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    “Business Day” means any day
other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, are in fact closed in, the state of New
York and:

    

    (a)           if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Dollars, any fundings, disbursements, settlements and payments in
Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in
Dollars to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means any such day on which dealings in deposits in
Dollars are conducted by and between banks in the London interbank eurodollar
market; and

    

    (b)           if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Euros, any fundings, disbursements, settlements and payments in
Euros in respect of any such Eurocurrency Rate Loan, or any other dealings in
Euros to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means a TARGET Day.

    

    “Capital Expenditures” means,
for any period, any expenditure which, in accordance with GAAP, is treated as a
capital expenditure in the audited consolidated financial statements of the
Company and its Subsidiaries other than (i) any capital expenditure constituting
an Investment permitted pursuant to clauses (e), (g), (i), (m), (n), (o) (in the
case of (n) and (o), only to the extent consisting of acquisitions and
Investments in Joint Ventures), (p) and (r) of Section 7.02, (ii) any
expenditure made in connection with the replacement, substitution, restoration
or repair of assets to the extent financed with (x) insurance proceeds paid on
account of the loss of or damage to the assets being replaced, substituted,
restored or repaired or (y) awards of compensation arising from the taking by
eminent domain or condemnation of the assets being replaced, substituted,
restored or repaired, (iii) the purchase price of equipment that is purchased
simultaneously with the trade-in of existing equipment to the extent that the
gross amount of such purchase price is reduced by the credit granted by the
seller of such equipment for the equipment being traded in at such time, (iv)
the purchase price of plant, property, equipment or software to the extent
financed with the proceeds of Dispositions or Casualty Events, in each case that
are not required to be applied to prepay Term Loans (as defined in the Senior
Credit Agreement) pursuant to Section 2.05(b) of the Senior Credit Agreement,
and (v) any expenditure that is accounted for as a capital expenditure by the
Company or any Restricted Subsidiary and that actually is paid for by a Person
other than the Company or any Restricted Subsidiary and for which neither the
Company nor any Restricted Subsidiary has provided or is required to provide or
incur, directly or indirectly, any consideration or obligation to such Person or
any other Person (whether before, during or after such period).

    

    “Capitalized Leases” means all
leases which, in accordance with GAAP, are recorded as capitalized leases; provided that for all
purposes hereunder the amount of principal obligations under any Capitalized
Lease shall be the Attributable Indebtedness related thereto.

    

    “Carry-Forward Amount” has the
meaning set forth in Section 7.11(c).

    

    “Cash Equivalents” means any of
the following types of Investments, to the extent owned by the Company or any
Restricted Subsidiary:

    

    (a)           time
deposits or demand deposits in local currencies held by it from time to time in
the ordinary course of business;

    

    (b)           an
obligation, maturing within two years after the date of its acquisition, issued
or guaranteed by the United States of America, Australia, Switzerland, Japan,
Canada or any state which was a member state of the European Union, on December
31, 2003 or an instrumentality or agency thereof,

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (c)           a
certificate of deposit or banker’s acceptance, maturing within one year after
the date of its acquisition, issued by a U.S. national or state bank or trust
company or a European, Canadian, Australian, Swiss or Japanese bank, in each
case having capital, surplus and undivided profits of at least $100,000,000 and
whose long-term unsecured debt has a rating of “A” or better by S&P or A2 or
better by Moody’s or the equivalent rating by any other nationally recognized
rating agency (any such bank, an “Approved Bank”),

    

    (d)           commercial
paper, maturing within one year after the date of its acquisition, which has a
rating of A1 or better by S&P or P1 or better by Moody’s, or the equivalent
rating by any other nationally recognized rating agency,

    

    (e)           repurchase
agreements and reverse repurchase agreements with an outstanding term not in
excess of one year after the date of its acquisition with any financial
institution which has been elected as a primary government securities dealer by
the Federal Reserve Board or in respect of instruments set forth in clauses (c)
or (d) above of the credit quality set forth in such applicable
clause,

    

    (f)           “Money
Market” preferred stock maturing within six months after the date of its
acquisition or municipal bonds issued by a corporation organized under the laws
of any state of the United States, Australia, Japan, Canada, Switzerland or any
state which was a member state of the European Union on December 31, 2003 or an
instrumentality or agency thereof, which has a rating of “A” or better by
S&P or Moody’s or the equivalent rating by any other nationally recognized
rating agency,

    

    (g)           tax
exempt floating rate option tender bonds backed by letters of credit issued by a
national or state bank whose long-term unsecured debt has a rating of AA or
better by S&P or Aa2 or better by Moody’s or the equivalent rating by any
other nationally recognized rating agency, and

    

    (h)           shares
of any fund holding assets consisting (except for de minimis amounts) of the
type specified in clauses (b) through (g) above.

    

    “Cash Flow Intercreditor
Agreement” has the meaning assigned thereto in the Senior Credit
Agreement.

    

    “Casualty Event” means any
event that gives rise to the receipt by the Company or any Restricted Subsidiary
of any insurance proceeds or condemnation awards in respect of any equipment,
fixed assets or Real Property (including any improvements thereon) to replace or
repair such equipment, fixed assets or Real Property.

    

    “CERCLA” means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
subsequently amended.

    

    “Closing Date” means the first
date all the conditions precedent in Section 4.01 and Section 4.02(a) are
satisfied or waived.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    “Code” means the U.S. Internal
Revenue Code of 1986, as amended from time to time, and rules and regulations
related thereto.

    

    “Committed Loan Notice” means a
notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other,
or (c) a continuation of Eurocurrency Rate Loans pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit
A.

    

    “Company” has the meaning set
forth in the introductory paragraph to this Agreement.

    

    “Company Financial Officer”
means the chief financial officer, any director (or equivalent) or officer from
time to time of the Company with actual knowledge of the financial affairs of
the Company or the Company and its Restricted Subsidiaries (as the context may
require).

    

    “Compliance Certificate” means
a certificate substantially in the form of Exhibit
B.

    

    “Consolidated Debt Service
Ratio” means, with respect to the Company and its Restricted Subsidiaries
for any Test Period, the ratio of Consolidated EBITDA for such Test Period minus the sum,
without duplication, of:

    

    (a)           Capital
Expenditures; and

    

    (b)           all
cash payments in respect of income taxes made (net of any cash refund in respect
of income taxes actually received);

    

    divided
by the sum, without duplication, of

    

    (x)           Consolidated
Interest Expense; and

    

    (y)           the
principal amount of all scheduled amortization payments on all Financial
Indebtedness (including the principal component of all Capitalized
Leases);

    

    provided that the
Consolidated Debt Service Ratio shall be calculated for the Test Period ending
(i) March 31, 2008 based on the Consolidated Interest Expense and amortization
payments referred to in clauses (x) and (y) above for each full fiscal quarter
ending after December 20, 2007 multiplied by four, (ii) June 30, 2008 based on
the sum of the Consolidated Interest Expense and amortization payments referred
to in clauses (x) and (y) above for each full fiscal quarter ending after
December 20, 2007 multiplied by two and (iii) September 30, 2008 based on the
sum of the Consolidated Interest Expense and amortization payments referred to
in the clauses (x) and (y) above for each full fiscal quarter ending after
December 20, 2007 multiplied by 4/3.

    

    “Consolidated EBITDA” means,
with respect to the Company and its Restricted Subsidiaries for any Test Period,
the sum, without duplication, of:

    

    (1)           Consolidated
Net Income, and

    

    (2)           to
the extent such Consolidated Net Income has been reduced thereby,

    

    (a)           after-tax
items classified as nonrecurring losses,

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    (b)           all
income taxes paid or accrued (other than income taxes attributable to
extraordinary gains or losses),

    

    (c)           Consolidated
Interest Expense,

    

    (d)           Consolidated
Non-cash Charges,

    

    (e)           the
amount of net loss resulting from the payment of any premiums, fees or similar
amounts that are required to be paid under the terms of the instrument(s)
governing any Indebtedness upon the repayment or other extinguishment of such
Indebtedness in accordance with the terms of such Indebtedness,

    

    (f)       
    nonrecurring costs and expenses paid that are related to
any expense or cost reductions that have occurred or are associated with the
good faith projected cost savings described in clause (3) below;

    

    (g)           management
fees and merger and acquisition advisory fees paid to the Sponsor;

    

    (h)           any
inventory write-up in connection with purchase accounting in respect of
acquisitions (including the Acquisition); and

    

    (3)           the
amount of net cost savings projected by the Company in good faith to be realized
by specified actions taken prior to or during such period; provided that (x) such cost
savings are reasonably identifiable and factually supportable, (y) such actions
have been taken or are to be taken within twelve months of the date or
determination to take such action and the benefit is expected to be realized
within twelve months of taking such action, and (z) the aggregate amount of such
cost savings added pursuant to this clause (3) shall not exceed $150,000,000
during such Test Period.

    

    “Consolidated First Lien Senior
Secured Debt” has the meaning assigned thereto in the Senior Credit
Agreement.

    

    “Consolidated Fixed Charge Coverage
Ratio” means, for any Test Period, the ratio of Consolidated EBITDA for
such Test Period to:

    

    (x)           Consolidated
Interest Expense; plus

    

    (y)           the
sum of

    

    (a)           the
amount of all dividend payments on any series of preferred stock (other than
dividends paid in Qualified Equity Interests and other than dividends paid to
the Company or to a Restricted Subsidiary) paid or accrued during such Test
Period, plus

    

    (b)           tax
actually paid in cash by the Company or any Restricted Subsidiary and
attributable to the items referred to in paragraph (a) of this clause
(y);

    

    provided that the
Consolidated Fixed Charge Coverage Ratio shall be calculated for the Test Period
ending (i) March 31, 2008 based on the Consolidated Interest Expense for each
full fiscal quarter ending after December 20, 2007 multiplied by four, (ii) June
30, 2008 based on the sum of the Consolidated Interest Expense for each full
fiscal quarter ending after December 20, 2007  multiplied by two and
(iii) September 30, 2008 based on the sum of the Consolidated Interest Expense
for each full fiscal quarter ending after December 20, 2007 multiplied by
4/3.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    “Consolidated Interest Expense”
means, with respect to the Company and its Restricted Subsidiaries and for any
period, without duplication:

    

    (1)           the
interest expense in respect of Financial Indebtedness, including:

    

    (a)           any
amortization of debt discount,

    

    (b)           all
capitalized interest, and

    

    (c)           the
interest portion of any deferred payment obligation,

    

    but
excluding, in each case, any amortization or write-off of deferred financing
costs and fees incurred in connection with the incurrence of any Indebtedness or
Securitization Transactions; plus

    

    (2)           the
net amount paid (or deducting the net amount received) by the Company and its
Restricted Subsidiaries in respect of the relevant period under any Obligations
(as such term is defined in the Senior Credit Agreement) in respect to Swap
Contracts consisting of interest rate hedging arrangements or the interest rate
component of currency hedging arrangements; plus

    

    (3)           the
interest component of Capitalized Leases paid, accrued and/or scheduled to be
paid or accrued during such period,

    

    less
interest income.

    

    “Consolidated Net Income”
means, with respect to the Company and its Restricted Subsidiaries, for any Test
Period:

    

    (1)           net
income (or loss), plus

    

    (2)           cash
dividends or distributions paid to the Company or any Restricted Subsidiary by
any other Person (the “Payor”) other than a
Restricted Subsidiary, to the extent not otherwise included in Consolidated Net
Income, which have not been derived from Indebtedness of the Payor to the extent
such Indebtedness is Guaranteed by the Company or a Restricted
Subsidiary;

    

    provided that there shall be
excluded therefrom (but only to the extent included in the calculation of the
foregoing):

    

    (a)           after-tax
gains or losses from disposals, asset impairments or reversal of impairments or
abandonments or reserves relating thereto (including for the avoidance of doubt
and irrespective of its classification, the effect of any impairment of goodwill
arising as a result of the Acquisition),

    

    (b)           after-tax
items classified as extraordinary gains or losses,

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    (c)           the
net income (but not loss) of any Restricted Subsidiary that is not a Loan Party
(as such term is defined in the Senior Credit Agreement), to the extent that the
declaration of dividends or similar distributions by that Restricted Subsidiary
of that income is restricted,

    

    (d)           the
net income or loss of any Person other than a Restricted Subsidiary, except to
the extent of cash dividends or distributions paid to the Company or to a
Restricted Subsidiary by such Person,

    

    (e)           any
restoration to income of any contingency reserve, except to the extent that
provision for such reserve was made out of Consolidated Net Income accrued at
any time following December 20, 2007,

    

    (f)        
   income or loss attributable to discontinued operations
(including operations disposed of during such period whether or not such
operations were classified as discontinued),

    

    (g)           in
the case of a successor to the Company by consolidation, merger or amalgamation
or as a transferee of the Company’s assets, any earnings or losses of the
successor corporation prior to such consolidation, merger, amalgamation or
transfer of assets,

    

    (h)           all
dividends received by the Company as described in clause (4) of the second
paragraph of the definition of “Indebtedness” to the extent the Company is
obligated to apply such dividends in the repayment of such Indebtedness;
and

    

    (i)      
     any increase in amortization or depreciation as a
result of the receipt of any insurance proceeds from damage to
property.

    

    “Consolidated Net Tangible
Assets” means, as of any date, the total amount of assets (less
applicable reserves and other properly deductible items) of the Company and its
Restricted Subsidiaries, as of the last day of the then most recently ended
Fiscal Year for which financial statements have been delivered pursuant to
Section 6.01(a) of the Senior Credit Agreement, after deducting therefrom (1)
all current liabilities (excluding any thereof which are by their terms
extendible or renewable at the option of the obligor thereon to a time more than
12 months after the time as of which the amount thereof is being computed and
excluding current maturities of long term debt), and (2) all goodwill, IP
Rights, unamortized debt discount and other like intangible assets.

    

    “Consolidated Non-cash Charges”
means, with respect to the Company and its Restricted Subsidiaries, for any
period, the aggregate depreciation, amortization and other non-cash expenses
reducing Consolidated Net Income of such Person for such period (excluding any
such charges constituting an extraordinary item or loss or any such charge which
requires an accrual of or a reserve for cash charges for any future
period).

    

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

    

    “Control” has the meaning set
forth in the definition of “Affiliate.”

    

    “Credit Extension” means a
Borrowing.

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    “Debtor Relief Laws” means the
Bankruptcy Code of the United States, the Dutch Bankruptcy Act (Faillissementswet), the
Luxembourg insolvency laws and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, faillissement, surseance van betaling, onderbewindstelling, ontbinding, or similar debtor
relief Laws of the United States, The Netherlands, Luxembourg or other
applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally.

    

    “Default” means any event or
condition that constitutes an Event of Default or that, with the giving of any
notice, the passage of time or both would be an Event of Default.

    

    “Default Rate” means an
interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any,
applicable to Base Rate Loans plus (c) 2.00% per annum; provided that with respect to
any Eurocurrency Rate Loan, the Default Rate means an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan
plus 2.00% per annum, in each case to the fullest extent permitted by applicable
Law.

    

    “Disposition” or “Dispose” means the sale,
transfer, license, lease or other disposition (including any sale and leaseback
transaction and any sale or issuance of Equity Interests) of any property by any
Person, including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims
associated therewith.

    

    “Disqualified Equity Interests”
has the meaning assigned thereto in the Senior Credit Agreement.

    

    “Dividend Distribution Note”
means the note entered into on or about December 20, 2007, evidencing a
liability owed by LyondellBasell Finance Company to Basell Funding.

    

    “Dollar” and “$” mean lawful money of the
United States.

    

    “Dollar Amount” means, at any
time:

    

    (a)           with
respect to any Loan denominated in Dollars, the principal amount thereof;
and

    

    (b)           with
respect to any Loan denominated in Euros, the principal amount thereof,
converted to Dollars in accordance with Section 2.14(a).

    

    “Domestic Subsidiary” means any
Subsidiary that is organized under the Laws of the United States, any state
thereof or the District of Columbia.

    

    “Dutch Civil Code” means the
Dutch Civil Code (Burgerlijk
Wetboek).

    

    “EBITDA” means the earnings
before interest, tax, depreciation and amortization for a Person, calculated in
the same manner as Consolidated EBITDA (without giving effect to clause (3) of
the definition thereof).

    

    “EMU Legislation” means the
legislative measures of the European Community relating to Economic and Monetary
Union.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    “Environment” means indoor air,
ambient air, surface water, groundwater, drinking water, land surface,
subsurface strata, and natural resources such as wetlands, flora and
fauna.

    

    “Environmental Laws” means the
common law and any and all Federal, state, local, and foreign statutes, Laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, licenses,
agreements or governmental restrictions relating to pollution, the protection of
the Environment, the generation, treatment, storage, transport, distribution,
handling or recycling of Hazardous Materials or the presence, Release or threat
of Release of Hazardous Materials and, to the extent relating to exposure to
Hazardous Materials, human health and to workplace health and
safety.

    

    “Environmental Liability” means
any liability, contingent or otherwise (including any liability for damages,
costs of investigation and remediation, fines, penalties or indemnities), of the
Loan Parties or any Restricted Subsidiary resulting from or based upon (a)
violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or recycling of any Hazardous Materials, (c)
exposure to any Hazardous Materials, (d) the Release or threatened Release of
any Hazardous Materials or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

    

    “Environmental Permit” means
any permit, approval, identification number, license or other authorization
required under any Environmental Law.

    

    “Equistar Notes” means
$150,000,000 7.55% Debentures due 2026 issued by Lyondell Petrochemical Company
(assumed by Equistar Chemicals, LP) pursuant to the Equistar Notes Indenture, as
supplemented, together with any other series of notes created under the Equistar
Notes Indenture.

    

    “Equistar Notes Indenture”
means the indenture governing the Equistar Notes dated as of January 29, 1996 as
supplemented by Supplemental Indentures dated February 15, 1996, December 1,
1997, November 3, 2000 and November 17, 2000.

    

    “Equity Interests” means, with
respect to any Person, all of the capital stock of such Person and all warrants,
options or other rights to acquire the capital stock of such Person, including
any contribution from shareholders without any issuance of shares (but excluding
any debt security that is convertible into, or exchangeable for, such capital
stock).

    

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

    

    “ERISA Affiliate” means any
trade or business (whether or not incorporated) that is under common control
with a Loan Party or any Restricted Subsidiary within the meaning of Section 414
of the Code or Section 4001 of ERISA.

    

    “ERISA Event” means (a) a
Reportable Event with respect to a Pension Plan; (b) with respect to a Pension
Plan, the failure to satisfy the minimum funding standard of Section 412 of the
Code and Section 302 of ERISA, whether or not waived;  (c) the failure
to make by its due date a required contribution under Section 412(m) of the Code
(or Section 430(j) of the Code, as amended by the Pension Protection Act of
2006) with respect to any Pension Plan or the failure to make any required
contribution to a Multiemployer Plan; (d) a withdrawal by a Loan Party, any
Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (e) a complete or partial
withdrawal by a Loan Party, any Subsidiary or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (f) the filing of a notice of intent to terminate, the treatment
of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or
the commencement of proceedings by the PBGC to terminate a Pension Plan or
Multiemployer Plan or the occurrence of any event or condition which could
reasonably be expected to constitute grounds under ERISA for the termination of
or the appointment of a trustee to administer any Pension Plan, in each case
where Plan assets are not sufficient to pay all Plan liabilities; (g) an event
or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan
or Multiemployer Plan; (h) the imposition of any liability under Title IV of
ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of
ERISA, upon a Loan Party, any Subsidiary or any ERISA Affiliate; or (i) the
occurrence of a nonexempt prohibited transaction (within the meaning of Section
4975 of the Code or Section 406 of ERISA) which could reasonably be expected to
result in liability to a Loan Party or any Restricted
Subsidiary.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    “EURIBOR” means, in relation to
any Loan in Euros, (a) the percentage rate per annum determined by the Banking
Federation of the European Union for the relevant period, in each case displayed
on the appropriate page of the Reuters screen, and (b) if the rate referenced in
the preceding clause (a) does not appear on such page or service or such page or
service shall not be available for the relevant period of that Loan, the
arithmetic mean of the rates (rounded upwards to four decimal places) as
supplied to the Lender at its request quoted by three major banks selected by
the Lender to leading banks in the European interbank market, at or about 11
a.m. Brussels time on the second full Business Day next preceding the first day
of the relevant period in relation to which such rate is
calculated.

    

    “Euro” and “€” mean the lawful currency of
the Participating Member States introduced in accordance with EMU
Legislation.

    

    “Eurocurrency Rate” means, for
any Interest Period, (a) in relation to any Loan denominated in Dollars for any
Interest Period, the applicable LIBOR Rate for such Interest Period and (b) in
relation to any Loan denominated in Euros, the applicable EURIBOR for such
Interest Period.

    

    “Eurocurrency Rate Loan” means
a Loan, whether denominated in Dollars, or in Euros, that bears interest at a
rate based on the Eurocurrency Rate.

    

    “European Revolving Credit
Loan” has the meaning set forth in Section 2.01.

    

    “Event of Default” has the
meaning set forth in Section 8.01.

    

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute or
statutes thereto.

    

    “Exchange Rate” means on any
day with respect to any currency other than Dollars, the rate at which such
currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m.
(London time) on such day on the Reuters World Currency Page for such currency;
in the event that such rate does not appear on any Reuters World Currency Page,
the Exchange Rate shall be determined by reference to such other publicly
available service for displaying exchange rates as may be agreed upon by the
Lender and the Company, or, in the absence of such agreement, such Exchange Rate
shall instead be the arithmetic average of the spot rates of exchange of
Citibank, N.A. in the market where its foreign currency exchange operations in
respect of such currency are then being conducted, at or about 10:00 a.m. (New
York City time) on such date for the purchase of Dollars for delivery two
Business Days later.

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    “Excluded Capital Expenditures”
means (i) any expenditures required by any change in applicable Law, and (ii)any
catalyst or turnaround expenditures that are not treated as capital expenditure
consistent with the accounting practices of Lyondell on December 20,
2007.

    

    “Excluded Taxes” means, in the
case of the Lender,

    

    (a)           taxes
imposed on or measured by its net income (or branch profits), and franchise or
capital taxes imposed on it in lieu of net income taxes, in each case (i) by the
jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable Lending Office is located or (ii) by
reason of any other connection between the jurisdiction imposing such tax and
the such Agent or Lender (or its applicable Lending Office) other than any
connections arising solely from the such Agent or Lender (or its applicable
Lending Office) having executed, delivered, been party to, received or perfected
a security interest under or performed its obligations
under,  received payment under or enforced, this Agreement or any
other Loan Document;

    

    (b)           in
the case of a Foreign Lender,

    

    (i)       
    with respect to any Loan to the U.S. Borrower, any U.S.
federal withholding tax that is imposed on amounts payable to or for the account
of a Foreign Lender pursuant to a law in effect at the time such Foreign Lender
becomes a party hereto (or designates a new Lending Office), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled,
immediately prior to the time of designation of a new Lending Office (or
assignment), to receive additional amounts from the U.S. Borrower with respect
to such withholding tax pursuant to Section 3.01, or

    

    (ii)           any
withholding tax that is attributable to such Foreign Lender’s failure to comply
with Section 3.01(d), or

    

    (c)           any
U.S. federal backup withholding imposed under Section 3406 of the
Code.

    

    “Executive Order” has the
meaning set forth in the definition of “Anti-Terrorism Laws”.

    

    “Existing Notes” means,
collectively, the 2015 Notes, the 2027 Notes, the 2010 Debentures, the 9.8%
Debentures due 2020 of Lyondell, the 7.55% Debentures due 2026 of Equistar
Chemicals, LP and the Millennium Notes, in each case to the extent outstanding
on the Closing Date.

    

    “Federal Funds Rate” means, for
any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Rate for such day shall be such rate on
such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Citibank, N.A. on such day on such transactions.

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    “Financial Indebtedness” means
(without duplication), at any time, the principal amount of Indebtedness of the
Company and its Restricted Subsidiaries outstanding at such time, referred to in
paragraphs (a), (b), (f), (h) and (i) of the definition of Indebtedness (but, as
to such clause (i), only in respect of paragraphs (a), (b), (f) and (h) of such
definition).

    

    “Fiscal Year” means the twelve
month fiscal period of the Company and its Subsidiaries commencing on January 1
of each calendar year and ending on December 31 of such calendar year unless
amended pursuant to Section 7.12.

    

    “First Lien Senior Secured Leverage
Ratio” means, with respect to any Test Period, the ratio of (a)
Consolidated First Lien Senior Secured Debt as of the last day of such Test
Period to (b) Consolidated EBITDA for such Test Period.

    

    “Foreign Borrower” has the
meaning set forth in the introductory paragraph to this Agreement.

    

    “Foreign Lender” means, for
purposes of the Tax in question, a Lender that is treated as foreign by the
jurisdiction imposing such Tax.

    

    “Foreign Plan” means any
employee benefit plan, program, policy, arrangement or agreement maintained or
contributed to by, or entered into with, a Loan Party or any Subsidiary with
respect to employees employed outside the United States.

    

    “Foreign Subsidiary” means any
direct or indirect Restricted Subsidiary of the Company which is not a Domestic
Subsidiary.

    

    “FRB” means the Board of
Governors of the Federal Reserve System of the United States, or any
Governmental Authority succeeding to any of its principal
functions.

    

    “Funded Debt” means all
Indebtedness of the Company and its Restricted Subsidiaries for borrowed money
that matures more than one year from the date of its creation or matures within
one year from such date that is renewable or extendable, at the option of such
Person, to a date more than one year from such date or arises under a revolving
credit or similar agreement that obligates the lender or lenders to extend
credit during a period of more than one year from such date, including
Indebtedness in respect of the Loans.

    

    “GAAP” means generally accepted
accounting principles in the United States of America as in effect from time to
time as adopted by the Company; provided that the Company may
make a one-time election to switch to IFRS, if permitted to do so by the SEC in
its filings with the SEC, and following such election and the notification in
writing to the Lender by the Company thereof, “GAAP” shall mean
IFRS.  After such election, the Company cannot subsequently elect to
report under U.S. generally accepted accounting principles.  If at any
time the Company or either Borrower notifies the Lender in writing that the
Company wishes to eliminate the effect of any change in GAAP on any provision of
this Agreement, then such provision shall be applied on the basis of GAAP as in
effect immediately before the relevant change in GAAP became effective until
either such notice is withdrawn or such provision is amended in a manner
satisfactory to the Borrowers and the Lender.

    

    “Governmental Authority” means
any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    “Granting Lender” has the
meaning set forth in Section 9.07(g).

    

    “Guarantee” means, as to any
Person, without duplication, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other monetary obligation payable or performable by another
Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or
other monetary obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness
or other monetary obligation of the payment or performance of such Indebtedness
or other monetary obligation, (iii) to maintain working capital, equity capital
or any other financial statement condition or liquidity or level of income or
cash flow of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other monetary obligation, or (iv) entered into for the purpose
of assuring in any other manner the obligee in respect of such Indebtedness or
other monetary obligation of the payment or performance thereof or to protect
such obligee against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness or other monetary
obligation of any other Person, whether or not such Indebtedness or monetary
other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain such Lien); provided that the term
“Guarantee” shall not include endorsements for collection or deposit, in either
case in the ordinary course of business, or customary and reasonable indemnity
obligations in effect on the Closing Date or entered into in connection with any
acquisition or disposition of assets permitted under this Agreement (other than
such obligations with respect to Indebtedness).  The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of
which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith.  The term “Guarantee” as a verb has
a corresponding meaning.

    

    “Hazardous Materials” means all
materials, chemicals, substances, wastes, pollutants, contaminants, constituents
and compounds of any nature or in any form, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas or mold that are regulated pursuant to, or can give rise to
liability under, any applicable Environmental Law.

    

    “Holding Company” means, in
relation to a company, corporation or other legal entity, any other company,
corporation or other legal entity in respect of which the former company,
corporation or other legal entity is a Subsidiary.

    

    “IFRS” means the International
Financial Reporting Standards issued and/or adopted by the International
Accounting Standards Board, as in effect from time to time.

    

    “Indebtedness” means, as to any
Person at any time, without duplication, all of the following:

    

    (a)           all
obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;

    

    (b)           the
maximum amount (after giving effect to any prior drawings or reductions which
may have been reimbursed) of all outstanding letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds,
performance bonds and similar instruments issued or created by or for the
account of such Person;

    

    (c)           net
obligations of such Person under any Swap Contract;

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    (d)           all
obligations of such Person issued or assumed as the deferred purchase price of
property that is due more than six months after taking delivery of such
property, all conditional sale obligations and all obligations under any title
retention agreement (but excluding trade accounts payable and other accrued
liabilities arising in the ordinary course of business that are not overdue by
90 days or more or are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted);

    

    (e)           all
obligations of any third party of the type referred to in clauses (a), (b), (c),
(d), (f) and (h) of this definition which are secured by any lien on any
property or asset of such Person, the amount of such obligation being deemed to
be the lesser of the fair market value of such property or asset or the amount
of the obligation so secured;

    

    (f)          
 all Receivables Financings, Securitization Transactions and obligations
under Asset Backed Credit Facilities;

    

    (g)           all
Disqualified Equity Interests issued by such Person or preferred stock issued by
a Restricted Subsidiary of such Person with the amount of Indebtedness
represented by such Disqualified Equity Interests or preferred stock being equal
to the greater of its voluntary or involuntary liquidation preference and its
maximum fixed repurchase price, but excluding accrued dividends, if
any.  For purposes hereof, the “maximum fixed repurchase price” of any
Disqualified Equity Interests or preferred stock which do not have a fixed
repurchase price shall be calculated in accordance with the terms of such
Disqualified Equity Interests or preferred stock as if such Disqualified Equity
Interests or preferred stock were purchased on any date on which Indebtedness
shall be required to be determined pursuant to the this Agreement, and if such
price is based upon, or measured by, the fair market value of such Disqualified
Equity Interests or preferred stock, such fair market value shall be determined
reasonably and in good faith by the Board of Directors of the issuer of such
Disqualified Equity Interests or preferred stock; and

    

    (h)           all
Capitalized Leases of such Person;

    

    if and to
the extent that the foregoing would constitute indebtedness or a liability in
accordance with GAAP; and

    

    (i)            to
the extent not otherwise included above, all Guarantees of any third party’s
Indebtedness in respect of any of the foregoing clauses.

    

    Notwithstanding
the foregoing, “Indebtedness” shall not include:

    

    (1)           advances
paid by customers in the ordinary course of business for services or products to
be provided or delivered in the future,

    

    (2)           deferred
taxes,

    

    (3)           unsecured
indebtedness of such Person incurred to finance insurance premiums in a
principal amount not in excess of the insurance premiums to be paid by such
Person and its Restricted Subsidiaries for a three-year period beginning on the
date of any incurrence of such indebtedness,

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    (4)           Indebtedness
owed or incurred by any Restricted Subsidiary whose activities are limited to
holding shares in Joint Venture(s) (but only to the extent that (a) the
creditors under the relevant agreement have no recourse to the Company other
than such Restricted Subsidiary; and (b) the recourse those creditors have to
such Restricted Subsidiary is limited to the proceeds (if any) of dividends
received by such Restricted Subsidiary in respect of such Restricted
Subsidiary’s investment in such Joint Venture),

    

    (5)           non-recourse
Indebtedness permitted by Section 7.03(t) collateralized by any Limited Recourse
Stock Pledge or any non-recourse guarantee given solely to support such
pledge,

    

    (6)           any
Indebtedness which has been defeased in accordance with GAAP or defeased
pursuant to the deposit of cash or government obligations (in an amount
sufficient to satisfy all such Indebtedness at the Stated Maturity thereof or
redemption, as applicable, and all payments of interest and premium, if any) in
a trust or account created or pledged for the sole benefit of the holders of
such Indebtedness, and subject to no other Liens, and other applicable terms of
the instrument governing such Indebtedness or

    

    (7)           Indebtedness
for which irrevocable notice of redemption has been duly given and for which
redemption money in the necessary amount has been irrevocably deposited with the
applicable trustee or paying agent in trust for the holders of such
Indebtedness.

    

    Notwithstanding
the foregoing, any accrual of interest, accrual of dividends, the accretion of
value, the obligation to pay commitment fees and the payment of interest in the
form of Indebtedness shall not be “Indebtedness” for the purposes of Section
7.03 only.

    

    “Indemnified Liabilities” has
the meaning set forth in Section 9.05.

    

    “Indemnified Taxes” means all
Taxes other than Excluded Taxes.

    

    “Indemnitees” has the meaning
set forth in Section 9.05.

    

    “Independent Financial Advisor”
means a firm which, in the judgment of the Board of Directors of the Company, is
independent and qualified to perform the task for which it is to be
engaged.

    

    “Information” has the meaning
set forth in Section 9.08.

    

    “Intercreditor Agreement”
means, collectively, the Cash Flow Intercreditor Agreement and the ABL
Intercreditor Agreement.

    

    “Interest Payment Date” means
(a) as to any Eurocurrency Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided that if any Interest
Period for a Eurocurrency Rate Loan exceeds three months, the respective dates
that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan, the fifth
Business Day after the last day of each March, June, September and December and
the Maturity Date.

    

    “Interest Period” means the
period commencing on the date each Eurocurrency Rate Loan is disbursed or
converted to or continued as a Eurocurrency Rate Loan and ending one week, or
one, two or three months thereafter or such other period thereafter as is agreed
to by the Lender, as selected by the Borrower in its Committed Loan Notice;
provided
that:

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    (i)       
    any Interest Period that would otherwise end on a day
that is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in another calendar month, in which case such
Interest Period shall end on the next preceding Business Day;

    

    (ii)           any
Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

    

    (iii)           no
Interest Period shall extend beyond the Maturity Date.

    

    “Investment” means, with
respect to any Person, any direct or indirect loan or other extension of credit
(including a guarantee) or capital contribution (with respect to such loan,
extension of credit or capital contribution, by means of any transfer of cash or
other property to others or any payment for property or services for the account
or  use of others), or any purchase or acquisition by such Person of
any Equity Interest, bonds, notes, debentures or other securities or other
Indebtedness issued by, any other Person.  “Investment” excludes (i)
extensions of trade credit, (ii) commissions, loans, advances, fees and
compensation paid in the ordinary course of business to officers, directors and
employees, and (iii) reimbursement or payment obligations in respect of letters
of credit and tender, bid, performance, government contract, surety and appeal
bonds, in each case solely with respect to obligations of the Company or any of
its Restricted Subsidiaries in accordance with the normal trade practices of the
Company or such Restricted Subsidiary, as the case may be.  For the
purposes of Section 7.06,

    

    (1)           “Investment”
shall include and be valued at the fair market value of the net assets of any
Restricted Subsidiary of the Company at the time that such Restricted Subsidiary
is designated an Unrestricted Subsidiary and shall exclude the fair market value
of the net assets of any Unrestricted Subsidiary at the time that such
Unrestricted Subsidiary is designated a Restricted Subsidiary of the Company;
and

    

    (2)           the
amount of any Investment in any Person is the original cost of such Investment
plus the cost of all additional Investments therein by the Company or any of its
Restricted Subsidiaries, without any adjustments for increases or decreases in
value, or write-ups, write-downs or write-offs with respect to such Investment,
reduced by the payment of dividends or distributions in connection with such
Investment or any other amounts received in respect of such
Investment;

    

    provided that no such payment
of dividends or distributions or receipt of any such other amounts shall reduce
the amount of any Investment if such payment of dividends or distributions or
receipt of any such amounts would be included in Consolidated Net
Income.

    

    If the
Company or any Restricted Subsidiary sells or otherwise disposes of any voting
Equity Interests of any direct or indirect Restricted Subsidiary of the Company
such that, after giving effect to any such sale or disposition, the Company no
longer owns, directly or indirectly, greater than 50% of the outstanding voting
Equity Interests of such Restricted Subsidiary, the Company will be deemed to
have made an Investment on the date of any such sale or disposition equal to the
fair market value of the common Equity Interests of such Restricted Subsidiary
not sold or disposed of.

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    “IP Rights” has the meaning set
forth in Section 5.17.

    

    “Joint Venture” means any joint
venture entity, whether a company, unincorporated firm, association, partnership
or any other entity which, in each case, is not a Subsidiary of the Company or
any of its Restricted Subsidiaries but in which a the Company or a Restricted
Subsidiary has a direct or indirect equity or similar interest.

    

    “Judgment Currency” has the
meaning set forth in Section 9.18.

    

    “Junior Financing” has the
meaning set forth in Section 7.13(a).

    

    “Junior Financing
Documentation” means any documentation governing any Junior
Financing.

    

    “Laws” means, as to any Person,
collectively, all international, foreign, federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative
or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case
binding on such Person or to which such Person or any of its property or assets
is subject.

    

    “Legal Reservations”
means:

    

    (a)           the
principle that equitable remedies may be granted or refused at the discretion of
a court;

    

    (b)           the
limitation of enforcement by laws relating to insolvency, reorganization,
penalties and other laws generally affecting the rights of
creditors;

    

    (c)           the
time barring of claims under the statutes of limitation;

    

    (d)           the
possibility that an undertaking to assume liability for or indemnify a person
against non-payment of UK stamp duty may be void;

    

    (e)           defenses
of set-off or counterclaim; and

    

    (f)     
      principles which are set out in the
qualifications as to matters of law in any legal opinion delivered on December
20, 2007 in connection with the Senior Credit Agreement.

    

    “Lender” has the meaning set
forth in the introductory paragraph to this Agreement and, unless otherwise
expressly provided, includes any of its successors, assigns and transferees as
permitted hereunder, each of which is referred to herein as a
“Lender.”  “Lender” means, at any time, the Lender.

    

    “Lender-Related Persons” means
the Lender, together with its Affiliates, and the officers, directors, partners,
employees, agents and attorneys-in-fact of the Lender and its
Affiliates.

    

    “Lending Office” means, as to
the Lender, such office or offices as the Lender may from time to time notify
the Borrowers.

    

    “LIBOR Rate” means, with
respect to any Interest Period:

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    (a)           the
rate per annum equal to the rate determined by the Lender to be the offered rate
by reference to the British Bankers Association Interest Settlement Rate for
deposits in Dollars or Euros (as set forth by the Bloomberg Information Service
or any successor thereto) (for delivery on the first day of such Interest
Period), with a term equivalent to such Interest Period, determined as of
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period, or, if different, the date on which quotations
would customarily be provided by leading banks in the London Interbank Market
for deposits of amounts in Dollars or Euros for delivery on the first day of
such Interest Period, or

    

    (b)           if
the rate referenced in the preceding clause (a) does not appear on such page or
service or such page or service shall not be available, the rate per annum equal
to the rate determined by the Lender (acting reasonably) to be the offered rate
on such other page or other service that displays an average British Bankers
Association Interest Settlement Rate for deposits in Dollars or Euros (for
delivery on the first day of such Interest Period), with a term equivalent to
such Interest Period, determined as of approximately 11:00 a.m. (London time)
two (2) Business Days prior to the first day of such Interest Period, or, if
different, the date on which quotations would customarily be provided by leading
banks in the London Interbank Market for deposits of amounts in Dollars or Euros
for delivery on the first day of such Interest Period.

    

    “Lien” means any mortgage, deed
of trust, pledge, hypothecation, assignment, transfer for security purposes,
deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement, of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement, any easement, right of way or other encumbrance on title to
Real Property and any Capitalized Lease having substantially the same economic
effect as any of the foregoing).

    

    “Limited Recourse Stock Pledge”
means the pledge of the Equity Interests in any joint venture or any Subsidiary
(the “Pledged
Subsidiary”) to secure non-recourse debt of such joint venture or such
Pledged Subsidiary, the activities of which are solely limited to making and
managing Investments, and owning Equity Interests, in such joint venture or
Pledged Subsidiaries, but only for so long as its activities are so
limited.

    

    “Listing” means a listing of
all or any of the share capital of the Company or any of its Subsidiaries or any
Holding Company or any of its Subsidiaries (excluding the Sponsor (to the extent
not a Subsidiary of the Company) and any such Holding Company of the Company or
any of its Subsidiaries, but in each case only if a majority of the investments
of such company are not constituted by the Company or any of its Subsidiaries)
on any investment exchange or any other sale or issue by way of flotation or
public offering or any equivalent circumstances in relation to the Company or
any of its Subsidiaries or any Holding Company of the Company or any of its
Subsidiaries (excluding the Sponsor (to the extent not a Subsidiary of the
Company) and any such Holding Company of the Company or any of its Subsidiaries,
but in each case only if a majority of the investments of such company are not
constituted by the Company or any of its Subsidiaries) in any jurisdiction or
county.

    

    “Loan” means a Revolving Credit
Loan.

    

    “Loan Documents” means,
collectively, (i) this Agreement and (ii) the Notes.

    

    “Loan Parties” means,
collectively, the Borrowers and the Company.

    

    “Lyondell” means Lyondell
Chemical Company, a Delaware corporation.

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

    “Management Agreement” means
the Management Agreement dated as of December 11, 2007, between, among others,
the Company and certain of its Subsidiaries and Nell Limited, as in effect on
the Closing Date.

    

    “Master Agreement” has the
meaning set forth in the definition of “Swap Contract.”

    

    “Material Adverse Effect” means
(a) a material adverse effect on the business, operations, assets, liabilities
(actual or contingent) or financial condition of the Company and its Restricted
Subsidiaries (taken as a whole), (b) a material adverse effect on the ability of
the Borrowers or the Loan Parties (taken as a whole) to perform their respective
payment obligations under any Loan Document to which any Borrower or any of the
Loan Parties is a party or (c) a deficiency in the rights and remedies of the
Lender under the Loan Documents (taken as a whole) which is materially adverse
to the Lender.

    

    “Material Subsidiary” means, at
any date of determination, each of the Company’s Subsidiaries (a) whose total
assets at the last day of the relevant Fiscal Year were equal to or greater than
2.5% of the Total Assets of the Company and the Restricted Subsidiaries at such
date or (b) whose EBITDA for the most recently ended Fiscal Year for which
financial statements have been delivered pursuant to Section 6.01(a) of the
Senior Credit Agreement is equal to or greater than 2.5% of the Consolidated
EBITDA for such fiscal year.

    

    “Maturity Date” means the date
which is eighteen months after the Closing Date.

    

    “Maximum Rate” has the meaning
set forth in Section 9.10.

    

    “Millennium Holdings Group” has
the meaning set forth in Section 8.01.

    

    “Millennium Notes” means the
Millennium America Inc. 75⁄8 Senior Notes due 2026.

    

    “Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

    

    “Multiemployer Plan” means any
employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to
which any Loan Party, any Subsidiary or any ERISA Affiliate makes or is
obligated to make contributions, during the preceding five plan years, has made
or been obligated to make contributions or otherwise could reasonably be
expected to incur liability.

    

    “Note” means a Revolving Credit
Note.

    

    “Obligations” means all
advances to, and debts, liabilities, obligations, covenants and duties of, any
Loan Party and its Subsidiaries arising under any Loan Document or otherwise
with respect to any Loan, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the
commencement by or against any Loan Party or Subsidiary of any proceeding under
any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such
proceeding.  Without limiting the generality of the foregoing, the
Obligations of the Loan Parties under the Loan Documents (and of their
Subsidiaries to the extent they have obligations under the Loan Documents)
include (a) the obligation (including guarantee obligations) to pay principal,
interest, charges, expenses, fees, indemnities and other amounts payable by any
Loan Party or Subsidiary under any Loan Document and (b) the obligation of any
Loan Party or Subsidiary to reimburse any amount in respect of any of the
foregoing that the Lender, in its sole discretion, may elect to pay or advance
on behalf of such Loan Party or such Subsidiary to the extent originally payable
by that Loan Party or Subsidiary.

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

    “Organization Documents” means
(a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation, association or
organization and operating agreement; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in
the jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such
entity.

    

    “Other Taxes” has the meaning
set forth in Section 3.01(b).

    

    “Outstanding Amount” means with
respect to the Revolving Credit Loans on any date, the Dollar Amount thereof,
after giving effect to any borrowings and repayments of Revolving Credit Loans
occurring on such date.

    

    “Parent” means BI S.à r.l., a
société à responsabilité limitée incorporated under the laws of the Grand Duchy
of Luxembourg.

    

    “Participating Member State”
means each state so described in any EMU Legislation.

    

    “Payor” has the meaning set
forth in the definition of “Consolidated Net Income.”

    

    “PBGC” means the Pension
Benefit Guaranty Corporation.

    

    “PBGC Settlement” means the
settlement agreement between Lyondell and the Pension Benefit Guaranty
Corporation (or any successor entity) as amended, modified, restated or replaced
from time to time.

    

    “Pension Plan” means any
“employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA or
to the minimum funding standards under Section 412 of the Code or Section 302 of
ERISA and is sponsored or maintained by any Loan Party, any Subsidiary or any
ERISA Affiliate or to which any Loan Party, any Subsidiary or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a
multiple employer or other plan described in Section 4064(a) of ERISA, has made
contributions at any time during the immediately preceding five (5) plan years
or with respect to which a Loan Party, Subsidiary or ERISA Affiliate could
reasonably be expected to incur liability (including under Section 4063 or 4069
of ERISA).

    

    “Permanent Financing” has the
meaning assigned thereto in the Senior Credit Agreement.

    

    “Permitted Acquisition” has the
meaning set forth in Section 7.02(g).

    

    “Permitted Business” means any
business which is the same, similar, related or complementary to the businesses
in which the Company and its Restricted Subsidiaries or any Specified Joint
Venture were engaged on the Closing Date, except to the extent that after
engaging in any new business, the Company and its Restricted Subsidiaries, taken
as a whole, remain substantially engaged in similar or related lines of business
as were conducted by them on the Closing Date.

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

    “Permitted Joint Venture” means
(1) any person that is not a Subsidiary of the Company or any of its Restricted
Subsidiaries that the Company or any of its Restricted Subsidiaries has a direct
or indirect ownership interest in that is engaged in a Permitted Business or (2)
any entity through which the Company has an ownership interest as described in
clause (1), in the case of (1) and (2), for which the Sponsor does not hold an
ownership interest (other than through its ownership interest in the
Company).

    

    “Permitted Refinancing” has the
meaning assigned thereto in the Senior Credit Agreement.

    

    “Person” means any natural
person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other
entity.

    

    “Plan” means any “employee
benefit plan” (as such term is defined in Section 3(3) of ERISA) established by
any Loan Party or Subsidiary or, with respect to any such plan that is subject
to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

    

    “Pro Forma Basis” and “Pro Forma Compliance” mean,
with respect to compliance with any test or covenant hereunder, that (A) if no
Test Period cited in Section 7.11 has passed, the covenants in Section 7.11 for
the first Test Period cited in such Section shall be satisfied as of the last
four quarters then ended and (B) all Specified Transactions and the following
transactions in connection therewith shall be deemed to have occurred as of the
first day of the applicable period of measurement in such test or
covenant:  (a) the benefit of any anticipated expense reductions and
similar synergies as such reductions and synergies could be properly reflected
in pro forma financial statements included in a registration statement filed
under the Securities Act, (b) income statement items (whether positive or
negative) attributable to the property or Person subject to such Specified
Transaction, (i) in the case of a Disposition of all or substantially all Equity
Interests in any Subsidiary of the Company or any division, product line, or
facility used for operations of the Company or any of its Subsidiaries, shall be
excluded, and (ii) in the case of a Permitted Acquisition or Investment
described in the definition of  “Specified Transaction,” shall be
included, (c) any retirement of Indebtedness, and (d) any Indebtedness incurred
or assumed by the Company or any of the Restricted Subsidiaries in connection
therewith and if such Indebtedness has a floating or formula rate, shall have an
implied rate of interest for the applicable period for purposes of this
definition determined by utilizing the rate which is or would be in effect with
respect to such Indebtedness as at the relevant date of
determination.

    

    “Projections” has the meaning
set forth in Section 6.01(c).

    

    “Qualified Equity Interest”
means any Equity Interest that is not a Disqualified Equity
Interest.

    

    “Real Property” means,
collectively, all right, title and interest (including any leasehold, easement,
mineral or other estate) in and to any and all parcels of or interests in real
property owned, leased or operated by any Person, whether by lease, license or
other means, together with, in each case, all easements, hereditaments and
appurtenances relating thereto, all improvements and appurtenant fixtures and
equipment, all general intangibles and contract rights and other property and
rights incidental to the ownership, lease or operation thereof.

    

    “Receivables Financings” means
factoring, securitizations of receivables or any other receivables financing
(including through the sale of receivables in a factoring arrangement or through
the sale of receivables to lenders or to special purpose entities formed to
borrow from such lenders against such receivables), whether or not recourse to
the Company or any of its Restricted Subsidiaries, including the ABF Receivables
Facility and any other Securitization Transaction.

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

    “Release” means any spilling,
leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, disposing, depositing, dispersing or migrating in,
into, onto or through the Environment.

    

    “Reportable Event” means any of
the events set forth in Section 4043(c) of ERISA or the regulations issued
thereunder, other than events for which the thirty (30) day notice period has
been waived.

    

    “Request for Credit Extension”
means with respect to a Borrowing, continuation or conversion of Revolving
Credit Loans, a Committed Loan Notice.

    

    “Responsible Officer” means the
chief executive officer, president, vice president, chief financial officer,
treasurer or assistant treasurer or other similar officer of a Loan Party
(including, in the case of each Loan Party, the authorized number of managing
directors or a general attorney or an attorney under a power of attorney of such
Loan Party) and, as to any document delivered on the Closing Date, any secretary
of such Loan Party.  Any document delivered hereunder that is signed
by a Responsible Officer of a Loan Party shall be conclusively presumed to have
been authorized by all necessary corporate, partnership and/or other action on
the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

    

    “Restricted Party” means any
person listed:

    

    (a)           in
the Annex to the Executive Order;

    

    (b)           on
the “Specially Designated Nationals and Blocked Persons” list maintained by the
OFAC;

    

    (c)           in
any successor list to either of the foregoing; or

    

    (d)           any
person or entity that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order.

    

    “Restricted Payment”
means

    

    (1)           a
declaration or payment of any dividend or the making of any distribution, other
than dividends or distributions payable in Qualified Equity Interests of the
Company and dividends or distributions payable solely to the Company or a
Restricted Subsidiary of the Company, and other than pro rata dividends or other
distributions made by a Subsidiary that is not a wholly-owned Subsidiary to
minority shareholders (or owners of an equivalent interest in the case of a
Subsidiary that is an entity other than a corporation), on or in respect of
shares of the Company’s Equity Interests to holders of such Equity
Interests,

    

    (2)           the
purchase, redemption or other acquisition or retirement for value of any Equity
Interests of the Company or any warrants, rights or options to purchase or
acquire shares of any class of such Equity Interests, or

    

    (3)           any
Investment other than an Investment permitted by Section 7.02.

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

    “Restricted Subsidiary” means
any Subsidiary of the Company other than an Unrestricted
Subsidiary.  For the avoidance of doubt, each Borrower shall at all
times constitute a Restricted Subsidiary.

    

    “Revolving Credit Borrowing”
means a borrowing consisting of simultaneous Revolving Credit Loans of the same
Type and, in the case of Eurocurrency Rate Loans, having the same Interest
Period and currency.

    

    “Revolving Credit Commitment”
means, as to the Lender, its obligation to make Revolving Credit Loans to the
Borrowers pursuant to Section 2.01, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite the Lender’s name
on Schedule
1.01 hereto under the caption “Revolving Credit Commitment,” as such
amount may be adjusted from time to time in accordance with this
Agreement.  The Revolving Credit Commitment of the Lender shall be
$750,000,000 on the Closing Date.

    

    “Revolving Credit Exposure”
means, as to the Lender, the sum of the Dollar Amount of the outstanding
principal amount of the Lender’s Revolving Credit Loans.

    

    “Revolving Credit Facility”
means, at any time, the aggregate amount of the Lender’s Revolving Credit
Commitments at such time.

    

    “Revolving Credit Loan” has the
meaning specified in Section 2.01.

    

    “Revolving Credit Note” means a
promissory note of the Borrowers payable to the Lender or its registered
assigns, in substantially the form of Exhibit C, evidencing
the aggregate Indebtedness of the Borrowers to the Lender resulting from the
Revolving Credit Loans made by the Lender to the Borrowers.

    

    “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor thereto.

    

    “Same Day Funds” means (a) with
respect to disbursements and payments in Dollars, immediately available funds,
and (b) with respect to disbursements and payments in Euros, same day or other
funds as may be determined by the Lender to be customary in the place of
disbursement or payment for the settlement of international banking transactions
in Euros.

    

    “Scheduled Capital Expenditure
Amount” has the meaning set forth in Section 7.11(c).

    

    “SEC” means the U.S. Securities
and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions.

    

    “Securities Act” means the
Securities Act of 1933, as amended.

    

    “Securitization Entity” means
Basell Capital Corporation, Basell Polyolefins Company BVBA, LyondellBasell
Receivables I, LLC and each other entity to which the Company or any Subsidiary
of the Company transfers, directly or indirectly, accounts receivable or
equipment and related assets which engages in no activities other than in
connection with the financing of accounts receivable or equipment and which is
designated by the Board of Directors of the Company (as provided below) as a
Securitization Entity; provided
that:

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

    (1)           no
portion of the Indebtedness or any other obligations (contingent or otherwise)
of which

    

    (a)           is
guaranteed by the Company or any Subsidiary of the Company (other than the
Securitization Entity), excluding guarantees of obligations (other than the
principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings,

    

    (b)           is
recourse to or obligates the Company or any Subsidiary of the Company (other
than the Securitization Entity) in any way other than pursuant to Standard
Securitization Undertakings, or

    

    (c)           subjects
any property or asset of the Company or any Subsidiary of the Company (other
than the Securitization Entity), directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings and other than any interest in the accounts
receivable or equipment and related assets being financed (whether in the form
of an equity interest in such assets or subordinated indebtedness payable
primarily from such financed assets) retained or acquired by the Company or any
Subsidiary of the Company,

    

    (2)           neither
the Company nor any Subsidiary of the Company has any material contract,
agreement, arrangement or understanding with the Securitization Entity other
than on terms no less favorable to the Company or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the
Company, other than fees payable in the ordinary course of business in
connection with servicing receivables of such entity (other than Standard
Securitization Undertakings), and

    

    (3)           neither
the Company nor any Subsidiary of the Company has any obligation to maintain or
preserve such entity’s financial condition or cause such entity to achieve
certain levels of operating results (other than Standard Securitization
Undertakings).

    

    Any such
designation by the Board of Directors of the Company shall be evidenced to the
Lender by filing with the Lender a certified copy of the resolution of the Board
of Directors of the Company giving effect to such designation and an officers’
certificate certifying that such designation complied with the foregoing
conditions.  Following an initial public offering of common stock by a
direct or indirect parent of the Company, references in the foregoing definition
to “the Company” shall be deemed also to refer to such direct or indirect
parent.

    

    “Securitization Transaction”
means any transaction or series of transactions that may be entered into by the
Company or any of its Subsidiaries pursuant to which the Company or any of its
Subsidiaries may sell, convey or otherwise transfer pursuant to customary terms
to:

    

    (1)           a
Securitization Entity or to the Company which subsequently transfers to a
Securitization Entity (in the case of a transfer by the Company or any of its
Subsidiaries) and

    

    (2)           any
other Person (in the case of transfer by a Securitization Entity), or may grant
a security interest in any accounts receivable (whether now existing or arising
or acquired in the future) of the Company or any of its Subsidiaries, and any
assets related thereto, including all collateral securing such accounts
receivable, all contracts and contract rights and all guarantees or other
obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets (including contract rights) which are customarily
transferred or in respect of which security interests are customarily granted in
connection with asset securitization transactions involving accounts
receivable.

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

    Following
an initial public offering of common stock by a direct or indirect parent of the
Company, references in the foregoing definition to “the Company” shall be deemed
also to refer to such direct or indirect parent.

    

    “Senior Credit Agreement” means
that certain Credit Agreement, dated as of December 20, 2007, among
LyondellBasell Industries AF S.C.A (formerly known as Basell AF S.C.A.),
Lyondell Chemical Company (as successor by  merger to BIL Acquisition
Holdings Limited), Basell Holdings B.V., Basell Finance Company, B.V. and Basell
Germany Holdings GmbH, as borrowers, the subsidiary guarantors party thereto,
the financial institutions and other entities party thereto as lenders,
Citibank, N.A., as administrative agent and as collateral agent, and the other
agents and other entities party thereto, as amended, restated, supplemented or
otherwise modified from time to time to the extent any such amendments,
restatements, supplements or other modifications are consented to in writing by
the Lender.

    

    “Senior Second Lien Debt” means
the Senior Second Lien Interim Loans, the Senior Second Lien Exchange Notes and
the Senior Second Lien Extended Loans.

    

     “Senior Second Lien Exchange
Notes” means the “Exchange Notes,” as set forth in the Senior Second Lien
Interim Loan Agreement.

    

    “Senior Second Lien Extended
Loans” means the “Extended Loans,” as set forth in the Senior Second Lien
Interim Loan Agreement.

    

    “Senior Second Lien Interim Loan
Agreement” means the Bridge Loan Agreement, dated as of the December 20,
2007, between LyondellBasell Finance Company, among others, the Company, the
subsidiary guarantors party thereto, the lenders party thereto and the joint
lead arrangers and bookrunners party thereto (including Exhibits thereto), as
amended, restated, supplemented or otherwise modified from time to time to the
extent any such amendments, restatements, supplements or other modifications are
consented to in writing by the Lender.

    

    “Senior Second Lien Interim
Loans” means $8,000,000,000 of senior second lien loans made to
LyondellBasell Finance Company pursuant to the Senior Second Lien Interim Loan
Agreement.

    

    “Solvent” and “Solvency” mean, with respect
to any Person on any date of determination, that on such date (a) the fair value
of the property of such Person is greater than the total amount of liabilities,
including contingent liabilities, of such Person, (b) the present fair salable
value of the assets of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they
become absolute and matured, (c) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Person’s ability to
pay such debts and liabilities as they mature and (d) such Person is not engaged
in business or a transaction, and is not about to engage in business or a
transaction, for which such Person’s property would constitute an unreasonably
small capital.  The amount of contingent liabilities at any time shall
be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

    

    “SPC” has the meaning set forth
in Section 9.07(g).

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

    “Specified Joint Venture” means
Al-Waha Petrochemical Company and Saudi Ethylene and Polyethylene
Company.

    

    “Specified Transaction” has the
meaning assigned thereto in the Senior Credit Agreement.

    

    “Sponsor” means,

    

    (a)           the
Blavatnik Group; and/or

    

    (b)           other
funds, limited partnerships or companies managed or controlled by Mr. Leonard
Blavatnik, including Parent, for so long as so managed or
controlled.

    

    “Standard Securitization
Undertakings” means representations, warranties, undertakings, covenants
and indemnities entered into by the Company or any Subsidiary of the Company
which are reasonably customary in an accounts receivable securitization
transaction.  Following an initial public offering of common stock by
a direct or indirect parent of the Company, references in the foregoing
definition to “the Company” shall be deemed also to refer to such direct or
indirect parent.

    

    “Stated Maturity” means, with
respect to any Indebtedness, the date specified in such security as the fixed
date on which the final payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision (but excluding
any provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency beyond the relevant
obligor’s control unless such contingency has occurred).

    

    “Structured Financing
Transactions” means the structured financing transaction, as in effect on
the Closing Date, entered into in July 2007 by the Company and certain of its
Restricted Subsidiaries and a European bank pursuant to which Basell Funding
issued Dutch “certification van aandelen” (“Certificates”) to a special
purpose vehicle (“BAFB”)
with respect to 50 fixed-return preferred shares issued by Basell Holdings to
Basell Funding for a consideration of €1,000,000,000; the Certificates give BAFB
the right to receive from the Company dividends and other distributions that
Basell Funding receives from Basell Holdings in relation to the preferred
shares; together with a put and call option agreement entered into between the
Company and the European bank with respect to the shares of BAFB and pursuant to
which, at any time at their respective sole discretion either the Company can
call or the European bank can put the shares of BAFB for a purchase price of
€1,000,000,000; and the related Swap Contracts in respect of the
aforementioned.

    

    “Subsidiary” means with respect
to any Person, (1) a corporation a majority of the voting Equity Interests of
which are at the time, directly or indirectly, owned by such Person; and (2) any
other Person (other than a corporation), including, a partnership, limited
liability company, business trust or joint venture, in which such Person, at the
time thereof, directly or indirectly, has at least a majority ownership interest
entitled to vote in the election of directors, managers or trustees thereof (or
other Person performing similar functions) or (3) for so long as the Company or
any of its Restricted Subsidiaries has a 50% ownership interest in Lyondell
Bayer Manufacturing Maasvlakle VOF, Lyondell Bayer Manufacturing Maasvlakle
VOF.  For the purposes of this Agreement, references to Subsidiaries
of the Company under this Agreement shall be deemed to include Lyondell and its
Subsidiaries.

    

    “Successor Borrower” has the
meaning set forth in Section 7.04(c).

    

    “Successor Company” has the
meaning set forth in Section 7.04(c).

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

    “Swap Contract” means (a) any
and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond
index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency
options, emission rights, spot contracts, or any other similar transactions or
any combination of any of the foregoing (including any options to enter into any
of the foregoing), whether or not any such transaction is governed by or subject
to any master agreement, and (b) any and all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together
with any related schedules, a “Master Agreement”), including
any such obligations or liabilities under any Master Agreement.

    

    “TARGET Day” means any day on
which the Trans-European Automated Real-time Gross Settlement Express Transfer
(TARGET) payment system (or, if such payment system ceases to be operative, such
other payment system (if any) determined by the Lender in consultation with the
Company to be a suitable replacement) is open for the settlement of payments in
Euros.

    

    “Tax Sharing Agreement” means
the Tax Sharing Agreement dated on or about December 20, 2007, as in effect on
the Closing Date which the Company and its Subsidiaries agree to make payments
(the “Tax Payments”) to
Nell Limited;  providing for (i) payments of up to 17.5% of the amount
of those Dutch or French net operating losses of entities of the Company and its
Restricted Subsidiaries that arose in taxable years ending prior to 2007 and
that are scheduled thereto (the “Qualifying Net Operating Loss
Carryovers”), (ii)  maximum aggregate Tax Payments of not more
than $175,000,000 and (iii) any Tax Payment thereunder is to be accompanied by a
certificate from independent counsel to the Company or its parent company that
(x) such Tax Payment will be used by an indirect U.S.-taxpayer shareholder to
pay taxes associated with taxable income of the Company and/or its Subsidiaries
taxable to such shareholder by reason of such shareholder’s indirect ownership
of the Company and its Subsidiaries and (y) as a result of the utilization of
Qualifying Net Operating Loss Carryovers by the Subsidiaries of the Company, the
U.S.-taxpayer shareholder’s U.S. federal income tax liability for such taxable
year was increased by an amount equal to such Tax Payment.  Payments
under the Tax Sharing Agreement are to be made promptly after the certificate is
provided and in any event within 90 days after the end of the Fiscal Year in
which the Qualifying Net Operating Loss Carryovers are used.

    

     “Taxes” means all present or
future taxes, duties, levies, imposts, deductions, withholdings, assessments,
fees or other charges imposed by any Governmental Authority, including any
interest, additions to tax or penalties applicable thereto, whether disputed or
not.

    

    “Test Period” means, for any
date of determination under this Agreement, the four consecutive fiscal quarters
of the Company then last ended.

    

    “Threshold Amount” means an
amount equal to the lesser of (i) $100,000,000 or (ii) only for so long as any
of the 2015 Notes are outstanding, €20,000,000 in respect of the Threshold
Amount referred to in Section 8.01(e) and €30,000,000 in respect of the
Threshold Amount referred to in Section 8.01(h).

    

    “Total Assets” of a Person or
Persons means total assets of such Persons on a consolidated basis, shown on the
most recent balance sheet of such Persons as may be expressly stated without
giving effect to amortization of the amount of intangible assets since December
20, 2007.

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

    “Treasury Services Agreement”
has the meaning assigned thereto in the Senior Credit Agreement.

    

    “Type” means, with respect to a
Loan denominated in Dollars, its character as a Base Rate Loan or a Eurocurrency
Rate Loan.

    

    “Unfunded Current Liability” of
any Plan means the amount, if any, by which the Accumulated Benefit Obligation
(as defined under Statement of Financial Accounting Standards No. 87 (“SFAS 87”)) under the Plan as
of the close of its most recent plan year, determined in accordance with SFAS 87
as in effect on the Closing Date, exceeds the fair market value of the assets
allocable thereto.

    

    “Uniform Commercial Code” or
“UCC” means the Uniform Commercial Code as the same may from time to time be in
effect in the State of New York or the Uniform Commercial Code (or similar code
or statute) of another jurisdiction, to the extent it may be required to apply
to any item or items of collateral.

    

    “United States” and “U.S.” mean the United States
of America.

    

    “Unrestricted Subsidiary” of
any Person means:

    

    (1)        
   any Subsidiary of such Person that at any time will be or
continue to be designated an Unrestricted Subsidiary and

    

    (2)         
  any Subsidiary of an Unrestricted Subsidiary.

    

    The Board
of Directors of the Company may designate any Subsidiary (including any newly
acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary
if:

    

    (a)          
 such Subsidiary does not own any Equity Interests of, or does not own or
hold any Lien on any property of, the Company or any other Subsidiary of the
Company that is not a Subsidiary of the Subsidiary to be so designated;
and

    

    (b)           
such designation complies with Section 7.06.

    

    All
Investments in such Subsidiary shall be deemed an Investment in an Unrestricted
Subsidiary on such date of designation, which shall be in compliance with
Section 7.02.

    

    The Board
of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary only if:

    

    (i)           
 the pro forma Consolidated Fixed Charge Coverage Ratio of the Company is
at least 2.00:1.00;

    

    (ii)           
immediately before and immediately after giving effect to such designation, no
Default or Event of Default will have occurred and be continuing;

    

    (iii)           any
Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the
Subsidiary being so designated shall be deemed an incurrence of such
Indebtedness and an “Investment” by the Company or such Restricted Subsidiary
(or both, if applicable) at the time of such designation; and

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

    (iv)           if
applicable, the incurrence of Indebtedness and the Investment referred to in
(iii) above would be permitted under Section 7.03 and Section 7.02
respectively.

    

    Any such
designation by the Board of Directors of the Company will be evidenced to the
Lender by promptly filing with the Lender a copy of the board resolution
approving the designation and an officers’ certificate of a Company Financial
Officer certifying that the designation complied with this
Agreement.

    

    “U.S. Borrower” has the meaning
set forth in the introductory paragraph to this Agreement.

    

    “U.S. Revolving Credit Loan”
has the meaning set forth in Section 2.01.

    

    “Wholly Owned” means, with
respect to a Subsidiary of a Person, a Subsidiary of such Person all of the
outstanding Equity Interests of which (other than (x) director’s qualifying
shares and (y) shares issued to third parties, in each case in a de minimis amount and to the
extent required by applicable Law) are owned by such Person and/or by one or
more wholly owned Subsidiaries of such Person.

    

    Section
1.02           Other Interpretive
Provisions.

    

    With
reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

    

    (a)           The
meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms.

    

    (b)          
The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar
import when used in any Loan Document shall refer to such Loan Document as a
whole and not to any particular provision thereof.

    

    (c)          
Article, Section, Exhibit and Schedule references are to the Loan Document in
which such reference appears.

    

    (d)          
The term “including” is by way of example and not limitation.

    

    (e)          
The term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however
evidenced, whether in physical or electronic form.

    

    (f)          
In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including”; the words “to” and “until”
each mean “to but excluding”; and the word “through” means “to and
including.”

    

    (g)          
Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

    

    Section
1.03           Accounting Terms.

    

    (a)          
All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in accordance with, GAAP, except as otherwise
specifically prescribed herein. Unless otherwise stated herein and except with
respect to Article VII, references to a Person with respect to accounting
terms or items that appear in such Person’s financial statements shall be deemed
a reference to that Person and its Subsidiaries on a consolidated basis, except
for references to the Company and its Restricted Subsidiaries, which will be
deemed references to the Company and its Restricted Subsidiaries on a
consolidated basis.

    
      
         

      

      
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    (b)          
Notwithstanding anything to the contrary herein, for purposes of this Agreement
(including in determining compliance with any test or covenant contained herein)
with respect to any period during which any Specified Transaction occurs, the
First Lien Senior Secured Leverage Ratio, Consolidated Debt Service Ratio and
the Consolidated Fixed Charge Coverage Ratio shall be calculated with respect to
such period and such Specified Transaction on a Pro Forma Basis.

    

    Section
1.04           Rounding.

    

    Any
financial ratios required to be maintained by the Company pursuant to this
Agreement (or required to be satisfied in order for a specific action to be
permitted under this Agreement) shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the
number of places by which such ratio is expressed herein and rounding the result
up or down to the nearest number (with a rounding up if there is no nearest
number).

    

    Section
1.05           References to Agreements,
Laws, Etc.

    

    Unless
otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments
shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are
permitted by the Loan Documents; and (b) references to any Law shall include all
statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Law.

    

    Section
1.06           Times of Day.

    

    Unless
otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

    

    Section
1.07           Timing of Payment or
Performance.

    

    Unless
otherwise specified, when the payment of any obligation or the performance of
any covenant, duty or obligation is stated to be due or performance required on
a day which is not a Business Day, the date of such payment (other than as
described in the definition of Interest Period) or performance shall extend to
the immediately succeeding Business Day.

    

    Section
1.08           Currency Equivalents
Generally.

    

    Any
amount specified in this Agreement (other than in Article II and Article IX) or
any of the other Loan Documents shall be deemed to be in Dollars; provided that the
determination of the Dollar Amount of any Loan or Revolving Credit Commitment
shall be made in accordance with Section 2.14.  Notwithstanding the
foregoing, for purposes of determining compliance with Section 7.01, Section
7.02 and Section 7.03 with respect to any amount of Liens, Indebtedness or
Investment in Euros, no Default shall be deemed to have occurred solely as a
result of changes in rates of exchange occurring after the time such Lien is
created, Indebtedness is incurred or Investment is made; provided, however, that (x) if, any
such Lien, Indebtedness or Investment denominated in a different currency is
subject to a currency Swap Contract (with respect to Dollars) covering principal
amounts of such Lien, Indebtedness or Investment, the amount of such Lien,
Indebtedness or Investment, as the case may be, expressed in Dollars will be
adjusted to take into account the effect of such agreement; and (y) for the
avoidance of doubt, the foregoing provisions of this Section 1.08 shall
otherwise apply to such Sections, including with respect to determining whether
any Lien, Indebtedness or Investment (not previously incurred on any date) may
be incurred under such Sections.

    
      
         

      

      
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    Section
1.09           Change of
Currency.

    

    Each
provision of this Agreement shall be subject to such reasonable changes of
construction as the Lender may from time to time specify with the Company’s
consent to appropriately reflect a change in currency of any country and any
relevant market conventions or practices relating to such change in
currency.

    

    Section
1.10           [Reserved.]

    

    Section
1.11           Luxembourg Terms.  With
reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

    

    (a)          
a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager,
receiver, administrator receiver, administrator or similar officer includes
any:

    

    (i)         
juge-commissaire and/or
insolvency receiver (curateur) appointed under the
Luxembourg Commercial Code;

    

    (ii)        liquidateur appointed under
Articles 141 to 151 of the Luxembourg act of 10 August 1915 on commercial
companies, as amended;

    

    (iii)        juge-commissaire and/or liquidateur appointed under
Article 203 of the Luxembourg act dated 10 August 1915 on commercial companies,
as amended;

    

    (iv)       commissaire appointed under
the Grand-Ducal decree of 24 May 1935 on the controlled management regime or
under Articles 593 to 614 of the Luxembourg Commercial Code; and

    

    (v)        juge délégué appointed under the
Luxembourg act of 14 April 1886 on the composition to avoid bankruptcy, as
amended;

    

    (b)          
a winding-up, administration or dissolution includes, without limitation,
bankruptcy (faillite), liquidation,
composition with creditors (concordat préventif de
faillite), moratorium or reprieve from payment (sursis de paiement) and
controlled management (gestion contrôlée); and

    

    (c)          
a person being unable to pay its debts includes that person being in a state of
cessation of payments (cessation de
paiements).

    

    ARTICLE
II

    

    The Revolving Credit
Commitments and Credit Extensions

    

    Section
2.01           The
Revolving
Credit Loans.

    
      
         

      

      
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    Subject
to the terms and conditions set forth herein, the Lender agrees to make
revolving loans (A) denominated in Dollars or, if agreed by the Lender in its
sole discretion, Euros, as elected by the U.S. Borrower pursuant to Section 2.02
to the U.S. Borrower from its Lending Office (each such loan, a “U.S. Revolving Credit Loan”)
from time to time, on any Business Day until the Maturity Date and (B),
denominated in Dollars or, if agreed by the Lender in its sole discretion,
Euros, as elected by the Foreign Borrower pursuant to Section 2.02 to the
Foreign Borrower from its Lending Office (each such loan, a “European Revolving Credit
Loan”, and each U.S. Revolving Credit Loan and European Revolving Credit
Loan being a “Revolving Credit
Loan”) from time to time, on any Business Day until the Maturity Date, in
an aggregate Dollar Amount not to exceed at any time outstanding the amount of
the Lender’s Revolving Credit Commitment; provided that after giving
effect to any Revolving Credit Borrowing, the aggregate Outstanding Amount of
the Revolving Credit Loans of the Lender shall not exceed the Lender’s Revolving
Credit Commitment.  Within the limits of the Lender’s Revolving Credit
Commitment, and subject to the other terms and conditions hereof, each Borrower
may borrow under this Section 2.01, repay under Section 2.04, and reborrow under
this Section 2.01.  U.S. Revolving Credit Loans may be Base Rate Loans
or Eurocurrency Rate Loans and European Revolving Credit Loans shall be
Eurocurrency Rate Loans.

    

    Section
2.02           Borrowings, Conversions and Continuations of
Loans.

    

    (a)          
Each Revolving Credit Borrowing, each conversion of Revolving Credit Loans from
one Type to the other, and each continuation of Eurocurrency Rate Loans shall be
made upon the applicable Borrower’s irrevocable notice to the Lender, which may
be given by telephone.  Each such notice must be received by the
Lender not later than (i) 12:30 p.m. (New York, New York time in the case
of any Borrowing by the U.S. Borrower) and 12:30 p.m. (New York, New York time
in the case of any Borrowing by the Foreign Borrower) one (1) Business Day prior
to the requested date of any Borrowing or continuation of Eurocurrency Rate
Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, and
(ii) 12:30 p.m. (New York, New York time in the case of any Borrowing by
the U.S. Borrower) on the requested date of any Borrowing of Base Rate Loans or
any conversion of Eurocurrency Rate Loans to Base Rate Loans.  Each
telephonic notice by the applicable Borrower pursuant to this Section
2.02(a) must be confirmed promptly by delivery to the Lender of a written
Committed Loan Notice, appropriately completed and signed by a Responsible
Officer of the applicable Borrower.  Each Borrowing of, conversion to
or continuation of Eurocurrency Rate Loans shall be in a minimum principal
amount of $5,000,000 or €5,000,000, as applicable, or a whole multiple of
$1,000,000 or €1,000,000, as applicable, in excess thereof.  Each
Borrowing of or conversion to Base Rate Loans shall be in a minimum principal
amount of $1,000,000 or a whole multiple of $500,000 in excess
thereof.  Each Committed Loan Notice (whether telephonic or written)
shall specify (i) whether the applicable Borrower is requesting a Revolving
Credit Borrowing, a conversion of Revolving Credit Loans from one Type to the
other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of
the Borrowing, conversion or continuation, as the case may be (which shall be a
Business Day), (iii) the principal amount of Loans to be borrowed, converted or
continued, (iv) in the case of a Borrowing, the currency in which the Loans to
be borrowed are to be denominated, (v) the Type of Loans to be borrowed or to
which existing Revolving Credit Loans are to be converted, and (vi) if
applicable, the duration of the Interest Period with respect
thereto.  If with respect to Loans denominated in Dollars the U.S.
Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to
give a timely notice requesting a conversion or continuation, then the
applicable Revolving Credit Loans shall be made as, or converted to, Base Rate
Loans.  Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect
to the applicable Eurocurrency Rate Loans.  If a Borrower requests a
Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any
such Committed Loan Notice, but fails to specify an Interest Period, it will be
deemed to have specified an Interest Period of one (1) month.  If no
currency is specified, the requested Borrowing shall be in
Dollars.

    
      
         

      

      
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    (b)          
The Lender shall make funds available to the applicable Borrower by wire
transfer of such funds, in each case in accordance with instructions provided to
(and reasonably acceptable to) the Lender by the applicable
Borrower.

    

    (c)          
Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued
or converted only on the last day of an Interest Period for such Eurocurrency
Rate Loan unless the applicable Borrower pays the amount due, if any, under
Section 3.05 in connection therewith.  During the existence of an
Event of Default, the Lender may require that no Loans denominated in Dollars
may be converted to or continued as Eurocurrency Rate Loans.

    

    (d)          
The Lender shall promptly notify the applicable Borrower of the interest rate
applicable to any Interest Period for Eurocurrency Rate Loans upon determination
of such interest rate.  The determination of the Eurocurrency Rate by
the Lender shall be conclusive in the absence of manifest error.

    

    (e)          
After giving effect to all Revolving Credit Borrowings, all conversions of
Revolving Credit Loans from one Type to the other, and all continuations of
Revolving Credit Loans as the same Type, there shall not be more than ten (10)
Interest Periods in effect.

    

    Section
2.03           [Reserved]

    

    Section
2.04           Repayments.

    

    (a)           Optional. Each Borrower
may, upon notice by such Borrower to the Lender, at any time or from time
to time voluntarily repay Loans in whole or in part without premium or penalty;
provided that (1) such notice
must be received by the Lender not later than 12:30 p.m. (New York, New York
time in the case of any Borrowings by the U.S. Borrower and London, United
Kingdom time in the case of Borrowings by the Foreign Borrower) (A) one (1)
Business Day prior to any date of repayment of Eurocurrency Rate Loans and (B)
on the date of repayment of Base Rate Loans; (2) any repayment of Eurocurrency
Rate Loans shall be in a minimum principal amount of $1,000,000
or  €1,000,000, as applicable, or a whole multiple of $500,000 or
€500,000, as applicable, in excess thereof; and (3) any repayment of Base Rate
Loans shall be in a minimum principal amount of $1,000,000 or a whole multiple
of $250,000 in excess thereof or, in each case, if less, the entire principal
amount thereof then outstanding.  Each such notice shall specify the
date and amount of such repayment and the Type(s) of Loans and the order of
Borrowing(s) to be repaid.  The applicable Borrower shall make such
repayment and the payment amount specified in such notice shall be due and
payable on the date specified therein.  Any repayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon,
together with any additional amounts required pursuant to Section
3.05.  Each repayment of principal of, and interest on, Revolving
Credit Loans shall be made in the currency in which such Revolving Credit Loans
are denominated.  Each repayment of principal of, and interest on,
Loans denominated in Dollars shall be made in Dollars.  In the case of
each repayment of the Loans pursuant to this Section 2.04(a), the
applicable Borrower may in its sole discretion select the Borrowing or
Borrowings to be repaid.

    

    (b)          
Mandatory. If for
any reason the aggregate Revolving Credit Exposures at any time exceed the
aggregate Revolving Credit Commitments then in effect, the Borrowers shall
promptly cause to be repaid Revolving Credit Loans in an aggregate amount equal
to such excess.

    
      
         

      

      
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    (c)          
Funding Losses,
Etc.  All repayments under this Section 2.04 shall be made
together with, in the case of any such repayment of a Eurocurrency Rate Loan on
a date other than the last day of an Interest Period therefor, any amounts owing
in respect of such Eurocurrency Rate Loan pursuant to Section
3.05.

    

    Section
2.05           Termination or Reduction of
Revolving
Credit Commitments.

    

    (a)          
Optional.  The
Borrowers may, upon written notice to the Lender, terminate the unused Revolving
Credit Commitments, or from time to time permanently reduce the unused Revolving
Credit Commitments; provided that (i) any such
notice shall be received by the Lender two (2) Business Days prior to the
date of termination or reduction and (ii) any such partial reduction shall be in
a minimum aggregate amount of $1,000,000 or €1,000,000, as applicable, or any
whole multiple of $250,000 or €250,000, as applicable, in excess
thereof.

    

    (b)          
Payment of
Fees.  All commitment fees accrued until the effective date of
any termination of the Revolving Credit Commitments shall be paid on the
effective date of such termination.

    

    Section
2.06           Repayment of
Loans on the Maturity
Date.

    

    Each
Borrower shall repay to the Lender on the Maturity Date the aggregate principal
amount of all of such Borrower’s Revolving Credit Loans outstanding on such
date.

    

    Section
2.07           Interest.

    

    (a)          
Subject to the provisions of Section 2.07(b), (i) each Eurocurrency Rate
Loan shall bear interest on the outstanding principal amount or face amount
thereof for each Interest Period at a rate per annum equal to the Eurocurrency
Rate for such Interest Period plus the Applicable Rate and (ii) each Base
Rate Loan shall bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate.

    

    (b)          
During the continuance of a Default pursuant to Section 8.01(a), the
applicable Borrower shall pay interest on amounts due hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Law.  Accrued and unpaid interest on
such amounts (including interest on past due interest) shall be due and payable
upon demand.

    

    (c)           Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified
herein.  Interest hereunder shall be due and payable in accordance
with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law.

    

    Section
2.08           Fees.

    

    (a)           Commitment Fee. A
commitment fee equal to the Applicable Rate with respect to Revolving Credit
Loans times the actual daily amount by which the aggregate Revolving Credit
Commitment exceeds the Outstanding Amount of Revolving Credit Loans shall accrue
and, on the fifth Business Day after the commitment fees are calculated in
accordance with the next succeeding sentence, each Borrower shall pay in Dollars
to the Lender fifty percent (50%) of such commitment fee.  The
commitment fee shall accrue at all times from the Closing Date until the
Maturity Date for the Revolving Credit Facility, including at any time during
which one or more of the conditions in Article IV is not met, and shall be
calculated quarterly in arrears on the last Business Day of each March, June,
September and December, commencing with the last Business Day of June, 2008, and
on the Maturity Date.

    
      
         

      

      
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    (b)          
Other
Fees.  The Borrowers shall pay in Dollars to the Lender such
fees as shall have been separately agreed upon in writing in the amounts and at
the times so specified.  Such fees shall be fully earned when paid and
shall not be refundable for any reason whatsoever (except as expressly agreed
between the Borrowers and the Lender).

    

    Section
2.09           Computation of Interest and
Fees.

    

    All
computations of interest for Base Rate Loans when the Base Rate is determined by
Citibank, N.A.’s “prime rate” shall be made on the basis of a year of three
hundred and sixty-five (365) days, or three hundred and sixty-six (366) days, as
applicable, and actual days elapsed.  All other computations of fees
and interest shall be made on the basis of a three hundred and sixty (360) day
year and actual days elapsed.  Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any
portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that
is repaid on the same day on which it is made shall, subject to Section 2.11(a),
bear interest for one (1) day.  Each determination by the Lender of an
interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

    

    Section
2.10           Evidence of
Indebtedness.

    

    (a)          
The Credit Extensions made by the Lender shall be evidenced by one or more
accounts or records maintained by the Lender named in the introductory paragraph
to this Agreement and evidenced by one or more entries in the Register
maintained by the Lender, or a Person designated by the Lender (which may
include the Borrowers) and acting as agent for the Borrowers, acting solely for
purposes of Treasury Regulation Section 5f.103-1(c), in each case in the
ordinary course of business.  The accounts or records maintained by
the Lender shall be prima
facie evidence absent manifest error of the amount of the Credit
Extensions made by the Lender to the Borrowers and the interest and payments
thereon.  Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrowers hereunder to
pay any amount owing with respect to the Obligations.  Upon the
request of the Lender upon reasonable notice, the relevant Borrowers shall
execute and deliver to the Lender a Note payable to the Lender, which shall
evidence the Lender’s Loans in addition to such accounts or
records.  The Lender may attach schedules to its Note and endorse
thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto.

    

    (b)          
Entries made in good faith by the Lender, or a Person designated by the Lender
and acting as agent for the Borrowers, in the Register pursuant to Section
2.10(a), and by the Lender in its account or accounts pursuant to Section
2.10(a), shall be prima facie evidence of the amount
of principal and interest due and payable or to become due and payable from the
Borrowers to, in the case of the Register, the Lender and, in the case of such
account or accounts, the Lender, under this Agreement and the other Loan
Documents, absent manifest error; provided that the failure of
any the Lender  (or its designee) to make an entry, or any finding
that an entry is incorrect, in the Register or such account or accounts shall
not limit or otherwise affect the obligations of the Borrowers under this
Agreement and the other Loan Documents.

    

    Section
2.11           Payments
Generally.

    

    (a)          
All payments to be made by the Borrowers shall be made without condition or
deduction for any counterclaim, defense, recoupment or setoff.  Except
as otherwise expressly provided herein and except with respect to principal of
and interest on Loans denominated in Euros, all payments by the Borrowers
hereunder shall be made to the Lender, at the Lender’s Office in Dollars and in
Same Day Funds not later than 2:00 p.m. (New York, New York time) on the date
specified herein.  Except as otherwise expressly provided herein, all
payments by the Borrowers hereunder with respect to principal and interest on
Loans denominated in Euros shall be made to the Lender at the Lender’s Office in
Euros and in Same Day Funds not later than 2:00 p.m. (New York, New York time)
on the dates specified herein.  If, for any reason, the applicable
Borrower is prohibited by any Law from making any required payment hereunder in
Euros, such Borrower shall make such payment in Dollars in the Dollar Amount of
the Euro payment amount.  All payments received by the Lender (i)
after 2:00 p.m. (New York time), in the case of payments in Dollars, or (ii)
after 2:00 p.m. (New York time) in the case of payments in Euros, shall in each
case be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue.

    
      
         

      

      
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    (b)          
If any payment to be made by a Borrower shall come due on a day other than a
Business Day, payment shall be made on the immediately succeeding Business Day,
and such extension of time shall be reflected in computing interest or fees, as
the case may be; provided that, if such
extension would cause payment of interest on or principal of Eurocurrency Rate
Loans to be made in the next succeeding calendar month, such payment shall be
made on the immediately preceding Business Day.

    

    (c)          
Nothing herein shall be deemed to obligate the Lender to obtain the funds for
any Loan in any particular place or manner or to constitute a representation by
the Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

    

    Section
2.12           Several and Not Joint
Liability.

    

    The
parties hereto agree that each Borrower is and will be severally liable for its
Obligations under the Loan Documents and no Borrower will be jointly liable for
any of the Obligations of the other Borrower under the Loan
Documents.  Accordingly, the parties hereto agree that (i) each
Borrower will only be liable to repay the principal amount of Loans borrowed by
such Borrower and the interest accrued thereon, (ii) each Borrower shall be
liable for fifty percent (50%) of the amount of any fees described in Section
2.08 and (iii) each Borrower shall be liable for fifty percent (50%) of the
amount of any fees, expenses and indemnities due under Section 9.04 and Section
9.05.

    

    Section
2.13           [Reserved.]

    

    Section
2.14           Currency
Equivalents.

    

    (a)          
The Lender shall determine the Dollar Amount of each Loan denominated in Euros,
as of the date of incurrence of such Revolving Credit Loan, and shall promptly
notify the Borrowers of each Dollar Amount so determined by it.  Each
such determination shall be based on the Exchange Rate (x) on the date of the
related Committed Loan Notice for purposes of the initial such determination for
any Loan denominated in Euros and (y) on the fourth Business Day prior to
the date as of which such Dollar Amount is to be determined, for purposes of any
subsequent determination.

    

    (b)          
If after giving effect to any such determination of a Dollar Amount, the
aggregate Outstanding Amount of the Revolving Credit Loans exceeds the aggregate
Revolving Credit Commitments under Revolving Credit Facility by 5% or more, one
or both of the applicable Borrowers shall, within five (5) Business Days of
receipt of notice thereof from the Lender setting forth such calculation in
reasonable detail, repay or cause to be repaid outstanding Revolving Credit
Loans (as selected by the Borrowers and notified to the Lender not less than
three (3) Business Days prior to the date of repayment) or take other action to
the extent necessary to eliminate any such excess.

    
      
         

      

      
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    ARTICLE
III

    

    Taxes, Increased Costs
Protection and Illegality

    

    Section
3.01           Taxes.

    

    (a)           Except
as required by law, any and all payments by the Loan Parties to or for the
account of the Lender under any Loan Document shall be made free and clear of
and without deduction for any Taxes.  If any Loan Party or other
applicable withholding agent shall be required by any Laws to withhold or deduct
any Indemnified Taxes or Other Taxes from or in respect of any sum payable under
any Loan Document to or for the account of the Lender, (i) the sum payable by
the applicable Loan Party shall be increased as necessary so that after making
all required withholdings or deductions of Indemnified Taxes or Other Taxes
(including withholdings or deductions applicable to additional sums payable
under this Section 3.01), the Lender receives an amount equal to the sum it
would have received had no such withholdings or deductions of Indemnified Taxes
or Other Taxes been made, (ii) such Loan Party or other applicable withholding
agent (as applicable) shall make such withholdings or deductions, (iii) such
Loan Party or other applicable withholding agent (as applicable) shall pay the
full amount withheld or deducted to the relevant taxation authority or other
authority in accordance with applicable Law, and (iv) within thirty (30) days
after the date of such payment (or, if receipts or evidence are not available
within thirty (30) days, as soon as possible thereafter), if a Loan Party made
the withholding or deduction, such Loan Party shall furnish to the Lender the
original or a copy of a receipt evidencing payment thereof or other evidence
reasonably acceptable to the Lender.

    

    (b)          
The Loan Parties agree to pay any and all present or future stamp, court or
documentary taxes and any other excise, property, intangible, mortgage recording
or similar taxes or charges or levies which arise from any payment made under
any Loan Document or from the execution, delivery, performance, enforcement or
registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as “Other
Taxes”) except for any such tax resulting from an assignment or
participation by the Lender or a participant (“Assignment Tax”), but only if
such Assignment Taxes result from a connection between the jurisdiction
imposing such tax and the Lender or such participant other than any connections
arising solely from the Lender or such participant having executed, delivered,
been a party to, received or perfected a security interest under or
performed its obligations under,  received payment under or enforced, this
Agreement or any other Loan Document.

    

    (c)          
Each Loan Party jointly and severally agrees to indemnify and hold harmless the
Lender for (i) the full amount of Indemnified Taxes and Other Taxes payable by
the Lender (including Indemnified Taxes or Other Taxes imposed directly on the
Lender) whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant taxing authority and (ii) any
expenses (excluding any Excluded Taxes) arising therefrom or with respect
thereto.  A certificate as to the amount of such payment or liability,
along with a reasonably detailed description of such payment or liability,
delivered to the applicable Loan Party shall be conclusive absent manifest
error.

    

    (d)          
Each Foreign Lender with respect to a Loan to a U.S. Borrower shall, to the
extent it is legally entitled to do so, (v) on or prior to the Closing Date in
the case of each Foreign Lender that is a signatory hereto, (w) on or prior to
the date of the Assignment and Assumption pursuant to which such Foreign Lender
becomes a Lender, (x) on or prior to the date on which any such form or
certification expires or becomes obsolete or incorrect, (y) after the occurrence
of any event involving such Foreign Lender that requires a change in the most
recent form or certification previously delivered by it to the U.S. Borrower and
the Lender, and (z) from time to time if reasonably requested by the U.S.
Borrower or the Lender, provide the Lender and the U.S. Borrower with two
completed originals of each of the following, as applicable:

    
      
         

      

      
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    (i)         IRS
Form W-8ECI (claiming exemption from U.S. federal withholding tax because the
income is effectively connected with a U.S. trade or business) or any successor
form;

    

    (ii)        IRS
Form W-8BEN (claiming exemption from, or a reduction of, U.S. federal
withholding tax under an income tax treaty) or any successor form;

    

    (iii)       in
the case of a Foreign Lender claiming exemption under Section 871(h) or 881(c)
of the Code, an IRS Form W-8BEN or any successor form and a certificate
substantially in the form of Exhibit D (to claim
exemption from U.S. federal withholding tax under the portfolio interest
exemption); or

    

    (iv)       any
other applicable form, certificate or document prescribed by the IRS certifying
as to such Foreign Lender’s entitlement to such exemption from U.S. federal
withholding tax or reduced rate with respect to specified payments to be made by
the U.S. Borrower to such Foreign Lender under the Loan Documents.

    

    To the
extent it is legally entitled to do so, any Foreign Lender with respect to a
Loan to a U.S. Borrower which Lender does not act or ceases to act for its own
account with respect to any portion of any sums paid or payable to such Foreign
Lender under any of the Loan Documents shall deliver to the U.S. Borrower, on or
prior to the date such Foreign Lender becomes a Lender, or on or prior to such
later date when such Foreign Lender ceases to act for its own account with
respect to any portion of any such sums paid or payable (and on or prior to the
date on which any such form or certification expires or becomes obsolete or
incorrect, after the occurrence of any event involving such Foreign Lender that
requires a change in the most recent form or certification previously delivered
by it to the U.S. Borrower, and from time to time thereafter if reasonably
requested by the U.S. Borrower), two completed originals of IRS Form W-8IMY (or
any successor forms) properly completed and duly executed by such Foreign
Lender, together with all information required to be transmitted with such form,
and any other certificate or statement of exemption required under the Code or
reasonably requested by the Borrowers, to establish that such Foreign Lender is
not acting for its own account with respect to a portion of any such sums
payable to such Foreign Lender and to establish that such portion may be
received without deduction for, or at a reduced rate of, U.S. federal
withholding tax (including, if the Foreign Lender is claiming the portfolio
interest exemption with respect to one or more of its beneficial owners, a
certificate substantially in the form of Exhibit D with
respect to such beneficial owners).

    

    In
addition to the foregoing, any Lender that is entitled to an exemption from or
reduction of withholding tax under the law of any jurisdiction in which any
Borrower is located or doing business, or any treaty to which such jurisdiction
is a party, with respect to payments under this Agreement or any other Loan
Document shall deliver to such Borrower, at the time or times prescribed by
applicable law, such properly completed and executed documentation prescribed by
applicable law or reasonably requested by such Borrower as will permit such
payments to be made without withholding or at a reduced rate, provided that such
Lender has received written notice from such Borrower advising it of the
availability of such exemption or reduction and supplying all applicable
documentation.

    
      
         

      

      
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    The
Lender shall, to the extent it is legally entitled to do so, provide the U.S.
Borrower with, (i) with respect to interest hereunder, one completed original of
IRS Form W-9 or W-8IMY, as applicable, (ii) with respect to any fee received by
the Lender hereunder, one completed original of IRS Form W-9 or applicable W-8
and (iii) any other documentation reasonably requested by the U.S. Borrower as
will permit any payment of such fee to be made without withholding or at a
reduced rate of withholding.  Thereafter and from time to time, the
Lender shall, to the extent it is legally entitled to do so, provide the U.S.
Borrower such additional duly completed and signed copies of one or more of such
forms (or such successor forms) or documentations on or prior to the date on
which any such form or documentation expires or becomes obsolete or
incorrect.

    

    (e)          
Each Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall, on the date such Lender becomes a party hereto,
provide the Borrowers’ Agent and the Lender with two completed originals of IRS
Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding and shall update such form from time to time if such form expires or
becomes obsolete or incorrect.

    

    (f)          
Any Lender claiming any additional amounts or indemnification payments pursuant
to this Section 3.01 shall use its reasonable efforts (if requested by the
Borrowers) to change the jurisdiction of its Lending Office or take other steps
(in each case, at Borrowers’ expense) if such a change or other steps would
reduce any such additional amounts or indemnification payments (or any similar
amount that may thereafter accrue) and would not, in the sole determination of
such Lender, result in any unreimbursed cost or expense or be otherwise
disadvantageous to such Lender.

    

    (g)          
If any Lender determines, in its sole good faith discretion, that it has
received a refund in respect of any Indemnified Taxes or Other Taxes as to which
indemnification or additional amounts have been paid to it by the Borrowers
pursuant to this Section 3.01, it shall promptly remit the portion of such
refund to the applicable Loan Party that will leave it in no better or worse
after-tax position (taking into account all out-of-pocket expenses of the Lender
or Agent, as the case may be, than if the Indemnified Tax or Other Tax giving
rise to such refund had not been imposed in the first instance); provided that the Loan Parties,
upon the request of such Lender, agree promptly to return such refund (plus any
penalties, interest or other charges imposed by the relevant taxing authority)
to such party in the event such party is required to repay such refund to the
relevant taxing authority.  This clause (g) shall not be construed to
require any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Loan Party or any other
Person.

    

    Section
3.02           Illegality.

    

    If the
Lender determines that any Law has made it unlawful or otherwise prohibited, or
that any Governmental Authority has asserted that it is unlawful or otherwise
prohibited, for the Lender or its applicable Lending Office to make, maintain or
fund Eurocurrency Rate Loans of any currency, or to determine or charge interest
rates based upon the Eurocurrency Rate for any currency, then, on notice thereof
by the Lender to the Borrowers, any obligation of the Lender to make or continue
Eurocurrency Rate Loans of such currency or to convert Base Rate Loans to
Eurocurrency Rate Loans shall be suspended until the Lender notifies the
Borrowers that the circumstances giving rise to such determination no longer
exist.  Upon receipt of such notice, the applicable Borrower shall
upon demand from the Lender, repay or, if applicable, convert all applicable
Eurocurrency Rate Loans of the Lender to Base Rate Loans, either on the last day
of the Interest Period therefor, if the Lender may in compliance with applicable
Law continue to maintain such Eurocurrency Rate Loans to such day, or promptly,
if the Lender may not in compliance with applicable Law continue to maintain
such Eurocurrency Rate Loans.  Upon any such repayment or conversion,
such Borrower shall also pay accrued interest on the amount so repaid or
converted and all amounts due, if any, in connection with such repayment or
conversion under Section 3.05.

    
      
         

      

      
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    Section
3.03           [Reserved].

    

    Section
3.04           [Reserved].

    

    Section
3.05           Funding Losses.

    

    Upon
demand of the Lender from time to time, each Borrower shall promptly compensate
the Lender for and hold the Lender harmless from any loss, cost or expense
actually incurred by it as a result of:

    

    (a)          
any continuation, conversion, payment or repayment of any Eurocurrency Rate Loan
of such Borrower on a day other than the last day of the Interest Period for
such Loan (in each case, whether voluntary, mandatory, automatic, by reason of
acceleration, or otherwise); or

    

    (b)          
any failure by the applicable Borrower (for a reason other than the failure of
the Lender to make a Loan) to repay, borrow, continue or convert any
Eurocurrency Rate Loan of such Borrower on the date or in the amount notified by
such Borrower;

    

    including
any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained.

    

    For
purposes of calculating amounts payable by any Borrower to the Lender under this
Section 3.05, the Lender shall be deemed to have funded each Eurocurrency Rate
Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or
other borrowing in the London interbank Eurodollar market for a comparable
amount and for a comparable period, whether or not such Eurocurrency Rate Loan
was in fact so funded.

    

    Section
3.06           Matters Applicable to All Requests for
Compensation.

    

    (a)           The
Lender shall deliver a certificate to the Borrowers setting forth the additional
amount or amounts to be paid to it hereunder which shall be conclusive in the
absence of manifest error.  In determining such amount, the Lender may
use any reasonable averaging and attribution methods.

    

    (b)          
With respect to the Lender’s claim for compensation under Section 3.01 or
Section 3.02, the Borrowers shall not be required to compensate the Lender for
any amount incurred more than one hundred and twenty (120) days prior to the
date that the Lender notifies the applicable Borrower of the event that gives
rise to such claim; provided that, if the
circumstance giving rise to such claim is retroactive, then such 120-day period
referred to above shall be extended to include the period of retroactive effect
thereof.

    

    (c)          
If the obligation of the Lender to make or continue any Eurocurrency Rate Loan,
or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended
pursuant to Section 3.02 hereof, the Lender’s applicable Eurocurrency Rate Loans
shall be automatically converted into Base Rate Loans (or, if such conversion is
not possible, repaid) on the last day(s) of the then current Interest Period(s)
for such Eurocurrency Rate Loans (or, in the case of an immediate conversion
required by Section 3.02, on such earlier date as required by Law) and,
unless and until the Lender gives notice that the circumstances specified in
Section 3.01 or Section 3.02 hereof that gave rise to such conversion
no longer exist:

    
      
         

      

      
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    (i)      
     to the extent that the Lender’s Eurocurrency Rate Loans
have been so converted, all payments and repayments of principal that would
otherwise be applied to the Lender’s applicable Eurocurrency Rate Loans shall be
applied instead to its Base Rate Loans; and

    

    (ii)           all
Loans that would otherwise be made or continued from one Interest Period to
another by the Lender as Eurocurrency Rate Loans shall be made or continued
instead as Base Rate Loans (if possible), and all Base Rate Loans of the Lender
that would otherwise be converted into Eurocurrency Rate Loans shall remain as
Base Rate Loans.

    

    Section
3.07           Survival.

    

    All of
the Borrowers’ obligations under this Article III shall survive termination of
the Aggregate Commitments and repayment of all other payment Obligations
hereunder.

    

    ARTICLE
IV

    

    Conditions Precedent to
Effectiveness
of Agreement

    

    Section
4.01           Conditions
to Effectiveness of
Agreement.

    

    This
Agreement shall be effective upon satisfaction of the following conditions
precedent:

    

    (a)          
The Lender’s receipt of the following, each of which shall be originals or
facsimiles (followed promptly by originals) unless otherwise specified, each
properly executed by a Responsible Officer of the signing Loan Party to the
extent such Loan Party is a party thereto, each in form and substance reasonably
satisfactory to the Lender and its legal counsel:

    

    (i)         executed
counterparts of this Agreement; and

    

    (ii)        such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Lender may
reasonably require (and as have been notified to the Borrowers no later than
three (3) Business Days before the Closing Date) evidencing the identity,
authority and capacity of each Responsible Officer thereof authorized to act as
a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party or is to be a party on the Closing
Date.

    

    (b)           The
Loan Parties shall have paid to the Lender all fees and expenses due and owing
to the Lender on the Closing Date.

    

    Section
4.02           Conditions to All Credit
Extensions.

    

    The
obligation of the Lender to make any Credit Extension (including, in the case of
Section 4.02(a) and Section 4.02(c), any Credit Extensions made on the Closing
Date) is subject to the satisfaction of the following conditions precedent;
provided that a
conversion of Loans to the other Type or a continuation of Eurocurrency Rate
Loans shall not be deemed a Credit Extension for the purposes of this Section
4.02.

    
      
         

      

      
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    (a)          
The representations and warranties of each Borrower and each other Loan Party
contained in Article V or any other Loan Document shall be true and correct
in all material respects on and as of the date of such Credit Extension (except
that the representations contained in Section 5.02, Section 5.04 and
Section 5.13 shall be the only representations the accuracy of which shall
be a condition to the Credit Extensions made on the Closing Date); provided that to the extent
that such representations and warranties specifically refer to an earlier date,
they shall be true and correct in all material respects as of such earlier date;
provided, further, that any
representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct in all respects on
such respective dates.

    

    (b)          
Except in the case of the Credit Extensions made on the Closing Date, no Default
shall exist or would result from such proposed Credit Extension or from the
application of the proceeds therefrom.

    

    (c)           The
Lender shall have received a Request for Credit Extension in accordance with the
requirements hereof.

    

    (d)           In
the case of the initial Credit Extension, the Loan Parties shall have paid to
the Lender all fees and expenses due and owing to the Lender on the date of such
Credit Extension.

    

    Each
Request for Credit Extension (other than a Committed Loan Notice requesting only
a conversion of Loans to the other type or a continuation of Eurocurrency Rate
Loans) submitted by the Borrowers shall be deemed to be a representation and
warranty that the conditions specified in Section 4.02(a) and Section 4.02(b)
have been satisfied on and as of the date of the applicable Credit
Extension.

    

    ARTICLE
V

    

    Representations and
Warranties

    

    Each Loan
Party represents and warrants to the Lender that:

    

    Section
5.01           Existence, Qualification and
Power; Compliance with Laws.

    

    Subject
to the Legal Reservations, each Loan Party and each Material Subsidiary (a) is a
Person duly organized or formed, validly existing and in good standing, in each
case where such concept exists, under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite constitutional, corporate
or other similar power and authority to (i) own or lease its material assets and
carry on its business substantially as currently conducted and (ii) execute,
deliver and perform its obligations under the Loan Documents to which it is a
party, (c) is duly qualified and in good standing, in each case where such
concept exists, under the Laws of each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such
qualification, (d) is in compliance with all Laws, orders, writs and injunctions
and (e) has all requisite governmental licenses, authorizations, consents and
approvals to operate its business as currently conducted; except in each case
referred to in clause (c), (d) or (e), to the extent that failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

    

    Section
5.02           Authorization; No
Contravention.

    
      
         

      

      
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    The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is a party, are within such Loan Party’s corporate or other
powers, have been duly authorized by all necessary corporate or other
organizational action, and do not (a) contravene the terms of any of such
Person’s Organization Documents; (b) in any material way, conflict with or
result in any breach or contravention of or the creation of any Lien under or
require any payment to be made under, (i) any Contractual Obligation to which
such Person is a party or affecting such Person or the properties of such Person
or any of its Subsidiaries or (ii) any order in any material way, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such
Person or its property is subject in any material way; or (c) violate any
material Law in any material way; except with respect to any conflict, breach or
contravention or payment (but not creation of Liens) referred to in clause
(b)(i), to the extent that such conflict, breach, contravention, violation or
payment could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

    

    Section
5.03           Governmental Authorization;
Other Consents.

    

    Subject
to the Legal Reservations, no material approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary for or required of a
Loan Party in connection with (a) the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan
Document, or (b) the exercise by the Lender of its rights under the Loan
Documents, except for (i) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made
and are in full force and effect and (ii) those approvals, consents, exemptions,
authorizations or other actions, notices or filings, the failure of which to
obtain or make could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

    

    Section
5.04           Binding
Effect.

    

    This
Agreement and each other Loan Document dated on or prior to the date this
representation is made has been duly executed and delivered by each Loan Party
that is a party thereto.  This Agreement and each other Loan Document
dated on or prior to the date this representation is made constitutes, a legal,
valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is a party thereto in accordance with its terms, except as such
enforceability may be limited by Debtor Relief Laws and by general principles of
equity.

    

    Section
5.05           Financial Statements; No
Material Adverse Effect.

    

    (a)          
On the Closing Date, the Audited Financial Statements fairly present in all
material respects the financial condition of the Company and its Subsidiaries as
of the dates thereof and their results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the periods
covered thereby, except as otherwise expressly noted therein.  During
the period from December 31, 2006 to and including the Closing Date, there has
been (x) no sale, transfer or other disposition by the Company or any of its
Subsidiaries of any material part of the business or property of the Company or
any of its Subsidiaries, taken as a whole, and (y) no purchase or other
acquisition by the Company or any of its Subsidiaries of any business or
property (including any Equity Interests of any other Person) material in
relation to the consolidated financial condition of the Company and its
Subsidiaries, in each case, which is not reflected in the foregoing financial
statements or in the notes thereto or has not otherwise been disclosed in
writing to the Lender prior to the Closing Date.

    

    (b)          
The forecasts of consolidated balance sheets, income statements and cash flow
statements of the Company and its Subsidiaries which have been furnished to the
Lender prior to the Closing Date have been prepared in good faith on the basis
of the assumptions stated therein, which assumptions were believed to be
reasonable at the time of preparation of such forecasts, it being understood
that actual results may vary from such forecasts and that such variations may be
material.

    
      
         

      

      
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    (c)          
Since the Closing Date, there has been no event or circumstance that could,
either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

    

    Section
5.06           Litigation.

    

    There are
no actions, suits, proceedings, claims or disputes pending or, to the knowledge
of the Borrowers, threatened in writing or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, by or against any Loan Party
or any of its Subsidiaries or against any of their properties or revenues that
could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

    

    Section
5.07           [Reserved].

    

    Section
5.08           Ownership of Property;
Liens.

    

    Each Loan
Party and each of its Subsidiaries has good record fee simple title (or
otherwise holds full legal (and, if applicable, beneficial) ownership under
applicable Law) to, or valid leasehold interests in, or easements or other
limited property interests in, all Real Property necessary in the ordinary
conduct of its business, free and clear of all Liens except for (x) minor
defects in title that do not materially interfere with its ability to conduct
its business or to utilize such assets for their intended purposes and (y) Liens
permitted under Section 7.01 (other than Section 7.01(z)) and except where the
failure to have such title could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

    

    Section
5.09           Environmental
Matters.

    

    In each
case, except as set forth on Schedule 5.09 to the
Senior Credit Agreement,

    

    (a)          
There are no claims, actions, suits, proceedings, demands, notices or, to the
knowledge of any Loan Party and each of its Subsidiaries, investigations
alleging actual or potential liability of any Loan Party or its Subsidiaries
under or for violation of, or otherwise relating to, any Environmental Law that
could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

    

    (b)          
Except for items that could not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, (i) each Loan Party and each of
their respective Subsidiaries and each of their Real Property, other assets and
operations are in compliance with all applicable Environmental Laws, including
all Environmental Permits; (ii) none of the properties currently or, to the
knowledge of any Loan Party or any of its Subsidiaries, formerly, owned, leased
or operated by any Loan Party or any of its Subsidiaries is listed or formally
proposed for listing on the National Priority List under CERCLA, or the German
register of contaminated sites (Altlaster register) or any analogous list
maintained pursuant to any Environmental Law; (iii) all asbestos or
asbestos-containing material on, at or in any property or facility currently
owned, leased or operated by any Loan Party or any of its Subsidiaries is in
compliance with Environmental Laws; and (iv) there has been no Release of
Hazardous Materials by any Person on, at, under or from any property or facility
currently or formerly owned, leased or operated by any Loan Party or any of its
Subsidiaries and there has been no Release of Hazardous Materials by any Loan
Party or any of its Subsidiaries at any other location.

    
      
         

      

      
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    (c)          
The properties and facilities owned, leased or operated by the Loan Parties and
their Subsidiaries do not contain any Hazardous Materials in amounts or
concentrations which (i) constitute a violation of, (ii) require investigation
or other response or corrective action under, or (iii) could reasonably be
expected to give rise to liability under, Environmental Laws, which violations,
actions and/or liabilities, individually or in the aggregate, could, reasonably
be expected to result in a Material Adverse Effect.

    

    (d)          
None of the Loan Parties or their Subsidiaries is undertaking or financing, in
whole or in part, either individually or together with other potentially
responsible parties, any investigation, response or other corrective action
relating to any actual or threatened Release of Hazardous Materials at any
property, facility or location pursuant to any Environmental Law except for such
investigation, response or other corrective action that, individually or in the
aggregate, could not, reasonably be expected to result in a Material Adverse
Effect.

    

    (e)          
All Hazardous Materials generated, used, treated, handled or stored by any Loan
Party or any of their Subsidiaries at, or transported by or on behalf of any
Loan Party or any of their Subsidiaries to or from, any property or facility
currently or formerly owned, leased or operated by any Loan Party or any of its
Subsidiaries have been disposed of in a manner which could not reasonably be
expected to result, individually or in the aggregate, in a Material Adverse
Effect.

    

    (f)          
Except as could not reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect, none of the Loan Parties or any of
their Subsidiaries has contractually assumed, and is not subject or a party to
any judgment, order, decree or agreement which imposes, any liability or
obligation under or relating to any Environmental Law.

    

    Section
5.10           Taxes.

    

    Except as
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (a) each of the Loan Parties and each of their
respective Subsidiaries has (i) timely filed all Tax returns required to be
filed and all such tax returns are true and correct, (ii) timely paid all Taxes
levied or imposed upon it or its properties (whether or not shown on a tax
return), and (iii) satisfied all of its Tax withholding obligations; (b) there
are no current, pending or threatened audits, examinations or claims with
respect to Taxes of any Loan Party or any of their respective Subsidiaries and
(c) none of the Loan Parties has ever “participated” in a “listed transaction”
within the meaning of Treasury Regulation Section 1.6011-4.

    

    Section
5.11           ERISA
Compliance.

    

    (a)          
Except as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the
applicable provisions of ERISA, the Code and other Federal or state
Laws.

    

    (b)          
(i) No ERISA Event has occurred or is reasonably expected to occur and (ii)
neither any Loan Party, any Subsidiary nor any ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA, except,
with respect to each of the foregoing clauses of this Section 5.11(b), as
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

    

    (c)          
Except where noncompliance could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, (i) each Foreign
Plan has been maintained in compliance with its terms and with the requirements
of any and all applicable laws, statutes, rules, regulations and orders and has
been maintained, where required, in good standing with applicable regulatory
authorities, and (ii) neither any Loan Party nor any Subsidiary has incurred any
obligation in connection with the termination of or withdrawal from any Foreign
Plan.

    
      
         

      

      
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    Section
5.12           Subsidiaries; Equity
Interests.

    

    As of the
Closing Date, no Loan Party has any Subsidiaries other than dormant or inactive
entities and those specifically disclosed in Schedule 5.12 to the
Senior Credit Agreement, and all of the outstanding Equity Interests owned by
the Loan Parties (or a Subsidiary of any Loan Party) in such Subsidiaries have
been validly issued and are fully paid and all Equity Interests owned by a Loan
Party (or a Subsidiary of any Loan Party) in such Subsidiaries are owned free
and clear of all Liens except any Lien that is permitted under Section
7.01.

    

    Section
5.13           Margin Regulations;
Investment Company Act.

    

    (a)          
Neither Borrower is engaged nor will it engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U issued by the FRB), or extending credit for
the purpose of purchasing or carrying margin stock, and no proceeds of any
Borrowings will be used for any purpose that violates
Regulation U.

    

    (b)          
Neither of the Borrowers, any Person Controlling any Borrower, or any of the
Subsidiaries of a Borrower is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

    

    Section
5.14           Disclosure.

    

    To the
best of the Loan Parties’ knowledge, no report, financial statement, certificate
or other written information furnished by or on behalf of any Loan Party to the
Lender after the Closing Date in connection with the transactions contemplated
hereby and the negotiation of this Agreement or delivered hereunder after the
Closing Date or any other Loan Document (as modified or supplemented by other
information so furnished) when taken as a whole contains any material
misstatement of fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not materially misleading; provided that, with respect
to projected financial information and pro forma financial information, the
Company and the Borrowers represent only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time of
preparation; it being understood that such projections may vary from actual
results and that such variances may be material.

    

    Section
5.15           [Reserved].

    

    Section
5.16           Anti-Terrorism
Laws.

    

    (a)          
To the best knowledge of the Loan Parties organized in the United States, no
such Loan Party nor any Subsidiary thereof: (i) is, or is controlled by or is
acting on behalf of, a Restricted Party; (ii) has received funds or other
property from a Restricted Party; or (iii) is in breach of or is the subject of
any action or investigation under any Anti-Terrorism Law.

    
      
         

      

      
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    (b)          
Each of the Loan Parties organized in the United States and, to the best of such
Loan Parties’ knowledge, each Subsidiary thereof has taken reasonable measures
to ensure compliance with the Anti-Terrorism Laws.

    

    Section
5.17           Intellectual Property;
Licenses, Etc.

    

    Each of
the Loan Parties and their Subsidiaries own, license or otherwise possess the
right to use, all of the trademarks, service marks, trade names, domain names,
copyrights, patents, trade secrets, know-how, database rights, design rights and
other intellectual property rights (collectively, “IP Rights”) that are material
to the operation of their respective businesses as currently conducted, and,
without conflict with the rights of any Person, except to the extent such
conflicts could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.  To the knowledge of the Loan Parties,
the operation of the businesses as currently conducted does not infringe upon
any IP Rights held by any Person except for such infringements, individually or
in the aggregate, which could not reasonably be expected to have a Material
Adverse Effect.  No claim or litigation brought against any Loan Party
alleging the infringement or misuse of any IP Rights is pending or, to the
knowledge of the Loan Parties, threatened against any Loan Party or any of its
Subsidiaries, which could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

    

    Section
5.18           Solvency.

    

    On the
Closing Date, the Loan Parties and their Subsidiaries (taken as a whole) after
giving effect to the transaction contemplated by this Agreement and the payment
of the fees and expenses in connection therewith, are Solvent.

    

    Section
5.19           Use of
Proceeds.

    

    The
Borrowers will use the proceeds of the Revolving Credit Loans for working
capital and general corporate purposes of the Company and its
Subsidiaries.

    

    ARTICLE
VI

    

    Affirmative
Covenants

    

    So long
as the Lender shall have any Revolving Credit Commitment hereunder, or any Loan
or other Obligation hereunder which is accrued and payable shall remain unpaid
or unsatisfied, the Company shall, and shall cause each of its Restricted
Subsidiaries to:

    

    Section
6.01           Financial
Statements.

    

    (a)           At
the request of the Lender, deliver to the Lender, as soon as available, but in
any event within ninety (90) days (one-hundred and twenty (120) days in the case
of the Fiscal Year ending December 31, 2007) (or such earlier date on which the
Company is required to make any public filing of such information) after the end
of each Fiscal Year of the Company beginning with the Fiscal Year ending
December 31, 2007, a consolidated balance sheet of the Company and its
Subsidiaries as at the end of such Fiscal Year, and the related consolidated
statements of income and retained earnings and of cash flows for such Fiscal
Year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on without material qualification (including
any “going concern” or like qualification) by an independent registered public
accounting firm of nationally recognized standing;

    
      
         

      

      
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    (b)           At
the request of the Lender, deliver to the Lender (as soon as available, but in
any event within forty-five (45) days (sixty (60) days in the case of the first
three fiscal quarters of the Fiscal Year ending December 31,
2008)  (or such earlier date on which the Company is required to make
any public filing of such information), after the end of each of the first three
(3) fiscal quarters of each Fiscal Year of the Company, a consolidated balance
sheet of the Company and its Subsidiaries as at the end of such fiscal quarter,
and the related consolidated statements of income and cash flows, each for such
fiscal quarter and the portion of the Fiscal Year then ended, setting forth in
each case in comparative form the figures for the corresponding fiscal quarter
of the previous Fiscal Year and the corresponding portion of the previous Fiscal
Year, all certified (subject to normal year-end adjustments) as to fairness of
presentation and consistency by a Company Financial Officer as fairly presenting
in all material respects the financial condition, results of operations and cash
flows of the Company and its Subsidiaries in accordance with GAAP, subject only
to normal year-end audit adjustments and the absence of footnotes and (2)
deliver to the Lender, promptly, any other information, documents and other
reports which the Company or any Subsidiary is (when registered) required to
file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act;
and

    

    (c)           At
the request of the Lender, deliver to the Lender, promptly, and in any event no
later than thirty (30) days after the end of each Fiscal Year, a consolidated
budget for the following Fiscal Year prepared by the Company for approval by its
Board of Directors, the following two Fiscal Years (including (A) a
projected consolidated cashflow statement and profit and loss account of
financial position of the Company and its Subsidiaries as of the end of each
such Fiscal Year, (B) in respect of each principal operating division of
the Company and its Subsidiaries, an income statement beginning with EBITDA by
business group, and projected levels of the First Lien Senior Secured Leverage
Ratio and Consolidated Debt Service Ratio as of the end of each fiscal quarter
in the first Fiscal Year of the period presented and (C) a summary of the
material underlying assumptions applicable thereto) (collectively, the “Projections”).

    

    Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to
paragraphs (a) and (b) of this Section 6.01 will be satisfied with respect to
financial information of the Company by furnishing (A) the applicable financial
statements of the Company or (B) the Company’s Form 10-K or 10-Q, as applicable,
filed with the SEC or prior to or in lieu of any such requirement to file with
the SEC, such equivalent information is made public by the Company in compliance
with such corresponding obligations under any Permanent Financing of the Senior
Second Lien Interim Loans consisting of securities registered under the
Securities Act or pursuant to Rule 144A thereunder, as the case may be); provided that, with respect
to each of clauses (A) and (B), to the extent such information is in lieu of
information required to be provided under Section 6.01(a), all such materials to
be reported on without material qualification (including any “going concern” or
like qualification) by an independent registered public accounting firm of
nationally recognized standing.

    

    Documents
required to be delivered pursuant to Section 6.01 and Section 6.02 may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Company (or any direct or indirect parent
of the Company) posts such documents, or provides a link thereto on the website
on the Internet at the website address listed on Schedule 9.02 hereto;
or (ii) on which such documents are posted on the Company’s behalf on
IntraLinks/IntraAgency or another website identified in the notice provided
pursuant to the next succeeding paragraph of this Section 6.01, if any, to which
the Lender has access (whether a commercial or third-party website); provided that:  (x)
upon written request by the Lender, the Company shall deliver paper copies of
such information to the Lender  and (y) the Company shall notify
(which may be by facsimile or electronic mail) the Lender of the posting of any
such documents.  Notwithstanding anything contained herein, in every
instance the Company shall be required to provide paper copies of the Compliance
Certificates required by Section 6.02(a)(i) and Section 6.02 to the Lender;
provided, however, that if such
Compliance Certificate is first delivered by electronic means, the date of such
delivery by electronic means shall constitute the date of delivery for purposes
of compliance with Section 6.02(a)(i) and Section 6.02(b).

    
      
         

      

      
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    Section
6.02 Certificates; Other
Information.

    

    (a)           At
the request of the Lender, deliver to the Lender:

    

    (i)      
      no later than five (5) days after the delivery of
the financial statements required by Section 6.01(a) and Section 6.01(b), a duly
completed Compliance Certificate signed by a Company Financial
Officer;

    

    (ii)         
  together with the delivery of each Compliance Certificate delivered in
connection with the delivery of financial statements required under Section
6.01(a) pursuant to clause (i) above, a list of each Subsidiary of the Company
that identifies each Subsidiary as a Restricted or an Unrestricted Subsidiary as
of the date of delivery of such Compliance Certificate or confirming there has
been no change since the date of the last such certificate; and

    

    (iii)           promptly,
such additional information regarding the business, legal, financial or
corporate affairs of the Loan Parties or any of their respective Subsidiaries,
or compliance with the terms of the Loan Documents, as the Lender may from time
to time reasonably request.

    

    (b)           No
later than the date required for delivery thereof under the Senior Credit
Agreement, deliver to the Lender a copy of each duly completed Compliance
Certificate required to be delivered to the Administrative Agent (as defined in
the Senior Credit Agreement) pursuant to Section 6.02(a) of the Senior Credit
Agreement.

    

    Section
6.03           Notices.

    

    Promptly
after a Responsible Officer of a Loan Party has obtained knowledge thereof,
notify the Lender:

    

    (a)          
of the occurrence of any Default; and

    

    (b)          
of any matter that has resulted or could reasonably be expected to result in a
Material Adverse Effect.

    

    Each
notice pursuant to this Section 6.03 shall be accompanied by a written statement
of a Responsible Officer of the Company (x) that such notice is being delivered
pursuant to Section 6.03(a) or (b) (as applicable) and (y) setting forth details
of the occurrence referred to therein and stating what action the Company has
taken and proposes to take with respect thereto.

    

    Section
6.04           Payment of
Obligations.

    

    Timely
pay, discharge or otherwise satisfy as the same shall become due and payable in
the normal conduct of its business, all its obligations and liabilities in
respect of Taxes imposed upon it or upon its income or profits or in respect of
its property, except, in each case, to the extent the failure to pay or
discharge the same could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

    
      
         

      

      
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    Section
6.05           Preservation of Existence,
Etc.

    

    Preserve,
renew and maintain in full force and effect its legal existence under the Laws
of the jurisdiction of its organization except (x) in a transaction permitted by
Section 7.04 or Section 7.05 and (y) any Restricted Subsidiary may merge and
amalgamate, consolidate or amalgamate with any other Restricted Subsidiary and
(b) take all reasonable action to maintain all rights, privileges (including its
good standing, where such concept exists), permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except (i) to the
extent that failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect or (ii) pursuant to a
transaction permitted by Section 7.04 or Section 7.05 or clause (y) of this
Section 6.05.

    

    Section
6.06           Maintenance of
Properties.

    

    Except if
the failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, maintain, preserve and protect all
of its material properties and equipment necessary in the operation of its
business in good working order, repair and condition, ordinary wear and tear
excepted and casualty or condemnation excepted.

    

    Section
6.07           Maintenance of
Insurance.

    

    Maintain
with reputable insurance companies, insurance with respect to its assets,
properties and business against loss or damage to the extent available on
commercially reasonable terms of the kinds customarily insured against by
Persons of similar size engaged in the same or similar industry, of such types
and in such amounts (after giving effect to any self-insurance (including
captive industry insurance) reasonable and customary for similarly situated
Persons of similar size engaged in the same or similar businesses as the Company
and the Restricted Subsidiaries) as are customarily carried under similar
circumstances by such other Persons.

    

    Section
6.08           Compliance with
Laws.

    

    Comply in
all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except
to the extent the failure to comply therewith could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

    

    Section
6.09           Compliance with
Environmental Laws; Environmental Reports.

    

    (a)           Comply,
and cause all lessees and other Persons occupying Real Property to comply, with
all Environmental Laws and Environmental Permits applicable to its operations,
facilities and Real Property, except where failure to do so could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; obtain and renew all material Environmental Permits applicable
to its operations, facilities and Real Property; and conduct all responses
required by, and in accordance with, Environmental Laws; provided that neither the
Company nor any of its Subsidiaries shall be required to undertake any response
to the extent that its obligation to do so is being contested in good faith and
by proper proceedings and appropriate reserves are being maintained with respect
to such circumstances in accordance with GAAP.

    
      
         

      

      
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    (b)          
If a Default caused by reason of a breach of Section 5.09 or Section 6.09(a)
shall have occurred and be continuing for more than 20 days without the Company
commencing activities reasonably likely to cure such Default in accordance with
Environmental Laws, at the written request of the Lender, provide to the Lender
within 45 days after such request, at the expense of the Company or the
applicable Borrower, an environmental assessment report regarding the matters
which are subject of such Default, including, where appropriate, soil and/or
groundwater sampling, prepared by environmental consulting firm and, in the form
and substance, reasonably acceptable to the Lender and indicating the presence
or absence of Hazardous Materials and the estimated cost of any compliance or
response to address them.

    

    Section
6.10           Books and
Records.

    

    Maintain
proper books of record and account, in which entries that are full, true and
correct in all material respects and which reflect all material financial
transactions and matters involving the assets and business of the Loan Parties
or a Restricted Subsidiary, as the case may be (it being understood and agreed
that certain Foreign Subsidiaries maintain individual books and records in
conformity with generally accepted accounting principles in their respective
countries of organization and that such maintenance shall not constitute a
breach of the representations, warranties or covenants hereunder).

    

    Section
6.11           Inspection
Rights.

    

    Permit
representatives and independent contractors of the Lender to visit and inspect
any of its properties, to examine its corporate, financial and operating records
as is reasonably specified, and make copies thereof or abstracts therefrom, and
to discuss its affairs, finances and accounts with its directors, officers, and
independent public accountants, all at the reasonable expense of the Borrowers
and at such reasonable times during normal business hours, upon reasonable
advance notice to the Company; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, the
Lender shall not exercise such rights more often than two (2) times during any
calendar year at the Borrowers’ expense; provided further that when an Event of
Default exists, the Lender (or any of their its representatives or independent
contractors) may do any of the foregoing at the expense of the Borrowers at any
time during normal business hours and upon reasonable advance
notice.  The Lender shall give the Company the opportunity to
participate in any discussions with the Company’s independent public
accountants.  Notwithstanding anything to the contrary in this Section
6.11, at all times during such visits and inspections, the Lender (or its
representatives or contractors) must comply with all applicable site regulations
as the Company or its Subsidiaries or any of their respective officers or
employees may require by reasonable notice of the same.

    

    Section
6.12           ERISA.

    

    Promptly
after any Loan Party or any ERISA Affiliate knows or has reason to know of the
occurrence of any of the following events that, individually or in the aggregate
(including in the aggregate such events previously disclosed or exempt from
disclosure hereunder, to the extent the liability therefor remains outstanding),
would reasonably be expected to have a Material Adverse Effect, deliver to the
Lender a certificate of a Company Financial Officer setting forth details as to
such occurrence and the action, if any, that the Loan Party or such ERISA
Affiliate is required or proposes to take, together with any notices (required,
proposed or otherwise) given to or filed with or by the Loan Party, such ERISA
Affiliate, the PBGC, a Plan participant (other than notices relating to any
individual participant’s benefits) or the Plan administrator with respect
thereto:  that a Reportable Event has occurred; that an accumulated
funding deficiency has been incurred or an application is to be made to the
Secretary of the Treasury for a waiver or modification of the minimum funding
standard (including any required installment payments) or an extension of any
amortization period under Section 412 of the Code (or Section 430 of the Code as
amended by the Pension Protection Act of 2006) with respect to a Plan; that a
Plan having an Unfunded Current Liability has been or is to be terminated,
reorganized, partitioned or declared insolvent under Title IV of ERISA
(including the giving of written notice thereof); that a Plan has an Unfunded
Current Liability that has or will result in a lien under ERISA or the Code;
that proceedings will be or have been instituted to terminate a Plan having an
Unfunded Current Liability (including the giving of written notice thereof);
that a proceeding has been instituted against a Loan Party or an ERISA Affiliate
pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan;
that the PBGC has notified a Loan Party or any ERISA Affiliate of its intention
to appoint a trustee to administer any Plan; that a Loan Party or any ERISA
Affiliate has failed to make a required installment or other payment pursuant to
Section 412 of the Code with respect to a Plan; or that a Loan Party or any
ERISA Affiliate has incurred or will incur (or has been notified in writing that
it will incur) any liability (including any contingent or secondary liability)
to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062,
4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the
Code.

    
      
         

      

      
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    Section
6.13           Use of
Proceeds.

    

    Use the
proceeds of the Loans only for the purposes set forth in Section
5.19.

    

    ARTICLE
VII

    

    Negative
Covenants

    

    So long
as the Lender shall have any Revolving Credit Commitment hereunder, any Loan or
other Obligation hereunder which is accrued and payable shall remain unpaid or
unsatisfied, the Company shall not, nor shall it permit any of its Restricted
Subsidiaries to, directly or indirectly:

    

    Section
7.01 Liens.  Create,
incur, assume or suffer to exist or become effective any Lien of any kind upon
any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following:

    

    (a)          
Liens with respect to the Obligations (as defined in the Senior Credit
Agreement) and Facilities (as defined in the Senior Credit Agreement) and Liens
under the Loan Documents (as defined in the Senior Credit
Agreement);

    

    (b)          
Liens existing on the Closing Date or which are required to come into effect as
a result of existing contractual provisions (in each case, to the extent in
respect of underlying obligations exceeding $1,000,000 individually, listed on
Schedule
7.01(b) to the Senior Credit Agreement) and any reissuance, renewals or
extensions thereof;

    

    (c)          
Liens for taxes, assessments or governmental charges or claims that are
extinguished within 60 days of notice of their existence, are not yet due and
payable or that are being contested in good faith by appropriate
proceedings;

    

    (d)          
Liens of landlords, carriers, vendor, pipeline, warehousemen, mechanics,
suppliers, materialmen, repairmen, employees, pension plan administrators or
other like Liens arising by operation of law in the ordinary course of business
of the Company or any Restricted Subsidiary which secure amounts which are not
overdue for a period of more than 30 days or not yet subject to penalties for
non-payment or that are being contested in good faith by appropriate
proceedings;

    
      
         

      

      
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    (e)         
  Liens (i) arising out of pledges or deposits made in the ordinary course
of business in connection with workers’ compensation, unemployment insurance and
other types of social security or other insurance (including unemployment
insurance) and (ii) arising out of pledges and deposits in the ordinary course
of business securing liability for reimbursement or indemnification obligations
with respect to premiums and exit fees of (including to support obligations in
respect of letters of credit or bank guarantees for the benefit of) insurance
carriers providing property, casualty or liability insurance to the Company or
any Subsidiary;

    

    (f)       
     Liens arising out of pledges or deposits made to secure
the performance of tenders, bids or trade or government contracts, or to secure
leases, statutory or regulatory, insurance obligations, surety, judgment or
appeal bonds, completion guarantee, surety, letters of credit, performance
bonds, guarantees or other obligations of a like nature (including those to
secure health,  safety and environmental obligations) incurred in the
ordinary course of business (other than obligations for the payment of borrowed
money);

    

    (g)        
   zoning restrictions of governmental authorities, easements,
licenses, reservations of, or rights of others for, licenses reservations, title
defects, rights of others for rights-of-way, utilities, sewers, electrical
lines, telephone lines, telegraph wires, restrictions, encroachments and other
similar charges, encumbrances or title defects of zoning, survey exceptions,
encumbrances, or other restrictions as to the use of real property or Liens
incurred in the ordinary course of business that do not in the aggregate
materially interfere with in any material respect the ordinary conduct of the
business of the Company and its Restricted Subsidiaries, taken as a
whole;

    

    (h)      
     Liens arising by reason of any judgment, decree or
order of any court so long as such Lien is adequately bonded and any appropriate
legal proceedings that may have been duly initiated for the review of such
judgment, decree or order shall not have been finally terminated or the period
within which such proceedings may be initiated shall not have
expired;

    

    (i)       
     (x) leases or subleases or licenses or sublicenses of
Real Property or IP Rights granted in the ordinary course of business to others
that do not individually or in the aggregate interfere in any material respect
with the ordinary conduct of the business of the Company and its Restricted
Subsidiaries, taken as a whole and (y) any interest or title of a lessor or in
property subject to a lease other than a capitalized lease;

    

    (j)         
   Liens in favor of customs and revenue authorities arising as a
matter of Law to secure payment of customs duties in connection with the
importation of goods;

    

    (k)      
     Liens (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of
collection, (ii) attaching to commodity trading accounts or other commodities
brokerage accounts incurred in the ordinary course of business, (iii) in favor
of banking or other financial institutions arising as a matter of Law
encumbering deposits (including the right of setoff) and which are within the
general parameters customary in the banking industry or arising pursuant to such
banking institutions general terms and conditions and (iv) arising under clause
18 of the general conditions of a bank operating in The Netherlands or Germany
based on the general conditions drawn up by the Netherlands Bankers’ Association
(Nederlandse Vereniging van
Banken) and the Consumers Union (Consumentenbond) or analogous
conditions in other jurisdictions provided that where such condition is not
regularly imposed, the Loan Parties shall use all reasonable efforts to procure
a waiver of such right by the respective account bank;

    
      
         

      

      
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    (l)          
Liens (i) on cash advances in favor of the seller of any property to be acquired
in or monies placed in escrow pursuant to an Investment permitted pursuant to
Section 7.02 to be applied against the purchase price for such Investment, (ii)
over assets being acquired pursuant to Investments permitted by Section 7.02
pending payment in full of the purchase price (iii) consisting of an agreement
to Dispose of any property in a Disposition permitted under Section 7.05 and
(iv) consisting of intellectual property licenses permitted by Section
7.02(q);

    

    (m)          
Liens in favor of the Company or any of its Restricted Subsidiaries securing
Indebtedness permitted under Section 7.03(d) (other than Indebtedness owed to a
Restricted Subsidiary that is not a Loan Party);

    

    (n)          
Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business;

    

    (o)          
Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of documentary letters of credit,
Liens on documents of title in respect of documenting letters of credit or
banker’s acceptances issues or credit for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other
goods;

    

    (p)          
Liens securing Indebtedness and other obligations under Asset Backed Credit
Facilities, Securitization Transactions and Receivables Financings; provided that any Liens in
respect of Receivables Financings which are recourse to the Company or any
Restricted Subsidiary (other than any Securitization Entity) shall be limited to
accounts receivable, inventory, the Equity Interests in, and intercompany
Indebtedness owed by, any Securitization Entity, related books and records and
the accounts and proceeds thereof together with any returned goods
therefrom;

    

    (q)          
Liens arising by reason of deposits necessary to qualify the Company or any of
its Restricted Subsidiaries to conduct business, maintain self insurance or
comply with any law and Liens securing the PBGC Settlement;

    

    (r)          
Liens securing any Capitalized Lease and Liens to secure Indebtedness (including
Capitalized Leases) permitted by clause (e) of Section 7.03 covering only the
property or assets acquired with such Indebtedness;

    

    (s)          
Liens securing obligations under Swap Contracts of the Company or any Restricted
Subsidiary permitted under Section 7.03 or any collateral for the obligations
under such Swap Contracts relate;

    

    (t)          
Liens on property of, or on Equity Interests or Indebtedness of, any Person or
attaching to any assets existing at the time such property or Person is acquired
by, merged, amalgamated with or into or consolidated with, or assets are
acquired by, the Company or any Restricted Subsidiary; provided that such Liens
(a) do not extend to or cover any property or assets of the Company or any
Restricted Subsidiary other than the property or assets acquired (other than
assets and property affixed or appurtenant thereto) or the property and assets
of the Person merged into or consolidated with the Company or Restricted
Subsidiary and (b) were created prior to, and not in connection with or in
contemplation of, such acquisition, merger, amalgamation or
consolidation;

    

    (u)          
Liens granted by Restricted Subsidiaries in support of Indebtedness of
Restricted Subsidiaries;

    
      
         

      

      
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    (v)          
Liens in respect of the Senior Second Lien Debt, any Permanent Financing or any
Permitted Refinancing;

    

    (w)          
Liens of the Company or any Restricted Subsidiary with respect to obligations
that do not exceed the greater of (i) $250,000,000 and (ii) 1% of Consolidated
Net Tangible Assets at any one time outstanding;

    

    (x)       
    Liens over shares in joint ventures or over dividends in
respect thereof in any Restricted Subsidiary acting as a special purpose vehicle
with the sole purpose to hold shares in a joint venture to secure Indebtedness
or other obligations of such joint venture or Restricted Subsidiary or
Indebtedness permitted by Section 7.03(t);

    

    (y)          
Liens resulting from any Limited Recourse Stock Pledge;

    

    (z)        
   Liens granted in favor of Loan Parties and Liens on any property or
assets of a Restricted Subsidiary granted in favor of the Company, or any other
Restricted Subsidiary;

    

    (aa)         
Liens securing Indebtedness incurred to modify, refinance, defease, refund,
extend, renew or replace Indebtedness that has been secured by a Lien permitted
by this Agreement; provided that (a) such
new Lien shall be limited to all or part of the same property and assets that
secured or, under the written agreements pursuant to which the original Lien
arose, could secure the original Lien plus improvements and accessions to, such
property or proceeds or distributions thereof); and (b) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than
the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness at the time the original Lien became a Lien permitted
under this Section 7.01 and (ii) an amount necessary to pay any fees and
expenses, including prepayment premiums, associated hedging break costs and
premiums or replacement hedges, related to such refinancing, refunding,
extension, renewal or replacement;

    

    (bb)        
any extension, amendment, renewal or replacement, in whole or in part,
of any Lien described in Section 7.01(b), Section 7.01(t) and Section
7.01(v); provided that
any such extension, renewal or replacement shall be no more restrictive in any
material respect than the Lien so extended, amended, renewed or replaced and
shall not extend to any additional property or assets; and

    

    (cc)         
Liens arising from precautionary Uniform Commercial Code financing statement
filings; and

    

    (dd)        
any netting or set-off arrangements entered into by the Company or any
Restricted Subsidiary in the ordinary course of its banking arrangements
(including, for the avoidance of doubt, cash pooling arrangements) for the
purposes of netting debit and credit balances of the Company or any Restricted
Subsidiary; and

    

    (ee)         
Liens over cash deposits deposited with the trustees in connection with the
purchase of certain of the Existing Notes.

    

    Section
7.02           Investments.

    

    Make or
hold any Investments, except:

    

    (a)          
Investments in cash or Cash Equivalents;

    
      
         

      

      
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    (b)          
loans and advances to employees, directors and officers of the Company and its
Subsidiaries (i) required by applicable employment laws or (ii) otherwise in the
ordinary course of business for travel, business, related entertainment,
relocation, as part of a recruitment or retention plan and related expenses in
an aggregate principal amount outstanding not to exceed
$10,000,000;

    

    (c)          
Investments (i) by the Company or any Restricted Subsidiary in any Restricted
Subsidiary, (ii) by the Company or any of its Restricted Subsidiaries (A) in any
Subsidiary, constituting an exchange of Equity Interests of such Subsidiary for
Indebtedness of such Subsidiary or (B) constituting Guarantees of Indebtedness
or other monetary obligations of Subsidiaries owing to the Company or any of its
Restricted Subsidiaries and (iii) Investments by the Foreign Borrower in
Restricted Subsidiaries made in the ordinary course of business in connection
with the cash management operations of the Company and its Restricted
Subsidiaries;

    

    (d)          
Investments in the Company by any Restricted Subsidiary of the
Company;

    

    (e)          
(i) Investments existing on the Closing Date, (ii) Investments contemplated on
the Closing Date and set forth on Schedule 7.02(e) to
the Senior Credit Agreement, and (iii) any modification, replacement, renewal,
reinvestment or extension of any Investment set forth on Schedule
7.02(e) to the Credit Agreement that does not increase the aggregate
amount thereof;

    

    (f)        
   Swap Contracts entered into in the ordinary course of business and
otherwise permitted under this Agreement;

    

    (g)          
any acquisition of all or substantially all the assets of, or all the Equity
Interests (other than directors’ qualifying shares) in, a Person or division or
line of business of a Person to the extent (A) such acquisition is effected by a
contribution to capital not constituting Disqualified Equity Interests, (B) the
consideration paid is settled by the issuance or with the proceeds of the
issuance of Qualified Equity Interests of the Company or Parent or any Holding
Company of Parent, or (C) immediately after giving effect thereto: (i) no
Default shall have occurred and be continuing or would result therefrom; (ii)
the acquired entity, assets, division or line of business shall be in a
Permitted Business; and (iii) after giving effect to such acquisition, the
Company and its Restricted Subsidiaries would be in Pro Forma Compliance with
Section 7.11(a) and Section 7.11(b) (any such acquisition, a “Permitted Acquisition”);

    

    (h)          
loans and advances to the Company and any other direct or indirect parent of a
Restricted Subsidiary, in lieu of, and not in excess of the amount of (after
giving effect to any other loans, advances or Restricted Payments in respect
thereof), Restricted Payments to the extent permitted to be made to such parent
in accordance with Section 7.06; provided that all such loans
and advances shall be deemed a Restricted Payment for the purposes of Section
7.06;

    

    (i)        
   Investments (including Investments in securities) received pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or
insolvency of any debtors of the Company or its Restricted Subsidiaries or
received in settlement of debts created in the ordinary course of business and
owing to the Company or a Restricted Subsidiary or in satisfaction of judgments
or in settlement of any litigation or arbitration;

    

    (j)      
     purchase of shares of Royal Dutch Shell plc and BASF AG
required to satisfy Basell Holdings’ obligations under its stock option plans as
such plans and stock appreciation rights were in effect on the Closing
Date;

    
      
         

      

      
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    (k)          
other Investments in an aggregate amount outstanding permitted pursuant to
clause (k) of the Section 7.02 of the Senior Credit Agreement;

    

    (l)        
   Investments by the Company or a Wholly Owned Subsidiary of the
Company in a Securitization Entity or any Investment by a Securitization Entity
in any other Person in connection with a Securitization Transaction; provided that any Investment
in a Securitization Entity is in the form of a purchase money note or an equity
interest;

    

    (m)          
Investments held by any Person (other than an Affiliate of such Person) that
becomes a Restricted Subsidiary; provided that such
Investments were not acquired in contemplation of the acquisition of such
Person;

    

    (n)          
Investments in Subsidiaries and Permitted Joint Ventures not to exceed
$500,000,000 plus

    

    (i)          
  the aggregate net after-tax amount returned in cash on or with
respect to any Investments made in Unrestricted Subsidiaries and Permitted Joint
Ventures whether through interest payments, principal payments, dividends or
other distributions or payments on account of such Investment,

    

    (ii)     
      the net after-tax cash proceeds received by the
Company or any Restricted Subsidiary from the disposition of all or any portion
of such Investments (other than to a Restricted Subsidiary),

    

    (iii)          
upon redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the
fair market value of such Subsidiary; and

    

    (iv)          
Investments in Equity Interests of Specified Joint Ventures in an amount not to
exceed $20,000,000;

    

    provided, however, that the net
after-tax amount has not been included in Consolidated Net Income for the
purpose of calculating the Applicable Amount;

    

    (o)          
Investments in a Permitted Business having an aggregate value, taken together
with all other Investments made pursuant to this clause (o) that are at that
time outstanding, not to exceed $250,000,000 (with the value of each such
Investment being measured at the time made and without giving effect to
subsequent changes in value);

    

    (p)          
payments to any direct or indirect parent of the Company for the purposes
described in Section 7.06(n) which, when aggregated with the payment made under
Section 7.06(l), shall not exceed €1,500,000 or the equivalent Dollar Amount in
any Fiscal Year;

    

    (q)          
Investments through the licensing contribution of technology in a Person that is
or will be as a result of such Investment a Permitted Joint Venture, or
Investments through the licensing, contribution or transactions that
economically result in a contribution in kind of intellectual property pursuant
to joint venture arrangements, in each case in the ordinary course of
business;

    

    (r)        
   Guarantees of Indebtedness to the extent such Guarantee is
permitted under Section 7.03;

    
      
         

      

      
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    (s)          
Investments received by the Company or its Restricted Subsidiaries as
consideration for a Disposition pursuant to Section 7.05(c), Section
7.05(j), Section 7.05(l) or Section 7.05(n);

    

    (t)        
   Limited Recourse Stock Pledges; and

    

    (u)          
any Indebtedness of the Company owing to any of its Subsidiaries incurred in
connection with Standard Securitization Undertakings or Receivables Financing
which constitute Standard Securitization Undertakings, to the extent permitted
and permitted not to be subordinated pursuant to the Intercreditor Agreement,
the purchase of accounts receivable and related assets by the Company from any
such Subsidiary which assets are subsequently conveyed by the Company to a
Securitization Entity in a Securitization Transaction.

    

    Notwithstanding
the foregoing, no Investments shall be made in any member of the Millennium
Holdings  Group other than Investments (x) outstanding on the Closing
Date and set forth on Schedule 7.02(e) to
the Senior Credit Agreement, (y) made pursuant to Section 7.02(k) or Section
7.06(d), in each case for the purpose of paying final judgments or settlements
or orders for the payment of money or for the purpose of paying costs and
expenses associated with litigation and claims under related insurance policies,
and (z) in respect of environmental remediation capital expenditures or for the
purpose of paying costs and expenses associated with litigation and claims under
related insurance policies.

    

    Section
7.03           Indebtedness.

    

    Create,
incur, assume or suffer to exist any Indebtedness, except:

    

    (a)          
Indebtedness of any Loan Party under the Loan Documents or any refinancings
thereof;

    

    (b)          
Indebtedness existing or outstanding on the Closing Date and, to the extent such
Indebtedness represents Financial Indebtedness in excess of $1,000,000 on an
individual basis or Indebtedness (which is not Financial Indebtedness) in excess
of $10,000,000 on an individual basis, listed on Schedule
7.03(b) to the Senior Credit Agreement and any Permitted Refinancing
thereof as reduced by the amount of any prepayments of such Indebtedness with
the proceeds of Dispositions (which are accompanied by a corresponding permanent
commitment reduction in any revolving credit facility) and  intercompany
Indebtedness outstanding on the Closing Date and any refinancing
thereof;

    

    (c)          
Guarantees by the Company and any Restricted Subsidiary in respect of
Indebtedness of the Company or any Restricted Subsidiary otherwise permitted
hereunder; provided
that (A) no Guarantee of any Indebtedness other than the Obligations shall be
permitted unless such guaranteeing party shall have also provided a Guarantee of
the Obligations on the terms set forth herein and (B) if the Indebtedness being
Guaranteed is subordinated to the Obligations, such Guarantee shall be
subordinated to the Guarantee of the Obligations on terms at least as favorable
to the Lender as those contained in the subordination of such
Indebtedness;

    

    (d)          
Indebtedness of the Company or any Restricted Subsidiary owing to the Company or
any Restricted Subsidiary for so long as such Indebtedness is held by the
Company or a Restricted Subsidiary, in each case subject to no Lien held by a
Person other than the Company or a Restricted Subsidiary (other than the pledge
of intercompany notes under the Senior Credit Agreement);

    

    (e)          
Indebtedness of the Company or any Subsidiary of the Company incurred in the
ordinary course of business not to exceed the greater of (i) $200,000,000 in the
aggregate and (ii) 0.8% of Consolidated Net Tangible Assets at the date of
incurrence, in each case, at any one time outstanding and

    
      
         

      

      
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    (1)          
representing Capitalized Leases or;

    

    (2)          
constituting Indebtedness incurred to finance the acquisition of, or cost of
design, construction, installation, repair, addition to or improvement of,
property or assets of the Company or any Restricted Subsidiary used in the
ordinary course of business of the Company or any Restricted Subsidiary; provided, however, that such
Indebtedness shall not exceed the cost of such property or assets or repair or
improvement thereof and shall not be secured by any property or assets of the
Company or any Restricted Subsidiary other than the property and assets so
acquired;

    

    (f)     
      Swap Contracts that are incurred for the purpose
of (i) fixing or hedging interest rate or currency risk with respect to any
fixed or floating rate Indebtedness or any receivable or liability the payment
of which is determined by reference to a foreign currency; provided that the notional
principal amount of any such Swap Contract does not exceed the principal amount
of the Indebtedness to which such Swap Contract relates or (ii) managing
fluctuations in the price or cost of raw materials, emission rights,
manufactured products or related commodities or (iii) hedging the potential
exposure in respect of certain executives’ and employees’ options over, or stock
appreciation rights in relation to shares of Royal Dutch Shell plc and BASF
AG; provided that, in
each case, such obligations are entered into in the ordinary course of business
to hedge or mitigate risks to which the Company or any of its Restricted
Subsidiaries are exposed in the conduct of its business or the management of its
liabilities;

    

    (g)          
Indebtedness under the Senior Credit Agreement, the Senior Second Lien Debt, any
Permanent Financing and the Existing Notes, the Guarantees thereof and any
Permitted Refinancing thereof;

    

    (h)          
Indebtedness arising from agreements of the Company or a Subsidiary providing
for indemnification, adjustment of purchase price, earn out or similar
obligations, in each case, incurred in connection with the disposition or
acquisition of any business, assets or Subsidiary, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such
business, assets or Subsidiary for the purpose of financing such acquisition;
provided that the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed
the gross proceeds actually received by the Company and the Subsidiary in
connection with such disposition except to the extent the Company or relevant
Subsidiary has a liability in respect of such business, asset or subsidiary
before (and not created in contemplation of) such disposition;

    

    (i)        
   Indebtedness under any Treasury Services
Agreement;

    

    (j)       
    any Indebtedness of the Company owing to any of its
Subsidiaries incurred in connection with Standard Securitization Undertakings or
Receivables Financings which constitute Standard Securitization Undertakings, to
the extent permitted by the Senior Credit Agreement, the purchase of accounts
receivable and related assets by the Company from any such Subsidiary which
assets are subsequently conveyed by the Company to a Securitization Entity in a
Securitization Transaction; and

    

    (k)          
Indebtedness consisting of obligations of the Company and the Restricted
Subsidiaries under deferred compensation or other similar arrangements incurred
by such Person in connection with the transactions contemplated by this
Agreement and any acquisition, Investment, or Disposition expressly permitted
hereunder;

    
      
         

      

      
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    (l)        
    Indebtedness of the Company or any of its Restricted
Subsidiaries, in an aggregate principal amount not to exceed the greater of (i)
$750,000,000 and (ii) 3% of Consolidated Net Tangible Assets at the date of
incurrence, in each case, at any time outstanding;

    

    (m)          
Indebtedness of the Company or any of its Restricted Subsidiaries represented by
letters of credit, bank guarantees, bankers’ acceptances and warehouse receipts
for the account of the Company or such Restricted Subsidiary or similar
instruments, as the case may be, in order to provide security for workers’
compensation or environmental claims, payment obligations in connection with
self-insurance or similar requirements in the ordinary course of
business;

    

    (n)          
obligations in respect of, tender, bid, judgment, appeal, performance or
governmental contract bonds and completion guarantees, surety, standby letters
of credit and warranty and contractual service obligations of a like nature,
trade letters of credit and documentary letters of credit and similar bonds or
guarantees provided by the Company or any Subsidiary of the Company in the
ordinary course of business;

    

    (o)          
(i) the incurrence by the Company or a Restricted Subsidiary of Indebtedness
pursuant to the ABF Inventory Facility only and in an aggregate principal amount
not to exceed, in the aggregate for all such Indebtedness, $1,500,000,000 and
(ii) the incurrence of any Receivables Financing permitted hereunder that is not
recourse to the Company or any Subsidiary of the Company (except for Standard
Securitization Undertakings);

    

    (p)          
Indebtedness of the Company or a Restricted Subsidiary to any of its
subsidiaries incurred in connection with the purchase of accounts receivable and
related assets by the Company or such Restricted Subsidiary from any such
Subsidiary which assets are subsequently conveyed by the Company or such
Restricted Subsidiary to a Securitization Entity in a Securitization
Transaction;

    

    (q)          
Guarantees by the Company or a Restricted Subsidiary of Indebtedness incurred by
Permitted Joint Ventures or Unrestricted Subsidiaries not to exceed the greater
of (i) $250,000,000 in the aggregate and (ii) 1% of Consolidated Net
Tangible Assets at the date of incurrence, in each case, at any one time
outstanding;

    

    (r)          
(i) other Indebtedness of the Company or any Restricted Subsidiary which may be
secured by a Lien to the extent permitted under Section 7.01; provided that, (x) both
immediately prior to and after giving effect thereto on a Pro Forma Basis, no
Default shall exist or result therefrom and (y) the Consolidated Fixed Charge
Coverage Ratio of the Company and its Restricted Subsidiaries (calculated on a
Pro Forma Basis after giving effect to the incurrence of such Indebtedness) for
the most recently ended four fiscal quarters for which financial statements are
available immediately preceding the date on which such Indebtedness is incurred
would have been at least 2.00 to 1.00 and (ii) any Permitted Refinancings
thereof;

    

    (s)          
Indebtedness of a Person existing at the time that Person becomes a Restricted
Subsidiary or assumed in connection with an acquisition by the Company or a
Restricted Subsidiary or Indebtedness attaching to assets acquired in a
acquisition, and, in each case, not incurred in connection with or in
anticipation of such acquisitions; provided that the holders of
any such Indebtedness do not, at any time, have direct or indirect recourse to
any property or assets of the Company or any Restricted Subsidiary other than
the property or assets of such acquired Person and its Subsidiaries; provided further, that on the
date of such acquisition and after giving pro forma effect thereto,
either (i) the Company would have been able to incur at least $1.00 of
additional Indebtedness pursuant to Section 7.03(r) or (ii) the
Consolidated Fixed Charge Coverage Ratio would be greater than or equal to the
Consolidated Fixed Charge Coverage Ratio immediately prior to giving pro forma effect to such
acquisition, in each case, together with any Permitted Refinancing
thereof;

    
      
         

      

      
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    (t)        
   Indebtedness of the Company or a Restricted Subsidiary (each, a
“JV Investor”) the
purpose of which is to finance a Permitted Joint Venture or an investment
therein; provided that
at all times (i) the creditors under the relevant facility have no direct or
indirect recourse to the Company or any Restricted Subsidiary other than such JV
Investor and (ii) the only direct or indirect recourse those creditors have to
such JV Investor is limited to the proceeds (if any) of dividends received by
such JV Investor in respect of such JV Investor’s investment in that Permitted
Joint Venture;

    

    (u)          
Indebtedness consisting of take-or-pay obligations contained in supply
arrangements, in each case, in the ordinary course of business; and

    

    (v)          
Indebtedness arising from the honoring by a bank or other financial institution
of a check or draft or similar instrument drawn against insufficient funds,
overdrafts and money market lines in the ordinary course of
business.

    

    Section
7.04           Fundamental
Changes.

    

    Merge,
amalgamate, dissolve, liquidate, consolidate with or into another Person, or
Dispose of (whether in one transaction or in a series of related transactions)
all or substantially all of its assets (whether now owned or hereafter acquired)
to or in favor of any Person (other than as part of the transactions
contemplated by this Agreement), except that:

    

    (a)          
any Restricted Subsidiary (other than a Borrower) may merge or
amalgamate  with the Company or one or more Restricted
Subsidiaries;

    

    (b)          
any Restricted Subsidiary (other than a Borrower) may Dispose of all or
substantially all of its assets (upon voluntary liquidation or otherwise) to the
Company or to another Restricted Subsidiary; and

    

    (c)          
so long as no Default exists or would result therefrom, the Company or any
Borrower may merge, consolidate or amalgamate  with any other Person;
provided that (i) the
Company or such Borrower, as the case may be, shall be the continuing or
surviving corporation or (ii) if the Person formed by or surviving any such
merger, amalgamation or consolidation is not the Company or such Borrower (any
such Person, the “Successor
Company” or the “Successor Borrower,” as the case may
be), (A) the Successor Company or the Successor Borrower, as the case may be,
shall be an entity in the same corporate form organized or existing under the
laws of the United States, any state thereof, the District of Columbia or any
territory thereof, or, in the case of the Company or a Borrower organized
outside the United States, under the laws of such non-United States jurisdiction
(or in the case of the Company or a Borrower organized under the Laws of
Luxembourg, the Laws of the Netherlands), (B) the Successor Company or the
Successor Borrower, as the case may be, shall expressly assume all the
obligations of the Company or such Borrower under this Agreement and the other
Loan Documents to which the Company or such Borrower is a party pursuant to a
supplement hereto or thereto in form reasonably satisfactory to the Lender, (C)
after giving effect to such transaction and the use of any proceeds therefrom,
the Company would have the ability to incur (i) an additional $1.00 of
Indebtedness under Section 7.03(r) or (ii) the Consolidated Fixed Charge
Coverage Ratio at the time of such transaction and after giving pro forma effect
thereto as if such transaction had occurred at the beginning of the applicable
four-quarter period will be equal to or greater than it was immediately before
such transaction; and (D) the Company shall have delivered to the Lender a
certificate of a Company Financial Officer and an opinion of counsel, each
stating that such merger, amalgamation or consolidation and such supplement to
this Agreement comply with this Agreement; provided further that if the foregoing
are satisfied, the Successor Company or the Successor Borrower, as the case may
be, will succeed to, and be substituted for, the Company or such Borrower under
this Agreement; provided further that neither
Millennium Chemicals Inc. nor Millennium Holdings LLC nor any of their
respective subsidiaries as of the Closing Date may be merged with or into the
Company or any other Restricted Subsidiary (other than Millennium Chemicals
Inc., Millennium Holdings LLC or any of their respective
subsidiaries).

    
      
         

      

      
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    Section
7.05           Dispositions.

    

    Make any
Disposition or enter into any agreement to make any Disposition,
except:

    

    (a)      
     Dispositions of obsolete, redundant, surplus or worn
out property, whether now owned or hereafter acquired, in the ordinary course of
business and Dispositions of property no longer used or useful in the conduct of
the business of the Company or any of its Restricted Subsidiaries;

    

    (b)       
    Dispositions of inventory in the ordinary course of
business;

    

    (c)       
    Dispositions of property to the extent that (i) such property
is exchanged for credit against the purchase price of similar replacement
property or (ii) the proceeds of such Disposition are promptly applied to the
purchase price of such replacement property;

    

    (d)     
      Dispositions of property to the Company or any
Restricted Subsidiary; provided that if the
transferor of such property is a Loan Party and if such transaction constitutes
an Investment, such transaction is permitted under Section
7.02;

    

    (e)        
   Dispositions permitted by Section 7.04 and Section 7.06 and
Liens permitted by Section 7.01;

    

    (f)      
      Dispositions of property pursuant to
sale-leaseback transactions; provided that the fair market
value of all property so Disposed of after December 20, 2007 shall not
exceed $250,000,000;

    

    (g)      
     Dispositions of cash and Cash Equivalents;

    

    (h)     
      leases, subleases, licenses or sublicenses
(including the provision of software under an open source license), in each case
in the ordinary course of business and which do not materially interfere with
the business of the Company and the Restricted Subsidiaries;

    

    (i)         
   transfers of property as a result of Casualty Events;

    

    (j)        
    Dispositions of property not otherwise permitted under this
Section 7.05 the proceeds (net of costs associated with such Disposition) of
which do not to exceed $1,000,000,000 in any transaction or series of related
transactions in the aggregate; provided that (i) at the time
of such Disposition, no Default shall exist or would result from such
Disposition and (ii) with respect to any Disposition pursuant to this clause (j)
for a purchase price in excess of $50,000,000, the Company or any of its
Restricted Subsidiaries shall receive not less than 75% of such consideration in
the form of cash or Cash Equivalents (in each case, free and clear of all Liens
at the time received); provided for purposes of this
clause (ii) any liabilities (as shown on the Company’s most recent balance sheet
provided under the Senior Credit Agreement or in the footnotes to such balance
sheet) of the Company or such Restricted Subsidiary, other than liabilities that
are by their terms subordinated to the payment in cash of the Obligations, that
are assumed by the transferee with respect to the applicable Disposition and for
which the Company and all of the Restricted Subsidiaries shall have been validly
released by all applicable creditors in writing shall be deemed to be
cash;

    
      
         

      

      
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    (k)           
Dispositions listed in Schedule 7.05(k) to
the Senior Credit Agreement;

    

    (l)       
     Dispositions of inventory and accounts receivable in
connection with Receivables Financings, Securitization Transactions or the Asset
Backed Credit Facility;

    

    (m)          
any swap of assets in exchange for services or other assets in the ordinary
course of business of comparable or greater value or usefulness to the business
of the Company and its Subsidiaries as a whole, as determined in good faith by
the management of the Company; and

    

    (n)       
    Dispositions pursuant to buy-sell arrangements or similar
agreements between Lyondell China Holdings Limited of Ningbo ZRCC and Lyondell
Chemical Company Ltd;

    

    provided that any Disposition
of any property pursuant to this Section 7.05 (except pursuant to Section
7.05(e) and Section 7.05(i) and except for Dispositions from a Loan Party as
such term is defined in the Senior Credit Agreement to any other Loan Party as
such term is defined in the Senior Credit Agreement) shall be for no less than
the fair market value of such property at the time of such
Disposition.

    

    Section
7.06           Restricted
Payments.

    

    Declare
or make, directly or indirectly, any Restricted Payment, except:

    

    (a)         
  each Restricted Subsidiary may make Restricted Payments to the Company
and other Restricted Subsidiaries (and, in the case of a Restricted Payment by a
non-Wholly Owned Restricted Subsidiary, to the Company and any other Restricted
Subsidiary and to each other owner of Equity Interests of such Restricted
Subsidiary based on their relative ownership interests of the relevant class of
Equity Interests);

    

    (b)        
   the Company and each Restricted Subsidiary may declare and make
dividend payments or other Restricted Payments payable solely in the Equity
Interests (other than Disqualified Equity Interests not otherwise permitted by
Section 7.03) of such Person;

    

    (c)       
    the payment of any dividend or consummation of any
irrevocable redemption within 60 days after the date of declaration of such
dividend or the giving of a redemption notice if the dividend or redemption
would have been permitted on the date of declaration or giving of
notice;

    

    (d)          
any Restricted Payments, either (i) solely in exchange for shares of Qualified
Equity Interests of the Company or (ii) if no Default or Event of Default shall
have occurred and be continuing, through the application of net cash proceeds of
a substantially concurrent Equity Offering (other than to a subsidiary of the
Company) or capital contribution received by the Company;

    

    (e)       
    to the extent constituting Restricted Payments, the
Company  and its Restricted Subsidiaries may enter into and consummate
the Acquisition and transactions expressly permitted by any provision of
Section 7.04;

    
      
         

      

      
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    (f)        
   cash repurchases of Equity Interests in the Company or any
Restricted Subsidiary deemed to occur upon exercise of stock options or warrants
if such Equity Interests represent a portion of the exercise price of such
options or warrants;

    

    (g)          
beginning on August 1, 2010, so long as no Default or Event of Default shall
have occurred and be continuing or would be caused thereby, repurchases by the
Company or a Restricted Subsidiary of, or declarations and payments of dividends
to a direct or indirect parent of the Company or a Restricted Subsidiary to
permit repurchases by such direct or indirect parent of, Equity Interests of the
Company or a Restricted Subsidiary or such parent from employees, former
employees, directors or former directors of the Company or a Restricted
Subsidiary or any of its Subsidiaries (or permitted transferees of such Persons)
or their authorized representatives upon the death, disability or termination of
employment of such employees or directors, in an aggregate amount for all
periods not to exceed 2.0% of the capital stock of the Company from time to time
at fair market value at the date of such repurchase

    

    (h)          
Restricted Payments to any direct or indirect parent company of the Company for
legal, audit, tax and other expenses directly relating to the administration of
that parent company (or any of its parent companies) including customary
compensation payable to that Person’s directors and employees, not to exceed
€1,500,000 or the equivalent Dollar Amount in any Fiscal Year;

    

    (i)       
    cash payments in lieu of issuing fractional shares pursuant
to the exercise or conversion of any exercisable or convertible
securities;

    

    (j)       
    payments or distributions to dissenting shareholders pursuant
to applicable Law in connection with or in contemplation of, any acquisition,
merger, amalgamation, consolidation or transfer of assets that
complies with Section 7.04;

    

    (k)          
payments of dividends on Disqualified Equity Interests issued in
accordance with Section 7.03;

    

    (l)       
    directors’ fees (including non-executive directors of the
Company) or if the Company is a partnership, directors’ fees of the general
partner of the Company, in an amount not to exceed $1,500,000 per
year;

    

    (m)          
so long as no Default or Event of Default shall have occurred and be continuing
or would be caused thereby, Restricted Payments in respect of sums payable
(including payment of fees) pursuant to the Management Agreement in an aggregate
amount not to exceed (x) $25,000,000 in respect of any Fiscal Year in which
Consolidated EBITDA is less than $6,000,000,000, or (y) $30,000,000 in respect
of any Fiscal Year in which Consolidated EBITDA exceeds
$6,000,000,000;

    

    (n)          
so long as no Default or Event of Default shall have occurred and be continuing
or would be caused thereby,

    

    (i)        
    Restricted Payments by the Company in an amount not to
exceed (x) prior to Listing, $50,000,000 per annum and $200,000,000 in the
aggregate, plus
(y) at any time, if, the Applicable Amount Availability Condition shall be
met, other Restricted Payments in an aggregate amount pursuant to this
clause (n) not to exceed the portion, if any, of the Applicable Amount on the
date of such election that the Company elects to apply pursuant to this clause
(n), such election to be specified in a written notice of a Company Financial
Officer calculating in reasonable detail the amount of Applicable Amount
immediately prior to such election and the amount thereof elected to be so
applied, and

    
      
         

      

      
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    (ii)      
     following Listing, the payment of dividends on the
listed common stock at a rate not to exceed 6% per annum of the net cash
proceeds received by the Company in connection with such Listing or any
subsequent Listing; provided that if such Listing
was of the share capital of a Holding Company of the Company, the net proceeds
of any such dividend are used to fund a corresponding dividend in equal or
greater amount on the share capital of such Holding Company;

    

    (o)          
distributions by any Restricted Subsidiary or any joint venture of chemicals to
a holder of Equity Interests of such Restricted Subsidiary or joint venture if
such distributions are made pursuant to a provision in a joint venture agreement
or other arrangement entered into in connection with the establishment of such
joint venture or Restricted Subsidiary that requires such holder to pay a price
for such chemicals equal to that which would be paid in a comparable transaction
negotiated on an arm’s-length basis (or pursuant to a provision that imposes a
substantially equivalent requirement); and

    

    (p)          
payments in the amounts and on the conditions described in the Tax Sharing
Agreement.

    

    Section
7.07           Change in Nature of
Business.

    

    Engage in
any material line of business substantially different from a Permitted
Business.

    

    Section
7.08           Transactions with
Affiliates.

    

    Enter
into any transaction of any kind with any Affiliate of the Company, whether or
not in the ordinary course of business, other than:

    

    (a)          
reasonable fees and compensation paid to and employee benefit arrangements,
customary insurance and indemnity provided on behalf of, officers, directors,
managers, employees or consultants of the Company or any Restricted Subsidiary
as determined in good faith by the Board of Directors or senior management of
the Company;

    

    (b)          
transactions exclusively between or among the Company and any of its Restricted
Subsidiaries or exclusively between or among such Restricted Subsidiaries in
each case, provided such transactions are not otherwise prohibited
hereby;

    

    (c)          
any agreement as in effect as of December 20, 2007 and set forth on Schedule 7.08 to
the Senior Credit Agreement or any amendment or renewal thereto or any
transaction contemplated thereby or in any replacement agreement thereto so long
as any such amendment or renewal or replacement agreement is not more
disadvantageous to the Lender (as determined by the Board of Directors of the
Company in their reasonable and good faith judgment) in any material respect
than the original agreement;

    

    (d)          
Investments of the type described in clauses (b), (c), (d), (h), (k), (n) and
(p) of Section 7.02 and Restricted Payments made in compliance with Section
7.06;

    

    (e)          
transactions between any of the Company, any of its Subsidiaries and any
Securitization Entity in connection with a Securitization Transaction, in each
case provided that such
transactions are not otherwise prohibited hereby;

    
      
         

      

      
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    (f)          
 transactions with customers, clients, suppliers, distributors or other
purchases or sales of goods or services, in each case in the ordinary course of
business;

    

    (g)          
transactions with Permitted Joint Ventures entered into in the ordinary course
of business and in a manner consistent with past practice;

    

    (h)          
the issuance or sale of any Qualified Equity Interests of the Company or capital
contributions received by the Company;

    

    (i)       
    transactions entered into between or among the Company or any
of its Restricted Subsidiaries and any joint venture, or other Affiliate that
would otherwise be subject to this covenant solely because the Company or a
Restricted Subsidiary owns any Equity Interests of or otherwise controls such
person, or other Affiliate engaged in a Permitted Business that is under common
control with the Company or such Restricted Subsidiary, on terms that are no
less favorable as might reasonably have been obtained at such time from an
unaffiliated party or, if no such comparable transaction is available, on terms
that are fair from a financial point of view to the Company or such Restricted
Subsidiary;

    

    (j)       
    transactions entered into by a Person prior to the time such
Person becomes a Restricted Subsidiary or is merged or consolidated into the
Company or a Restricted Subsidiary (provided such transaction is not entered
into in contemplation of such event);

    

    (k)          
dividends and distributions to the Company and its Restricted Subsidiaries by
any Unrestricted Subsidiary of the Company or joint venture; and

    

    (l)      
     transactions (x) involving aggregate payments of
consideration equal to or less than $10,000,000 or (y) on terms that are no
less favorable to the Company or the relevant Restricted Subsidiary than those
terms that might reasonably have been obtained in a comparable transaction at
such time on an arm’s length basis by the Company or the relevant Restricted
Subsidiary and an unrelated Person or, if no such comparable transaction with a
Person who is not an Affiliate is available on terms that are fair from a
financial point of view to the Company or such Restricted Subsidiary as
certified by an Independent Financial Advisor; provided that (x) the Board
of Directors of the Company or the board of directors of the relevant Restricted
Subsidiary and the board of directors of the relevant Restricted Subsidiary must
approve each transaction with an Affiliate to which they are a party that
involves aggregate payments or other property with a fair market value in excess
of $25,000,000, such approval to be evidenced by a board resolution that states
that the Board of Directors of the Company has determined that the transaction
complies with the foregoing provisions and (y) if the Company or any Restricted
Subsidiary enters into a transaction with an Affiliate that involves payments or
other property with an aggregate fair market value of more than $100,000,000,
then prior to the consummation of such transaction, the parties to such
transaction must obtain a favorable opinion as to the fairness of such
transaction or series of related transactions to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point of view, from
an Independent Financial Advisor and deliver the same to the
Lender.

    

    Section
7.09           Burdensome
Agreements.

    

    Enter
into or permit to exist any Contractual Obligation (other than this Agreement or
any other Loan Document) that limits the ability of any Restricted Subsidiary
that is not a Guarantor (under and as defined in the Senior Credit Agreement) to
make Restricted Payments to any Borrower (under and as defined in the Senior
Credit Agreement) or any Guarantor (under and as defined in the Senior Credit
Agreement); provided
that the foregoing shall not apply to Contractual Obligations
which

    
      
         

      

      
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    (i)        
    (x) exist on the Closing Date and (to the extent not
otherwise permitted by this Section 7.09) are listed on Schedule 7.09 to
the Senior Credit Agreement and (y) to the extent Contractual Obligations
permitted by clause (x) are set forth in an agreement evidencing Indebtedness,
are set forth in any agreement evidencing any permitted renewal, extension or
refinancing of such Indebtedness so long as such renewal, extension or
refinancing does not expand the scope of such Contractual
Obligation,

    

    (ii)      
     are binding on a Restricted Subsidiary at the time such
Restricted Subsidiary first becomes a Restricted Subsidiary, so long as such
Contractual Obligations were not entered into solely in contemplation of such
Person becoming a Restricted Subsidiary and as amended or modified; provided, however, that any such
amendment or modification is no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions prior to such amendment
or modification,

    

    (iii)          
represent Indebtedness of a Restricted Subsidiary which is not a Loan Party
(under and as defined in the Senior Credit Agreement) which is permitted
by  Section 7.03 of the Senior Credit Agreement,

    

    (iv)          
arise in connection with any Disposition permitted by Section 7.04 or Section
7.05 and relate solely to the assets or Person subject to such
Disposition,

    

    (v)      
     are customary provisions in joint venture agreements
and other similar agreements applicable to joint ventures permitted under
Section 7.02 and applicable solely to such joint venture entered into in the
ordinary course of business,

    

    (vi)          
are customary restrictions on leases, subleases, licenses or asset sale
agreements otherwise permitted hereby so long as such restrictions relate to the
assets subject thereto,

    

    (vii)         
comprise restrictions imposed by the Senior Credit Agreement, the Senior Second
Lien Interim Loan Agreement, any Permanent Financing, any Permitted Refinancing
or under any Receivables Financings with terms no less favorable to the Company
than those provided for by a Securitization Transaction or Asset Backed Credit
Facilities, and

    

    (viii)         are
restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business.

    

    Section
7.10           Anti-Money
Laundering.

    

    Each Loan
Party will use commercially reasonable efforts to ensure that no funds used to
pay the obligations under the Loan Documents are derived from any unlawful
activity.

    

    Section
7.11           Financial
Covenants.

    

    (a)          
First Lien Senior Secured
Leverage Ratio.  Permit the First Lien Senior Secured Leverage
Ratio as of the last day of any Test Period, beginning with the Test Period
ending March 31, 2008, to be greater than 3.75:1.00.

    
      
         

      

      
        -70-

        
          

        

      

      
         

      

    

    (b)          
Consolidated Debt Service
Ratio.  Permit the Consolidated Debt Service Ratio as of the
last day of any Test Period, beginning with the Test Period ending March 31,
2008, to be less than 1.10:1.00.

    

    (c)          
Limitation on Capital
Expenditures.  Permit the aggregate amount of Capital
Expenditures (other than Excluded Capital Expenditures) made in any Fiscal Year
to exceed the amount set forth opposite such Fiscal Year below (each such
amount, a “Scheduled Capital
Expenditure Amount”):

    

    
      	
              Fiscal
      Year

            	 	
              Amount (in
      millions)

            	 
	
              Ending
      December 31, 2008

            	 	$	1,250	 
	
              Ending
      January 1, 2009 and each Fiscal Year thereafter

            	 	$	1,000	 

    

    

    provided, however, that

    

    (i)      
      so long as no Default has occurred and is
continuing or would result from such expenditure, an amount equal to 50% of any
portion of any amount set forth above, if not expended in the Fiscal Year for
which it is permitted above, may be carried over for expenditure in the
following Fiscal Year (each such amount, a “Carry-Forward Amount”); provided that if any such
amount is so carried over, it will be deemed used in the Fiscal Year after the
amount set forth opposite such Fiscal Year above, and

    

    (ii)       
    so long as no Default has occurred and is continuing or would
result from such expenditure, if Capital Expenditures (other than Excluded
Capital Expenditures) made by the Company and its Restricted Subsidiaries during
any Fiscal Year exceed the amount set forth opposite such Fiscal Year above, if
any, an amount up to 50% of the Scheduled Capital Expenditures Amount for the
next succeeding Fiscal Year (each such amount, a “carry-back amount”) may be
carried back to such prior Fiscal Year and utilized to make Capital Expenditures
in such prior fiscal year (it being understood and agreed that (A) no carry-back
amount may be carried back beyond the Fiscal Year immediately prior to the
Fiscal Year of such Scheduled Capital Expenditure Amount and (B) the portion of
the carry-back amount actually utilized in any Fiscal Year shall be deducted
from the Scheduled Capital Expenditure Amount in the Fiscal Year from which it
was carried back); provided
further that, if the Applicable Amount Availability Condition shall be
met, the Company and its Restricted Subsidiaries shall be permitted to make
Capital Expenditures in an aggregate amount pursuant to Section 7.11(c) not to
exceed the portion, if any, of the Applicable Amount on the date of such
election that the Company elects to apply this clause, such election to be
specified in a written notice of a Company Financial Officer calculating in
reasonable detail the amount of Applicable Amount immediately prior to such
election and the amount thereof elected to be so applied.

    

    Section
7.12           Accounting
Changes.

    

    Make any
change in its fiscal year; provided, however, that the Company
may, upon written notice to the Lender, change its or any of its Subsidiaries’
fiscal year to any other fiscal year reasonably acceptable to the Lender, in
which case the Company and the Lender shall make any adjustments to this
Agreement that are reasonably necessary to reflect such change in fiscal
year.

    

    Section
7.13           Prepayments, Etc. of
Indebtedness.

    
      
         

      

      
        -71-

        
          

        

      

      
         

      

    

    (a)       
    Prepay, redeem, purchase, defease or otherwise satisfy prior
to the scheduled maturity thereof in any manner (it being understood that
payments of regularly scheduled interest shall be permitted) any contractually
subordinated Indebtedness (other than ordinary course intercompany Indebtedness
and pursuant to the Dividend Distribution Note, so long as treated as a
Restricted Payment), the Second Lien Debt, the Existing Notes, any Permitted
Financing or any Permitted Refinancing thereof (such Indebtedness, “Junior Financing”) or make any
payment in violation of any subordination terms of any Junior Financing
Documentation, except (i) the refinancing thereof with the net proceeds of any
Indebtedness (net of all Taxes, fees, costs and expenses incurred by the Company
and its Restricted Subsidiaries with respect to such incurrence or issuance) (to
the extent such Indebtedness constitutes a Permitted Refinancing and, if such
Indebtedness was originally incurred under Section 7.03(l), is permitted
pursuant to Section 7.03(l)), in each case to the extent not required to prepay
any Loans pursuant to Section 2.04(b), (ii) the conversion of any Junior
Financing to Qualified Equity Interests of the Company or any direct or indirect
parent of the Company, (iii) prepayment, defeasance or discharge
of  Indebtedness under the 2015 Notes, and (iv) prepayments,
redemptions, purchases, defeasances and other payments in respect of Junior
Financings prior to their scheduled maturity an aggregate amount not to exceed
(A) $100,000,00 plus (B) if the Applicable Amount Availability Condition shall
have been satisfied on a Pro Forma Basis after giving effect to such prepayment,
redemption, purchase, defeasance or other payment, with the portion, if any, of
the Applicable Amount on the date of such payment that the Borrowers elect to
apply to this Section 7.13(a), such election to be specified in a written notice
of a Company Financial Officer calculating in reasonable detail the amount of
Applicable Amount immediately prior to such election and the amount thereof
elected to be so applied.

    

    (b)         
  Amend, modify or change in any manner materially adverse to the interests
of the Lender any term or condition of any Junior Financing Documentation
without the consent of the Lender (which consent shall not be unreasonably
withheld).

    

    Section
7.14           Holding
Company.

    

    The
Company shall not, conduct, transact or otherwise engage in any business or
operations other than (i) those incidental to its ownership of the Equity
Interests of its Subsidiaries, (ii) those incidental to the maintenance of its
legal existence, (iii) the performance of the Loan Documents to which it is a
party, the Senior Credit Agreement and the related Loan Documents (as defined in
the Senior Credit Agreement), the Existing Notes (only to the extent that the
Company is a party thereto on the Closing Date), the Management Agreement, the
Tax Sharing Agreement, the Acquisition Agreement, the Structured Financing and
the other agreements contemplated by the Acquisition Agreement, (iv) any public
offering of its common stock or any other issuance of its Equity Interests not
prohibited by Article VII, (v) any transaction that the Company has entered into
on or prior to the Closing Date, (vi) obligations of the Company under European
Securitization Transactions in effect on the Closing Date, (vii) performance
guarantees made in the ordinary course of business, (viii) non-speculative
hedging obligations, (ix) the making of loans or payments to Subsidiaries as
permitted hereunder, (x) the provisions of administrative and management
services to Subsidiaries of a type customarily provided by a holding company to
its subsidiaries and employing employees whose services are required for the
operation of the Company and its Subsidiaries and other administrative and
management services to holding companies of the Company, and (xi) rights under
and liabilities incurred resulting from Taxes or loans being made to it, as the
same are permitted hereunder.

    
      
         

      

      
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    ARTICLE
VIII

    

    Events of Default and
Remedies

    

    Section
8.01           Events of
Default.

    

    Any of
the following shall constitute an event of default (an “Event of Default”), subject to
Section 8.02(b):

    

    (a)          
Non-Payment.  Any
Loan Party fails to pay (i) when and as required to be paid herein, any amount
of principal of any Loan, or (ii) within five (5) Business Days after the same
becomes due, any interest on any Loan or any other amount payable hereunder or
with respect to any other Loan Document; or

    

    (b)          
Specific
Covenants.  Any Borrower fails to perform or observe any term,
covenant or agreement contained in Section 6.03, Section 6.05 (solely with
respect to the Company and the Borrowers), Article VII or Section 9.01;
or

    

    (c)          
Other
Defaults.  Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in Section 8.01(a) or Section 8.01(b)
above) contained in any Loan Document on its part to be performed or observed
and such failure continues for thirty (30) days, or solely with respect to a
failure to comply with clauses (a) and (b) of Section 6.01, ten (10) Business
Days, after notice thereof by the Lender to the Company or the Borrowers;
or

    

    (d)          
Representations and
Warranties.  Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of either Borrower or the
Company herein, in any other Loan Document, or in any document that is an
exhibit to a Loan Document (or any certification by a Company Financial Officer
or the Borrowers expressly contemplated by this Agreement) shall be incorrect or
misleading in any material respect when made or deemed made; or

    

    (e)          
Cross-Default.  Any
Loan Party or any Restricted Subsidiary  (i) fails to make any payment
beyond the applicable grace period with respect thereto, if any (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in
respect of any Indebtedness (other than Indebtedness hereunder) having an
aggregate principal amount of not less than the Threshold Amount, or (ii) fails
to observe or perform any other agreement or condition relating to any such
Indebtedness of not less than the Threshold Amount (any such Indebtedness,
“Threshold
Indebtedness”), or any other event occurs (other than, with respect to
Indebtedness consisting of Swap Contracts, termination events or equivalent
events pursuant to the terms of such Swap Contracts), the effect of which
default or other event is to cause, or to permit the holder or holders of such
Indebtedness (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to become due or to be repurchased, prepaid, defeased or
redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Indebtedness to be made, prior to its Stated Maturity;
provided that this
clause (e)(ii) shall not apply to secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such
Indebtedness, if such sale or transfer is permitted hereunder and under the
documents providing for such Indebtedness; provided further that such
failure is unremedied and is not waived by the holders of such Indebtedness
prior to any termination of the Revolving Credit Commitments or acceleration of
the Loans pursuant to  Section 8.02; or

    
      
         

      

      
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    (f)         
  Insolvency Proceedings,
Etc.  Any of the Company, either Borrower or any Material
Subsidiary to the fullest extent permitted under applicable mandatory provisions
of law institutes or consents to the institution of any proceeding under any
Debtor Relief Law or files for the opening of insolvency proceedings or a third
person files for the opening of insolvency proceedings, or makes an assignment
for the benefit of creditors; or applies for or consents to the appointment of
any receiver, trustee (not being a custodian), custodian, conservator,
liquidator (not being a bewindvoerder),
rehabilitator, administrator, administrative receiver or similar officer for it
or for all or any material part of its property under any applicable Debtor
Relief Laws; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or similar officer is
appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for sixty (60) calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for sixty (60) calendar days, or an
order for relief is entered in any such proceeding; or

    

    (g)          
Inability to Pay Debts;
Attachment.  (i) Any of the Company, either Borrower or any
Material Subsidiary becomes unable or admits in writing its inability or fails
generally to pay its debts in excess of the Threshold Amount as they become due,
or (ii) any writ or warrant of attachment or execution or similar process is
issued or levied against all or any material part of the property of the
Borrowers and the Restricted Subsidiaries, taken as a whole, and is not
released, vacated or fully bonded within sixty (60) days after its issue or levy
in each case, for the purposes of any Subsidiary domiciled in the United
Kingdom, ignoring the deeming provisions of Section 123(1)(a) of the Insolvency
Act 1986; or

    

    (h)          
Judgments.  There
is entered against any Loan Party or any Restricted Subsidiary one or more final
judgments or order for the payment of money in an aggregate amount exceeding the
Threshold Amount (to the extent not covered by independent third-party insurance
as to which the insurer has been notified of such judgment or order and has not
denied coverage) and such judgments or orders shall not have been satisfied,
vacated, discharged or stayed or bonded pending an appeal for a period of sixty
(60) consecutive days; or

    

    (i)          
Invalidity of Loan
Documents.  Any Loan Party contests in writing the validity or
enforceability of any provision of any Loan Document; or any Loan Party denies
in writing that it has any or further liability or obligation under any Loan
Document (other than as a result of repayment in full of the payment Obligations
and termination of the Aggregate Commitments), or purports in writing to revoke
or rescind any Loan Document; or it becomes unlawful for any Loan Party to
perform any of its payment Obligations under the Loan Documents; or

    

    (j)          
ERISA.  An
ERISA Event or any similar event with respect to a Foreign Plan occurs which,
together with all other ERISA Events (or similar events with respect to Foreign
Plans) that have occurred, has resulted or could reasonably be expected to
result in a Material Adverse Effect.

    

    (k)          
Notwithstanding the foregoing, Events of Default under Section 8.01(e) and (h)
shall not apply with respect to Millennium Holdings LLC or any Person that is a
Subsidiary of Millennium Holdings LLC as of the Closing Date (collectively, the
“Millennium Holdings
Group”) if, at the time of determination, (x) the event that would
otherwise give rise to such an Event of Default is excluded from the
corresponding provision in all other Threshold Indebtedness or would otherwise
not give rise to an event of default thereunder in accordance with the terms of
such Threshold Indebtedness and (y) the Millennium Holdings Group, taken as a
whole, is not a Material Subsidiary.

    
      
         

      

      
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    Section
8.02           Remedies upon Event of
Default.

    

    If any
Event of Default occurs and is continuing, the Lender may take any or all of the
following actions:

    

    (a)          
declare its commitment to make Loans to be terminated, whereupon such
commitments and obligation shall be terminated;

    

    (b)          
declare the unpaid principal amount of all outstanding Loans, all interest
accrued and unpaid thereon, and all other amounts owing or payable hereunder or
under any other Loan Document to be immediately due and payable, without
presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived by the Borrowers; and

    

    (c)           exercise
all rights and remedies available to it under the Loan Documents or applicable
Law;

    

    provided that upon the
occurrence of an actual or deemed entry of an order for relief with respect to
the Company under any Debtor Relief Law, the obligation of the Lender to make
Loans shall automatically terminate, the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall
automatically become due and payable without further act of the
Lender.

    

    Section
8.03           Application of
Funds.

    

    After the
exercise of remedies provided for in Section 8.02 (or after the Loans have
automatically become immediately due and payable), any amounts received on
account of the Obligations shall be applied by the Lender in the following order
(to the fullest extent permitted by mandatory provisions of applicable
Law):

    

    First, to payment of
that portion of the payment Obligations constituting fees, indemnities, expenses
and other amounts (other than principal and interest, but including fees and
expenses of counsel to the Lender payable under Section 9.04 and amounts payable
under Article III) payable to the Lender;

    

    Second, to payment of
that portion of the payment Obligations constituting accrued and unpaid interest
on the Loans;

    

    Third, to payment of
that portion of the payment Obligations constituting unpaid principal of the
Loans;

    

    Fourth, to the
payment of all other payment Obligations of the Borrowers that are due and
payable to the Lender; and

    

    Last, the balance, if
any, after all of the payment Obligations have been paid in full, to the
Borrowers or as otherwise required by Law.

    

    Section
8.04           Right to
Cure.

    

    (a)          
Notwithstanding anything to the contrary contained in Section 8.01(b), in the
event of any Default or Event of Default arising solely as a result of failure
to comply with the requirements of the covenants set forth in Section 7.11(a) or
(b), the Company may obtain the investment of further equity or shareholder debt
into the Company in an aggregate amount sufficient to reduce Consolidated First
Lien Senior Secured Debt for the purpose of the financial covenant set forth in
Section 7.11(a), or to the extent such investment is applied in repayment of the
Revolving Credit Facility, reduce the portion of the Consolidated Interest
Expense attributable to the Revolving Credit Facility for the purposes of the
financial covenant set forth in Section 7.11(b) (but, for the avoidance of
doubt, the investment of further equity or shareholder debt shall not increase
Consolidated EBITDA and be treated as having no effect for the purposes of
calculating the Applicable Amount or covenant relaxation).  Such
investment must be made no more than 10 Business Days after the date on which
the relevant Compliance Certificate is required to have been delivered. To the
extent that any such equity or shareholder debt is invested in a particular
period to enable a test or tests in a previous period to be not breached, that
investment shall be deemed to have taken place on the last day of that prior
period for the purpose of the financial covenant in Section 7.11(a) or on the
first day of such prior period for the purpose of the financial covenant in
Section 7.11(b).  No more than four cures shall be permitted during
the life of the Revolving Credit Facility.

    
      
         

      

      
        -75-

        
          

        

      

      
         

      

    

    (b)          
If on a Pro Forma Basis after giving effect to the investment of equity or
shareholder debt pursuant to the preceding clause (a), the Company would have
been in compliance with the covenant set forth in Section 7.11(a) and Section
7.11(b) as of the date of the relevant Compliance Certificate, the Default or
Event of Default under Section 8.01(b) shall be deemed to have not
occurred.

    

    (c)          
The Company shall, immediately following an investment of equity or shareholder
debt and the repayment of Indebtedness pursuant to Section 8.04(a), deliver to
the Lender a Compliance Certificate demonstrating to the Lender’s satisfaction
that on a Pro Forma Basis after giving effect to such investment and repayment
of Indebtedness that the financial covenants set forth in Section 7.11(a) and
Section 7.11(b) are then complied with.

    

    ARTICLE
IX

    

    Miscellaneous

    

    Section
9.01           Amendments,
Etc.

    

    Except as
otherwise set forth in this Agreement, no amendment or waiver of any provision
of this Agreement or any other Loan Document, and no consent to any departure by
any Loan Party therefrom, shall be effective unless in writing signed by the
Lender and such Loan Party.  If at any time any provision in, or
schedule or exhibit to, the Senior Credit Agreement, which is substantially the
same as a provision in or schedule or exhibit to this Agreement, is amended or
otherwise modified, then, to the extent such amendment or other modification is
approved by the Lender, this Agreement shall automatically be deemed amended as
and to the extent of such amendment or modification.

    

    Section
9.02           Notices and Other
Communications; Facsimile Copies.

    

    (a)          
General.  Unless
otherwise expressly provided herein, all notices and other communications
provided for hereunder or under any other Loan Document shall be in writing
(including by facsimile transmission).  All such written notices shall
be mailed, faxed or delivered  to the applicable address, facsimile
number or electronic mail address, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, to the address, facsimile number, electronic mail
address or telephone number specified for such Person on Schedule 9.02 hereto or to
such other address, facsimile number, electronic mail address or telephone
number as shall be designated by such party in a notice to the other
parties.  All such notices and other communications shall be deemed to
be given or made upon the earlier to occur of (i) actual receipt by the relevant
party hereto and (ii) (A) if delivered by hand or by courier, when signed for by
or on behalf of the relevant party hereto; (B) if delivered by mail, four (4)
Business Days after deposit in the mails, postage prepaid; (C) if delivered by
facsimile, when sent and receipt has been confirmed by telephone; and (D) if
delivered by electronic mail (which form of delivery is subject to the
provisions of Section 9.02(c)), when delivered; provided that notices and
other communications to the Lender pursuant to Article II shall not be effective
until actually received by the Lender.  In no event shall a voice mail
message be effective as a notice, communication or confirmation
hereunder.

    
      
         

      

      
        -76-

        
          

        

      

      
         

      

    

    (b)          
Effectiveness of Facsimile
Documents and Signatures.  Loan Documents may be transmitted
and/or signed by facsimile.  The effectiveness of any such documents
and signatures shall, subject to applicable Law, have the same force and effect
as manually signed originals and shall be binding on all Loan Parties and the
Lender.

    

    (c)          
Reliance by the Lender.  The
Lender shall be entitled to rely and act upon any notices (including telephonic
Committed Loan Notices) purportedly given by or on behalf of any Borrower even
if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein,
or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof.  The Borrowers shall indemnify the Lender and
each Lender-Related Person from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by
or on behalf of any Borrower in the absence of gross negligence or willful
misconduct.  All telephonic notices to the Lender may be recorded by
the Lender, and each Borrower hereby consents to such recording.

    

    Section
9.03           No Waiver; Cumulative
Remedies.

    

    No
failure by the Lender to exercise, and no delay by the Lender in exercising, any
right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers and privileges herein
provided, and provided under each other Loan Document, are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by applicable
Law.

    

    Section
9.04           Costs and
Expenses.

    

    Each
Borrower agrees (a) if the Closing Date occurs, to pay or reimburse the Lender
for all reasonable invoiced out-of-pocket costs and expenses and any taxes
(other than Taxes indemnification, which is governed by Section 3.01) incurred
in connection with the preparation, negotiation and execution of this Agreement
and the other Loan Documents, and any amendment, waiver, consent or other
modification of the provisions hereof and thereof (whether or not the
transactions contemplated thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including
all reasonable costs and expenses of counsel to the Lender, and (b) to pay or
reimburse the Lender for all invoiced out-of-pocket costs and expenses incurred
in connection with the enforcement (whether through negotiations, legal
proceedings or otherwise) of any rights or remedies under this Agreement or the
other Loan Documents (including all such costs and expenses incurred during any
legal proceeding, including any proceeding under any Debtor Relief Law, and
including all costs and expenses of counsel to the Lender).  The
agreements in this Section 9.04 shall survive the termination of the Aggregate
Commitments and repayment of all other Obligations.  All amounts due
under this Section 9.04 shall be paid promptly after receipt by the Borrowers of
an invoice relating thereto setting forth such expenses in reasonable
detail.  If any Loan Party fails to pay when due any costs, expenses,
taxes or other amounts payable by it hereunder or under any Loan Document, such
amount may be paid on behalf of such Loan Party by the Lender in its sole
discretion.

    
      
         

      

      
        -77-

        
          

        

      

      
         

      

    

    Section
9.05           Indemnification by the
Borrowers.

    

    Whether
or not the transactions contemplated hereby are consummated, the Borrowers
shall, jointly and severally, indemnify and hold harmless the Lender and its
Affiliates, and the directors, officers, partners, employees, counsel, agents,
trustees, investment advisors and attorneys-in-fact of each of the foregoing
(collectively, the “Indemnitees”) from and against
any and all liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses and disbursements (including
attorney costs) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way
relating to or arising out of or in connection with (a) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions
contemplated thereby or the consummation of the transactions contemplated
thereby, (b) any Revolving Credit Commitment or Loan or the use or proposed use
of the proceeds therefrom, (c) any actual or alleged presence or Release of
Hazardous Materials on, at, under or from any property or facility currently or
formerly owned, leased or operated by the Loan Parties or any Subsidiary, or any
Environmental Liability related in any way to the Loan Parties or any
Subsidiary, or (d) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory (including any investigation of, preparation for, or defense of
any pending or threatened claim, investigation, litigation or proceeding) and
regardless of whether any Indemnitee is a party thereto (all the foregoing,
collectively, the “Indemnified
Liabilities”), in all cases, whether or not caused by or arising, in
whole or in part, out of the negligence of the Indemnitee; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses or disbursements resulted from the gross
negligence, bad faith or willful misconduct of such Indemnitee or of any
affiliate, director, officer, partner, employee, agent or attorney-in-fact of
such Indemnitee, as determined by the final judgment of a court of competent
jurisdiction.  No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with
this Agreement, nor shall any Indemnitee or the Borrowers or any Subsidiary have
any liability for any special, punitive, indirect or consequential damages
relating to this Agreement or any other Loan Document or arising out of its
activities in connection herewith or therewith (whether before or after the
Closing Date).  In the case of an investigation, litigation or other
proceeding to which the indemnity in this Section 9.05 applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding
is brought by any Loan Party, any Subsidiary of any Loan Party, any Loan Party’s
directors, stockholders or creditors or an Indemnitee or any other Person,
whether or not any Indemnitee is otherwise a party thereto and whether or not
any of the transactions contemplated hereunder or under any of the other Loan
Documents are consummated.  All amounts due under this Section 9.05
shall be paid within ten (10) Business Days after demand therefor; provided, however, that such Indemnitee
shall promptly refund such amount to the extent that there is a final judicial
or arbitral determination that such Indemnitee was not entitled to
indemnification rights with respect to such payment pursuant to the express
terms of this Section 9.05.  The agreements in this Section 9.05 shall
survive the transfer by, resignation or replacement of, the Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or
discharge of all the other Obligations.  This Section 9.05 shall not
apply with respect to any Taxes (including Indemnified Taxes or any Other Taxes
indemnifiable under Section 3.01) other than Taxes that represent liabilities,
obligations, losses, damages, etc. arising from any non-Tax claim.

    

    Section
9.06           Payments Set
Aside.

    
      
         

      

      
        -78-

        
          

        

      

      
         

      

    

    To the
extent that any payment by or on behalf of any Borrower is made to the Lender,
or the Lender exercises its right of setoff, and such payment or the proceeds of
such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall, to the
fullest extent possible under provisions of applicable Law, be revived and
continued in full force and effect as if such payment had not been made or such
setoff had not occurred.

    

    Section
9.07           Successors and
Assigns. 

    

    (a)          
The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted
hereby, except that no Borrower may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Lender
(except as permitted by Section 7.04) and the Lender may assign, sell
participations in or otherwise transfer any of its rights or obligations
hereunder to any Person which is an Affiliate of the Lender without the consent
of any Loan Party and the Borrowers shall make payments hereunder to any such
assignee, participant or transferee as directed by the Lender.

    

    (b)           The
Lender may, without the consent of the Borrowers, at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement to
secure obligations of the Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section 9.07 shall not apply to
any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release the Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for the Lender
as a party hereto.  In order to facilitate such pledge or assignment
or for any other reason, the Borrowers hereby agree that, upon request of the
Lender at any time and from time to time after either Borrower has made its
initial borrowing hereunder, the applicable Borrowers shall provide to the
Lender, at the Borrowers’ own expense, a promissory note, substantially in the
form of Exhibit C, evidencing the
Revolving Credit Loans owing to the Lender.  

    

    Section 9.08           [Reserved.]

    

    Section
9.09           Setoff.

    

    In
addition to any rights and remedies of the Lender provided by Law, upon the
occurrence and during the continuance of any Event of Default, the Lender is
authorized at any time and from time to time, without prior notice to the
Company and the Borrowers, any such notice being waived by the Company and the
Borrowers (on its own behalf and on behalf of each Loan Party and each of its
Subsidiaries) to the fullest extent permitted by applicable Law, to setoff and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held by, and other Indebtedness at any time owing by, the
Lender and its Affiliates to or for the credit or the account of the respective
Loan Parties and their Subsidiaries against any and all Obligations owing to the
Lender and its Affiliates hereunder or under any other Loan Document, now or
hereafter existing, irrespective of whether or not the Lender or such Affiliate
shall have made demand under this Agreement or any other Loan Document and
although such Obligations may be contingent or unmatured or denominated in a
currency different from that of the applicable deposit or
Indebtedness.  The Lender agrees promptly to notify the Borrowers
after any such setoff and application made by the Lender; provided that the failure to
give such notice shall not affect the validity of such setoff and
application.  The rights of the Lender under this Section 9.09 are in
addition to other rights and remedies (including other rights of setoff) that
the Lender may have.

    
      
         

      

      
        -79-

        
          

        

      

      
         

      

    

    Section
9.10           Interest Rate
Limitation.

    

    Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If
the Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it
exceeds such unpaid principal, refunded to the applicable
Borrower.  In determining whether the interest contracted for,
charged, or received by the Lender exceeds the Maximum Rate, the Lender may, to
the extent permitted by applicable Law, (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary repayments and the effects thereof, and (c) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

    

    Section
9.11           Counterparts.

    

    This
Agreement and each other Loan Document (where applicable under the relevant
laws) may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same
instrument.  Delivery by telecopier of an executed counterpart of a
signature page to this Agreement and each other Loan Document shall be effective
as delivery of an original executed counterpart of this Agreement and such other
Loan Document. The Lender may also require that any such documents and
signatures delivered by telecopier be confirmed by a manually signed original
thereof; provided that
the failure to request or deliver the same shall not limit the effectiveness of
any document or signature delivered by telecopier.

    

    Section
9.12           Integration.

    

    This
Agreement, together with the other Loan Documents, comprises the complete and
integrated agreement of the parties on the subject matter hereof and thereof and
supersedes all prior agreements, written or oral, on such subject matter except
for any such prior agreements which by the express terms thereof survive the
execution of this Agreement.  In the event of any conflict between the
provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control unless, in the case of such other
Loan Documents governed by any Law other than a state of the United States, such
control would result, such other Loan Document being invalid or unenforceable,
in which case, the relevant provision of the Loan Document will prevail; provided that the inclusion
of supplemental rights or remedies in favor of the Lender in any other Loan
Document shall not be deemed a conflict with this Agreement.  Each
Loan Document was drafted with the joint participation of the respective parties
thereto and shall be construed neither against nor in favor of any party, but
rather in accordance with the fair meaning thereof.

    

    Section
9.13           Survival of Representations
and Warranties.

    

    The
representations and warranties set forth herein and in the other Loan Documents
have been or will be relied upon by the Lender, regardless of any investigation
made by the Lender or on its behalf and notwithstanding that the Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and
shall continue in full force and effect as of the time made as long as any Loan
or any other Obligation hereunder shall remain unpaid or
unsatisfied.

    

    Section
9.14           Severability.

    
      
         

      

      
        -80-

        
          

        

      

      
         

      

    

    If any
provision of this Agreement or any other Loan Document is held to be illegal,
invalid or unenforceable, the legality, validity and enforceability of the
remaining provisions of this Agreement and such other Loan Document shall not be
affected or impaired thereby.  The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

    

    Section
9.15           GOVERNING
LAW.

    

    THIS
AGREEMENT AND EACH OTHER LOAN DOCUMENT (OTHER THAN ANY LOAN DOCUMENT EXPRESSLY
GOVERNED BY THE LAWS OF ANOTHER JURISDICTION) SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

    

    ANY LEGAL
ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF
THEM WITH RESPECT TO ANY LOAN DOCUMENT OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES
FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF EACH LOAN PARTY AND THE LENDER CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS.  EACH OF EACH LOAN PARTY AND THE LENDER IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR
OTHER DOCUMENT RELATED THERETO.  EACH PARTY HERETO IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN
TELECOPIER) IN SECTION 9.02.  NOTHING IN THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY APPLICABLE LAW.

    

    Section
9.16           WAIVER OF RIGHT TO TRIAL BY
JURY.

    

    EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN DOCUMENTS.
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

    

    Section
9.17           Binding
Effect.

    

    This
Agreement shall become effective when it shall have been executed by the Loan
Parties and the Lender, and thereafter shall be binding upon and inure to the
benefit of the Loan Parties and the Lender and their respective successors and
assigns, in each case in accordance with Section 9.07 (if applicable), and
except that no Loan Party shall have the right to assign its rights hereunder or
any interest herein without the prior written consent of the Lender except as
permitted by Section 7.04.

    
      
         

      

      
        -81-

        
          

        

      

      
         

      

    

    Section
9.18           Judgment
Currency.

    

    If, for
the purposes of obtaining judgment in any court, it is necessary to convert a
sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Lender could purchase the first currency with such
other currency on the Business Day preceding that on which final judgment is
given.  The obligation of each Borrower in respect of any such sum due
from it to the Lender hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than
that in which such sum is denominated in Dollars or Euros, be discharged only to
the extent that on the Business Day following receipt by the Lender of any sum
adjudged to be so due in the Judgment Currency, the Lender may in accordance
with customary purchase Dollars or Euros with the Judgment
Currency.  If the amount of Dollars or Euros so purchased is less than
the sum originally due to the Lender from the Borrowers in Dollars or Euros,
each Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Lender or the Person to whom such obligation was
owing against such loss.  If the amount of Dollars or Euros so
purchased is greater than the sum originally due to the Lender in such currency,
the Lender agrees to return the amount of any excess to the applicable Borrower
(or to any other Person who may be entitled thereto under applicable
Law).

    

    Section
9.19           [Reserved].

    

    Section
9.20           [Reserved].

    

    Section
9.21           Agent for Service of
Process.

    

    The
Foreign Borrower agrees that promptly following request by the Lender it will
appoint and maintain an agent reasonably satisfactory to the Lender to receive
service of process in New York City.

    

    Section
9.22           No Advisory or Fiduciary
Responsibility.

    
      
         

      

      
        -82-

        
          

        

      

      
         

      

    

    In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), each Loan Party acknowledges and agrees
that:  (i) (A) the services regarding this Agreement provided by the
Lender are arm’s-length commercial transactions between the Company and the
Borrowers and their respective Affiliates, on the one hand, and the Lender, on
the other hand, (B) each Loan Party has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate and (C) each
Loan Party is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other
Loan Documents; (ii) (A) the Lender is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for the
Company and the Borrowers or any of their respective Affiliates, or any other
Person and (B) the Lender does not have any obligation to the Company or the
Borrowers or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in
the other Loan Documents; and (iii) the Lender and its Affiliates may be engaged
in a broad range of transactions that involve interests that differ from those
of each Loan Party and their respective Affiliates, and the Lender does not have
any obligation to disclose any of such interests to the Loan Parties or their
respective Affiliates.  To the fullest extent permitted by law, each
Loan Party hereby waives and releases any claims that it may have against the
Lender with respect to any breach or alleged breach of agency or fiduciary duty
in connection with any aspect of any transaction contemplated
hereby.

    

    (Remainder of page intentionally left
blank)

    
      
         

      

      
        -83-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written.

    

    
      	 
      	
              LYONDELLBASELL
      AF INDUSTRIES, S.C.A.,

            	 
      
	 
      	
              as
      the Company

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              LyondellBasell
      AFGP, its Manager

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Volker Trautz

            	 
      
	 
      	 
      	
              Volker
      Trautz, Manager

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Alan Bigman

            	 
      
	 
      	 
      	
              Alan
      Bigman, Manager

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              LYONDELL
      CHEMICAL COMPANY, as the U.S. Borrower

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Karen A. Twitchell

            	 
      
	 
      	 
      	
              Karen
      A. Twitchell

            	 
      
	 
      	 
      	
              Vice
      President and Treasurer

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              BASELL
      FINANCE COMPANY, B.V., as the Foreign Borrower

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Alan Bigman

            	 
      
	 
      	 
      	
              Alan
      Bigman,.DirectorVolker

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Francesco Svelto

            	 
      
	 
      	 
      	
              Francesco
      Svelto, Director

            	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 
      	
              ACCESS
      INDUSTRIES HOLDINGS LLC, as the Lender

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              Access
      Industries Management, LLC, its Manager

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Alejandro Moreno

            	 
      
	 
      	
              Name:

            	
              Alejandro
      Moreno

            	 
      
	 
      	
              Title:

            	
              Vice
      President

            	 
      

    

    

     

    2<PAGE>

Exhibit 10.8

                                MICROISLET, INC.
                              STOCK UNITS AGREEMENT

MicroIslet,  Inc., a Nevada  corporation  (the  "Company"),  hereby awards Stock
Units to the Participant  named below. The terms and conditions of the award are
set forth in this cover sheet and in the  attached  Stock Units  Agreement  (the
"Agreement").

Date of Award:

Name of Participant:

Number of Stock Units Awarded:

    By signing this cover sheet, you agree to all of the terms and conditions
                described in the attached Stock Units Agreement.

Participant: ------------------------------------------------------------------
                                   (Signature)

Company:-----------------------------------------------------------------------
                                   (Signature)

         Title:----------------------------------------------------------------

Attachment

                                       1
<PAGE>

                                MICROISLET, INC.
                              STOCK UNITS AGREEMENT

Award of Stock Units       MicroIslet, Inc. awards you the number of Stock Units
                           shown on the cover sheet of this Agreement. No cash
                           consideration shall be required of the Participant in
                           connection with the grant of the Stock Units. The
                           award is subject to the terms and conditions of this
                           Agreement. In connection with this Award, you
                           acknowledge and agree that the Company has provided
                           you with access to all material information regarding
                           the Company. Capitalized terms used in this Agreement
                           are defined below under the heading "Definitions."

Administration             The Plan shall be administered by the Administrator.

                           Subject to the provisions of the Agreement, the
                           Administrator shall have the authority, in its
                           discretion:

                           (i) to correct administrative errors;

                           (ii) to construe and interpret the terms of the
                           Agreement;

                           (iii) to adopt rules and procedures relating to the
                           operation and administration of the Agreement to
                           accommodate the specific requirements of applicable
                           laws and procedures. Without limiting the generality
                           of the foregoing, the Administrator is specifically
                           authorized to adopt the rules and procedures
                           regarding payments, withholding procedures and
                           handling of stock certificates;

                           (iv) to prescribe, amend and rescind rules and
                           regulations relating to the Agreement;

                           (v) to modify or amend this award, including, but not
                           limited to, the acceleration of vesting and/or waiver
                           of forfeiture restrictions, provided, however, that
                           any such amendment may not materially impair this
                           award unless agreed to in writing by the Participant;

                           (vi) to allow the Participant to satisfy any required
                           withholding tax amounts by electing to have the
                           Company withhold from the Shares to be issued
                           pursuant to this award that number of Shares having a
                           fair market value equal to the amount required to be
                           withheld. The fair market value of the Shares to be
                           withheld shall be determined in such manner and on
                           such date that the Administrator shall determine or,
                           in the absence of provision otherwise, on the date
                           that the amount of tax to be withheld is to be
                           determined. All elections by the Participant to have
                           Shares withheld for this purpose shall be made in
                           such form and under such conditions as the
                           Administrator may provide;

                           (vii) to authorize any person to execute on behalf of
                           the Company any instrument required to effect the
                           grant of this award;

                                       2
<PAGE>

                           (viii) to impose such restrictions, conditions or
                           limitations as it determines appropriate as to the
                           timing and manner of any resales by a Participant or
                           other subsequent transfers by the Participant of any
                           Shares issued as a result of or under this award,
                           including, without limitation, (A) restrictions under
                           an insider trading policy and (B) restrictions as to
                           the use of a specified brokerage firm for such
                           resales or other transfers; and

                           (ix) to make all other determinations deemed
                           necessary or advisable for administering this award.

                           All decisions, determinations and interpretations by
                           the Administrator regarding this award, any rules and
                           regulations and the terms and conditions of this
                           award, shall be final and binding on all persons
                           including the Participant. The Administrator shall
                           consider such factors as it deems relevant, in its
                           sole and absolute discretion, to making such
                           decisions, determinations and interpretations,
                           including, without limitation, the recommendations or
                           advice of any officer or other employee of the
                           Company and such attorneys, consultants and
                           accountants as it may select.

Indemnification            To the maximum extent permitted by applicable law,
                           the Administrator and its delegates shall be
                           indemnified and held harmless by the Company against
                           and from (i) any loss, cost, liability, or expense
                           that may be imposed upon or reasonably incurred by
                           him or her in connection with or resulting from any
                           claim, action, suit, or proceeding to which he or she
                           may be a party or in which he or she may be involved
                           by reason of any action taken or failure to act under
                           this Agreement, and (ii) from any and all amounts
                           paid by him or her in settlement thereof, with the
                           Company's approval, or paid by him or her in
                           satisfaction of any judgment in any such claim,
                           action, suit, or proceeding against him or her,
                           provided he or she shall give the Company an
                           opportunity, at its own expense, to handle and defend
                           the same before he or she undertakes to handle and
                           defend it on his or her own behalf. The foregoing
                           right of indemnification shall not be exclusive of
                           any other rights of indemnification to which such
                           persons may be entitled under the Company's Articles
                           of Incorporation or Bylaws, by contract, as a matter
                           of law, or otherwise, or under any power that the
                           Company may have to indemnify them or hold them
                           harmless.

Vesting                    As long as you render continuous Service to the
                           Company, you will become vested in [number of Stock
                           Units/12] Stock Units on each monthly anniversary of
                           [insert date Letter of Agreement is executed], with
                           full vesting of the entire award occurring on the
                           first anniversary of [insert date Letter of Agreement
                           is executed]. In the event that your Service ceases
                           for any reason prior to the first anniversary of the
                           Date of Award, you will forfeit to the Company
                           without consideration all of the Stock Units subject
                           to this award which are unvested on the date Service
                           ceases.

                                       3
<PAGE>

Settlement                 To the extent a Stock Unit becomes vested and subject
                           to your satisfaction of any tax withholding
                           obligations (as discussed below) and the provisions
                           below concerning Suspension of Award, each vested
                           Stock Unit will entitle you to receive one Share
                           which will be distributed to you on the earlier of
                           (i) six months after each of the applicable vesting
                           date(s) (or the first business day thereafter if the
                           vesting date is not a business day) or (ii) a Change
                           in Control, in exchange for such Stock Unit. Issuance
                           of Shares shall be in complete satisfaction of such
                           vested Stock Units. Such settled Stock Units shall be
                           immediately cancelled and no longer outstanding and
                           you shall have no further rights or entitlements
                           related to those settled Stock Units.

No Assignment              Stock Units shall not be sold, anticipated, assigned,
                           attached, garnished, optioned, transferred or made
                           subject to any creditor's process, whether
                           voluntarily, involuntarily or by operation of law.
                           However, this shall not preclude a transfer of vested
                           Stock Units by will or by the laws of descent and
                           distribution. In addition, pursuant to Company
                           procedures, you may designate a beneficiary who will
                           receive any outstanding vested Stock Units in the
                           event of your death.

Voting and Other Rights    The holder of the Stock Units shall have no rights
                           other than those of a general creditor of the
                           Company. Subject to the terms of this Agreement, a
                           holder of outstanding Stock Units has none of the
                           rights and privileges of a stockholder of the
                           Company, including no right to vote or to receive
                           dividends (if any) or dividend equivalents. Subject
                           to the terms and conditions of this Agreement, Stock
                           Units create no fiduciary duty of the Company to you
                           and represent only an unfunded and unsecured
                           contractual obligation of the Company. The Stock
                           Units shall not be treated as property or as a trust
                           fund of any kind.

                           You, or your estate or heirs, have no rights as a
                           stockholder of the Company until a certificate for
                           your Shares has been issued. No adjustments are made
                           for dividends or other rights if the applicable
                           record date occurs before your stock certificate is
                           issued.

Restrictions on            The Company will not issue any Shares if the issuance
Issuance                   of such Shares at that time would violate any law or
                           regulation.

Taxes and Withholding      You will be solely responsible for payment of any and
                           all applicable taxes associated with this award.

                           The delivery to you of any Shares underlying vested
                           Stock Units will not be permitted unless and until
                           you timely have satisfied any withholding or other
                           taxes that may be due. Any such tax withholding
                           obligations may be settled by the Company withholding
                           and retaining a portion of the Shares from the Shares
                           that would otherwise be deliverable to you under the
                           vesting stock units. Such withheld Shares will be
                           applied to pay the withholding obligation by using
                           the aggregate fair market value of the withheld
                           Shares as of the date of vesting. You will be
                           delivered the net amount of vested Shares after the
                           Share withholding has been effected and you will not
                           receive the withheld Shares.

                                       4
<PAGE>

Code Section 409A          This award will be administered and interpreted to
                           comply with Code Section 409A. The Participant
                           acknowledges that the Company, in the exercise of its
                           sole discretion and without the consent of the
                           Participant, may amend or modify this Agreement in
                           any manner and delay the issuance of any Shares
                           issuable pursuant to this Agreement to the minimum
                           extent necessary to meet the requirements of Section
                           409A of the Code as amplified by any regulations
                           promulgated under the Code or guidance from the
                           Internal Revenue Service as the Company deems
                           appropriate or advisable.

                           Notwithstanding anything to the contrary, if, upon
                           your "separation from service" (as defined in Code
                           Section 409A), you are then a Company "specified
                           employee" (as defined in Code Section 409A), then to
                           the extent necessary to comply with Code Section
                           409A, the Company shall defer payment of certain of
                           the amounts owed to you under this Agreement until
                           the earlier of (i) five (5) days after the Company
                           receives notification of your death or (ii) the first
                           business day of the seventh month following your
                           separation from service. Any such delayed payments
                           shall be made to you (or your beneficiaries) without
                           interest.

Restrictions on Resale     By signing this Agreement, you agree not to sell any
                           Shares acquired pursuant to this award at a time when
                           applicable laws, regulations or Company or
                           underwriter trading policies prohibit sale.

                           If the sale of Shares acquired under this award is
                           not registered under the Securities Act of 1933, as
                           amended, but an exemption is available which requires
                           an investment or other representation and warranty,
                           you shall represent and agree that the Shares being
                           acquired are being acquired for investment, and not
                           with a view to the sale or distribution thereof, and
                           shall make such other representations and warranties
                           as are deemed necessary or appropriate by the Company
                           and its counsel.

No Retention Rights        This Agreement is not an employment or consulting
                           agreement and does not give you the right to be
                           retained in any capacity by the Company. The Company
                           reserves the right to terminate your Service at any
                           time and for any reason.

Adjustments                If any change in the outstanding Common Stock subject
                           to this award results from any stock split, reverse
                           stock split, combination, consolidation, spin-off,
                           recapitalization, exchange of Shares, or any capital
                           adjustment or transaction similar to the foregoing or
                           any distribution to holders of Common Stock other
                           than regular cash dividends, then (A) the number,
                           kind and class of Shares covered by this award and
                           (B) any other affected terms of this award, shall be
                           proportionally adjusted to prevent dilution or
                           enlargement of rights. No adjustment shall result in
                           any fractional Stock Units remaining after the Award
                           is adjusted and any such fractional amount shall be
                           settled within 30 days by the Company with cash or
                           other property.

                                       5
<PAGE>

Legends                    All certificates representing the Common Stock issued
                           under this award may, where applicable, have endorsed
                           thereon the following legends and any other legend
                           the Company determines appropriate:

                           "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN
                           REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                           AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
                           TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
                           UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY
                           TO THE COMPANY AND ITS COUNSEL, THAT SUCH
                           REGISTRATION IS NOT REQUIRED."

Notice                     Any notice to be given or delivered to the Company
                           relating to this Agreement shall be in writing and
                           addressed to the Company at its principal corporate
                           offices. Any notice to be given or delivered to you
                           relating to this Agreement shall be in writing and
                           addressed to you at such address of which you advise
                           the Company in writing. All notices shall be deemed
                           effective upon personal delivery or upon deposit in
                           the U.S. mail, postage prepaid and properly addressed
                           to the party to be notified.

Limitation on Liability    The Company and any Affiliate which is in existence
                           or hereafter comes into existence shall not be liable
                           to the Participant or any other persons as to:

                           (a) The Non-Issuance of Shares. The non-issuance or
                           sale of Shares as to which the Company has been
                           unable to obtain from any regulatory body having
                           jurisdiction the authority deemed by the Company's
                           counsel to be necessary to the lawful issuance and
                           sale of any shares hereunder; and

                           (b) Tax Consequences. Any tax consequence expected,
                           but not realized, by any Participant or other person
                           due to the receipt, vesting or settlement of this
                           award.

Unfunded Award             This award is unfunded. Although bookkeeping accounts
                           may be established with respect to this award, any
                           such accounts will be used merely as a bookkeeping
                           convenience. The Company shall not be required to
                           segregate any assets which may at any time be
                           represented by this award, nor shall this Agreement
                           be construed as providing for such segregation, nor
                           shall the Company nor the Administrator be deemed to
                           be a trustee of stock or cash to be awarded under
                           this Agreement. Any liability of the Company to the
                           Participant with respect to this award shall be based
                           solely upon any contractual obligations which may be
                           created by the Agreement; no such obligation of the
                           Company shall be deemed to be secured by any pledge
                           or other encumbrance on any property of the Company.
                           Neither the Company nor the Administrator shall be
                           required to give any security or bond for the
                           performance of any obligation which may be created by
                           this Agreement.

                                       6
<PAGE>

Interpretation and         In the event that any provision of this award is
Reformation                declared to be illegal, invalid or otherwise
                           unenforceable by a court of competent jurisdiction,
                           such provision shall be reformed, if possible, to the
                           extent necessary to render it legal, valid and
                           enforceable, or otherwise deleted, and the remainder
                           of the terms of this award shall not be affected
                           except to the extent necessary to reform or delete
                           such illegal, invalid or unenforceable provision.

                           The terms of the award shall inure to the benefit of
                           and be binding upon the parties hereto and their
                           respective permitted heirs, beneficiaries, successors
                           and assigns.

                           All questions arising under the award shall be
                           decided by the Administrator in its total and
                           absolute discretion. In the event the Participant
                           believes that a decision by the Administrator with
                           respect to such person was arbitrary or capricious,
                           the Participant may request arbitration by
                           JAMS/Endispute with respect to such decision. The
                           review by the arbitrator shall be limited to
                           determining whether the Administrator's decision was
                           arbitrary or capricious. This arbitration shall be
                           the sole and exclusive review permitted of the
                           Administrator's decision, and the Participant shall
                           as a condition to the receipt of this award be deemed
                           to explicitly waive any right to judicial review.

Suspension of Award        If at any time the Administrator reasonably believes
                           that the Participant has committed an act of Cause
                           (which includes a failure to act), the Administrator
                           may suspend the Participant's right to vesting of the
                           Stock Units and settlement of vested Shares pending a
                           determination of whether there was in fact an act of
                           Cause. If the Administrator determines the
                           Participant has committed an act of Cause, all of
                           Participant's outstanding Award shall then terminate
                           without consideration, and there shall be no further
                           settlement. Any determination by the Administrator
                           with respect to the foregoing shall be final,
                           conclusive and binding on all interested parties.

Cooperation and Other      You and the Company agree to execute such further
Agreements                 instruments and to take such further action as may
                           reasonably be necessary to carry out the intent of
                           this Agreement.

                           This Agreement constitutes the entire understanding
                           between you and the Company regarding this award of
                           Stock Units. Any prior agreements, commitments or
                           negotiations are superseded.

Applicable Law             This Agreement will be interpreted and enforced under
                           the laws of the State of New York. The parties agree
                           that any suit, action, or proceeding arising out of
                           or relating to this Agreement shall be brought in a
                           court of appropriate jurisdiction located in New
                           York, New York, except those to be submitted to
                           arbitration as set forth in
                           "Interpretation/Reformation" above.

                                       7
<PAGE>

Definitions               "Administrator" shall mean the Company's Board, any
                           Committees or such of their delegates as shall be
                           administering the Agreement

                           "Affiliate" shall mean any entity that is directly or
                           indirectly controlled by the Company or any entity in
                           which the Company has a significant ownership
                           interest as determined by the Administrator.

                           "Award" or "award" shall mean the Stock Units that
                           are the subject of this Agreement.

                           "Board" shall mean the Board of Directors of the
                           Company.

                           "Cause" shall mean (i) a conviction of the
                           Participant for a felony crime or the failure of the
                           Participant to contest prosecution for a felony
                           crime, or (ii) the Participant's misconduct, fraud,
                           disloyalty or dishonesty (as such terms may be
                           defined by the Administrator in its sole discretion),
                           or (iii) any unauthorized use or disclosure of
                           confidential information or trade secrets by the
                           Participant, or (iv) the Participant's negligence,
                           malfeasance, breach of fiduciary duties, neglect of
                           duties, or (v) any material violation by the
                           Participant of a written Company policy or any
                           material breach by the Participant of a written
                           agreement with the Company, or (vi) any other act or
                           omission by a Participant that, in the opinion of the
                           Administrator, could reasonably be expected to
                           adversely affect the Company's business, financial
                           condition, prospects and/or reputation. In each of
                           the foregoing subclauses (i) through (vi), whether or
                           not a "Cause" event has occurred will determined by
                           the Administrator in its sole discretion and the
                           Administrator's determination shall be conclusive,
                           final and binding on all persons.

                           "Change in Control" shall mean any of the following,
                           unless the Administrator provides otherwise:

                           (i) any merger or consolidation in which the Company
                           shall not be the surviving entity (or survives only
                           as a subsidiary of another entity whose stockholders
                           did not own all or substantially all of the Common
                           Stock in substantially the same proportions as
                           immediately prior to such transaction);

                           (ii) the sale of all or substantially all of the
                           Company's assets to any other person or entity (other
                           than a wholly-owned subsidiary);

                           (iii) the acquisition of beneficial ownership of a
                           controlling interest (including, without limitation,
                           power to vote) in the outstanding shares of Common
                           Stock by any person or entity (including a "group" as
                           defined by or under Section 13(d)(3) of the
                           Securities Exchange Act of 1934 as amended);

                                       8
<PAGE>

                           (iv) the dissolution or liquidation of the Company;

                           (v) a contested election of directors, as a result of
                           which or in connection with which the persons who
                           were directors before such election or their nominees
                           cease to constitute a majority of the Board; or

                           (vi) any other event specified by the Board or a
                           Committee, regardless of whether at the time this
                           Stock Units are granted or thereafter.

                           Notwithstanding the foregoing, the term "Change in
                           Control" shall not include (i) any underwritten
                           public offering of Shares registered under the
                           Securities Act of 1933, as amended or (ii) any
                           transaction or series of transactions which does not
                           constitute a change in effective ownership or control
                           of the Company or change in ownership of substantial
                           portion of the Company's assets as such terms are
                           described under Code Section 409A.

                           "Code" shall mean the Internal Revenue Code of 1986,
                           as amended.

                           "Committee" shall mean a committee of directors
                           appointed by the Board.

                           "Common Stock" shall mean the common stock of the
                           Company.

                           "Service" shall mean that the Participant is
                           performing bona fide services to the Company as a
                           non-employee consultant.

                           "Share" shall mean one share of the Common Stock.

                           "Stock Unit" shall mean a bookkeeping entry
                           representing the equivalent of one Share, as awarded
                           under this Agreement, payable in Shares. Stock Units
                           represent an unfunded and unsecured obligation of the
                           Company.

                  By signing the cover sheet of this Agreement,
                  you agree to all of the terms and conditions
                                described above.

                                       9

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