Document:

lyo10k-022808ex49.htm

    
      EXHIBIT
4.9

      
        

      

    

     

    UNDERTAKING
AGREEMENT

    

    dated as
of

    

    December
20, 2007

    

    

    by

    

    

    LYONDELL
CHEMICAL COMPANY

    EQUISTAR
CHEMICALS, LP

    HOUSTON
REFINING LP

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
OF CONTENTS 

      

    

    
      

    

    

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
      1

            
	
              DEFINITIONS

            
	 	 	 
	
              Section
      1.01.

            	
              Definitions

            	
              2

            
	
              Section
      1.02.

            	
              Accounting
      Terms

            	
              16

            
	
              Section
      1.03.

            	
              Terms
      Generally

            	
              16

            
	 	 	 
	
              ARTICLE
      2

            
	
              REPRESENTATIONS
      AND WARRANTIES

            
	 	 	 
	
              Section
      2.01.

            	
              Environmental
      and Safety Matters

            	
              17

            
	
              Section
      2.02.

            	
              Ownership
      of Properties

            	
              18

            
	
              Section
      2.03.

            	
              Subsidiaries

            	
              18

            
	
              Section
      2.04.

            	
              Insurance

            	
              18

            
	
              Section
      2.05.

            	
              Labor
      Matters

            	
              18

            
	
              Section
      2.06.

            	
              Solvency

            	
              19

            
	
              Section
      2.07.

            	
              Anti-Terrorism
      Laws.

            	
              19

            
	 	 	 
	
              ARTICLE
      3

            
	
              AFFIRMATIVE
      COVENANTS

            
	 	 	 
	
              Section
      3.01.

            	
              Notices

            	
              19

            
	
              Section
      3.02.

            	
              Payment
      of Obligations

            	
              19

            
	
              Section
      3.03.

            	
              Preservation
      of Existence, Etc

            	
              20

            
	
              Section
      3.04.

            	
              Maintenance
      of Properties

            	
              20

            
	
              Section
      3.05.

            	
              Maintenance
      of Insurance

            	
              20

            
	
              Section
      3.06.

            	
              Compliance
      with Laws

            	
              20

            
	
              Section
      3.07.

            	
              Compliance
      with Environmental Laws; Environmental Reports

            	
              20

            
	
              Section
      3.08.

            	
              Books
      and Records.

            	
              21

            
	
              Section
      3.09.

            	
              Inspection
      Rights

            	
              21

            
	
              Section
      3.10.

            	
              ERISA.

            	
              21

            
	
              Section
      3.11.

            	
              Know
      Your Customer Requests

            	
              22

            
	 	 	 
	
              ARTICLE
      4

            
	
              NEGATIVE
      COVENANTS

            
	 	 	 
	
              Section
      4.01.

            	
              Liens

            	
              23

            
	
              Section
      4.02.

            	
              Investments

            	
              27

            
	
              Section
      4.03.

            	
              Indebtedness

            	
              30

            
	
              Section
      4.04.

            	
              Fundamental
      Changes

            	
              34

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    

    
      	
              Section
      4.05.

            	
              Dispositions

            	
              35

            
	
              Section
      4.06.

            	
              Restricted
      Payments

            	
              36

            
	
              Section
      4.07.

            	
              Change
      in Nature of Business

            	
              38

            
	
              Section
      4.08.

            	
              Transactions
      with Affiliates

            	
              39

            
	
              Section
      4.09.

            	
              Burdensome
      Agreements

            	
              40

            
	
              Section
      4.10.

            	
              Anti-Money
      Laundering

            	
              42

            
	
              Section
      4.11.

            	
              Capital
      Expenditures.

            	
              42

            
	
              Section
      4.12.

            	
              Accounting
      Changes

            	
              43

            
	
              Section
      4.13.

            	
              Fixed
      Charge Coverage Ratio

            	
              43

            
	 	 	 
	
              ARTICLE
      5

            
	
              UNDERTAKING
      AS TO SERVICER

            
	 	 	 
	
              Section
      5.01.

            	
              Unconditional
      Undertaking

            	
              43

            
	
              Section
      5.02.

            	
              Obligations
      Absolute

            	
              44

            
	
              Section
      5.03.

            	
              Waivers
      and Acknowledgments

            	
              46

            
	
              Section
      5.04.

            	
              Subrogation.

            	
              46

            
	 	 	 
	
              ARTICLE
      6

            
	
              MISCELLANEOUS

            
	 	 	 
	
              Section
      6.01.

            	
              Notices

            	
              47

            
	
              Section
      6.02.

            	
              No
      Waivers

            	
              48

            
	
              Section
      6.03.

            	
              Amendments
      and Waivers

            	
              48

            
	
              Section
      6.04.

            	
              Continuing
      Agreement; Assignments under Receivables Purchase
Agreement

            	
              48

            
	
              Section
      6.05.

            	
              Successors

            	
              48

            
	
              Section
      6.06.

            	
              Governing
      Law; Submission to Jurisdiction

            	
              49

            
	
              Section
      6.07.

            	
              Counterparts;
      Effectiveness

            	
              49

            
	
              Section
      6.08.

            	
              WAIVER
      OF JURY TRIAL

            	
              49

            
	 	 	 
	SCHEDULE
      2.01 Environmental
      Matters	 
	SCHEDULE
      2.03 -Subsidiaries
	SCHEDULE
      2.04 Insurance	 
	SCHEDULE
      4.01(b) Existing
      Liens	 
	SCHEDULE
      4.02(e) Investments	 
	SCHEDULE
      4.05(k) Permitted
      Dispositions	 
	SCHEDULE
      4.08(c) Transactions
      With Affiliates	 
	SCHEDULE
      4.09 Burdensome
      Agreements	 

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    UNDERTAKING
AGREEMENT dated as of December 20, 2007 by each of LYONDELL CHEMICAL COMPANY
(Lyondell), as Servicer
and as Originator, EQUISTAR CHEMICALS, LP (Equistar), as Originator,
HOUSTON REFINING LP (HRLP), as Originator and any
additional Originator (Lyondell, Equistar, HRLP and any additional Originator,
collectively, the Originators) from time to time
party hereto, in favor of the Purchasers (as defined in the Receivables Purchase
Agreement referred to below) and Citibank, N.A. (Citibank), as administrative
agent and asset agent thereunder (the Agent).

    

    RECITALS

    

    LyondellBasell
Receivables I, LLC (the Seller), as buyer, and the
Originators, as sellers (and, in the case of Lyondell, as buyers servicer), have
entered into a Receivables Sale Agreement dated as of the date hereof (the Receivables Sale Agreement),
pursuant to which the Originators sell and transfer all Seller Receivables (as
defined in the Receivables Sale Agreement) originated by such Originator,
together with certain related assets (including collections), to the
Seller.

    

    The
Seller and Lyondell, as initial Servicer, have entered into the Receivables
Purchase Agreement dated as of the date hereof among the Seller, Lyondell as
Servicer, the Agent and the other banks and financial institutions party thereto
(the Receivables Purchase
Agreement).  Pursuant to the Receivables Purchase Agreement,
the Seller may sell to one or more of the Purchasers, as the case may be,
undivided percentage ownership interests in Receivables and related assets that
were acquired by the Seller from the Originators.

    

    The Agent
and the Purchasers have requested that the Servicer and each
Originator  provide, and each such party is willing to provide,
certain additional assurances, as set forth herein, as to the ability of each
such party to perform its obligations, as Originator or as Servicer, as
applicable, under the Transaction Documents, and it is therefore a condition
precedent to the effectiveness of the Receivables Purchase Agreement that the
Servicer and each Originator shall have executed and delivered this
Agreement.

    

    NOW,
THEREFORE, in consideration of the premises, and the substantial direct and
indirect benefits to each Restricted Party from the financing arrangements
contemplated by the Receivables Purchase Agreement and the Receivables Sale
Agreement and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each Originator hereby agrees as
follows:

    

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
1

    

    Definitions

    

    Section
1.01.  Definitions.  (a)
Terms defined in the Receivables Purchase Agreement and not otherwise defined in
Section 1.01(b), have, as used herein, the respective meanings provided for
therein. 

     

    (b)   The following terms,
as used herein, have the following meanings:

    

    ABF Loan Document shall mean a
Loan Document as defined in the ABF Agreement.

    

    ABF Loan Party shall mean a
Loan Party as defined in the ABF Agreement.

    

    ABF Restricted Party shall
mean a Restricted Party as defined in the ABF Agreement.

    

    Acquisition means the merger
of BIL Acquisition Holdings Limited into Lyondell pursuant to the Acquisition
Agreement.

     

    Acquisition Agreement means
that certain Agreement and Plan of Merger, dated as of July 16, 2007, by and
among the Company, BIL Acquisition Holdings Limited and Lyondell.

    

    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;

    

    (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 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.

    
      
        
        

      

      
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    Anti-Terrorism Party
means  any person listed:

     

    (a)           
in the Annex to Executive Order No. 13224 on Terrorist Financing, effective
September 2001;

    

    (b)           
on the "Specially Designated Nationals and Blocked Persons" list maintained by
the Office of Foreign Assets Control of the U.S. Department of the
Treasury;

    

    (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 Executive Order No. 13224 on Terrorist Financing,
effective September 2001.

    

    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.

    

    Capital Expenditures has the
meaning specified in the Senior Facility Credit Agreement.

    

    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 specified in Section 4.11.

    

    Cash Equivalents means any of
the following types of Investments, to the extent owned by any Restricted
Party:

     

    (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,

    

    (c) a certificate of deposit or
bankers acceptance, maturing within one year after the date of its acquisition,
issued by any Lender, or 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 Moodys or the equivalent rating by any other nationally recognized rating
agency,

    

    (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 byMoodys,
or the equivalent rating by any other nationally recognized rating
agency,

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (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 Moodys 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 Moodys 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.

         

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

     

         Change in Law means, the
introduction of, or any change in or in the interpretation of, any law, treaty
or governmental rule, regulation or order or the compliance with any guideline,
request or directive from any Governmental Authority (whether or not having the
force of law).

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

     

    (b)           
Consolidated Interest Expense,

        

    (c)           
Consolidated Non-cash Charges,

                    

    (d)           
the amount of net loss resulting from the payment of any premiums, fees or
similar amounts that are required to bepaid
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,

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

      (e)           
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;

    

     

    (f)           
management fees and merger and acquisition advisory fees paid to the
Sponsor,

     

    (g)           
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 Interest Expense
means, with respect to the Company and its Restricted Subsidiaries and for any
period, the sum of, without duplication:

     

    (1)           
the interest expense (including yield expense in the case of any Securitization
Transaction) 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 he relevant period under any Obligations
in respect to Swap Contracts consisting of interest rate hedging arrangements or
the interest rate component of currency hedging arrangements, plus

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

    lessinterest income.

     

    Consolidated Net Income shall
have the meaning specified in the Senior Facility Credit Agreement.

    

    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 5.5 of the
Receivables Purchase 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
shall have the meaning specified in the Senior Facility Credit
Agreement.

    

    Contractual Obligation has the
meaning specified in the Senior Facility Credit Agreement.

    

    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
means that portion of any Equity Interest which, by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable),
or upon the happening of any event, matures or is mandatorily redeemable (other
than redeemable only for Equity Interests of such Person that is not itself a
Disqualified Equity Interest), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the option of the holder thereof, on or prior to
the date that is ninety-one (91) days after the Commitment Termination Date,
provided, however, that any Equity
Interest that would not constitute a Disqualified Equity Interest but for
provisions thereof giving holders thereof the right to require such Person to
purchase or redeem such Equity Interest upon the occurrence of a change of
control occurring prior to the date that is ninety-one (91) days after the
Commitment Termination Date shall not constitute a Disqualified Equity
Interest.

    

    Notwithstanding
the preceding sentence, only the portion of such Equity Interest which so
matures or is mandatorily redeemable or is so convertible orexchangeable
prior to the date that is ninety-one (91) days after the Commitment Termination
Date shall be so deemed a Disqualified Equity Interest.  The amount of
any Disqualified Equity Interest that does not have a fixed redemption,
repayment or repurchase price will be calculated in accordance with the terms of
such Disqualified Equity Interest as if such Disqualified Equity Interest were
redeemed, repaid, converted or repurchased on any date on which the amount of
such Disqualified Equity Interest is to be determined pursuant hereto; provided, however, that if such
Disqualified Equity Interest could not be required to be redeemed, repaid,
converted or repurchased at the time of such determination, the redemption,
repayment or repurchase price will be the book value of such Disqualified Equity
Interest as reflected in the most recent financial statements of such
Person.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

    

    Excluded Capital Expenditures
has the meaning specified in the Senior Facility Credit Agreement.

    

    Existing Notes means,
collectively, the $615,000,000 83⁄8% Senior Notes due 2015 of the Company, the
500,000,000 83⁄8% Senior Notes due 2015 of the Company and the $300,000,000 8.10%
Guaranteed Notes due 2027 of Basell Finance, the 10% Senior Secured Notes due
2013 of Lyondell, the 8% Senior Unsecured Notes due 2014 of Lyondell, the 8%
Senior Unsecured Notes due 2016 of Lyondell, the 6.875% Senior Unsecured Notes
due 2017 of Lyondell, the 10% Debentures due 2010 of Lyondell, the 9.8%
Debentures due 2020 of Lyondell, the 105⁄8% Senior Unsecured Notes due 2008 of
Equistar, the 101/8% Senior Unsecured Notes due
2011 of Equistar, the 7.55% Debentures due 2026 of Equistar, the 75⁄8% Senior
Notes due 2026 of Millennium America Inc. and the 8% Unsecured Notes due 2009 of
Equistar, in each case to the extent outstanding on the Closing Date and the 4%
Convertible Debentures due 2023 of Millennium Chemicals Inc. (to the extent not
converted on the Closing Date).

    

    FCC Period shall have the
meaning specified in Section 4.13..

    

    Financial Indebtedness shall
have the meaning specified in the Senior Facility Credit
Agreement.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Fixed Charge Coverage Ratio
means, with respect to any FCC Period, the ratio of (A) Consolidated EBITDA for
such FCC Period minus Capital
Expenditures made during such FCC Period to (B):

    

    (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, 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), plus

    

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

    

    provided that the Fixed
Charge Coverage Ratio shall be calculated for the FCC Period ending (i) March
31, 2008 based on the Consolidated Interest Expense and amortization payments
referred to in clauses (x) and (z) above for each full fiscal quarter ending
after the Closing Date 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 (z) above for each full fiscal quarter ending after the Closing
Date 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 (z) above for each full fiscal quarter ending after the Closing
Date multiplied by 4/3.

    

    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.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    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.

    

    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;

           

            (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);

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

           
(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 (each as defined under the Senior Facility Credit
Agreement);

     

           
(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 partys 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,

     

            (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 tothe
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 Subsidiarys investment in such Joint Venture),

    

    
      
        
        

      

      
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(5)  non-recourse Indebtedness permitted by Section
4.03(s) 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 4.03
only.

    

    Indemnified Parties has the
meaning specified in Section 5.01.

    

    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 any Restricted Party
or any ABF Restricted Party in accordance with the normal trade practices of
such Restricted Party or ABF Restricted Party.  For the purposes of
Section 4.06,

     

           
(1)  Investment shall include and be valued at the fair market value of the
net assets of any Restricted Subsidiary of a Transaction Party or ABF Loan Party
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 UnrestrictedSubsidiary
is designated a Restricted Subsidiary of a Transaction Party or ABF Loan Party;
and 

           

    
      
        
        

      

      
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(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
Restricted Parties, 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 (as defined in the Senior Facility Credit
Agreement).

    

           
If any Restricted Party sells or otherwise disposes of any voting Equity
Interests of any direct or indirect Restricted Subsidiary of an Originator such
that, after giving effect to any such sale or disposition, the Originators do
not own, directly or indirectly, greater than 50% of the outstanding common
Equity Interests of such Restricted Subsidiary, such Restricted Party 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 voting Equity Interests of such Restricted
Subsidiary not sold or disposed of.

    

           
IP Rights  has
the meaning specified in the Senior Facility Credit Agreement.

    

           
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 a
Restricted Party or an ABF Restricted Party but in which a Restricted Party or
an ABF Restricted Party has a direct or indirect equity or similar
interest.

    

           
Junior Financing has the
meaning specified in the Senior Facility Credit Agreement.

    

           
JV Investor has the
meaning specified in Section 4.03.

    

           
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.

    
      
        
        

      

      
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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 Subsidiary, but only for so long as its activities are so
limited.

    

           
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.

    

           
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 Transaction Parties (taken as a whole) to perform their
respective payment obligations under any Transaction Document to which any
Transaction Party is a party or (c) a deficiency in the rights and remedies of
the Purchasers under the Transaction Documents (taken as a whole) which is
materially adverse to the Purchasers.

    

           
Moodys means Moodys
Investors Service, Inc. and any successor thereto.

    

           
Obligations has the
meaning set forth in Section 5.01 hereof.

    

           
Parent means BI S..r.l.,
a Socit responsabilit limite incorporated under the laws of the Grand Duchy of
Luxembourg.

    

           
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.

    

           
Permitted Acquisition
has the meaning set forth in Section 4.02(g) hereof.

           

           
Permitted Business means
any business which is the same, similar, related or complementary to the
businesses in which the Restricted Parties or ABF Restricted Parties were
engaged on the Closing Date (including, for the avoidance of doubt, following
consummation of the Acquisition), except to the extent that after engaging in
any new business, the Restricted Parties and the ABF Restricted Parties, taken
as a whole, remain substantially engaged in similar or related lines of business
as were conducted by them on the Closing Date.

    

           
Permitted Joint Venture
means (1) any person that is not a Subsidiary of an Originator or an ABF
Loan Party that such Originator or an ABF Loan Party has a direct or indirect
ownership interest in that is engaged in a Permitted Business or (2) any
entity through which an Originator or an ABF Loan Party has an ownership
interest as described in clause (1), in the case of (1) and (2), for which the
Sponsor (as defined in the Senior Facility Credit Agreement) does
nothold an
ownership interest (other than through its ownership interest in the Originator
or an ABF Loan Party).

    

    
      
        
        

      

      
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Qualified Equity
Interests 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.

    

           
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.

    

           
Restricted Party means
each Originator and each of its Restricted Subsidiaries.

    

           
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, 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 a
Persons Equity Interests to holders of such Equity Interests,

    

    (2)           
the purchase, redemption or other acquisition or retirement for value of any
Equity Interests of any Person 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 4.02.

    

    S&P means Standard &
Poors Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor thereto.

    

    Securitization Transaction
shall mean any financing transaction in which any Transaction Party sells or
otherwise transfers accounts receivable (a) to one or more third party
purchasers or (b) to a special purpose entity that borrowsagainst
such accounts receivable or sells such accounts receivable to one or more third
party purchasers.

    

    
      
        
        

      

      
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    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 Persons 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 Persons 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.

    

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

    

    Sponsorshall have the meaning specified in the
Senior Facility Credit Agreement.

    

    Successor Originator has the
meaning specified in Section 4.04(d).

    

    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.

    
      
        
        

      

      
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    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 shall have the
meaning specified in the Senior Facility Credit Agreement.

    

    Total Collateral
Availabilityshall mean, at
any time, the sum of (i)
Collateral Availability plus(ii) SF Asset Availability, in each case
at such time.

    

    Transaction has the meaning
specified in the Senior Facility Credit Agreement.

    

    Treasury Services Agreement
has the meaning specified in the Senior Facility Credit Agreement.

    

    Unrestricted Subsidiary has
the meaning specified in the Senior Facility Credit Agreement.

    

    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) directors 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.  Accounting
Terms.  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 conformity with, GAAP, except as otherwise specifically
prescribed herein.

    

    Section
1.03.  Terms
Generally.  Except where the
context requires otherwise, the definitions in Section 1.01 shall apply equally
to the singular and plural forms of the terms defined.  Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms.  The words include, includes and including shall be deemed to
be followed by the phrase without
limitation.  Unless otherwise stated, references to Sections,
Articles and Schedules made herein are to Sections, Articles or Schedules, as
the case may be, of this Agreement.  Writing, written and comparable terms
refer to printing, typing and other means of reproducing words in a visible
form.  References to any agreement or contract are to such agreement
or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof.  References to any Person
includethe
successors and permitted assigns of such Person.  References from or through any date mean, unless
otherwise specified, from and
including or through and
including, respectively.

     

    
      
        
          
          

        

        
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    ARTICLE
2

    Representations
and Warranties

    

    Each
Originator represents and warrants that:

    

    Section
2.01.  Environmental and Safety
Matters. In each
case, except as set forth on Schedule 2.01:

           

        (a)        
There are no claims, actions, suits, proceedings, demands, notices or, to the
knowledge of any Originator and each of its Subsidiaries, investigations
alleging actual or potential liability of any Originator 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 Originator 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 Originator or any of its Subsidiaries, formerly, owned, leased
or operated by any Originator or any of its Subsidiaries is listed or formally
proposed for listing on the National Priority List under CERCLA, 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 Originator 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 Originator or any of its
Subsidiaries and there has been no Release of Hazardous Materials by any
Originator or any of its Subsidiaries at any other location.

     

                   
(c)         The properties and
facilities owned, leased or operated by such Originator and its 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.

     

    
      
        
          
          

        

        
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(d)         None of such
Originator, or any of its 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 such Originator or any
of its Subsidiaries at, or transported by or on behalf of such Originator or any
of its Subsidiaries to or from, any property or facility currently or formerly
owned, leased or operated by such Originator 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 such Originator or any of its 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
2.02.  Ownership of
Properties.  Such Originator
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 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 Liens permitted under Section 4.01
(other than Section 4.01(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
2.03.  Subsidiaries.  Schedule 2.03
sets forth the name of, and the ownership interest of each Originator and each
Wholly-owned Subsidiary of such Originator as of the Closing Date (other than
dormant or inactive Subsidiaries).

    

    Section
2.04.  Insurance.  Schedule 2.04
sets forth a description of all insurance maintained by or on behalf of such
Originator as of the Closing Date.  As of the Closing Date, all
premiums in respect of such insurance currently due have been paid.

    

    Section
2.05.  Labor
Matters.  As of the
Closing Date, there are no strikes, lockouts or slowdowns against such
Originator and its Subsidiaries pending or, to the knowledge of such Originator,
threatened.

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    Section
2.06.  Solvency.  As of the
Closing Date, the Originators and their Restricted Subsidiaries, taken as a
whole, are Solvent.

    

    Section
2.07.  Anti-Terrorism
Laws.  

     

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

    

                (b)           
To the best of such Originators knowledge, each of the Restricted Parties
organized in the United States and each subsidiary thereof has taken reasonable
measures to ensure compliance

     

    
      
        
          
          

        

        
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    ARTICLE
3

    Affirmative Covenants

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) remain unpaid, each Originator shall, and shall
cause each of its Restricted Subsidiaries to:

    

    Section
3.01.  Notices

    .

    (a)        
Promptly after a Responsible Officer of an Originator has obtained knowledge
thereof, notify the Agent:

    

    (i)    of the
occurrence of any Event of Termination or Potential Event of Termination;
and

    

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

    

    (b)        
Each notice pursuant to this Section shall be accompanied by a written statement
of a Responsible Officer of such Originator (x) that such notice is being
delivered pursuant to Section 3.01 (a)(i) or (a)(ii) (as applicable) and (y) setting forth details of
the occurrence referred to therein and stating what action such party has taken
and proposes to take with respect thereto.

    

    Section
3.02.  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 the 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
3.03.  Preservation of Existence, Etc.  (a)
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 4.04 or Section 4.05 and (y) any Restricted Party may
merge, amalgamate or consolidate with any other Restricted Party (provided that
if either such Restricted Party was an Originator immediately prior to such
transaction, the surviving or resulting entity from such transaction shall be an
Originator) 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  Section 4.04 or Section 4.05
or by clause (a)(y) of this Section.

    

    Section
3.04.  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
3.05.  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 such Restricted Party) as are customarily carried under similar
circumstances by such other Persons. 

    

    Section
3.06.  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
3.07.  Compliance with Environmental Laws;
Environmental Reports. Comply, and cause all
lessees and other Persons occupying its 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
such Restricted Party nor any of its Subsidiaries shall be required to
undertakeany
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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    Section
3.08.  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 Restricted Parties.

    

    Section
3.09.  Inspection
Rights.  Permit representatives and independent contractors of
the Agent or, as provided in the second proviso below, any Purchaser to visit
and inspect any of its properties, to examine its corporate, financial and
operating records, 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 Originators
and at such reasonable times during normal business hours, upon reasonable
advance notice to Lyondell; provided that,
excluding any such visits and inspections during the continuation of an Event of
Termination, only the Agent on behalf of the Purchasers may exercise rights of
the Agent and the Purchasers under this Section and the Agent shall not exercise
such rights more often than two (2) times during any calendar year at the
expense of the Originators; provided further that
when an Event of Termination exists, the Agent or any Purchaser (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of the Originators at any time during normal business
hours and upon reasonable advance notice.  The Agent and the
Purchasers shall give such Restricted Party the opportunity to participate in
any discussions with such Restricted Partys independent public
accountants.  Notwithstanding anything to the contrary in this
Section, at all times during such visits and inspections the Agent or any
Purchaser (or their respective representatives or contractors) must comply with
all applicable site regulations as the Restricted Party or any of their
respective officers or employees may require by reasonable notice of the
same.

    

    Section
3.10.  ERISA. Promptly after any
Originator 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 Agent
and each of the Purchasers a certificate of a Financial Officer setting forth
details as to such occurrence and the action, if any, that such Originator 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 Originator,
such ERISA Affiliate, the PBGC, a Plan participant (other than notices relating
to any individual participants benefits) or the Plan administrator with respect
thereto: (A) that a Reportable Event has occurred; (B) that an accumulated
funding deficiency has been incurredor 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; (C) 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); (D) that proceedings will be or have been instituted to terminate a
Plan having an Unfunded Current Liability (including the giving of written
notice thereof); (E) that a proceeding has been instituted against such
Originator or an ERISA Affiliate pursuant to Section 515 of ERISA to collect a
delinquent contribution to a Plan; (F) that the PBGC has notified such
Originator or any ERISA Affiliate of its intention to appoint a trustee to
administer any Plan; that such Originator 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 (G) that such Originator 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
3.11.  Know
Your Customer Requests.  If:

     

                           
(1)    a
Change in Law after the Closing Date;

                

    (2)           
any change in the status of a Transaction Party or the composition of the
shareholders or interest holders of a Transaction Party after the Closing Date;
or

     

            (3)           
a proposed assignment or transfer by a Purchaser of any of its rights and
obligations under the Receivables Purchase Agreement to a party that is not a
Purchaser prior to such assignment or transfer,obliges
the Agent or any Purchaser (or, in the case of paragraph (3) above, any
prospective new Purchaser) to comply with know your customer or similar
identification procedures in circumstances where the necessary information is
not already available to it, each Originator shall promptly upon the request of
the Agent, in its capacity as a Purchaser or on behalf of any Purchaser, supply,
or procure the supply of, such documentation and other evidence as is reasonably
requested by the Agent (for itself or on behalf of any Purchaser, or, in the
case of the event described in paragraph (3) above, on behalf of any prospective
new Purchaser) in order for the Agent, such Purchaser or, in the case of the
event described in paragraph (3) above, such prospective new Purchaser to carry
out and be satisfied it has complied with all necessary know your customer or
other similar  checks
under all applicable laws and regulations pursuant to the transactions
contemplated in the Transaction Documents.

    

    
      
        
          
          

        

        
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    ARTICLE
4

    Negative
Covenants

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) remain unpaid, each Originator shall not, nor shall
it permit any of its Restricted Subsidiaries to, directly or
indirectly:

    

    Section
4.01.  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 created
pursuant to any Transaction Document, Securitization Transaction (as defined in
the Senior Facility Credit Agreement) or any ABF Loan Document;

     

               
(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 4.01(b) 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 such Restricted Party
which secure amounts which are not overdue for a period of more than 30 days or
not yet subject to penalties for nonpayment or that are being contested in good
faith by appropriate proceedings;

     

                   
(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 of its
Subsidiaries;

     

    
      
        
          
          

        

        
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(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 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, and (iii) in favor of banking or other financial institutions arising
as a matter of Law encumbering deposits (including the right of set-off) and
which are within the general parameters customary in the banking industry or
arising pursuant to such banking institutions general terms and
conditions;

    
                (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 permittedpursuant
to Section 4.02 to be applied against the purchase price for such Investment,
(ii) over assets being acquired pursuant to Investments permitted by Section
4.02 pending payment in full of the purchase price (iii) consisting of an
agreement to Dispose of any property in a Disposition permitted under Section
4.05 and (iv) consisting of intellectual property licenses permitted by Section
4.02(o);

     

    
      
        
        

      

      
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(m)        Liens in favor of any
Restricted Subsidiary securing Indebtedness permitted under Section 4.03 (other
than Indebtedness owed to a Restricted Subsidiary that is not a Transaction
Party or ABF Loan Party);

     

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

     

                   
(o)         Liens upon specific
items of inventory or other goods and proceeds of any Person securing such
Persons obligations in respect of documentary letters of credit. Liens on
documents of title in respect of documenting letters of credit or bankers
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 securing
Indebtedness and other Obligations (in each case, as defined in the Senior
Facility Credit Agreement);

     

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

     

               
(s)        
Liens securing any Capitalized Lease and Liens to secure Indebtedness (including
Capitalized Leases) permitted by clause (e) of Section 4.03 covering only the
property or assets acquired with such Indebtedness;

     

          
        
(t)         Liens securing
obligations under Swap Contracts of the Company or any of its Restricted
Subsidiaries permitted under the Senior Facility Credit Agreement or any
collateral for the obligations under such Swap Contracts;

     

    
      
        
          
          

        

        
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(u)         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 with or into
or consolidated with, or assets are acquired by such Restricted Party; provided
that such Liens (a) do not extend to or cover any property or assets of such
Restricted Party 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 such Restricted Party and (b) were
created prior to, and not in connection with or in contemplation of, such
acquisition, merger, amalgamation or consolidation;

     

           (v)        
Liens granted by Restricted Parties (other than Transaction Parties or ABF Loan
Parties) in support of Indebtedness of Restricted Subsidiaries (other than
Transaction Parties or ABF Loan Parties); provided that the aggregate amount
secured by such Liens does not exceed $500,000,000 at any one time
outstanding;

     

           (w)        Liens
in respect of the Senior Second Lien Debt (as defined in the Senior Facility
Credit Agreement), any Permitted Financing or any Permitted Refinancing (as
defined in the Senior Facility Credit Agreement), and Liens of the Restricted
Parties with respect to obligations that do not exceed, in the aggregate, the
greater of (i) $250,000,000 and (ii) 1% of Consolidated Net Tangible Assets (as
defined in the Senior Facility Credit Agreement) 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) of the
Senior Facility Credit Agreement;

     

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

     

           (z)         Liens
granted in favor of Restricted Parties and ABF Loan Parties and Liens on any
property or assets of a Restricted Subsidiary granted in favor of an Originator,
or any wholly owned 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 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;

     

    
      
        
        

      

      
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(bb)       any extension, amendment,
renewal or replacement, in whole or in part, of any Lien described in Sections
4.01 (b), (s), (u), (v) and (w); 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;

     

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

    

    (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, including
pursuant to any Treasury Services Agreement; and

    

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

    

    Section
4.02.  Investments.  Make
or hold any Investments, except:

     

                   
(a)         Investments in cash
or Cash Equivalents;

    
               
(b)         loans and advances to
employees, directors and officers of such Originator 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 such
Restricted Party in any Transaction Party or any ABF Loan Party or any Person
that will, substantially contemporaneously with the making of the relevant
Investment, become a Transaction Party or ABF Loan Party (ii) by any Restricted
Party that is not a Transaction Party or any ABF Loan Party in the Company or
any other Restricted Subsidiary that is not at the time of such Investment a
Transaction Party or ABF Loan Party, (iii) by such Restricted Party (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 such Restricted Party and
(iv) consisting of intercompany Investments incurred in the ordinary course of
business among the Restricted Parties and any ABF Restricted Parties on the one
hand, and the Company or any of its Restricted Subsidiaries on the
other;

     

    
      
        
          
          

        

        
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(d)        
[Reserved]

     

           (e)        
(i) Investments existing on the Closing Date, (ii) Investments contemplated on
the Closing Date and set forth on Schedule 4.02(e) and (iii) any modification,
replacement, renewal, reinvestment or extension of any Investment set forth on
Schedule 4.02(e) that does not increase the aggregate amount
thereof;

     

            (f)        
Swap Contracts entered into in the ordinary course of business and otherwise
permitted under the Senior Facility Credit 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 constituting Disqualified Equity Interests, (B) the
consideration paid is settled by the issuance or with 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: Article 1 no Event of
Termination or Potential Event of Termination shall have occurred and be
continuing or would result therefrom;   Article 2 the acquired
entity, assets, division or line of business shall be in a Permitted Business;
Article 3 after giving effect to such acquisition the Company and its Restricted
Subsidiaries would be in pro forma compliance with the First Lien Senior Secured
Leverage Ratio (as defined in the Senior Facility Credit Agreement) and
Consolidated Debt Service Ratio required by Section 7.11 of (and as defined
under) the Senior Facility Credit Agreement; and Article 4 with respect to such
Investments by Transaction Parties in assets that are not (or do not be or
become) owned by a Transaction Party or in Persons that are not or do not become
Transaction Parties within 90 days of consummation of the acquisition (1) such
Person shall not be designated an Unrestricted Subsidiary within 12 months of
such acquisition and (2) the aggregate consideration paid in such Investments
pursuant to this clause (iv) shall not exceed $2,000,000,000 (net of any capital
distribution in respect of any such Investment) (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 4.06; provided that such loans and
advances shall be deemed a Restricted Payment for the purposes of Section
4.06;

     

           (i)        
Additional Investments to the extent of the Applicable Amount (as defined in the
Senior Facility Credit Agreement), as and to the extent permitted under the
Senior Facility Credit Agreement;

     

           (j)        
Investments (including Investments in securities) received pursuant to any plan
of reorganization or similar arrangement upon the bankruptcy orinsolvency
of any debtors of such Restricted Party or received in settlement of debts
created in the ordinary course of business and owing to such Restricted Party or
in satisfaction of judgments or in settlement of any litigation or
arbitration;

     

    
      
        
        

      

      
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(k)         Investments by a
Restricted Party in a Securitization Entity (as defined in the Senior Facility
Credit Agreement) or any Investment by a Securitization Entity in any other
Person in connection with a Securitization Transaction (as defined in the Senior
Facility Credit Agreement); provided that any Investment in a Securitization
Entity is in the form of a purchase money note or an equity
interest;

       

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

       

             (m)       
Investments in Subsidiaries of Restricted Parties or 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
such 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 such Restricted Party from the disposition of all or
any portion of such Investments (other than to a Restricted Party),

     

    (iii)         
upon redesignation of an Unrestricted Subsidiary of a Restricted Party 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;

     

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

     

           (o)        
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
whicheconomically
result in a contribution in-kind of intellectual property pursuant to joint
venture arrangements, in each case in the ordinary course of
business;

    

    
      
        
        

      

      
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(p)         Guarantees of
Indebtedness to the extent such Guarantee is permitted under Section
4.03;

       

             (q)        
Investments made by such Restricted Party as consideration for a Disposition
pursuant to Section 4.05;

       

             
(r)         Limited Recourse
Stock Pledges; and

       

             (s)        
Investments not otherwise permitted in the Company and its Restricted
Subsidiaries.

    

    

    Notwithstanding
the foregoing, no Investment shall be made in any member of the Millennium
Holdings Group (as defined in the Senior Facility Credit Agreement) other than
Investments (x) outstanding on the Closing Date and set forth on Schedule
4.02(e), (y) made  pursuant to Section 4.02(i) or Section 4.06(d) 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 the 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
4.03.  Indebtedness.  Create,
incur, assume or suffer to exist any Indebtedness, except:

     

           
(a)         Indebtedness of any
Transaction Party under the Transaction Documents or any ABF Loan Party under
the ABF Agreement and ABF Collateral Documents or, in either case, any
refinancings thereof;

     

           
(b)         Indebtedness existing
or outstanding on the Closing Date and any refinancing thereof permitted under
the Senior Facility Credit Agreement;

     

           
(c)         Guarantees by such
Restricted Party in respect of Indebtedness of the Company and any Restricted
Subsidiary;

     

           (d)       
(i) Indebtedness of such Restricted Party owing to the Company or any Restricted
Subsidiary to the extent such Indebtedness would be permitted under the Senior
Facility Credit Agreement and (ii) non-ordinary course intercompany Indebtedness
of such Restricted Party owing to any Restricted Party for so long as such
Indebtedness is held by any Restricted Party, in each case subject to no Lien
held by a Person other than any Restricted Party; provided that in the case of
clause (ii) if as of any date any Person other than any Restricted Party owns or
holds any such intercompany Indebtedness or holds a Lien inrespect
of such Indebtedness, it shall be deemed the incurrence of Indebtedness not
permitted by this Section 4.03(d);

    
      
        
        

      

      
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(e)         Indebtedness 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

    

    

    (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 a Restricted Party or an ABF Restricted Party used in the ordinary
course of business of such Restricted Party or ABF Restricted Party; 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 such Restricted Party or ABF Restricted Party 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 permitted under
this Agreement 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; 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 is
exposed in the conduct of its business or the management of its
liabilities;

     

           
(g)         Indebtedness under
the Senior Second Lien Debt, any Permanent Financing, the Securitization
Transactions, the Asset Backed Credit Facilities (each as defined under the
Senior Facility Credit Agreement) entered into or existing, on the Closing Date
and the Existing Notes, the Guarantees thereof and any refinancing thereof
permitted under the Senior Facility Credit Agreement;

     

           
(h)         Indebtedness arising
from agreements of such Originator 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 such Originator and
theSubsidiary
in connection with such disposition except to the extent such Originator or
relevant Subsidiary has a liability in respect of such business, asset or
subsidiary before (and not created in contemplation of) such
disposition;

     

    
      
        
        

      

      
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(i)         Treasury Services
Agreements entered into in the ordinary course of business;

    

     

           
(j)         Indebtedness
consisting of obligations of such Restricted Party under deferred compensation
or other similar arrangements incurred by such Person in connection with the
Transaction and any acquisition, Investment, or Disposition expressly permitted
hereunder;

     

           
(k)         Indebtedness of such
Restricted Party, 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;

           

           
(l)         Indebtedness of such
Restricted Party represented by letters of credit, bank guarantees, bankers
acceptances or warehouse receipts for the account of such Restricted Party or
any ABF Restricted Party 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;

     

           
(m)        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 such
Restricted Party or any ABF Restricted Party in the ordinary course of
business;

     

           
(n)         the incurrence by a
Securitization Entity (as defined in the Senior Facility Credit Agreement) of
Indebtedness in a Securitization Transaction (as defined in the Senior Facility
Credit Agreement) permitted hereunder that is not recourse to the Company or any
Subsidiary of the Company (except for Standard Securitization
Undertakings);

     

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

     

           
(p)         Guarantees by such
Restricted Party of Indebtedness incurred by Permitted Joint Ventures or
Unrestricted Subsidiaries not to exceed the greater of Article 5 $250,000,000 in
the aggregate and Article 6 1% of Consolidated NetTangible
Assets at the date of incurrence, in each case, at any one time
outstanding;

    

    
      
        
        

      

      
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(q)         Indebtedness of a
Person existing at the time that Person becomes a Restricted Party or assumed in
connection with an acquisition by a Restricted Party or Indebtedness attaching
to assets acquired in an acquisition, and, in each case not incurred in
connection with or in anticipation of such acquisition; provided that the holders of
any such Indebtedness do not, at any time, have direct or indirect recourse to
any property or assets of such Restricted Party 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) of the Senior Facility Credit Agreement
or (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Senior
Facility Credit Agreement) would be greater than or equal to the Consolidated
Fixed Charge Coverage Ratio (as defined in the Senior Facility Credit Agreement)
immediately prior to giving pro forma effect to such acquisition in each case,
together with any Permitted Refinancing thereof;

    

     

           
(r)         (i) other
Indebtedness of any Restricted Party or ABF Loan Party which may be secured by a
Lien to the extent permitted under Section 7.01 of the Senior Facility Credit
Agreement; provided that, (x) both immediately prior to and after giving effect
thereto on a Pro Forma Basis, no Default (as defined in the Senior Facility
Credit Agreement) shall exist or result therefrom and (y) the Consolidated Fixed
Charge Coverage Ratio (as defined in the Senior Facility Credit Agreement) 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 (as defined in
the Senior Facility Credit Agreement) thereof;

         

            (s)        
Indebtedness of such Restricted Party (each a JV Investor) the purpose of which
is to finance a Permitted Joint Venture or an investment therein; provided that
at all times (a) the creditors under the relevant facility have no direct or
indirect recourse to any Restricted Party other than such JV Investor and (b)
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 Investors investment in that Permitted Joint
Venture;

     

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

     

           
(u)         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.

     

    
      
        
          
          

        

        
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Section 4.04.  Fundamental
Changes.  Merge and 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 Transaction), except that:

     

           
(a)         any Restricted Party
(other than a Transaction Party) may merge and amalgamate with any Restricted
Party;

     

           
(b)         any Disposition
permitted under Section 4.05;

     

       
    (c)        
any Restricted Subsidiary (other than a Transaction Party) may Dispose of all or
substantially all of its assets (upon voluntary liquidation or otherwise) to any
Originator or to another Restricted Subsidiary of an Originator;
and

        

           (d)        
so long as no Event of Termination or Potential Event of Termination exists or
would result therefrom, such Restricted Party may merge, consolidate or
amalgamate with any other Person; provided that (i) such Restricted Party shall
be the continuing or surviving corporation or (ii) if the Person formed by or
surviving any such merger, amalgamation or consolidation is not such Originator
(any such Person, the Successor
Originator), (A) the Successor Originator 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, (B) the
Successor Originator shall expressly assume all the obligations of the
Originator under this Agreement and the other Transaction Documents to which
such Originator is a party pursuant to a supplement hereto or thereto in form
reasonably satisfactory to the Agent, (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)
under the Senior Facility Credit Agreement or (ii) the Consolidated Fixed Charge
Coverage Ratio under (and as defined in) the Senior Facility Credit Agreement 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 Originator shall have delivered to the Agent a
certificate of a Financial Officer and an opinion of counsel, each stating that
such merger, amalgamation or consolidation and such supplement to this Agreement
or any Transaction Document comply with this Agreement; provided, further, that
if the foregoing are satisfied, the Successor Originator, will succeed to, and
be substituted for, the Originator under this Agreement; provided, further, that
unless such Person is an Originator, 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 any Restricted Party.

     

    
      
        
          
          

        

        
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Section 4.05.  Dispositions.  Make
any Disposition or enter into any agreement to make any Disposition (other than
as part of or in connection with the transactions contemplated by the
Transaction Documents), 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 any
Restricted Party;

     

           
(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 to the
Company or any Restricted Subsidiary to the extent such Dispositions would be
permitted under the Senior Facility Credit Agreement;

       

           (e)        
Dispositions permitted by Sections 4.04 and 4.07 and Liens permitted by Section
4.01;

     

       
    (f)        
Dispositions of property pursuant to sale-leaseback transactions; provided that
the fair market value of all property so Disposed of after the Closing Date
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 its Restricted
Subsidiaries;

       

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

     

           (j)        
Dispositions of property not otherwise permitted under this Section, 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 Event of Termination or Potential Event of
Termination shall exist or would result from such Disposition, and (ii) with
respect to any Disposition pursuant to this clause for a purchase price in
excess of $50,000,000, the Restricted Parties 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 the
purposes of this clause (ii) any liabilities (as shown on the Companys most
recent balance sheet provided hereunder or in the footnotes thereto) of the
Company orsuch
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 4.05(k) hereto;

    

     

           
(l)         Dispositions of inventory
and accounts receivable in connection with any Securitization Transactions or
the transactions contemplated by the ABF Agreement;

     

           
(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, taken 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 4.05 (except (i) pursuant
to Section 4.05(e) and Section 4.05(i) and (ii) Dispositions from a Transaction
Party or an ABF Loan Party to any other Transaction Party or ABF Loan Party)
shall be for no less than the fair market value of such property at the time of
such Disposition.

    

    Section
4.06.  Restricted
Payments.  Declare or make, directly or indirectly, any
Restricted Payment, except:

     

           
(a)         such Restricted Party
may make Restricted Payments to the Company and Restricted Subsidiaries (and, in
the case of a Restricted Payment by a non-Wholly Owned Restricted Party, 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)         such Restricted Party
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 4.03) 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

    
      
        
          
          

        

        
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(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 under and as defined in
the Senior Facility Credit Agreement 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, a Restricted Party may enter into and
consummate the Acquisition and transactions expressly permitted by any provision
of Section 4.04;

     

           
(f)         cash repurchases of
Equity Interests in such Restricted Party 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 under and as defined in the
Senior Facility Credit Agreement shall have occurred and be continuing or would
be caused thereby, repurchases by such Restricted Party of, or declarations and
payments of dividends to a direct or indirect parent of such Restricted Party 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 Persons 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
4.04;

     

           
(k)         payments of dividends
on Disqualified Equity Interests issued in accordance with Section
4.03;

     

    
      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

    

     

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

     

           
(m)        so long as no Default
or Event of Default under and as defined in the Senior Facility Credit Agreement
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 under and as defined in the Senior Facility Credit
Agreement shall have occurred and be continuing or would be caused thereby, (i)
Restricted Payments by any Restricted Party 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 under and as defined in the
Senior Facility Credit Agreement 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 under and as defined in the Senior Facility Credit
Agreement on the date of such election that the Servicer elects to apply
pursuant to this clause (n), such election to be specified in a written notice
of a Principal 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 (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 Party or any joint venture of chemicals to a holder of Equity
Interests of such Restricted Party 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 Party 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
arms-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 (as defined
in the Senior Facility Credit Agreement).

    

    
      
        
        

      

      
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    Section
4.07.  Change
in Nature of Business.  Engage in any material line of business
substantially different from a Permitted Business.

     

    Section
4.08.  Transactions with
Affiliates.  Enter into any transaction of any kind with any
Affiliate of such Restricted Party, 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 such Restricted Party as determined in good faith by the Board of
Directors or senior management of the Company or such Restricted
Party;

     

           
(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 the Closing Date set forth on Schedule 4.09(c) 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 Lenders (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), (g), (h), (i), (m) and (s) of Section 4.02
and Restricted Payments made in compliance with Section 4.06;

     

           (e)        
transactions between any of the Originators, the ABF Loan Parties and any of
their respective Subsidiaries in connection with the transactions contemplated
by the ABF Agreement and the Receivables Purchase Agreement;

     

           
(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 such Originators
Equity Interests or capital contributions received by such
Originator;

     

           (i)        
transactions entered into between or among such Restricted Party and any joint
venture, or other Affiliate that would otherwise be subject to this covenant
solely because a Restricted Party owns any Equity Interests of or otherwise
controls such person, or other Affiliate engaged in a Permitted Business that is
under common control with such Restricted Party, on terms that are no
lessfavorable
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 such Restricted Party;

    

    
      
        
        

      

      
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(j)         transactions entered
into by a Person prior to the time such Person becomes a Restricted Subsidiary
or is merged or consolidated into a Restricted Party (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 relevant Restricted Party than
those terms that might reasonably have been obtained in a comparable transaction
at such time on an arms-length basis by such Restricted Party 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
such Restricted Party as certified by an independent financial advisor; provided that the board of
directors of each of such Restricted Party and the parent of such Restricted
Party 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 has determined that the transaction complies
with the foregoing provisions and (y) if any Restricted Party 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 such Restricted Party from a financial point of view, from an
independent financial advisor and file the same with the Agent.

    

    Section
4.09.  Burdensome
Agreements.  Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Transaction Document) that
limits the ability of any Restricted Party to make Restricted Payments to any
Originator; provided that the foregoing shall not apply to Contractual
Obligations which:

    

    (i)   (x) exist on the
Closing Date and (to the extent not otherwise permitted by this Section) are
listed on Schedule 4.09 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,

    

    

    
      
        
          
          

        

        
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    (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 such Originator in any material respect as
determined by the Board of Directors of such Originator in their reasonable and
good faith judgment than the provisions prior to such amendment or modification;
provided further that this clause (ii) shall not apply to Contractual
Obligations that are binding on a Person that becomes a Restricted Subsidiary
pursuant to Section 4.04,

     

    (iii)    represent
Indebtedness of a Restricted Subsidiary which is not a Transaction Party which
is permitted by Section 4.03,

    

    (iv)   arise in connection
with any Disposition permitted by Section 4.04 or 4.05 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 4.02 and applicable solely to such
joint venture entered into in the ordinary course of business,

    

    (vi)   are negative pledges
and restrictions on Liens in favor of any holder of Indebtedness permitted under
Section 4.03 but solely to the extent any negative pledge relates to the
property financed by such Indebtedness (and excluding in any event any
Indebtedness constituting Junior Financing (as defined in the Senior Facility
Credit Agreement),

    

    (vii)      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,

    

    (viii)     comprise restrictions
imposed by any agreement relating to secured Indebtedness permitted pursuant to
Section 4.03(e) to the extent that such restrictions apply only to the property
or assets securing such Indebtedness,

    

    (ix)    are customary
provisions restricting subletting or assignment of any lease governing a
leasehold interest of such Restricted Party,

    

    (x)     are customary provisions
restricting assignment of any agreement entered into in the ordinary course of
business,

     

    
      
        
          
          

        

        
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    (xi)   comprise
restrictions imposed by the Senior Facility Credit Agreement and related
documentation, the Senior Second Lien Debt Documentation, any Permanent
Financing, Permitted Refinancing or under any Receivables Financings (including
Securitization Transactions) (each as defined in the Senior Facility Credit
Agreement);

    

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

    

    (xiii)     customary restrictions in
construction loans, purchase money obligations, Capitalized Leases, security
agreements or mortgages securing Indebtedness of such Restricted Party to the
extent such restrictions restrict the transfer of the property subject to such
Capitalized Leases, security agreements or mortgages.

    

    Section
4.10.  Anti-Money
Laundering.  Each Restricted Party will use commercially
reasonable efforts to ensure that no funds used to pay the obligations under the
Transaction Documents are derived from any unlawful activity.

    

    Section
4.11.  Capital
Expenditures.

    

    Limitation
on Capital Expenditures.  Permit the aggregate amount of Capital
Expenditures (other than Excluded Capital Expenditures) made in any fiscal year
by the Company and its Restricted Subsidiaries to exceed the amount set forth
opposite such fiscal year below (each such amount, a Scheduled Capital
Expenditure Amount):

    

    
      	
              Year

            	 	
              Amount
      (in millions)

            	 
	 	 	 	 
	
              January
      1, 2008  - 
      December
      31, 2008

            	 	$	1,250	 
	 	 	 	 	 
	
              January
      1, 2009 and each fiscal year thereafter

            	 	$	1,000	 

    

    

    provided, however,
that

    

    (i)   so long as no Event
of Termination or Potential Event of Termination 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

     

    
      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

    

    

    (ii)   so long as no Event
of Termination or Potential Event of Termination has occurred and is continuing
or would result from such expenditure, if Capital Expenditures (other than
Excluded Capital Expenditures) made 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 (as defined in the
Senior Facility Credit Agreement) shall be met, the Restricted Parties shall be
permitted to make Capital Expenditures in an aggregate amount pursuant to
Section 7.11(c) of the Senior Facility Credit Agreement not to exceed the
portion, if any, of the Applicable Amount (as defined in the Senior Facility
Credit Agreement) on the date of such election that the Restricted Parties elect
to apply such clause.

    

    Section
4.12.  Accounting
Changes.  Make any change in its fiscal year; provided, however, that such Originator
may, upon written notice to the Agent, change its or any of its Subsidiaries
fiscal year to any other fiscal year reasonably acceptable to the Agent , in
which case the Originator and the Agent shall, and are hereby authorized by the
Purchasers to, make any adjustments to this Agreement that are reasonably
necessary to reflect such change in fiscal year.

    

    Section
4.13. Fixed Charge Coverage
Ratio.  If with respect to any period of four consecutive
fiscal quarters ending on or after March 31, 2008, the Fixed Charge Coverage
Ratio calculated as of the end of such four-quarter period is less than 1.10 to
1:00 (an FCC Period),
permit to exist a period of five consecutive Business Days during the fiscal
quarter immediately following such FCC Period during which Total Excess
Availability on each such Business Day is less than $200,000,000 unless on each Business Day
during such five Business Day period both (x) Total Collateral Availability is
greater than or equal to $275,000,000 and (y) Total Excess Availability is
greater than or equal to $150,000,000.  

     

    
      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
5

    Undertaking
as to Servicer

    

    Section
5.01.  Unconditional
Undertaking.  Lyondell hereby
unconditionally and irrevocably undertakes and agrees with and for the benefit
ofeach of
the Agent, and the Purchasers (collectively, the Indemnified Parties) to cause
the due and punctual performance and observance by the Servicer (so long as any
Affiliate of Lyondell is the Servicer) of all of the terms, covenants,
agreements, undertakings and other obligations on the part of the Servicer (so
long as any Affiliate of Lyondell is the Servicer) to be performed or observed
under each of the Receivables Purchase Agreement, the Receivables Sale Agreement
and the other Transaction Documents and any other documents delivered in
connection therewith in accordance with the terms thereof, including, without
limitation, the obligations to pay when due all monetary obligations of the
Servicer (so long as any Affiliate of Lyondell is the Servicer) under the
Receivables Purchase Agreement, the Receivables Sale Agreement and the other
Transaction Documents, whether for Collections received, deemed Collections,
interest, indemnifications, fees, costs, expenses or otherwise (such terms,
covenants, agreements, undertakings and other obligations being the Obligations) and undertakes
and agrees to pay any and all expenses (including reasonable counsel fees and
out-of-pocket expenses) incurred by the Indemnified Parties, or any of them, in
enforcing its rights under this Agreement.  In the event that the
Servicer (so long as any Affiliate of Lyondell is the Servicer) shall fail in
any manner whatsoever to perform or observe any of its Obligations when the same
shall be required to be performed or observed, then Lyondell shall itself duly
and punctually perform or observe, or cause to be duly and punctually performed
and observed, such Obligation, and it shall not be a condition to the accrual of
the obligation of Lyondell hereunder to perform or observe any Obligation (or to
cause the same to be performed or observed) that any Indemnified Party shall
have first made any request of or demand upon or given any notice to the
Servicer (so long as any Affiliate of Lyondell is the Servicer) or any of the
other Originators or any of their successors or assigns, or have instituted any
action or proceeding against the Servicer (whether or not any Affiliate of
Lyondell is the Servicer) or any of the other Originators or any of their
successors or assigns in respect thereof.

    

    Section
5.02.  Obligations
Absolute.  Lyondell
undertakes and agrees that the Obligations will be paid and performed strictly
in accordance with the terms of the Transaction Documents and each other
document delivered in connection therewith, regardless of any law, regulation or
order now or hereafter in effect in any jurisdiction affecting any of such terms
or the rights of any Indemnified Party with respect thereto.  The
obligations of Lyondell under this Article 5 are independent of the Obligations,
and a separate action or actions may be brought and prosecuted against Lyondell
to enforce the obligations under this Article 5, irrespective of whether any
action is brought against the Servicer (if any Affiliate of Lyondell is the
Servicer) or any of the other Originators or whether the Servicer (if any
Affiliate of Lyondell is the Servicer) or any of the other Originators is joined
in any such action or actions.  The liability of Lyondell under this
Article 5 shall be irrevocable, absolute and unconditional irrespective of, and
to the extent permitted by law, Lyondell hereby irrevocably waives
anydefenses
(except for any defenses arising or accruing as a result of the gross negligence
or willful misconduct of any of the Indemnified Parties) it may now or hereafter
have in any way relating to, any or all of the following:

    

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

       

             
(a)         any lack of validity
or enforceability of the Obligations or of any Pool Receivable, any Receivable
Interest or any Related Security, or of any Transaction Document or any other
document relating thereto;

    

     

           
(b)         any change in the
time, manner or place of payment of, or in any other term of, all or any of the
Obligations under the Transaction Documents or any other document relating
thereto, or any other amendment or waiver of or any consent to departure from
any Transaction Document or any other document relating thereto;

     

           
(c)         any taking, exchange,
release or nonperfection of or failure to transfer title to any asset or
collateral, or any taking, release, amendment or waiver of or consent to
departure from any guaranty, for all or any of the Obligations;

        

           
(d)         any manner of
application of any asset or collateral, or proceeds thereof, to all or any of
the Obligations, or any manner of sale or other disposition of any asset or
collateral for all or any of the Obligations or any other obligations of the
Servicer (whether or not any Affiliate of Lyondell is the Servicer) or any of
the other Originators under the Transaction Documents or any other document
relating thereto;

     

           
(e)         any change,
restructuring or termination of the structure or existence of the Servicer
(whether or not any Affiliate of Lyondell is the Servicer) or any of the other
Originators;

     

           
(f)         any failure of any
Indemnified Party to disclose to Lyondell any information relating to the
financial condition, operations, properties or prospects of any of the other
Originators now or in the future known to such Indemnified Party (Lyondell
waiving any duty on the part of such Indemnified Party to disclose such
information);

     

           
(g)         any impossibility or
impracticality of performance, illegality, any act of any government, or any
other circumstance (including, without limitation, any statute of limitations)
or any existence of or reliance on any representation by any Indemnified Party
that might constitute a defense available to, or a discharge of, the Servicer
(whether or not any Affiliate of Lyondell is the Servicer) or any of the other
Originators or a guarantor of the Obligations; or

     

           
(h)         any other
circumstance, event or happening whatsoever, whether foreseen or unforeseen and
whether similar or dissimilar to anything referred to above in this Section
5.02. 

     

    
      
        
          
          

          
          

        

        
          46

          
            

          

        

        
          
          

        

      

    

    

    Each of
the parties hereto and, by its acceptance hereof, the Agent, the Purchasers and
the other Indemnified Parties agrees that the obligations of any Originator
under this Agreement, including the obligations of Lyondell under Article 5
hereof, and any liability of any party in respect of its representations,
warranties and agreements under this Agreement, do not constitute in any way (i)
a guarantee of the obligations of the Seller under the Transaction Documents or
(ii) any agreement to indemnify or hold harmless any Indemnified Party from and
against any failure to collect amounts in respect of a Pool Receivable, to the
extent such failure results from a discharge of the Obligor with respect thereto
in a proceeding in respect of such Obligor under applicable bankruptcy laws or
otherwise results from such Obligors financial inability to pay such
amounts.

    

    The
provisions of this Article 5 shall continue to be effective or be reinstated, as
the case may be, if any time (x) any payment in connection with any of the
Obligations is rescinded or must otherwise be returned by any Indemnified Party,
or (y) any performance or observance of any Obligation is rescinded or otherwise
invalidated, upon the insolvency, bankruptcy or reorganization of the Servicer
(if any Affiliate of Lyondell is the Servicer) or any of the other Originators
or otherwise, all as though payment had not been made or as though such
Obligation had not been performed or observed.

    

    Section
5.03.  Waivers and
Acknowledgments.  Error! Bookmark not defined.
To the extent permitted by applicable law, each Originator hereby waives
promptness, diligence, notice of acceptance and any other notice (except to the
extent that such other notice is expressly required to be given to such
Originator by any Indemnified Party pursuant to any other Transaction Document)
with respect to any of the Obligations and this Agreement and any other document
related thereto, and any requirement that any Indemnified Party protect, secure,
perfect or insure any lien or any property subject thereto or exhaust any right
or take any action against the Servicer (whether or not any Affiliate of
Lyondell is the Servicer) or any of the other Originators or any other Person or
any asset or collateral.

     

    (b)        
Each Originator hereby waives any right to revoke this Agreement, and
acknowledges that this Agreement is continuing in nature and applies to all
Obligations whether existing now or in the future.

    

    Section
5.04.  Subrogation.
Lyondell shall not exercise or assert any rights that it may now have or
hereafter acquire against the Servicer (to the extent Lyondell is not the
Servicer) or any of the other Originators that arise from the existence,
payment, performance or enforcement of Lyondells obligations under this
Agreement or any other Transaction Document, including, without limitation, any
right of subrogation, reimbursement, exoneration, contribution or
indemnification or any right to participate in any claim or remedy of any
Indemnified Party against such Servicer or any of the other Originators or any
asset or collateral, whether or not such claim, remedy or right arises in equity
orunder
contract, statute or common law, including, without limitation, the right to
take or receive from such Servicer or any of the other Originators, directly or
indirectly, in cash or other property or by setoff or in any other manner,
payment or security on account of such claim, remedy or right, unless and until
all amounts in connection with the Obligations  and all amounts
payable under this Agreement shall have been paid in full and all other amounts
payable to the Indemnified Parties under the Transaction Documents shall have
been paid in full (other than contingent indemnification
obligations).  If any amount shall be paid to Lyondell in violation of
the preceding sentence at any time prior to the later of (i) the payment in full
of the Obligations and all other amounts payable under this Agreement and all
amounts payable to the Indemnified Parties under the Transaction Documents
(other than contingent indemnification obligations) and (ii) the Termination
Date, such amount shall be held in trust for the benefit of the Indemnified
Parties and shall forthwith be paid to the Agent to be credited and applied to
the Obligations, whether matured or unmatured, in accordance with the terms of
the Transaction Documents or to be held by the Agent as collateral security for
any Obligations payable under this Agreement thereafter arising.

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    

    ARTICLE
6

    Miscellaneous

    

    Section
6.01.  Notices.  Error! Bookmark not defined.
All notices and other communications hereunder shall, unless otherwise stated
herein, be given in writing or by any telecommunication device capable of
creating a written record (including, with respect to Approved Electronic
Communications, electronic mail), (i) to each Originator, the Agent and the
Initial Purchasers, at its address set forth under its name on the signature
pages of the Receivables Purchase Agreement or (ii) to each Purchaser other than
the Initial Purchasers, at its address specified on the Assignment and
Acceptance pursuant to which it became a Purchaser under the Receivables
Purchase Agreement or, in either case, at such other address as shall be
designated by such party in a notice to the other parties hereto given as
provided herein or in the Receivables Purchase Agreement.

     

           
(b)         All notices and other
communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt if
delivered by hand or overnight courier service or sent by telecopy equipment of
the sender, or on the date five Business Days after dispatch by certified or
registered mail if mailed, in each case delivered, sent or mailed (properly
addressed) to such party as provided in this Section 6.01 or in accordance with
the latest unrevoked direction from such party given in accordance with this
Section 6.01.

     

            (c)        
Notices and other communications hereunder not constituting Approved Electronic
Communications may be delivered or furnished byelectronic
communications pursuant to procedures approved by the Agent and Equistar; provided that approval of
such procedures may be limited to particular notices or
communications.

    

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    Section
6.02 . No Waivers.  No
failure or delay by any Indemnified Party exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.  The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

    

    Section
6.03 . Amendments and
Waivers.  Any provision of this Agreement may be amended or
waived if, but only if, such amendment or waiver is in writing and is signed by
each Originator and consented to by the Required Purchasers (and, if the rights
or duties of the Agent are affected thereby, by it).

     

    
      Section
6.04.  Continuing Agreement;
Assignments under Receivables Purchase Agreement.  This
Agreement is a continuing agreement and shall, subject to the reinstatement
provisions contained in Section 5.02, Article 1 remain in full force and effect
until the later of (i) the payment and performance in full of the Obligations
and the payment of all other amounts payable under this Agreement (other than
contingent indemnification obligations) and (ii) the Termination Date, Article 2
be binding upon each Originator and their successors and permitted assigns, and
Article 3 inure to the benefit of, and be enforceable by, the Indemnified
Parties and each of their respective successors and permitted transferees and
assigns.  Without limiting the generality of clause (c) of the
immediately preceding sentence, (A) any Purchaser may assign all or any of its
Receivables Interests under the Receivables Purchase Agreement in accordance
with the terms thereof, and (B) the Agent may be replaced pursuant to the
provisions the Receivables Purchase Agreement, and such replacement Agent, shall
thereupon become vested with all the benefits in respect thereof granted to such
Purchaser or the Agent, as the case may be, herein or
otherwise.

    

    

    Section
6.05 . Successors.  The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that the Originators may not assign or otherwise transfer any of their
rights under this Agreement without the prior written consent of the Agent and
the Purchasers.  Any Person that hereafter becomes an Originator
pursuant to Section 7.01 of the Receivables Sale Agreement shall simultaneously
become an Originator party hereto pursuant to an instrument to such effect in
form reasonably satisfactory to the Agent.  Any Originator which
ceases to be an Originator pursuant to Section 7.03 of the Receivables Sale
Agreement shall automatically and simultaneously cease to be an Originator
hereunder (subject, in the case of Lyondell, to its continuing obligations under
Article 5 hereof).

    

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

    Section
6.06 . Governing Law; Submission to
Jurisdiction.  This Agreement shall be governed by, and
construed and interpreted in accordance with, the laws of the State of New
York.  To the extent permitted by applicable law, each Originator
hereby submits to the nonexclusive jurisdiction of the United States District
Court for the Southern District of New York and of any New York State court
sitting in the Borough of Manhattan in New York City for purposes of all legal
proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby.  Each Originator irrevocably waives, to the
fullest extent permitted by law, any objection which it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought
in an inconvenient forum.

    

    Section
6.07 . Counterparts;
Effectiveness.  This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.  This
Agreement shall become effective on the date that the Agent shall have received
counterparts hereof signed by each Originator (or receipt by the Agent in the
form satisfactory to it of facsimile or other written confirmation from each
Originator of execution of a counterpart hereof by each
Originator).

    

    Section
6.08 .  WAIVER OF JURY
TRIAL.  EACH ORIGINATOR AND, BY ACCEPTANCE HEREOF, THE AGENT,
EACH PURCHASER AND EACH OTHER INDEMNIFIED PARTY HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATION TO THIS AGREEMENT  OR THE ACTIONS OF THE
AGENT OR ANY PURCHASER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

    

      
        
          
             

          

          
          

        

        
          50

          
            

          

        

        
          
          

        

      

    

    

    IN
WITNESS WHEREOF, each party hereto has caused this Agreement to be duly executed
by an authorized officer as of the day and year first above
written.

    

    

    
      	 	
              
              

              LYONDELL
      CHEMICAL COMPANY

              
              

              as
      Servicer and as Originator

            
	 	 
	 	
              By:

            	/s/
      Karen A. Twitchell 
	 	 	
              Name:                   Karen
      A. Twitchell

            
	 	 	
              Title:                    
      Authorized Representative

            
	 	 	
              Address:             
      1221 McKinney, Suite 700

                                  
      Houston, TX 77010

            
	 	 	Attention:    Assistant
      Treasurer 
	 	 	Telephone:         
      713/652-7200 
	 	 	
              Facsimile:            
      713/652-4598

            

    

     

    [Undertaking Agreement]

     

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              
              

              EQUISTAR
      CHEMICALS, LP

              
              

              as
      Originator

            
	 	 

    

    
      	
            	
              By:

            	/s/
      Karen A. Twitchell 
	 	 	
              Name:                   Karen
      A. Twitchell

            
	 	 	
              Title:                    
      Authorized Representative

            
	 	 	
              Address:             
      1221 McKinney, Suite 700

                                  
      Houston, TX 77010

            
	 	 	Attention:    Assistant
      Treasurer 
	 	 	Telephone:         
      713/652-7200 
	 	 	
              Facsimile:            
      713/652-4598

            

    

     

    [Undertaking Agreement]

     

    
      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              
              

              HOUSTON
      REFINING LP

              
              

              as
      Originator

            
	 	 

    

    
      	
            	
              By:

            	/s/
      Karen A. Twitchell
	 	 	
              Name:                   Karen
      A. Twitchell

            
	 	 	
              Title:                    
      Authorized Representative

            
	 	 	
              Address:             
      1221 McKinney, Suite 700

                                  
      Houston, TX 77010

            
	 	 	Attention:    Assistant
      Treasurer 
	 	 	Telephone:         
      713/652-7200 
	 	 	
              Facsimile:            
      713/652-4598

            

    

     

     

    [Undertaking
Agreement]lyo10k-022808ex410.htm

    EXHIBIT 4.10

    
      

    

     

    DATED DECEMBER 20, 2007

     

    BASELL AF
S.C.A.

    as the
Company

     

    THE
COMPANIES NAMED IN SCHEDULE 1

    as
Original Obligors

     

    CITIBANK,
N.A.

    as Senior
Agent and Security Agent

     

    MERRILL
LYNCH CAPITAL CORPORATION

    as
Interim Facility Agent

     

    CITIBANK,
N.A.

    as ABL
Agent

     

    THE BANK
OF NEW YORK

    as High
Yield Notes Trustee

     

    and

     

    CERTAIN
ENTITIES

    as
Original Hedging Banks,

    ARCO
Notes Trustee, Equistar Notes Trustee,

    Investors,
Intercompany Lenders and Intercompany Borrowers

     

    

    
      
        

      

    INTERCREDITOR
AGREEMENT

     

    
      
        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    

     

    
      	
              Clause

            	 
      	 
      	
              Page

            
	 	 	 	 
	
              1.

            	 
      	
              DEFINITIONS
      AND INTERPRETATION

            	
              1

            
	
              2.

            	 
      	
              RANKING

            	
              23

            
	
              3.

            	 
      	
              ABL
      INTERCREDITOR MATTERS

            	
              24

            
	
              4.

            	 
      	
              HEDGING
      DEBT

            	
              24

            
	
              5.

            	 
      	
              OTHER
      SENIOR DEBT

            	
              25

            
	
              6.

            	 
      	
              HIGH
      YIELD NOTES DEBT

            	
              27

            
	
              7.

            	 
      	
              INVESTOR
      DEBT

            	
              29

            
	
              8.

            	 
      	
              INTERCOMPANY
      DEBT

            	
              30

            
	
              9.

            	 
      	
              REPRESENTATIONS

            	
              31

            
	
              10.

            	 
      	
              UNDERTAKINGS
      OF THE OBLIGORS

            	
              31

            
	
              11.

            	 
      	
              PERMITTED
      PAYMENTS

            	
              34

            
	
              12.

            	 
      	
              SUSPENSION
      OF PERMITTED PAYMENTS

            	
              35

            
	
              13.

            	 
      	
              TURNOVER
      OF NON-PERMITTED PAYMENTS

            	
              37

            
	
              14.

            	 
      	
              SUBORDINATION
      ON INSOLVENCY

            	
              39

            
	
              15.

            	 
      	
              FAILURE
      OF TRUSTS

            	
              42

            
	
              16.

            	 
      	
              PROTECTION
      OF SUBORDINATION

            	
              42

            
	
              17.

            	 
      	
              PRIORITY

            	
              45

            
	
              18.

            	 
      	
              RESTRICTIONS
      ON ENFORCEMENT

            	
              46

            
	
              19.

            	 
      	
              PERMITTED
      ENFORCEMENT

            	
              47

            
	
              20.

            	 
      	
              APPLICATION
      OF RECOVERIES

            	
              49

            
	
              21.

            	 
      	
              ENFORCEMENT
      OF SECURITY

            	
              54

            
	
              22.

            	 
      	
              OPTION
      TO PURCHASE

            	
              57

            
	
              23.

            	 
      	
              PRESERVATION
      OF DEBT

            	
              58

            
	
              24.

            	 
      	
              SHARING
      AMONG CERTAIN PARTIES

            	
              59

            
	
              25.

            	 
      	
              SUBROGATION

            	
              62

            
	
              26.

            	 
      	
              CONSENTS

            	
              63

            
	
              27.

            	 
      	
              ROLE
      OF THE SECURITY AGENT

            	
              64

            
	
              28.

            	 
      	
              TRUSTEES

            	
              71

            
	
              29.

            	 
      	
              INFORMATION

            	
              75

            
	
              30.

            	 
      	
              POWER
      OF ATTORNEY

            	
              76

            
	
              31.

            	 
      	
              EXPENSES

            	
              78

            
	
              32.

            	 
      	
              CHANGES
      TO THE PARTIES

            	
              78

            
	
              33.

            	 
      	
              NOTICES

            	
              83

            
	
              34.

            	 
      	
              PARTIAL
      INVALIDITY

            	
              84

            
	
              35.

            	 
      	
              REMEDIES
      AND WAIVERS

            	
              84

            
	
              36.

            	 
      	
              COUNTERPARTS

            	
              84

            
	
              37.

            	 
      	
              AMENDMENTS

            	
              85

            
	
              38.

            	 
      	
              GOVERNING
      LAW

            	
              85

            
	
              39.

            	 
      	
              ENFORCEMENT

            	
              86

            
	
              SCHEDULE
      1 THE ORIGINAL OBLIGORS

            	
              87

            
	
              SCHEDULE
      2 THE ORIGINAL HEDGING BANKS

            	
              89

            
	
              SCHEDULE
      3 THE ORIGINAL INVESTORS

            	
              90

            
	
              SCHEDULE
      4 THE ORIGINAL INTERCOMPANY LENDERS AND BORROWERS

            	
              91

            
	
              SCHEDULE
      5 FORM OF ACCESSION AGREEMENT

            	
              95

            
	
              SCHEDULE
      6 EXISTING LYONDELL DEBT SECURITY

            	
              98

            
	
              SCHEDULE
      7 HIGH YIELD NOTES MAJOR TERMS

            	
              98

            
	
              SCHEDULE
      8 HIGH YIELD NOTES GUARANTEE MATURITY PROVISIONS

            	
              101

            
	
              SCHEDULE
      9 SECURITY AGENCY PROVISIONS

            	
              102

            
	
              SCHEDULE
      10 SECOND LIEN NOTES MAJOR TERMS

            	
              106

            
	
              SCHEDULE
      11 UNSECURED SENIOR NOTES MAJOR TERMS

            	
              107

            
	
              EXHIBIT
      1 ABL INTERCREDITOR AGREEMENT

            	
               
      

            

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

    THIS AGREEMENT is dated
December 20, 2007 and made between:

     

    
      	
              1.

            	
              BASELL AF S.C.A., a
      société en commandite par actions, whose registered office is at 15-17,
      Avenue Gaston Diderich, L-1420 Luxembourg, registered with the Luxembourg
      register of commerce and companies under number B 107545 and having a
      corporate capital of €50,000,024 (the “Company”);

            

    

     

    
      	
              2.

            	
              THE SUBSIDIARIES of the
      Company listed in Schedule 1 (The Original Obligors)
      as original borrowers under the Senior Facilities (the “Original Borrowers”) or
      as original guarantors of the Senior Facilities (together with the
      Company, the “Original
      Guarantors”);

            

    

     

    
      	
              3.

            	
              CITIBANK, N.A. as agent
      of the other Senior Finance Parties (the “Senior
      Agent”);

            

    

     

    
      	
              4.

            	
              CITIBANK, N.A. as
      security trustee and collateral agent for the Senior Secured Parties, the
      High Yield Notes Finance Parties and the High Yield Noteholders (the
      “Security
      Agent”);

            

    

     

    
      	
              5.

            	
              MERRILL LYNCH CAPITAL
      CORPORATION as agent of the other Interim Facility Finance Parties
      (the “Interim Facility
      Agent”);

            

    

     

    
      	
              6.

            	
              CITIBANK, N.A. as agent
      of the ABL Finance Parties (the “ABL
    Agent”);

            

    

     

    
      	
              7.

            	
              THE BANK OF NEW YORK in
      its capacity as the High Yield Notes Trustee (the “High Yield Notes
      Trustee”);

            

    

     

    
      	
              8.

            	
              THE TRUSTEE FOR THE SECOND LIEN
      NOTEHOLDERS in its capacity as the Second Lien Notes Trustee, on
      its accession to this Agreement (the “Second Lien Notes
      Trustee”);

            

    

     

    
      	
              9.

            	
              THE TRUSTEE FOR THE UNSECURED
      SENIOR NOTEHOLDERS in its capacity as the Unsecured Senior Notes
      Trustee, on its accession to this Agreement (the “Unsecured Senior Notes
      Trustee”);

            

    

     

    
      	
              10.

            	
              THE BANK OF NEW YORK in its capacity as
      the Arco Notes Trustee (the “Arco Notes
      Trustee”);

            

    

     

    
      	
              11.

            	
              THE BANK OF NEW YORK in its capacity as
      the Equistar Notes Trustee (the “Equistar Notes Trustee”);

            

    

     

    
      	
              12.

            	
              THE FINANCIAL
      INSTITUTIONS (if any) listed in Schedule 2 (The Original Hedging Banks)
      as original hedging banks (the “Original Hedging
      Banks”);

            

    

     

    
      	
              13.

            	
              THE INVESTORS listed in
      Schedule 3 (The Original
      Investors) as original investors (the “Original Investors”);
      and

            

    

     

    
      	
              14.

            	
              THE SUBSIDIARIES of the
      Company listed in Schedule 4 (The Original Intercompany
      Lenders and Borrowers) as original intercompany lenders (together
      with the Company, the “Original Intercompany
      Lenders”; or as original intercompany borrowers (together with the
      Company, the “Original
      Intercompany Borrowers”).

            

    

     

    IT IS AGREED as
follows:

     

    
      	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In this
Agreement:

     

    “ABL Facility” means the
revolving credit facility made available under the ABL Agreement.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “ABL Agreement” means a
revolving credit facility dated on or about the date of this Agreement between,
among others Target and certain subsidiaries as borrowers and guarantors and the
ABL Finance Parties.

     

    “ABL Collateral” means the
assets subjected to liens, or purported to be subject to liens, in favour of the
ABL Finance Parties pursuant to the ABL Finance Documents.

     

    “ABL Debt” means all present
and future moneys, debts and liabilities and other Obligations (as defined in
the ABL Agreement) due, owing or incurred by any Obligor to any ABL Finance
Party under or in connection with any ABL Finance Document (in each case,
whether alone or jointly, or jointly and severally, with any other person,
whether actually or contingently, and whether as principal, surety or otherwise)
together with any related Additional Debt.

     

    “ABL Declared Default” means an
ABL Default which has resulted in the ABL Agent exercising any of its rights to
accelerate the principal of the ABL Debt or the principal being automatically
accelerated in each case under section 7.01 of the ABL Agreement.

     

    “ABL Default” means an Event of
Default under and as defined in the ABL Agreement.

     

    “ABL Discharge Date” means the
date on which the Security Agent is satisfied (acting reasonably) that all ABL
Debt (other than contingent indemnification obligations) has been fully and
irrevocably paid or discharged and all commitments of the ABL Finance Parties in
respect of the ABL Debt have expired or been cancelled.

     

    “ABL Finance Documents” means
the Loan Documents as defined in the ABL Agreement.

     

    “ABL Finance Parties” means
the  Agents and the Lenders as defined in the ABL
Agreement.

     

    “ABL Intercreditor Agreement”
means the Intercreditor Agreement, dated on or about the date hereof, between
the Security Agent, the ABL Agent, LyondellBasell Receivables I, LLC, Lyondell
Chemical Company and the other parties thereto.

     

    “ABL Lenders” means the lenders
under the ABL Agreement.

     

    “Acceleration Date” means the
date (if any) of a Senior Declared Default or, following the Senior Discharge
Date, a High Yield Notes Declared Default.

     

    “Accession Agreement” means an
agreement substantially in the form set out in Schedule 5 (Form of Accession
Agreement).

     

    “Acquisition” means the
acquisition of the Target pursuant to the Merger Agreement.

     

    “Acquisition Closing Date”
means the date on which the Acquisition is completed.

     

    “Additional Debt” means, in
relation to any Debt, any money, debt or liability due, owing or incurred under
or in connection with:

     

    
      	
               
      

            	
              (a)

            	
              any
      refinancing (other than (i) of the Interim Facility Debt from the proceeds
      of an issuance of Second Lien Notes or Unsecured Senior Notes and (ii)
      with respect to the High Yield Notes Debt, out of the proceeds of
      Permitted Junior Securities at the prior written election of the Company),
      deferral or extension of that Debt;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      further advance which may be made under any document, agreement or
      instrument supplemental to any relevant Finance Document together with any
      related interest, fees and costs;

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              any
      claim for interest accruing on or after the filing of any petition in
      bankruptcy or for reorganisation relating to the relevant Obligor at the
      rate specified in the documentation with respect thereto whether or not a
      claim for post filing interest is allowed in such
    proceeding;

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      claim for damages or restitution in the event of rescission of that Debt
      or otherwise in connection with any relevant Finance
    Document;

            

    

     

    
      	
               
      

            	
              (e)

            	
              any
      claim against any Obligor or Intercompany Borrower flowing from any
      recovery by an Obligor or Intercompany Borrower or any liquidator,
      receiver, administrator, administrative receiver, compulsory manager or
      other similar officer of a payment or discharge in respect of that Debt on
      the grounds of preference or otherwise;
and

            

    

     

    
      	
               
      

            	
              (f)

            	
              any
      amount (such as post-insolvency interest) which would be included in any
      of the above but for any discharge, non-provability, unenforceability or
      non-allowability of the same in any insolvency or other
      proceedings.

            

    

     

    “Affiliate” means, in relation
to any person, a Subsidiary of that person or a Holding Company of that person
or any other Subsidiary of that Holding Company.

     

    “Arco Noteholders” means the
holders of the Arco Notes.

     

    “Arco Notes” means $100,000,000
10 1/4% Debentures due 2010 and the $225,000,000 9.8% Debentures due 2020 issued
by the Arco Chemical Company (as predecessor to Lyondell Chemical Company)
pursuant to the Arco Notes Indenture.

     

    “Arco Notes Collateral” means
all property and assets subject to the Arco Notes Security
Documents.

     

    “Arco Notes Debt” means all
present and future moneys, debts and liabilities due, owing or incurred by
Lyondell Chemical Company to any Arco Notes Finance Party or Arco Noteholder
under or in connection with the Arco Notes (in each case, whether alone or
jointly, or jointly and severally, with any other person, whether actually or
contingently, and whether as principal, surety or otherwise).

     

    “Arco Notes Discharge Date”
means the date on which all Arco Notes Debt has been irrevocably and
unconditionally discharged in full.

     

    “Arco Notes Finance Documents”
means the Arco Notes, the Arco Notes Indenture, this Agreement and the Arco
Notes Security Documents.

     

    “Arco Notes Finance Parties”
means the Arco Notes Trustee (on behalf of itself and the Arco Noteholders) and
the Security Agent.

     

    “Arco Notes Indenture” means
the indenture governing the Arco Notes dated as of June 15,1988 as supplemented
by a Supplemental Indenture dated January 5, 2000.

     

    “Arco Notes Recoveries” means
the aggregate of all moneys and other assets received or recovered from time to
time by any Arco Notes Finance Party or Arco Noteholder under or in connection
with any Arco Notes Security Documents.

     

    “Arco Notes Security Documents”
means any of the security agreements and other documents identified in Schedule
6 (Existing Lyondell Debt
Security) under the heading “Arco Notes Security Documents”.

     

    “Arco Notes Trustee” means any
entity acting as trustee under the Arco Notes and which accedes to this
Agreement pursuant to Clause 32.7 (Accession of Arco Notes
Trustee).

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    
      “Authorisation” means an
authorisation, consent, approval, resolution, licence, permit, exemption,
filing, notarisation or registration.

       

    

    “Basell Funding” means Basell
Funding S.à r.l., a société à
responsabilité limitée whose registered office is at 15-17, Avenue Gaston
Diderich, L-1420 Luxembourg, registered with the Luxembourg register of commerce
and companies under number B 107544 and having a corporate capital of
€50,000,024.

     

    “Basell Holdings” means Basell
Holdings B.V. with registration number 24344658.

     

     “BI S.à.r.l.” means BI S.à
r.l., a société à
responsabilité limitée whose registered office is at 15-17, Avenue Gaston
Diderich, L-1420 Luxembourg, registered with the Luxembourg register of commerce
and companies under number B 107544 and having a corporate capital of
€50,000,024.

     

    “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, or are in fact closed in, the State of
New York and:

     

    
      	
               
      

            	
              (a)

            	
              if
      such day relates to any fundings, disbursements, settlements and payments
      in US dollars, any day in which dealings in deposits in US dollars are
      conducted by and between banks in the London interbank eurodollar market;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              (if
      such day relates to any fundings, disbursements, settlements and payments
      in euro) any day on which the Trans-European Automated Real-Time Gross
      Settlement Express Transfer payment system is open for the settlement of
      payments in euro.

            

    

     

    “Charged Assets” means the
assets over which Security is expressed to be created pursuant to any Security
Document.

     

    “Creditor” means each Senior
Secured Party and any other Junior Creditor.

     

    “Debt” means any Senior Debt,
Hedging Debt, Interim Facility Debt, Second Lien Notes Debt, Unsecured Senior
Notes Debt, High Yield Notes Debt, High Yield Notes On-Loan Debt, High Yield
Notes Guarantee Debt, Investor Debt and Intercompany Debt.

     

    “Enforcement Action” means in
relation to any Debt, any action of any kind to:

     

    
      	
               
      

            	
              (a)

            	
              demand
      payment, declare prematurely due and payable or otherwise seek to
      accelerate payment of or place on demand all or any of that
      Debt;

            

    

     

    
      	
               
      

            	
              (b)

            	
              recover
      all or any of that Debt (including by exercising any set-off, save as
      required by law);

            

    

     

    
      	
               
      

            	
              (c)

            	
              exercise
      or enforce any right against any surety or any other right under any other
      document, agreement or instrument in relation to (or given in support of)
      all or any of that Debt (including under the Security
      Documents);

            

    

     

    
      	
               
      

            	
              (d)

            	
              petition
      for (or take or support any other step which may lead to) an Insolvency
      Event in relation to any Obligor or Intercompany Borrower;
    or

            

    

     

    
      	
               
      

            	
              (e)

            	
              start
      any legal proceedings against any Obligor or Intercompany
      Borrower.

            

    

     

    “Equistar Noteholders” means
the holders of the Equistar Notes.

     

    “Equistar Notes” means
$150,000,000 7.55% Senior Notes due 2026 issued by the Lyondell Petrochemical
Company pursuant to the Equistar Notes Indenture together with any other series
of notes created under the Equistar Notes Indenture.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    “Equistar Notes Collateral”
means all property and assets subject to the Equistar Notes Security
Documents.

     

    “Equistar Notes Debt” means all
present and future moneys, debts and liabilities due, owing or incurred by
Lyondell Petrochemical Company to any Equistar Notes Finance Party or Equistar
Noteholder under or in connection with the Equistar Notes (in each case, whether
alone or jointly, or jointly and severally, with any other person, whether
actually or contingently, and whether as principal, surety or
otherwise).

     

    “Equistar Notes Discharge Date”
means the date on which all Equistar Notes Debt has been irrevocably and
unconditionally discharged in full.

     

    “Equistar Notes Finance
Documents” means the Equistar Notes, the Equistar Notes Indenture, this
Agreement and the Equistar Notes Security Documents.

     

    “Equistar Notes Finance
Parties” means the Equistar Notes Trustee (on behalf of itself and the
Equistar Noteholders) and the Security Agent.

     

    “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.

     

    “Equistar Notes Recoveries”
means the aggregate of all moneys and other assets received or recovered from
time to time by any Equistar Notes Finance Party or Equistar Noteholder
under or in connection with any Equistar Notes Security Documents.

     

    “Equistar Notes Security
Documents” means any of the security agreements and other documents
identified in Schedule 6 (Existing Lyondell Debt
Security) under the heading “Equistar Notes Security
Documents”.

     

    “Equistar Notes Trustee” means
any entity acting as trustee under the Equistar Notes and which accedes to this
Agreement pursuant to Clause 32.8 (Accession of Equistar Notes
Trustee).

     

    “Fee Letter” means any letter
or letters dated on or about the date of this Agreement between the Security
Agent and the Company setting out the fee referred to in Clause 27.16 (Security agency
fee).

     

    “Final Discharge Date” means
the later of the Senior Discharge Date and the High Yield Notes Discharge
Date.

     

    “Finance Documents” means the
Senior Finance Documents, the Hedging Documents, the Interim Facility Finance
Documents, the Second Lien Notes Finance Documents, the Unsecured Senior Notes
Documents, the High Yield Notes Finance Documents, the Investor Documents and
the Intercompany Documents.

     

    “Financial Indebtedness” means
Indebtedness as defined in any Senior Agreement.

     

    “General Collateral” means all
property or assets subject to the Security Documents other than Arco Notes
Collateral, Equistar Notes Collateral and High Yield Notes
Collateral.

     

    “Group” means the Company and
its Subsidiaries for the time being, including, on and from the Acquisition
Closing Date, the Target Group.

     

    “Hedging Bank”
means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Original Hedging Bank; and

            

    

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              any
      Hedge Bank (as defined in the Senior Facility Agreement) or any other
      person which in each case has become a Hedging Bank in accordance with
      Clause 32.3 (Accession
      of Hedging Banks) or Clause 32.4 (Assignments and transfers by
      Hedging Banks),

            

    

     

    which in
each case has not ceased to be a Hedging Bank in accordance with this
Agreement.

     

    “Hedging Debt” means all
present and future moneys, debts and liabilities due, owing or incurred by any
Obligor to any Hedging Bank under or in connection with any Hedging Document (in
each case, whether alone or jointly, or jointly and severally, with any other
person, whether actually or contingently, and whether as principal, surety or
otherwise) together with any related Additional Debt.

     

    “Hedging Document” means each
Swap Contract and each Treasury Services Agreement (in each case as defined in
the Senior Facility Agreement) entered into or to be entered into between an
Obligor and a Hedging Bank listed in Schedule 2 (The Original Hedging Banks)
or under Clause 32.2 (Accession of Hedging
Banks).

     

    “Hedging Recoveries” means the
aggregate of all moneys and other assets received or recovered from time to time
by any Hedging Bank under or in connection with any Hedging Debt; provided,
however, that for purposes of Section 13.1 (Turnover), it shall mean
Hedging Recoveries as so defined under or in connection with the Security
Documents.

     

    “High Yield Noteholders” means
the holders of the High Yield Notes.

     

    “High Yield Notes” means
$615,000,000 8 3/8% Senior Notes due 2015 and the €500,000,000 8 3/8% Senior
Notes due 2015 issued by the Company pursuant to the High Yield Notes
Indenture.

     

    “High Yield Notes Collateral”
means all property or assets subject to the High Yield Notes Security
Documents.

     

    “High Yield Notes Debt” means
all present and future moneys, debts and liabilities due, owing or incurred by
the Company to any High Yield Notes Finance Party or High Yield Noteholder under
or in connection with the High Yield Notes (in each case, whether alone or
jointly, or jointly and severally, with any other person, whether actually or
contingently, and whether as principal, surety or otherwise), together with any
related Additional Debt provided, however, that the definition of “High Yield
Notes Debt” shall not include the High Yield Notes Trustee Amounts.

     

    “High Yield Notes Declared
Default” means a High Yield Notes Default which has resulted in the High
Yield Notes Finance Parties accelerating all amounts due under the High Yield
Notes.

     

    “High Yield Notes Default”
means an event of default under the High Yield Notes Indenture.

     

    “High Yield Notes Discharge
Date” means the date on which all High Yield Notes Guarantee Debt has
been irrevocably and unconditionally discharged in full.

     

    “High Yield Notes Finance
Documents” means the High Yield Notes, the High Yield Notes Indenture
(including the High Yield Notes Guarantees), this Agreement, the High Yield
Notes Security Documents and the High Yield Notes On-Loan
Documents.

     

    “High Yield Notes Finance
Parties” means the High Yield Notes Trustee (on behalf of itself and the
High Yield Noteholders) and the Security Agent.

     

    “High Yield Notes Guarantee
Debt” means all present and future moneys, debts and liabilities due,
owing or incurred by any High Yield Notes Guarantor to any High Yield Notes
Finance Party or High Yield Noteholder under or in connection with any High
Yield Notes Guarantee (in each case, whether alone or jointly, or jointly and
severally, with any other person, whether actually or contingently, and whether
as principal, surety or otherwise), together with any related Additional Debt
provided, however, that the definition of “High Yield Notes Guarantee Debt”
shall not include the High Yield Notes Trustee Amounts.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    “High Yield Notes Guarantee Maturity
Provisions” means the terms substantially as set out in Schedule 8 (High Yield Notes Guarantee Maturity
Provisions).

     

    “High Yield Notes Guarantee
Recoveries” means the aggregate of all moneys and other assets received
or recovered (whether by exercising any set-off or otherwise) from time to time
by any High Yield Notes Finance Party or High Yield Noteholder under or in
connection with the High Yield Notes Guarantee Debt provided, however, that the
definition of “High Yield Notes Guarantee Recoveries” shall not include the High
Yield Notes Trustee Amounts.

     

    “High Yield Notes Guarantees”
means the guarantees by the High Yield Notes Guarantors of the obligations of
the Company under the High Yield Notes and the High Yield Notes Indenture (which
guarantees except for any High Yield Notes Trustee Amounts owing to the High
Yield Notes Trustee are subordinated in right of payment to the Senior Debt and
the ABL Debt in accordance with this Agreement).

     

    “High Yield Notes Guarantors”
means Basell Funding and each other Subsidiary of the Company that becomes a
guarantor of the High Yield Notes in accordance with the High Yield Notes
Indenture.

     

    “High Yield Notes Indenture”
means the indenture governing the High Yield Notes dated August 10, 2005 as
supplemented by the First Supplemental Indenture dated February 2,
2006.

     

    “High Yield Notes Major Terms”
means the terms set out in Schedule 7 (High Yield Notes Major
Terms).

     

    “High Yield Notes On-Loan”
means the loan of the proceeds of the High Yield Notes made by the Company to
Basell Holdings in accordance with paragraph (b) of Clause 6.1 (Issue of High Yield Notes and High
Yield Notes On-Loan Debt).

     

    “High Yield Notes On-Loan Debt”
means all present and future moneys, debts and liabilities due, owing or
incurred by Basell Holdings to any holder of the High Yield Notes On-Loan under
or in connection with the High Yield Notes On-Loan, (in each case, whether alone
or jointly, or jointly and severally, with any other person, whether actually or
contingently, and whether as principal, surety or otherwise) together with any
related Additional Debt.

     

    “High Yield Notes On-Loan Discharge
Date” means the date on which all High Yield Notes On-Loan Debt has been
irrevocably and unconditionally discharged in full.

     

    “High Yield Notes On-Loan
Documents” means all documents, agreements and instruments evidencing the
High Yield Notes On-Loan.

     

    “High Yield Notes On-Loan
Recoveries” means the aggregate of all moneys and other assets received
or recovered (whether by exercising any set-off or otherwise) from time to time
under or in connection with the High Yield Notes On-Loan Debt.

     

    “High Yield Notes Recoveries”
means the aggregate of all moneys and other assets received or recovered
(whether by exercising any set-off or otherwise) from time to time by any High
Yield Notes Finance Party or High Yield Noteholder under or in connection with
the High Yield Notes Finance Documents provided, however, that the definition of
“High Yield Notes Recoveries” shall not include the High Yield Notes Trustee
Amounts.

     

    “High Yield Notes Security
Documents” means any of the security agreements and other documents
identified in Schedule 7 (High
Yield Notes Major Terms) under the heading “High Yield Notes
Security”.

     

    “High Yield Notes Standstill
Period” has the meaning given to it in Clause 19.3 (High Yield Notes Standstill
Period).

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    “High Yield Notes Standstill Start
Date” has the meaning given to it in Clause 19.3 (High Yield Notes Standstill
Period).

     

    “High Yield Notes Stop Notice”
means a notice delivered under paragraph (a)(ii)(B) of Clause 12.2 (Suspension of Permitted High Yield
Notes Guarantee Payments and Permitted High Yield Notes On-Loan Payments)
specifying the relevant Senior Default and that Permitted High Yield Notes
On-Loan Payments and Permitted High Yield Notes Guarantees Payments are being
suspended.

     

    “High Yield Notes Trustee”
means any entity acting as trustee under any issue of the High Yield Notes and
which accedes to this Agreement pursuant to Clause 32.9 (Accession of High Yield Notes
Trustee).

     

    “High Yield Notes Trustee
Amounts” means amounts payable to the High Yield Notes Trustee under this
Agreement, any indemnity provisions for costs and expenses in favour of the High
Yield Notes Trustee contained in the High Yield Notes Indenture and under the
provisions of the High Yield Notes Guarantees, all compensation for services
provided by the High Yield Notes Trustee which is payable to the High Yield
Notes Trustee pursuant to this Agreement, the High Yield Notes Indenture and the
High Yield Notes Guarantees and all out-of-pocket costs and expenses properly
incurred by the High Yield Notes Trustee in carrying out its duties or
performing any service pursuant to the terms of the High Yield Notes Indenture,
the High Yield Notes Guarantees and this Agreement, including, without
limitation (a) compensation for the costs and expenses of the collection by the
High Yield Notes Trustee of any amount payable to the High Yield Notes Trustee
for the benefit of the High Yield Noteholders, and (b) costs and expenses of the
High Yield Notes Trustee’s agents and counsel (but excluding (i) any payment in
relation to any unpaid costs and expenses incurred in respect of any litigation
by or on behalf of any High Yield Notes Trustee or any High Yield Noteholders
against any of the Senior Finance Parties and (ii) any payment made directly or
indirectly on or in respect of any amounts owing under any High Yield Notes
(including principal, interest, premium or any other amounts to any of the High
Yield Noteholders)).

     

    “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.

     

    “Insolvency Event”
means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Key Company is unable or admits inability to pay its debts as they fall
      due, suspends, or threatens to suspend, making payments on any of its
      debts or, by reason of actual or anticipated financial difficulties,
      commences negotiations with one or more of its creditors (other than the
      Senior Lenders) with a view to a general rescheduling of any class of its
      indebtedness;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      moratorium is declared in respect of any indebtedness of any Key Company;
      or

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      petition is filed for a receiving order or an assignment is made for the
      general benefit of creditors of any Key Company which is incorporated in
      Canada or any province or territory
thereof;

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      corporate action, legal proceedings or other procedure or step is taken in
      relation to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              bankruptcy,
      the suspension of payments, a moratorium of any indebtedness, winding-up,
      dissolution, liquidation, insolvency, administration or reorganisation (by
      way of voluntary arrangement, scheme of arrangement reorganisation, making
      a proposal or otherwise) of any Key Company other than a solvent
      liquidation or reorganisation of any member of the Group which is not an
      Obligor;

            

    

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ii)

            	
              a
      composition, compromise, assignment, relief or arrangement with any
      creditor of any Key Company;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      appointment of a liquidator (other than in respect of a solvent
      liquidation of a member of the Group which is not an Obligor), liquidator
      in bankruptcy, receiver, interim receiver, administrative receiver,
      trustee in bankruptcy, administrator, compulsory manager or other similar
      officer in respect of any Key Company or any of its assets;
    or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      enforcement of any Security over any assets of any Key
      Company,

            

    

     

    or any
analogous procedure or step is taken in any jurisdiction, provided that (d)
above shall not apply to any winding-up petition which is frivolous or vexatious
and is discharged, stayed or dismissed within 30 days of commencement or, if
earlier, the date on which it is advertised; and

     

    
      	
               
      

            	
              (e)

            	
              in
      respect of any U.S. Obligor:

            

    

     

    
      
        	
              	
                (i)

              	
                it
      makes a general assignment for the benefit of
  creditors;

              

      

    

     

    
      
        	
              	
                (ii)

              	
                it
      commences a voluntary case or proceeding under any U.S. Bankruptcy
      Law;

              

      

    

     

    
      
        	
              	
                (iii)

              	
                an
      involuntary case under any U.S. Bankruptcy Law is commenced against it and
      is not controverted within 30 days or is not dismissed or stayed within 90
      days after commencement of the case;
or

              

      

    

     

    
      
        	
              	
                (iv)

              	
                an
      order for relief or other order approving any case of proceeding is
      entered under any U.S. Bankruptcy
Law.

              

      

    

     

    “Instructing Group”
means:

     

    
      	
               
      

            	
              (a)

            	
              until
      the Senior Facility Discharge Date, in respect of Clause 21.4 (Authority of Security
      Agent), the Senior Agent under the Senior Facility
      Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              until
      the Senior Facility Discharge Date, in respect of any provision of this
      Agreement other than Clause 21.4 (Authority of Security
      Agent), the Senior Agent under the Senior Facility Agreement and,
      prior to the Interim Facility Discharge Date, the Interim Facility Agent
      under the Interim Facility
Agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              after
      the Senior Facility Discharge Date and until the Interim Facility
      Discharge Date, the Interim Facility Agent under the Interim Facility
      Agreement;

            

    

     

    
      	
               
      

            	
              (d)

            	
              after
      the Senior Discharge Date and the Interim Facility Discharge Date and
      until the Second Lien Notes Discharge Date, the Second Lien Notes Trustee
      under the Second Lien Notes
Indenture;

            

    

     

    
      	
               
      

            	
              (e)

            	
              after
      the Senior Facility Discharge Date, the Interim Facility Discharge Date
      and the Second Lien Notes Discharge Date and until  the High
      Yield Notes Discharge Date, in respect of Clause 21.4 (Authority of Security
      Agent), the High Yield Notes
Trustee;

            

    

     

    
      	
               
      

            	
              (f)

            	
              after
      the Senior Facility Discharge Date, the Interim Facility Discharge Date
      and the Second Lien Discharge Date until the Unsecured Senior Notes
      Discharge Date, in respect of any provision of this Agreement other than
      Clause 21.4 (Authority
      of Security Agent), the Unsecured Senior Notes Trustee;
      and

            

    

     

    
      	
               
      

            	
              (g)

            	
              after
      the Senior Discharge Date until the High Yield Notes Discharge Date, in
      respect of any provision of this Agreement other than Clause 21.4 (Authority of Security
      Agent), the High Yield Notes
Trustee.

            

    

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    “Instructing Second Lien Agent”
means the Interim Facility Agent under the Interim Facility Agreement until the
Interim Facility Discharge Date and, after the Interim Facility Discharge Date
until the Second Lien Notes Discharge Date, the Second Lien Notes
Trustee.

     

    “Intercompany Borrower”
means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Original Intercompany Borrower; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      member of the Group which has become an Intercompany Borrower in
      accordance with Clause 32.15 (Assignments and transfers by
      Intercompany Lenders and Intercompany Borrowers) or Clause 32.16
      (Accession of
      Intercompany Borrowers and Intercompany
  Lenders),

            

    

     

    which in
each case has not ceased to be an Intercompany Borrower in accordance with this
Agreement.

     

    “Intercompany Debt” means all
present and future moneys, debts and liabilities due, owing or incurred by any
member of the Group which is an Obligor to any other member of the Group (in
each case, whether alone or jointly, or jointly and severally, with any other
person, whether actually or contingently, and whether as principal, surety or
otherwise) (other than Basell Sales and Marketing B.V., Basell Polylefins
Company B.V.B.A., Basell Capital Corporation, LyondellBasell Receivables I, LLC
and any other Securitization Entity (as defined in the Senior Facility
Agreement) together with any related Additional Debt, but excluding any High
Yield Notes On-Loan Debt provided that, without prejudice to any rights of any
Senior Party under this Agreement, any provisions herein with respect to
Intercompany Debt and the High Yield Notes and the High Yield Notes Finance
Parties and High Yield Noteholders shall only apply so far as the High Yield
Notes and the High Yield Notes Finance Parties and High Yield Noteholders are
concerned to subordinate the Intercompany Debt to the High Yield Notes On-Loan
Debt, the High Yield Notes Guarantee Debt and the High Yield Notes (not
including in respect of this proviso any Additional Debt in respect thereof that
is refinancing debt).

     

    “Intercompany Documents” means
all documents, agreements and instruments evidencing any Intercompany
Debt.

     

    “Intercompany Lender”
means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Original Intercompany Lender; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      member of the Group which has become an Intercompany Lender in accordance
      with Clause 32.15 (Assignments and transfers by
      Intercompany Lenders and Intercompany Borrowers) or Clause 32.16
      (Accession of
      Intercompany Borrowers and Intercompany
  Lenders),

            

    

     

    which in
each case has not ceased to be an Intercompany Lender in accordance with this
Agreement.

     

    “Intercompany Recoveries” means
the aggregate of all moneys and other assets received or recovered (whether by
exercising any set-off or otherwise) from time to time by any Intercompany
Lender under or in connection with any Intercompany Debt.

     

    “Interest Period” means, in
relation to a particular loan under a Finance Document, each relevant interest
period provided for under such Finance Document.

     

    “Interim Facility” means the
interim term loan facility made available under the Interim Facility
Agreement.

     

    “Interim Facility Agreement”
means the $8,000,000,000 bridge loan agreement dated on or about the date of
this Agreement between, among others, the Company, LyondellBasell Finance
Company, as borrower, certain subsidiaries of the Company as guarantors and the
Interim Facility Finance Parties.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    “Interim Facility Debt” means
all present and future moneys, debts and liabilities due, owing or incurred by
any Obligor to any Interim Facility Finance Party under or in connection with
any Interim Facility Finance Document (in each case, whether alone or jointly,
or jointly and severally, with any other person, whether actually or
contingently, and whether as principal, surety or otherwise) together with any
related Additional Debt.

     

    “Interim Facility Declared
Default” means an Interim Facility Default which has resulted in the
Interim Facility Agent exercising any of its rights to accelerate the principal
of the Interim Facility Debt or the principal being automatically accelerated in
each case under section 7.02 of the Interim Facility Agreement.

     

    “Interim Facility Default”
means an event of default under the Interim Facility Agreement.

     

    “Interim Facility Discharge
Date” means the date on which the Security Agent is satisfied (acting
reasonably) that all Interim Facility Debt has been fully and irrevocably paid
or discharged and all commitments of the Interim Facility Finance Parties in
respect of the Interim Facility Debt have expired or been
cancelled.

     

    “Interim Facility Finance
Documents” means the Loan Documents as defined in the Interim Facility
Agreement.

     

    “Interim Facility Finance
Parties” means the Finance Parties as defined in the Interim Facility
Agreement.

     

    “Interim Facility Lenders”
means the lenders under the Interim Facility Agreement.

     

    “Interim Facility Payment
Default” means any Interim Facility Default relating to a non-payment of
principal or interest or arrangement, underwriting, commitment or conversion
fees.

     

    “Interim Facility Recoveries”
means the aggregate of all moneys and other assets received or recovered
(whether by exercising any set-off or otherwise) from time to time by any
Interim Facility Finance Party under or in connection with any Interim Facility
Debt; provided, however, that for purposes of Section 13.1 (Turnover), it shall mean
Interim Facilities Recoveries as so defined under or in connection with the
Interim Facility Security Documents.

     

    “Interim Facility Security
Documents” means the security documents that may at any time be entered
into by a member of the Group as Security in favour of a Senior Secured Party
for any of the present and future moneys, debts and liabilities due, owing or
incurred by it to any Senior Secured Party under or in connection with any
Interim Facility Finance Document.

     

    “Investor” means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Original Investor; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      person which has become an Investor in accordance with Clause 32.10 (Assignments and transfers by
      Investors),

            

    

     

    which in
each case has not ceased to be an Investor in accordance with this
Agreement.

     

    “Investor Debt” means all
present and future moneys, debts and liabilities due, owing or incurred by any
Obligor to any Investor under or in connection with any Investor Document,
including any dividends and any advisory, monitoring or management fee (in each
case, whether alone or jointly, or jointly and severally, with any other person,
whether actually or contingently, and whether as principal, surety or
otherwise), together with any related Additional Debt provided that, without
prejudice to any rights of any Senior Finance Party and Interim Facility Finance
Party under this Agreement, any provisions herein with respect to Investor Debt
and the High Yield Notes and the High Yield Notes Finance Parties and High Yield
Noteholders shall only apply so far as the High Yield Notes and the High Yield
Notes Finance Parties and High Yield Noteholders are concerned to subordinate
the Investor Debt outstanding on the issue of the High Yield Notes.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    “Investor Documents”
means:

     

    
      	
               
      

            	
              (a)

            	
              the
      Management Agreement; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other document (including articles of association or other constitutional
      documents), agreement or instrument under or pursuant to which any sum is
      or becomes or is capable of becoming due, owing or incurred from or by any
      Obligor to any Investor in its capacity as Investor (and not as an officer
      or employee or otherwise).

            

    

     

    “Investor Recoveries” means the
aggregate of all moneys and other assets received or recovered (whether by
exercising any set-off or otherwise) from time to time by any Investor under or
in connection with any Investor Debt.

     

     “Issuer Intercompany Debt”
means the Intercompany Debt due, owing or incurred to the Company.

     

    “Junior Creditor”
means:

     

    
      	
               
      

            	
              (a)

            	
              until
      the Senior Discharge Date, the High Yield Noteholders and the Subordinated
      Parties; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              after
      the Senior Discharge Date and until the High Yield Notes Discharge Date,
      the Subordinated Parties.

            

    

     

    “Junior Debt”
means:

     

    
      	
               
      

            	
              (a)

            	
              until
      the Senior Discharge Date, the High Yield Notes Guarantee Debt, the High
      Yield Notes On-Loan Debt and the Subordinated Debt;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              after
      the Senior Discharge Date and until the High Yield Notes Discharge Date,
      the Subordinated Debt.

            

    

     

    “Key Company” means each of the
Company, Basell Funding, each Obligor and, prior to the Senior Facility
Discharge Date and Interim Facility Discharge Date, any Material Subsidiary or
Significant Subsidiary as defined under the Senior Facility Agreement or the
Interim Facility Agreement.

     

    “LyondellBasell Finance
Company” means LyondellBasell Finance Company, a Delaware
corporation.

     

    “Management Agreement” means
the management agreement between among others, the Company and Nell
Limited.

     

    “Material Adverse Effect” means
a material adverse effect on or material adverse change in:

     

    
      	
               
      

            	
              (a)

            	
              the
      financial condition, assets or business of the Group taken as a whole
      (after taking into account any warranty, indemnity or right of recourse
      against any third party with respect to the relevant event or
      circumstances (including, without limitation, coverage by insurances))
      where “taking into account” includes the consideration of all relevant
      facts and circumstances including the creditworthiness of the relevant
      third party, the timing and likelihood of successful recoveries and
      potential counterclaims and other claims against any of the
      Obligors;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      ability of the Obligors taken as a whole to perform and comply with their
      payment obligations as they fall due under any Senior Finance Document or
      their financial covenant obligations under the Senior Finance
      Documents;

            

    

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              the
      validity, legality or enforceability of any Senior Finance Document in a
      manner which would be materially adverse to the interests of the Senior
      Lenders; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      validity, legality or enforceability of any Security expressed to be
      created pursuant to any Security Document or on the priority and ranking
      of any of that Security, in either case in a manner which would be
      materially adverse to the interests of the Senior
  Lenders.

            

    

     

    “Merger Agreement” means the
Agreement and Plan of Merger among the Company, BIL Acquisition Holdings Limited
and Target, dated as of July 16, 2007.

     

    “Noteholders” means the holders
of the Second Lien Notes, the Unsecured Senior Notes and the High Yield
Notes.

     

    “Notes Finance Documents” means
the Second Lien Notes Finance Documents, the Unsecured Senior Notes Finance
Documents and the High Yield Notes Finance Documents.

     

    “Notes Finance Parties” means
the Second Lien Notes Finance Parties, the Unsecured Senior Notes Finance
Parties and the High Yield Notes Finance Parties.

     

    “Obligor” means the Company,
each Original Obligor, each person who becomes a Borrower or a Guarantor (each
as defined in the Senior Facility Agreement) after the date hereof, each
Additional Guarantor (as defined in the Interim Facility Agreement), each Second
Lien Notes Guarantor, each Unsecured Senior Notes Guarantor and each High Yield
Notes Guarantor.

     

    “Original Obligor” means an
Original Borrower or an Original Guarantor.

     

    “Parallel Debt” means the
Security Agent Claim created under Clause 24.6 (Parallel Debt).

     

    “Party” means a party to this
Agreement.

     

    “Permitted High Yield Notes Guarantee
Payments” means the payments, receipts and set-offs in relation to the
High Yield Notes Guarantees that are permitted by Clause 11.2 (Permitted High Yield Notes Guarantee
Payments and Permitted High Yield Notes On-Loan Payments) as long as they
are so permitted.

     

    “Permitted High Yield Notes On-Loan
Payments” means the payments, receipts and set-offs in relation to the
High Yield Notes On-Loan that are permitted by Clause 11.2 (Permitted High Yield Notes Guarantee
Payments and Permitted High Yield Notes On-Loan Payments) as long as they
are so permitted.

     

    “Permitted Intercompany
Payments” means the payments, receipts and set-offs permitted by Clause
11.4 (Permitted Intercompany
Payments) as long as they are so permitted.

     

    “Permitted Investor Payments”
means the payments, receipts and set-offs permitted by Clause
11.3  (Permitted
Investor Payments) as long as they are so permitted.

     

    “Permitted Junior Securities”
means:

     

    
      	
               
      

            	
              (a)

            	
              equity
      securities of any Holding Company of BI S.à.r.l. or (ii) debt securities
      of any Holding Company of BI S.à.r.l. with no guarantee or security from
      BI S.à.r.l. or any Subsidiary of it or other member of the
      Group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              equity
      securities of BI S.à.r.l. or (ii) debt securities of BI S.à.r.l. with no
      security from BI S.à.r.l. or any Subsidiary of it or other member of the
      Group; and

            

    

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              equity
      securities of the Company issued to any Investor or to any High Yield
      Noteholders by virtue of their capacity as such or debt securities of the
      Company issued in compliance with the High Yield Notes Major Terms and
      High Yield Notes Guarantee Maturity
Provisions,

            

    

     

    provided
that any such issue of securities is not in violation of any other term of this
Agreement or any other Finance Document.

     

    “Permitted Payment” means a
Permitted High Yield Notes Guarantee Payment, a Permitted High Yield Notes
On-Loan Payment, a Permitted Intercompany Payment or a Permitted Investor
Payment.

     

    “Recovering Creditor” has the
meaning given to it in Clause 24.1 (Payments to Secured Parties, High
Yield Notes Finance Parties and High Yield Noteholders).

     

    “Recovery” has the meaning
given to it in Clause 24.1 (Payments to Secured Parties, High
Yield Notes Finance Parties and High Yield Noteholders).

     

    “Relevant High Yield Notes
Default” has the meaning given to it in Clause 19.2.1 (Permitted High Yield Notes On-Loan
and Permitted High Yield Notes Security Documents
enforcement).

     

    “Relevant Jurisdiction” means,
in relation to an Obligor:

     

    
      	
               
      

            	
              (a)

            	
              its
      jurisdiction of incorporation;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      jurisdiction where any asset subject to or intended to be subject to a
      Security Document is situated;

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      jurisdiction where it conducts its business;
and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      jurisdiction whose laws govern the perfection of any of the Security
      Documents entered into by it.

            

    

     

    “Reports” means the documents
listed in Schedule 1.01(d) to the Interim Facility Agreement.

     

    “Representative” means (ii) the
Senior Agent in respect of the Senior Facility Finance Parties, (ii) the Interim
Facility Agent in respect of the Interim Facility Finance Parties, (iii) the
Second Lien Notes Trustee in respect of the Second Lien Noteholders and (iv) the
Unsecured Senior Notes Trustee in respect of the Unsecured Senior
Noteholders.

     

    “Reservations”
means:

     

    
      	
               
      

            	
              (a)

            	
              any
      legal principle that equitable remedies are remedies which may be granted
      or refused at the discretion of the
court;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      limitation of enforcement by laws relating to bankruptcy, insolvency,
      liquidation, reorganisation, court schemes, moratoria, administration and
      other laws generally affecting the rights of
  creditors;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      time barring of claims under any applicable limitation laws (including the
      Limitation Acts);

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              (e)

            	
              defences
      of set-off or counterclaim and similar principles, rights and defences
      under the laws of any jurisdiction in which the relevant obligations under
      the Senior Finance Documents may have to be
  performed;

            

    

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (f)

            	
              the
      possibility that a court may strike out provisions of a contract as being
      invalid for reasons of oppression, undue influence or similar reasons;
      and

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      other reservations or qualifications of law (but not of fact) expressed in
      any legal opinions,

            

    

     

    in each
case which are specifically referred to in any legal opinion delivered pursuant
to any condition to drawdown or accession.

     

    “Responsible Officer” when used
in this Agreement means any officer within the corporate trust and agency
department of any High Yield Notes Trustee, including any vice president,
assistant vice president, assistant treasurer, trust officer or any other
officer of such High Yield Notes Trustee who customarily performs functions
similar to those performed by such officers, or to whom any corporate trust
matter is referred because of such individual’s knowledge of and familiarity
with the particular subject and who shall have direct responsibility for the
administration of this Agreement and any High Yield Notes
Indenture.

     

    “Second Lien Debt” means the
Interim Facility Debt and the Second Lien Notes Debt.

     

    “Second Lien Discharge Date”
means the later of the Interim Facility Discharge Date and the Second Lien Notes
Discharge Date.

     

    “Second Lien Finance Documents”
means the Interim Facility Finance Documents and the Secured Lien Notes Finance
Documents.

     

    “Second Lien Noteholders” means
the holders of the Second Lien Notes.

     

    “Second Lien Notes” means the
notes to be issued by the Second Lien Notes Issuer that comply with Schedule
10.

     

    “Second Lien Notes Debt” means
all present and future moneys, debts and liabilities due, owing or incurred by
the Second Lien Notes Issuer and/or the Second Lien Notes Guarantors to any
Second Lien Notes Finance Party or Second Lien Noteholder under or in connection
with the Second Lien Notes Finance Documents (in each case, whether alone or
jointly, or jointly and severally, with any other person, whether actually or
contingently, and whether as principal, surety or otherwise), together with any
related Additional Debt; provided, however, that the definition of “Second Lien
Notes Debt” shall not include the Second Lien Notes Trustee
Amounts.

     

    “Second Lien Notes Declared
Default” means a Second Lien Notes Default which has resulted in the
Second Lien Notes Finance Parties accelerating all amounts due under the Second
Lien Notes.

     

    “Second Lien Notes Default”
means an event of default under the Second Lien Notes Indenture.

     

    “Second Lien Notes Discharge
Date” means the date on which all Second Lien Notes Guarantee Debt has
been irrevocably and unconditionally discharged in full.

     

    “Second Lien Notes Finance
Documents” means the Second Lien Notes, the Second Lien Notes Indenture
(including the Second Lien Notes Guarantees), this Agreement, the Second Lien
Notes Security Documents.

     

    “Second Lien Notes Finance
Parties” means the Second Lien Notes Trustee (on behalf of itself and the
Second Lien Noteholders) and the Security Agent.

     

    “Second Lien Notes Guarantees”
means the guarantees by the Second Lien Notes Guarantors of the obligations of
LyondellBasell Finance Company under the Second Lien Notes and the Second Lien
Notes Indenture.

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    “Second Lien Notes Guarantors”
means the Company and each other Subsidiary of the Company that is or becomes a
guarantor of the Second Lien Notes in accordance with the Second Lien Notes
Indenture.

     

    “Second Lien Notes Indenture”
means the indenture governing the Second Lien Notes dated on or about the date
of accession of the Second Lien Notes Trustee.

     

    “Second Lien Notes Issuer”
means LyondellBasell Finance Company or any other entity that issues the Second
Lien Notes in compliance with Schedule 10.

     

    “Second Lien Notes Payment
Default” means any Second Lien Notes Default relating to a non-payment of
principal or interest.

     

    “Second Lien Notes Recoveries”
means the aggregate of all moneys and other assets received or recovered
(whether by exercising any set-off or otherwise) from time to time by any Second
Lien Notes Finance Party or Second Lien Noteholder under or in connection with
the Second Lien Notes Debt; provided, however that for purposes of Section 13.1
(Turnover), it shall
mean Second Lien Notes Recoveries as so defined under or in connection with the
Second Lien Notes Security Documents only; provided, further, however, that the
definition of “Second Lien Notes Recoveries” shall not include the Second Lien
Notes Trustee Amounts.

     

    “Second Lien Notes Security
Documents” means the Security granted in accordance with the Second Lien
Notes Indenture to secure all or any part of the Second Lien Notes
Debt.

     

    “Second Lien Notes Trustee”
means any entity acting as trustee under any issue of the Second Lien Notes and
which accedes to this Agreement pursuant to Clause 32.5 (Accession of Second Lien Notes
Trustee).

     

    “Second Lien Notes Trustee
Amounts” means amounts payable to the Second Lien Notes Trustee under
this Agreement, any indemnity provisions for costs and expenses in favour of the
Second Lien Notes Trustee contained in the Second Lien Notes Indenture and under
the provisions of the Second Lien Notes Guarantees, all compensation for
services provided by the Second Lien Notes Trustee which is payable to the
Second Lien Notes Trustee pursuant to this Agreement, the Second Lien Notes
Indenture and the Second Lien Notes Guarantees and all out-of-pocket costs and
expenses properly incurred by the Second Lien Notes Trustee in carrying out its
duties or performing any service pursuant to the terms of the Second Lien Notes
Indenture, the Second Lien Notes Guarantees and this Agreement, including,
without limitation (a) compensation for the costs and expenses of the collection
by the Second Lien Notes Trustee of any amount payable to the Second Lien Notes
Trustee for the benefit of the Second Lien Noteholders, and (b) costs and
expenses of the Second Lien Notes Trustee’s agents and counsel (but excluding
(i) any payment in relation to any unpaid costs and expenses incurred in respect
of any litigation by or on behalf of any Second Lien Notes Trustee or any Second
Lien Noteholders against any of the Senior Finance Parties and (ii) any payment
made directly or indirectly on or in respect of any amounts owing under any
Second Lien Notes (including principal, interest, premium or any other amounts
to any of the Second Lien Noteholders)).

     

    “Second Lien Security
Documents” means the Interim Facility Security Documents and the Second
Lien Notes Security Documents.

     

    “Security” means a mortgage,
charge, pledge, lien or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar
effect.

     

    “Security Documents” means the
Senior Security Documents, the Interim Facility Security Documents, the Second
Lien Notes Security Documents, the Arco Notes Security Documents, the Equistar
Notes Security Documents and the High Yield Notes Security
Documents.

     

    “Senior Agreements” means the
Senior Facility Agreement (prior to the Senior Facility Discharge Date), the
Interim Facility Agreement (prior to the Interim Facility Discharge Date), the
Second Lien Notes Indenture (prior to the Second Lien Notes Discharge Date) and
the Unsecured Senior Notes Indenture.

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    “Senior Debt” means the Senior
Facility Debt, the Interim Facility Debt, the Second Lien Notes Debt and the
Unsecured Senior Notes Debt.

     

    “Senior Declared Default” means
a Senior Facility Declared Default, an ABL Declared Default, an Interim Facility
Declared Default, a Second Lien Notes Declared Default and/or an Unsecured
Senior Notes Declared Default.

     

    “Senior Default” means a Senior
Facility Default, an ABL Default, an Interim Facility Default, a Second Lien
Notes Default and/or an Unsecured Senior Notes Default.

     

    “Senior Discharge Date” means
the last to occur of (a) the Senior Facility Discharge Date, (b) the Interim
Facility Discharge Date, (c) the Second Lien Notes Discharge Date and (d) the
Unsecured Senior Notes Discharge Date.

     

    “Senior Facility Agreement”
means the  credit agreement dated on or about the date of this
Agreement between the Company, certain Subsidiaries of the Company as borrowers
and guarantors and the Senior Finance Parties.

     

    “Senior Facility Debt” means
all present and future moneys, debts and liabilities due, owing or incurred by
any Obligor to any Senior Finance Party under or in connection with any Senior
Finance Document, (in each case, whether alone or jointly, or jointly and
severally, with any other person, whether actually or contingently, and whether
as principal, surety or otherwise), together with any related Additional Debt
but excluding any Hedging Debt.

     

    “Senior Facility Declared
Default” means a Senior Facility Default which has resulted in the Senior
Agent exercising any of its rights to declare all amounts then outstanding to be
immediately due and payable under Section 8.02 of the Senior Facility Agreement
or as a result of which the debt thereunder is automatically accelerated
pursuant to the Senior Facility Agreement.

     

    “Senior Facility Default” means
an Event of Default as defined in the Senior Facility Agreement.

     

    “Senior Facility Discharge
Date” means the date on which the Security Agent is satisfied (acting
reasonably) that all Senior Facility Debt, and Hedging Debt has been fully and
irrevocably paid or discharged and all commitments of the Senior Finance Parties
and the Hedging Banks in respect of the Senior Facility Debt or the Hedging
Debt, as the case may be, have expired or been cancelled.

     

    “Senior Facilities” means the
senior term loan and revolving credit facilities made available under the Senior
Facility Agreement.

     

    “Senior Finance Documents”
means the Loan Documents (as defined in the Senior Facility Agreement) but
excluding the Hedging Documents.

     

    “Senior Finance Parties” means
the Secured Parties as defined in the Senior Facility Agreement.

     

    “Senior Lender” means any
lender under the Senior Facility Agreement.

     

    “Senior Party” means the Senior
Finance Party, ABL Finance Party, the Interim Finance Party, the Second Lien
Notes Finance Party, the Unsecured Senior Notes Finance Party and the Hedging
Banks.

     

    “Senior Payment Default” means
any Senior Default relating to a non-payment of principal or interest or any
failure by an Obligor to pay on the due date or by the end of any applicable
grace period following the due date any amount payable pursuant to a Hedging
Document in respect of Hedging Debt, at the place and in the currency in which
it is expressed to be payable.

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    “Senior Recoveries” means the
aggregate of all moneys and other assets received or recovered (whether by
exercising any set-off or otherwise) from time to time by any Senior Finance
Party under or in connection with any Senior Debt.

     

    “Senior Representative” means
the Senior Agent (prior to the Senior Facility Discharge Date), the Interim
Facility Agent (prior to the Interim Facility Discharge Date), the Second Lien
Notes Trustee (prior to the Second Lien Notes Discharge Date) and the Unsecured
Senior Notes Trustee (prior to the Unsecured Senior Notes Discharge
Date).

     

    “Senior Secured Debt” means the
Senior Facility Debt, the Hedging Debt, the Interim Facility Debt and the Second
Lien Notes Debt.

     

    “Senior Secured Party” means a
Senior Finance Party, a Hedging Bank, an Interim Facility Finance Party or a
Second Lien Notes Finance Party.

     

    “Senior Secured
Representatives” shall mean the Senior Agent (prior to the Senior
Facility Discharge Date), the Interim Facility Agent (prior to the Interim
Facility Discharge Date) and the Second Lien Notes Trustee (prior to the Second
Lien Notes Discharge Date).

     

    “Senior Security Documents”
means the Security granted in accordance with the Senior Facility Agreement to
secure all or any part of the Senior Secured Debt and the Hedging
Debt.

     

    “Sharing Payment” has the
meaning given to it in Clause 24.1 (Payments to Secured Parties, High
Yield Notes Finance Parties and High Yield Noteholders).

     

    “Subordinated Debt” means any
Investor Debt or Intercompany Debt.

     

    “Subordinated Party” means any
Investor or Intercompany Lender.

     

    “Subsidiary” shall mean
Subsidiary as defined in any of the Senior Agreements.

     

    “Suspension Event” means at any
time prior to the Senior Discharge Date:

     

    
      	
               
      

            	
              (a)

            	
              a
      notice delivered on the instructions of the Instructing Group following an
      event of default (as defined under the applicable Senior Agreements)
      relating to a non-payment or, if prior to the Senior Facility Discharge
      Date, breach of financial covenants (or failure to supply any Compliance
      Certificate (as defined under the Senior Facility Agreement) in relation
      to the Senior Facility Agreement);
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      notice exercising any right to demand immediate repayment of all amounts
      thereunder being delivered under the applicable Senior
      Agreement.

            

    

     

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

     

    “Target Group” means the Target
and its Subsidiaries.

     

    “Tax” means any tax, levy,
impost, duty or other charge or withholding of a similar nature (including any
penalty or interest payable in connection with any failure to pay or any delay
in paying any of the same).

     

    “Trustee Amounts” means the
Second Lien Notes Trustee Amounts, the Unsecured Senior Notes Trustee Amounts
and the High Yield Notes Trustees Amounts.

     

    “Trustees” means the Second
Lien Notes Trustee, the Unsecured Senior Notes Trustee and the High Yield Notes
Trustee.

     

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    “Unsecured Senior Noteholders”
means the holders of the Unsecured Senior Notes.

     

    “Unsecured Senior Notes” means
the notes to be issued by the Unsecured Senior Notes Issuer that comply with
Schedule 11.

     

    “Unsecured Senior Notes Debt”
means all present and future moneys, debts and liabilities due, owing or
incurred by the Unsecured Senior Notes Issuer and/or the Unsecured Senior Notes
Guarantors to any Unsecured Senior Notes Finance Party or Unsecured Senior
Noteholder under or in connection with the Unsecured Senior Notes Finance
Documents (in each case, whether alone or jointly, or jointly and severally,
with any other person, whether actually or contingently, and whether as
principal, surety or otherwise), together with any related Additional Debt;
provided, however, that the definition of “Unsecured Senior Notes Debt” shall
not include the Unsecured Senior Notes Trustee Amounts.

     

    “Unsecured Senior Notes Declared
Default” means an Unsecured Senior Notes Default which has resulted in
the Unsecured Senior Notes Finance Parties accelerating all amounts due under
the Unsecured Senior  Notes.

     

    “Unsecured Senior Notes
Default” means an event of default under the Unsecured Senior Notes
Indenture.

     

    “Unsecured Senior Notes Discharge
Date” means the date on which all Unsecured Senior Notes Guarantee Debt
has been irrevocably and unconditionally discharged in full.

     

    “Unsecured Senior Notes Finance
Documents” means the Unsecured Senior Notes, the Unsecured Senior Notes
Indenture (including the Unsecured Senior Notes Guarantees) and this
Agreement.

     

    “Unsecured Senior Notes Finance
Parties” means the Unsecured Senior Notes Trustee (on behalf of itself
and the Unsecured Senior Noteholders) and the Original Security
Agent.

     

    “Unsecured Senior Notes
Guarantees” means the guarantees by the Unsecured Senior Notes Guarantors
of the obligations of LyondellBasell Finance Company under the Unsecured Senior
Notes and the Unsecured Senior Notes Indenture.

     

    “Unsecured Senior Notes
Guarantors” means the Company and each other Subsidiary of the Company
that is or becomes a guarantor of the Unsecured Senior Notes in accordance with
the Unsecured Senior Notes Indenture.

     

    “Unsecured Senior Notes
Indenture” means the indenture governing the Unsecured Senior Notes dated
on or above the date of accession of the Unsecured Senior Notes
Trustee.

     

    “Unsecured Senior Notes Issuer”
means LyondellBasell Finance Company or any other entity that issues the
Unsecured Senior Notes in compliance with Schedule 11.

     

    “Unsecured Senior Notes
Recoveries” means the aggregate of all moneys and other assets received
or recovered (whether by exercising any set-off or otherwise) from time to time
by any Unsecured Senior Notes Finance Party or Unsecured Senior Stockholder
under or in connection with the Unsecured Senior Notes Debt.

     

    “Unsecured Senior Notes
Trustee” means any entity acting as trustee under any issue of the Notes
and which accedes to this Agreement pursuant to Clause 32.6 (Accession of Unsecured Senior Notes
Trustee).

     

    “Unsecured Senior Notes Trustee
Amounts” means amounts payable to the Unsecured Senior  Notes
Trustee under this Agreement, any indemnity provisions for costs and expenses in
favour of the Unsecured Senior Notes Trustee contained in the Unsecured Senior
Notes Indenture and under the provisions of the Unsecured Senior Notes
Guarantees, all compensation for services provided by the Unsecured Senior Notes
Trustee which is payable to the Unsecured Senior Notes Trustee pursuant to this
Agreement, the Unsecured Senior Notes Indenture and the Unsecured Senior Notes
Guarantees and all out-of-pocket costs and expenses properly incurred by the
Unsecured Senior Notes Trustee in carrying out its duties or performing any
service pursuant to the terms of the Unsecured Senior Notes Indenture, the
Unsecured Senior Notes Guarantees and this Agreement, including, without
limitation (a) compensation for the costs and expenses of the collection by the
Unsecured Senior Notes Trustee of any amount payable to the Unsecured Senior
Notes Trustee for the benefit of the Unsecured Senior Noteholders, and (b) costs
and expenses of the Unsecured Senior Notes Trustee’s agents and counsel (but
excluding (i) any payment in relation to any unpaid costs and expenses incurred
in respect of any litigation by or on behalf of any Unsecured Senior Notes
Trustee or any Unsecured Senior Noteholders against any of the Senior Finance
Parties and (ii) any payment made directly or indirectly on or in respect of any
amounts owing under any Unsecured Senior Notes (including principal, interest,
premium or any other amounts to any of the Unsecured Senior
Noteholders)).

     

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    “US Bankruptcy Law” means the
United States Bankruptcy Code of 1978, as amended, or any other United States
federal or state bankruptcy, insolvency or similar law.

     

    “VAT” means value added tax as
provided for in the Value Added Tax Act 1994 and any other tax of a similar
nature.

     

    
      	
              1.2

            	
              Construction

            

    

     

    
      	
               
      

            	
              1.2.1

            	
              Unless
      a contrary indication appears, any reference in this Agreement
      to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      “Arco Noteholder”,
      “Arco Notes
      Trustee”, the “Company”, “Equistar Noteholder”,
      “Equistar Notes
      Trustee”, the “Hedging Bank”, any
      “High Yield
      Noteholder”, the “High Yield Notes
      Trustee”, any “Intercompany Borrower”,
      any “Intercompany
      Lender”, the “Interim Facility Agent”,
      any “Interim Facility
      Finance Party”, any “Interim Facility
      Lender”, any “Investor”, the “Issuing Bank”, any
      “Obligor”, any
      “Party”, any
      “Second Lien
      Noteholder”, the “Second Lien Notes
      Trustee”, any “Secured Party”, the
      “Security Agent”,
      the “Senior
      Agent”, any “Senior Finance Party”,
      any “Senior
      Lender”, “Senior
      Secured Party”, any “Unsecured Senior
      Noteholder” or the “Unsecured Senior Note
      Trustee” shall be construed so as to include its successors in
      title, assigns and transferees permitted under this
    Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              “actual knowledge” of
      aTrustee shall be construed to mean that such Trustee shall not be charged
      with knowledge (actual or otherwise) of the existence of facts that would
      impose an obligation on it to make any payment or prohibit it from making
      any payment unless:

            

    

     

    
      
        	
              	
                (i)

              	
                a
      Responsible Officer of such Trustee has received written notice that such
      payments are required or prohibited by this Agreement or its respective
      Indenture in which event the Trustee shall be deemed to have actual notice
      within one Business Day of receiving that notice,
  or

              

      

    

     

    
      
        
          	
                	
                  (ii)

                	
                  in
      the case of the High Yield Notes Trustee, a Responsible Officer of such
      High Yield Notes Trustee has not received notice of the Senior Discharge
      Date pursuant to Clause 29.3 (Discharge of Senior Debt and
      Hedging Debt) and such payment is to be made out of any receipt or
      recovery by the High Yield Notes Trustee from a Subsidiary of the Company
      pursuant to the High Yield Notes Guarantee, other than where such payment
      is (i) with the consent of the Senior Agent as notified in writing to a
      Responsible Officer of such High Yield Notes Trustee or (ii) to the High
      Yield Notes Trustee in respect of any High Yield Notes Trustee
      Amount;

                

        

      

    

     

    
      	
               
      

            	
              (c)

            	
              “assets” includes present
      and future properties, revenues and rights of every
      description;

            

    

     

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (d)

            	
              the
      “equivalent” in
      any currency (the “first
      currency”) of any amount in another currency (the “second currency”) shall
      be construed as a reference to the amount in the first currency which
      could be purchased with that amount in the second currency at the Security
      Agent’s spot rate of exchange for the purchase of the first currency with
      the second currency in the London foreign exchange market at or about
      11:00 a.m. on a particular day (or at or about such time and on such date
      as the Security Agent may from time to time reasonably determine to be
      appropriate in the circumstances);

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      “Finance
      Document”, “Hedging Document”,
      “High Yield Notes Finance
      Document”, “Intercompany Document”,
      “Interim Facility Finance
      Document”, “Investor Document”, or
      any other agreement or instrument is a reference to that document or other
      agreement or instrument as amended or novated but excluding any amendment
      or novation contrary to this
Agreement;

            

    

     

    
      	
               
      

            	
              (f)

            	
              “guarantee” means any
      guarantee, letter of credit, bond, indemnity or similar assurance against
      loss, or any obligation, direct or indirect, actual or contingent, to
      purchase or assume any indebtedness of any person or to make an investment
      in or loan to any person or to purchase assets of any person where, in
      each case, such obligation is assumed in order to maintain or assist the
      ability of such person to meet its
indebtedness;

            

    

     

    
      	
               
      

            	
              (g)

            	
              “indebtedness” includes
      any obligation (whether incurred as principal or as surety) for the
      payment or repayment of money, whether present or future, actual or
      contingent;

            

    

     

    
      	
               
      

            	
              (h)

            	
              a
      “person” includes
      any person, firm, company, corporation, government, state or agency of a
      state or any association, trust or partnership (whether or not having
      separate legal personality) or two or more of the
    foregoing;

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      “regulation”
      includes any regulation, rule, official directive, request or guideline
      (whether or not having the force of law) of any governmental,
      intergovernmental or supranational body, agency, department or regulatory,
      self-regulatory or other authority or
  organisation;

            

    

     

    
      	
               
      

            	
              (j)

            	
              “shares” or “share capital” include
      equivalent ownership interests (and “shareholder” and similar expressions
      shall be construed accordingly);

            

    

     

    
      	
               
      

            	
              (k)

            	
              “set-off” includes
      combining accounts and payment
netting;

            

    

     

    
      	
               
      

            	
              (l)

            	
              a
      provision of law is a reference to that provision as amended or
      re-enacted; and

            

    

     

    
      	
               
      

            	
              (m)

            	
              a
      time of day is a reference to New York
time.

            

    

     

    
      	
            	
              1.2.2

            	
              Dutch
      Terms

            

    

     

    In this
Agreement, where it relates to a Dutch entity, a reference to:

     

    
      	
               
      

            	
              (a)

            	
              a
      necessary action to authorise, where applicable, includes without
      limitation:

            

    

     

    
      
        	
              	
                (i)

              	
                any
      action required to comply with the Dutch Works Council Act (Wet op de
      ondernemingsraden);
and

              

      

    

     

    
      
        	
              	
                (ii)

              	
                obtaining
      unconditional positive advice (advies) from each
      competent works council;

              

      

    

     

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              a
      winding-up, administration or dissolution includes a Dutch entity
      being:

            

    

     

    
      
        
          	
                	
                  (i)

                	
                  declared
      bankrupt (failliet
      verklaard);

                

        

      

    

     

    
      
        	
              	
                (ii)

              	
                dissolved
      (ontbonden);

              

      

    

     

    
      	
               
      

            	
              (c)

            	
              a
      moratorium includes surseance van betaling
      and granted a moratorium includes surseance
      verleend;

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      trustee in bankruptcy includes a curator;

            

    

     

    
      	
               
      

            	
              (e)

            	
              an
      administrator includes a bewindvoerder;

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      receiver or an administrative receiver does not include a curator or bewindvoerder;
      and

            

    

     

    
      	
               
      

            	
              (g)

            	
              an
      attachment includes a beslag.

            

    

     

    
      	
               
      

            	
              1.2.3

            	
              German
      Terms

            

    

     

    In this
Agreement, where it relates to a German entity, a reference to:

     

    
      	
               
      

            	
              (a)

            	
              a
      person being unable to
      pay its debts includes that person being in a state of Zahlungsunfähigkeit
      under section 17 of the German Insolvency Law (Insolvenzordnung) or
      being over indebted (überschuldet) under
      section 19 of the German Insolvency Law (Insolvenzordnung) or
      being at risk of being unable to pay its debts as they fall due (drohende
      Zahlungsunfähigkeit);

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      compulsory manager,
      receiver or administrator includes
      an Insolvenzverwalter or
      creditor’s trustee (Sachwalter);

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      winding up,
      administration or dissolution includes
      insolvency proceedings (Insolvenzverfahren);
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              promptly means unverzüglich as
      contemplated by section 121, subparagraph (i) of the German Civil
      Code.

            

    

     

    
      	
               
      

            	
              1.2.4

            	
              Luxembourg
      Terms

            

    

     

    In this
Agreement, a reference used in connection with a Luxembourg Obligor
to:

     

    
      	
               
      

            	
              (a)

            	
              a
      winding up,
      administration or dissolution includes,
      without limitation, bankruptcy (faillite), insolvency,
      voluntary or judicial liquidation (liquidation volontaire ou
      judicaire), composition with creditors (concordat préventif de
      faillite), reprieve from payment (sursis de paiement),
      controlled management (gestion contrôlé),
      fraudulent conveyance (action pauliana),
      general settlement with creditors, reorganisation or similar laws
      affecting the rights of creditors
generally;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      receiver, administrative
      receiver, administrator or the like includes, without limitation,
      a juge délégué,
      expert-vérificateur,
      commissaire,
      juge-commisaire,
      liquidateur or
      curateur;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      security interest
      includes any hypothéque,
      nantissement, gage, privilege, sûreté réelle, droit de retention and
      any type of real security or agreement or arrangement having a similar
      effect and any transfer of title by way of security;
  and

            

    

     

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (d)

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

            

    

     

    
      	
               
      

            	
              1.2.5

            	
              Section,
      Clause and Schedule headings are for ease of reference
    only.

            

    

     

    
      	
               
      

            	
              1.2.6

            	
              A
      default, an event of default or potential event of default, however
      described, is “continuing” if it has not been remedied or waived in
      accordance with the terms of the relevant
  agreement.

            

    

     

    
      	
               
      

            	
              1.2.7

            	
              In
      determining whether any Senior Debt, Hedging Debt, High Yield Notes Debt,
      High Yield Notes Guarantee Debt or High Yield Notes On-Loan Debt has been
      irrevocably paid or discharged, contingent liabilities (such as the risk
      of clawback from a preference claim) will be disregarded except to the
      extent that there is a reasonable likelihood that those contingent
      liabilities will become actual
liabilities.

            

    

     

    
      	
               
      

            	
              1.2.8

            	
              The
      High Yield Notes Finance Parties and High Yield Noteholders are only
      entitled to participate in the proceeds of the Charged Assets to the
      extent that such proceeds are derived from assets subject to the High
      Yield Notes Security Documents and the rights of the High Yield
      Noteholders in respect of such proceeds shall in any event be subject to
      the priorities set out in Clause 20 (Application of
      Recoveries); provided, however, that this shall not affect the High
      Yield Notes Trustee from claiming and being paid the High Yield Notes
      Trustee Amounts.

            

    

     

    
      	
              1.3

            	
              Alternative debt
      instruments

            

    

     

    If the
Second Lien Notes and/or the Unsecured Senior Notes are not issued and any
person executes an alternative refinancing of the Interim Facility which
refinances the Interim Facility Debt in full or in part or the Extended Notes
(as defined in the Interim Facility Agreement) are issued and replace the
Interim Facility Debt in full, references in this Agreement to the Second Lien
Notes and/or Unsecured Senior Notes (as applicable based on whether such
refinancing debt benefits from the Security pledged under the Second Lien Notes
Security Documents) and related definitions shall be construed so as to apply to
such alternative refinancing, the Extended Loans and the Extended Notes and all
provisions relation to the Interim Facility Debt, the Interim Facility Finance
Parties and the like shall no longer apply provided that such alternative
refinancing is unsubordinated and is not otherwise in breach of the Finance
Documents and is undertaken by LyondellBasell Finance Company (or any Holding
Company thereof which is a Subsidiary of the Company) and is on terms which are
subject to, and consistent with, this Agreement and so that such alternative
refinancing is treated under this Agreement in the same manner as the issue of
the Second Lien Notes and/or the Unsecured Senior Notes would have been
treated.

     

    
      	
              2.

            	
              RANKING

            

    

     

    
      	
              2.1

            	
              Contractual
      subordination

            

    

     

    
      	
               
      

            	
              2.1.1

            	
              Unless
      expressly provided to the contrary in this Agreement, Debt will rank in
      right and priority of payment in the following order within the sub-group
      consisting of members of the Group other than the
  Company:

            

    

     

    
      	
               
      

            	
              (a)

            	
              first, the Senior Debt,
      the ABL Debt and the Hedging Debt, pari passu between
      themselves;

            

    

     

    
      	
               
      

            	
              (b)

            	
              second, the High Yield
      Notes Guarantee Debt and the High Yield Notes On-Loan Debt;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              third, the Intercompany
      Debt (other than Intercompany Debt due, owing or incurred by the
      Company),

            

    

     

    in each
case in accordance with the terms of this Agreement.

     

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              2.1.2

            	
              Unless
      otherwise expressly provided in this Agreement, Debt of the Company will
      rank in right and priority of payment in the following
    order:

            

    

     

    
      	
               
      

            	
              (a)

            	
              first, the High Yield
      Notes Debt, any Hedging Debt and any guarantee of the Senior Debt and any
      guarantee of the Hedging Debt; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              second, the Investor
      Debt and Intercompany Debt due, owing or incurred by the
      Company.

            

    

     

    
      	
              2.2

            	
              Intercompany
      Debt

            

    

     

    This
Agreement does not purport to rank any of the Investor Debt and Intercompany
Debt as between themselves.

     

    
      	
              3.

            	
              ABL
      INTERCREDITOR MATTERS

            

    

     

    
      	
              3.1

            	
              General

            

    

     

    The ABL
Agent is entering into this Agreement on behalf of the ABL Finance Parties
solely to accept and implement the benefits of subordination of the High Yield
Notes Guaranteed Debt, the High Yield Notes On-Loan Debt and the Intercompany
Debt as specified herein.  Nothing in this Agreement affects in any
way the rights of the ABL Finance Parties under the ABL Finance Documents with
respect to the ABL Collateral or otherwise, or imposes any obligation on any ABL
Finance Party, except as expressly provided in clause 29.

     

    
      	
              3.2

            	
              ABL Intercreditor
      Agreement

            

    

     

    The
Parties hereto hereby authorize the Security Agent to enter into the ABL
Intercreditor Agreement in the form attached hereto as Exhibit 1 (with such
changes as the Security Agent and the Instructing Group may agree) and
specifically acknowledge the terms thereof.  Such ABL Intercreditor
Agreement may not be amended or modified without the prior consent of the
Instructing Group.

     

    
      	
              4.

            	
              HEDGING
      DEBT

            

    

     

    
      	
              4.1

            	
              Hedging
    Debt

            

    

     

    Until the
Senior Facility Discharge Date, no Hedging Bank shall, except with the prior
consent of the Senior Agent under the Senior Facility Agreement:

     

    
      	
               
      

            	
              4.1.1

            	
              exercise
      or enforce any right against any Obligor under any of the Security
      Documents;

            

    

     

    
      	
               
      

            	
              4.1.2

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Hedging Debt, other than under any Senior Security Document and
      the guarantees in any applicable Senior Finance
  Document;

            

    

     

    
      	
               
      

            	
              4.1.3

            	
              take
      or omit to take any action whereby the ranking in respect of the Security
      contemplated by this Agreement may be impaired;
  or

            

    

     

    
      	
               
      

            	
              4.1.4

            	
              assign
      any of its rights or transfer any of its rights or obligations under any
      Hedging Document to any person unless and until the Security Agent
      executes an Accession Agreement duly completed and signed on behalf of
      that person.

            

    

     

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

     

    
      	
              4.2

            	
              Hedging
      Documents

            

    

     

    Each
Hedging Bank shall promptly provide to the Security Agent copies of all Hedging
Documents to which that Hedging Bank is a party.

     

    
      	
              4.3

            	
              Amendments to Hedging
      Documents

            

    

     

    Until the
Senior Facility Discharge Date, no Obligor or Hedging Bank shall, except with
the prior consent of the Senior Agent under the Senior Facility Agreement, amend
or give any waiver or consent under any provision of any Hedging Document which
would result in:

     

    
      	
               
      

            	
              4.3.1

            	
              any
      Hedging Document ceasing to comply with the requirements of this Clause 4;
      or

            

    

     

    
      	
               
      

            	
              4.3.2

            	
              the
      assignment of any of its rights or transfer of any of its rights or
      obligations under any Hedging Document to any person unless and until the
      Security Agent executes an Accession Agreement duly completed and signed
      on behalf of that person,

            

    

     

    other
than any amendment, waiver or consent purely of a technical or administrative
nature.

     

    
      	
              4.4

            	
              Termination of Hedging
      Documents

            

    

     

    If:

     

    
      	
               
      

            	
              (a)

            	
              the
      Senior Discharge Date would have occurred but for the fact that only
      Hedging Debt  remains outstanding;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Hedging Bank is requiring any Interim Facility Finance Party to refrain
      from taking any step which, but for this Agreement, it would not have been
      prevented from taking,

            

    

     

    the
Security Agent may, on the instructions of the Interim Facility Agent under the
Interim Facility Agreement, direct the relevant Obligor to (and, promptly on
receipt of that direction, that Obligor shall) terminate or procure the
termination of all outstanding derivative transactions under the Hedging
Documents in relation to that Hedging Bank.

     

    
      	
              4.5

            	
              Hedging
      Guarantee

            

    

     

    Each
Obligor confirms that the Hedging Banks are entitled to rely on the guarantee in
Article XI (Guarantee)
of the Senior Facility Agreement granted by such Obligor (in each case subject
to any limitations therein or in any Accession Agreement by which such Obligor
became party to the Senior Facility Agreement).

     

    
      	
              5.

            	
              OTHER
      SENIOR DEBT

            

    

     

    
      	
              5.1

            	
              Interim Facility
      Debt

            

    

     

    Until the
Senior Facility Discharge Date, no Interim Facility Finance Party shall, except
with the prior consent of the Senior Agent under the Senior Facility
Agreement:

     

    
      	
               
      

            	
              (a)

            	
              exercise
      or enforce any right against any Obligor under any of the Interim Facility
      Security Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              exercise
      any set-off against any Interim Facility
Debt;

            

    

     

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Interim Facility Debt, other than under any Interim Facility
      Security Document and the guarantees in any applicable Interim Facility
      Finance Document;

            

    

     

    
      	
               
      

            	
              (d)

            	
              take
      or omit to take any action whereby the ranking in respect of the Security
      contemplated by this Agreement may be impaired;
  or

            

    

     

    
      	
               
      

            	
              (e)

            	
              in
      the case of the Interim Facility Agent, assign any of its rights or
      transfer any of its obligations under the Interim Facility Finance
      Documents unless and until the Security Agent executes an Accession
      Agreement duly completed and signed by the Interim Facility
      Agent.

            

    

     

    
      	
              5.2

            	
              Issue of Second Lien
      Notes

            

    

     

    No member
of the Group shall enter into the Second Lien Notes Indenture
unless:

     

    
      	
               
      

            	
              (a)

            	
              the
      Senior Agent has received a copy of the proposed Second Lien Notes Finance
      Documents in substantially final form before the proposed date of issue of
      the Second Lien Notes;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      net proceeds of the issuance of the Second Lien Notes will be used to
      repay the Interim Facility Debt;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      terms of the Second Lien Notes are consistent in all material respects
      with Schedule 10 or are otherwise approved by the Senior Agent (acting
      reasonably); and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Second Lien Notes Issuer, the Second Lien Notes Trustee and each of the
      Second Lien Notes Guarantors execute this Agreement or sign an Accession
      Agreement before or concurrently with the issuance of the Second Lien
      Notes.

            

    

     

    
      	
              5.3

            	
              Other Second Lien Notes
      Limitations

            

    

     

    Until the
Senior Facility Discharge Date, no Second Lien Notes Finance Party or Second
Lien Noteholder shall, except with the prior consent of the Senior Agent under
the Senior Facility Agreement:

     

    
      	
               
      

            	
              (a)

            	
              exercise
      or enforce any right against any Obligor under any of the Second Lien
      Notes Security Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              exercise
      any set-off against any Second Lien Notes
Debt;

            

    

     

    
      	
               
      

            	
              (c)

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Second Lien Notes Debt, other than under any Second Lien Notes
      Security Document and the guarantees in any applicable Second Lien Notes
      Finance Document;

            

    

     

    
      	
               
      

            	
              (d)

            	
              take
      or omit to take any action whereby the ranking in respect of the Security
      contemplated by this Agreement may be impaired;
  or

            

    

     

    
      	
               
      

            	
              (e)

            	
              in
      the case of the Second Lien Notes Trustee, assign any of its rights or
      transfer any of its obligations under the Second Lien Notes Finance
      Documents unless and until the Security Agent executes an Accession
      Agreement duly completed and signed by the Second Lien Notes
      Trustee.

            

    

     

    
      	
              5.4

            	
              Issue of Unsecured Senior
      Notes

            

    

     

    No member
of the Group shall enter into the Unsecured Senior Notes Indenture
unless:

     

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Senior Agent has received a copy of the proposed Unsecured Senior Notes
      Finance Documents in substantially final form before the proposed date of
      issue of the Unsecured Senior
Notes;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      net proceeds of the issuance of the Unsecured Senior Notes will be used to
      repay the Interim Facility Debt;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      terms of the Unsecured Senior Notes are consistent in all material
      respects with Schedule 11 or are otherwise approved by the Senior Agent
      (acting reasonably); and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Unsecured Senior Notes Issuer, the Unsecured Senior Notes Trustee and each
      of the Unsecured Senior Notes Guarantors execute this Agreement or sign an
      Accession Agreement before or concurrently with the issuance of the
      Unsecured Senior Notes.

            

    

     

    
      	
              5.5

            	
              Other Unsecured Senior Notes
      Limitations

            

    

     

    Until the
Senior Facility Discharge Date, no Unsecured Senior Notes Finance Party or
Unsecured Senior Noteholder shall, except with the prior consent of the Senior
Agent under the Senior Facility Agreement:

     

    
      	
               
      

            	
              (a)

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Unsecured Senior Notes Debt, other than as may be permitted under
      the Finance Documents; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of the Unsecured Senior Notes Trustee, assign any of its rights
      or transfer any of its obligations under the Unsecured Senior Notes
      Finance Documents unless and until the Security Agent executes an
      Accession Agreement duly completed and signed by the Unsecured Senior
      Notes Trustee.

            

    

     

    
      	
              6.

            	
              HIGH
      YIELD NOTES DEBT

            

    

     

    
      	
              6.1

            	
              High Yield Notes On-Loan
      Debt

            

    

     

    The High
Yield Notes On-Loan shall:

     

    
      	
               
      

            	
              6.1.1

            	
              provide
      for payment of interest in a manner consistent in all material respects
      with the High Yield Notes Finance Documents and only to the extent
      permitted under Clause 11.2 (Permitted High Yield Notes Guarantee Payments
      and Permitted High Yield Notes On-Loan
  Payments);

            

    

     

    
      	
               
      

            	
              6.1.2

            	
              provide
      for a scheduled maturity date not prior to the maturity date of the High
      Yield Notes and provide that it may not be repaid prior to such maturity
      date unless such repayment is expressly made subject to this Agreement
      (and accordingly it is agreed that no such repayment may be made unless
      the payment is expressly permitted under the Senior Agreements or the
      Senior Discharge Date has
occurred);

            

    

     

    
      	
               
      

            	
              6.1.3

            	
              not
      include the benefit of any
Security;

            

    

     

    
      	
               
      

            	
              6.1.4

            	
              not
      benefit from any guarantee or indemnity given by any member of the Group
      except to the extent of an indemnity which is expressly made subject to
      this Agreement (and accordingly it is agreed that no such payment may be
      made under such indemnity unless the payment is expressly permitted under
      the Senior Agreements or the Senior Discharge Date has occurred);
      and

            

    

     

    
      	
               
      

            	
              6.1.5

            	
              provide
      that any transferee thereof must sign an Accession
    Agreement.

            

    

     

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

     

    
      	
              6.2

            	
              Prohibited High Yield Notes
      Guarantee Debt Payments, Guarantees and
  Security

            

    

     

    Until the
Senior Discharge Date, except with the prior consent of each Senior
Representative, no High Yield Notes Finance Party or High Yield Noteholder
shall:

     

    
      	
               
      

            	
              6.2.1

            	
              demand
      or receive payment, repayment or prepayment from any High Yield Notes
      Guarantor of any principal, interest or other amount on or in respect of,
      or any distribution from any High Yield Notes Guarantor in respect of, any
      High Yield Notes Guarantee Debt in cash or in kind or apply any such money
      or property in or towards discharge of any High Yield Notes Guarantee Debt
      except as permitted by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement);

            

    

     

    
      	
               
      

            	
              6.2.2

            	
              exercise
      any set-off against any High Yield Notes Guarantee Debt, except as
      permitted by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement); or

            

    

     

    
      	
               
      

            	
              6.2.3

            	
              permit
      to subsist or receive any Security over any assets of any member of the
      Group or any guarantee from any member of the Group for, or in respect of,
      any High Yield Notes Guarantee Debt, other than under any High Yield Notes
      Security Document and the High Yield Notes
  Guarantees;

            

    

     

    provided,
however, that, after the Senior Facility Discharge Date and the Interim Facility
Discharge Date, the consent of the Senior Representatives shall be deemed to
have been given to an action prescribed in clause 6.2.3 to the extent
such  action was not prohibited by the Senior Agreements.

     

    Nothing
in this Clause 6.2 shall preclude the payment of, and receipt by the High Yield
Notes Trustee of, any High Yield Notes Trustee Amounts.

     

    
      	
              6.3

            	
              Prohibited High Yield Notes
      On-Loan Payments, Guarantees and
Security

            

    

     

    Until the
Senior Discharge Date, except with the prior consent of each Senior
Representative, no holder of the High Yield Notes On-Loan shall:

     

    
      	
               
      

            	
              6.3.1

            	
              demand
      or receive payment, repayment or prepayment from Basell Holdings of any
      principal, interest or other amount on or in respect of, or any
      distribution from Basell Holdings in respect of, the High Yield Notes
      On-Loan Debt in cash or in kind or apply any such money or property in or
      towards discharge of any High Yield Notes On-Loan Debt except as permitted
      by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement);

            

    

     

    
      	
               
      

            	
              6.3.2

            	
              exercise
      any set-off against any High Yield Notes On-Loan Debt, except as permitted
      by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement); or

            

    

     

    
      	
               
      

            	
              6.3.3

            	
              permit
      to subsist or receive any Security over any assets of any member of the
      Group, or any guarantee from any member of the Group for, or in respect
      of, any High Yield Notes On-Loan
Debt;

            

    

     

    provided,
however, that after the Senior Facility Discharge Date and the Interim Facility
Discharge Date the consent of the Senior Representatives shall be deemed to have
been given to an action prescribed in clause 6.3.3 to the extent such action is
not prohibited by the Senior Agreements.

     

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              INVESTOR
      DEBT

            

    

     

    
      	
              7.1

            	
              Investor
      Debt

            

    

     

    Until the
Final Discharge Date, no Investor shall, except with the prior consent of (a)
each Senior Representative unless such action is not prohibited by the covenants
in its respective Senior Agreement and (b) the High Yield Notes Trustee, unless
such action is not prohibited by the covenants in the High Yield Notes
Indenture:

     

    
      	
               
      

            	
              7.1.1

            	
              demand
      or receive payment, repayment or prepayment of any principal, interest or
      other amount on or in respect of, or any distribution in respect of, any
      Investor Debt in cash or in kind or apply any money or property in or
      towards discharge of any Investor Debt, except as permitted by Clause 11.3
      (Permitted Investor
      Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              7.1.2

            	
              exercise
      any set-off against any Investor Debt, except as permitted by Clause 11.3
      (Permitted Investor
      Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              7.1.3

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Investor Debt;

            

    

     

    
      	
               
      

            	
              7.1.4

            	
              claim
      or rank as a creditor in the insolvency, winding-up, bankruptcy or
      liquidation of any member of the Group other than in accordance with
      Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              7.1.5

            	
              sue,
      claim or bring proceedings against any member of the Group for breach of
      any representation, warranty or undertaking by any member of the Group
      under or in connection with any Investor
  Document;

            

    

     

    
      	
               
      

            	
              7.1.6

            	
              sue,
      claim or bring proceedings against the provider of a Report in connection
      with any Report nor receive any payment in connection with any such suit,
      claim or proceeding;

            

    

     

    
      	
               
      

            	
              7.1.7

            	
              take
      or omit to take any action whereby the ranking and/or subordination
      contemplated by this Agreement may be
impaired;

            

    

     

    
      	
               
      

            	
              7.1.8

            	
              convert
      any Investor Debt into shares of an
Obligor;

            

    

     

    
      	
               
      

            	
              7.1.9

            	
              exercise
      its voting rights as shareholder of the Company so as to permit or require
      any member of the Group to pay, prepay, redeem, purchase, defease or
      otherwise acquire any Investor Debt;
or

            

    

     

    
      	
            	
              7.1.10

            	
              exercise
      its voting rights as shareholder of the Company so as to permit or require
      the declaration or payment by the Company of any dividend or distribution
      on or in respect of the share capital of the Company or the redemption,
      repayment, reduction, repurchase, cancellation or other extinguishment of
      any share in the capital of the
Company.

            

    

     

    
      	
              7.2

            	
              Amendments to Investor
      Documents

            

    

     

    Until the
Senior Discharge Date and for the benefit of the holders of Senior Debt only, no
Obligor or Investor shall, except with the prior consent of (a) each Senior
Representative, unless such action is not prohibited by the covenants in the
Senior Agreement and (b) the High Yield Notes Trustee, unless, such action is
not prohibited by the covenants in the High Yield Notes Indenture, amend or give
any waiver or consent under any provision of any Investor Document which would
result in:

     

    
      	
               
      

            	
              7.2.1

            	
              the
      interests of the Senior Finance Parties (if before the Senior Facility
      Discharge Date) or the Interim Facility Finance Parties (if after the
      Senior Facility Discharge Date), or the ranking and/or subordination
      contemplated by this Agreement, being adversely
  affected;

            

    

     

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              7.2.2

            	
              any
      change to the basis on which any amounts (including fees) accrue, are
      calculated or are payable under any Investor
  Document;

            

    

     

    
      	
               
      

            	
              7.2.3

            	
              any
      member of the Group being subject to more onerous obligations as a whole
      than those contained in the Investor Documents at the date of this
      Agreement or obligations which would conflict with any provision of this
      Agreement; or

            

    

     

    
      	
               
      

            	
              7.2.4

            	
              any
      member of the Group becoming liable to make an additional payment (or
      increase an existing payment) under any Investor Document, other than any
      liability arising under the Investor Documents as originally entered
      into,

            

    

     

    other
than any amendment, waiver or consent purely of a technical or administrative
nature.

     

    
      	
              8.

            	
              INTERCOMPANY
      DEBT

            

    

     

    
      	
              8.1

            	
              Intercompany
      Lenders

            

    

     

    Until the
Final Discharge Date, but for the benefit of the High Yield Notes with respect
to paragraph 8.1.6 below only, no Intercompany Lender shall, except with the
prior consent of (a) each Senior Representative, unless such action is not
prohibited by the covenants in its respective Senior Agreement and (b) the High
Yield Notes Trustee, unless, such action is not prohibited by the covenants in
the High Yield Notes Indenture:

     

    
      	
               
      

            	
              8.1.1

            	
              demand
      or receive payment, repayment or prepayment of any principal, interest or
      other amount on or in respect of, or any distribution in respect of, any
      Intercompany Debt in cash or in kind or apply any money or property in or
      towards discharge of any Intercompany Debt, except as permitted by Clause
      11.4 (Permitted
      Intercompany Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              8.1.2

            	
              exercise
      any set-off against any Intercompany Debt, except as permitted by Clause
      11.4 (Permitted
      Intercompany Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              8.1.3

            	
              permit
      to subsist or receive any Security, or any guarantee, for, or in respect
      of, any Intercompany Debt;

            

    

     

    
      	
               
      

            	
              8.1.4

            	
              claim
      or rank as a creditor in the insolvency, winding-up, bankruptcy or
      liquidation of any member of the Group other than in accordance with
      Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              8.1.5

            	
              sue,
      claim or bring proceedings against any Obligor or Intercompany Borrower
      for breach of any representation, warranty or undertaking by any Obligor
      or Intercompany Borrower under or in connection with any Intercompany
      Document; or

            

    

     

    
      	
               
      

            	
              8.1.6

            	
              take
      or omit to take any action whereby the ranking and/or subordination
      contemplated by this Agreement may be
impaired.

            

    

     

    
      	
              8.2

            	
              Intercompany
      Borrowers

            

    

     

    Until the
Final Discharge Date, but for the benefit of the High Yield Notes with respect
to paragraph 8.2.4 below only, no Intercompany Borrower shall, except with the
prior consent of (a) each Senior Representative, unless such action is not
prohibited by the covenants in its respective Senior Agreement and (b) the High
Yield Notes Trustee, unless, such action is not prohibited by the covenants in
the High Yield Notes Indenture:

     

    
      	
               
      

            	
              8.2.1

            	
              pay,
      repay or prepay any principal, interest or other amount on or in respect
      of, or make any distribution in respect of, or redeem, purchase or
      defease, any Intercompany Debt in cash or in kind, except as permitted by
      Clause 11.4 (Permitted
      Intercompany Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              8.2.2

            	
              exercise
      any set-off against any Intercompany Debt, except as permitted by Clause
      11.4 (Permitted
      Intercompany Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
               
      

            	
              8.2.3

            	
              create
      or permit to subsist any Security over any of its assets, or give any
      guarantee, for, or in respect of, any Intercompany Debt;
  or

            

    

     

    
      	
               
      

            	
              8.2.4

            	
              take
      or omit to take any action whereby the ranking and/or subordination
      contemplated by this Agreement may be
impaired.

            

    

     

    
      	
              9.

            	
              REPRESENTATIONS

            

    

     

    Representations
of the Subordinated Parties

     

    Each
Subordinated Party makes the representations and warranties set out in this
Clause 9.1 to each Senior Party and to each High Yield Notes Finance Party (but
not for the benefit of the High Yield Noteholders) only in relation to itself in
each case on the date of this Agreement:

     

    
      	
              9.1

            	
              it
      is duly incorporated (if a corporate person) or duly established (in any
      other case) and validly existing under the law of its jurisdiction of
      incorporation or formation;

            

    

     

    
      	
              9.2

            	
              it
      has the power to own its assets and carry on its business as it is being,
      and is proposed to be, conducted;

            

    

     

    
      	
              9.3

            	
              subject
      to any applicable Reservations, the obligations expressed to be assumed by
      it in this Agreement are legal, valid, binding and
      enforceable;

            

    

     

    
      	
              9.4

            	
              the
      entry into and performance by it of, and the transactions contemplated by,
      this Agreement do not and will not conflict with:  (i) any law
      or regulation applicable to it; (ii) its constitutional documents or (iii)
      any agreement or instrument binding on it or any of its assets, in each
      case to the extent that it would reasonably be expected to have a Material
      Adverse Effect;

            

    

     

    
      	
              9.5

            	
              it
      has the power to enter into, perform and deliver, and has taken all
      necessary action to authorise its entry into, performance and delivery of
      this Agreement and the transactions contemplated by this
      Agreement;

            

    

     

    
      	
              9.6

            	
              subject
      to any applicable Reservations, all Authorisations required for the
      performance by it of this Agreement and the transactions contemplated by
      this Agreement and to make this Agreement admissible in evidence in its
      jurisdiction of incorporation have been obtained or effected and are in
      full force and effect;

            

    

     

    
      	
              9.7

            	
              the
      documents to which it is a party as described in this Agreement (if any)
      contain all the terms and conditions of the Investor Debt or Intercompany
      Debt (as relevant); and

            

    

     

    
      	
              9.8

            	
              subject
      to the Security under the Security Documents, it is the sole beneficial
      owner of the Investor Debt or Intercompany Debt (as relevant) owed to
      it.

            

    

     

    
      	
              10.

            	
              UNDERTAKINGS
      OF THE OBLIGORS

            

    

     

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

    
      	
              10.1

            	
              Hedging
      Debt

            

    

     

    Until the
Senior Facility Discharge Date, no Obligor shall (and the Company shall ensure
that no member of the Group will), except with the prior consent of the Senior
Agent under the Senior Facility Agreement:

     

    
      	
            	
              10.1.1

            	
              create
      or permit to subsist any Security over any of its assets, or give any
      guarantee, for, or in respect of, any Hedging Debt, other than under any
      Senior Security Document and the guarantees in any applicable Senior
      Finance Document.

            

    

     

    
      	
              10.2

            	
              Second Lien
      Debt

            

    

     

    Until the
Senior Facility Discharge Date, no Obligor shall (and the Company shall ensure
that no member of the Group will), except with the prior consent of the Senior
Agent under the Senior Facility Agreement:

     

    
      	
            	
              10.2.1

            	
              exercise
      any set-off against any Second Lien
Debt;

            

    

     

    
      	
            	
              10.2.2

            	
              create
      or permit to subsist any Security over any assets of any member of the
      Group, or give any guarantee, from any member of the Group, for, or in
      respect of, any Second Lien Debt, other than under any Interim Facility
      Security Document, Second Lien Notes Security Document and the guarantees
      in or required by any applicable Second Lien Finance Document;
      or

            

    

     

    
      	
            	
              10.2.3

            	
              transfer
      any rights and/or obligations under the Second Lien Finance Documents
      unless simultaneously with that transfer, the relevant transferee signs an
      Accession Agreement.

            

    

     

    
      	
              10.3

            	
              High Yield Notes Guarantee
      Debt

            

    

     

    Until the
Senior Discharge Date, except with the prior consent of each Senior
Representative under its respective Senior Agreement, no Obligor shall (and the
Company shall ensure that no Obligor will):

     

    
      	
            	
              10.3.1

            	
              pay,
      repay or prepay any principal, interest or other amount on or in respect
      of, or make any distribution in respect of, any High Yield Notes Guarantee
      Debt in cash or in kind or apply any such money or property in or towards
      discharge of any High Yield Notes Guarantee Debt except as permitted by
      Clause 11.2 (Permitted
      High Yield Notes Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement) and except for any payment by the Company with respect
      to the High Yield Notes Debt which is not otherwise in violation of this
      Agreement;

            

    

     

    
      	
            	
              10.3.2

            	
              exercise
      any set-off against any High Yield Notes Guarantee Debt, except as
      permitted by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement);

            

    

     

    
      	
            	
              10.3.3

            	
              create
      or permit to subsist any Security over any assets of any member of the
      Group or give any guarantee from any member of the Group for, or in
      respect of, any High Yield Notes Guarantee Debt, other than Security
      created pursuant to any High Yield Notes Security Documents and the High
      Yield Notes Guarantees; or

            

    

     

    
      	
            	
              10.3.4

            	
              amend
      the terms of any High Yield Notes Finance Document in a manner that would
      be inconsistent with the High Yield Notes Major Terms or the High Yield
      Notes Guarantee Maturity Provisions unless previously approved by each
      Senior Representative under its respective Senior
    Agreement;

            

    

     

    
      
         

      

      
        -32-

        
          

        

      

      
         

      

    

     

    provided,
however, that upon the Senior Facility Discharge Date and the Interim Facility
Discharge Date the consent of the Senior Representatives shall be deemed to have
been given to an action prescribed in clauses 10.3.3 or 10.3.4 to the extent
such action is not prohibited by the Senior Agreements.

     

    Nothing
in this Clause 10 shall prevent the payment of, and receipt by the High Yield
Notes Trustee of, any High Yield Notes Trustee Amounts.

     

    
      	
              10.4

            	
              High Yield Notes On-Loan
      Debt

            

    

     

    Until the
Senior Discharge Date, except with the prior consent of each Senior
Representative under its respective Senior Agreement, no Obligor shall (and the
Company shall ensure that no Obligor will):

     

    
      	
            	
              10.4.1

            	
              pay,
      repay or prepay any principal, interest or other amount on or in respect
      of, or make any distribution in respect of, any High Yield Notes On-Loan
      Debt in cash or in kind or apply any money or property in or towards
      discharge of any High Yield Notes On-Loan Debt or otherwise pay or advance
      any amount to the Company except as permitted by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement);

            

    

     

    
      	
            	
              10.4.2

            	
              exercise
      any set-off against any High Yield Notes On-Loan Debt, except as permitted
      by Clause 11.2 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments), Clause 14.3 (Filing of claims) or
      Clause 19.2 (Permitted
      High Yield Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement);

            

    

     

    
      	
            	
              10.4.3

            	
              create
      or permit to subsist or receive any Security over any assets of any member
      of the Group, or give any guarantee from any member of the Group, for, or
      in respect of, any High Yield Notes On-Loan Debt;
  or

            

    

     

    
      	
            	
              10.4.4

            	
              amend
      any provision of the High Yield Notes On-Loan so that it would conflict
      with any of the terms set out in Clause 6.1 (High Yield Notes On-Loan
      Debt);

            

    

     

    provided,
however, that upon the Senior Facility Discharge Date and the Interim Facility
Discharge Date the consent of the Senior Representatives shall be deemed to have
been given to an action prescribed in clauses 10.4.3 or 10.4.4 to the extent
such action is not prohibited by the Senior Agreements.

     

    
      	
              10.5

            	
              Subordinated
      Debt

            

    

     

    Until the
Final Discharge Date and to the extent for the benefit of the holders of the
High Yield Notes with respect to paragraph 10.5.4 below only, no Obligor shall
(and the Company shall ensure that no member of the Group will) except with the
prior consent of (a) each Senior Representative unless such action is not
prohibited by the covenants in its respective Senior Agreement and (b) the High
Yield Notes Trustee, unless such action is not prohibited by the covenants in
the High Yield Notes Indenture:

     

    
      	
            	
              10.5.1

            	
              pay,
      repay or prepay any principal, interest or other amount on or in respect
      of, or make any distribution in respect of, or redeem, purchase or
      defease, any Subordinated Debt in cash or in kind, except for the
      capitalisation of interest in accordance with the Finance Documents or as
      permitted by Clause 11 (Permitted Payments) or
      Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
            	
              10.5.2

            	
              exercise
      any set-off against any Subordinated Debt, except as permitted by Clause
      11 (Permitted
      Payments) or Clause 14.3 (Filing of
      claims);

            

    

     

    
      	
            	
              10.5.3

            	
              create
      or permit to subsist any Security over any of its assets, or give any
      guarantee, for, or in respect of, any Subordinated
  Debt;

            

    

     

    
      
         

      

      
        -33-

        
          

        

      

      
         

      

    

    
      	
            	
              10.5.4

            	
              amend,
      terminate or give any waiver or consent under any Investor Document or
      Intercompany Document, other than any amendment, termination, waiver or
      consent purely of a technical or administrative nature;
  or

            

    

     

    
      	
            	
              10.5.5

            	
              take
      or omit to take any action whereby the ranking and/or subordination
      contemplated by this Agreement may be
impaired.

            

    

     

    
      	
              11.

            	
              PERMITTED
      PAYMENTS

            

    

     

    
      	
              11.1

            	
              Permitted Hedging
      Payments

            

    

     

    The
relevant Obligor may pay (by setoff or otherwise), and the Hedging Banks may
receive and retain, payments in respect of Hedging Debt arising under the
Hedging Documents.

     

    
      	
              11.2

            	
              Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments

            

    

     

    
      	
            	
              11.2.1

            	
              The
      High Yield Notes Finance Parties and High Yield Noteholders may receive
      and retain Permitted Junior Securities in respect of the High Yield Notes
      Guarantee Debt and the High Yield Notes Trustee may receive and retain
      High Yield Notes Trustee Amounts.

            

    

     

    
      	
            	
              11.2.2

            	
              The
      High Yield Notes Guarantors may pay and the High Yield Notes Trustee may
      receive and retain payments in respect of High Yield Notes Trustee Amounts
      incurred on or behalf of the High Yield Notes Trustee in connection with
      carrying out its duties or exercising powers or discretion under the High
      Yield Notes Finance Documents.

            

    

     

    
      	
            	
              11.2.3

            	
              Subject
      to Clause 12.1 (Suspension of Permitted High
      Yield Notes Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments) and Clause 14 (Subordination on
      insolvency):

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      High Yield Notes Guarantors may pay and the High Yield Notes Finance
      Parties and High Yield Noteholders may receive and retain payments in
      respect of any interest, fees, expenses or other amounts (including High
      Yield Notes Trustee Amounts and reasonable legal fees and taxes) on or in
      respect of any High Yield Notes Guarantee Debt in accordance with the High
      Yield Notes Finance Documents; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              Basell
      Holdings may pay, and the holders of the High Yield Notes On-Loan may
      receive and retain and distribute payment in respect of, any interest,
      fees, expenses or other amounts (including High Yield Notes Trustee
      Amounts and reasonable legal fees and taxes) on or in respect of the High
      Yield Notes On-Loan Debt in accordance with the terms of the High Yield
      Notes On-Loan Documents,

            

    

     

    provided
that all such payments received under the High Yield Notes On-Loan are applied
in payment of the Company’s obligations under the High Yield Notes (or amounts
due in respect thereof).

     

    
      	
            	
              11.2.4

            	
              Until
      the Senior Discharge Date, except with the prior consent of each Senior
      Representative under its respective Senior Agreement, no Obligor may pay,
      and no holder of the High Yield Notes On-Loan may receive and retain
      payment in respect of any principal in respect of the High Yield Notes
      On-Loan other than in connection with the repayment of the High Yield
      Notes to the extent not prohibited by the Senior
    Agreements.

            

      
        
           

        

        
          -34-

          
            

          

        

        
           

        

      

    

     

    
      	
              11.3

            	
              Permitted Investor
      Payments

            

    

     

    Subject
to Clause 12.2 (Suspension of
Permitted Investor Payments) and Clause 14 (Subordination on insolvency),
the relevant Obligor may pay, and the relevant Investor may receive and retain
payments in respect of, any Investor Debt in accordance with the Senior
Agreements and the High Yield Notes Indenture.

     

    
      	
              11.4

            	
              Permitted Intercompany
      Payments

            

    

     

    Subject
to Clause 12.3 (Suspension of
Permitted Intercompany Payments) and Clause 14 (Subordination on insolvency),
the relevant Intercompany Borrower may pay (by cash, set off or otherwise), and
the relevant Intercompany Lender may receive and retain payments in respect of,
any Intercompany Debt in accordance with the Senior Agreements provided that no
such payment is made to the Company other than to the extent to make or fund a
dividend or other distribution permitted to be made by the Senior Agreements on
the equity interests of the Company provided that no such payment is made to the
Company other than (a) to the extent to make or fund a dividend or other
distribution permitted to be made by the Senior Agreements on the equity
interests of the Company, (b) to the extent required to fund legal, audit, tax
and other expenses directly relating to the administration of the Company
including customary compensation payable to the Company’s directors or (if the
Company is a partnership) the directors of its general partner in an amount not
exceeding EUR 3,000,000, and (c) to fund payments under the Management
Agreement, the Tax Sharing Agreement and other Restricted Payments other than
Restricted Investments (each as defined in the Interim Facility Agreement) other
than those described in (a) and (b) above that the Company is entitled to make
pursuant to the Senior Facility Agreement provided the same are so applied
within 15 days of receipt.

     

    
      	
              11.5

            	
              Set-off

            

    

     

    In this
Clause 11, a payment or receipt includes a discharge by set-off.

     

    
      	
              12.

            	
              SUSPENSION
      OF PERMITTED PAYMENTS

            

    

     

    
      	
            	
              12.1

            	
              Suspension of Permitted High
      Yield Notes Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments

            

    

     

    
      	
            	
              12.1.1

            	
              Until
      the Senior Discharge Date except with the prior consent of each Senior
      Representative under its respective Senior Agreement and subject to Clause
      14 (Subordination on
      insolvency):

            

    

     

    
      	
               
      

            	
              (a)

            	
              no
      High Yield Notes Guarantor may make, and no High Yield Notes Finance Party
      or High Yield Noteholder may receive, any Permitted High Yield Notes
      Guarantees Payment (other than Permitted Junior Securities and High Yield
      Notes Trustee Amounts); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              Basell
      Holdings may not make, and the holders of the High Yield Notes On-Loan may
      not receive, any Permitted High Yield Notes On-Loan
    Payment,

            

    

     

    if, in
each case:

     

    
      
        	
              	
                (i)

              	
                a
      Senior Payment Default is continuing;
or

              

      

    

     

    
      
        	
              	
                (ii)

              	
                a
      Senior Default, other than a Senior Payment Default, is continuing from
      the date which is one Business Day after the date on which a
      Representative in respect of Senior Debt then having a Senior Default
      delivers a High Yield Notes Stop Notice to a Responsible Officer of the
      High Yield Notes Trustee and to the Company until the earliest
      of:

              

      

    

     

    
      
         

      

      
        -35-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (1)

            	
              the
      date falling 179 days after delivery of that High Yield Notes Stop
      Notice;

            

    

     

    
      	
               
      

            	
              (2)

            	
              if
      a High Yield Notes Standstill Period is in effect at any time after the
      relevant Senior Default giving rise to delivery of that High Yield Notes
      Stop Notice, the date on which that High Yield Notes Standstill Period
      expires;

            

    

     

    
      	
               
      

            	
              (3)

            	
              the
      date on which the relevant Senior Default(s) have been remedied or waived
      in accordance with all applicable Senior
  Agreements;

            

    

     

    
      	
               
      

            	
              (4)

            	
              the
      date on which the Representative who delivered the applicable High Yield
      Notes Stop Notice delivers a notice to the High Yield Notes Trustee and
      the Company cancelling the High Yield Notes Stop
  Notice;

            

    

     

    
      	
               
      

            	
              (5)

            	
              the
      date on which the Security Agent or the High Yield Notes Trustee takes
      Enforcement Action permitted under this Agreement in respect of the High
      Yield Notes Guarantee Debt; and

            

    

     

    
      	
               
      

            	
              (6)

            	
              the
      Senior Discharge Date.

            

    

     

    
      	
            	
              12.1.2

            	
              Unless
      the High Yield Notes Finance Parties, High Yield Noteholders and the
      holders of the High Yield Notes On-Loan waive this
      requirement:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      new High Yield Notes Stop Notice may not be delivered unless and until 365
      days have elapsed since the delivery of the immediately prior High Yield
      Notes Stop Notice; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              no
      High Yield Notes Stop Notice may be delivered by a Representative in
      reliance on a Senior Default more than 45 days after the earlier of (x)
      the date such Representative received notice of that Senior Default and
      (y) the date the agency department of such Representative otherwise
      becomes aware of such Senior
Default.

            

    

     

    
      	
            	
              12.1.3

            	
              A
      Representative may only serve one High Yield Notes Stop Notice with
      respect to the same event or set of circumstances. This shall not affect
      the right of any Representative to issue a High Yield Notes Stop Notice in
      respect of any other event or set of
  circumstances.

            

    

     

    
      	
            	
              12.1.4

            	
              For
      the avoidance of doubt, this Clause
12.1:

            

    

     

    
      	
               
      

            	
              (a)

            	
              acts
      as a suspension of payment and not as a waiver of the right to receive
      payment on the dates such payments are
due;

            

    

     

    
      	
               
      

            	
              (b)

            	
              will
      not prevent the accrual or capitalisation of interest (including default
      interest) in accordance with the High Yield Notes Finance
      Documents;

            

    

     

    
      	
               
      

            	
              (c)

            	
              will
      not prevent the payment of any High Yield Notes Trustee
      Amount;

            

    

     

    
      	
               
      

            	
              (d)

            	
              will
      not prevent the payment of:

            

    

     

    
      
        	
              	
                (i)

              	
                audit
      fees, directors’ fees, taxes and any other proper and incidental expenses
      required to maintain existence;
and

              

      

    

     

    
      
        	
              	
                (ii)

              	
                amounts
      required to comply with obligations under the High Yield Finance Documents
      (but not any payment in respect of interest and principal or other monies
      to the High Yield Notes Finance Parties and, without limitation to the
      generality of the foregoing, not any payment in connection with any
      redemption, purchase or defeasance of the High Yield Notes), including
      costs and expenses (if any) related to public reporting and ongoing
      administration of the High Yield Notes Finance
  Documents.

              

      

    

     

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

     

    
      	
              12.2

            	
              Suspension of Permitted
      Investor Payments

            

    

     

    Until the
Senior Discharge Date (and for the benefit of the holders of Senior Debt only)
and subject to Clause 14 (Subordination on insolvency),
no Obligor may make, and no Investor may receive, any Permitted Investor Payment
if:

     

    
      	
            	
              12.2.1

            	
              a
      Senior Declared Default is continuing;
or

            

    

     

    
      	
            	
              12.2.2

            	
              a
      Suspension Event is continuing.

            

    

     

    
      	
              12.3

            	
              Suspension of Permitted
      Intercompany Payments

            

    

     

    Until the
Senior Discharge Date (for the benefit of holders of Senior Debt only) and
subject to Clause 14 (Subordination on insolvency),
no Intercompany Borrower may make, and no Intercompany Lender may receive, any
Permitted Intercompany Payment:

     

    
      	
            	
              12.3.1

            	
              if
      a Senior Declared Default is continuing;
or

            

    

     

    
      	
            	
              12.3.2

            	
              in
      relation to the Issuer Intercompany Debt only, a Suspension Event is
      continuing.

            

    

     

    
      	
              13.

            	
              TURNOVER
      OF NON-PERMITTED PAYMENTS

            

    

     

    
      	
            	
              13.1

            	
              Turnover

            

    

     

    Until the
Senior Discharge Date (and, for the purpose of paragraph 13.1.9 below only, the
High Yield Notes Discharge Date) if:

     

    
      	
            	
              13.1.1

            	
              any
      Hedging Bank receives or recovers any Hedging
  Recoveries;

            

    

     

    
      	
            	
              13.1.2

            	
              any
      Interim Facility Finance Party receives or recovers any Interim Facility
      Recoveries except as provided under Clause 20 (Application of
      Recoveries);

            

    

     

    
      	
            	
              13.1.3

            	
              any
      Second Lien Notes Finance Party or Second Lien Noteholder receives or
      recovers any Second Lien Notes Recoveries except as provided under Clause
      20 (Application of
      Recoveries) and except where such party does not have actual
      knowledge that such payment was received or recovered from any person
      (directly or indirectly) which had benefited from an amount received or
      recovered in violation of such Clause 20 (Application of
      Recoveries);

            

    

     

    
      	
            	
              13.1.4

            	
              any
      Arco Notes Finance Party or Arco Noteholder receives or recovers any Arco
      Notes Recoveries except as provided under Clause 20 (Application of
      Recoveries) and except where such party does not have actual
      knowledge that such payment was received or recovered from any person
      (directly or indirectly) which had benefited from an amount received or
      recovered in violation of such Clause 20 (Application of
      Recoveries);

            

    

     

    
      	
            	
              13.1.5

            	
              any
      Equistar Notes Finance Party or Equistar Noteholder receives or recovers
      any Equistar Notes Recoveries except as provided under Clause 20 (Application of
      Recoveries) and except where such party does not have actual
      knowledge that such payment was received or recovered from any person
      (directly or indirectly) which had benefited from an amount received or
      recovered in violation of such Clause 20 (Application of
      Recoveries);

            

    

     

    
      
         

      

      
        -37-

        
          

        

      

      
         

      

    

    
      	
            	
              13.1.6

            	
              any
      High Yield Notes Finance Party or High Yield Noteholder receives or
      recovers any High Yield Notes Guarantees Recoveries except for any
      Permitted High Yield Notes Guarantees
Payments;

            

    

     

    
      	
            	
              13.1.7

            	
              any
      holder of the High Yield Notes On-Loan receives or recovers any High Yield
      Notes On-Loan Recoveries except for any Permitted High Yield Notes On-Loan
      Payments;

            

    

     

    
      	
            	
              13.1.8

            	
              any
      High Yield Notes Finance Party or High Yield Noteholder receives or
      recovers any High Yield Notes Recoveries except where such party does not
      have actual knowledge that such payment was received or recovered from any
      person (directly or indirectly) which had benefited from an amount
      received or recovered in violation of the terms of this
      Agreement;

            

    

     

    
      	
            	
              13.1.9

            	
              any
      Investor receives or recovers any Investor Recoveries except for any
      Permitted Investor Payments; and

            

    

     

    
      	
            	
              13.1.10

            	
              any
      Intercompany Lender receives or recovers any Intercompany Recoveries
      except for any Permitted Intercompany
Payments,

            

    

     

    (save for
any amount received by the Second Lien Notes Trustee, Arco Notes Trustee,
Equistor Notes Trustee or the High Yield Notes Trustee and paid to the Second
Lien Noteholders, Arco Noteholders, Equistor Noteholders, or the High Yield
Noteholders, respectively, where at the time of such payment the Second Lien
Notes Trustee, Arco Notes Trustee, Equistar Notes Trustee or High Yield Notes
Trustee (as applicable) has no actual knowledge that such receipt or recovery
falls within paragraph 13.1.3, 13.1.4, 13.1.5 or 13.1.8, above, respectively),
that party (or the Second Lien Noteholder, Arco Noteholder, Equistar Noteholder
or High Yield Noteholder (as applicable)) shall:

     

    
      	
            	
              13.1.11

            	
              within
      three Business Days notify details of the receipt or recovery to the
      Security Agent;

            

    

     

    
      	
            	
              13.1.12

            	
              hold
      any such assets and moneys received or recovered by it on trust for the
      Security Agent for application in accordance with appropriate provision of
      Clause 20 (Application of Recoveries);
and

            

    

     

    
      	
            	
              13.1.13

            	
              within
      three Business Days of demand by the Security Agent, pay an amount equal
      to such receipt or recovery to the Security Agent for application in
      accordance with appropriate provision of Clause 20 (Application of
      Recoveries)).

            

    

     

    
      	
              13.2

            	
              Non-creation of
      charge

            

    

     

    Nothing
in this Clause 13 or any other provision of this Agreement is intended to or
shall create a charge or other Security.

     

    
      	
              13.3

            	
              Protection upon
      turnover

            

    

     

    If a
Party is obliged to pay any amount to the Security Agent in accordance with this
Clause 13 or Clause 14 (Subordination on
Insolvency):

     

    
      	
            	
              13.3.1

            	
              the
      relevant Obligor or Intercompany Borrower shall indemnify that person (to
      the extent of its liability for the relevant amount so paid) for any
      reasonable costs, liabilities and expenses properly incurred by it as a
      result of it having to make that payment;
and

            

    

     

    
      	
            	
              13.3.2

            	
              the
      relevant Debt in respect of which such person made that payment to the
      Security Agent will be deemed not to have been reduced or discharged in
      any way or to any extent by the relevant payment, distribution, proceeds
      or other discharge.

            

    

     

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

     

    
      	
              14.

            	
              SUBORDINATION
      ON INSOLVENCY

            

    

     

    
      	
              14.1

            	
              Subordination
      events

            

    

     

    If:

     

    
      	
            	
              14.1.1

            	
              any
      order is made or resolution passed for the suspension of payments, a
      moratorium of any indebtedness, winding-up, dissolution, administration or
      reorganisation (by way of voluntary arrangement, scheme of arrangement or
      otherwise) of any Obligor or Intercompany
  Borrower;

            

    

     

    
      	
            	
              14.1.2

            	
              any
      Obligor or Intercompany Borrower enters into any composition, assignment
      or arrangement with its creditors
generally;

            

    

     

    
      	
            	
              14.1.3

            	
              any
      liquidator, receiver, administrator, administrative receiver, compulsory
      manager or other similar officer is appointed in respect of any Obligor or
      Intercompany Borrower or any of its assets (other than for a permitted
      reorganization or solvent winding up permitted by the Senior Facility
      Agreement); or

            

    

     

    
      	
            	
              14.1.4

            	
              any
      Security over any assets of any Obligor or Intercompany Borrower is
      enforced,

            

    

     

    or any
analogous event occurs in any jurisdiction, this Clause 14 shall
apply.

     

    
      	
              14.2

            	
              Subordination

            

    

     

    
      	
            	
              14.2.1

            	
              In
      any of the circumstances mentioned in Clause 14.1 (Subordination
      events):

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      High Yield Notes Guarantee Debt and the High Yield Notes On-Loan Debt will
      be subordinate in right of payment to the Senior Debt, ABL Debt and the
      Hedging Debt; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Intercompany Debt and the Investor Debt will be subordinate in right of
      payment to the Senior Debt, ABL Debt, the Hedging Debt, the High Yield
      Notes Debt, the High Yield Notes Guarantee Debt and the High Yield On-Loan
      Debt.

            

    

     

    
      	
            	
              14.2.2

            	
              In
      the event that any of the circumstances mentioned in Clause 14.1 (Subordination events)
      occur in relation to the Company, the Investor Debt as to which the
      Company is an obligor will be subordinate in right of payment to the High
      Yield Notes Debt.

            

    

     

    
      	
              14.3

            	
              Filing of
      claims

            

    

     

    
      	
            	
              14.3.1

            	
              In
      any of the circumstances mentioned in Clause 14.1 (Subordination events),
      until the Senior Discharge Date, the Security Agent may, and is hereby
      irrevocably authorised on behalf of each Senior Secured Party, Unsecured
      Senior Notes Finance Party, ABL Finance Party, High Yield Notes Finance
      Party, holder of the High Yield Notes On-Loan and Subordinated Party
      to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              demand,
      claim, enforce and prove for the Junior
Debt;

            

    

     

    
      	
               
      

            	
              (b)

            	
              file
      claims and proofs, give receipts and take any proceedings in respect of
      filing such claims or proofs and do anything which the Security Agent
      considers necessary or desirable to recover the Junior Debt;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              receive
      all distributions of the Junior Debt for application in accordance with
      Clause 20 (Application
      of recoveries).

            

    

     

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

     

    
      	
            	
              14.3.2

            	
              If
      and to the extent that the Security Agent is not entitled, or elects not,
      to take any of the action mentioned in paragraph 14.3.1 above, each Junior
      Creditor (other than the High Yield Notes Trustee) shall do so promptly on
      request by the Security Agent.

            

    

     

    
      	
            	
              14.3.3

            	
              The
      High Yield Notes Trustee shall in any event be entitled to request and
      retain payment of any High Yield Notes Trustee
  Amounts.

            

    

     

    
      	
              14.4

            	
              Distributions

            

    

     

    Subject,
in the case of the High Yield Notes Trustee, to Clause 28 (High Yield Notes Trustee), in
any of the circumstances mentioned in Clause 14.1 (Subordination events), until
the Senior Discharge Date, each Junior Creditor will:

     

    
      	
            	
              14.4.1

            	
              hold
      all payments and distributions in cash or in kind received or receivable
      by it in respect of the Junior Debt on trust for the Security Agent for
      application in accordance with Clause 20.5 (General order of
      application);

            

    

     

    
      	
            	
              14.4.2

            	
              within
      three Business Days of demand by the Security Agent, pay an amount equal
      to any Junior Debt owing to it and discharged by set-off or otherwise to
      the Security Agent for application in accordance with Clause 20.5 (General order of
      application);

            

    

     

    
      	
            	
              14.4.3

            	
              promptly
      direct the trustee in bankruptcy, liquidator, assignee or other person
      distributing the assets of the relevant Obligor or Intercompany Borrower
      or their proceeds to pay distributions in respect of the Junior Debt
      directly to the Security Agent; and

            

    

     

    
      	
            	
              14.4.4

            	
              promptly
      use its reasonable efforts to undertake any action requested by the
      Security Agent to give effect to this Clause
  14.4,

            

    

     

    save
that, in each case, the High Yield Notes Finance Parties and the High Yield
Noteholders shall be entitled to receive and retain Permitted Junior Securities
and the High Yield Notes Trustee shall be entitled to receive and retain any
High Yield Notes Trustee Amounts.

     

    
      	
              14.5

            	
              Voting

            

    

     

    
      	
            	
              14.5.1

            	
              In
      any of the circumstances mentioned in Clause 14.1 (Subordination events),
      until the Senior Discharge Date:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent may, and is hereby irrevocably authorised on behalf of each
      Senior Secured Party, holder of the High Yield Notes On-Loan and
      Subordinated Party to, exercise all of such parties’ powers of convening
      meetings, voting and representation in respect of the Security Documents;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      such party other than the Second Lien Notes Trustee and the High Yield
      Notes Trustee shall promptly execute and/or deliver to the Security Agent
      such forms of proxy and representation as it may require to facilitate any
      such action.

            

    

     

    
      	
            	
              14.5.2

            	
              If
      and to the extent that the Security Agent is not entitled, or elects not,
      to exercise a power under paragraph 14.5.1 above, each such party
      shall:

            

    

     

    
      	
               
      

            	
              (a)

            	
              exercise
      that power as the Security Agent (acting on the instructions of an
      Instructing Group) directs; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              not
      exercise that power so as to impair the ranking and/or subordination
      contemplated by this Agreement.

            

    

     

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

     

    
      	
            	
              14.5.3

            	
              Nothing
      in this Clause 14.5 entitles the Security Agent (or an Instructing Group)
      to exercise or require any such Junior Creditor referred to in paragraph
      14.5.1(a) above to exercise a power of voting or representation to waive,
      reduce, discharge, extend the due date for repayment of or reschedule any
      such Junior Debt of such Junior
Creditor.

            

    

     

    
      	
              14.6

            	
              Acknowledgement of structural,
      contractual and effective
subordination

            

    

     

    It is
acknowledged and agreed by:

     

    
      	
            	
              14.6.1

            	
              the
      Investors that the Senior Parties, Second Lien Noteholders, Unsecured
      Senior Noteholders, High Yield Notes Finance Parties and High Yield
      Noteholders are relying on the structural subordination of the Investor
      Debt to the Senior Debt, ABL Debt, High Yield Notes Guarantee Debt and
      High Yield Notes On-Loan Debt, the contractual subordination of the
      Investor Debt to the High Yield Notes Debt and the effective subordination
      of the Investor Debt to the claims resulting from the Security created by
      the Company over its present and future
assets;

            

    

     

    
      	
            	
              14.6.2

            	
              the
      High Yield Notes Finance Parties, the High Yield Noteholders and the
      Company that the Senior Parties, Second Lien Noteholders and Unsecured
      Senior Noteholders, are relying on the structural subordination of the
      High Yield Notes Debt to the Senior Debt, ABL Debt or Hedging Debt (other
      than any guarantee by the Company of the Senior Debt or Hedging Debt
      undertaken by the Company directly), the contractual subordination of the
      High Yield Notes Guarantee Debt and the High Yield Notes On-Loan Debt to
      the Senior Debt and the effective subordination of the High Yield Notes to
      the claims resulting from the Security created by the Company over its
      present and future assets;

            

    

     

    
      	
            	
              14.6.3

            	
              the
      Obligors and Intercompany Lenders that the Senior Parties, Second Lien
      Noteholders, Unsecured Senior Noteholders, High Yield Notes Finance
      Parties and High Yield Noteholders are relying on the contractual and/or
      effective subordination of the Intercompany Debt to the Senior Debt, ABL
      Debt, High Yield Notes Debt, High Yield Notes Guarantee Debt and High
      Yield Notes On-Loan Debt; and

            

    

     

    
      	
            	
              14.6.4

            	
              all
      the Parties that matters such as:  (i) the establishment and
      maintenance of separate entities such as Basell Holdings, Basell Funding,
      Basell Germany Holdings GmbH, Basell Finance Company B.V. and the Company,
      and (ii) the various obligations under this Agreement to forebear, turn
      over, restrict right of action or require action, are intended to help the
      different classes of lenders and finance parties delineate and maintain
      the various repayment obligations and the ranking of such obligations as
      set forth in this Agreement.

            

    

     

    
      	
              14.7

            	
              General
      forbearance

            

    

     

    In
connection with any Insolvency Event involving a case or proceeding under the
bankruptcy laws of the United States, the High Yield Notes Trustee (on behalf of
itself and the High Yield Noteholders) and each other Junior
Creditor:

     

    
      	
            	
              14.7.1

            	
              waive
      any right to challenge or dispute actions in accordance with this
      Agreement and the Security Documents taken by the Security Agent on behalf
      of the Senior Debt to seek adequate protection with respect to the
      Security securing the Senior Secured
Debt;

            

    

     

    
      	
            	
              14.7.2

            	
              waive
      any right to challenge the validity, perfection, priority or senior rights
      of the Senior Debt and Hedging Debt as provided herein;
  and

            

    

     

    
      	
            	
              14.7.3

            	
              consent
      to any use of cash collateral approved by the Security Agent on behalf of
      the Senior Secured Debt, provided that the proceeds are treated in
      accordance with the lien priorities established herein and in the Security
      Documents.

            

    

     

    
      
         

      

      
        -41-

        
          

        

      

      
         

      

    

     

    
      	
              15.

            	
              FAILURE
      OF TRUSTS

            

    

     

    Subject,
in the case of a Trustee, to Clause 28 (Trustees), if any trust
intended to arise pursuant to Clause 13.1 (Turnover) or Clause 14.4
(Distributions) fails
or for any reason (including the laws of any jurisdiction in which any assets,
moneys, payments or distributions may be situated) cannot be given effect to,
the relevant Party will pay to the Security Agent for application in accordance
with the applicable provisions of Clause 20 (Application of Recoveries) an
amount equal to the amount (or the value of the relevant assets) intended to be
so held on trust for the Security Agent.

     

    
      	
              16.

            	
              PROTECTION
      OF SUBORDINATION

            

    

     

    
      	
              16.1

            	
              Continuing
      subordination

            

    

     

    The
subordination provisions in this Agreement shall remain in full force and effect
by way of continuing subordination and shall not be affected in any way by any
intermediate payment or discharge in whole or in part of any Debt.

     

    
      	
              16.2

            	
              Waiver of
      defences

            

    

     

    Neither
the subordination in this Agreement nor the obligations of any Senior Party,
Second Lien Noteholder, Unsecured Senior Noteholder, High Yield Notes Finance
Party, High Yield Noteholder, holder of the High Yield Notes On-Loan,
Subordinated Party, Obligor or Intercompany Borrower shall be affected in any
way by an act, omission, matter or thing which, but for this Clause 16, would
reduce, release or prejudice the subordination or any of those obligations in
whole or in part, (without limitation and whether or not known to any Senior
Party, Second Lien Noteholder, Unsecured Senior Noteholder, High Yield Notes
Finance Party, High Yield Noteholder, holder of the High Yield Notes On-Loan,
Subordinated Party, Obligor or Intercompany Borrower or any other person)
including:

     

    
      	
            	
              16.2.1

            	
              any
      time, waiver or consent granted to, or composition with, any
      person;

            

    

     

    
      	
            	
              16.2.2

            	
              the
      release of any person under the terms of any composition or arrangement
      with any creditor of any person;

            

    

     

    
      	
            	
              16.2.3

            	
              the
      taking, variation, compromise, exchange, renewal or release of, or refusal
      or neglect to perfect, take up or enforce, any rights against, or security
      over assets of, any person or any non-presentation or non-observance of
      any formality or other requirement in respect of any instrument or any
      failure to realise the full value of any
  security;

            

    

     

    
      	
            	
              16.2.4

            	
              any
      incapacity or lack of power, authority or legal personality of or
      dissolution or change in the members or status of any
    person;

            

    

     

    
      	
            	
              16.2.5

            	
              any
      amendment (however fundamental) or replacement of a Finance Document or
      any other document or security (other than with respect to the Notes
      Finance Parties and Noteholders in accordance with their respective Notes
      Indenture);

            

    

     

    
      	
            	
              16.2.6

            	
              any
      unenforceability, illegality or invalidity of any obligation of any person
      under any Finance Document or any other document or
    security;

            

    

     

    
      	
            	
              16.2.7

            	
              any
      insolvency or similar proceedings;
or

            

    

     

    
      	
            	
              16.2.8

            	
              any
      postponement, discharge, reduction, non-provability or other similar
      circumstance affecting any obligation of any person under any Finance
      Document resulting from any insolvency, liquidation or dissolution
      proceedings or from any law, regulation or
  order.

            

    

     

    
      
         

      

      
        -42-

        
          

        

      

      
         

      

    

     

    
      	
              16.3

            	
              Appropriations by the Senior
      Finance Parties

            

    

     

    Until the
Senior Facility Discharge Date has occurred, each Senior Finance Party and
Hedging Bank (or any trustee or agent on its behalf) may, subject to its
obligations under this Agreement:

     

    
      	
            	
              16.3.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the Senior Debt or the Hedging Debt
      (as relevant) owed to it, in accordance with the Senior Facilities
      Agreement, in the case of each Senior Finance Party, or such order as it
      sees fit, in the case of each Hedging
Bank;

            

    

     

    
      	
            	
              16.3.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      Senior Finance Documents, or the Hedging Documents (as relevant) or under
      this Agreement) against any liability of the relevant person to it other
      than the Senior Debt, the Hedging Debt (as relevant) owed to it;
      or

            

    

     

    
      	
            	
              16.3.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets
      received or recovered by it under the Senior Finance Documents or the
      Hedging Documents (as relevant) or under this Agreement in aggregate are
      sufficient to bring about the Senior Discharge Date, if otherwise applied
      in accordance with the provisions of this Agreement, hold in an
      interest-bearing suspense account any moneys or other assets received from
      any person.

            

    

     

    
      	
              16.4

            	
              Appropriations by the Interim
      Facility Finance Parties

            

    

     

    Until the
Interim Facility Discharge Date has occurred, each Interim Facility Finance
Party (or any trustee or agent on its behalf) may, subject to its obligations
under this Agreement:

     

    
      	
            	
              16.4.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the Interim Facility Debt owed to it,
      in such order as it sees fit;

            

    

     

    
      	
            	
              16.4.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      Interim Facility Finance Documents or under this Agreement) against any
      liability of the relevant person to it other than the Interim Facility
      Debt owed to it; or

            

    

     

    
      	
            	
              16.4.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets in
      aggregate received or recovered by it under the Interim Facility Finance
      Documents are sufficient to bring about the Interim Facility Discharge
      Date, if otherwise applied in accordance with the provisions of this
      Agreement, hold in an interest-bearing suspense account any moneys or
      other assets received from any
person.

            

    

     

    
      	
              16.5

            	
              Appropriations by the Second
      Lien Notes Finance Parties and Second Lien
    Noteholders

            

    

     

    Until the
Second Lien Notes Discharge Date has occurred, each Second Lien Notes Finance
Party and Second Lien Noteholder (or any trustee or agent on its behalf) may,
subject to its obligations under this Agreement:

     

    
      	
            	
              16.5.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the Second Lien Notes Debt owed to
      it, in such order as it sees fit;

            

    

     

    
      	
            	
              16.5.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      Second Lien Notes Finance Documents or under this Agreement) against any
      liability of the relevant person to it other than the Second Lien Notes
      Debt owed to it; or

            

    

     

    
      
         

      

      
        -43-

        
          

        

      

      
         

      

    

    
      	
            	
              16.5.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets in
      aggregate received or recovered by it under the Second Lien Notes Finance
      Documents are sufficient to bring about the Second Lien Notes Discharge
      Date, if otherwise applied in accordance with the provisions of this
      Agreement, hold in an interest-bearing suspense account any moneys or
      other assets received from any person provided, however, that the Second
      Lien Notes Trustee Amounts will not have to be so
  held.

            

    

     

    
      	
              16.6

            	
              Appropriations by the Unsecured
      Senior Notes Finance Parties and Unsecured Senior
      Noteholders

            

    

     

    Until the
Unsecured Senior Notes Discharge Date has occurred, each Unsecured Senior Notes
Finance Party and Unsecured Senior Noteholder (or any trustee or agent on its
behalf) may, subject to its obligations under this Agreement:

     

    
      	
            	
              16.6.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the Unsecured Senior Notes Debt owed
      to it, in such order as it sees
fit;

            

    

     

    
      	
            	
              16.6.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      Unsecured Senior Notes Finance Documents or under this Agreement) against
      any liability of the relevant person to it other than the Unsecured Senior
      Notes Debt owed to it; or

            

    

     

    
      	
            	
              16.6.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets in
      aggregate received or recovered by it under the Unsecured Senior Notes
      Finance Documents are sufficient to bring about the Unsecured Senior Notes
      Discharge Date, if otherwise applied in accordance with the provisions of
      this Agreement, hold in an interest-bearing suspense account any moneys or
      other assets received from any person provided, however, that the
      Unsecured Senior Notes Trustee Amounts will not have to be so
      held.

            

    

     

    
      	
              16.7

            	
              Appropriations by the High
      Yield Notes Finance Parties and High Yield
    Noteholders

            

    

     

    After the
Senior Discharge Date and until the High Yield Notes Discharge Date has
occurred, each High Yield Notes Finance Party and High Yield Noteholder (or any
trustee or agent on its behalf) may, subject to its obligations under this
Agreement:

     

    
      	
            	
              16.7.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the High Yield Notes Guarantee Debt
      owed to it, in such order as it sees
fit;

            

    

     

    
      	
            	
              16.7.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      High Yield Notes Finance Documents or under this Agreement) against any
      liability of the relevant person to it other than the High Yield Notes
      Guarantee Debt owed to it; or

            

    

     

    
      	
            	
              16.7.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets in
      aggregate received or recovered by it under the High Yield Notes Finance
      Documents are sufficient to bring about the High Yield Notes Discharge
      Date, if otherwise applied in accordance with the provisions of this
      Agreement, hold in an interest-bearing suspense account any moneys or
      other assets received from any person provided, however, that the High
      Yield Trustee Amounts will not have to be so
  held.

            

    

     

    
      	
              16.8

            	
              Appropriations by the holders
      of the High Yield Notes
On-Loan

            

    

     

    After the
Senior Discharge Date and until the High Yield Notes Discharge Date has
occurred, each holder of the High Yield Notes On-Loan (or any trustee or agent
on its behalf) may, subject to its obligations under this
Agreement:

     

    
      
         

      

      
        -44-

        
          

        

      

      
         

      

    

     

    
      	
            	
              16.8.1

            	
              apply
      any moneys or other assets received or recovered by it under this
      Agreement or from any person against the High Yield Notes On-Loan Debt
      owed to it, in such order as it sees
fit;

            

    

     

    
      	
            	
              16.8.2

            	
              apply
      any moneys or other assets received or recovered by it from any person
      (other than any moneys or other assets received or recovered under the
      High Yield Notes Finance Documents or under this Agreement) against any
      liability of the relevant person to it other than the High Yield Notes
      On-Loan Debt owed to it; or

            

    

     

    
      	
            	
              16.8.3

            	
              after
      the Acceleration Date, unless or until such moneys or other assets in
      aggregate received or recovered by it under the High Yield Notes On-Loan
      Documents are sufficient to bring about the High Yield Notes On-Loan
      Discharge Date, if otherwise applied in accordance with the provisions of
      this Agreement, hold in an interest-bearing suspense account any moneys or
      other assets received from any
person.

            

    

     

    
      	
              17.

            	
              PRIORITY

            

    

     

    
      	
              17.1

            	
              Ranking

            

    

     

    
      	
            	
              17.1.1

            	
              Except
      as otherwise provided in this Agreement, all Security created pursuant
      to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Documents in respect of the Arco Notes Collateral will secure on
      a first ranking basis the Senior Facility Debt, the Hedging Debt and the
      Acro Notes Debt pari
      passu between themselves and ahead of any Security in such Arco
      Notes Collateral for the Second Lien Debt and any claims by the Unsecured
      Senior Notes Finance Parties and the  High Yield Notes Finance
      Parties irrespective of the order of execution, creation, registration,
      notice, enforcement or otherwise;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Documents in respect of the Equistar Notes Collateral will secure
      on a first ranking basis the Senior Facility Debt, the Hedging Debt and
      the Equistar Notes Debt  pari passu between
      themselves and ahead of any Security in such Equistar Notes Collateral for
      the Second Lien Debt and any claims by the Unsecured Senior Notes Finance
      Parties and the  High Yield Notes Finance Parties irrespective
      of the order of execution, creation, registration, notice, enforcement or
      otherwise;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Security Documents in respect of the High Yield Notes Collateral will
      secure on a first ranking basis the Senior Secured Debt, pari passu between
      themselves and ahead of any Security in such High Yield Notes Collateral
      for the High Yield Notes Debt and any claims by the Unsecured Senior Notes
      Finance Parties and the  High Yield Notes Finance Parties
      irrespective of the order of execution, creation, registration, notice,
      enforcement or otherwise;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Senior Security Documents (other than the Security Documents in respect of
      the Arco Notes Collateral, the Equistar Notes Collateral and the High
      Yield Notes Collateral) will secure on a first ranking basis the Senior
      Facility Debt and the Hedging Debt pari passu (subject to
      any limitation on the Debt which may be secured under the terms of the
      Senior Security Document or this Agreement) between themselves and ahead
      of any Security for the Second Lien Debt and any claims by the Unsecured
      Senior Notes Finance Parties and the  High Yield Notes Finance
      Parties irrespective of the order of execution, creation, registration,
      notice, enforcement or otherwise;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Second Lien Security Documents (other than the Second Lien Security
      Documents in respect of the High Yield Collateral) will secure on a
      second-ranking basis the Interim Facility Debt and the Second Lien Notes
      Debt pari passu
      irrespective of:

            

    

     

    
      
        	
              	
                (i)

              	
                the
      order of execution, creation, registration, notice, enforcement or
      otherwise;

              

      

    

     

    
      
         

      

      
        -45-

        
          

        

      

      
         

      

    

    
      
        	
              	
                (ii)

              	
                the
      date on which any other Debt,
arose;

              

      

    

     

    
      
        	
              	
                (iii)

              	
                whether
      a Senior Finance Party or Hedging Bank is obliged to advance any Senior
      Debt or Hedging Debt; or

              

      

    

     

    
      
        	
              	
                (iv)

              	
                any
      fluctuation in the amount, or any intermediate discharge in whole or in
      part, of any other Debt; and

              

      

    

     

    
      	
               
      

            	
              (f)

            	
              the
      High Yield Notes Security Documents will secure on a second-ranking basis
      the High Yield Notes Debt and any High Yield Notes Guarantee Debt
      irrespective of:

            

    

     

    
      
        	
              	
                (i)

              	
                the
      order of execution, creation, registration, notice, enforcement or
      otherwise;

              

      

    

     

    
      
        	
              	
                (ii)

              	
                the
      date on which any other Debt
arose;

              

      

    

     

    
      
        	
              	
                (iii)

              	
                whether
      a Senior Finance Party or Hedging Bank is obliged to advance any Senior
      Debt or Hedging Debt; or

              

      

    

     

    
      
        	
              	
                (iv)

              	
                any
      fluctuation in the amount, or any intermediate discharge in whole or in
      part, of any other Debt.

              

      

    

     

    
      	
            	
              17.1.2

            	
              Notwithstanding
      paragraph 17.1.1, only Security permitted in accordance with the High
      Yield Notes Major Terms shall secure the High Yield Notes
      Debt.

            

    

     

    
      	
            	
              17.1.3

            	
              The
      High Yield Notes Guarantee Debt, the High Yield Notes On-Loan Debt, the
      Investor Debt and Intercompany Debt, is and shall remain unsecured by the
      Security Documents.

            

    

     

    
      	
            	
              17.1.4

            	
              The
      Parties acknowledge that the proceeds of enforcement of Security ranked by
      this clause 17.1 shall be applied in accordance with Clause 20.1 (Order of
      application).

            

    

     

    
      	
              17.2

            	
              Registration and
      notice

            

    

     

    The
Parties will co-operate with each other with a view to reflecting the priority
of the Security created pursuant to any Security Document in any register or
with any filing or registration authority and (other than the High Yield Notes
Trustee) in giving notice to any person of any of the Security created pursuant
to any Security Document.

     

    
      	
              18.

            	
              RESTRICTIONS
      ON ENFORCEMENT

            

    

     

    
      	
              18.1

            	
              Restrictions on enforcement by
      the Hedging Banks

            

    

     

    Until the
Senior Facility Discharge Date, (a) no Hedging Bank shall, except with the prior
consent of the Senior Agent under the Senior Facility Agreement, take any
Enforcement Action in relation to any Security Document and (b) following a
Senior Facility Declared Default, no Hedging Banks may take any Enforcement
Action without the prior written consent of the Facility Agent, provided that,
for the purpose of this paragraph 18.1, the perfection or preservation of any
Security, as opposed to the realisation of such Security, shall not be treated
as enforcement.

     

    
      	
              18.2

            	
              Restrictions on enforcement by
      the Second Lien Finance
Parties

            

    

     

    Until the
Senior Facility Discharge Date, the Interim Facility Finance Parties, the Second
Lien Notes Finance Parties and the Second Lien Noteholders shall not, except
with the prior consent of the Senior Agent under the Senior Facility Agreement,
direct the Security Agent to enforce or otherwise (to the extent applicable),
require the enforcement of, the High Yield Notes Security Documents, provided
that, for the purpose of this paragraph 18.2, the perfection or preservation of
any Security, as opposed to the realisation of such Security, shall not be
treated as enforcement.

     

    
      
         

      

      
        -46-

        
          

        

      

      
         

      

    

     

    
      	
              18.3

            	
              Restrictions on enforcement by
      the holder of the High Yield Notes On-Loan and/or the High Yield Notes
      Security Documents

            

    

     

    Until the
Senior Discharge Date, except with the prior consent of or as required by the
Instructing Group:

     

    
      	
            	
              18.3.1

            	
              the
      holder of the High Yield Notes On-Loan shall not take any Enforcement
      Action in relation to any High Yield Notes On-Loan Debt or under the
      relevant High Yield Notes Security
Documents;

            

    

     

    
      	
            	
              18.3.2

            	
              the
      High Yield Notes Finance Parties and High Yield Noteholders shall not
      direct the Security Agent to enforce or otherwise (to the extent
      applicable), require the enforcement of, the High Yield Notes Security
      Documents; and

            

    

     

    
      	
            	
              18.3.3

            	
              the
      High Yield Notes Finance Parties and High Yield Noteholders shall not take
      or require the taking of any Enforcement Action in relation to the High
      Yield Notes Guarantees unless they have matured in accordance with
      paragraph 1 of the High Yield Notes Guarantee Maturity
      Provisions,

            

    

     

    except as
permitted under Clause 19.2 (Permitted High Yield Notes On-Loan
and Permitted High Yield Notes Security Documents enforcement) provided,
however, that no such action required by the Instructing Group need be taken
except to the extent the Instructing Group otherwise is entitled under this
Agreement to direct such action.

     

    
      	
              18.4

            	
              Restrictions on enforcement by
      the Investors

            

    

     

    Until the
Final Discharge Date, no Investor shall, except with the prior consent of or as
required by an Instructing Group, take any Enforcement Action in relation to any
Investor Debt.  If required by an Instructing Group to take
Enforcement Action, each Investor will apply any proceeds from that Enforcement
Action in accordance with Clause 13 (Turnover of Non-Permitted
Payments).

     

    
      	
              18.5

            	
              Restrictions on enforcement by
      the Intercompany Lenders

            

    

     

    Until the
Senior Discharge Date and for the benefit of the holders of Senior Debt only, no
Intercompany Lender shall, except with the prior consent of or as required by an
Instructing Group, take any Enforcement Action in relation to any Intercompany
Debt.  If required by an Instructing Group to take Enforcement Action,
the Intercompany Lenders will apply any proceeds from that Enforcement Action in
accordance with Clause 13 (Turnover of Non-Permitted
Payments).

     

    
      	
              18.6

            	
              Marshalling of
      Assets

            

    

     

    Until the
Senior Facility Discharge Date, each Interim Facility Finance Party, Second Lien
Notes Finance Party and Second Lien Noteholder waives any and all rights to
require the Security Agent to marshal any property or assets of any Obligor or
resort to any of the property or assets of any Obligor in any particular order
or manner.

     

    
      	
              19.

            	
              PERMITTED
      ENFORCEMENT

            

    

     

    
      	
              19.1

            	
              Permitted hedging
      enforcement

            

    

     

    
      	
            	
              19.1.1

            	
              A
      Hedging Bank may designate an Early Termination Date in accordance with
      the relevant Hedging Document or otherwise terminate the relevant Hedging
      Document, provided that no other Enforcement Action is taken in respect of
      any Security Document.

            

    

     

    
      
         

      

      
        -47-

        
          

        

      

      
         

      

    

    
      	
            	
              19.1.2

            	
              If
      a Senior Declared Default has occurred, each Hedging Bank will, promptly
      after a request by the Security Agent, designate an Early Termination Date
      under or otherwise terminate each Hedging Document to which it is a party
      and any derivative transaction entered into under that Hedging
      Document.

            

    

     

    
      	
            	
              19.1.3

            	
              On
      or following:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      designation of an Early Termination Date or other termination as provided
      in paragraph 19.1.1 or 19.1.2 above;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      occurrence of the Acceleration
Date,

            

    

     

    any
amount which falls due from a Hedging Bank to any Obligor shall be paid by that
Hedging Bank to the Security Agent promptly for application in accordance with
Clause 20.1 (Order of
application).

     

    
      	
              19.2

            	
              Permitted High Yield Notes
      On-Loan and Permitted High Yield Notes Security Documents
      enforcement

            

    

     

    
      	
            	
              19.2.1

            	
              The
      restrictions in Clause 18.3 (Restrictions on enforcement by
      the holder of the High Yield Notes On-Loan and/or the High Yield Notes
      Security Documents) will not apply in respect of the High Yield
      Notes Guarantee Debt and High Yield Notes On-Loan,
  if:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      High Yield Notes Default (the “Relevant High Yield Notes
      Default”) is continuing;

            

    

     

    
      	
               
      

            	
              (b)

            	
              each
      Senior Representative has received a notice of the Relevant High Yield
      Notes Default specifying the event or circumstance in relation to the
      Relevant High Yield Notes Default from the High Yield Notes
      Trustee;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      High Yield Notes Standstill Period has elapsed;
  and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Relevant High Yield Notes Default is continuing at the end of the relevant
      High Yield Notes Standstill Period.

            

    

     

    
      	
            	
              19.2.2

            	
              Promptly
      upon becoming aware of a High Yield Notes Default, the High Yield Notes
      Trustee may by notice (a “High Yield Notes Default
      Notice”) in writing notify each Senior Representative of the
      existence of such High Yield Notes
Default.

            

    

     

    
      	
              19.3

            	
              High Yield Notes Standstill
      Period

            

    

     

    In
relation to a Relevant High Yield Notes Default, a High Yield Notes Standstill
Period shall mean the period beginning on the date (the “High Yield Notes Standstill Start
Date”) the High Yield Notes Trustee serves a High Yield Notes Default
Notice on each Senior Representative in respect of such Relevant High Yield
Notes Default and ending on the earlier to occur of:

     

    
      	
            	
              19.3.1

            	
              the
      date falling 179 days after the High Yield Notes Standstill Start
      Date;

            

    

     

    
      	
            	
              19.3.2

            	
              the
      date one or more of the Senior Parties take any Enforcement Action in
      relation to a particular High Yield Notes Guarantor provided, however,
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      a High Yield Notes Standstill Period ends pursuant to this paragraph (b),
      the High Yield Notes Finance Parties and the High Yield Noteholders may
      only take the same Enforcement Action in relation to the High Yield Notes
      Guarantor as the Enforcement Action taken by the Senior Parties against
      such High Yield Notes Guarantor;
and

            

    

     

    
      
         

      

      
        -48-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Enforcement
      Action for the purpose of this paragraph (b) shall not include action
      taken to preserve or protect any Security as opposed to realise
      it;

            

    

     

    
      	
            	
              19.3.3

            	
              the
      date of an event as described in Clause 14.1 (Subordination events)
      in relation to a particular High Yield Notes Guarantor;
  and

            

    

     

    
      	
            	
              19.3.4

            	
              the
      expiry of any other High Yield Notes Standstill Period outstanding at the
      date such first mentioned High Yield Notes Standstill Period
      commenced.

            

    

     

    
      	
              19.4

            	
              Subsequent High Yield Notes
      defaults

            

    

     

    The High
Yield Notes Finance Parties and High Yield Noteholders or the holder of the High
Yield Notes On-Loan, as applicable, may take Enforcement Action under Clause
19.2 (Permitted High Yield
Notes On-Loan and Permitted High Yield Notes Security Documents
enforcement) in relation to a Relevant High Yield Notes Default even if,
at the end of any relevant High Yield Notes Standstill Period or at any later
time, a further High Yield Notes Standstill Period has begun as a result of any
other High Yield Notes Default.

     

    
      	
              19.5

            	
              Permitted investor
      enforcement

            

    

     

    The
restrictions in Clause 18.4 (Restrictions on enforcement by the
Investors) will not apply if an Insolvency Event is continuing, except
that the Investors may only exercise the rights set out in paragraph (a)(i) and,
with the prior consent of an Instructing Group, paragraph (a)(ii) of the
definition of Enforcement Action in Clause 1.1 (Definitions) in relation to
the relevant Key Company.

     

    
      	
              19.6

            	
              Permitted intercompany
      enforcement

            

    

     

    The
restrictions in Clause 18.5 (Restrictions on enforcement by the
Intercompany Lenders) will not apply if an Insolvency Event is
continuing, except that the Intercompany Lenders may only exercise the rights
set out in paragraph (a)(i) and, with the prior consent of an Instructing Group,
paragraph (a)(ii) of the definition of Enforcement Action in Clause 1.1 (Definitions) in relation to
the relevant Key Company.

     

    
      	
              20.

            	
              APPLICATION
      OF RECOVERIES

            

    

     

    
      	
              20.1

            	
              Order of application for High
      Yield Collateral

            

    

     

    Subject
to the rights of creditors mandatorily preferred by law applying to companies
generally, the proceeds of enforcement of the High Yield Collateral conferred by
the Security Documents shall be applied in the following order:

     

    
      	
            	
              20.1.1

            	
              first, in or towards
      payment pari
      passu to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent of any unpaid fees, costs, expenses and liabilities
      (including any interest thereon as provided in the Security Documents)
      incurred by or on behalf of the Security Agent (or any adviser, receiver,
      delegate, attorney or agent thereof) and the remuneration of the Security
      Agent (or any adviser, receiver, delegate, attorney or agent thereof) in
      connection with carrying out its duties or exercising powers or
      discretions under the Security Documents or this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustees for application towards any unpaid fees, costs, expenses and
      liabilities incurred by or on behalf of the Trustees (or any advisor,
      receiver, delegate, attorney or agent thereof) in connection with any
      enforcement, recovery or other payment and the remuneration of the
      Trustees (or any adviser, receiver, delegate, attorney or agent thereof)
      in connection with carrying out its duties or exercising powers or
      discretions, in each case, under their applicable Note Finance Documents
      or this Agreement (including any Trustee Amounts but excluding any payment
      in relation to any unpaid fees, costs, expenses and liabilities incurred
      in respect of any litigation by or on behalf of any Notes Finance Party or
      Noteholder against any of the Senior Finance
  Parties);

            

    

     

    
      
         

      

      
        -49-

        
          

        

      

      
         

      

    

     

    
      	
            	
              20.1.2

            	
              second, in or towards
      payment pari
      passu to the Senior Secured Representatives for application towards
      any unpaid fees, costs, expenses and liabilities incurred by or on behalf
      of any Senior Party in connection with such enforcement, recovery or other
      payment pari
      passu between themselves;

            

    

     

    
      	
            	
              20.1.3

            	
              third, in or towards
      payment pari
      passu to the Senior Secured Representatives for application towards
      the balance of the Senior Secured Debt (in accordance with the applicable
      Senior Agreement); and

            

    

     

    
      	
            	
              20.1.4

            	
              fourth, after the Senior
      Discharge Date, in or towards payment to or to the order of the High Yield
      Notes Trustee for application towards the balance of the High Yield Notes
      Guarantee Debt (in accordance with the High Yield Notes Indenture) or,
      prior to the Senior Discharge Date, to the Security Agent for distribution
      in accordance with Clause 20.5 (General order of
      application).

            

    

     

    
      	
            	
              20.1.5

            	
              fifth, after the Final
      Discharge Date, in payment of the surplus (if any) to the relevant Obligor
      or other person entitled thereto.

            

    

     

    
      	
              20.2

            	
              Order of application for Arco
      Notes Collateral

            

    

     

    Subject
to the rights of creditors mandatorily preferred by law applying to companies
generally, the proceeds of enforcement of the Arco Notes Collateral conferred by
the Security Documents shall be applied in the following order:

     

    
      	
            	
              20.2.1

            	
              first, in or towards
      payment pari
      passu to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent of any unpaid fees, costs, expenses and liabilities
      (including any interest thereon as provided in the Security Documents)
      incurred by or on behalf of the Security Agent (or any adviser, receiver,
      delegate, attorney or agent thereof) and the remuneration of the Security
      Agent (or any adviser, receiver, delegate, attorney or agent thereof) in
      connection with carrying out its duties or exercising powers or
      discretions under the Security Documents or this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Second Lien Notes Trustee for application towards any unpaid fees, costs,
      expenses and liabilities incurred by or on behalf of the Second Lien Notes
      Trustee (or any advisor, receiver, delegate, attorney or agent thereof) in
      connection with any enforcement, recovery or other payment and the
      remuneration of the Second Lien Notes Trustee (or any adviser, receiver,
      delegate, attorney or agent thereof) in connection with carrying out its
      duties or exercising powers or discretions, in each case, under the Second
      Lien Notes Finance Documents or this Agreement (including any Second Lien
      Notes Trustee Amounts but excluding any payment in relation to any unpaid
      fees, costs, expenses and liabilities incurred in respect of any
      litigation by or on behalf of any Second Lien Notes Finance Party or
      Second Lien Noteholder against any of the Senior Finance
      Parties);

            

    

     

    
      	
            	
              20.2.2

            	
              second, in or towards
      payment to the Senior Agent for application towards any unpaid fees,
      costs, expenses and liabilities incurred by or on behalf of any Senior
      Finance Party or Hedging Bank in connection with such enforcement,
      recovery or other payment pari passu between
      themselves;

            

    

     

    
      	
            	
              20.2.3

            	
              third, in or towards
      payment pari
      passu to (a) the Arco Notes Trustee for application to the Arco
      Notes Debt (in accordance with the Arco Notes Indenture) and (b) the
      Senior Agent for application towards the balance of the Senior Facility
      Debt (in accordance with the Senior Facility Agreement) and the Hedging
      Debt pari passu
      between themselves;

            

    

     

    
      
         

      

      
        -50-

        
          

        

      

      
         

      

    

    
      	
            	
              20.2.4

            	
              fourth, after the Senior
      Facility Discharge Date and the Arco Notes Discharge Date, in or towards
      payment to the Interim Facility Agent for application towards any unpaid
      costs and expenses incurred by or on behalf of any Interim Facility
      Finance Party in connection with such enforcement, recovery or other
      payment;

            

    

     

    
      	
            	
              20.2.5

            	
              fifth, after the Senior
      Facility Discharge Date and the Arco Notes Discharge Date, in or towards
      payment pari
      passu to the Interim Facility Agent and the Second Lien Notes
      Trustee for application towards the balance of the Interim Facility Debt
      (in accordance with the Interim Facility Agreement) and the Second Lien
      Notes Debt (in accordance with the Second Lien Notes
      Indenture);

            

    

     

    
      	
            	
              20.2.6

            	
              sixth, after the Second
      Lien Discharge Date, to the Security Agent for distribution in accordance
      with Clause 20.5 (General order of
      application).

            

    

     

    
      	
              20.3

            	
              Order of application for
      Equistar Notes Collateral

            

    

     

    Subject
to the rights of creditors mandatorily preferred by law applying to companies
generally, the proceeds of enforcement of the Equistar Notes Collateral
conferred by the Security Documents shall be applied in the following
order:

     

    
      	
            	
              20.3.1

            	
              first, in or towards
      payment pari
      passu to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent of any unpaid fees, costs, expenses and liabilities
      (including any interest thereon as provided in the Security Documents)
      incurred by or on behalf of the Security Agent (or any adviser, receiver,
      delegate, attorney or agent thereof) and the remuneration of the Security
      Agent (or any adviser, receiver, delegate, attorney or agent thereof) in
      connection with carrying out its duties or exercising powers or
      discretions under the Security Documents or this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Second Lien Notes Trustee for application towards any unpaid fees, costs,
      expenses and liabilities incurred by or on behalf of the Second Lien Notes
      Trustee (or any advisor, receiver, delegate, attorney or agent thereof) in
      connection with any enforcement, recovery or other payment and the
      remuneration of the Second Lien Notes Trustee (or any adviser, receiver,
      delegate, attorney or agent thereof) in connection with carrying out its
      duties or exercising powers or discretions, in each case, under the Second
      Lien Notes Finance Documents or this Agreement (including any Second Lien
      Notes Trustee Amounts but excluding any payment in relation to any unpaid
      fees, costs, expenses and liabilities incurred in respect of any
      litigation by or on behalf of any Second Lien Notes Finance Party or
      Second Lien Noteholder against any of the Senior Finance
      Parties);

            

    

     

    
      	
            	
              20.3.2

            	
              second, in or towards
      payment to the Senior Agent for application towards any unpaid fees,
      costs, expenses and liabilities incurred by or on behalf of any Senior
      Finance Party or Hedging Bank in connection with such enforcement,
      recovery or other payment pari passu between
      themselves;

            

    

     

    
      	
            	
              20.3.3

            	
              third, in or towards
      payment pari
      passu to (a) the Equistar Notes Trustee for application to the
      Equistar Notes Debt (in accordance with the Equistar Notes Indenture) and
      (b) the Senior Agent for application towards the balance of the Senior
      Facility Debt (in accordance with the Senior Facility Agreement) and the
      Hedging Debt pari
      passu between themselves;

            

    

     

    
      	
            	
              20.3.4

            	
              fourth, after the Senior
      Facility Discharge Date and the Equistar Notes Discharge Date, in or
      towards payment to the Interim Facility Agent for application towards any
      unpaid costs and expenses incurred by or on behalf of any Interim Facility
      Finance Party in connection with such enforcement, recovery or other
      payment;

            

    

     

    
      
         

      

      
        -51-

        
          

        

      

      
         

      

    

    
      	
            	
              20.3.5

            	
              fifth, after the Senior
      Facility Discharge Date and the Equistar Notes Discharge Date, in or
      towards payment pari
      passu to the Interim Facility Agent and the Second Lien Notes
      Trustee for application towards the balance of the Interim Facility Debt
      (in accordance with the Interim Facility Agreement) and the Second Lien
      Notes Debt (in accordance with the Second Lien Notes
      Indenture);

            

    

     

    
      	
            	
              20.3.6

            	
              sixth, after the Second
      Lien Discharge Date, to the Security Agent for distribution in accordance
      with Clause 20.5 (General order of
      application).

            

    

     

    
      	
              20.4

            	
              Order of application for other
      Security

            

    

     

    Subject
to the rights of creditors mandatorily preferred by law applying to companies
generally, the proceeds of enforcement of the General Collateral conferred by
the Security Documents shall be applied in the following order:

     

    
      	
            	
              20.4.1

            	
              first, in or towards
      payment pari
      passu to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent of any unpaid fees, costs, expenses and liabilities
      (including any interest thereon as provided in the Security Documents)
      incurred by or on behalf of the Security Agent (or any adviser, receiver,
      delegate, attorney or agent thereof) and the remuneration of the Security
      Agent (or any adviser, receiver, delegate, attorney or agent thereof) in
      connection with carrying out its duties or exercising powers or
      discretions under the Security Documents or this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Second Lien Notes Trustee for application towards any unpaid fees, costs,
      expenses and liabilities incurred by or on behalf of the Second Lien Notes
      Trustee (or any advisor, receiver, delegate, attorney or agent thereof) in
      connection with any enforcement, recovery or other payment and the
      remuneration of the Second Lien Notes Trustee (or any adviser, receiver,
      delegate, attorney or agent thereof) in connection with carrying out its
      duties or exercising powers or discretions, in each case, under the Second
      Lien Notes Finance Documents or this Agreement (including any Second Lien
      Notes Trustee Amounts but excluding any payment in relation to any unpaid
      fees, costs, expenses and liabilities incurred in respect of any
      litigation by or on behalf of any Second Lien Notes Finance Party or
      Second Lien Noteholder against any of the Senior Finance
      Parties);

            

    

     

    
      	
            	
              20.4.2

            	
              second, in or towards
      payment to the Senior Agent for application towards any unpaid fees,
      costs, expenses and liabilities incurred by or on behalf of any Senior
      Finance Party or Hedging Bank in connection with such enforcement,
      recovery or other payment pari passu between
      themselves;

            

    

     

    
      	
            	
              20.4.3

            	
              third, in or towards
      payment to the Senior Agent for application towards the balance of the
      Senior Facility Debt (in accordance with the Senior Facility Agreement)
      and the Hedging Debt pari passu between
      themselves;

            

    

     

    
      	
            	
              20.4.4

            	
              fourth, after the Senior
      Facility Discharge Date, in or towards payment to the Interim Facility
      Agent for application towards any unpaid costs and expenses incurred by or
      on behalf of any Interim Facility Finance Party in connection with such
      enforcement, recovery or other
payment;

            

    

     

    
      	
            	
              20.4.5

            	
              fifth, after the Senior
      Facility Discharge Date, in or towards payment pari passu to the
      Interim Facility Agent and the Second Lien Notes Trustee for application
      towards the balance of the Interim Facility Debt (in accordance with the
      Interim Facility Agreement) and the Second Lien Notes Debt (in accordance
      with the Second Lien Notes
Indenture);

            

    

     

    
      	
            	
              20.4.6

            	
              sixth, after the Senior
      Discharge Date and the Second Lien Discharge Date, to the Security Agent
      for distribution in accordance with Clause 20.5 (General order of
      application).

            

    

     

    
      
         

      

      
        -52-

        
          

        

      

      
         

      

    

     

    
      	
              20.5

            	
              General order of
      application

            

    

     

    Subject
to the rights of creditors mandatorily preferred by law applying to companies
generally, all recoveries by the Security Agent under guarantees of the Debt and
all other amounts paid to the Security Agent pursuant to this Agreement to the
extent not included in Clauses 20.1 (Order of application for High Yield
Collateral), 2.02 (Order of application for Arco Notes Collateral),
20.3 (Order of application for
Equistar Notes Collateral) and 20.4 (Order of application for other
Security) shall be applied in the following order:

     

    
      	
            	
              20.5.1

            	
              first, in or towards
      payment pari
      passu to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent of any unpaid fees, costs, expenses and liabilities
      (including any interest thereon as provided in the Security Documents)
      incurred by or on behalf of the Security Agent (or any adviser, receiver,
      delegate, attorney or agent thereof) and the remuneration of the Security
      Agent (or any adviser, receiver, delegate, attorney or agent thereof) in
      connection with carrying out its duties or exercising powers or
      discretions under the Security Documents or this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Trustees for application towards any unpaid fees, costs, expenses and
      liabilities incurred by or on behalf of the Trustees (or any advisor,
      receiver, delegate, attorney or agent thereof) in connection with any
      enforcement, recovery or other payment and the remuneration of the
      Trustees (or any adviser, receiver, delegate, attorney or agent thereof)
      in connection with carrying out its duties or exercising powers or
      discretions, in each case, under their applicable Note Finance Documents
      or this Agreement (including any Trustee Amounts but excluding any payment
      in relation to any unpaid fees, costs, expenses and liabilities incurred
      in respect of any litigation by or on behalf of any Notes Finance Party or
      Noteholder against any of the Senior Finance
  Parties);

            

    

     

    
      	
            	
              20.5.2

            	
              second, in or towards
      payment pari
      passu to each of the Senior Representatives and the ABL Agent for
      application towards any unpaid fees, costs, expenses and liabilities
      incurred by or on behalf of any Senior Party or Hedge Bank in connection
      with such enforcement, recovery or other payment pari passu between
      themselves;

            

    

     

    
      	
            	
              20.5.3

            	
              third, in or towards
      payment pari
      passu to each of the Senior Representatives and the ABL Agent for
      application towards the balance of the Senior Debt (in accordance with the
      applicable Senior Agreement), the Hedge Debt and the ABL
    Debt;

            

    

     

    
      	
            	
              20.5.4

            	
              fourth, after the Senior
      Discharge Date, in or towards payment to or to the order of the High Yield
      Notes Trustee for application towards the balance of the High Yield Notes
      Guarantee Debt (in accordance with the High Yield Notes Indenture);
      and

            

    

     

    
      	
            	
              20.5.5

            	
              fifth, after the Final
      Discharge Date, in payment of the surplus (if any) to the relevant Obligor
      or other person entitled thereto.

            

    

     

    
      	
              20.6

            	
              Good
      discharge

            

    

     

    An
acknowledgement of receipt signed by the relevant person to whom payments are to
be made under this Clause 20 shall be a good discharge of the Security
Agent.

     

    
      	
              20.7

            	
              Pledge of Basell Poliolefine
      Italia S.r.l.

            

    

     

    Notwithstanding
clause 20.4, for so long as the pledge of Basell Poliolefine Italia S.r.l. by
its terms secures only the direct obligations of Basell Holdings B.V. any
proceeds from enforcement of the pledge by Basell Holdings B.V. of its interest
in Basell Poliolefine Italia S.r.l. shall only be applied to that portion of the
Senior Debt borrowed directly by Basell Holdings B.V.

     

    
      
         

      

      
        -53-

        
          

        

      

      
         

      

    

     

    
      	
              21.

            	
              ENFORCEMENT
      OF SECURITY

            

    

     

    
      	
              21.1

            	
              Enforcement
      instructions

            

    

     

    
      	
            	
              21.1.1

            	
              Subject
      to paragraph 21.1.2 below, until the Senior Facility Discharge Date, the
      Security Agent shall:

            

    

     

    
      	
               
      

            	
              (a)

            	
              exercise
      any right, power, authority or discretion vested in it as Security Agent
      in accordance with any instructions given to it by the Senior Agent under
      the Senior Facility Agreement (or, if so instructed by the Senior Agent
      under the Senior Facility Agreement, refrain from exercising any right,
      power, authority or discretion vested in it as Security Agent);
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              not
      be liable for any act (or omission) if it acts (or refrains from taking
      any action) in accordance with an instruction of the Senior Agent under
      the Senior Facility Agreement.

            

    

     

    
      	
            	
              21.1.2

            	
              Where:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      High Yield Finance Parties are permitted to take Enforcement Action in
      relation to the High Yield Notes Security Documents under Clause 19.2
      (Permitted High Yield
      Notes On-Loan and Permitted High Yield Notes Security Documents
      enforcement); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Senior Finance Parties have taken no Enforcement Action in relation to the
      Senior Security Documents related to the shares of Basell
      Funding,

            

    

     

    the
Security Agent shall (but only as long as the Senior Secured Parties are not
taking Enforcement Action) (i) exercise any right, power, authority or
discretion vested in it as Security Agent in accordance with any instructions
given to it by the High Yield Notes Trustee (or, if so instructed by the High
Yield Notes Trustee, refrain from exercising any right, power, authority or
discretion vested in it as Security Agent) and (ii) not be liable for any act
(or omission) if it acts (or refrains from taking any action) in accordance with
an instruction of the High Yield Notes Trustee subject to liability on the part
of the Security Agent for gross negligence, willful misconduct or
fraud.

     

    
      	
            	
              21.1.3

            	
              After
      the Senior Facility Discharge Date and until the Second Lien Discharge
      Date, the Security Agent shall:

            

    

     

    
      	
               
      

            	
              (a)

            	
              exercise
      any right, power, authority or discretion vested in it as Security Agent
      in accordance with any instructions given to it by the Instructing Second
      Lien Agent (or, if so instructed by the Instructing Second Lien Agent
      refrain from exercising any right, power, authority or discretion vested
      in it as Security Agent); and

            

    

     

    
      	
               
      

            	
              (b)

            	
              not
      be liable for any act (or omission) if it acts (or refrains from taking
      any action) in accordance with an instruction of the Instructing Second
      Lien Agent under the Interim Facility
Agreement.

            

    

     

    
      	
            	
              21.1.4

            	
              After
      the Senior Facility Discharge Date and the Second Lien Discharge Date and
      until the High Yield Notes Discharge Date, the Security Agent
      shall:

            

    

     

    
      	
               
      

            	
              (a)

            	
              exercise
      any right, power, authority or discretion vested in it as Security Agent
      in accordance with any instructions given to it by the High Yield Notes
      Trustee (or, if so instructed by the High Yield Notes Trustee, refrain
      from exercising any right, power, authority or discretion vested in it as
      Security Agent); and

            

    

     

    
      
         

      

      
        -54-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              not
      be liable for any act (or omission) if it acts (or refrains from taking
      any action) in accordance with an instruction of the High Yield Notes
      Trustee subject to liability on the part of the Security Agent for gross
      negligence, willful misconduct or
fraud.

            

    

     

    
      	
            	
              21.1.5

            	
              Any
      instructions given in accordance with paragraph 21.1.1, 21.1.2, 21.1.3 or
      21.1.4 above will be binding on all the Senior Secured Parties and the
      High Yield Noteholders.

            

    

     

    
      	
            	
              21.1.6

            	
              The
      Security Agent may refrain from acting in accordance with any instructions
      given in accordance with paragraph 21.1.1, 21.1.2, 21.1.3 or 21.1.4 above
      until it has received such security as it may require for any cost, loss
      or liability (together with any associated VAT) which it may incur in
      complying with the instructions.

            

    

     

    
      	
            	
              21.1.7

            	
              In
      the absence of instructions given in accordance with paragraph 21.1.1,
      21.1.2, 21.1.3 or 21.1.4 above, the Security Agent may act (or refrain
      from taking action) as it considers to be in the best interest of the
      Senior Finance Parties or, after the Senior Facility Discharge Date, the
      Interim Facility Finance Parties and the Second Lien Noteholders or, after
      the Second Lien Discharge Date, the High Yield
  Noteholders.

            

    

     

    
      	
            	
              21.1.8

            	
              The
      Security Agent is not authorised to act on behalf of a Senior Secured
      Party, High Yield Notes Finance Party or a High Yield Noteholder (without
      first obtaining that party’s consent) in any legal or arbitration
      proceedings relating to any Senior Finance Document, any Hedging Document,
      any Interim Facility Finance Document, any Second Lien Notes Finance
      Document, any High Yield Notes Finance Document or this
      Agreement.

            

    

     

    
      	
              21.2

            	
              Exemption

            

    

     

    No Senior
Finance Party shall be responsible to any other Party, and no Interim Facility
Finance Party shall be responsible to any other Party, and no Second Lien Notes
Finance Party shall be responsible to any other Party and no High Yield Notes
Finance Party shall be responsible to any other Party, under this Agreement for
any instructions given or not given to the Security Agent in relation to the
Security Documents provided, however, that with respect to any responsibility of
the Second Lien Notes Trustee and the High Yield Notes Trustee only, this Clause
21.2 is subject to Clause 28.11 (Instructions).

     

    
      	
              21.3

            	
              Release of Security on
      enforcement

            

    

     

    If,
pursuant to or for the purpose of any Enforcement Action taken or to be taken by
the Security Agent in accordance with this Agreement, the Security Agent
requires any release of any Security for the Senior Secured Debt granted by any
member of the Group or (subject to the conditions set out in Clause 21.4 (Authority of Security Agent))
the release of any High Yield Notes Guarantee or the High Yield Notes Security
Documents, each Party shall promptly enter into any release and/or other
document and take any action which the Security Agent may reasonably
require.

     

    
      	
              21.4

            	
              Authority of Security
      Agent

            

    

     

    
      	
            	
              21.4.1

            	
              If
      in connection with any Enforcement
Action:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Security Agent (or any receiver) sells or otherwise disposes of (or
      proposes to sell or otherwise dispose of) any asset under any Security
      Document; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      member of the Group sells or otherwise disposes of (or proposes to sell or
      otherwise dispose of) any asset at the request of the Security Agent or an
      Instructing Group,

            

    

     

    the
Security Agent may, and is hereby irrevocably authorised (and released from the
restrictions set forth in Section 181 of the German Civil Code (Bürgerliches Gesetzbuch)) on
behalf of each Party to:

     

    
      
         

      

      
        -55-

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                (i)

              	
                release
      the Security created pursuant to the Security Documents over the relevant
      asset; and

              

      

    

     

    
      
        	
              	
                (ii)

              	
                if
      the relevant asset comprises all of the shares in the capital of a member
      of the Group pledged in favour of the Senior Finance Parties, (x) release
      that member of the Group and any Subsidiary of it from all its past,
      present and future liabilities and/or obligations (both actual and
      contingent) as a guarantor of the whole or any part of the High Yield
      Notes Debt (including any liability to any other member of the Group by
      way of guarantee or contribution) and (y) release any Security granted by
      that member of the Group or any Subsidiary of it over any asset under any
      Security Document,

              

      

    

     

    provided
that, in each case, the conditions of paragraphs 21.4.2 and 21.4.3 below are
satisfied.

     

    
      	
            	
              21.4.2

            	
              It
      is a further condition to the release of the High Yield Notes Guarantees,
      High Yield Notes Security Documents and the whole or any part of the High
      Yield Notes On-Loan Debt described in paragraph 21.4.1 above,
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      proceeds of such sale or disposal are in cash (or substantially in
      cash);

            

    

     

    
      	
               
      

            	
              (b)

            	
              all
      claims of the Senior Parties, Second Lien Noteholders and Unsecured Senior
      Noteholders under the Senior Agreements against a member of the Group (if
      any) all of whose shares pledged in favour of the Senior Finance Parties,
      Interim Facility Finance Parties and Second Lien Notes Finance Parties are
      sold or disposed of pursuant to such Enforcement Action, are
      unconditionally released and discharged or sold or disposed of
      concurrently with such sale, and all Security under the Senior Security
      Documents, Interim Facility Security Documents and Second Lien Notes
      Security Documents in respect of the assets that are sold or disposed of
      is simultaneously and unconditionally released and discharged concurrently
      with such sale, provided that in the event of a sale or disposal of any
      such claim (instead of a release or
discharge):

            

    

     

    
      
        	
              	
                (i)

              	
                the
      Senior Agent determines acting reasonably and in good faith that the
      Senior Finance Parties will recover more than if such claim was released
      or discharged; and

              

      

    

     

    
      
        	
              	
                (ii)

              	
                the
      Senior Agent serves a notice on the Security Agent notifying the Security
      Agent of the same, in which case the Security Agent shall be entitled
      immediately to sell and transfer such claim to such purchaser (or an
      affiliate of such purchaser);

              

      

    

     

    
      	
               
      

            	
              (c)

            	
              such
      sale or disposal (including any sale or disposal of any claim) is made (a)
      pursuant to a public auction (b) pursuant to any process or proceedings
      approved or supervised by or on behalf of any court of law or (c) for fair
      market value (taking into account the circumstances giving rise to such
      sale or disposal) as certified by an internationally recognised investment
      bank selected by the Security
Agent.

            

    

     

    
      	
            	
              21.4.3

            	
              The
      net cash proceeds of sale or disposal shall be applied in or towards
      payment of Debt in accordance with the applicable provisions of Clause 20
      (Application or
      Recoveries) and all proceeds (if any) for the benefit of the High
      Yield Notes Debt shall have been, or contemporaneously with any such
      release shall be:

            

    

     

    
      	
               
      

            	
              (a)

            	
              paid
      to High Yield Noteholders in repayment or redemption of their High Yield
      Notes;

            

    

     

    
      	
               
      

            	
              (b)

            	
              deposited
      with the Security Agent or the High Yield Notes Trustee for the benefit of
      the High Yield Noteholders; or

            

    

     

    
      
         

      

      
        -56-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              deposited
      in an account in which a security interest has been perfected for the
      benefit of the High Yield
Noteholders.

            

    

     

    
      	
            	
              21.4.4

            	
              Each
      Party shall promptly enter into any release and/or other document and take
      any action which the Security Agent may reasonably require to give effect
      to paragraphs 21.4.1 and 21.4.2 above and in accordance with this
      Agreement.

            

    

     

    
      	
            	
              21.4.5

            	
              No
      such release under paragraph 21.4.1 above will affect the obligations
      and/or liabilities of:

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      other member of the Group to the Senior Secured Parties, High Yield
      Noteholders and/or Subordinated Parties;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      Subordinated Party to the Secured Parties and/or the High Yield
      Noteholders.

            

    

     

    
      	
              21.5

            	
              High Yield Notes
      Trustee

            

    

     

    Where the
Security Agent is entitled or required to act in accordance with the
instructions of the Second Lien Notes Trustee or the High Yield Notes Trustee it
will be entitled to act (without further investigation) upon any instructions or
communication received by it from the Second Lien Notes Trustee or the High
Yield Notes Trustee (or any other representative appointed on behalf of the
Second Lien Notes Finance Party or Second Lien Notes, or (as applicable) the
High Yield Notes Finance Parties or High Yield Noteholders) and will not be
bound to enquire whether the requisite Second Lien Noteholder or High Yield
Noteholder approval has been obtained provided this has been confirmed by or on
behalf of the Second Lien Notes Trustee or the High Yield Notes
Trustee.

     

    
      	
              22.

            	
              OPTION
      TO PURCHASE

            

    

     

    
      	
              22.1

            	
              Option to
      purchase

            

    

     

    If after
the Second Lien Discharge Date and a High Yield Notes Stop Notice has been
issued and is current and the Senior Finance Parties have taken Enforcement
Action, provided the High Yield Notes Trustee has received instructions and
confirmation that all conditions in Clause 22.2 (Terms of purchase) will be
satisfied at the relevant time from the High Yield Noteholders, then the High
Yield Notes Trustee or holders of at least 50 per cent. of the High Yield Notes
may at the expense of the High Yield Noteholders within 60 days of the Senior
Finance Parties taking Enforcement Action give not less than 10 Business Days’
notice to the Senior Agent to acquire or procure the acquisition by a person
nominated by the High Yield Notes Trustee or the High Yield Noteholders (as the
case may be) of all (but not part only) of the rights and obligations
of:

     

    
      	
               
      

            	
              (a)

            	
              the
      Senior Finance Parties in connection with the Senior Facility Debt under
      the Senior Finance Documents by way of transfer under Section 10.07 (Successors and Assigns)
      of the Senior Facility Agreement;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Hedging Banks in connection with the Hedging Debt under the Hedging
      Documents,

            

    

     

    but
without prejudice to the Senior Finance Parties’ ability to take Enforcement
Action in accordance with this Agreement prior to any such acquisition and
subject to Clause 22.2 (Terms
of purchase).

     

    
      	
              22.2

            	
              Terms of
      purchase

            

    

     

    Any
purchase under Clause 22.1 (Option to purchase) shall be
on the following terms:

     

    
      	
            	
              22.2.1

            	
              payment
      in full in cash of an amount equal to the Senior Facility Debt outstanding
      as at the date that amount is to be paid, as determined by the Senior
      Agent (acting reasonably);

            

    

     

    
      
         

      

      
        -57-

        
          

        

      

      
         

      

    

     

    
      	
            	
              22.2.2

            	
              payment
      in full in cash of the amount which each Senior Finance Party certifies to
      be necessary to compensate it for any loss on account of funds borrowed,
      contracted for or utilised to fund any amount included in the Senior
      Facility Debt resulting from the receipt of that payment otherwise than on
      the last day of an Interest Period;

            

    

     

    
      	
            	
              22.2.3

            	
              after
      the transfer, no Senior Finance Party will be under any actual or
      contingent liability to any Obligor or any other person under this
      Agreement or any Senior Finance Document for which it is not holding cash
      collateral in an amount and on terms reasonably satisfactory to
      it;

            

    

     

    
      	
            	
              22.2.4

            	
              each
      High Yield Noteholder (or a third party acceptable to all the Senior
      Finance Parties and High Yield Notes Finance Parties), as the case may be,
      indemnifies each Senior Finance Party on the date of the relevant transfer
      in respect of all losses which may be sustained or incurred by any Senior
      Finance Party as a result of any sum received or recovered by any Senior
      Finance Party from any Obligor, any High Yield Notes Finance Party or any
      other person being required (or it being alleged that it is required) to
      be paid back by or clawed back from any Senior Finance Party for any
      reason; and

            

    

     

    
      	
            	
              22.2.5

            	
              the
      relevant transfer shall be without recourse to, or warranty from, any
      Senior Finance Party, except that each Senior Finance Party shall be
      deemed to have represented and warranted on the date of that transfer
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              it
      is the sole owner, free from all Security and third party interests (other
      than any arising under the Senior Finance Documents or by operation of
      law), of all rights and interests under the Senior Finance Documents
      purporting to be transferred by it by that transfer;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              it
      has the power to enter into and make, and has taken all necessary action
      to authorise its entry into and making, that
  transfer.

            

    

     

    
      	
              23.

            	
              PRESERVATION
      OF DEBT

            

    

     

    
      	
              23.1

            	
              Preservation of Junior
      Debt

            

    

     

    
      	
            	
              23.1.1

            	
              Notwithstanding
      any term of this Agreement postponing, subordinating or preventing the
      payment of all or any part of the Junior Debt, the relevant Junior Debt
      shall, as between the Obligors, the Intercompany Borrowers and the Junior
      Creditors, be deemed to remain owing or due and payable (and interest,
      default interest or indemnity payments shall continue to accrue) in
      accordance with the High Yield Notes Finance Documents, the High Yield
      Notes On-Loan Documents, the Investor Documents or the Intercompany
      Documents (as the case may be).

            

    

     

    
      	
            	
              23.1.2

            	
              No
      failure to exercise, nor any delay in exercising, on the part of any
      Junior Creditor any right or remedy under any High Yield Notes Finance
      Document, High Yield Notes On-Loan Document, Investor Document or
      Intercompany Document (as the case may be) by reason of any term of this
      Agreement postponing, restricting or preventing such exercise shall
      operate as a waiver, nor shall any single or partial exercise of any right
      or remedy prevent any further or other exercise or the exercise of any
      other right or remedy by any Junior
Creditor.

            

    

     

    
      	
              23.2

            	
              No
    liability

            

    

     

    
      	
            	
              23.2.1

            	
              No
      Senior Party or Hedging Bank will be liable to any Junior Creditor
      for:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      manner of exercise or any non-exercise of its rights, remedies, powers,
      authorities or discretions under this Agreement;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      failure to collect or preserve any Debt or delay in doing
    so.

            

    

     

    
      
         

      

      
        -58-

        
          

        

      

      
         

      

    

     

    
      	
            	
              23.2.2

            	
              No
      High Yield Notes Finance Party will be liable to any Junior Creditor
      for:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      manner of exercise or any non-exercise of its rights, remedies, powers,
      authorities or discretions under this Agreement;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      failure to collect or preserve any Debt or delay in doing
    so.

            

    

     

    
      	
              24.

            	
              SHARING
      AMONG CERTAIN PARTIES

            

    

     

    
      	
              24.1

            	
              Payments to Senior Secured
      Parties, Unsecured Senior Notes Finance Parties, Unsecured Senior
      Noteholders High Yield Notes Finance Parties and High Yield
      Noteholders

            

    

     

    Subject,
in the case of the Second Lien Notes Trustee, Unsecured Notes Trustee and the
High Yield Notes Trustee, to Clause 28 (Trustees), on or after the
Acceleration Date if a Senior Secured Party, Unsecured Senior Notes Finance
Parties, Unsecured Senior Noteholders, High Yield Notes Finance Party or High
Yield Noteholder, (a “Recovering Creditor”) makes a
Senior Recovery, Hedging Recovery, Interim Facility Recovery, Second Lien Notes
Recovery, Unsecured Senior Notes Recovery or High Yield Notes Guarantee
Recovery, as relevant (the “Recovery”) in respect of any
amounts owed by any Obligor other than in accordance with the applicable
provisions of Clause 20 (Application of Recoveries)
and applies that amount to a payment due under the Finance Documents to which it
is a party then:

     

    
      	
            	
              24.1.1

            	
              the
      Recovering Creditor shall, within three Business Days, notify details of
      the Recovery to the Security Agent and, as relevant, the Senior Agent, the
      Interim Facility Agent, the Second Lien Notes Trustee, Unsecured Senior
      Notes Trustee or the High Yield Notes
Trustee;

            

    

     

    
      	
            	
              24.1.2

            	
              the
      Security Agent shall determine whether the Recovery is in excess of the
      amount the Recovering Creditor would have been paid had the Recovery been
      made by the Security Agent and distributed in accordance with the
      applicable provisions of Clause 20.1 (Application of
      Recoveries), without taking account of any Tax which would be
      imposed on the Security Agent, the Senior Agent, the Interim Facility
      Agent, the Second Lien Notes Trustee, Unsecured Senior Notes Trustee or
      the High Yield Notes Trustee, as relevant, in relation to the Recovery;
      and

            

    

     

    
      	
            	
              24.1.3

            	
              the
      Recovering Creditor shall, within three Business Days of demand by the
      Security Agent, pay to the Security Agent an amount (the “Sharing Payment”) equal
      to such Recovery less any amount which the Security Agent determines may
      be retained by the Recovering Creditor as its share of any payment to be
      made in accordance with the applicable provisions of Clause 20 (Application of
      Recoveries).

            

    

     

    
      	
              24.2

            	
              Redistribution of
      payments

            

    

     

    The
Security Agent shall treat the Sharing Payment as if it had been paid by the
relevant Obligor and distribute it between the Senior Secured Parties, Unsecured
Senior Notes Finance Parties, Unsecured Senior Noteholders, the High Yield Notes
Finance Parties and High Yield Noteholders (other than the Recovering Creditor)
in accordance with the applicable provisions of Clause 20 (Application of
Recoveries).

     

    
      	
              24.3

            	
              Recovering Creditor’s
      rights

            

    

     

    
      	
            	
              24.3.1

            	
              On
      a distribution by the Security Agent under Clause 24.2 (Redistribution of
      payments), the Recovering Creditor will be subrogated to the rights
      of the Senior Secured Parties, Unsecured Senior Notes Finance Parties,
      Unsecured Senior Noteholders, the High Yield Notes Finance Parties and
      High Yield Noteholders which have shared in the
      redistribution.

            

    

     

    
      	
            	
              24.3.2

            	
              If
      and to the extent that the Recovering Creditor is not able to rely on its
      rights under paragraph 24.3.1 above, the relevant Obligor shall be liable
      to the Recovering Creditor for a debt equal to the Sharing Payment which
      is immediately due and payable.

            

    

     

    
      
         

      

      
        -59-

        
          

        

      

      
         

      

    

     

    
      	
              24.4

            	
              Reversal of
      redistribution

            

    

     

    If any
part of the Sharing Payment received or recovered by a Recovering Creditor
becomes repayable and is repaid by that Recovering Creditor, then:

     

    
      	
            	
              24.4.1

            	
              each
      Senior Secured Party, Unsecured Senior Notes Finance Party and High Yield
      Notes Finance Party which has received a share of the relevant Sharing
      Payment pursuant to Clause 24.2 (Redistribution of
      payments) shall, upon request of the Security Agent, pay to the
      Security Agent for account of that Recovering Creditor an amount equal to
      the appropriate part of its share of the Sharing Payment (together with an
      amount as is necessary to reimburse that Recovering Creditor for its
      proportion of any interest on the Sharing Payment which that Recovering
      Creditor is required to pay); and

            

    

     

    
      	
            	
              24.4.2

            	
              that
      Recovering Creditor’s rights of subrogation in respect of any
      reimbursement shall be cancelled and the relevant Obligor will be liable
      to the reimbursing Senior Secured Party and/or Unsecured Senior Notes
      Finance Party and/or High Yield Notes Finance Party (as relevant) for the
      amount so reimbursed.

            

    

     

    
      	
              24.5

            	
              Exceptions

            

    

     

    
      	
            	
              24.5.1

            	
              This
      Clause 24 shall not apply to the extent that the Recovering Creditor would
      not, after making any payment pursuant to this Clause, have a valid and
      enforceable claim against the relevant
Obligor.

            

    

     

    
      	
            	
              24.5.2

            	
              A
      Recovering Creditor is not obliged to share with any Senior Secured Party,
      Unsecured Senior Notes Finance Party or High Yield Notes Finance Party (as
      relevant) any amount which the Recovering Creditor has received or
      recovered as a result of taking legal or arbitration proceedings,
      if:

            

    

     

    
      	
               
      

            	
              (a)

            	
              it
      notified that Senior Secured Party and/or Unsecured Senior Notes Finance
      Party and/or High Yield Notes Finance Party of the legal or arbitration
      proceedings; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      Senior Secured Party and/or Unsecured Senior Notes Finance Party and/or
      High Yield Notes Finance Party had an opportunity to participate in those
      legal or arbitration proceedings but did not do so as soon as reasonably
      practicable having received notice and did not take separate legal or
      arbitration proceedings.

            

    

     

    
      	
            	
              24.5.3

            	
              Neither
      the Second Lien Notes Trustee, Unsecured Senior Notes Trustee or the High
      Yield Notes Trustee shall have to make a Sharing Payment to the Security
      Agent under Clause 24.1.3 (Payments to Senior Secured
      Parties, High Yield Notes Finance Parties and High Yield
      Noteholders) in respect of a Recovery received by it as a
      Recovering Creditor to the extent that at the time of such Recovery and
      its transfer to the Second Lien Noteholders, Unsecured Senior Notes
      Trustee or the High Yield Noteholders (as applicable), the Second Lien
      Notes Trustee, Unsecured Senior Notes Trustee or the High Yield Notes
      Trustee (as applicable) has no actual knowledge that such a Recovery was
      not made in accordance with Clause 20 (Application of
      Recoveries).

            

    

     

    
      	
            	
              24.5.4

            	
              Nothing
      in this Clause 24 shall prevent a Trustee receiving and retaining any
      Trustee Amounts.

            

    

     

    
      	
              24.6

            	
              Parallel
      Debt

            

    

     

    
      	
            	
              24.6.1

            	
              Security Agent Claim
      means any amount which an Obligor owes to the Security Agent under this
      Clause 24.6 (Parallel
      Debt).;

            

    

     

    
      	
               
      

            	
              Secured Party Claim
      means any amount which an Obligor owes to a Senior Secured Party, a High
      Yield Notes Finance Party or a High Yield
  Noteholder.

            

    

     

    
      
         

      

      
        -60-

        
          

        

      

      
         

      

    

     

    
      	
            	
              24.6.2

            	
              Unless
      expressly provided to the contrary in an Finance Document, the Security
      Agent holds:

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      security created by a Security Document governed by Luxembourg
      law;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      benefit of any Security Agent Claims:
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      proceeds of security,

            

    

     

    for the
benefit, and as the property, of the Senior Secured Parties and so that they are
not available to the personal creditors of the Security Agent.

     

    
      	
            	
              24.6.3

            	
              The
      Security Agent will separately identify in its records the property rights
      referred to in Clause 24.6.2 above.

            

    

     

    
      	
            	
              24.6.4

            	
              Clauses
      24.6.2 and 24.6.3 above do not apply to any security created by a Finance
      Document governed by Dutch law.

            

    

     

    
      	
            	
              24.6.5

            	
              Each
      Obligor must pay the Security Agent, as an independent and separate
      creditor, an amount equal to each Secured Party Claim on its due
      date.

            

    

     

    
      	
            	
              24.6.6

            	
              The
      Security Agent may enforce performance of any Security Agent Claim in its
      own name as an independent and separate right.  This includes
      any suit, execution, enforcement of security, recovery of guarantees and
      applications for and voting in respect of any kind of insolvency
      proceeding.

            

    

     

    
      	
            	
              24.6.7

            	
              Each
      Senior Secured Party, High Yield Notes Finance Party and High Yield Note
      Holders must, at the request of the Security Agent, perform any act
      required in connection with the enforcement of any Security Agent
      Claim.  This includes joining in any proceedings as co-claimant
      with the Security Agent.

            

    

     

    
      	
            	
              24.6.8

            	
              Each
      Senior Secured Party, High Yield Notes Finance and High Yield Noteholder,
      irrevocably and unconditionally waives any right it may have to require a
      Senior Secured Party, High Yield Notes Finance Party or High Yield
      Noteholder to join in any proceedings as co-claimant with the Security
      Agent in respect of any Security Agent
Claim.

            

    

     

    
      	
            	
              24.6.9

            	
              Discharge
      by an Obligor of a Secured Party Claim will discharge the corresponding
      Security Agent Claim in the same amount.  Discharge by an
      Obligor of a Security Agent Claim will discharge the corresponding Secured
      Party Claim in the same amount.

            

    

     

    
      	
            	
              24.6.10

            	
              The
      aggregate amount of the Security Agent Claims will never exceed the
      aggregate amount of Secured Party
Claims.

            

    

     

    
      	
            	
              24.6.11

            	
              A
      defect affecting a Security Agent Claim against an Obligor will not affect
      any Secured Party Claim.  A defect affecting a Secured Party
      Claim against an Obligor will not affect any Security Agent
      Claim.

            

    

     

    
      	
            	
              24.6.12

            	
              Each
      Security Agent Claim is created on the understanding that and provided
      that the Security Agent will:

            

    

     

    
      	
               
      

            	
              (a)

            	
              share
      the benefit, including in particular the proceeds of the Security Agent
      Claim, with the other Senior Secured Parties and High Yield Notes Finance
      Parties; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              pay
      those proceeds to the Senior Secured Parties and High Yield Notes Finance
      Parties,

            

    

     

    in
accordance with this Agreement.

     

    
      
         

      

      
        -61-

        
          

        

      

      
         

      

    

     

    
      	
            	
              24.6.13

            	
              Each
      Party agrees that the Security
Agent:

            

    

     

    
      
        	
              	
                (i)

              	
                will
      be the joint and several creditor (together with the relevant Senior
      Secured Party) of each and every obligation of each Obligor towards each
      Senior Secured Party under this Agreement;
and

              

      

    

     

    
      
        	
              	
                (ii)

              	
                will
      have its own independent right to demand performance by each Obligor of
      those obligations.

              

      

    

     

    
      	
            	
              24.6.14

            	
              Discharge
      by an Obligor of any obligation owed to the Security Agent or another
      Senior Secured Party shall, to the same extent, discharge the
      corresponding obligation owing to the
other.

            

    

     

    
      	
            	
              24.6.15

            	
              Without
      limiting or affecting the Security Agent’s rights against each Obligor
      (whether under this clause 24.6 or under any other provision of the
      Finance Documents), the Security Agent agrees with each other Senior
      Secured Party (on a several and divided basis) that, subject to clause
      24.6.16 below, it will not exercise its rights as a joint and several
      creditor with a Senior Secured Party except with the consent of the
      relevant Senior Secured Parties (as required under the Finance
      Documents).

            

    

     

    
      	
            	
              24.6.16

            	
              Nothing
      in clause 24.6.15 shall in any way limit the Security Agent’s right to act
      in the protection or preservation of rights under or to enforce any
      Finance Document as contemplated by this Agreement and/or the relevant
      Finance Document (or to do any act reasonably incidental to any of the
      above).

            

    

     

    
      	
              25.

            	
              SUBROGATION

            

    

     

    
      	
              25.1

            	
              Subrogation of High Yield Notes
      Finance Parties and High Yield
  Noteholders

            

    

     

    If any
Senior Debt, ABL Debt or Hedging Debt is paid out of any proceeds received in
respect of or on account of the High Yield Notes Guarantee Debt owing to one or
more High Yield Notes Finance Parties and High Yield Noteholders:

     

    
      	
               
      

            	
              (a)

            	
              those
      High Yield Notes Finance Parties and High Yield Noteholders (pro rata to
      their respective interests in such High Yield Notes Guarantee Debt) will
      to that extent be subrogated to the Senior Debt, ABL Debt and Hedging Debt
      so paid (and all Security and guarantees for that Senior Debt, Hedging
      Debt); but

            

    

     

    
      	
               
      

            	
              (b)

            	
              except
      with the prior consent of each Senior Representative under its respective
      Senior Agreement and the ABL Agent under the ABL Agreement (as the case
      may be), the High Yield Notes Finance Parties (with the exception of the
      High Yield Notes Trustee in respect of any High Yield Notes Trustee
      Amounts owing to it) and High Yield Noteholders may not exercise those
      subrogation rights until after the Senior Discharge Date. After the Senior
      Discharge Date, to the extent that the High Yield Notes Finance Parties
      and High Yield Noteholders may exercise such rights of subrogation, each
      Senior Party (as the case may be) (and subject, in each case, to being
      indemnified to its reasonable satisfaction against any resulting costs,
      expenses and liabilities, by cash collateral if so requested) will give
      such assistance to enable such rights to be exercised as the High Yield
      Notes Finance Parties and High Yield Noteholders and/or the Security Agent
      may reasonably request.

            

    

     

    
      	
              25.2

            	
              Subrogation of holder of High
      Yield Notes On-Loan

            

    

     

    If any
Senior Debt or Hedging Debt is paid out of any proceeds received in respect of
or on account of the High Yield Notes On-Loan Debt:

     

    
      
         

      

      
        -62-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              those
      holders of the High Yield Notes On-Loan will to that extent be subrogated
      to the Senior Debt and Hedging Debt so paid (and all Security and
      guarantees for that Senior Debt and Hedging Debt);
  but

            

    

     

    
      	
               
      

            	
              (b)

            	
              except
      with the prior consent of each Senior Representative under its respective
      Senior Agreement (as the case may be), the holders of the High Yield Notes
      On-Loan may not exercise those subrogation rights until after the Senior
      Discharge Date.  After the Senior Discharge Date, to the extent
      that the holder of the High Yield Notes On-Loan may exercise such rights
      of subrogation, each Senior Party (as the case may be) (and subject, in
      each case, to being indemnified to its reasonable satisfaction against any
      resulting costs, expenses and liabilities, by cash collateral if so
      requested) will give such assistance to enable such rights to be exercised
      as the holders of the High Yield Notes On-Loan may reasonably
      request.

            

    

     

    
      	
              25.3

            	
              Non-subrogation

            

    

     

    Save to
any extent otherwise agreed by an Instructing Group, no Subordinated Party,
Intercompany Borrower or Obligor will under any circumstances be subrogated to
or entitled to exercise any of the rights of any Senior Party, High Yield
Noteholder or High Yield Notes Finance Party or any Security under the Finance
Documents.

     

    
      	
              26.

            	
              CONSENTS

            

    

     

    
      	
              26.1

            	
              No objection by High Yield
      Notes Finance Parties, High Yield Noteholders or holders of the High Yield
      Notes On-Loan

            

    

     

    No High
Yield Notes Finance Party, High Yield Noteholder or holder of the High Yield
Notes On-Loan shall have any claim or remedy against any member of the Group or
Senior Party by reason of:

     

    
      	
               
      

            	
              (a)

            	
              the
      entry by any of them into any Finance Document or any other agreement
      contemplated in any Finance Document between any Senior Party and any
      member of the Group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      waiver or consent; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      requirement or condition imposed by or on behalf of any Senior Party under
      any Finance Document, or any such other
  agreement,

            

    

     

    which
breaches or causes a default, an event of default or potential event of default
(however described) under any High Yield Notes Finance Document or High Yield
Notes On-Loan Document. No High Yield Noteholder, High Yield Notes Finance Party
or holder of the High Yield Notes On-Loan, may object to any such matter by
reason of any provision of any High Yield Notes Finance Document or High Yield
Notes On-Loan Document.

     

    
      	
              26.2

            	
              No objection by Subordinated
      Parties

            

    

     

    No
Subordinated Party shall have any claim or remedy against any member of the
Group or any Senior Party, High Yield Notes Finance Party or High Yield
Noteholder by reason of:

     

    
      	
               
      

            	
              (a)

            	
              the
      entry by any of them into any Finance Document, High Yield Notes On-Loan
      Document or any other agreement between any such party and any member of
      the Group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      waiver or consent; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      requirement or condition imposed by or on behalf of any such party under
      any Finance Document, High Yield Notes On-Loan Document or any such other
      agreement,

            

    

     

    
      
         

      

      
        -63-

        
          

        

      

      
         

      

    

     

    which
breaches or causes a default, an event of default or potential event of default
(however described) under any Intercompany Document or Investor Document. No
Subordinated Party may object to any such matter by reason of any provision of
any Investor Document or Intercompany Document.

     

    
      	
              27.

            	
              ROLE
      OF THE SECURITY AGENT

            

    

     

    
      	
              27.1

            	
              Appointment of the Security
      Agent

            

    

     

    
      	
            	
              27.1.1

            	
              Each
      other Senior Secured Party, each Arco Notes Finance Party, each Equistar
      Notes Finance Party and each High Yield Notes Finance Party appoints
      Citibank, N.A. to act as security trustee under and in connection with the
      Senior Finance Documents, the Hedging Documents, the Interim Facility
      Finance Documents, the Second Lien Notes Finance Documents, the Arco Notes
      Finance Documents, the Equistar Notes Finance Documents or the High Yield
      Notes Finance Documents (as relevant) and this Agreement in relation to
      any security interest which is expressed to be or is construed to be
      governed by English, Hong Kong or laws of Canada (including the federal
      laws of Canada and the laws of each province or territory thereof), or any
      other law from time to time designated by the Security Agent and an
      Obligor.

            

    

     

    
      	
            	
              27.1.2

            	
              Except
      as expressly provided in this Clause 27.1.1, and without limiting or
      affecting Clause 24.6 (Parallel Debt), each
      other Senior Secured Party, Arco Notes Finance Party, Equistar Notes
      Finance Party and High Yield Notes Finance Party appoints Citibank, N.A.
      to act as collateral agent (the “Collateral
      Agent”)  under and in connection with the Senior Finance
      Documents, the Hedging Documents, the Interim Facility Finance Documents,
      the Second Lien Notes Finance Documents, the Arco Notes Finance Documents,
      the Equistar Notes Finance Documents and the High Yield Notes Finance
      Documents (as relevant) and this
Agreement.

            

    

     

    
      	
            	
              27.1.3

            	
              Without
      limiting or affecting Clause 24.6 (Parallel Debt), each
      other Senior Secured Party, each Arco Notes Finance Party, each Equistar
      Notes Finance Party and each High Yield Notes Finance Party authorises the
      Security Agent to execute on its behalf the Security Documents and
      exercise the rights, powers, authorities and discretions specifically
      given to it under or in connection with the Senior Finance Documents, the
      Hedging Documents, the Interim Facility Finance Documents, the Second Lien
      Notes Finance Documents, the High Yield Notes Finance Documents, the Arco
      Notes Finance Documents, the Equistar Notes Finance Documents and this
      Agreement together with any other incidental rights, powers, authorities
      and discretions.

            

    

     

    
      	
            	
              27.1.4

            	
              For
      the purposes of any security to be granted by an Obligor in the Province
      of Québec, each Senior Finance Party (acting for itself and on behalf of
      each of its Affiliates which are or become a Senior Finance Party from
      time to time) confirms the appointment and designation of the Security
      Agent (or any successor thereto) as the person holding the power of
      attorney (“fondé de
      pouvoir”) within the meaning of Article 2692 of the Civil Code of
      Québec and, in such capacity, the Security Agent shall hold the hypothecs
      granted under the laws of the Province of Québec as such fondé de pouvoir in the
      exercise of the rights conferred thereunder.  The execution by
      the Security Agent, as such fondé de pouvoir prior
      to the date hereof of any deed creating or evidencing any such hypothec is
      hereby ratified and confirmed.  Notwithstanding the provisions
      of Section 32 of the Act respecting the special powers of legal persons
      (Québec), the
      Security Agent may acquire and be the holder of any of the bonds issued
      and secured by any such hypothec. Each future Senior Secured Party that
      becomes party to this Agreement, by becoming a party to this Agreement,
      shall be deemed to have ratified and confirmed (for itself and, in the
      case of each Senior Secured Party, on behalf of each of its Affiliates
      that are or become a Senior Secured Party from time to time) the
      appointment of the Security Agent as fondé de
      pouvoir.

            

    

     

    
      	
            	
              27.1.5

            	
              The
      appointment referred to under this Clause 27.1 (Appointment of Security
      Agent) shall be regarded and construed, for the purposes of Italian
      law, as a mandato con
      rappresentanza, and accordingly the Security Agent shall act as the
      mandatario con
      rappresentanza of the Senior secured Parties and shall be fully
      entitled to, without limitation:

            

    

     

    
      
         

      

      
        -64-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              exercise
      in its name (in nome
      proprio) and in the name and on behalf (in nome e per conto) of
      the Senior Secured Parties all rights, powers and discretion, execute all
      documents and take all actions which are expressed to be exercised,
      executed or taken by the Senior Secured Parties under or in connection
      with any of the Security Documents governed by Italian
  law;

            

    

     

    
      	
               
      

            	
              (b)

            	
              execute
      and perfect, in its name (in nome proprio) and in
      the name and on behalf (in nome e per como) of
      the Senior Secured Parties, any amendment agreement, deed of
      acknowledgement, supplemental deed, confirmation deed or any other
      document to be executed in connection with or under any Security Document
      governed by Italian law;

            

    

     

    
      	
               
      

            	
              (c)

            	
              apply
      the proceeds of any enforcement and sale under the relevant Security
      Document governed by Italian law in accordance with the terms of this
      Agreement; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              take,
      in its name (in nome
      proprio) and in the name and on behalf (in nome e per conto) of
      the Senior Secured Parties, any enforcement action in connection with any
      Security and in accordance with the enforcement procedures provided for by
      Italian law and the provisions of the security documents governed by
      Italian law, provided that the Security Agent may delegate or authorize
      any Senior Secured Party to take enforcement actions in compliance with
      the provisions of the other Finance Documents and the provisions of
      Italian law.

            

    

     

    
      	
            	
              27.1.6

            	
              The
      Security Agent is released from the restrictions set forth in Section 181
      of the German Civil Code (Bürgerliches
      Gesetzbuch) and is also entitled to release sub-delegates from such
      restrictions.

            

    

     

    
      	
              27.2

            	
              Duties of the Security
      Agent

            

    

     

    
      	
            	
              27.2.1

            	
              The
      Senior Agent, the Interim Facility Agent, the Second Lien Notes Trustee,
      the Arco Notes Trustee, the Equistar Notes Trustee and the High Yield
      Notes Trustee shall promptly send to the Security Agent such certification
      as the Security Agent may reasonably require pursuant to paragraph 7
      (Basis of
      distribution) of Schedule 9 (Security agency
      provisions).

            

    

     

    
      	
            	
              27.2.2

            	
              The
      duties of the Security Agent under the Senior Finance Documents, the
      Hedging Documents, the Interim Facility Finance Documents, the Second Lien
      Notes Finance Documents, the Arco Notes Security Documents, the Equistar
      Notes Security Documents, the High Yield Notes Finance Documents and this
      Agreement are solely mechanical and administrative in
    nature.

            

    

     

    
      	
              27.3

            	
              Role of the Security
      Agent

            

    

     

    The
Security Agent shall not be an agent or trustee of any Senior Secured Party,
High Yield Notes Finance Party, Arco Notes Finance Party, Equistar Notes Finance
Party, High Yield Noteholder or holder of the High Yield Notes On-Loan (save, in
each case, as expressly provided in any Finance Document) or any Obligor or any
other person under or in connection with any Senior Finance Document, Hedging
Document, Interim Facility Finance Document, the Second Lien Notes Finance
Documents, the Arco Notes Security Document, the Equistar Notes Security
Document, the High Yield Notes Finance Document or this Agreement. The Security
Agent is not acting as an agent or trustee of any Investor.

     

    
      	
              27.4

            	
              No fiduciary
      duties

            

    

     

    
      	
            	
              27.4.1

            	
              Nothing
      in this Agreement constitutes the Security Agent (except as expressly
      provided in Clause 24.6 (Parallel Debt) or
      Schedule 9 (Security
      agency provisions)) as a trustee or fiduciary of any other
      person.

            

    

     

    
      
         

      

      
        -65-

        
          

        

      

      
         

      

    

    
      	
            	
              27.4.2

            	
              The
      Security Agent shall not be bound to account to any Senior Secured Party,
      Second Lien Noteholders, Arco Noteholders, Equistar Noteholders, High
      Yield Notes Finance Party or High Yield Noteholder for any sum or the
      profit element of any sum received by it for its own
    account.

            

    

     

    
      	
              27.5

            	
              Business with the
      Group

            

    

     

    The
Security Agent may accept deposits from, lend money to and generally engage in
any kind of banking or other business with any member of the Group or any other
person.

     

    
      	
              27.6

            	
              Rights and discretions of the
      Security Agent

            

    

     

    
      	
            	
              27.6.1

            	
              The
      Security Agent may rely on:

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      representation, notice or document believed by it to be genuine, correct
      and appropriately authorised; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      statement made by a director, authorised signatory or employee of any
      person regarding any matters which may reasonably be assumed to be within
      his knowledge or within his power to
verify.

            

    

     

    
      	
            	
              27.6.2

            	
              The
      Security Agent may assume, unless it has received notice to the contrary
      in its capacity as security trustee or security agent for the Senior
      Secured Parties, Second Lien Noteholders, Arco Noteholders, Equistar
      Noteholders, High Yield Noteholders and High Yield Notes Finance Parties,
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              no
      default, event of default or potential event of default, however
      described, has occurred (unless it has actual knowledge of a default, an
      event of default or potential event of default, however described, arising
      under a Senior Default relating to non-payment or any failure by an
      Obligor to pay on the due date any amount payable pursuant to a Hedging
      Document at the place at and in the currency in which it is expressed to
      be payable);

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      right, power, authority or discretion vested in any Party or any group of
      Senior Lenders, Interim Facility Lenders, Senior Secured Parties, Second
      Lien Noteholder, Arco Noteholder, Equistar Noteholder, High Yield
      Noteholder or High Yield Notes Finance Parties has not been exercised;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      notice or request made by the Company (other than a Committed Loan Notice
      or a Swing Line Loan Notice (each as defined in the Senior Facility
      Agreement) or a Borrowing Request (as defined in the Interim Facility
      Agreement) under the Senior Facility Agreement or the Interim Facility
      Agreement) is made on behalf of and with the consent and knowledge of all
      the Obligors.

            

    

     

    
      	
            	
              27.6.3

            	
              The
      Security Agent may engage, pay for and rely on the advice or services of
      any lawyers, accountants, surveyors or other
  experts.

            

    

     

    
      	
            	
              27.6.4

            	
              The
      Security Agent may act in relation to the Senior Finance Documents, the
      Hedging Documents, the Interim Facility Finance Documents, the Second Lien
      Notes Finance Documents, the High Yield Notes Finance Documents and this
      Agreement through its personnel and
agents.

            

    

     

    
      	
            	
              27.6.5

            	
              The
      Security Agent may disclose to any other Party any information it
      reasonably believes it has received as Security
  Agent.

            

    

     

    
      	
            	
              27.6.6

            	
              Notwithstanding
      any other provision of any Senior Finance Document, any Hedging Document,
      any Interim Facility Finance Document, any Second Lien Notes Finance
      Document, the Arco Notes Security Document and the Equistar Notes Security
      Document, any High Yield Notes Finance Document or this Agreement to the
      contrary, the Security Agent is not obliged to do or omit to do anything
      if it would or might in its reasonable opinion constitute a breach of any
      law or regulation, or a breach of a fiduciary duty or duty of
      confidentiality.

            

    

     

    
      
         

      

      
        -66-

        
          

        

      

      
         

      

    

     

    
      	
              27.7

            	
              Responsibility for
      documentation

            

    

     

    The
Security Agent is not responsible for:

     

    
      	
               
      

            	
              (a)

            	
              the
      adequacy, accuracy and/or completeness of any information (whether oral or
      written) supplied by the Security Agent, an Obligor or any other person
      given in or in connection with any Senior Finance Document, any Hedging
      Document, any Interim Facility Finance Document, any Second Lien Notes
      Finance Documents, Arco Notes Security Documents, Equistar Notes Security
      Document, any High Yield Notes Finance Document or this Agreement;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      legality, validity, effectiveness, adequacy or enforceability of any
      Senior Finance Document, any Hedging Document, any Interim Facility
      Finance Document, any Second Lien Notes Finance Documents, any Arco Notes
      Finance Document, any Equistar Notes Finance Documents any High Yield
      Notes Finance Document, this Agreement or any other agreement, arrangement
      or document entered into, made or executed in anticipation of or in
      connection with any Senior Finance Document, any Hedging Document, any
      Interim Facility Finance Document, any Second Lien Notes Finance
      Documents, any Arco Notes Finance Document, any Equistar Notes Finance
      Documents any High Yield Notes Finance Document or this
      Agreement.

            

    

     

    
      	
              27.8

            	
              Exclusion of
      liability

            

    

     

    
      	
            	
              27.8.1

            	
              Without
      limiting paragraph 27.8.2 below, the Security Agent will not be liable for
      any action taken by it under or in connection with any Senior Finance
      Document, any Hedging Document, any Interim Facility Finance Document, any
      Second Lien Notes Finance Documents,any Arco Notes Security Documents, any
      Equistar Notes Security Document, any High Yield Notes Finance Document or
      this Agreement, unless directly caused by its gross negligence or willful
      misconduct.

            

    

     

    
      	
            	
              27.8.2

            	
              No
      Party (other than the Security Agent) may take any proceedings against any
      officer, employee or agent of the Security Agent in respect of any claim
      it might have against the Security Agent or in respect of any act or
      omission of any kind by that officer, employee or agent in relation to any
      Senior Finance Document, any Hedging Document, any Interim Facility
      Finance Document, any Second Lien Notes Finance Documents, any Arco Notes
      Security Documents, any Equistar Notes Security Document, any High Yield
      Notes Finance Document or this Agreement and any officer, employee or
      agent of the Security Agent may rely on this
  Clause.

            

    

     

    
      	
            	
              27.8.3

            	
              The
      Security Agent will not be liable for any delay (or any related
      consequences) in crediting an account with an amount required under the
      Senior Finance Documents, the Hedging Documents, the Interim Facility
      Finance Documents, the Second Lien Notes Finance Documents, the Arco Notes
      Security Documents, the Equistar Notes Security Document, the High Yield
      Notes Finance Document or this Agreement to be paid by it if it has taken
      all necessary steps as soon as reasonably practicable to comply with the
      regulations or operating procedures of any recognised clearing or
      settlement system used by it for that
purpose.

            

    

     

    
      	
              27.9

            	
              Indemnities to the Security
      Agent

            

    

     

    Each
other Senior Secured Party, Second Lien Noteholder, Arco Notes Noteholder,
Equistar Notes Noteholder and High Yield Noteholder shall (in proportion to its
share of the Senior Debt, Hedging Debt, Interim Facility Debt, Second Lien Notes
Debt, Arco Notes Debt, Equistar Notes Debt or High Yield Notes Guarantee Debt
(as the case may be)) then outstanding to all the Senior Debt, Hedging Debt,
Interim Facility Debt, Second Lien Notes Debt or High Yield Notes Guarantee Debt
(as the case may be) then outstanding indemnify the Security Agent, within three
Business Days of demand, against any cost, loss or liability incurred by the
Security Agent (otherwise than by reason of its gross negligence or willful
misconduct) in acting as Security Agent under the Senior Finance Documents, the
Hedging Documents, the Interim Facility Finance Documents, Second Lien Notes
Finance Documents, the Arco Notes Security Documents, the Equistar Notes
Security Document, or the High Yield Notes Finance Documents (if relevant) or
this Agreement (unless it has been reimbursed by an Obligor pursuant to a Senior
Finance Document, a Hedging Document, an Interim Facility Finance Document, the
Second Lien Notes Finance Documents, any Arco Notes Security Documents, any
Equistar Notes Security Document, or a High Yield Notes Finance Document (as
relevant) or this Agreement).

     

    
      
         

      

      
        -67-

        
          

        

      

      
         

      

    

     

    
      	
              27.10

            	
              Resignation of the Security
      Agent

            

    

     

    
      	
            	
              27.10.1

            	
              The
      Security Agent may resign and appoint one of its Affiliates acting through
      an office as successor by giving five days’ written notice to the Interim
      Facility Finance Parties, the Arco Notes Trustee, the Equistar Notes
      Trustee, the Second Lien Notes Trustee, the High Yield Notes Trustee and
      the Company and, until the Senior Discharge Date, the other Senior Finance
      Parties and the Hedging Banks.

            

    

     

    
      	
            	
              27.10.2

            	
              Alternatively,
      the Security Agent may resign by giving five days’ written notice to the
      Interim Facility Finance Parties, the Second Lien Notes
      Trustee,  the Arco Notes Trustee, the Equistar Notes Trustee,
      the High Yield Notes Trustee and the Company and, until the Senior
      Discharge Date, the other Senior Finance Parties and the Hedging Banks, in
      which case the Senior Agent under the Senior Facility Agreement, until the
      Senior Facility Discharge Date, or the Interim Facility Agent under the
      Interim Facility Agreement, after the Senior Facility Discharge Date, the
      Second Lien Notes Trustee, after the Senior Facility Discharge Date and
      the interim Facility Discharge Date, or the High Yield Notes Trustee,
      after the Second Lien Notes Discharge Date (in each case, after
      consultation with the Company) may appoint a successor Security
      Agent.

            

    

     

    
      	
            	
              27.10.3

            	
              If
      the Senior Agent under the Senior Facility Agreement, the Interim Facility
      Agent under the Interim Facility Agreement, the Second Lien Notes Trustee
      or, as the case may be, the High Yield Notes Trustee have not appointed a
      successor Security Agent in accordance with paragraph 27.10.2 above within
      30 days after notice of resignation has been given, the Security Agent
      (after consultation with the Company) may appoint a successor Security
      Agent.

            

    

     

    
      	
            	
              27.10.4

            	
              The
      retiring Security Agent shall make available to its successor such
      documents and records and provide such assistance as its successor may
      reasonably request for the purposes of performing its functions as
      Security Agent under the Senior Finance Documents, the Hedging Documents,
      the Interim Facility Finance Documents, the Second Lien Notes Finance
      Documents, the Arco Notes Security Documents, the Equistar Notes Security
      Documents, the High Yield Notes Finance Documents and this
      Agreement.

            

    

     

    
      	
            	
              27.10.5

            	
              The
      resignation notice of the Security Agent shall only take effect upon (i)
      the appointment of a successor and (ii) the execution of all documents and
      the taking of all other actions necessary or, in the reasonable opinion of
      the successor desirable, in connection with the substitution, in
      accordance with applicable law, of the successor as creditor of each
      Obligor’s Parallel Debt and as holder of the Security created pursuant to
      the Finance Documents.

            

    

     

    
      	
            	
              27.10.6

            	
              Upon
      the appointment of a successor, the retiring Security Agent shall be
      discharged from any further obligation in respect of the Senior Finance
      Documents, the Hedging Documents, the Interim Facility Finance Documents,
      the Second Lien Notes Finance Documents, the Arco Notes Finance Documents,
      the Equistar Notes Finance Documents, the High Yield Notes Finance
      Documents and this Agreement except from those arising before the
      resignation of the Security Agent, but shall remain entitled to the
      benefit of this Clause 27. Its successor and each of the other Parties
      shall have the same rights and obligations amongst themselves as they
      would have had if such successor had been an original
    Party.

            

    

     

    
      
         

      

      
        -68-

        
          

        

      

      
         

      

    

    
      	
            	
              27.10.7

            	
              After
      consultation with the Company, the Senior Agent under the Senior Facility
      Agreement, until the Senior Facility Discharge Date, or the Interim
      Facility Agent under the Interim Facility Agreement, after the Senior
      Discharge Date and until the Interim Facility Discharge Date, the Second
      Lien Notes Trustee after the Senior Facility Discharge Date and the
      Interim Facility Discharge Date and until the Second Lien Notes Discharge
      Date or the High Yield Notes Trustee, after the Second Lien Notes
      Discharge Date, may, by notice to the Security Agent, require it to resign
      in accordance with paragraph 27.10.2 above. In this event, the Security
      Agent shall resign in accordance with paragraphs 27.10.2 and 27.10.5
      above.

            

    

     

    
      	
              27.11

            	
              Confidentiality

            

    

     

    
      	
            	
              27.11.1

            	
              The
      Security Agent (in acting as security trustee or security agent for the
      Senior Secured Parties, the Arco Finance Parties, the Equistar Finance
      Parties, the Second Lien Noteholders, the High Yield Notes Finance Parties
      and High Yield Noteholders) shall be regarded as acting through its
      respective security trustee or security agency division which shall be
      treated as a separate entity from any other of its divisions or
      departments.

            

    

     

    
      	
            	
              27.11.2

            	
              If
      information is received by another division or department of the Security
      Agent, it may be treated as confidential to that division or department
      and the Security Agent shall not be deemed to have notice of
      it.

            

    

     

    
      	
              27.12

            	
              Credit appraisal by the Secured
      Parties and High Yield Notes
Trustee

            

    

     

    Without
affecting the responsibility of any Obligor or other person for information
supplied by it or on its behalf in connection with any Senior Finance Document,
any Hedging Document, any Interim Facility Finance Document, any Second Lien
Notes Finance Documents, any High Yield Notes Finance Document or this
Agreement, each Senior Finance Party, Hedging Bank, Interim Facility Finance
Party, Second Lien Notes Finance Party, Second Lien Noteholder, High Yield Notes
Finance Party and High Yield Noteholder confirms to the Security Agent that it
has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in
connection with any Senior Finance Document, any Hedging Document, any Interim
Facility Finance Document, any Second Lien Notes Finance Documents, any High
Yield Notes Finance Document or this Agreement including but not limited
to:

     

    
      	
            	
              27.12.1

            	
              the
      financial condition, status and nature of each member of the Group and the
      Target Group;

            

    

     

    
      	
            	
              27.12.2

            	
              the
      legality, validity, effectiveness, adequacy or enforceability of any
      Senior Finance Document, any Hedging Document, any Interim Facility
      Finance Document, any Second Lien Notes Finance Documents, any High Yield
      Notes Finance Document or this Agreement or any other agreement, Security,
      arrangement or document entered into, made or executed in anticipation of,
      under or in connection with any Senior Finance Document, any Hedging
      Document, any Interim Facility Finance Document, any Second Lien Notes
      Finance Documents, any High Yield Notes Finance Document or this
      Agreement;

            

    

     

    
      	
            	
              27.12.3

            	
              whether
      that Senior Finance Party, Hedging Bank, Interim Facility Finance Party,
      Second Lien Notes Finance Party or High Yield Notes Finance Party has
      recourse, and the nature and extent of that recourse, against any Party or
      any of its respective assets under or in connection with any Senior
      Finance Document, any Hedging Bank, any Interim Facility Finance Document,
      any Second Lien Notes Finance Documents, any High Yield Notes Finance
      Document or this Agreement, the transactions contemplated by the Senior
      Finance Documents, the Hedging Documents, the Interim Facility Finance
      Documents, any Second Lien Notes Finance Documents, the High Yield Notes
      Finance Documents or this Agreement or any other agreement, Security,
      arrangement or document entered into, made or executed in anticipation of,
      under or in connection with any Senior Finance Document, any Hedging
      Document, any Interim Facility Finance Document, any Second Lien Notes
      Finance Documents, any High Yield Notes Finance Document or this
      Agreement; and

            

    

     

    
      
         

      

      
        -69-

        
          

        

      

      
         

      

    

     

    
      	
            	
              27.12.4

            	
              the
      adequacy, accuracy and/or completeness of any information provided by the
      Security Agent, any Party or by any other person under or in connection
      with any Senior Finance Document, any Hedging Document, any Interim
      Facility Finance Document, any Second Lien Notes Finance Documents, any
      High Yield Notes Finance Document or this Agreement, the transactions
      contemplated by the Senior Finance Documents, the Hedging Documents, the
      Interim Facility Finance Document, any Second Lien Notes Finance
      Documents, any High Yield Notes Finance Documents or this Agreement or any
      other agreement, Security, arrangement or document entered into, made or
      executed in anticipation of, under or in connection with any Senior
      Finance Document, any Hedging Document, any Interim Facility Finance
      Document, any Second Lien Notes Finance Documents, any High Yield Notes
      Finance Document or this Agreement.

            

    

     

    
      	
              27.13

            	
              Management time of the Security
      Agent

            

    

     

    Any
amount payable to the Security Agent under Clause 27.9 (Indemnities to the Security
Agent) and Clause 31 (Expenses) shall include the
cost of utilising its management time or other resources and will be calculated
on the basis of such reasonable daily or hourly rates as it may notify to the
Company, the Senior Agent, the Hedging Banks, the Interim Facility Agent, the
Second Lien Notes Trustee and the High Yield Notes Trustee, as relevant, and is
in addition to any fee paid or payable to it under any Senior Finance Document,
any Hedging Document, any Interim Facility Finance Document, any Second Lien
Notes Finance Documents, any High Yield Notes Finance Document or this
Agreement.

     

    
      	
              27.14

            	
              Deduction from amounts payable
      by the Security Agent

            

    

     

    If any
Party owes an amount to the Security Agent under the Senior Finance Documents,
the Hedging Documents, the Interim Facility Finance Documents, the Second Lien
Notes Finance Documents, the High Yield Notes Finance Documents or this
Agreement, the Security Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the
Security Agent would otherwise be obliged to make under the Senior Finance
Documents, the Hedging Documents, the Interim Facility Finance Documents, the
Second Lien Notes Finance Documents, the High Yield Notes Finance Documents or
this Agreement and apply the amount deducted in or towards satisfaction of the
amount owed. For the purposes of the Senior Finance Documents, the Hedging
Documents, the Interim Facility Finance Documents, the Second Lien Notes Finance
Documents, the  High Yield Notes Finance Documents or this Agreement,
that Party shall be regarded as having received any amount so deducted provided,
however, that this Clause 27.14 shall not entitle the Security Agent to deduct
any amount from any High Yield Notes Trustee Amounts.

     

    
      	
              27.15

            	
              Security agency
      provisions

            

    

     

    The
provisions of Schedule 9 (Security agency provisions)
shall bind each Party.

     

    
      	
              27.16

            	
              Security agency
      fee

            

    

     

    The
Company shall pay to the Security Agent (for its own account) a security agency
fee in the amount and at the times agreed in a Fee Letter.

     

    
      	
              27.17

            	
              Indemnity to the Security
      Agent

            

    

     

    The
Company shall promptly indemnify the Security Agent against any cost, loss or
liability incurred by the Security Agent (acting reasonably) as a result
of:

     

    
      	
            	
              27.17.1

            	
              investigating
      any event which it reasonably believes is a default, an event of default
      or potential event of default, however described;
  or

            

    

     

    
      	
            	
              27.17.2

            	
              acting
      or relying on any notice, request or instruction which it reasonably
      believes to be genuine, correct and appropriately
    authorised.

            

    

     

    
      
         

      

      
        -70-

        
          

        

      

      
         

      

    

     

    
      	
              27.18

            	
              Security Agent
      expenses

            

    

     

    The
Company shall promptly on demand pay the Security Agent the amount of all costs
and expenses (including legal fees) incurred by it in connection with the
administration or release of any Security created pursuant to any Security
Document.

     

    
      	
              28.

            	
              TRUSTEES

            

    

     

    
      	
              28.1

            	
              Liability

            

    

     

    
      	
            	
              28.1.1

            	
              It
      is expressly understood and agreed by the Parties that this Agreement is
      executed and delivered by each Trustee not individually or personally but
      solely in its capacity as trustee in the exercise of the powers and
      authority conferred and vested in it under its respective Notes Finance
      Documents for and on behalf of the Noteholders only for which such Trustee
      acts as trustee and it shall have no liability for acting for itself or in
      any capacity other than as trustee and nothing in this Agreement shall
      impose on it any obligation to pay any amount out of its personal assets.
      Notwithstanding any other provision of this Agreement, its obligations
      hereunder (if any) to make any payment of any amount or to hold any amount
      on trust shall be only to make payment of such amount to or hold any such
      amount on trust to the extent that (i) it has actual knowledge that such
      obligation has arisen and (ii) it has received and, on the date on which
      it acquires such actual knowledge, has not distributed to the Noteholders
      for which it acts as trustee in accordance with its respective Notes
      Indenture (in relation to which it is trustee) any such
      amount.

            

    

     

    
      	
            	
              28.1.2

            	
              It
      is further understood and agreed by the Parties that in no case shall any
      Trustee be (i) personally responsible or accountable in damages or
      otherwise to any other party for any loss, damage or claim incurred by
      reason of any act or omission performed or omitted by that High Yield
      Notes Trustee in good faith in accordance with this Agreement or any of
      the Notes Finance Documents in a manner that such Trustee believed to be
      within the scope of the authority conferred on it by this Agreement or any
      of its respective Notes Finance Documents or by law, or (ii) personally
      liable for or on account of any of the statements, representations,
      warranties, covenants or obligations stated to be those of any other
      Party, all such liability, if any, being expressly waived by the Parties
      and any person claiming by, through or under such Party; provided however,
      that each Trustee shall be personally liable under this Agreement for its
      own gross negligence or willful misconduct. It is also acknowledged and
      agreed that no Trustee shall have any responsibility for the actions of
      any individual Creditor or Noteholder (save in respect of its own
      actions).

            

    

     

    
      	
              28.2

            	
              No
  action

            

    

     

    No
Trustee shall have any obligation to take any action under this Agreement unless
it is indemnified and/or secured and/or prefunded to its satisfaction in respect
of all costs, expenses and liabilities which it would in its opinion thereby
incur (together with any associated VAT). No Trustee shall have an obligation to
indemnify (out of its personal assets) any other person, whether or not a Party,
in respect of any of the transactions contemplated by this Agreement unless
caused by its gross negligence or willful misconduct.

     

    
      	
              28.3

            	
              Reliance on
      certificates

            

    

     

    Each
Trustee shall at all times be entitled to and may rely on any notice, consent or
certificate given or granted by any Party without being under any obligation to
enquire or otherwise determine whether any such notice, consent or certificate
has been given or granted by such Party properly acting as directed by the
appropriate Instructing Group.

     

    
      	
              28.4

            	
              No fiduciary
      duty

            

    

     

    No
Trustee shall be deemed to owe any fiduciary duty to any Creditor (save in
respect of such persons for whom it acts as trustee) and shall not be personally
liable to any Creditor if it shall in good faith mistakenly pay over or
distribute to any Creditor or to any other person cash, property or securities
to which any other Creditor shall be entitled by virtue of this Agreement or
otherwise. With respect to the Creditors, each Trustee undertakes to perform or
to observe only such of its covenants or obligations as are specifically set
forth in the Notes Finance Documents pursuant to which it acts as trustee and
this Agreement and no implied agreement, covenants or obligations with respect
to the other Creditors shall be read into this Agreement against the High Yield
Notes Trustee.

     

    
      
         

      

      
        -71-

        
          

        

      

      
         

      

    

     

    
      	
              28.5

            	
              Debt
      assumptions

            

    

     

    The High
Yield Notes Trustee is entitled to assume that in respect of the Senior
Debt:

     

    
      	
            	
              28.5.1

            	
              no
      Senior Payment Default has
occurred;

            

    

     

    
      	
            	
              28.5.2

            	
              no
      other Senior Default has occurred;

            

    

     

    
      	
            	
              28.5.3

            	
              none
      of the Senior Debt has been accelerated;
and

            

    

     

    
      	
            	
              28.5.4

            	
              the
      Senior Discharge Date has not
occurred,

            

    

     

    unless a
Responsible Officer of the High Yield Notes Trustee has actual knowledge to the
contrary. The High Yield Notes Trustee is not obliged to monitor or enquire
whether any Senior Default has occurred.

     

    
      	
              28.6

            	
              Senior Lenders, Hedging Banks
      or Interim Facility Lenders

            

    

     

    In acting
pursuant to this Agreement and the High Yield Notes Indenture, the High Yield
Notes Trustee is not required to have any regard to the interests of the Senior
Lenders, Hedging Banks, Interim Facility Lenders, Second Lien Noteholders or
Unsecured Senior Noteholders.

     

    
      	
              28.7

            	
              Claims of Security
      Agent

            

    

     

    The
Security Agent agrees and acknowledges that it shall have no claim against any
Trustee in respect of any fees, costs, expenses and liabilities due and payable
to, or incurred by, the Security Agent.

     

    
      	
              28.8

            	
              Reliance and
      advice

            

    

     

    Each
Trustee may:

     

    
      	
            	
              28.8.1

            	
              rely
      on any notice or document believed by it to be genuine and correct and to
      have been signed by, or with the authority of, the proper
      person;

            

    

     

    
      	
            	
              28.8.2

            	
              rely
      on any statement made by any person regarding any matters which may be
      assumed to be within its knowledge or within its powers to verify;
      and

            

    

     

    
      	
            	
              28.8.3

            	
              engage,
      pay for and rely on professional advisers selected by it (including those
      representing a person other than such
Trustee).

            

    

     

    
      	
              28.9

            	
              Provisions survive
      termination

            

    

     

    The
provisions of this Clause 28 shall survive any termination of this
Agreement.

     

    
      	
              28.10

            	
              Other Parties not
      affected

            

    

     

    No
provision of this Clause 28 shall alter or change the rights and obligations as
between the other Parties in respect of each other.

     

    
      
         

      

      
        -72-

        
          

        

      

      
         

      

    

     

    
      	
              28.11

            	
              Instructions

            

    

     

    
      	
            	
              28.11.1

            	
              In
      acting under this Agreement, the Second Lien Notes Trustee shall seek
      instructions from the Second Lien Noteholders at any time and, where it
      acts on the instructions of the Second Lien Noteholders, the Second Lien
      Notes Trustee shall not incur any liability to any person for so acting.
      The Second Lien Notes Trustee is not liable to any person for any loss
      suffered as a result of any delay caused as a result of it seeking
      instructions from the Second Lien
Noteholders.

            

    

     

    
      	
            	
              28.11.2

            	
              In
      acting under this Agreement, the Unsecured Senior Notes Trustee shall seek
      instructions from the Unsecured Senior Noteholders at any time and, where
      it acts on the instructions of the Unsecured Senior Noteholders, the
      Unsecured Senior Notes Trustee shall not incur any liability to any person
      for so acting. The Unsecured Senior Notes Trustee is not liable to any
      person for any loss suffered as a result of any delay caused as a result
      of it seeking instructions from the Unsecured
  Noteholders.

            

    

     

    
      	
            	
              28.11.3

            	
              In
      acting under this Agreement, the High Yield Notes Trustee shall seek
      instructions from the High Yield Noteholders at any time and, where it
      acts on the instructions of the High Yield Noteholders, the High Yield
      Notes Trustee shall not incur any liability to any person for so acting.
      The High Yield Notes Trustee is not liable to any person for any loss
      suffered as a result of any delay caused as a result of it seeking
      instructions from the High Yield
Noteholders.

            

    

     

    
      	
              28.12

            	
              Responsibility of High Yield
      Notes Trustee

            

    

     

    No
Trustee is responsible to any other Senior Finance Party, Interim Facility
Finance Party, Hedging Bank, Second Lien Notes Finance Party, Unsecured Senior
Notes Finance Party or High Yield Notes Finance Party for the legality,
validity, effectiveness, enforceability, adequacy, accuracy, completeness or
performance of:

     

    
      	
            	
              28.12.1

            	
              any
      Finance Document or any other
document;

            

    

     

    
      	
            	
              28.12.2

            	
              any
      statement or information (whether written or oral) made in or supplied in
      connection with any Finance Document or any other document;
    or

            

    

     

    
      	
            	
              28.12.3

            	
              any
      observance by any Obligor of its obligations under any Finance Document or
      any other document.

            

    

     

    
      	
              28.13

            	
              Confirmation

            

    

     

    Without
affecting the responsibility of any Obligor for information supplied by it or on
its behalf in connection with any Finance Document, each Senior Lender, Interim
Facility Lender, Hedging Bank, Second Lien Notes Finance Party, Unsecured Senior
Notes Finance Party and High Yield Notes Finance Party (other than each Trustee
(in its personal capacity) and the Security Agent) confirms that
it:

     

    
      	
            	
              28.13.1

            	
              has
      made, and will continue to make, its own independent appraisal of all
      risks arising under or in connection with the Senior Finance Documents,
      the Interim Facility Finance Documents, the Hedging Documents, the Second
      Lien Notes Finance Documents, the Unsecured Senior Notes Finance Documents
      or the High Yield Notes Finance Documents (including the financial
      condition and affairs of each Obligor and its related entities and the
      nature and extent of any recourse against any Party or its assets);
      and

            

    

     

    
      	
            	
              28.13.2

            	
              has
      not relied exclusively on any information provided to it by any Trustee in
      connection with any Senior Finance Document, Interim Facility Finance
      Document, Hedging Document, the Second Lien Notes Finance Documents, the
      Unsecured Senior Notes Finance Documents or the High Yield Notes Finance
      Document.

            

    

     

    
      
         

      

      
        -73-

        
          

        

      

      
         

      

    

     

    
      	
              28.14

            	
              Provision of
      information

            

    

     

    No
Trustee is obliged to review or check the adequacy, accuracy or completeness of
any document it forwards to another Party.  No Trustee is responsible
for:

     

    
      	
            	
              28.14.1

            	
              providing
      any Senior Lender, Interim Facility Lender, Hedging Bank, Second Lien
      Noteholder, Unsecured Senior Noteholder or High Yield Noteholder with any
      credit or other information concerning the risks arising under or in
      connection with the Senior Finance Documents, Interim Facility Finance
      Documents, Hedging Documents, Second Lien Notes Finance Documents,
      Unsecured Senior Notes Finance Documents or High Yield Notes Finance
      Documents (including any information relating to the financial condition
      or affairs of any Obligor or its related entities or the nature or extent
      of recourse against any Party or its assets) whether coming into its
      possession before, on or after the date of this Agreement;
    or

            

    

     

    
      	
            	
              28.14.2

            	
              obtaining
      any certificate or other document from any
  Obligor.

            

    

     

    
      	
              28.15

            	
              Departmentalism

            

    

     

    In acting
as a Trustee, each Trustee shall be treated as acting through its agency
division which shall be treated as a separate entity from its other divisions
and departments. Any information received or acquired by a Trustee which, in its
opinion, is received or acquired by some other division or department or
otherwise than in its capacity as a Trustee may be treated as confidential by
such Trustee and will not be treated as information possessed by such Trustee in
its capacity as such.

     

    
      	
              28.16

            	
              Disclosure of
      information

            

    

     

    Each
Obligor irrevocably authorises each Trustee to disclose to any Senior Finance
Party, Hedging Bank, Interim Facility Finance Party, Second Lien Notes Finance
Party, Unsecured Senior Notes Finance Party and any High Yield Notes Finance
Party any information that is received by such Trustee in its capacity as a
Trustee.

     

    
      	
              28.17

            	
              Illegality

            

    

     

    Each
Trustee may refrain from doing anything (including disclosing any information)
which might, in its opinion, constitute a breach of any law or regulation and
may do anything which, in its opinion, is necessary or desirable to comply with
any law or regulation.

     

    
      	
              28.18

            	
              Resignation of High Yield Notes
      Trustee

            

    

     

    Each
Trustee may resign or be removed in accordance with the terms of the High Yield
Notes Indenture, provided that a replacement trustee agrees with the Parties to
become the replacement trustee under this Agreement by the execution of an
Accession Agreement.

     

    
      	
              28.19

            	
              Trustee
      assumptions

            

    

     

    
      	
            	
              28.19.1

            	
              Each
      Trustee is entitled to assume that any payment or other distribution made
      pursuant to this Agreement or account of any Debt has been made in
      accordance with the provisions of Clause 17.1 (Ranking) and Clause 20
      (Application of
      Recoveries) and the proceeds of enforcement of any Security
      conferred by the High Yield Notes Security Documents have been applied in
      the order set out in Clause 20 (Application of
      Recoveries).

            

    

     

    
      	
            	
              28.19.2

            	
              The
      High Yield Notes Trustee is entitled to assume that any payment or other
      distribution made pursuant to this Agreement in respect of the High Yield
      Notes Debt has been made in accordance with the ranking in Clause 2 (Ranking) and is not
      prohibited by Clause 6.2 (Prohibited High Yield Notes
      Guarantee Debt Payments, Guarantees and Security), Clause 6.3
      (Prohibited High Yield
      Notes On-Loan Payments, Guarantees and Security) or Clause 10.3
      (High Yield Notes
      Guarantee Debt) and is permitted by Clause 11.3 (Permitted High Yield Notes
      Guarantee Payments and Permitted High Yield Notes On-Loan
      Payments); and

            

    

     

    
      
         

      

      
        -74-

        
          

        

      

      
         

      

    

     

    
      	
            	
              28.19.3

            	
              The
      High Yield Notes Trustee is entitled to assume that any payment or
      distribution made in respect of the High Yield Notes Guarantee Debt is not
      prohibited by Clause 6.2 (Prohibited High Yield Notes
      Guarantee Debt Payments, Guarantees and Security) unless it has
      actual knowledge to the contrary.

            

    

     

    
      	
            	
              28.19.4

            	
              No
      Trustee shall not be obliged to monitor performance by the Obligors of
      their respective obligations under, or compliance by them with, the terms
      of this Agreement. No Trustee is responsible for recovering any moneys
      paid to any Noteholder other than in accordance with the terms of this
      Agreement other than as a result of its own gross negligence or willful
      default.

            

    

     

    
      	
            	
              28.19.5

            	
              No
      Trustee shall have any obligation under this Clause 28.19 in respect of
      amounts received or recovered by it unless (a) it has actual knowledge
      that the receipt or recovery falls within paragraphs 28.19.1 and 28.19.2
      above, and (b) it has not distributed to the Noteholders in accordance
      with its respective Notes Indenture any amount so received or
      recovered.

            

    

     

    
      	
            	
              28.19.6

            	
              Notwithstanding
      Clauses 28.19 (Trustee
      Assumptions), each Trustee shall be liable under this Agreement for
      its own gross negligence.

            

    

     

    
      	
              29.

            	
              INFORMATION

            

    

     

    
      	
              29.1

            	
              Defaults

            

    

     

    
      	
            	
              29.1.1

            	
              Each
      of the Senior Agent, the ABL Agent, the Interim Facility Agent, the Second
      Lien Notes Trustee, the Unsecured Senior Notes Trustee and the High Yield
      Notes Trustee will promptly notify each other and the Security Agent of
      the occurrence of a default, an event of default or a potential event of
      default (however described) under or breach of the Senior Facility
      Agreement, ABL Agreement, the Interim Facility Agreement, Second Lien
      Notes Indenture, Unsecured Senior Notes Indenture  or the High
      Yield Notes Indenture respectively of which it has actual
      knowledge.

            

    

     

    
      	
            	
              29.1.2

            	
              Each
      Hedging Bank, Subordinated Party and the holder of the High Yield Notes
      On-Loan will promptly notify the Senior Agent, the ABL Agent, the Interim
      Facility Agent, the Second Lien Notes Trustee, the Unsecured Senior Notes
      Trustee, the Security Agent and the High Yield Notes Trustee of the
      occurrence of a default, an event of default or potential event of default
      (however described, including any termination event) under or breach of
      any Hedging Document, Investor Document, Intercompany Document or the High
      Yield Notes On-Loan of which it has actual
  knowledge.

            

    

     

    
      	
              29.2

            	
              Amounts of
      Debt

            

    

     

    Each of
the Senior Agent, the Hedging Banks, the Interim Facility Agent, the Second Lien
Notes Trustee, the Unsecured Senior Notes Trustee, the High Yield Notes Trustee,
the holder of the High Yield Notes On-Loan and the Subordinated Parties will on
request by any of the others or the Security Agent from time to time notify the
others and the Security Agent of details of the amount of its outstanding Senior
Debt under their respective Senior Agreement, its outstanding Hedging Debt, its
outstanding High Yield Notes Guarantee Debt, its outstanding High Yield Notes
On-Loan Debt or its outstanding Subordinated Debt respectively.

     

    
      	
              29.3

            	
              Discharge of Senior Debt and
      Hedging Debt

            

    

     

    The
Senior Agent shall promptly notify the Interim Facility Agent, the Second Lien
Notes Trustee, the Unsecured Senior Notes Trustee, the High Yield Notes Trustee
and the Security Agent of the occurrence of the Senior Facility Discharge Date.
Prior to receipt of any such notice, each Trustee shall be entitled to assume
that the Senior Facility Discharge Date has not occurred.

     

    
      
         

      

      
        -75-

        
          

        

      

      
         

      

    

     

    
      	
              29.4

            	
              Discharge of Interim Facility
      Debt

            

    

     

    The
Interim Facility Agent shall promptly notify the Security Agent, the Second Lien
Notes Trustee, the Unsecured Senior Notes Trustee and the High Yield Notes
Trustee of the occurrence of the Interim Facility Discharge Date.

     

    Prior to
receipt of any such notice, each Trustee shall be entitled to assume that the
Interim Facility Discharge Date has not occurred.

     

    
      	
              29.5

            	
              Discharge of Second Lien Notes
      Debt

            

    

     

    The
Second Lien Notes Trustee shall promptly notify the Unsecured Senior Notes
Trustee, the High Yield Notes Trustee and the Security Agent of the occurrence
of the Second Lien Notes Discharge Date.  Prior to receipt of any such
notice, the Unsecured Senior Notes Trustee and the High Yield Notes Trustee
shall be entitled to assume that the Second Lien Notes Discharge Date has not
occurred.

     

    
      	
              29.6

            	
              Discharge of Unsecured Senior
      Notes Debt

            

    

     

    The
Unsecured Senior Notes Trustee shall promptly notify the Second Lien Notes
Trustee, the High Yield Notes Trustee and the Security Agent of the occurrence
of the Unsecured Senior Notes Discharge Date.  Prior to receipt of any
such notice, the Second Lien Notes Trustee and the High Yield Notes Trustee
shall be entitled to assume that the Unsecured Senior Notes Discharge Date has
not occurred.

     

    
      	
              29.7

            	
              Discharge of High Yield Notes
      Guarantee Debt

            

    

     

    The High
Yield Notes Trustee shall promptly notify the Security Agent of the occurrence
of the High Yield Notes Discharge Date.  Prior to receipt of any such
notice, the Unsecured Senior Notes Trustee and the Second Lien Notes Trustee
shall be entitled to assume that the High Yield Notes Discharge Date has not
occurred.

     

    
      	
              29.8

            	
              Discharge of High Yield Notes
      On-Loan Debt

            

    

     

    The
holders of the High Yield Notes On-Loan shall promptly notify the Security Agent
of the occurrence of the High Yield Notes On-Loan Discharge Date (if after the
High Yield Notes Discharge Date).

     

    
      	
              29.9

            	
              Discharge of
      Debt

            

    

     

    For the
avoidance of doubt, no Party shall be required to amend or give any waiver or
consent under any provision of this Agreement after the date on which its Debt
has been fully and irrevocably paid or discharged and all commitments of that
Party in respect of its Debt have expired or been cancelled.

     

    
      	
              30.

            	
              POWER
      OF ATTORNEY

            

    

     

    
      	
              30.1

            	
              Appointment - Senior
      Agent

            

    

     

    Each
Junior Creditor (other than the High Yield Notes Trustee and any High Yield
Noteholder) by way of security irrevocably appoints each of the Senior Agent and
the Security Agent as its attorney (with full power of substitution), on its
behalf and in its name or otherwise, at such time until the Senior Facility
Discharge Date and in such manner as the attorney thinks fit to do anything
which it:

     

    
      	
            	
              30.1.1

            	
              has
      authorised any Senior Finance Party to do under this Agreement;
      and

            

    

     

    
      
         

      

      
        -76-

        
          

        

      

      
         

      

    

     

    
      	
            	
              30.1.2

            	
              is
      obliged to do but has not done under this Agreement within 10 Business
      Days after receiving notice from the Senior Agent requiring it to do
      so.

            

    

     

    
      	
              30.2

            	
              Appointment - Interim Facility
      Agent

            

    

     

    Each
Junior Creditor (other than the High Yield Notes Trustee and any High Yield
Noteholder) by way of security irrevocably appoints each of the Interim Facility
Agent and the Security Agent as its attorney (with full power of substitution),
on its behalf and in its name or otherwise, at such time after the Senior
Facility Discharge Date until the Interim Facility Discharge Date and in such
manner as the attorney thinks fit to do anything which it:

     

    
      	
            	
              30.2.1

            	
              has
      authorised any Interim Facility Finance Party to do under this Agreement;
      and

            

    

     

    
      	
            	
              30.2.2

            	
              is
      obliged to do but has not done under this Agreement within 10 Business
      Days after receiving notice from the Interim Facility Agent requiring it
      to do so.

            

    

     

    
      	
              30.3

            	
              Appointment – Second Lien Notes
      Trustee

            

    

     

    Each
Junior Creditor by way of security irrevocably appoints the Second Lien Notes
Trustee as its attorney (with full power of substitution), on its behalf and in
its name or otherwise, at such time after the Senior Facility Discharge Date and
the Interim Facility Discharge Date until the Second Lien Notes Discharge Date
and in such manner as the attorney thinks fit to do anything which
it:

     

    
      	
            	
              30.3.1

            	
              has
      authorised any Second Lien Notes Finance Party to do under this Agreement;
      and

            

    

     

    
      	
            	
              30.3.2

            	
              is
      obliged to do but has not done under this Agreement within 10 Business
      Days after receiving notice from the Second Lien Notes Trustee requiring
      it to do so.

            

    

     

    
      	
              30.4

            	
              Appointment – Unsecured Senior
      Notes Trustee

            

    

     

    Each
Junior Creditor by way of security irrevocably appoints the Unsecured Senior
Notes Trustee as its attorney (with full power of substitution), on its behalf
and in its name or otherwise, at such time after the Senior facility Discharge
Date, the Interim Facility Discharge Date and the Second Lien Notes Discharge
Date until the Unsecured Senior Notes Discharge Date and in such manner as the
attorney thinks fit to do anything which it:

     

    
      	
            	
              30.4.1

            	
              has
      authorised any Unsecured Senior Notes Finance Party to do under this
      Agreement; and

            

    

     

    
      	
            	
              30.4.2

            	
              is
      obliged to do but has not done under this Agreement within 10 Business
      Days after receiving notice from the Unsecured Senior Notes Trustee
      requiring it to do so.

            

    

     

    
      	
              30.5

            	
              Appointment – High Yield Notes
      Trustee

            

    

     

    Each
Junior Creditor by way of security irrevocably appoints the High Yield Notes
Trustee as its attorney (with full power of substitution), on its behalf and in
its name or otherwise, at such time after the Senior Discharge Date until the
High Yield Discharge Date and in such manner as the attorney thinks fit to do
anything which it:

     

    
      	
            	
              30.5.1

            	
              has
      authorised any High Yield Notes Finance Party to do under this Agreement;
      and

            

    

     

    
      	
            	
              30.5.2

            	
              is
      obliged to do but has not done under this Agreement within 10 Business
      Days after receiving notice from the High Yield Notes Trustee requiring it
      to do so.

            

    

     

    
      
         

      

      
        -77-

        
          

        

      

      
         

      

    

     

    
      	
              30.6

            	
              Ratification

            

    

     

    Each
Junior Creditor (other than the High Yield Notes Trustee) ratifies and confirms
and agrees to ratify and confirm whatever any such attorney shall do in the
exercise or purported exercise of the power of attorney granted by it in this
Clause 30.  Any such attorney appointed under this Clause 30 is
released from the restriction set forth in Section 181 of the German Civil Code
(Bürgerliches
Gesetzbuch).

     

    
      	
              31.

            	
              EXPENSES

            

    

     

    To the
extent not already paid under another Finance Document, each Obligor and each
Subordinated Party will, within three Business Days of demand, pay to the
Security Agent for the benefit of each Senior Secured Party and High Yield Notes
Finance Party the amount of all costs and expenses (including legal fees)
incurred by that Senior Secured Party or High Yield Notes Finance Party (as the
case may be) in connection with the enforcement or preservation of that person’s
rights against that Obligor or Subordinated Party under this
Agreement.

     

    
      	
              32.

            	
              CHANGES
      TO THE PARTIES

            

    

     

    
      	
              32.1

            	
              Accession of Senior
      Agent

            

    

     

    
      	
            	
              32.1.1

            	
              The
      Senior Agents may not assign any of its rights or transfer any of its
      rights or obligations under this Agreement to any person unless and
      until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Senior Agent is permitted to, and at the same time does, assign or
      transfer its related rights and obligations under the Senior Finance
      Documents to that person; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Agent executes an Accession Agreement duly completed and signed
      on behalf of that person.

            

    

     

    
      	
            	
              32.1.2

            	
              Each
      Party (other than the Senior Agent under paragraph 32.1.1 above)
      irrevocably authorises the Security Agent to execute on its behalf any
      Accession Agreement which has been duly completed and signed on behalf of
      that transferee.

            

    

     

    
      	
              32.2

            	
              Accession of Hedging
      Banks

            

    

     

    
      	
            	
              32.2.1

            	
              No
      person entering into any Hedging Document with any Obligor will be
      entitled to share in any Security created by any Security Document in
      respect of any of the moneys, debts or liabilities arising under or in
      connection with that Hedging Document or benefit from the representations,
      warranties or undertakings of any Party under this Agreement unless and
      until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      person and the Hedging Document are listed in Schedule 2 (The Original Hedging
      Banks); or

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      person is a Hedge Bank (as defined in the Senior Facility
      Agreement),

            

    

     

    
      	
               
      

            	
              and,
      in each case that Hedging Document is permitted by the Senior
      Agreements.

            

    

     

    
      	
            	
              32.2.2

            	
              That
      person shall become a Hedging Bank if the Security Agent executes an
      Accession Agreement duly completed and signed on behalf of that
      person.

            

    

     

    
      	
            	
              32.2.3

            	
              Each
      Party (other the relevant proposed Hedging Bank under paragraph 32.2.1(b)
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that proposed Hedging Bank.

            

    

     

    
      
         

      

      
        -78-

        
          

        

      

      
         

      

    

    
      	
            	
              32.2.4

            	
              The
      Company shall procure that no Obligor shall enter into any Hedging
      Document unless and until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      Hedging Document and the Hedging Bank relating to that Hedging Document
      are listed in Schedule 2 (The Original Hedging
      Banks); or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      proposed Hedging Bank has become a Hedging Bank in accordance with
      paragraphs 32.2.1(b) and 32.2.3
above.

            

    

     

    
      	
              32.3

            	
              Assignments and transfers by
      Hedging Banks

            

    

     

    
      	
            	
              32.3.1

            	
              No
      Hedging Bank may assign any of its rights or transfer any of its rights or
      obligations under this Agreement to any person unless and
      until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      Hedging Bank is permitted to, and at the same time does, assign or
      transfer its related rights and obligations under the Hedging Documents to
      that person; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Agent executes an Accession Agreement duly completed and signed
      on behalf of that person.

            

    

     

    
      	
            	
              32.3.2

            	
              Each
      Party (other than the relevant transferee under paragraph 32.3.1 above)
      irrevocably authorises the Security Agent to execute on its behalf any
      Accession Agreement which has been duly completed and signed on behalf of
      that transferee.

            

    

     

    
      	
              32.4

            	
              Assignments and transfers by
      Interim Facility Finance
Parties

            

    

     

    
      	
            	
              32.4.1

            	
              The
      Interim Facility Agent may not assign any of its rights or transfer any of
      its rights or obligations under this Agreement to any person unless and
      until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Interim Facility Agent is permitted to, and at the same time does, assign
      or transfer its related rights and obligations under the Interim Facility
      Finance Documents to that person;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Agent executes an Accession Agreement duly completed and signed
      on behalf of that person.

            

    

     

    
      	
            	
              32.4.2

            	
              Each
      Party (other than the Interim Facility Agent under paragraph 32.4.1 above)
      irrevocably authorises the Security Agent to execute on its behalf any
      Accession Agreement which has been duly completed and signed on behalf of
      that transferee.

            

    

     

    
      	
              32.5

            	
              Accession of Second Lien Notes
      Trustee

            

    

     

    
      	
            	
              32.5.1

            	
              The
      Company shall procure that, prior to the issue of the Second Lien Notes,
      the Second Lien Notes Trustee (and, if such entity ceases to act as
      trustee in relation to the Second Lien Notes for any reason, any successor
      or other person which is appointed or acts as trustee under the Second
      Lien Notes Indenture) shall promptly complete, sign and deliver to the
      Security Agent an Accession Agreement under which the Second Lien Notes
      Trustee agrees to be bound by this Agreement as if it had originally been
      a Party to this Agreement in such capacity. In connection with the
      foregoing, the Security Agent shall make such changes to the terms hereof
      relating to the rights and duties of the Second Lien Notes Trustee and any
      other Party as are required by the Second Lien Notes Trustee without the
      consent of any other Party provided that such changes would not have a
      material adverse effect on the other
Parties.

            

    

     

    
      
         

      

      
        -79-

        
          

        

      

      
         

      

    

     

    
      	
            	
              32.5.2

            	
              Each
      Party (other than the relevant proposed trustee under paragraph 32.5.1
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that person.

            

    

     

    
      	
              32.6

            	
              Accession of Unsecured Senior
      Notes Trustee

            

    

     

    
      	
            	
              32.6.1

            	
              The
      Company shall procure that, prior to the issue of the Unsecured Senior
      Notes, the Unsecured Senior Notes Trustee (and, if such entity ceases to
      act as trustee in relation to the Unsecured Senior Notes for any reason,
      any successor or other person which is appointed or acts as trustee under
      the Unsecured Senior Notes Indenture) shall promptly complete, sign and
      deliver to the Security Agent an Accession Agreement under which the
      Unsecured Senior Notes Trustee agrees to be bound by this Agreement as if
      it had originally been a Party to this Agreement in such capacity. In
      connection with the foregoing, the Security Agent shall make such changes
      to the terms hereof relating to the rights and duties of the Unsecured
      Senior Notes Trustee and any other Party as are required by the Unsecured
      Senior Notes Trustee without the consent of any other Party provided that
      such changes would not have a material adverse effect on the other
      Parties.

            

    

     

    
      	
            	
              32.6.2

            	
              Each
      Party (other than the relevant proposed trustee under paragraph 32.6.1
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that person.

            

    

     

    
      	
              32.7

            	
              Accession of Arco Notes
      Trustee

            

    

     

    
      	
            	
              32.7.1

            	
              The
      Company shall procure that, if the Arco Notes Trustee ceases to act as
      trustee in relation to the Arco Notes for any reason, any successor or
      other person which is appointed or acts as trustee under the Arco Notes
      Indenture shall promptly complete, sign and deliver to the Security Agent
      an Accession Agreement under which the Arco Notes Trustee agrees to be
      bound by this Agreement as if it had originally been a Party to this
      Agreement in such capacity. In connection with the foregoing, the Security
      Agent shall make such changes to the terms hereof relating to the rights
      and duties of the Arco Notes Trustee and any other Party as are required
      by the Arco Notes Trustee without the consent of any other Party provided
      that such changes would not have a material adverse effect on the other
      Parties.

            

    

     

    
      	
            	
              32.7.2

            	
              Each
      Party (other than the relevant proposed trustee under paragraph 32.7.1
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that person.

            

    

     

    
      	
              32.8

            	
              Accession of Equistar Notes
      Trustee

            

    

     

    
      	
            	
              32.8.1

            	
              The
      Company shall procure that, if the  Equistar Notes Trustee
      ceases to act as trustee in relation to the Equistar Notes for any reason,
      any successor or other person which is appointed or acts as trustee under
      the Equistar Notes Indenture shall promptly complete, sign and deliver to
      the Security Agent an Accession Agreement under which the Equistar Notes
      Trustee agrees to be bound by this Agreement as if it had originally been
      a Party to this Agreement in such capacity. In connection with the
      foregoing, the Security Agent shall make such changes to the terms hereof
      relating to the rights and duties of the Equistar Notes Trustee and any
      other Party as are required by the Equistar Notes Trustee without the
      consent of any other Party provided that such changes would not have a
      material adverse effect on the other
Parties.

            

    

     

    
      	
            	
              32.6.2

            	
              Each
      Party (other than the relevant proposed trustee under paragraph 32.8.1
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that person.

            

    

     

    
      
         

      

      
        -80-

        
          

        

      

      
         

      

    

     

    
      	
              32.9

            	
              Accession of High Yield Notes
      Trustee

            

    

     

    
      	
            	
              32.9.1

            	
              The
      Company shall procure that, if the High Yield Note Trustee ceases to act
      as trustee in relation to the High Yield Notes for any reason, any
      successor or other person which is appointed or acts as trustee under the
      High Yield Notes Indenture shall promptly complete, sign and deliver to
      the Security Agent an Accession Agreement under which the High Yield Notes
      Trustee agrees to be bound by this Agreement as if it had originally been
      a Party to this Agreement in such capacity. In connection with the
      foregoing, the Security Agent shall make such changes to the terms hereof
      relating to the rights and duties of the High Yield Notes Trustee and any
      other Party as are required by the High Yield Notes Trustee without the
      consent of any other Party provided that such changes would not have a
      material adverse effect on the other
Parties.

            

    

     

    
      	
            	
              32.9.2

            	
              Each
      Party (other than the relevant proposed trustee under paragraph 32.9.1
      above) irrevocably authorises the Security Agent to execute on its behalf
      any Accession Agreement which has been duly completed and signed on behalf
      of that person.

            

    

     

    
      	
            	
              32.9.3

            	
              The
      High Yield Notes Trustee (on behalf of the High Yield Noteholders), by its
      execution of an Accession Agreement, acknowledges and agrees
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      to the extent and in the manner set out in the High Yield Notes Indenture
      under which the High Yield Notes are issued, the payment of all Senior
      Subordinated Guarantee Debt (as such term is defined in the High Yield
      Notes Indenture) is expressly made subordinate to and subject in right of
      payment to the prior payment in full in cash of all Senior Debt, ABL Debt
      and Hedging Debt;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Senior Debt and Hedging Debt each qualify as “Guarantor Senior Debt”
      for the purposes of and as such term is defined in the High Yield Notes
      Indenture;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Senior Parties are entitled to rely on and enforce the subordination
      provisions contained in the High Yield Notes Indenture and the provisions
      in the High Yield Notes Indenture restricting the circumstances in which a
      demand may be made under the Senior Subordinated Guarantee (as such term
      is defined in the High Yield Notes Indenture) or the High Yield Notes
      Security may be enforced; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              it
      accepts any Accession Agreement and the accession by the relevant parties
      to this Agreement in the capacity described therein. For the avoidance of
      doubt, the High Yield Notes Trustee hereby waives any right to approve, or
      of objection to, the accession or identity of such persons and confirms
      that it hereby waives any obligation on the part of a party to procure the
      High Yield Notes Trustee’s counter-signature or acceptance of any such
      Accession Agreement.

            

    

     

    
      	
              32.10

            	
              Assignment and transfers by
      Investors

            

    

     

    
      	
            	
              32.10.1

            	
              No
      Investor may assign any of its rights or transfer any of its rights or
      obligations under this Agreement to any person unless and
      until:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      Investor is permitted to, and at the same time does, assign or transfer
      its related rights and obligations under the Investor Documents to that
      person; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Security Agent executes an Accession Agreement duly completed and signed
      on behalf of that person.

            

    

     

    
      	
            	
              32.10.2

            	
              Each
      Party (other than the relevant transferee under paragraph 32.10.1 above)
      irrevocably authorises the Security Agent to execute on its behalf any
      Accession Agreement which has been duly completed and signed on behalf of
      that transferee.

            

    

     

    
      
         

      

      
        -81-

        
          

        

      

      
         

      

    

     

    
      	
              32.11

            	
              Assignment and transfer by
      Obligors

            

    

     

    No
Obligor may assign any of its rights or transfer any of its rights or
obligations under this Agreement.

     

    
      	
              32.12

            	
              Accession of additional
      Obligors

            

    

     

    
      	
            	
              32.12.1

            	
              The
      Company shall procure that any member of the Group which it requests to
      become an Additional Guarantor (as defined in the Interim Facility
      Agreement) or a Borrower or a Guarantor (as defined in the Senior Facility
      Agreement) shall deliver to the Security Agent a duly completed and signed
      Accession Agreement on or before becoming such a Borrower, Guarantor or
      Additional Guarantor under the Senior Facility Agreement or the Interim
      Facility Agreement, as applicable.

            

    

     

    
      	
            	
              32.12.2

            	
              Each
      Party (other than the relevant proposed Borrower, Guarantor or Additional
      Guarantor referred to under paragraph 32.12.1 above) irrevocably
      authorises the Security Agent to execute on its behalf any Accession
      Agreement which has been duly completed and signed on behalf of that
      proposed Borrower, Guarantor or Additional
  Guarantor.

            

    

     

    
      	
              32.13

            	
              Assignment and transfer by High
      Yield Notes Guarantors

            

    

     

    Until the
Senior Discharge Date, no High Yield Notes Guarantor may assign any of its
rights or transfer any of its rights or obligations under this Agreement (other
than in connection with a transaction in which the applicable High Yield Notes
Guarantee is assigned or transferred to or otherwise assumed by another person
in a transaction not prohibited by the High Yield Notes Indenture or the Senior
Agreements (and having regard to the terms of the High Yield Notes Major
Terms)).

     

    
      	
              32.14

            	
              Accession of additional High
      Yield Notes Guarantors

            

    

     

    
      	
            	
              32.14.1

            	
              Until
      the Senior Discharge Date, the Company shall procure that any new High
      Yield Notes Guarantor shall deliver to the Security Agent a duly completed
      and signed Accession Agreement on or before becoming a new High Yield
      Notes Guarantor.

            

    

     

    
      	
            	
              32.14.2

            	
              Each
      Party (other than the new High Yield Notes Guarantors under paragraph
      32.14.1 above) irrevocably authorises the Security Agent to execute on its
      behalf any Accession Agreement which has been duly completed and signed on
      behalf of that proposed new High Yield Notes
  Guarantor.

            

    

     

    
      	
              32.15

            	
              Assignments and transfers by
      Intercompany Lenders and Intercompany
  Borrowers

            

    

     

    
      	
            	
              32.15.1

            	
              No
      Intercompany Lender or Intercompany Borrower may assign any of its rights
      or transfer any of its rights or obligations under this Agreement to any
      person unless and until the Security Agent executes an Accession Agreement
      duly completed and signed on behalf of that
  person.

            

    

     

    
      	
            	
              32.15.2

            	
              Each
      Party (other than the relevant transferee under paragraph 32.15.1 above)
      irrevocably authorises the Security Agent to execute on its behalf any
      Accession Agreement which has been duly completed and signed on behalf of
      that transferee.

            

    

     

    
      	
              32.16

            	
              Accession of Intercompany
      Borrowers and Intercompany
Lenders

            

    

     

    
      	
            	
              32.16.1

            	
              The
      Company shall procure that any member of the Group (other than Basell
      Sales & Marketing B.V., Basell Polyolefins Company B.V.B.A., Basell
      Capital Corporation, LyondellBasell Receivables I, LLC, any other
      Securitization Entity (as defined in the Senior Facility Agreement) which
      (i) is an Obligor and becomes a borrower from any member of the Group or
      (ii) becomes a creditor of an Obligor, in each case, in respect of
      Financial Indebtedness, in either case exceeding €10,000,000 (or its
      equivalent in another currency or currencies), is a party to, or accedes
      to this Agreement as an Intercompany Borrower or, as the case may be, an
      Intercompany Lender by delivering to the Security Agent a duly completed
      and signed Accession Agreement on or before becoming an Intercompany
      Borrower or, as the case may be, an Intercompany Lender; provided,
      however, that no such Obligor or creditor of an Obligor (i) which is a
      Subsidiary of LyondellBasell Finance Company and (ii) is not a Loan Party
      (as defined in the Senior Facility Agreement) shall be obligated to accede
      to this Agreement prior to 45 days after the date
  hereof.

            

    

     

    
      
         

      

      
        -82-

        
          

        

      

      
         

      

    

     

    
      	
            	
              32.16.2

            	
              That
      member of the Group shall become an Intercompany Borrower or an
      Intercompany Lender if the Security Agent executes that Accession
      Agreement.

            

    

     

    
      	
            	
              32.16.3

            	
              Each
      Party (other than the relevant proposed Intercompany Borrower or
      Intercompany Lender under paragraph 32.16.1 above) irrevocably authorises
      the Security Agent to execute on its behalf any Accession Agreement which
      has been duly completed and signed on behalf of that proposed Intercompany
      Borrower or Intercompany Lender.

            

    

     

    
      	
            	
              32.16.4

            	
              The
      Security Agent shall promptly execute any Accession Agreement which has
      been duly completed and signed on behalf of the proposed Intercompany
      Borrower or Intercompany Lender.

            

    

     

    
      	
              32.17

            	
              Notification by Security
      Agent

            

    

     

    The
Security Agent shall notify the other Parties promptly of the receipt and
execution by it on their behalf of any Accession Agreement.

     

    
      	
              33.

            	
              NOTICES

            

    

     

    
      	
              33.1

            	
              Communications in
      writing

            

    

     

    Any
communication or document to be made or delivered under or in connection with
this Agreement shall be made in writing and, unless otherwise stated, may be
made or delivered by fax or letter.

     

    
      	
              33.2

            	
              Addresses

            

    

     

    The
address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with this Agreement
is:

     

    
      	
            	
              33.2.1

            	
              in
      the case of the Company, any other Original Obligor, any Senior Finance
      Party or any Interim Facility Finance Party, that identified in accordance
      with the terms of the Senior Facility Agreement or, as the case may be,
      Second Lien Notes Trustee, Unsecured Senior Notes Trustee, the Interim
      Facility Agreement; and

            

    

     

    
      	
            	
              33.2.2

            	
              in
      the case of each Hedging Bank, Subordinated Party or the High Yield Notes
      Trustee, that notified in writing to the Security Agent on or prior to the
      date on which it becomes a Party,

            

    

     

    or any
substitute address, fax number or department or officer as the Party may notify
to the Security Agent (or the Security Agent may notify to the other Parties, if
a change is made by the Security Agent) by not less than five Business Days’
notice.

     

    
      	
              33.3

            	
              Delivery

            

    

     

    
      	
            	
              33.3.1

            	
              Any
      communication or document made or delivered by one person to another under
      or in connection with this Agreement will only be
    effective:

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      by way of fax, when received in legible form;
or

            

    

     

    
      
         

      

      
        -83-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              if
      by way of letter, when it has been left at the relevant address or five
      Business Days after being deposited in the post postage prepaid in an
      envelope addressed to it at that
address,

            

    

     

    and, if a
particular department or officer is specified as part of its address details
provided under Clause 33.2 (Addresses), if addressed to
that department or officer provided that in the case of any communication or
document given to a Trustee any such notice will be deemed given when it is
actually received by a Responsible Officer of the such Trustee.

     

    
      	
            	
              33.3.2

            	
              Any
      communication or document to be made or delivered to the Security Agent
      will be effective only when actually received by the Security Agent and
      then only if it is expressly marked for the attention of the department or
      officer identified with the Security Agent’s signature below (or any
      substitute department or officer as the Security Agent shall specify for
      this purpose) provided that in the case of any communication to a Trustee
      any such communication will only be effective when it is actually received
      by a Responsible Officer of such
Trustee.

            

    

     

    
      	
              33.4

            	
              Notification of address and fax
      number

            

    

     

    Promptly
upon receipt of notification of an address and fax number or change of address
or fax number pursuant to Clause 33.2 (Addresses) or changing its
own address or fax number, the Security Agent shall notify the other
Parties.

     

    
      	
              33.5

            	
              English
      language

            

    

     

    
      	
            	
              33.5.1

            	
              Any
      notice given under or in connection with this Agreement must be in
      English.

            

    

     

    
      	
            	
              33.5.2

            	
              All
      other documents provided under or in connection with this Agreement must
      be:

            

    

     

    
      	
               
      

            	
              (a)

            	
              in
      English; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      not in English, and if so required by the Security Agent after an Event of
      Default (as defined in any Finance Document), accompanied by an English
      translation acceptable to the Security Agent (acting reasonably) and, in
      this case, the English translation will prevail unless the document is a
      constitutional, statutory or other official document or a Security
      Document.

            

    

     

    
      	
              34.

            	
              PARTIAL
      INVALIDITY

            

    

     

    If, at
any time, any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

     

    
      	
              35.

            	
              REMEDIES
      AND WAIVERS

            

    

     

    No
failure to exercise, nor any delay in exercising, on the part of any Senior
Secured Party, Unsecured Senior Notes Finance Party, High Yield Notes Finance
Party or Subordinated Party any right or remedy under this Agreement shall
operate as a waiver, nor shall any single or partial exercise of any right or
remedy prevent any further or other exercise or the exercise of any other right
or remedy. The rights and remedies provided in this Agreement are cumulative and
not exclusive of any rights or remedies provided by law.

     

    
      	
              36.

            	
              COUNTERPARTS

            

    

     

    This
Agreement may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of this
Agreement.

     

    
      
         

      

      
        -84-

        
          

        

      

      
         

      

    

     

    
      	
              37.

            	
              AMENDMENTS

            

    

     

    
      	
              37.1

            	
              Amendments

            

    

     

    
      	
            	
              37.1.1

            	
              This
      Agreement may be amended by the Obligors and the Security Agent without
      the consent of any other Party to cure defects, resolve ambiguities or
      reflect changes, in each case, of a minor, technical or administrative
      nature.

            

    

     

    
      	
            	
              37.1.2

            	
              This
      Agreement may also be amended by the Security Agent and a Trustee without
      the consent of any other Party, in the event that a Notes Indenture for
      which such Trustee acts or Trustee is required to be qualified under the
      US Trust Indenture Act of 1939, as amended, as a result of the exercise of
      registration rights, but only to the minimum extent required in order for
      that Notes Indenture to be so
qualified.

            

    

     

    
      	
              37.2

            	
              Amendments affecting only
      certain Parties

            

    

     

    Each
Party acknowledges and agrees that to the extent than an amendment to this
Agreement only affects the rights and obligations of one or more Parties or
class of Parties to this Agreement, and could not reasonably be expected to be
adverse to the interests of the other Parties or a class of Parties, only the
Parties or class of Parties affected by such amendment need to agree to the
amendments.

     

    
      	
              37.3

            	
              Refinancing

            

    

     

    Any
Senior Debt or ABL Debt may, to the extent permitted under the other Senior
Agreements, be refinanced, replaced, increased or otherwise restructured (a
“Refinancing”) in whole
or in part on terms that do not result in a breach of any term of any agreement
in respect of Junior Debt and any obligations incurred by the Group on such
Refinancing in respect of such Senior Debt will, to the extent designated by the
Company, rank senior to the Junior Debt and otherwise benefit from the
provisions of this Agreement on, mutatis mutandis, the terms set out herein (and
such obligations will constitute Senior Debt).

     

    
      	
              37.4

            	
              Replacement intercreditor
      agreement

            

    

     

    Subject
to being indemnified and/or secured to its satisfaction against any fees, costs,
expenses or other liabilities, which it may in doing so incur, the High Yield
Notes Trustee (for itself and as trustee for the High Yield Noteholders), the
Junior Creditors and the Obligors shall enter into a replacement intercreditor
agreement with the Senior Parties and the Hedging Banks on substantially the
same terms and conditions as this Agreement (mutatis mutandis) on the novation,
supplement, Refinancing or replacement of all or any part of the Senior Debt and
do all other acts and things (including, without limitation, the execution of
assignments or other instruments) as are reasonably required and practicable to
give effect to the purposes of this Agreement (in the case of the High Yield
Notes Trustee only, to the extent that such other acts and things are not
prejudicial to the rights of the High Yield Notes Trustee under this Agreement
or the High Yield Notes Indenture).

     

    
      	
              37.5

            	
              Trustees

            

    

     

    Notwithstanding
anything to the contrary in this Agreement, any amendment or waiver of this
Agreement which is prejudicial to the rights and obligations of a Trustee in its
personal capacity as such may not be effected without its prior
consent.

     

    
      	
              38.

            	
              GOVERNING
      LAW

            

    

     

    This
Agreement is governed by New York law.

     

    
      
         

      

      
        -85-

        
          

        

      

      
         

      

    

     

    
      	
              39.

            	
              ENFORCEMENT

            

    

     

    
      	
              39.1

            	
              Jurisdiction

            

    

     

    
      	
               
      

            	
              THIS
      AGREEMENT  SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW
YORK.

            

    

     

    
      	
               
      

            	
              ANY
      LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN ANY WAY
      CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
      HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, 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 PARTY CONSENTS, FOR
      ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION
      OF THOSE COURTS.  EACH PARTY 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 THIS
      AGREEMENT OR OTHER DOCUMENT RELATED
THERETO.

            

    

     

    
      	
              39.2

            	
              Service of
      process

            

    

     

    Without
prejudice to any other mode of service allowed under any relevant law, each
Obligor, each Intercompany Borrower and each Subordinated Party:

     

    
      	
            	
              39.2.1

            	
              irrevocably
      appoints LyondellBasell Finance Company as its agent for service of
      process in relation to any proceedings before New York or Federal courts
      in connection with any Finance Document;
and

            

    

     

    
      	
            	
              39.2.2

            	
              agrees
      that failure by a process agent to notify the relevant Obligor,
      Intercompany Borrower or Subordinated Party of the process will not
      invalidate the proceedings
concerned.

            

    

     

    
      	
              39.3

            	
              Waiver of trial by
      jury

            

    

     

    Each
Party waives any right it may have to a jury trial of any claim or cause of
action in connection with any Finance Document or any transaction contemplated
by any Finance Document. In the event of litigation, this Agreement may be filed
as a written consent to trial by court.

     

    
      
         

      

      
        -86-

        
          

        

      

      
         

      

    

    SCHEDULE
1

     

    THE
ORIGINAL OBLIGORS

     

    
      	
              Name
      of Original Borrower

            	
              Jurisdiction
      of incorporation

            	
              Registration
      number (or equivalent, if any)

            
	
              Basell
      AF S.C.A.

            	
              Luxembourg

            	
              B
      107545

            
	
              BIL
      Acquisition Holdings Limited (to be merged with and into Lyondell Chemical
      Company)

            	
              Delaware,
      United States

            	
              4388226

            
	
              Basell
      Holdings B.V.

            	
              The
      Netherlands

            	
              24344658

            
	
              Basell
      Finance Company B.V.

            	
              The
      Netherlands

            	
              34090540

            
	
              Basell
      Germany Holdings GmbH

            	
              Germany

            	
              HRB
      44982

            

    

    

    

    
      	
              Name
      of Original Guarantor

            	
              Jurisdiction
      of incorporation

            	
              Registration
      number (or equivalent, if any)

            
	
              Nell
      Acquisition (US) LLC

            	
              Delaware,
      United States

            	
              3955083

            
	
              Basell
      Finance USA Inc.

            	
              New
      York, United States

            	
              N/A

            
	
              Basell
      North America Inc.

            	
              Delaware,
      United States

            	
              2015017

            
	
              Basell
      USA Inc.

            	
              Delaware,
      United States

            	
              2015015

            
	
              LyondellBasell
      Finance Company

            	
              Delaware,
      United States

            	
              4412649

            
	
              LBI
      Acquisition LLC

            	
              Delaware,
      United States

            	
              4443425

            
	
              LBIH
      LLC

            	
              Delaware,
      United States

            	
              4443530

            
	
              Basell
      Holdings B.V.

            	
              The
      Netherlands

            	
              24344658

            
	
              Basell
      International Holdings B.V.

            	
              The
      Netherlands

            	
              34090793

            
	
              Basell
      Benelux B.V.

            	
              The
      Netherlands

            	
              20078583

            
	
              Basell
      Europe Holdings B.V.

            	
              The
      Netherlands

            	
              34090809

            
	
              Basell
      Finance Company B.V.

            	
              The
      Netherlands

            	
              34090540

            
	
              Basell
      Finance & Trading Company B.V.

            	
              The
      Netherlands

            	
              34243687

            
	
              Basell
      Sales and Marketing Company B.V.

            	
              The
      Netherlands

            	
              3425062

            
	
              LyondellBasell
      Netherlands Holdings B.V.

            	
              The
      Netherlands

            	
              08163670

            
	
              Basell
      AF S.C.A.

            	
              Luxembourg

            	
              B
      107545

            
	
              Basell
      Funding S.à.r.l.

            	
              Luxembourg

            	
              B
      107544

            
	
              Basell
      Polyolefine GmbH

            	
              Germany

            	
              HRB
      45129

            
	
              Basell
      Bayreuth Chemie GmbH

            	
              Germany

            	
              HRB
      55766

            
	
              Basell
      Germany Holdings GmbH

            	
              Germany

            	
              HRB
      44982

            
	
              Basell
      Polyolefins UK Ltd.

            	
              England

            	
              02811230

            
	
              Basell
      UK Holdings Ltd.

            	
              England

            	
              03053549

            
	
              Basell
      Asia Pacific Limited

            	
              Hong
      Kong

            	
              0167684

            
	
              Basell
      Canada Inc

            	
              Canada

            	
              562607

            
	
              Lyondell
      Refining I LLC

            	
              Delaware,
      United States

            	
              3607692

            
	
              Lyondell
      Chemical Company

            	
              Delaware,
      United States

            	
              2075914

            
	
              LyondellPOTechLP,
      Inc.

            	
              Delaware,
      United States

            	
              3192829

            
	
              Lyondell
      LP3 Partners, LP

            	
              Delaware,
      United States

            	
              3607688

            
	
              Lyondell
      Petrochemical L.P. Inc.

            	
              Delaware,
      United States

            	
              2799835

            
	
              Houston
      Refining LP

            	
              Delaware,
      United States

            	
              2987782

            
	
              Equistar
      Chemicals, LP

            	
              Delaware,
      United States

            	
              2801077

            
	
              Lyondell
      Europe Holdings Inc.

            	
              Delaware,
      United States

            	
              4361811

            
	
              Lyondell
      Chemical Products Europe LLC

            	
              Delaware,
      United States

            	
              0944226

            
	
              Lyondell
      Chimie France LLC

            	
              Delaware,
      United States

            	
              0817667

            
	
              Millennium
      Specialty Chemicals Inc.

            	
              Delaware,
      United States

            	
              2070632

            
	
              Millennium
      Petrochemicals Inc.

            	
              Virginia,
      United States

            	
              0026552-0

            
	
              Lyondell
      Chemical Technology, L.P.

            	
              Delaware,
      United States

            	
              2282031

            
	
              Lyondell
      Chemical Technology 1 Inc.

            	
              Delaware,
      United States

            	
              4085628

            
	
              Lyondell
      Refining Company LLC

            	
              Delaware,
      United States

            	
              2240602

            

    

    
      
         

      

      
        -87-

        
          

        

      

      
         

      

    

    

    
      	
              Lyondell
      Houston Refinery Inc.

            	
              Delaware,
      United States

            	
              4197451

            
	
              Lyondell
      Chemical Nederland, Ltd.

            	
              Delaware,
      United States

            	
              0745612

            
	
              Lyondell-Equistar
      Holdings Partners

            	
              Delaware,
      United States

            	
              3396193

            
	
              Lyondell
      (Pelican) Petrochemical L.P.1, Inc.

            	
              Delaware,
      United States

            	
              2886331

            
	
              Lyondell
      LP4 Inc.

            	
              Delaware,
      United States

            	
              2799352

            
	
              Lyondell
      LP3 GP, LLC

            	
              Delaware,
      United States

            	
              3607695

            
	
              Millennium
      Petrochemicals Partners, LP

            	
              Delaware,
      United States

            	
              4085626

            
	
              Millennium
      US Op Co, LLC

            	
              Delaware,
      United States

            	
              3401274

            
	
              Millennium
      America Inc.

            	
              Delaware,
      United States

            	
              0903156

            
	
              Millennium
      America Holdings Inc.

            	
              Delaware,
      United States

            	
              0903155

            
	
              Millennium
      Worldwide Holdings I Inc.

            	
              Delaware,
      United States

            	
              3487870

            
	
              Millennium
      Chemicals Inc.

            	
              Delaware,
      United States

            	
              2604298

            
	
              Millennium
      Petrochemicals GP LLC

            	
              Delaware,
      United States

            	
              2803695

            
	
              Lyondell
      Chemical Technology Management, Inc.

            	
              Delaware,
      United States

            	
              2242904

            

    

     

    
      
         

      

      
        -88-

        
          

        

      

      
         

      

    

    SCHEDULE
2

    THE
ORIGINAL HEDGING BANKS

     

     

    Existing
Hedges

     

    
      	
              (a)

            	
              Cross
      Currency Swaps

            

    

     

     

    Contracting
parties:  Basell Holdings BV and ABN AMRO Bank NV

    Principal:  USD
175,000,000 and EUR 142,692,926.83

    Quarterly
interest payments

    Tenor:  5
year (until August 15th
2010)

     

    Contracting
parties:  Basell Holdings BV and ING Bank NV

    Principal:  USD
109,000,000 and EUR 89,024,390.24

    Quarterly
interest payments

    Tenor:  10
year (until August 15th
2015)

     

    Contracting
parties:  Basell Holdings BV and ING Bank NV

    Principal:  USD
80,000,000 and EUR 65,040,650.41

    Quarterly
interest payments

    Tenor:  5
year (until August 15th
2010)

     

    
      	
              (b)

            	
              Total
      Return Swap

            

    

     

     

    Contracting
parties:  Basell Finance Company BV and ABN AMRO Bank NV

    Principal:  adjustable
but currently 1,200,000 shares Royal Dutch Shell A Plc and 140,000
shares BASF AG

    Semi
annual settlements

    Tenor:  3
year (until October 4, 2008)(e)     EU Allowance/EU Credit
Swaps

     

    Contracting
parties:  Basell Finance & Trading Company BV and ABN AMRO Bank
NV

    Principal:  EU
Allowance 73,000, EU Credit 100,000

    Settlement:  December
2008

     

    Contracting
parties:  Basell Finance & Trading Company BV and ABN AMRO Bank
NV

    Principal:  EU
Allowance 214,937, EU Credit 250,000

    Settlement:  December
2008

     

    
      
         

      

      
        -89-

        
          

        

      

      
         

      

    

    SCHEDULE
3

    THE
ORIGINAL INVESTORS

     

    
      	
              Name
      of Original Investor

            	
              Jurisdiction
      of incorporation

            	
              Registration
      number (or equivalent, if any)

            
	
              BI
      S.à r.l.

            	
              Luxembourg

            	
              B
      106994

            
	
              AI
      Petrochemicals LLC

            	
              Delaware,
      USA

            	
              39366041

            

    

     

    
      
         

      

      
        -90-

        
          

        

      

      
         

      

    

    SCHEDULE
4

    THE
ORIGINAL INTERCOMPANY LENDERS AND BORROWERS

     

    

     

    
      	
              Name
      of Original Intercompany Lender

            
	 
	
              Basell
      Holdings B.V.

            
	
              Basell
      Finance Company B.V.

            
	
              Basell
      AF S.C.A. (to be renamed LyondellBasell Industries AF
    S.C.A)

            
	
              Basell Polyolefine
      GmbH

            
	
              Basell
      Bayreuth Chemie GmbH

            
	
              Basell
      Germany Holdings GmbH

            
	
              Basell
      Polyolefins UK Limited

            
	
              Basell
      UK Holdings Limited

            
	
              Basell
      Canada Inc.

            
	
              Basell
      Asia Pacific Ltd

            
	
              Basell
      International Holdings B.V.

            
	
              Basell
      Benelux B.V.

            
	
              Basell
      Europe Holdings B.V.

            
	
              Basell
      Finance & Trading Company B.V.

            
	
              Basell
      Sales & Marketing Company B.V.

            
	
              Basell
      Funding S.à r.l.

            
	
              Nell
      Acquisition (US) LLC

            
	
              Basell
      Finance USA Inc.

            
	
              Basell
      North America Inc.

            
	
              Basell
      USA Inc

            
	
              LyondellBasell
      Finance Company

            
	
              LyondellBasell
      Netherlands Holdings B.V.

            
	
              Basell Poliolefine Italia
      s.r.l.

            
	
              LBI
      Acquisition LLC

            
	
              LBIH
      LLC

            
	
              BIL
      Acquisition Holdings Limited (to be merged with and into Lyondell Chemical
      Company)

            
	
              BasellTech
      USA Inc.

            
	
              Equistar
      Chemicals, LP

            
	
              Houston
      Refining LP

            
	
              Lyondell
      Asia Pacific, Ltd.

            
	
              Lyondell
      Chemical Company

            
	
              Lyondell
      Chemical Delaware Company

            
	
              Lyondell
      Chemical Europe, Inc.

            
	
              Lyondell
      Chemical Nederland Ltd.

            
	
              Lyondell
      Chemical Technology, L.P.

            
	
              Lyondell Chemie
      (POSM) B.V.

            
	
              Lyondell Chemie
      International, B.V.

            
	
              Lyondell Chemie Nederland,
      B.V.

            
	
              Lyondell
      Chimie France LLC

            
	
              Lyondell
      Chimie France SAS

            
	
              Lyondell Chimie TDI,
      SCA

            

    

    
      
         

      

      
        -91-

        
          

        

      

      
         

      

    

    

    
      	
              Lyondell
      Europe Holdings Inc.

            
	
              Lyondell
      Greater China, Ltd.

            
	
              Lyondell
      Houston Refinery, Inc.

            
	
              Lyondell
      LP3 Partners, LP

            
	
              Lyondell
      LP4 Inc.

            
	
              Lyondell
      (Pelican) Petrochemical L.P. 1, Inc.

            
	
              Lyondell
      Petrochemicals LP, Inc.

            
	
              Lyondell
      PO-11 CV

            
	
              Lyondell
      Refining Company LLC

            
	
              Lyondell
      Refining I LLC

            
	
              MHC
      Inc.

            
	
              Millennium
      America Holdings Inc.

            
	
              Millennium
      America Inc.

            
	
              Millennium
      Chemicals Inc.

            
	
              Millennium
      Holdings LLC

            
	
              Millennium
      Petrochemicals GP LLC

            
	
              Millennium
      Petrochemicals Inc.

            
	
              Millennium
      Petrochemicals Inc. - Non Acetyls

            
	
              Millennium
      Petrochemicals LP LLC

            
	
              Millennium
      Petrochemicals Partners LP

            
	
              Millennium
      Specialty Chemicals

            
	
              Millennium
      Specialty Chemicals Inc. - St. Helena

            
	
              Millennium
      US Op Co LLC

            
	
              Millennium
      Worldwide Holdings I Inc.

            
	
              PH
      Burbank Holdings, Inc.

            
	
              PO
      Offtake, LP

            
	
              POSM
      Delaware, Inc.

            
	
              Suburban
      Propane G.P. Inc.

            

    

    

    

    
      	
              Name
      of Original Intercompany Borrower

            
	 
	
              Basell
      Holdings B.V.

            
	
              Basell
      Finance Company B.V.

            
	
              Basell
      AF S.C.A. (to be renamed LyondellBasell Industries AF
    S.C.A)

            
	
              Basell Polyolefine
      GmbH

            
	
              Basell
      Bayreuth Chemie GmbH

            
	
              Basell
      Germany Holdings GmbH

            
	
              Basell
      Polyolefins UK Limited

            
	
              Basell
      UK Holdings Limited

            
	
              Basell
      Canada Inc.

            
	
              Basell
      Asia Pacific Ltd

            
	
              Basell
      International Holdings B.V.

            
	
              Basell
      Benelux B.V.

            
	
              Basell
      Europe Holdings B.V.

            
	
              Basell
      Finance & Trading Company B.V.

            
	
              Basell
      Sales & Marketing Company B.V.

            
	
              Basell
      Funding S.à r.l.

            

    

    
      
         

      

      
        -92-

        
          

        

      

      
         

      

    

     

    
      	
              Nell
      Acquisition (US) LLC

            
	
              Basell
      Finance USA Inc.

            
	
              Basell
      North America Inc.

            
	
              Basell
      USA Inc

            
	
              LyondellBasell
      Finance Company

            
	
              LyondellBasell
      Netherlands Holdings B.V.

            
	
              Basell Poliolefine Italia s.r.l.

            
	
              LBI
      Acquisition LLC

            
	
              LBIH
      LLC

            
	
              BIL
      Acquisition Holdings Limited (to be merged with and into Lyondell Chemical
      Company)

            
	
              BasellTech
      USA Inc.

            

    

    

    
      	
              Equistar
      Chemicals, LP

            
	
              Houston
      Refining LP

            
	
              Lyondell
      Asia Pacific, Ltd.

            
	
              Lyondell
      Chemical Company

            
	
              Lyondell
      Chemical Delaware Company

            
	
              Lyondell
      Chemical Europe, Inc.

            
	
              Lyondell
      Chemical Nederland Ltd.

            
	
              Lyondell
      Chemical Technology, L.P.

            
	
              Lyondell
      Chemie (POSM) B.V.

            
	
              Lyondell
      Chemie International, B.V.

            
	
              Lyondell
      Chemie Nederland, B.V.

            
	
              Lyondell
      Chimie France LLC

            
	
              Lyondell
      Chimie France SAS

            
	
              Lyondell
      Chimie TDI, SCA

            
	
              Lyondell
      Europe Holdings Inc.

            
	
              Lyondell
      Greater China, Ltd.

            
	
              Lyondell
      Houston Refinery, Inc.

            
	
              Lyondell
      LP3 Partners, LP

            
	
              Lyondell
      LP4 Inc.

            
	
              Lyondell
      (Pelican) Petrochemical L.P. 1, Inc.

            
	
              Lyondell
      Petrochemicals LP, Inc.

            
	
              Lyondell
      PO-11 CV

            
	
              Lyondell
      Refining Company LLC

            
	
              Lyondell
      Refining I LLC

            
	
              MHC
      Inc.

            
	
              Millennium
      America Holdings Inc.

            
	
              Millennium
      America Inc.

            
	
              Millennium
      Chemicals Inc.

            
	
              Millennium
      Holdings LLC

            
	
              Millennium
      Petrochemicals GP LLC

            
	
              Millennium
      Petrochemicals Inc.

            
	
              Millennium
      Petrochemicals Inc. - Non Acetyls

            
	
              Millennium
      Petrochemicals LP LLC

            

    

    
      
         

      

      
        -93-

        
          

        

      

      
         

      

    

    

    
      	
              Millennium
      Petrochemicals Partners LP

            
	
              Millennium
      Specialty Chemicals

            
	
              Millennium
      Specialty Chemicals Inc. - St. Helena

            
	
              Millennium
      US Op Co LLC

            
	
              Millennium
      Worldwide Holdings I Inc.

            
	
              PH
      Burbank Holdings, Inc.

            
	
              PO
      Offtake, LP

            
	
              POSM
      Delaware, Inc.

            
	
              Suburban
      Propane G.P. Inc.

            

    

    
      
         

      

      
        -94-

        
          

        

      

      
         

      

    

    SCHEDULE
5

     

    FORM
OF ACCESSION AGREEMENT

     

    
      	
              To:

            	
              [                    ]
      as Security Agent

            

    

     

    
      	
              From:

            	
              [Proposed Senior Agent/ABL
      Agent/Hedging Bank/Interim Facility Agent /holder of High Yield Notes
      On-Loan/Second Lien Notes Trustee/Unsecured Senior Notes Trustee/High
      Yield Notes Trustee/Investor/Inter­company Lender/Intercompany
      Borrower/Additional Guarantor/High Yield Notes
      Guarantor]

            

    

     

    
      Dated:

    

     

    Dear
Sirs

     

    [Company]
- Intercreditor Agreement

     

    dated
December 20 2007 (the “Agreement”)

     

    
      	
              1.

            	
              We
      refer to the Agreement. This is an Accession Agreement. Terms defined in
      the Agreement have the same meaning in this Accession Agreement unless
      given a different meaning in this Accession
  Agreement.

            

    

     

    
      	
              2.

            	
              [Proposed Senior Agent/ABL
      Agent /Hedging Bank/Interim Facility Agent/holder of High Yield Notes
      On-Loan/Second Lien Notes Trustee/Unsecured Senior Notes Trustee/High
      Yield Notes Trustee/Investor/Intercompany Lender/Intercompany
      Borrower//Additional Guarantor/High Yield Notes Guarantor] agrees
      to be bound by the terms of the Agreement [and, in the case of a Hedging
      Bank, the Senior Facility Agreement] as the Senior Agent/a Hedging
      Bank/Arco Notes Trustee/Equistar Notes Trustee/the Interim Facility
      Agent/the holder of High Yield Notes On-Loan/the Second Lien Notes
      Trustee/the Unsecured Senior Notes Trustee/the High Yield Notes
      Trustee/Investor/the Intercompany Lender/Intercompany Borrower/Additional
      Guarantor/High Yield Notes
Guarantor].

            

    

     

    
      	
              3.

            	
              [Without
      limiting or affecting Clause 24.6 (Parallel Debt), in any
      circumstances in which the Security Agent is not acting pursuant to the
      Parallel Debt under Clause 24.6 (Parallel Debt), for the
      purposes of Italian law, the Security Agent shall be deemed to be acting
      in its capacity as agent (mandatario con
      rappresentanza) in its own name and on its behalf and in the name
      and on behalf of [Proposed Senior Finance
      Party/Proposed Hedging Bank] as a [Senior Finance Party/Hedging
      Bank], which by executing this Accession Agreement for the purposes
      hereof grants to the Security Agent any necessary power of attorney to
      execute the Security Documents in the name and on behalf of [Proposed Senior Finance
      Party/Proposed Hedging Bank] as a [Senior Finance Party/Hedging
      Bank] and to exercise any and all rights and powers of [Proposed Senior Finance
      Party/Proposed Hedging Bank] as a [Senior Finance Party/Hedging
      Bank] under the Security Documents including, but not limited to,
      the power to bring, prosecute, enforce, defend and abandon actions, suits
      and proceedings in relation to the Security Documents.]  [To be
      discussed with A&O.]

            

    

     

    
      	
              4.

            	
              [Proposed Additional
      Guarantor/Intercompany Borrower/Intercompany Lender] is a company
      duly incorporated under the law of [name of relevant
      jurisdiction].

            

    

     

    [The
amount which may be paid by [Proposed Additional
Guarantor/Intercompany Borrower/Intercompany Lender] is subject to the
following limitations:

     

    
      	
               
      

            	
              (a)

            	
              if
      [Proposed Additional
      Guarantor/Intercompany Borrower/Intercompany Lender] is
      incorporated in
      [                   ];

            

    

     

    
      	
               
      

            	
              (b)

            	
              if:

            

    

     

    
      	
               
      

            	
              (i)

            	
              [Proposed Additional
      Guarantor/Intercompany Borrower/Intercompany Lender] is
      incorporated in any other jurisdiction;
or

            

    

     

    
      
         

      

      
        -95-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (ii)

            	
              [Proposed Additional
      Guarantor/Intercompany Borrower/Intercompany Lender] is
      incorporated in
      [                   ]
      [or
      [                   ]].

            

    

     

    
      	
              5.

            	
              [Proposed Senior Agent /Hedging
      Bank’s/Interim Facility Agent/holder of High Yield Notes On-Loan’s/Second
      Lien Notes Trustee’s/Unsecured Senior Notes Trustee’s High Yield Notes
      Trustee’s/Investor’s/ Intercompany Lender’s/Intercompany
      Borrower’s/Additional Guarantor’s/High Yield Notes Guarantor’s]
      administrative details are as
follows:

            

    

     

    Address:

     

    Fax
No:

     

    Attention:

     

    
      	
              6.

            	
              [Details
      of the Hedging Document are as
follows:

            

    

     

    Date:

     

    Parties:  [Proposed Hedging Bank] and
[the Company]

     

    Terms:  [Insert brief summary of type of
contract].]

     

    
      	
              7.

            	
              This
      Accession Agreement is governed by New York
law.

            

    

     

    [Proposed Senior Agent /Hedging
Bank/Interim Facility Agent/ holder of High Yield Notes On-Loan/Second Lien
Notes Trustee/Unsecured Senior Notes Trustee/High Yield Notes
Trustee/Investor/Intercompany Lender/Intercompany Borrower/Additional
Guarantor/High Yield Notes Guarantor]

     

    
      	
              8.

            	
              [To
      be included in Accession Agreement for Hedging Banks and the Second Lien
      Notes Trustee only]

            

    

     

    This
Clause 8 is supplemental to a German security trust agreement (the “Security
Trust Agreement”) dated [●] between the Security Agent, the Beneficiaries (as
defined therein) and certain Obligors as Security Grantors.

     

    The
[Hedging Bank/Second Lien Notes Trustee] has taken note of the Security Trust
Agreement and has especially taken note of the powers granted to the Security
Agent therein.

     

    The
[Hedging Bank/Second Lien Notes Trustee] ratifies (genehmigt) the acceptance of
accessory security entered into with a view to securing the [Hedging Debt/Second
Lien Notes Debt], especially pledges, by the Security Agent as representative
without power of attorney (Vertreter ohne
Vertretungsvollmacht) on behalf of the [Hedging Bank/Second Lien Notes
Trustee].  The [Hedging Bank/Second Lien Notes Trustee] thereby
becomes a party to any German pledge agreement, being a [Loan Document], signed
by the Security Agent as representative without power of attorney.

     

    The
[Hedging Banks/Second Lien Notes Trustee] and the Security Agent (for itself and
on behalf of the other Senior Secured Parties) hereby agree that the [Hedging
Bank/Second Lien Notes Trustee] accedes to the German Security Trust Agreement
and that with effect on and form the date hereof the [Hedging Bank/Second Lien
Notes Trustee] will be bound by the Security Trust Agreement as Beneficiary as
if it had been originally a party to the Security Trust Agreement in that
capacity.  The other parties to the Security Trust Agreement granted
their anticipated consent to such accession in the Security Trust
Agreement.

     

    This Part
8 shall be governed by and shall be construed in accordance with German
law.]

     

    By:

     

    This
Accession Agreement is accepted by the Security Agent.

     

    
      	
              [Security
      Agent]

            	 
      
	
              By:

            	
              Date:

            

    

    
      
         

      

      
        -96-

        
          

        

      

      
         

      

    

    SCHEDULE
6

    EXISTING
LYONDELL DEBT SECURITY

     

    
      	
              A.

            	
              Arco
      Notes Security Documents

            

    

     

    U.S.
Borrower Security Agreement, dated as of December 20, 2007 between Lyondell
Chemical Company (formerly known as BIL Acquisition Holdings Limited) and
Citibank, N.A., as Collateral Agent.

     

    Fee Deed
of Trust by Lyondell Chemical Company, as Grantor, to a trustee described
therein, for the benefit of Citibank, N.A., as Beneficiary, relating to property
located at 10801 Choate Road, Pasadena, Harris County, Texas 77507 (Choate Road
PG Plant).

     

    Fee Deed
of Trust by Lyondell Chemical Company, as Grantor, to a trustee described
therein, for the benefit of Citibank, N.A., as Beneficiary, relating to property
located at Channelview Chemical Complex (South) 2502 Sheldon Road, Channelview,
Harris County, Texas 77530 (Derivatives-MTBE, BDO, Polyols Plant).

     

    Any other
Security Document which, under the terms of the Arco Notes Indenture, is
required to provide for security in favour of the Arco Notes Finance
Documents.

     

    
      	
              B.

            	
              Equistar
      Notes Security Documents

            

    

     

    Fee Deed
of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described therein,
for the benefit of Citibank, N.A., as Beneficiary, relating to property located
at 5761 Underwood Drive, Pasadena, Harris County, Texas 77507 (includes two
Plants- Underwood Road EO/EG and Underwood Road EO Derivatives).

     

    Fee Deed
of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described therein,
for the benefit of Citibank, N.A., as Beneficiary, relating to property located
at  Equistar Chemicals (North) 8280 Sheldon Road, Channelview, Harris
County, Texas 77530 (Olefins I, Olefins II, Butadiene, BT, Methanol, C4/C5
Plant).

     

    Fee and
Leasehold Deed of Trust by Equistar Chemicals, LP, as Grantor, to a trustee
described therein, for the benefit of Citibank, N.A., as Beneficiary, relating
to property located at 12 miles south of Alvin on FM 2917, Alvin, Brazoria
County, Texas 77512 and 2 Miles West of FM 2917 on FM 2004, Alvin, Brazoria
County, Texas 77501 (includes two plants-Olefins/Aromatics Plant and HDPE
Plant).

     

    Fee
Mortgage by Equistar Chemicals, LP to Citibank, N.A., relating to property
located at 3400 Anamosa Road, Clinton, Clinton County, Iowa 52732 (Olefins,
Polymers Plant).

     

    Fee Deed
of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described therein,
for the benefit of Citibank, N.A., as Beneficiary, relating to property located
at 1501 McKinzie Road, Corpus Christi, Neuces County, Texas 78410
(Olefins/Aromatics Plant).

     

    Fee Deed
of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described therein,
for the benefit of Citibank, N.A., as Beneficiary, relating to property located
at 1515 Miller Cut-Off Road, La Porte, Harris County, Texas 77571 (includes two
Plants-Polymers LDPE/LLDPE and La Porte Olefins/Aromatics JV).

     

    Fee Deed
of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described therein,
for the benefit of Citibank, N.A., as Beneficiary, relating to property located
at US Highway 60, 13 miles south of Bay City, Bay City, Matagorda County, Texas
77414 (LDPE Plant).

     

    
      
         

      

      
        -97-

        
          

        

      

      
         

      

    

     

    Fee
Mortgage by Equistar Chemicals, LP to Citibank, N.A., relating to property
located at 8805 N. Tabler Road, Morris, Grundy County, Illinois 60450
(Olefins/Polymers Plant).

     

    Leasehold
Deed of Trust by Equistar Chemicals, LP, as Grantor, to a trustee described
therein, for the benefit of Citibank, N.A., as Beneficiary, relating to property
located at Old Bloomington Highway, Victoria, Victoria County, Texas 77902 (HDPE
Plant).

     

    Fee
Mortgage by Equistar Chemicals, LP to Citibank, N.A., relating to property
located at 11530 Northlake Drive, Cincinnati, Hamilton County, Ohio 45249
(Cincinnati Technology Center).

     

    Any other
Security Document which, under the terms of the Equistar Notes Indenture, is
required to provide for security in favour of the Equistar Notes Finance
Document.

     

    
      
         

      

      
        -98-

        
          

        

      

      
         

      

    

    SCHEDULE
7

    HIGH
YIELD NOTES MAJOR TERMS

     

    Issuer of High Yield Notes –
Basell AF S.C.A. a société en
commandite par actions.

     

    High Yield Notes Trustee -
Must accede to this Agreement.

     

    Maturity – Not earlier than
six months after the initial maturity of the longest term loan under the Senior
Facility Agreement (as of the date hereof) it being acknowledged that the High
Yield Notes may have optional redemption, change of control and asset sale
provisions.

     

    Purpose – To make a High Yield
Notes On-Loan to Basell Holdings which shall be used to repay the Interim
Facility Debt and fees and expenses in connection therewith and otherwise be
used to refinance Senior Debt.

     

    High Yield Notes Guarantees –
Guarantees by members of the Group may only be given on a senior subordinated
basis by the various subsidiaries of the Company, provided that such companies
are also guarantors of the Senior Debt.

     

    High Yield Notes Security –
The High Yield Notes may have the benefit of security only on a second ranking
basis and only in the form of:

     

    
      	
              (a)

            	
              a
      pledge of the subordinated downstream loan of the proceeds of the High
      Yield Notes from the Company to Basell Holdings;
  and

            

    

     

    
      	
              (b)

            	
              a
      pledge of all of the shares in Basell
Funding.

            

    

     

    
      
         

      

      
        -99-

        
          

        

      

      
         

      

    

    SCHEDULE
8

    HIGH
YIELD NOTES GUARANTEE MATURITY PROVISIONS

     

    
      	
              1.

            	
              Each
      High Yield Notes Guarantee will provide that it will not mature (and no
      amount will become due or payable under it)
  unless:

            

    

     

    
      	
               
      

            	
              (a)

            	
              a
      High Yield Notes Default arising out of the failure to pay any amount
      under the High Yield Notes Finance Documents has occurred and is
      continuing; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              enforcement
      is permitted under the terms of Clause 19.6 (Permitted High Yield Notes
      On-Loan and Permitted High Yield Notes Security Documents
      enforcement).

            

    

     

    
      	
              2.

            	
              Each
      High Yield Notes Guarantee shall contain provisions in relation to payment
      blockage, subordination and turnover that substantially replicate those
      provisions of this Agreement that relate to each High Yield Notes
      Guarantee or shall be made expressly subject to the provisions of this
      Agreement in a legally binding
manner.

            

    

     

    
      
         

      

      
        -100-

        
          

        

      

      
         

      

    

    SCHEDULE
9

    SECURITY
AGENCY PROVISIONS

     

    
      	
              1.

            	
              Definitions

            

    

     

    In this
Schedule:

     

    “Security Property” means all
right, title and interest in, to and under any Security Document,
including:

     

    
      	
               
      

            	
              (a)

            	
              the
      assets over which Security is expressed to be created pursuant to any
      Security Document (the “Charged
      Assets”);

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      benefit of the undertakings in any Security Document;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              all
      sums received or recovered by the Security Agent pursuant to any Security
      Document and any assets representing the
same.

            

    

     

    
      	
              2.

            	
              Declaration of
      trust

            

    

     

    
      	
              2.1

            	
              The
      Security Agent, each other Senior Secured Party, the Arco Notes Secured
      Party, the Equistar Notes Secured Party and the High Yield Notes Trustee
      agree that the Security Agent shall hold the Security Property in trust
      for the benefit of the Senior Secured Parties, the Arco Noteholders, the
      Equistar Noteholders, the Second Lien Noteholders (if any) and the High
      Yield Notes Finance Parties and High Yield Noteholders on the terms of the
      Agreement.

            

    

     

    
      	
              2.2

            	
              Subject
      to paragraph 2.3 below, paragraph 2.1 above shall not apply to any
      Security Document which is expressed to be or is construed to be governed
      by any law other than English, Hong Kong or US law or laws of Canada
      (including the federal laws of Canada and the laws of each province or
      territory thereof) or any other law from time to time designated by the
      Security Agent and an Obligor or any Security Property arising under any
      such Security Document.

            

    

     

    
      	
              2.3

            	
              Paragraph
      2.2 above shall not affect or limit Clause 24.6 (Parallel Debt) nor the
      applicability of the provisions of this Schedule with respect to any
      Security Document which is expressed to be or is construed to be governed
      by any law other than English, Hong Kong or US law or laws of Canada
      (including the federal laws of Canada and the laws of each province or
      territory thereof) or any other law from time to time designated by the
      Security Agent and an Obligor or any Security Property arising under any
      such Security Document.

            

    

     

    
      	
              3.

            	
              Defects in
      Security

            

    

     

    The
Security Agent shall not be liable for any failure or omission to perfect, or
defect in perfecting, the Security created pursuant to any Security Document,
including:

     

    
      	
               
      

            	
              (a)

            	
              failure
      to obtain any Authorisation for the execution, validity, enforceability or
      admissibility in evidence of any Security Document;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              failure
      to effect or procure registration of or otherwise protect or perfect any
      of the Security created by the Security Documents under any laws in any
      territory.

            

    

     

    
      	
              4.

            	
              No
    enquiry

            

    

     

    The
Security Agent may accept without enquiry, requisition, objection or
investigation such title as any Obligor may have to any Charged
Assets.

     

    
      
         

      

      
        -101-

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              Retention of
      documents

            

    

     

    The
Security Agent may hold title deeds and other documents relating to any of the
Charged Assets in such manner as it sees fit (including allowing any Obligor to
retain them).

     

    
      	
              6.

            	
              Indemnity out of Security
      Property

            

    

     

    The
Security Agent and every receiver, delegate, attorney, agent or other similar
person appointed under any Security Document may indemnify itself out of the
Security Property against any cost, loss or liability incurred by it in that
capacity (otherwise than by reason of its own gross negligence, willful
misconduct or fraud).

     

    
      	
              7.

            	
              Basis of
      distribution

            

    

     

    To enable
it to make any distribution, the Security Agent may fix a date as at which the
amount of the Debt is to be calculated and may require, and rely on, a
certificate from any Party giving details of:

     

    
      	
               
      

            	
              (a)

            	
              any
      sums due or owing to any Party as at that date;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              such
      other matters as it thinks fit.

            

    

     

    
      	
              8.

            	
              Rights of Security
      Agent

            

    

     

    For
purposes of Security granted under the laws of England and Wales, the Security
Agent shall have all the rights, privileges and immunities which gratuitous
trustees have or may have in England, even though it is entitled to
remuneration.

     

    
      	
              9.

            	
              No duty to collect
      payments

            

    

     

    Except as
otherwise stated in this Agreement, the Security Agent shall not have any
duty:

     

    
      	
               
      

            	
              (a)

            	
              to
      ensure that any payment or other financial benefit in respect of any of
      the Charged Assets or any Debt is duly and punctually paid, received or
      collected; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      ensure the taking up of any (or any offer of any) stocks, shares, rights,
      moneys or other property accruing or offered at any time by way of
      interest, dividend, redemption, bonus, rights, preference, option, warrant
      or otherwise in respect of any of the Charged Assets or any
      Debt.

            

    

     

    
      	
              10.

            	
              Perpetuity
      period

            

    

     

    The
perpetuity period for the trusts created by this Agreement shall be 80 years
from the date of this Agreement.

     

    
      	
              11.

            	
              Appropriation

            

    

     

    
      	
              11.1

            	
              Each
      Party irrevocably waives any right to appropriate any payment to, or other
      sum received, recovered or held by, the Security Agent in or towards
      payment of any particular part of the Debt and agrees that the Security
      Agent shall have the exclusive right to do
so.

            

    

     

    
      	
              11.2

            	
              Paragraph
      (a) above will override any application made or purported to be made by
      any other person.

            

    

     

    
      	
              12.

            	
              Investments

            

    

     

    All money
received or held by the Security Agent pursuant to the trusts in this Agreement
may, in the name of, or under the control of, the Security Agent:

     

    
      
         

      

      
        -102-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              be
      invested in any investment it may select;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              be
      deposited at such bank or institution (including itself, any other Senior
      Secured Party or any Affiliate of any Senior Secured Party) as it thinks
      fit.

            

    

     

    
      	
              13.

            	
              Suspense
      account

            

    

     

    Subject
to paragraph 14 (Timing of distributions) below and save in respect of the
Trustee Amounts, the Security Agent may:

     

    
      	
               
      

            	
              (a)

            	
              hold
      in an interest bearing suspense account any moneys received by it from any
      Party; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              invest
      an amount equal to the balance from time to time standing to the credit of
      that suspense account in any of the investments authorised by paragraph 12
      (Investments) above.

            

    

     

    
      	
              14.

            	
              Timing of
      distributions

            

    

     

    Distributions
by the Security Agent shall be made as and when determined by it.

     

    
      	
              15.

            	
              Delegation

            

    

     

    
      	
              15.1

            	
              The
      Security Agent may:

            

    

     

    
      	
               
      

            	
              (a)

            	
              employ
      and pay an agent selected by it to transact or conduct any business and to
      do all acts required to be done by it (including the receipt and payment
      of money);

            

    

     

    
      	
               
      

            	
              (b)

            	
              delegate
      to any person on any terms (including power to sub-delegate) all or any of
      its functions; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              with
      the prior consent of the Senior Agent under the Senior Facility Agreement
      (if before the Senior Discharge Date) and the Instructing Second Lien
      Agent (if before the Interim Facility Discharge Date) and the High Yield
      Notes Trustee (if before the High Yield Notes Discharge Date), appoint, on
      such terms as it may determine, or remove, any person to act either as
      separate or joint security trustee or agent with those rights and
      obligations vested in the Security Agent by this Agreement or any Security
      Document.

            

    

     

    
      	
              15.2

            	
              The
      Security Agent will not be:

            

    

     

    
      	
               
      

            	
              (a)

            	
              responsible
      to anyone for any misconduct or omission by any agent, delegate or
      security trustee or security agent appointed by it pursuant to paragraph
      (a) above; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              bound
      to supervise the proceedings or acts of any such agent, delegate or
      security trustee or security agent,

            

    

     

    provided
that it exercises reasonable care in selecting that agent, delegate or security
trustee or security agent.

     

    
      	
              16.

            	
              Unwinding

            

    

     

    Any
appropriation or distribution which later transpires to have been or is agreed
by the Security Agent to have been invalid or which has to be refunded shall be
refunded and shall be deemed never to have been made.

     

    
      	
              17.

            	
              Party

            

    

     

    The
Security Agent shall be entitled to assume that a Party is acting in a
particular capacity stated in this Agreement or an Accession Agreement unless
notified to the contrary.

     

    
      
         

      

      
        -103-

        
          

        

      

      
         

      

    

    SCHEDULE  10

    SECOND
LIEN NOTES MAJOR TERMS

     

    Issuer of
Second Lien Notes – LyondellBasell Finance Company (or any other Subsidiary of
the Company incorporated in the United States or any State thereof or a member
state of the European Union on December 31, 2003 which is a borrower or a
guarantor of the Senior Facility Debt).

     

    Second
Lien Notes Trustee — Must accede to this Agreement.

     

    Maturity
– Not earlier than six months after the initial maturity of the longest term
loan under the Senior Facility Agreement (as of the date hereof) it being
acknowledged that the Second Lien Notes may have optional redemption, change of
control and asset sale provisions.

     

    Purpose –
To  repay the Interim Facility Debt and fees and expenses in
connection therewith and otherwise be used to refinance Senior
Debt.

     

    Second
Lien Notes Guarantees – Guarantees by members of the Group may only be given on
by the various subsidiaries of the Company provided that such companies are also
guarantors of the Senior Facility Debt.

     

    Second
Lien Notes Security – The Second Lien Notes may have the benefit of security on
some or all of the Security benefitting the Senior Facility Debt but only on a
second ranking basis.

     

    
      
         

      

      
        -104-

        
          

        

      

      
         

      

    

    SCHEDULE  11

    UNSECURED
SENIOR NOTES MAJOR TERMS

     

    Issuer of
Unsecured Senior Notes – LyondellBasell Finance Company (or any other Subsidiary
of the Company incorporated in the United States or any State thereof or a
member state of the European Union on December 31, 2003 which is a borrower or a
guarantor of the Senior Facility Debt).

     

    Unsecured
Senior Notes Trustee — Must accede to this Agreement.

     

    Maturity
– Not earlier than six months after the initial maturity of the longest term
loan under the Senior Facility Agreement (as of the date hereof) it being
acknowledged that the Unsecured Senior Notes may have optional redemption,
change of control and asset sale provisions.

     

    Purpose –
To  repay the Interim Facility Debt and fees and expenses in
connection therewith and otherwise be used to refinance Senior
Debt.

     

    Unsecured
Senior Notes Guarantees – Guarantees by members of the Group may only be given
on by the various subsidiaries of the Company provided that such companies are
also guarantors of the Senior Facility Debt.

     

    Unsecured
Senior Notes Security –  None.

     

    
      
         

      

      
        -105-

        
          

        

      

      
         

      

    

        IN WITNESS WHEREOF,
each of the parties hereto has causeed a counterpart of this Agreement to be
duly exeucted and delivered as of th date first written above.

     

    
    

     

    
      	 	BASELL AF
      S.C.A. 
	 	BASELL ASIA PACIFIC
      LIMITED 
	 	BASELL BAYREUTH
      CHEMIE GMBH 
	 	BASELL CANADA
      INC. 
	 	BASELL EUROPE
      HOLDINGS B.V. 
	 	BASELL FINANCE &
      TRADING COMPANY B.V.
	 	BASELL FINANCE
      COMPANY B.V. 
	 	BASELL FINANCE USA
      INC. 
	 	BASELL FUNDING
      S.A.R.L. 
	 	BASELL GERMANY
      HOLDINGS GMBH 
	 	BASELL HOLDINGS
      B.V. 
	 	BASELL INTERNATIONAL
      HOLDINGS B.V. 
	 	BAELL POLYOLEFINE
      GMBH 
	 	LBI ACQUISITION
      LLC 
	 	LBIH
    LLC 
	 	LYONDELLBASELL
      FINANCE COMPANY 
	 	LYONDELLBASELL
      NETHERLANDS HOLDINGS B.V. 
	 	 
	 	By       
      /s/ Bruce Dresbach
	 	Name: 
      Bruce Dresbach 
	 	Title:   
      Authorized Representative 

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 	BASELL NORTH
      AMERICA INC. 
	 	BASELL POLYOLEFINS
      UK LIMITED 
	 	BASELL SALES &
      MARKETING COMPANY B.V. 
	 	BASELL UK
      HOLDINGS LIMITED 
	 	BASELL USA
      INC.
	 	NELL ACQUISITION
      (US) LLC 
	 	 
	 	By       
      /s/ Francesco Svelto
	 	Name:  Francesco
      Svelto 
	 	Title:   
      Authorized Representative 

    

     

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 	EQUISTAR CHEMICALS,
      LP 
	 	HOUSTON REFINING
      LP 
	 	LYONDELL CHEMICAL
      COMPANY 
	 	LYONDELL CHEMICAL
      NEDERLAND, LTD.
	 	LYONDELL CHEMICAL
      PRODUCTS EUROPE LLC
	 	LYONDELL CHEMICAL
      TECHNOLOGY, L.P.
	 	LYONDELL CHEMICAL
      TECHNOLOGY 1 INC. 
	 	LYONDELL CHEMICAL
      TECHNOLOGY MANAGEMENT, INC. 
	 	LYONDELL CHIMIE
      FRANCE LLC
	 	LYONDELL-EQUISTAR
      HOLDINGS PARTNERS
	 	LYONDELL EUROPE
      HOLDINGS INC. 
	 	LYONDELL HOUSTON
      REFINERY INC. 
	 	LYONDELL LP3 GP,
      LLC
	 	LYONDELL LP3
      PARTNERS LP
	 	MILLENNIUM AMERICA
      HOLDINGS INC.
	 	MILLENNIUM AMERICA
      INC. 
	 	MILLENNIUM CHEMICALS
      INC. 
	 	MILLENNIUM
      PETROCHEMICALS GP LLC 
	 	MILLENNIUM
      PETROCHEMICALS INC. 
	 	MILLENNIUM
      PETROCHEMICALS PARTNERS, LP 
	 	MILLENNIUM SPECIALTY
      CHEMICALS INC. 
	 	MILLENNIUM US OP CO
      LLC 
	 	MILLENNIUM WORLDWIDE
      HOLDINGS I INC. 
	 	 
	 	By       
      /s/ Karen A. Twitchell
	 	Name:  Karen A.
      Twitchell
	 	Title:   
      Authorized Representative 

    

     

     

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	 	LYONDELL LP4
      INC. 
	 	LYONDELL (PELICAN)
      PETROCHEMICAL L.P. 1, INC.
	 	LYONDELL
      PETROCHEMICAL L.P. INC. 
	 	LYONDELL REFINING
      COMPANY LLC
	 	LYONDELL REFINING
      LLC
	 	 
	 	By       
      /s/ Gerald A. O'Brien, Vice President
	 	Name:  Gerald
      A. O'Brien
	 	Title:   
      Authorized Representative 

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              THE
      ARCO NOTES TRUSTEE

            	 
      
	
              THE
      BANK OF NEW YORK

            	 
      
	 	 
	 
      	 	 
      	 
      
	
              By:

            	/s/
      Jason Blondell 	 
      	 
      
	
              Name:

            	Jason
      Blondell	 
      
	
              Title:

            	 
      	 
      
	 
      	 	 
      	 
      
	
              Address:

            	 
      	 
      
	
              Fax
      No.:

            	
              +44.207.964
      2536

            	 
      
	
              Attention:

            	 
      	 
      
	 
      	 	 
      	 
      
	 	 
	
              THE
      EQUISTAR NOTES TRUSTEE

            	 
      
	
              THE
      BANK OF NEW YORK

            	 
      
	 	 	 	 
	 
      	 	 
      	 
      
	
              By:

            	/s/
      Jason Blondell 	 
      	 
      
	
              Name:

            	Jason
      Blondell	 
      
	
              Title:

            	 
      	 
      
	 
      	 	 
      	 
      
	
              Address:

            	 
      	 
      
	
              Fax
      No.:

            	
              +44.207.964
      2536

            	 
      
	
              Attention:

            	 
      	 
      
	 
      	 	 
      	 
      
	 	 
	
              THE
      HIGH YIELD NOTES TRUSTEE

            	 
      
	
              THE
      BANK OF NEW YORK

            	 
      
	 	 	 	 
	 
      	 	 
      	 
      
	
              By:

            	/s/
      Jason Blondell 	 
      	 
      
	
              Name:

            	Jason
      Blondell	 
      
	
              Title:

            	 
      	 
      
	 
      	 	 
      	 
      
	
              Address:

            	 
      	 
      
	
              Fax
      No.:

            	
              +44.207.964
      2536

            	 
      
	
              Attention:

            	 
      	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              THE
      ABL AGENT

            	 
      
	
              CITIBANK,
      N.A.

            	 
      
	 	 
	 
      	 	 
      	 
      
	
              By:

            	/s/
      Edward Crook 	 
      	 
      
	
              Name: 
      Edward Crook - Vice President

            	 
      
	
              Title:   
      

            	 
      
	 
      	 
      	 
      
	
               Citigroup
      Address:

            	390
      Greenwich Street  	 
      
	 	New
      York, NY 10013 	 
	
              Edward
      Crook Fax No.:

            	(212)
      723-8691  	 
      
	
              Attention:

            	Edward
      Crook  	 
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              THE
      SENIOR AGENT:

            	 
      
	
              CITIBANK,
      N.A.

            	 
      
	 	 
	 
      	 	 
      	 
      
	
              By:
      :

            	/s/
      Edward Crook 	 
      	 
      
	            
      Edward Crook - Vice President	 
	
              Senior
      Agent’s Address:    390 Greenwich
      Street 1st Floor

            	 
      
	
                              
      New York, NY 10013

            	 
      
	Senior
      Agent's Fax No.:      
      (212) 723-8691	 
	
              Attention:             
      Edward Crook

            	 
      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              THE
      SECURITY AGENT

            	 
      
	
              CITIBANK,
      N.A.

            	 
      
	 	 
	 	 
	
              By:
      :

            	/s/
      Edward Crook  	 
      	 
      
	     Edward
      Crook - Vice President	 
	
              Security
      Agent’s Address:

            	390
      Greenwich Street 1st Floor  	 
      
	 	New
      York, NY 10013 	 
	
              Security
      Agent’s Fax No.:

            	(212)
      723-8691  	 
      
	
              Attention:

            	Edward
      Crook  	 
      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    
      	
              THE
      ORIGINAL HEDGING BANKS

            	 
      
	
              ABN
      AMRO BANK N.V.

            	 
      
	 	 
	 	 
	
              By:
      :

            	/s/ Erwin
      de Jong  	/s/
      Marko Krercer  	 
	     Erwin
      de Jong        Marko
      Krercer	 
	
                   Executive
      Director

            	Assistant
      Director  	 
      
	 	 	 
	
               

            	 	 
      

    

     

     

    
      	
              ING
      BANK N.V.

            	 
      
	 	 
	 	 
	
              By:
      :

            	/s/
      [not legible]  	/s/
      M. Klemme  	 
      
	     [not
      legible]           
      M. Klemme 	 
	    
      Director           Managing
      Director  	 
	
              Address:

            	Bijlmerplein
      888 	 
      
	 	1000
      Bv Amsterdam 	 
	 	The
      Netherlands 	 
	
              Fax
      No.:

            	+31
      20 56 58207  	 
      
	
              Attention:

            	 	 
      

    

     

    

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    
      	
              THE
      INTERIM FACILITY AGENT

            	 
      
	
              MERRILL
      LYNCH CAPITAL CORPORATION

            	 
      
	 	 
	 	 
	
              By:

            	/s/
      [not legible] 	 
      	 
      
	
              [ 
      ] Address:

            	 
      	 
      
	
              [ 
      ] Fax No.:

            	 
      	 
      
	
              Attention:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]