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Exhibit 10.31    
  

EXECUTION COPY  

 
 

AMENDED AND RESTATED
  U.S. RECEIVABLES PURCHASE AGREEMENT    
  

 among  

 HUNTSMAN INTERNATIONAL LLC,

as Purchaser  

 and  

 TIOXIDE AMERICAS INC.,

HUNTSMAN PROPYLENE OXIDE LTD.,

HUNTSMAN INTERNATIONAL FUELS L.P.,

and

HUNTSMAN ETHYLENEAMINES LTD.  

 each as a Seller and an Originator  

 Dated as of October 21, 2002  

 

 
 

TABLE OF CONTENTS    
  

	1.	 	DEFINITIONS	 	1
	 	 	1.01.	 	Defined Terms.	 	1
	 	 	1.02.	 	Other Definitional Provisions.	 	2
	2.	 	PURCHASE AND SALE OF RECEIVABLES	 	2
	 	 	2.01.	 	Purchase and Sale of Receivables.	 	2
	 	 	2.02.	 	Purchase Price.	 	4
	 	 	2.03.	 	Payment of Purchase Price.	 	4
	 	 	2.04.	 	No Repurchase.	 	4
	 	 	2.05.	 	Rebates, Adjustments, Returns, Reductions and Modifications.	 	5
	 	 	2.06.	 	Payments in Respect of Ineligible Receivables and Originator Indemnification Payments.	 	5
	 	 	2.07.	 	Certain Charges	 	6
	 	 	2.08.	 	Certain Allocations.	 	6
	3.	 	CONDITIONS TO SALES	 	6
	 	 	3.01.	 	Conditions Precedent to the Purchaser's Purchase of Receivables on the Effective Date.	 	6
	 	 	3.02.	 	Conditions Precedent to Purchase of Receivables.	 	7
	 	 	3.03.	 	Conditions Precedent to the Originators' Obligations on the Effective Date.	 	8
	4.	 	REPRESENTATIONS AND WARRANTIES	 	8
	 	 	4.01.	 	Representations and Warranties of the Originators.	 	8
	 	 	4.02.	 	Representations and Warranties of the Originator Relating to the Receivables.	 	12
	 	 	4.03.	 	Representations and Warranties of the Purchaser.	 	13
	5.	 	AFFIRMATIVE COVENANTS	 	13
	 	 	5.01.	 	Financial Statements, Reports, etc.:	 	13
	 	 	5.02.	 	Compliance with Law and Policies.	 	14
	 	 	5.03.	 	Preservation of Corporate Existence	 	14
	 	 	5.04.	 	Inspection of Property; Books and Records; Discussions	 	14
	 	 	5.05.	 	Location of Records.	 	15
	 	 	5.06.	 	Computer Files and other Documents	 	15
	 	 	5.07.	 	Obligations.	 	15
	 	 	5.08.	 	Collections	 	15
	 	 	5.09.	 	Furnishing Copies, Etc.	 	15
	 	 	5.10.	 	Responsibilities of the Originator as Local Servicer.	 	15
	 	 	5.11.	 	Assessments	 	16
	 	 	5.12.	 	Purchase of Receivables.	 	16
	 	 	5.13.	 	Notices	 	16
	 	 	5.14.	 	Bankruptcy	 	16
	 	 	5.15.	 	Further Action.	 	16
	 	 	5.16.	 	Marking of Records	 	17
	 	 	5.17.	 	Stamp Duty.	 	17
	6.	 	NEGATIVE COVENANTS	 	17
	 	 	6.01.	 	Limitations on Transfers of Receivables, Etc.	 	17
	 	 	6.02.	 	Extension or Amendment of Receivables.	 	17
	 	 	6.03.	 	Change in Payment Instructions to Obligors.	 	18
	 	 	6.04.	 	Change in Name.	 	18
	 	 	6.05.	 	Policies.	 	18
	 	 	6.06.	 	Modification of Legend.	 	18
	 	 	6.07.	 	Accounting for Sales.	 	18

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	 	 	6.08.	 	Instruments.	 	18
	 	 	6.09.	 	Ineligible Receivables.	 	18
	 	 	6.10.	 	Business of the Originator.	 	19
	 	 	6.11.	 	Limitation on Fundamental Changes.	 	19
	 	 	6.12.	 	Offices.	 	19
	 	 	6.13.	 	Constitutive Documents	 	19
	 	 	6.14.	 	Amendment of Transaction Documents or Other Material Documents.	 	19
	7.	 	TERMINATION EVENTS	 	20
	 	 	7.01.	 	Originator Termination Events.	 	20
	 	 	7.02.	 	Program Termination Events.	 	20
	 	 	7.03.	 	Remedies.	 	21
	8.	 	MISCELLANEOUS	 	22
	 	 	8.01.	 	Payments.	 	22
	 	 	8.02.	 	Costs and Expenses.	 	22
	 	 	8.03.	 	Successors and Assigns.	 	23
	 	 	8.04.	 	Additional Originators.	 	23
	 	 	8.05.	 	Intentionally Omitted	 	24
	 	 	8.06.	 	Intentionally Omitted	 	24
	 	 	8.07.	 	Governing Law.	 	24
	 	 	8.08.	 	No Waiver; Cumulative Remedies.	 	24
	 	 	8.09.	 	Amendments and Waivers.	 	24
	 	 	8.10.	 	Severability.	 	24
	 	 	8.11.	 	Notices.	 	24
	 	 	8.12.	 	Counterparts.	 	26
	 	 	8.13.	 	Submission to Jurisdiction; Service of Process.	 	26
	 	 	8.14.	 	No Bankruptcy Petition.	 	26
	 	 	8.15.	 	Termination.	 	27
	 	 	8.16.	 	Responsible Officer Certificates; No Recourse.	 	27

 
 

SCHEDULES    

	Schedule 1	 	Form of Originator Daily Report
	Schedule 2	 	Form of Solvency Certificate
	Schedule 3	 	Location of Books and Records
	Schedule 4	 	Chief Executive Office
	Schedule 5	 	Legal and Other Business Names
	Schedule 6	 	Identification of (A) Company Concentration Accounts, (B) Series Concentration Accounts, (C) Collection Accounts and Master Collection Accounts, and (D) Company Receipts Accounts
	Schedule 7	 	Form of Admission of Additional Originator

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        This AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT dated as of October 21, 2002 (this "Agreement"), among Huntsman
International LLC, a limited liability company organized under the laws of the State of Delaware, as purchaser (the "Purchaser"), Tioxide
Americas Inc., a company incorporated under the laws of the Cayman Islands, Huntsman Propylene Oxide Ltd., a limited partnership organized under the laws of Texas, Huntsman International
Fuels L.P., a limited partnership organized under the laws of Texas (collectively, the "Existing Originators") and Huntsman Ethyleneamines Ltd.,
a limited partnership organized under the laws of Texas (the "New Originator"), each as a seller and an originator (the Existing Originators and the New
Originator, collectively, the "Originators") amends and restates the Receivables Purchase Agreement dated as of December 21, 2000 (the
"Original Agreement") among Tioxide Americas, Inc., Huntsman Propylene Oxide, Ltd., Huntsman International Fuels L.P. each as a seller and
originator thereunder and the Purchaser. 

W I T N E S S E T H: 

        WHEREAS,
Huntsman Ethyleneamines Ltd. wishes to become a party to a receivables purchase agreement and the parties to the Original Agreement wish to amend and restate the terms of
the Original Agreement; 

        WHEREAS,
the parties are entering into this Agreement under which each of the Existing Originators desires to sell, transfer, convey and assign from time to time, and the New Originator,
commencing on the New Originator Effective Date (as defined herein) desires to sell, transfer, convey and assign from time to time, all of its right, title and interest in, to and under Receivables
originated by such Originator, now existing and hereafter arising from time to time and all other Receivable Assets related to such Receivables to the Purchaser; 

        WHEREAS,
Huntsman (Europe) BVBA (f/k/a Huntsman ICI (Europe) BVBA), as the Master Servicer (the "Master Servicer"), Huntsman Receivables
Finance LLC (the "Company") and J.P. Morgan Bank (Ireland) plc (f/k/a Chase Manhattan Bank (Ireland) plc), not in its individual capacity but solely as
trustee, as Trustee (the "Trustee"), have entered into an Amended and Restated Pooling Agreement, dated as of June 26, 2001, as amended by the
First Amendment to Amended and Restated Pooling Agreement, dated as of the date hereof, (such agreement, as it may be amended, modified or otherwise supplemented from time to time, the
"Pooling Agreement") in order to create a master trust into which the Company desires to grant to the Trustee on behalf of the Trust (as defined
therein) a participation in and to all proceeds of, or payments in respect of, the Receivables and a security interest in relation to all of its right, title and interest in, to and under the
Receivables and certain other assets now or hereafter owned by the Company in consideration for which the Trustee will make certain payments to the Company as specified therein; and 

        WHEREAS,
the Master Servicer, the Company, the Servicer Guarantor, the Purchaser, the Liquidation Servicer, the Local Servicers and the Trustee have entered into an Amended and Restated
Servicing Agreement dated as of the date hereof (such agreement, as it may be amended, modified or otherwise supplemented from time to time, the "Servicing
Agreement") pursuant to which the Master Servicer has agreed to service and administer the Receivables on behalf of the Company. 

        NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows: 

1.    DEFINITIONS  

        1.01.    Defined Terms.    Capitalized terms used herein shall, unless otherwise defined or referenced herein, have
the meanings assigned to such terms in Annex X attached to the Pooling Agreement which Annex X is incorporated by reference herein. 

 

        1.02.    Other Definitional Provisions.    

        (a)  The
words "hereof", "herein",
"hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and article, section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

        (b)  As
used herein and in any certificate or other document made or delivered pursuant hereto, accounting terms relating to any Originator and the Purchaser, unless
otherwise defined or incorporated by reference herein, shall have the respective meanings given to them under GAAP. 

        (c)  The
meanings given to terms defined or incorporated by reference herein shall be equally applicable to both the singular and plural forms of such terms. 

        (d)  Any
reference herein to a Schedule or Exhibit to this Agreement shall be deemed to be a reference to such Schedule or Exhibit as it may be amended, modified or
supplemented from time to time to the extent that such Schedule or Exhibit may be amended, modified or supplemented (or any term or provision of any Transaction Document may be amended that would have
the effect of amending, modifying or supplementing information contained in such Schedule or Exhibit) in compliance with the terms of the Transaction Documents. 

        (e)  Any
reference in this Agreement to any representation, warranty or covenant "deemed" to have been made is intended to
encompass only representations, warranties or covenants that are expressly stated to be repeated on or as of dates following the execution and delivery of this Agreement, and no such reference shall
be interpreted as a reference to any implicit, inferred, tacit or otherwise unexpressed representation, warranty or covenant. 

        (f)    The
words "include", "includes" or
"including" shall be interpreted as if followed, in each case, by the phrase "without limitation". 

        (g)  Any
reference herein to a provision of the Bankruptcy Code, Code, ERISA, 1940 Act or the UCC shall be deemed a reference to any successor provision thereto. 

        (h)  As
used herein and with respect to this Agreement only, (i) the term "Effective Date" shall mean October 21, 2002 and (ii) the term "New Originator
Effective Date" shall mean such date, as determined by the New Originator and notified in writing to the Purchaser, the Trustee and the Funding Agent, on which the New Originator will commence to sell
Receivables to the Purchaser in accordance with this Agreement. 

2.    PURCHASE AND SALE OF RECEIVABLES  

        2.01.    Purchase and Sale of Receivables.    

        (a)  Subject
to the terms and conditions of this Agreement (including Article III), each of the Existing Originators and, commencing on the New Originator Effective
Date, the New Originator, shall each sell, transfer, assign, and convey, without recourse (except as expressly provided herein), to the Purchaser, all of its present and future right, title and
interest in, to and under: 

          (i)  Receivables
originated by such Originator from time to time prior to but not including the date on which an Early Originator Termination occurs pursuant to and as
indicated in the respective Originator Daily Report and delivered or transmitted electronically or by telecopier to the Purchaser on the applicable date of sale; 

        (ii)  the
Related Property; 

        (iii)  all
Collections in respect of the Receivables; 

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        (iv)  all
rights (including rescission, replevin or reclamation) of such Originator relating to any Receivable or arising therefrom; and 

        (v)  all
proceeds of or payments in respect of any and all of the foregoing clauses (i) through (iv) (including Collections). 

        Such
property described in the foregoing clauses (i) through (v) shall be referred to collectively herein as the "Receivable
Assets" and shall be considered to be assets that have been sold, transferred, assigned, set over and otherwise conveyed by the applicable Originator to the Purchaser upon the
delivery to the Purchaser and acceptance by the Purchaser of the applicable Originator Daily Report (which Originator Daily Report shall not be signed by or on behalf of the Purchaser or any of the
Originators provided that such Originator Daily Report shall be deemed accepted unless expressly rejected by the Purchaser in writing on the date of the delivery of the applicable Originator Daily
Report to the Purchaser) (such date of acceptance hereinafter referred to as the "Sale Date"). 

        (b)  Each
of the Originators and the Purchaser hereby acknowledge and agree that it is their mutual intent that (a) every transfer of Receivable Assets to the
Purchaser hereunder shall be an absolute, unconditional, "true" conveyance and not a mere granting of a security interest to secure a loan to or from
the Purchaser, (b) the Originators shall not retain any interest in the Receivable Assets after the sale thereof hereunder, and (c) the Receivables originated by each Originator shall
not be part of such Originator's insolvency or bankruptcy estate in the event an insolvency or delinquency proceeding or a bankruptcy or other action shall be commenced or filed by or against such
Originator under any
insolvency or bankruptcy law. In the event, however, that notwithstanding such intent and agreement, such transfers are deemed by any relevant Governmental Authority for any reason whatsoever, whether
for limited purposes or otherwise, to be a security interest granted to secure indebtedness of such Originator, such Originator shall be deemed to have granted to the Purchaser a first priority
perfected security interest under Article 9 of the UCC in the applicable jurisdiction in all of its right, title and interest in, to and under, in each case, whether now owned or existing, or
hereafter acquired or arising, and wherever located, the Receivables originated or purchased by such Originator and the other Receivable Assets related to such Receivables and this Agreement shall
constitute a security agreement under applicable law, securing the repayment of the amounts paid hereunder, subject to the other terms and conditions of this Agreement, together with such other
obligations or interests as may arise hereunder in favor of the parties hereto. 

        (c)  In
connection with any transfer, assignment, conveyance and sale pursuant to subsection 2.01(a), each Originator hereby
agrees to record and file, or cause to be recorded and filed, at its own expense, financing statements or other similar filings (and continuation statements with respect to such financing statements
or other similar filings when applicable), (i) with respect to the Receivables and (ii) with respect to any other Receivable Assets for which an assignment or the creation of a security
interest (as defined in the applicable UCC or other similar applicable laws, legislation or statute) may be perfected under the applicable UCC or other applicable laws, legislation or statute by such
filing, in each case meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect and maintain the perfection of the transfer, assignment, conveyance
and sale of such Receivables and any other Receivable Assets related to such Receivables to the Purchaser, and to deliver to the Purchaser (a) on or prior to the Effective Date a photocopy,
certified by a Responsible Officer of such Originator to be a true and correct copy, of each such financing statement or other filing to be made on or prior to the Effective Date and (b) within
ten (10) days after the Effective Date a file-stamped copy or certified statement of such financing statement (or the similar filing) or other evidence of such filing. 

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        (d)  In
connection with the transfer, assignment, conveyance and sale pursuant to subsection 2.01(a), each Originator agrees
at its own expense, with respect to the Receivables, that it will, as agent of the Purchaser, (A) (i) on the Effective Date and thereafter, identify on its extraction records relating to
Receivables from its master database of receivables, that the Receivables and all other Receivable Assets related thereto have been transferred, assigned, conveyed and sold to the Purchaser in
accordance with this Agreement and (ii) acknowledge, deliver or transmit or cause to be delivered or transmitted to the Company and Master Servicer an Originator Daily Report containing at
least the information specified in Schedule 1 hereto as to all such Receivables, as of the applicable date of sale and (B) to
(i) on the Effective Date and thereafter, to identify on it extraction records relating to Receivables from its master database of receivables, that all such Receivables and all other
Receivable Assets related thereto have been transferred, assigned, conveyed and sold to the Purchaser in accordance with this Agreement and (ii) acknowledge, deliver or transmit or cause to be
delivered or transmitted to the Purchaser and the Master Servicer an Originator Daily Report containing at least the information specified in  Schedule 1 hereto as to all such Receivables, as of the
applicable date of sale. 

        (e)  All
Receivables purchased by the Purchaser hereunder shall be without recourse to, or any representation or warranty of any kind (express or implied) by, the Originators
except as otherwise specifically provided herein. The foregoing sale, assignment, transfer and conveyance does not constitute and is not intended to result in the creation or assumption by the
Originators of any obligation of the Originators or any other person in connection with the Receivables or any agreement or instrument relating thereto, including any obligation any Obligor. 

        2.02.    Purchase Price.    The aggregate purchase price payable by the Purchaser to an Originator (the
"Originator Purchase Price") for Receivables and other Receivable Assets on any Seller Payment Date under this Agreement shall be equal to the product
of (i) the aggregate outstanding Principal Amount of Eligible Receivables as set forth in the applicable Originator Daily Report and (ii) one (1) minus the Discounted Percentage. 

        2.03.    Payment of Purchase Price.    Purchaser shall pay the Originator Purchase Price for each Receivable and other
Receivable Assets (net of the deductions referred to in Section 2.03(b)) on each date of sale related to such purchased Receivable (each such day, an "Originator Payment
Date"). 

        (a)  The
Originator Purchase Price (net of the deductions referred to in Section 2.03(b)) shall be paid by Purchaser to the applicable Originator or to such accounts
or such Persons as the applicable Originator may direct in writing (which direction may consist of standing instructions provided by the applicable Originator that shall remain in effect until changed
by the applicable Originator in writing), on each Originator Payment Date. 

        (b)  The
Purchaser shall deduct from the Originator Purchase Price otherwise payable to the Originator on any Originator Payment Date, any Originator Dilution Adjustment
Payments, Originator Adjustment Payments or Originator Indemnification Payments pursuant to Section 2.05, 2.06(a) or 2.06(b), respectively. 

        (c)  All
cash payments under this Agreement shall be made not later than 3:30 p.m. London time on the date specified therefor in same day funds. 

        (d)  Whenever
any payment to be made under this Agreement shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day. 

        2.04.    No Repurchase.    Subject to Section 2.06, the
Originators shall not have any right or obligation under this Agreement, by implication or otherwise, to repurchase from the Purchaser any Receivables or other Receivable Assets related to such
Receivables or to rescind or otherwise retroactively effect any purchase of any such Receivables or other Receivable Assets related to such Receivables after the date of sale relating thereto;
provided that the foregoing shall not be interpreted 

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to limit the right of the Purchaser to receive an Originator Dilution Adjustment Payment, an Originator Adjustment Payment or an Originator Indemnification Payment. 

        2.05.    Rebates, Adjustments, Returns, Reductions and Modifications.    From time to time the Originators may make a
Dilution Adjustment to a Receivable in accordance with this Section 2.05 and Section 6.02;  provided that if an Originator cancels an invoice related to such Receivable, either (i) such invoice must be replaced, or caused to be replaced,
by such Originator with an invoice relating to the same transaction of equal or greater Principal Amount on the same Business Day that such cancellation was made, (ii) such invoice must be
replaced, or caused to be replaced, by such Originator with an invoice relating to the same transaction of a lesser Principal Amount on the same Business Day that such cancellation was made and such
Originator must make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount equal to the difference between such cancelled and replacement invoices or (iii) such Originator
must make an Originator Dilution Adjustment Payment, to the Purchaser in an amount equal to the full value of such cancelled invoice pursuant to this  Section 2.05. The Originators agree to pay to
the Purchaser, on the Sale Date immediately succeeding the date any Dilution Adjustment is granted
or made pursuant hereto, the amount of any such Dilution Adjustment (an "Originator Dilution Adjustment Payment"). The amount of any Dilution Adjustment
shall be set forth in the first Originator Daily Report prepared after the date on which such Dilution Adjustment was granted or made. 

        2.06.    Payments in Respect of Ineligible Receivables and Originator Indemnification Payments.    

        (a)    Adjustment Payment Obligation.    In the event of a breach of any of the representations and warranties
contained in Sections 4.02(a), 4.02(b), 4.02(c),  4.02(d) or
4.02(f) in respect of any Receivable sold hereunder or if the Purchaser's interest in any
Receivable is not a full legal and beneficial ownership, the respective Originator shall, within 30 days of the earlier of its knowledge or receipt of written notice of such breach or defect
from the Purchaser, remedy the matter giving rise to such breach of representation or warranty if such matter is capable of being remedied. If such matter is not capable of being remedied or is not so
remedied within said period of 30 days, such Originator upon request of the Purchaser shall repurchase the relevant Receivable from the Purchaser at a repurchase price (without duplication of
any Originator Dilution Adjustment Payments made pursuant to Section 2.05 hereof), equal to the original Principal Amount of such Receivable less
Collections received by the Purchaser in respect of such Receivable (the "Originator Adjustment Payment"), which payment shall be in the same currency
as such Receivable. Upon the payment of an Originator Adjustment Payment hereunder, the Purchaser shall automatically agree to pay to such Originator all Collections received subsequent to such
repurchase with respect to such repurchased Receivable. The parties agree that if there is a breach of any of the representations and warranties of any Originator contained in  Section 4.02(a),
4.02(b) or 4.02(c) in respect of
or concerning any Receivable, the respective Originator's obligation to pay the Originator Adjustment Payment under this Section 2.06 is a
reasonable pre-estimate of loss and not a penalty (and neither the Purchaser nor any other person or entity having an interest in this Agreement through the Purchaser shall be entitled to
any other remedies as a consequence of any such breach). 

        (b)    Special Indemnification.    In addition to its obligations under  Section 8.02 hereunder, each Originator agrees to pay,
indemnify and hold harmless (without duplication of any Originator Dilution Adjustment
Payments made pursuant to Section 2.05 hereof) the Purchaser from any loss, liability, expense, damage or injury which may at any time be imposed
on, incurred by or asserted against the Purchaser in any way relating to or arising out of (i) any Receivable becoming subject to any defense, dispute, offset or counterclaim of any kind (other
than as expressly permitted by this Agreement or the Pooling Agreement or any Supplement) or (ii) such Originator breaching any covenant contained herein with respect to any Receivable (each of
the foregoing events or circumstances being an "Originator Indemnification Event", and such Receivable (or a portion 

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thereof) ceasing to be an Eligible Receivable on the date on which such Originator Indemnification Event occurs. The amount of such indemnification shall be equal to the original Principal Amount of
such Receivable less Collections received by the Purchaser in respect of such Receivable (the "Originator Indemnification Payment"). Such payment shall
be made on or prior to the 10th Business Day after the day the Purchaser requests such payment or such Originator obtains knowledge thereof unless such Originator Indemnification Event shall have been
cured on or before such 10th Business Day; provided, however, that in the event that (x) an
Originator Termination Event with respect to an Originator has occurred and is continuing or (y) the Purchaser shall be required to make a payment with respect to such Receivable pursuant to  Section 2.05 of the Pooling Agreement and the Purchaser has insufficient funds to make such a payment, such Originator shall make such payment
immediately. The Purchaser shall have no further remedy against such Originator in respect of such an Originator Indemnification Event unless such Originator fails to make an Originator
Indemnification Payment on or prior to such 10th Business Day or on such earlier day in accordance with the proviso set forth in this subsection
2.06(b). Upon an Originator Indemnification Payment, the Purchaser shall automatically agree to pay to such Originator all Collections received subsequent to such payment with
respect to the Receivable in respect of which an Originator Indemnification Payment is made. 

        (c)  The
Originators shall from time to time on demand pay to the Purchaser an amount equal to the amount (if any) of funds required to be paid or deposited by the Purchaser
in respect of Stamp Duty pursuant to Sections 2.07(q) through 2.07(t) of the Pooling Agreement. 

        2.07.    Certain Charges.    Each Originator and the Purchaser hereby agree that late charge revenue, reversals of
discounts, other fees and charges and other similar items, whenever created, accrued in respect of Receivables shall be the property of the Purchaser notwithstanding the occurrence of an Early
Originator Termination and all Collections with respect thereto shall continue to be allocated and treated as Collections in respect of the Receivables transferred, conveyed, assigned and sold to the
Purchaser pursuant to subsection 2.01(a) hereof. 

        2.08.    Certain Allocations.    Each Originator, as Local Servicer, hereby agrees that if such Originator can
attribute a Collection to a specific Obligor and a specific Receivable, then such Collection shall be applied to pay such Receivable of such Obligor;  provided, however, that if such Originator cannot attribute a Collection to a specific Receivable, then
such Collection shall be applied to pay the Receivables of such Obligor in the order of maturity of such Receivables, beginning with the Receivable that has been outstanding the longest and ending
with the Receivable that has been outstanding the shortest. 

3.    CONDITIONS TO SALES  

        3.01.    Conditions Precedent to the Purchaser's Purchase of Receivables on the Effective Date.    The obligation of
the Purchaser to purchase Receivables and the other Receivable Assets related to such Receivables on the Effective Date is subject to the satisfaction of the following conditions precedent which shall
have been satisfied, on or prior to the Effective Date: 

        (a)  the
Purchaser shall have received copies of duly adopted resolutions (or, if applicable, a unanimous consent) of the Board of Directors or the members, as the case may
be of the Originators, as in effect on such Effective Date, authorizing the execution of this Agreement and the consummation of the Transactions pursuant to the Transaction Documents; 

        (b)  the
Purchaser shall have received copies of a Certificate of Good Standing for each Originator issued by the Secretary of State of such Originator's state of
incorporation or formation; 

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        (c)  the
Purchaser shall have received copies of a certificate of a Responsible Officer of each Originator certifying (i) the names and signatures of the officers
authorized on its behalf to execute this Agreement and the other Transaction Documents to which it is a party and any other documents to be delivered by it hereunder or thereunder, (ii) that
attached thereto is a true, correct, and complete copy of such Originator's certificate of incorporation or formation, as the case may be and by-laws, and (iii) that attached
thereto is a true correct and complete copy of the document referred to in clause (a) above and (iv) that attached thereto is a true, correct and complete copy of the document referred
to in clause (b) above; 

        (d)  the
Purchaser shall have received copies of fully executed counterparts of this Agreement and each other Transaction Document; 

        (e)  the
Purchaser shall have received copies of legal opinions, in each case, dated the Effective Date and addressed to: 

          (i)  the
Rating Agencies, the Funding Agent, the Purchaser and the Trustee from Counsel to each Originator in form and substance satisfactory to the Trustee and the Funding
Agent; and 

        (ii)  Intentionally
Omitted; 

        (f)    Intentionally
Omitted; 

        (g)  the
Purchaser shall have received, to the extent in writing, the Policies of the Originators; 

        (h)  the
Purchaser shall have received copies of proper financing statements (Form UCC-1), which will be filed on or prior to the Effective Date naming each
Originator as the debtor in favor of, in each case, the Purchaser as the secured party or other similar instruments or documents as may be necessary or in the reasonable opinion of the Purchaser
desirable under the UCC of all appropriate jurisdictions to perfect the Purchaser's ownership interest in all Receivables and other Receivable Assets sold hereunder; 

        (i)    the
Purchaser shall have received certified copies of requests for information or copies (or a similar search report certified by parties acceptable to the Trustee and
the Funding Agent) dated a date reasonably near the Effective Date listing all effective financing statements or charges which name any Originator (under its present name and any previous name) as
debtor and which are filed in jurisdictions in which the filings were made pursuant to clause (h) above, together with copies of such financing statements (none of which shall cover any
Receivables or Receivable Assets); 

        (j)    the
Purchaser shall have received a solvency certificate delivered by each Originator with respect to such Originator's solvency in the form of  Schedule 2 hereto; 

        (k)  Intentionally
Omitted; and 

        (l)    the
Purchaser shall have received such other approvals, opinions or documents as the Purchaser may reasonably request. 

        3.02.    Conditions Precedent to Purchase of Receivables.    The obligation of the Purchaser to purchase Receivables
and other Receivable Assets on each Sale Date (including, in the case of the Existing Originators, the Effective Date and, in the case of the New Originators, the New Originator Effective Date) is
subject to the satisfaction of the following conditions precedent, that, on and as of the related Originator Date, the following statements shall be true with respect to the Receivables originated by
such Originator (and the delivery by such Originator of the Originator Daily Report for such Receivable on such Sale Date shall constitute a representation and warranty by such Originator 

7

 

that on such Sale Date the statements in clauses (a) and (b) below are true with respect to the Receivables originated by such Originator): 

        (a)  the
representations and warranties of such Originator contained in Sections 4.01 shall be true and correct on and as of
such Sale Date as though made on and as of such date, except insofar as such representations and warranties are expressly made only as of another date (in which case they shall be true and correct as
of such other date); 

        (b)  after
giving effect to such sale, no Originator Termination Event or Potential Originator Termination Event with respect to such Originator shall have occurred and be
continuing; 

        (c)  such
Originator shall have delivered or transmitted via telecopy to the Purchaser, with respect to the Receivables, an Originator Daily Report with respect to
Receivables sold by it to the Purchaser and originated by it, reasonably acceptable to the Purchaser and the Funding Agent showing, as of such Sale Date, at least the information specified in  Schedule 1 as to the Receivables to be sold, assigned, transferred and conveyed on such Sale Date; 

        (d)  since
the Effective Date, no material adverse change has occurred in the overall rate of collection of the Receivables; and 

        (e)  the
Purchaser shall have received such other approvals, opinions or documents as the Purchaser may reasonably request; 

provided, however, that the failure of such Originator to satisfy any of the foregoing conditions shall
not prevent such Originator from subsequently contributing Receivables originated by it, or purchased by it pursuant to a Receivables Purchase Agreement, upon satisfaction of all such conditions. 

        3.03.    Conditions Precedent to the Originators' Obligations on the Effective Date.    The obligations of the
Originators on the Effective Date shall be subject to the conditions precedent, which may be waived by the Originators, that the Originators shall have received on or before the Effective Date the
following, each dated the Effective Date and in form and substance satisfactory to the Originators: 

        (a)  a
Certificate of Good Standing for the Purchaser issued by the Secretary of State of Delaware, and certificates of qualification as a foreign limited liability company
issued by the Secretaries of State or other similar officials of each jurisdiction where such qualification is material to the transactions contemplated by this Agreement and the other Transaction
Documents; and 

        (b)  a
certificate of a Responsible Officer of the Purchaser certifying (i) the names and signatures of the managers authorized on its behalf to execute this Agreement
and the other Transaction Documents to which it is a party and any other documents to be delivered by it hereunder or thereunder, (ii) that attached thereto is a true, correct and complete copy
of the Purchaser's Certificate of Formation and Limited Liability Company Agreement, and (iii) that attached thereto is a true correct and complete copy of duly adopted resolutions of the
managers of the Purchaser, authorizing the execution of this Agreement and the consummation of the Transactions pursuant to the Transaction Documents. 

4.    REPRESENTATIONS AND WARRANTIES  

        4.01.    Representations and Warranties of the Originators.    Each Originator represents and warrants to the
Purchaser as of the Effective Date that: 

        (a)    Organization; Powers.    It (i) is an entity duly incorporated or formed, as the case may be, validly
existing and in good standing under the laws of its respective jurisdiction, (ii) has all requisite power and authority to own its property and assets and to carry on its business as now
conducted and as proposed to be conducted, (iii) is qualified to do business in, and is in good 

8

 

standing in, every jurisdiction where the nature of its business so requires, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect with
respect to it and (iv) has the limited liability company power and authority to execute, deliver and perform its obligations under this Agreement and each of the other Transaction Documents to
which it is a party and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party. 

        (b)    Authorization.    The execution, delivery and performance by each Originator of each of the Transaction
Documents to which it is a party and the performance of the Transactions (i) have been duly authorized by all requisite company and, if applicable and required, member action and
(ii) will not (A) violate (1) any Requirement of Law applicable to it or (2) any provision of any Transaction Document or other material Contractual Obligation to which it
is a party or by which it or any of its property is or may be bound, (B) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default
under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any Transaction Document or any other material Contractual Obligation to
which it is a party or by which it or any of its property is or may be bound
except where any such conflict, violation, breach or default referred to in clause (A) or (B), individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect with respect to it or (C) result in the creation or imposition of any Lien upon the Receivables (other than Permitted Liens and any Lien created under the Transaction Documents or
contemplated or permitted thereby). 

        (c)    Enforceability.    This Agreement and each of the other Transaction Documents to which it is a party have been
duly executed and delivered by each Originator and constitutes a legal, valid and binding obligation of each Originator enforceable against each Originator in accordance with its respective terms,
subject (a) to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights generally, from time to time in effect and
(b) to general principles of equity. 

        (d)    Governmental Approvals.    No action, consent or approval of, registration or filing with or any other action
by any Governmental Authority is or will be required in connection with the execution and delivery of this Agreement or the consummation of the Transactions contemplated hereby, except for
(i) the filing of UCC financing statements (or other similar filings) in any applicable jurisdictions necessary to perfect the Purchaser's ownership interest in the Receivables pursuant to  subsection 3.01(h)
, (ii) such as have been made or obtained and are in full force and effect and (iii) such actions, consents, approvals
and filings the failure of which to obtain or make could not reasonably be expected to result in a Material Adverse Effect with respect to it. 

        (e)    Litigation; Compliance with Laws.    

          (i)  There
are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the knowledge of such Originator,
threatened against such Originator in respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect with respect to it; and 

        (ii)  Neither
it nor any Originator is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or
default could reasonably be expected to result in a Material Adverse Effect with respect to it. 

        (f)    Agreements.    

          (i)  It
is not a party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably be expected to result in a Material
Adverse Effect with respect to it; and 

9

 

        (ii)  It
is not in default in any manner under any provision of any Contractual Obligation to which it is a party or by which it or any of its properties or assets are bound,
where such default could reasonably be expected to result in a Material Adverse Effect with respect to it. 

        (g)    Federal Reserve Regulations.    It is not engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock. 

        (h)    Investment Company Act.    It is not an "investment company" as
defined in, or subject to regulation under, the 1940 Act or any successor statute thereto. 

        (i)    Tax Returns.    It has filed or caused to be filed all material tax returns and has paid or caused to be paid
or made adequate provision for all taxes due and payable by it and all assessments received by it except to the extent that nonpayment (i) is being contested in good faith or (ii) could
not reasonably be expected to result in a Material Adverse Effect with respect to it. 

        (j)    ERISA Matters.    

          (i)  it
and each of its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA and the regulations and published interpretations
thereunder with respect to any Plan of such Originator or any of its ERISA Affiliates, except for such noncompliance which could not reasonably be expected to result in a Material Adverse Effect with
respect to it; 

        (ii)  No
Reportable Event has occurred as to which such Originator or any of its ERISA Affiliates was required to file a report with the PBGC, other than reports for
which the 30-day notice requirement is waived, reports that have been filed and reports the failure of which to file would not reasonably be expected to result in a Material Adverse Effect
with respect to it; 

        (iii)  as
of the Effective Date, the present value of all benefit liabilities under each Plan of such Originator or any of its ERISA Affiliates (on an ongoing basis and based
on those assumptions used to fund such Plan) did not, as of the last valuation report applicable thereto, exceed the value of the assets of such Plan; 

        (iv)  Neither
it nor any of its ERISA Affiliates has incurred any Withdrawal Liability that could reasonably be expected to result in a Material Adverse Effect with respect
to it; and 

        (v)  Neither
it nor any of its ERISA Affiliates has received any notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of
Title IV of ERISA, or that a reorganization or termination has resulted or could reasonably be expected to result, through increases in the contributions required to be made to such Plan or otherwise,
in a Material Adverse Effect with respect to it. 

        (k)    Accounting Treatment.    Except to the extent otherwise required by law, no Originator will prepare any
financial statements that shall account for the transactions contemplated hereby, nor will it in any other respect account for the transactions contemplated hereby, in a manner that is inconsistent
with the Purchaser's ownership interest in the Receivables and the other Receivable Assets related thereto. Each Originator intends to treat the sale and conveyance of the Receivables sold hereunder
to the Purchaser as a sale of such Receivables for all tax, accounting and regulatory purposes. 

        (l)    Stamp Duty Group.    Each member of the Stamp Duty Group is associated within the meaning of Section 42
United Kingdom Finance Act 1930 (as amended) with each other member of the Stamp Duty Group. 

        (m)    Chief Executive Office.    The offices at which each Originator keeps its records concerning the Receivables
either (x) are located as set forth on Schedule 3 hereto or (y) are in 

10

 

locations as to which each Originator has notified the Purchaser of the location thereof in accordance with Section 5.06. The chief executive
office of each Originator is set forth on Schedule 4 and is the place where the Originator is
"located" for the purposes of Section 9-103(3)(d) of the applicable UCC that governs the perfection of the ownership interest of the
Purchaser in the Receivables sold hereunder, and there have been no other such locations during the four months preceding the date of this Agreement. 

        (n)    Bulk Sales Act.    No transaction contemplated hereby with respect to any Originator requires compliance with,
or will be subject to avoidance under, any bulk sales act or similar law in the United States. 

        (o)    Names.    The legal name of each Originator is as set forth in this Agreement. No Originator has trade names,
fictitious names, assumed names or "doing business as" names except as set forth on Schedule 5. 

        (p)    Solvency.    No Insolvency Event with respect to any Originator has occurred and the sale, assignment,
conveyance and transfer of the Receivables by each Originator to the Purchaser has not been made in contemplation of the occurrence thereof. Both prior to and after giving effect to the transactions
occurring on the Effective Date and after giving effect to each subsequent transaction contemplated hereunder, (i) the fair value of the assets of each Originator, taken individually at a fair
valuation, will
exceed the debts and liabilities, subordinated, contingent or otherwise, of each Originator, as applicable; (ii) the present fair saleable value of the property of each Originator, taken
individually and not on a consolidated basis, will be greater than the amount that will be required to pay the probable liability of each Originator, as applicable, on its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Originator will be able to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) each Originator will not have unreasonably small capital with which to conduct the business in which
it is engaged as such business is now conducted and is proposed to be conducted. For all purposes of clauses (i) through (iv) above, 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. No Originator intends to, nor does it believe that it will incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be
received by each Originator and the timing of the amounts of cash to be payable on or in respect of its Indebtedness. 

        (q)    No Originator Termination Event.    As of the Effective Date, no Potential Originator Termination Event or
Originator Termination Event with respect to any Originator has occurred and is continuing. 

        (r)    No Program Termination Event.    As of the Effective Date, no Potential Program Termination Event or Program
Termination Event shall have occurred and be continuing. 

        (s)    No Fraudulent Transfer.    It is not entering into this Agreement with the actual or constructive intent to
hinder, delay, or defraud its present or future creditors and is receiving reasonably equivalent value and fair consideration for the Receivables being sold hereunder. 

        (t)    Collection Procedures.    It has in place the Policies and has not acted in contravention of any such Policies
with respect to the Receivables. 

        (u)    No Early Amortization Event.    No Early Amortization Event or Potential Early Amortization Event has occurred
and is continuing. 

11

 

        (v)    No Material Adverse Effect.    Since the Effective Date, no event has occurred which has had a Material Adverse
Effect with respect to it. 

        The
representations and warranties as of the date made set forth in this Section 4.01 shall survive the transfer, assignment,
conveyance and sale of the Receivables and the other Receivable Assets to the Purchaser. Upon discovery by a Responsible Officer of the Purchaser or the Master Servicer or by a Responsible Officer of
an Originator of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties. 

        4.02.    Representations and Warranties of the Originators Relating to the Receivables.    Each Originator hereby
represents and warrants to the Purchaser on each Sale Date with respect to the Receivables originated by it, being sold, transferred, assigned and conveyed to the Purchaser as of such date: 

        (a)    Receivables Description.    The Originator Daily Report delivered or transmitted pursuant to  subsection 2.01(a) sets forth
in all material respects an accurate and complete listing of all Receivables related thereto aggregated by Obligor, to be
sold, transferred, assigned and conveyed to the Purchaser on such Sale Date and the information contained therein in accordance with Schedule 1
with respect to each such Receivable is true and correct as of such date. 

        (b)    No Liens.    Each Receivable existing on the Effective Date or, in the case of Receivables sold, transferred,
assigned and conveyed to the Purchaser after the Effective Date, on the date that each such Receivable shall have been sold, transferred, assigned and conveyed to the Purchaser, has been sold,
transferred, assigned and conveyed to the Purchaser free and clear of any Liens, except for Permitted Liens and Trustee Liens. 

        (c)    Eligible Receivable.    On the Effective Date, each Receivable that is represented to be an Eligible Receivable
on such date on the Originator Daily Reports is an Eligible Receivable on the Effective Date and, in the case of Receivables sold, transferred, assigned and conveyed to the Purchaser after the
Effective Date, each such Receivable that is represented to be an Eligible Receivable sold, transferred, assigned and conveyed to the Purchaser on such Sale Date is an Eligible Receivable on such Sale
Date. 

        (d)    Filings.    All filings and other acts (including but not limited to notifying related Obligors of the
assignment of a Receivable) necessary or advisable under the UCC or under other applicable laws of jurisdictions outside the United States (to the extent applicable) shall have been made or performed
in order to grant the Purchaser on the applicable Sale Date a full legal and beneficial ownership interest in respect of such Receivables then existing or thereafter arising free and clear of any
Liens (except for Permitted Liens and Trustee Liens). 

        (e)    Policies.    Since the Effective Date, there have been no material changes in the Policies, other than as
permitted hereunder. 

        (f)    True Sale.    Title to each Receivable sold, assigned, conveyed and transferred hereunder will be vested in the
Purchaser as described in clauses (b) and (d) above, and such Receivables will not form part of the estate of any Originator upon a bankruptcy of such Originator. 

        The
representations and warranties as of the date made set forth in this Section 4.02 shall survive the sale, transfer, assignment
and conveyance of the Receivables and other Receivable Assets to the Purchaser. Upon discovery by a Responsible Officer of the Purchaser or the Master Servicer or a Responsible Officer of an
Originator of a breach of any of the representations and warranties (or of any Receivable encompassed by the representation and warranty in subsection
4.02(c) not being an Eligible Receivable as of the relevant Sale Date), the party discovering such breach shall give prompt written notice to the other parties. 

12

 

        4.03.    Representations and Warranties of the Purchaser.    The Purchaser represents and warrants as to itself as
follows: 

        (a)    Organization; Powers.    The Purchaser (i) is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware, (ii) has all requisite power and authority to own its property and assets and to carry on its business as now conducted
and as proposed to be conducted, (iii) is qualified to do business in, and is in good standing in, each jurisdiction where the nature of its business so requires, except where the failure so to
qualify would not have a Material Adverse Effect with respect to it and (iv) has the limited liability company power and authority to execute, deliver and perform its obligations under this
Agreement and each of the other Transaction Documents to which it is a party and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party. 

        (b)    Authorization.    The execution, delivery and performance by the Purchaser of each of the Transaction Documents
to which it is a party and the performance of the Transactions (i) have been duly authorized by all requisite company and, if applicable and required, member action and (ii) will not
(A) violate (1) any Requirement of Law or (2) any provision of any Transaction Document or any other material Contractual Obligation to which the Purchaser is a party or by which
it or any of its property is or may be bound, (B) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any
right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any Transaction Document or any other material Contractual Obligation to which it is a party or by
which it or any of its properties is or may be bound, except where any such conflict, violation, breach or default referred to in clauses (A) or (B), individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect with respect to it or (C) result in the creation or imposition of any Lien upon the Receivables (other than Permitted Liens or Trustee
Liens). 

        (c)    Enforceability.    This Agreement and each other Transaction Document to which it is a party have been duly
executed and delivered by the Purchaser and constitutes, a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its respective terms, subject
(a) to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights generally, from time to time in effect and
(b) to general principles of equity. 

        (d)    Accounting Treatment.    Except to the extent otherwise required by law, the Purchaser will not prepare any
financial statements that shall account for the transactions contemplated hereby, nor will it in any other respect account for the transactions contemplated hereby, in a manner that is inconsistent
with the Purchaser's ownership interest in the Receivables. 

5.    AFFIRMATIVE COVENANTS  

        Each Originator hereby agrees that, in the case of the Existing Originators, commencing on the Effective Date, and in the case of the New Originator, commencing
on the New Originator Effective Date, and in each case so long as there are any amounts outstanding with respect to Receivables or until an Early Originator Termination, whichever is later, such
Originator shall: 

        5.01.    Financial Statements, Reports, etc.:    

        (a)  Furnish
to the Purchaser, within 150 days after the end of each fiscal year, the balance sheet and related statements of income, members' equity and cash flows
showing the financial condition of such Originator as of the close of such fiscal year and the results of its operations during such year, all audited by such Originator's Independent Public
Accountants and accompanied by an opinion of such accountants (which shall not be qualified in any material 

13

 

respect) to the effect that such financial statements fairly present in all material respects the financial condition and results of operations of such Originator in accordance with GAAP consistently
applied; 

        (b)  Furnish
to the Purchaser, within 60 days after the end of each of the first three fiscal quarters of each fiscal year, such Originator's unaudited balance sheet
and related statements of income, members' equity and cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by a Responsible Officer of such
Originator; 

        (c)  Furnish
to the Purchaser, together with the financial statements required pursuant to clauses (i) and (ii) above, a compliance certificate signed by a
Responsible Officer of such Originator stating that (x) the attached financial statements have been prepared in accordance with GAAP and accurately reflect the
financial condition of such Originator and (y) to the best of such Responsible Officer's knowledge, no Early Amortization Event or Potential Early Amortization Event exists, or if any Early
Amortization Event or Potential Early Amortization Event exists, stating the nature and status thereof; 

        (d)  Furnish
to the Purchaser copies of all financial statements, financial reports and proxy statements so furnished; 

        (e)  Furnish
to the Purchaser, promptly, all information, documents, records, reports, certificates, opinions and notices requested in connection with the execution and
delivery of any Receivables Purchase Agreement; and 

        (f)    Furnish
to the Purchaser, promptly, from time to time, such historical information, including aging and liquidation schedules, in form and substance satisfactory to the
Funding Agent and the Rating Agencies, as the Purchaser may reasonably request; and 

        (g)  Furnish
to the Purchaser, promptly, from time to time, such other information regarding the operations, business affairs and financial condition of such Originator, or
compliance with the terms of any Transaction Document, in each case as the Purchaser may reasonably request. 

        5.02.    Compliance with Law and Policies.    

        (a)  Comply
with all Requirements of Law and material Contractual Obligations to which it is subject and which are applicable to it except to the extent that
non-compliance would not reasonably be likely to result in a Material Adverse Effect with respect to it. 

        (b)  Perform
its obligations in accordance with the Policies, as amended from time to time in accordance with the Transaction Documents, in regard to the Receivables and the
other Receivable Assets. 

        5.03.    Preservation of Corporate Existence.    (i) Preserve and maintain its business existence, rights and
privileges, if any, in the jurisdiction of its organization and (ii) qualify and remain qualified in good standing as a foreign company in each jurisdiction where the nature of its business so
requires, except where the failure so to qualify would not, individually or in the aggregate with other such failures, have a Material Adverse Effect with respect to it. 

        5.04.    Inspection of Property; Books and Records; Discussions.    Keep proper books of records and account in which
entries in conformity with GAAP shall be made of all dealings and transactions in relation to its
business and activities; and permit representatives of the Purchaser upon reasonable advance notice to visit and inspect any of its properties and examine and make abstracts from any of its books and
records during normal business hours on any Local Business Day and as often as may reasonably be requested, subject to such Originator's security and confidentiality requirements and to discuss the
business, operations, properties and financial condition of such Originator with officers and employees of such Originator and with its Independent Public Accountants. 

14

 

        5.05.    Location of Records.    Keep its chief executive office, and the offices where it keeps the records
concerning the Receivables and the other Receivable Assets relating thereto (and all original documents relating thereto), at the locations referred to for it on  Schedule 3 and Schedule 4 hereto or upon 60 days' prior written notice to the
Purchaser, at such other locations in a jurisdiction where all action required by Section 5.16 shall have been taken and completed and be in full
force and effect. 

        5.06.    Computer Files and other Documents.    At its own cost and expense, retain the ledger used by it as a master
record of the Obligors and retain copies of all documents relating to each Obligor as custodian and agent for the Purchaser and other Persons with interests in the Receivables originated by it, as
well as retain all Originator Documents. 

        5.07.    Obligations.    Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent,
as the case may be, all its obligations of whatever nature (including, without limitation, all taxes, assessments, levies and other governmental charges imposed on it), except where the amount or
validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Originator.
Defend the right, title and interest of the Purchaser in, to and under the Receivables and the other Receivable Assets related thereto, whether now existing or hereafter created, against all claims of
third parties claiming through such Originator. Each Originator will duly fulfill all obligations on its part to be fulfilled under or in connection with each Receivable and will do nothing to
materially impair the rights of the Purchaser in such Receivable. 

        5.08.    Collections.    Instruct each Obligor to make payments in respect of its Receivables to the Collection
Account and to comply in all material respects with procedures with respect to Collections reasonably specified from time to time by the Purchaser. In the event that any payments in respect of any
such Receivables are made directly to an Originator (including, without limitation, any employees thereof or independent contractors employed thereby), such Originator shall within one
(1) Local Business Day of receipt thereof, deliver or deposit such amounts to the Collection Account and, prior to forwarding such amounts, such Originator shall hold such payments in trust for
the account and benefit of the Purchaser. 

        5.09.    Furnishing Copies, Etc.    Furnish to the Purchaser (subject to  Section 8.15 hereof): 

        (a)  within
five (5) Local Business Days of the Purchaser's request, a certificate of a Responsible Officer of such Originator, certifying, as of the date thereof, to
the knowledge of such officer, that no Originator Termination Event has occurred and is continuing or if one has so occurred, specifying the nature and extent thereof and any corrective action taken
or proposed to be taken with respect thereto; 

        (b)  promptly
after a Responsible Officer of such Originator obtains knowledge of the occurrence of any Originator Termination Event or Potential Originator Termination
Event, written notice thereof; 

        (c)  promptly
following request therefor, such other information, documents, records or reports regarding or with respect to the Receivables of such Originator, as the
Purchaser may from time to time reasonably request; and 

        (d)  promptly
upon determining that any Receivable originated by it designated as an Eligible Receivable on the Originator Daily Report or Monthly Settlement Report was not
an Eligible Receivable as of the date provided therefor, written notice of such determination. 

        5.10.    Responsibilities of the Originator as Local Servicer.    Notwithstanding anything herein to the contrary,
(i) each Originator, while acting as Local Servicer, shall perform or cause to be performed all of its obligations under the Policies related to the Receivables to the same extent as if such
Receivables had not been sold, assigned, transferred and conveyed to the Purchaser hereunder, (ii) the exercise by 

15

 

the Purchaser of any of its rights hereunder shall not relieve any Originator of its obligations with respect to such Receivables and (iii) except as provided by law, the Purchaser shall not
have any obligation or liability with respect to any Receivables, nor shall the Purchaser be obligated to perform any of the obligations or duties of any Originator. 

        5.11.    Assessments.    Pay before the same become delinquent and discharge all taxes, assessments, levies and other
governmental charges imposed on it except such taxes, assessments, levies and governmental charges which are being contested in good faith and for which such Originator has set aside on its books
adequate reserves. 

        5.12.    Purchase of Receivables.    Purchase Receivables solely in accordance with the Receivables Purchase
Agreements or this Agreement. 

        5.13.    Notices.    Promptly give written notice to the Trustee, each Rating Agency, the Purchaser and each Funding
Agent for any Outstanding Series of the occurrence of any Liens on Receivables (other than Permitted Liens), Early Amortization Event or Potential Early Amortization Event, including the statement of
a Responsible Officer of such Originator setting forth the details of such Early Amortization Event or Potential Early Amortization Event and the action taken, or which such Originator proposes to
take, with respect thereto; 

        5.14.    Bankruptcy.    Cooperate with the Purchaser, the Company, the Funding Agent and Trustee in making any
amendments to the Transaction Documents and take, or refrain from taking, as the case may be, all other actions deemed reasonably necessary by the Funding Agent and/or Trustee in order to comply with
the structured finance statutory exemption set forth in legislative amendments to the U.S. Bankruptcy Code at or any time after such amendments are enacted into law;  provided, however, that it shall not be required to make any amendment or to take, or omit from taking,
as the case may be, any action which it reasonably believes would have the effect of materially changing the economic substance of the transaction contemplated by the Transaction Documents on the
Effective Date. 

        5.15.    Further Action.    In addition to the foregoing: 

        (a)  Each
Originator agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action
(including but not limited to notifying the related Obligors to the extent necessary to perfect the ownership interest of the Purchaser in the Receivables) that may be necessary in such Originator's
reasonable judgment or that the Purchaser may reasonably request, in order to protect the Purchaser's right, title and interest in the Receivables, or to enable the Purchaser to exercise or enforce
any of its rights in respect thereof. Without limiting the generality of the foregoing, each Originator will, upon the request of the Purchaser (i) execute and file such financing or
continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or, in the opinion of the Purchaser, advisable to protect the Purchaser's ownership interest
in the Receivables and (ii) obtain the agreement of any Person having a Lien on any Receivables owned by such Originator (other than any Lien created or imposed under the Pooling Agreement or
any Permitted Lien) to release such Lien upon the sale, assignment, transfer and conveyance of any such Receivables to the Purchaser. 

        (b)  Until
the termination of this Agreement, each Originator hereby irrevocably authorizes the Purchaser to file one or more financing or continuation statements (and other
similar instruments), and amendments thereto, relative to all or any part of the Receivables and the other Receivable Assets related thereto, sold, assigned, conveyed or transferred or to be sold,
assigned, conveyed or transferred by such Originator without the signature of such Originator to the extent permitted by applicable law. 

        (c)  If
any Originator fails to perform any of its agreements or obligations under this Agreement, following notice to such Originator detailing such delinquency, the
Purchaser may (but 

16

 

shall not be required to) perform, or cause performance of, such agreements or obligations, and the expenses of the Purchaser incurred in connection therewith shall be payable by such Originator as
provided in Section 9.02. The Purchaser agrees promptly to notify such Originator after any such performance; provided, however, that the failure to give such notice shall not affect the
validity of any such performance. 

        5.16.    Marking of Records.    Each Originator will maintain a system that will identify on its extraction records
relating to the Receivables from its master database of receivables that the Receivables have been sold, assigned, conveyed or transferred to the Purchaser. Each Originator agrees that from time to
time it will promptly execute and deliver all instruments and documents, and take all further action, that Purchaser may reasonably request in order to perfect, protect or more fully evidence the
Trustee's first priority perfected security interest in such Receivables and the related Collections. 

        5.17.    Stamp Duty.    

        It
will procure that each member of the Stamp Duty Group shall remain associated within the meaning of Section 42 United Kingdom Finance Act 1930 (as amended) with each other
member of the Stamp Duty Group. 

6.    NEGATIVE COVENANTS  

        Except as otherwise provided in Section 6.11, each Existing Originator and, commencing on the New
Originator Effective Date, the New Originator each hereby agrees that, so long as there are any amounts outstanding with respect to Receivables originated by such Originator, previously sold,
assigned, conveyed or transferred by such Originator to the Purchaser or until an Early Originator Termination, whichever is the later, such Originator shall not: 

        6.01.    Limitations on Transfers of Receivables, Etc.    At any time sell, convey, assign, transfer or otherwise
dispose of any of the Receivables or other Receivable Assets relating thereto, except as contemplated by the Transaction Documents. 

        6.02.    Extension or Amendment of Receivables.    Whether acting as Local Servicer or otherwise, extend, make any
Dilution Adjustment to, rescind, cancel, amend or otherwise modify, or attempt or purport to extend, amend or otherwise modify, the terms of any Receivables, unless (a) (i) such cancellation,
termination, amendment, modification, or waiver is made in accordance with the Policies (and would have been made in the ordinary course of business), (ii) if such cancellation, termination,
amendment, modification or waiver arose as a result of a request from an Obligor, (iii) if any such amendment, modification or waiver does not cause such Receivable to cease to be an Eligible
Receivable and (iv) such cancellation, termination, amendment, modification or waiver would not have a material and prejudicial effect on the collectibility of the relevant Receivable or
(b) such Dilution Adjustment is the result of a pre-existing contractual obligation between such Originator and the related Obligor with
respect to such Receivable provided, that in the event such Originator cancels an invoice related to a Receivable, such Originator must make an
Originator Dilution Adjustment Payment in accordance with Section 2.05; provided,  further that in the
event such Originator cancels an invoice related to a Receivable, either (i) such invoice must be replaced with an invoice
relating to the same transaction as the cancelled invoice of equal or greater Principal Amount on the same day, (ii) such invoice must be replaced with an invoice relating to the same
transaction as the cancelled invoice of a lesser Principal Amount on the same Business Day and such Originator must make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount equal
to the difference between such cancelled and replacement invoices or (iii) the Originator must make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount equal to the full
value of such cancelled invoice pursuant to Section 2.05. 

17

 

        6.03.    Change in Payment Instructions to Obligors.    Instruct any Obligor of any Receivables to make any payments
with respect to any Receivables other than, in accordance with Section 5.09, by check or wire transfer to the Collection Account. 

        6.04.    Change in Name.    Change its name, use an additional name, change its identity or business structure or
change its chief executive officer unless at least 60 days' prior to the effective date of any such change it delivers to the Purchaser such documents, instruments or agreements as are
necessary to reflect such change and to continue the perfection of the Purchaser's ownership interest in the Receivables. 

        6.05.    Policies.    Make any change or modification (or permit any change or modification to be made) in any
material respect to the Policies, except (i) if such changes or modifications are necessary under any Requirement of Law, or (ii) if the Rating Agency Condition is satisfied with respect
thereto; provided, however, that if any change or modification, other than a change or modification
permitted pursuant to clause (i) above, would reasonably be expected to have a Material Adverse Effect with respect to a Series which is not rated by a Rating Agency, the consent of Investor
Certificateholders representing Fractional Undivided Interests aggregating not less than 51% of the Adjusted Invested amount of such Series (or, as otherwise specified in the related Supplement) shall
be required to effect such change or modification. 

        6.06.    Modification of Legend.    Delete or otherwise modify the identification on the extraction records referred
to in subsection 2.01(d). 

        6.07.    Accounting for Sales.    Except as otherwise required by law, prepare any financial statements which shall
account for the transactions contemplated hereby in any manner other than as a sale of the Receivables to the Purchaser or in any other respect account for or treat the transactions contemplated
hereby (including for financial accounting purposes, except as required by law) in any manner other than as a sale of the Receivables to the Purchaser. 

        6.08.    Instruments.    Unless delivered to the Trustee pursuant to Section 2.01(b) of the Pooling Agreement,
take any action to cause any Receivable not evidenced by an "instrument" (as defined in Section 9-105(1)(i) of the applicable
UCC) upon origination to become evidenced by an instrument, except in connection with the enforcement or collection of a Defaulted Receivable. 

        6.09.    Ineligible Receivables.    Without the prior written approval of the Purchaser, take any action which to its
knowledge would cause, or would permit, a Receivable that was designated as an Eligible Receivable on the Sale Date relating to such Receivable to cease to be an Eligible Receivable, except as
otherwise expressly provided by this Agreement. 

18

   
        6.10.    Business of the Originator.    Fail to maintain and operate the business currently conducted by such
Originator and business activities reasonably incidental or related thereto in substantially the manner in which it is presently conducted and operated if such failure would reasonably be expected to
result in a Material Adverse Effect with respect to it. 

        6.11.    Limitation on Fundamental Changes.    Enter into any merger or consolidate with another Person or sell,
lease, transfer or otherwise dispose of assets constituting all or substantially all of the assets of such Originator and its consolidated Subsidiaries (taken as a whole) to another Person or
liquidate or dissolve unless: 

        (a)  either
(i) such Originator is the surviving entity or (ii) the surviving Person (A) assumes, without execution or filing of any paper or any further
act on the part of any of the parties hereto other than such Originator, the performance of each covenant and obligation of such Originator hereunder and (B) no Material Adverse Effect with
respect to it shall result from such merger, consolidation, sale, lease, transfer or disposal of assets; 

        (b)  subject
to Section 8.15 hereof, it has delivered to the Trustee a certificate executed by a Responsible Officer of such Originator addressed to the Trustee
(i) stating that such consolidation, merger, conveyance or transfer complies with this Section 6.11 and (ii) further stating in the Responsible Officer's certificate that all
conditions precedent herein provided for relating to such transaction have been complied with; 

        (c)  it
has delivered to the Trustee an Opinion of Counsel from a nationally recognized legal counsel to the effect that the sale of Receivables to the Purchaser by such
Surviving Person, after the date of such merger, consolidation, sale, lease, transfer or disposal of assets, shall be treated as a "true sale" of any such Receivables; 

        (d)  it
has delivered to the Trustee a General Opinion; and 

        (e)  the
Rating Agency Condition has been satisfied. 

        6.12.    Offices.    Move the location of such Originator's chief executive office or of any of the offices where it
keeps its records with respect to the U.S. Receivables, or its legal head office to a new location within or outside the jurisdiction where such office is now located, without (i) providing
thirty (30) days' prior written notice to the Purchaser, the Trustee, each Funding Agent and each Rating Agency and (ii) taking all actions reasonably requested by the Trustee (including
but not limited to all filings and other acts necessary or advisable under the applicable UCC or other applicable laws or similar statute of each relevant jurisdiction) in order to continue the
Trust's first priority perfected security interest in all Receivables now owned by the Purchaser or hereafter created. 

        6.13.    Constitutive Documents.    Amend or make any change or modification to its constitutive documents without
first satisfying the Rating Agency Condition and obtaining the consent of each Funding Agent (provided that, notwithstanding anything to the contrary in this  Section 6.13, such Originator may make
amendments, changes or modifications pursuant to changes in law of the jurisdiction of its organization or
amendments to change such Originator's name (subject to compliance with Section 6.04 above), registered agent or address of registered office). 

        6.14.    Amendment of Transaction Documents or Other Material Documents.    Other than as set forth in the Transaction
Documents, amend any Transaction Document or other material document related to any transactions contemplated hereby or thereby including, but not limited to, any of the Receivables Purchase
Agreements. 

19

 

7.    TERMINATION EVENTS  

        7.01.    Originator Termination Events.    If any of the following events (herein called
"Originator Termination Events") shall have occurred and be continuing with respect to any Existing Originator or, on or after the New Originator
Effective Date, with respect to the New Originator: 

        (a)  an
Originator shall fail to pay any amount due hereunder in accordance with the provisions hereof and such failure shall continue unremedied for a period of two
(2) Business Days from the earlier to occur of (i) the date upon which a Responsible Officer of such Originator obtains actual knowledge of such failure or (ii) the date on which
written notice of such failure, requiring the same to be remedied, shall have been given (A) to such Originator by the Company, the Purchaser or the Trustee or (B) to the Purchaser, to
the Company, to the Trustee and to such Originator by holders of Investor Certificates evidencing 25% or more of the Aggregate Invested Amount; or 

        (b)  an
Originator shall fail to observe or perform any other covenant or agreement applicable to it contained herein (other than as specified in paragraph (a) of this  Section 7.01) that has a
Material Adverse Effect with respect to it and that continues unremedied until ten (10) Local Business Days after
the date on which written notice of such failure, requiring the same to be remedied shall have been given (A) to such Originator by the Purchaser, the Company or the Trustee or (B) to
the Purchaser, to the Company, to the Trustee and to such Originator by holders of Investor Certificates evidencing 25% or more of the Aggregate Invested Amount,  provided that if such failure may be
cured and such Originator is diligently pursing such cure, such event shall not constitute an Originator
Termination Event for an additional thirty (30) days; or 

        (c)  any
representation or warranty made by such Originator in this Agreement or in any certificate delivered pursuant to this Agreement shall prove to have been incorrect in
any material respect when made or deemed made, and which continues unremedied until ten (10) Local Business Days after the date on which written notice thereof, requiring the same to be
remedied, shall have been given (A) to such Originator by the Purchaser, the Company or the Trustee or (B) to the Purchaser, to the Company, to the Trustee and to such Originator by
holders of Investor Certificates evidencing 25% or more of the Aggregate Invested Amount, provided that if such incorrectness may be cured and such
Originator is diligently pursuing such cure, such event shall not constitute an Originator Termination Event for an additional thirty (30) days and provided
further that an Originator Termination Event shall not be deemed to have occurred under this paragraph (c) based upon a breach of any representation or warranty set
forth in Section 4.02 if such Originator shall have complied with the provisions of  Section 2.06 in respect thereof; or 

        (d)  an
Originator has been terminated as Local Servicer with respect to the Receivables originated by it, and not replaced as a Local Servicer by an affiliate of Huntsman
International, following a Master Servicer Default under the Servicing Agreement, 

then,
in the case of any Originator Termination Event, so long as such Originator Termination Event shall be continuing, the Purchaser shall terminate its obligation to accept a sale of Receivables
from such Originator and such Originator shall be terminated as an Originator upon 10 days written notice (the date on which such notice becomes effective, the
"Originator Termination Date") to such Originator (any such termination, an "Early Originator
Termination"); provided that such removal or termination shall be in accordance with Section 2.10 of the Pooling
Agreement. 

        7.02.    Program Termination Events.    If any of the following events (herein called "Program
Termination Events") shall have occurred and be continuing with respect to an Originator: 

        (a)  an
Insolvency Event shall have occurred with respect to an Originator; or 

20

 

        (b)  there
shall have occurred and be continuing (i) an Early Amortization Event set forth in Section 7.01 of
the Pooling Agreement or (ii) the Amortization Period with respect to all Outstanding Series; or 

        (c)  a
notice of Lien shall have been filed by the PBGC against an Originator under Section 412(n) of the Code or Section 302(f) of ERISA for a failure to make
a required installment or other payment to a plan to which Section 412(n) of the Code or Section 302(f) of ERISA applies unless there shall have been delivered to the Trustee and the
Rating Agencies proof of release of such Lien; or 

        (d)  a
Federal (or equivalent) tax notice of Lien, in an amount equal to or greater than $500,000, shall have been filed against an Originator unless there shall have been
delivered to the Trustee and the Rating Agencies proof of release of such Lien; or 

        (e)  any
Originator Termination Event shall have occurred and be continuing with respect to an Originator that, as of the last Monthly Settlement Report, had originated more
than 10% of the Aggregate Receivables Amount reflected on such report; or 

        (f)    an
Originator Termination Event shall have occurred but such Originator has not been terminated within 10 calendar days in accordance with Section 2.10 of the
Pooling Agreement. 

then,
after the expiration of any applicable cure period, the obligation of the Purchaser to accept sales shall terminate without notice (such date of termination, the "Program
Termination Date"), and there shall be an Early Amortization Event pursuant to Section 7.01 of the Pooling Agreement. 

        7.03.    Remedies.    

        (a)  If
an Originator Termination Event or Program Termination Event has occurred and is continuing, the Purchaser (and its assignees) shall have all of the rights and
remedies provided to an owner of accounts under applicable law in respect thereto. 

        (b)  Each
Originator agrees that, upon the occurrence and during the continuation of Program Termination Event as described in subsection
7.02(a) or (b)(i): 

          (i)  the
Purchaser (and its assignees) shall have the right at any time to notify, or require that such Originator, at its expense, notify, the respective Obligors of the
Company's ownership of the
Receivables and other Receivable Assets and may direct that payment of all amounts due or to become due under the Receivables be made directly to the relevant current Concentration Accounts; 

        (ii)  the
Purchaser (and its assignees) shall have the right to (A) sue for collection on any Receivables or (B) sell any Receivables to any Person for a price
that is acceptable to the Purchaser. If required by the applicable UCC (or analogous provisions of any other similar law, statute or legislation applicable to the Receivables), the Purchaser (and its
assignees) may offer to sell any Receivable to any Person, together, at its option, with all other Receivables created by the same Obligor. Any Receivable sold hereunder (other than pursuant to the
Pooling Agreement) shall cease to be a Receivable for all purposes under this Agreement as of the effective date of such sale; 

        (iii)  such
Originator in such capacity or in its capacity as Local Servicer, shall, upon the Purchaser's (or its assignees') written request and at such Originator's
expense, (A) assemble all of its documents, instruments and other records (including credit files and computer tapes or disks) that (1) evidence or will evidence or record Receivables
and (2) are otherwise necessary or desirable to effect Collections of such Receivables including (i) Receivable specific information including, when applicable, invoice number, invoice
due date, invoice value, purchase order reference, shipping date, shipping address, shipping terms, copies of 

21

 

delivery notes, bills of lading, insurance documents, copies of letters of credit, bills of exchange or promissory notes, other security documents, and (ii) Obligor specific information,
including copy of the Contract, correspondence file and details of any security held (collectively, the "Originator Documents") and (B) deliver such Originator Documents to the Purchaser or its
designee at a place designated by the Purchaser. In recognition of each Originator's need to have access to any Originator Documents which may be transferred to the Purchaser hereunder, whether as a
result of its continuing business relationship with any Obligor for Receivables or as a result of its responsibilities as Local Servicer, the Purchaser hereby grants to each Originator a license to
access the Originator Documents transferred by such Originator to the Purchaser and to access any such transferred computer software in connection with any activity arising in the ordinary course of
such Originator's business or in performance of such Originator's duties as Local Servicer; provided that such Originator shall not disrupt or otherwise interfere with the Purchaser's use of and
access to such Originator Documents and its computer software during such license period; and 

        (iv)  upon
written request of the Purchaser, each Originator will (A) deliver to the Purchaser all licenses, rights, computer programs, related material, computer
tapes, disks, cassettes and data necessary for the immediate collection of the Receivables by the Purchaser, with or without the participation of such Originator (excluding software licenses which by
their terms are not permitted to be so delivered; provided that each Originator shall use reasonable efforts to obtain the consent of the relevant licensor to such delivery but shall not be required,
to the extent it has an ownership interest in any electronic records, computer software or licenses, to transfer, assign, set-over or otherwise convey such ownership interests to the
Purchaser) and (B) make such arrangements with respect to the collection of the Receivables as may be reasonably required by the Purchaser. 

8.    MISCELLANEOUS  

        8.01.    Payments.    All payments to be made by a party ("payor")
hereunder shall be made in Dollars on the applicable due date and in immediately available funds to the recipient's ("payee") account set forth in  Schedule 6 of this Agreement or to such other account as may be specified by such payee from time to time in a notice to such payor. Wherever any
payment to be made under this Agreement shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day. 

        8.02.    Costs and Expenses.    Each Originator agrees (a) to pay or reimburse the Purchaser for all of its
out-of-pocket costs and expenses incurred in connection with the preparation and execution of, and any amendment, supplement or modification to, this Agreement, the other
Transaction Documents and any other documents prepared in connection herewith and therewith, the consummation and administration of the transactions contemplated hereby and thereby, including, without
limitation, all reasonable fees and disbursements of counsel, (b) to pay or reimburse the Purchaser for all its costs and expenses incurred in connection with the enforcement or preservation of
any rights under this Agreement and any of the other Transaction Documents, including, without limitation, the reasonable fees and disbursements of counsel to the Purchaser, (c) to pay,
indemnify, and hold the Purchaser harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay caused by such Originator in paying,
stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of, any of the
transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement and any such other documents, and (d) to pay,
indemnify, and hold the Purchaser harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever (i) which may at any time be 

22

 

imposed on, incurred by or asserted against the Purchaser in any way relating to or arising out of this Agreement or the other Transaction Documents or the transactions contemplated hereby and
thereby or in connection herewith or any action taken or omitted by the Purchaser under or in connection with any of the foregoing (all such other liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements being herein called "Originator Indemnified Liabilities") or (ii) which would not
have been imposed on, incurred by or asserted against the Purchaser but for its having acquired the Receivables hereunder; provided,  however, that such
indemnity shall not be available to the extent that such Originator Indemnified Liabilities are finally judicially determined to have
resulted from the gross negligence or willful misconduct of the Purchaser. The agreements of each Originator in this Section 8.02 shall survive
the collection of all Receivables, the termination of this Agreement and the payment of all amounts payable hereunder. 

        8.03.    Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of the Originators
and the Purchaser and their respective successors (whether by merger, consolidation or otherwise) and permitted assigns. Each Originator agrees that it will not assign or transfer all or any
portion of its rights or obligations hereunder without the prior written consent of the Purchaser. Each Originator acknowledges that the Purchaser shall grant a Participation and a security interest
in all of its rights hereunder to the Trustee pursuant to the Pooling Agreement. Each Originator further agrees that, in respect of its obligations hereunder, it will act at the direction of and in
accordance with all requests and instructions from the Trustee until all amounts due to the Investor Certificateholders are paid in full. 

        8.04.    Additional Originators.    Huntsman International may admit as an Originator under this Agreement any member
of the Huntsman Group, provided such member is formed or organized in a State of the United States of America (such party or parties shall be referred to as an "Additional
Originator") and such member is a wholly-owned Subsidiary (directly or indirectly) of Huntsman International. The admission of such Additional Originator shall be subject to
the following conditions: 

        (a)  the
Company shall receive the documents and information specified in Section 3.01 in respect of the Additional
Originator, each in form and substance satisfactory to the Company where reference to the "Effective Date" shall be the date of admission as an Additional Originator; 

        (b)  the
Additional Contributor shall execute and deliver to the Company a duly completed agreement as set out in  Schedule 7 (the "Admission of Additional Originator"); 

        (c)  the
consent of the Funding Agents shall have been obtained; 

        (d)  the
Rating Agency Condition shall have been satisfied; 

        (e)  receipt
by the Trustee and the Funding Agent and any agent for the Certificateholders of a certificate from the Master Servicer certifying that after giving effect to
the addition of such Additional Originator, the Aggregate Allocated Receivables Amount shall equal the Aggregate Target Receivables Amount on the date of such admission; and 

        (f)    the
Trustee shall have established on or more Collection Accounts and executed a Collection Account Agreement with respect to the Collections received on the Receivables
to be sold by such Additional Originator and contributed by the Company to the Trust; 

provided,
that satisfaction of the Rating Agency Condition shall not be a condition precedent to admission as an Additional Originator if: 

          (i)  Huntsman
International provides the Trustee with an Officer's certificate certifying that such Additional Originator is in the same line of business as the existing
Originators; and 

23

 

        (ii)  immediately
prior to giving effect to such addition, the ratio (expressed as a percentage) of (I) the aggregate Principal Amount of what would constitute all
Eligible Receivables of such requesting Additional Originator at the end of the immediately preceding Business Day if it were an Additional Originator plus the aggregate Principal Amount of Eligible
Receivables of all Additional Originators admitted during the then current calendar year, minus the amount that would constitute the Overconcentration Amount applicable to all such Receivables on such
date if such requesting Additional Originator were an Additional Originator to (II) the Aggregate Receivables Amount on such date (before giving effect to such addition), is less than 10%. 

        Upon
satisfaction of the above conditions, the Additional Originator shall be deemed to be a party to this Agreement, and for all purposes of the Transaction Documents shall be deemed to
be a "U.S. Originator" and "Originator". The Additional Originator shall be under the same obligations towards each of the other parties to this Agreement as if it had been an original party hereto as
an "Originator". 

        8.05.    Intentionally Omitted    

        8.06.    Intentionally Omitted    

        8.07.    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK AND WITHOUT REFERENCE TO ANY CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), SUBJECT TO THE RESERVATION OF THE LAWS OF
ANOTHER JURISDICTION THAT MAY BE APPLICABLE TO ANY ISSUES RELATED TO PERFECTION OF ANY SALE HEREUNDER. 

        8.08.    No Waiver; Cumulative Remedies.    No failure to exercise and no delay in exercising, on the part of the
Purchaser, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law. 

        8.09.    Amendments and Waivers.    Neither this Agreement nor any terms hereof may be amended, supplemented or
modified except in a writing signed by the Purchaser and the Originators and that otherwise complies with any applicable provision in the other Transaction Documents. Any amendment, supplement or
modification shall not be effective until the Rating Agency Condition has been satisfied. 

        8.10.    Severability.    Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        8.11.    Notices.    All notices, requests and demands to or upon the respective parties hereto to be effective shall
be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three (3) days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as 

24

 

follows in the case of the Purchaser and the Originator, or to such other address as may be hereafter notified by the respective parties hereto: 

	With respect to the Purchaser:	 	Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108

USA
	

 	
 	

Attention: Office of the General Counsel

Telecopy: 1 (801) 584-5782
	

Copy to:	
 	

Huntsman (Europe) BVBA

Everslaan 45

B-3078 Everberg

Belgium
	

 	
 	

Attention: Treasury Department

Telecopy: 32 2759 5501
	

With respect to the Originators:	
 	

Tioxide Americas Inc.

500 Huntsman Way

Salt Lake City, Utah 84108

USA
	

 	
 	

Attention: Office of the General Counsel

Telecopy: 1 (801) 584-5782]
	
 	
 	

 

25

 

	

Copy to:	
 	

Huntsman Propylene Oxide Ltd.

500 Huntsman Way

Salt Lake City, Utah 84108

USA
	

 	
 	

Attention: Office of General Counsel

Telecopy: 1 (801) 584-5782
	

 	
 	

Huntsman International Fuels L.P.

500 Huntsman Way

Salt Lake City, Utah 84108

USA
	

 	
 	

Attention: Office of the General Counsel

Telecopy: 1 (801) 584-5782
	

 	
 	

Huntsman (Europe) BVBA

Everslaan 45

B-3078 Everberg

Belgium
	

 	
 	

Attention: Treasury Department

Telecopy: 32 2759 5501
	

 	
 	

Huntsman Ethyleneamines Ltd.

3040 Post Oak Boulevard

Houston, TX 75201

USA
	

 	
 	

Attention: Office of the General Counsel

Telecopy: 1 (801) 584-5782
	

With Respect to the Trustee:	
 	

J.P. Morgan Bank (Ireland) plc

Institutional Trust Services

International Financial Center, Floor 1

Dublin, Ireland
	

 	
 	

Attention: Mick Devane

Telecopy: 00 353 1 612 3139

        8.12.    Counterparts.    This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by
all the parties shall be lodged with the Purchaser. 

        8.13.    Submission to Jurisdiction; Service of Process.    

        (a)  Each
of the parties hereto 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, City of New York for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each of
the parties hereto hereby irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought
in such a court, any claim that any such proceeding brought in such a court has been brought in an inconvenient forum and any claim based on its immunity from suit. Nothing in this
Section 8.12(a) shall affect the right of any party hereto to bring any action or proceeding against another or its property in the courts of other jurisdictions. 

26

 

        (b)  EACH
PARTY WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, OR THE TRANSACTIONS
CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY EITHER PARTY AGAINST THE OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH
PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION 8.12(b) AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF
THIS AGREEMENT OR ANY PROVISIONS HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

        8.14.    No Bankruptcy Petition.    

        (a)  Each
Originator, by entering into this Agreement, covenants and agrees, to the extent permissible under applicable law, that it will not institute against, or join any
other Person in instituting against, the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings (including, but not limited to, petitioning
for the declaration of the Purchaser's assets en désastre) under any Applicable Insolvency Laws. 

        (b)  Notwithstanding
anything elsewhere herein contained, the sole remedy of the Originators or any other Person in respect of any obligation, covenant, representation,
warranty or agreement of the Purchaser under or related to this Agreement shall be against the assets of the Purchaser. None of the Originators nor any other Person shall have any claim against the
Purchaser to the extent that such assets are insufficient to meet such obligation, covenant, representation, warranty or agreement (the difference being referred to herein as a "shortfall") and all
claims in respect of the shortfall shall be extinguished. 

        8.15.    Termination.    This Agreement will terminate at such time as (a) the commitment of the Purchaser to
accept a sale of Receivables from the Originators hereunder shall have terminated and (b) all Receivables have been collected, and the proceeds thereof turned over to the Purchaser and all
other amounts owing to the Purchaser hereunder shall have been paid in full or, if Receivables have not been collected, such Receivables have become Defaulted Receivables and the Purchaser shall have
completed its collection efforts in respect thereto; provided, however, that the indemnities of the
Originators to the Purchaser set forth in this Agreement shall survive such termination and provided further that, to the extent any amounts remain due
and owing to the Purchaser hereunder, the Purchaser shall remain entitled to receive any Collections on Receivables which have become Defaulted Receivables after it
shall have completed its collection efforts in respect thereof. Notwithstanding anything to the contrary contained herein, if at any time, any payment made by any Originator is rescinded or must be
restored or returned by the Purchaser as a result of any Insolvency Event with respect to such Originator then such Originator's obligations with respect to such payment shall be reinstated as though
such payment had never been made. 

        8.16.    Responsible Officer Certificates; No Recourse.    Any certificate executed and delivered by a Responsible
Officer of the Originators or the Purchaser pursuant to the terms of the Transaction Documents shall be executed by such Responsible Officer not in an individual capacity but solely in his or her
capacity as an officer of the Originators or the Purchaser, as applicable, and such Responsible Officer will not be subject to personal liability as to the matters contained in the certificate. A
director, officer, manager, employee, or member, as such, of the Originators or Purchaser shall not have liability for any obligation of the Originators or the Purchaser hereunder or under any
Transaction Document 

27

 

or for any claim based on, in respect of, or by reason of, any Transaction Document, unless such claim results from the gross negligence, fraudulent acts or willful misconduct of such director,
officer, employee, manager or member. 

        [SIGNATURES
COMMENCE ON NEXT PAGE] 

28

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Receivables Purchase Agreement to be executed by their respective officers thereunto duly authorized, all as
of the day and year first above written. 

	 	 	HUNTSMAN INTERNATIONAL LLC,

as Purchaser
	

 	
 	

By:	
 	

/s/  J. KIMO ESPLIN      
 Name: J. Kimo Esplin

Title: Executive Vice President and CFO
	

 	
 	

TIOXIDE AMERICAS INC.,

as Seller and Originator
	

 	
 	

By:	
 	

/s/  L. RUSSELL HEALY      
 Name: L. Russell Healy

Title: Vice President and Treasurer
	

 	
 	

HUNTSMAN PROPYLENE OXIDE LTD.,

as Seller and Originator
	

 	
 	

By:	
 	

/s/  PATRICK W. THOMAS      
 Name: Patrick W. Thomas

Title: President
	

 	
 	

HUNTSMAN INTERNATIONAL FUELS L.P.,

as Seller and Originator
	

 	
 	

By:	
 	

/s/  PATRICK W. THOMAS      
 Name: Patrick W. Thomas

Title: President
	

 	
 	

HUNTSMAN ETHYLENEAMINES LTD.,

as Seller and Originator
	

 	
 	

By:	
 	

/s/  PATRICK W. THOMAS      
 Name: Patrick W. Thomas

Title: President

29

  

 
 

SCHEDULE 1 to the
  U.S. Receivables Purchase Agreement    
  

Form of Originator Daily Report  

 Huntsman Master Trust—Daily Report  

	 
	 	Report Date

02-Nov-00
	 	Activity Date

01-Nov-00
	 	 
	 	 

	 
	 	Seller

Interest
	 	Series 2000-1

Investor Interest
	 	Series 2000-2

Investor
	 	Total

	Pool Activity	 	 	 	 	 	 	 	 
	Beginning Receivables Balance	 	 	 	 	 	 	 	 
	 	Plus: FX Adjustment	 	 	 	 	 	 	 	 
	 	Less: Aggregate Initial Collections	 	 	 	 	 	 	 	 
	 	Plus: New Sales	 	 	 	 	 	 	 	 
	 	Less: Non-Contractual Dilutions	 	 	 	 	 	 	 	 
	 	Less: Timely Payment Discount Issued	 	 	 	 	 	 	 	 
	 	Less: Volume Rebate Issued	 	 	 	 	 	 	 	 
	 	Less: Write-Offs Prior to 60 days	 	 	 	 	 	 	 	 
	 	Less: Write-Offs Past to 60 days	 	 	 	 	 	 	 	 
	 	Less: Seller Adjustment/Payment Repurchased Receivables	 	 	 	 	 	 	 	 
	 	Less: Misdirected Receivables	 	 	 	 	 	 	 	 
	 	Plus: Mechanical Zero Offsets	 	 	 	 	 	 	 	 
	 	Plus: Other Adjustments	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	Ending Receivables Balance	 	 	 	 	 	 	 	 
	 	

Less: Defaulted Receivables	
 	

 	
 	

 	
 	

 	
 	

 
	 	Less: Obligor Overconcentration Amount	 	 	 	 	 	 	 	 
	 	Less: Country Overconcentration Amount	 	 	 	 	 	 	 	 
	 	Less: Commissions/Cash Discounts Accruals	 	 	 	 	 	 	 	 
	 	Less: Volume Rebate Accruals	 	 	 	 	 	 	 	 
	 	Less: A/P Offsets	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	Aggregate Receivables Amount	 	 	 	 	 	 	 	 
	

Series 2000-1 Servicer Advance Outstanding	
 	

 	
 	

 	
 	

 	
 	

 
	Series 2000-1 Servicer Advance Outstanding	 	 	 	 	 	 	 	 
	

Beginning Invested %	
 	

 	
 	

 	
 	

 	
 	

 
	Invested Amount	 	 	 	 	 	 	 	 
	Adjusted Invested Amount	 	 	 	 	 	 	 	 
	Required Subordinated Amount	 	 	 	 	 	 	 	 
	Target Receivables Amount	 	 	 	 	 	 	 	 
	Allocated Receivables Amount	 	 	 	 	 	 	 	 
	Collateral Compliance	 	 	 	 	 	 	 	 
	Series 2000-1 Purchase Price	 	 	 	 	 	 	 	 
	Ending Invested %	 	 	 	 	 	 	 	 

1-1

 
Form of Daily Report  

 Part 2 of 4  

	TOTAL USD EQUIVALENT	 	 
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment)	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
US DOLLAR	
 	

 
	Daily Allocation of Collections and Servicer Advance	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
EURO	
 	

 
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment)	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
STERLING	
 	

 
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 

1-2

 
Form of Daily Report  

 Part 3 of 4  

	Ratios	 	 	 	 
	Series 2000-2 Class A Ratio	 	N/A	 	 
	Series 2000-2 Class B Ratio	 	N/A	 	 
	Series 2000-1 Ratio	 	 	 	N/A
	Series Carrying Cost Reserve Ratio	 	 	 	 
	Servicing Reserve Ratio	 	 	 	 
	Series 2000-1 Percentage Factor	 	 	 	N/A
	Period Type	 	 	 	 

	TOTAL USD EQUIVALENT	 	 
	Series 2000-1 Accrued Interest	 	Series 2000-2 Accrued Interest
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Non-Principal Collections	
 	
Series 2000-2 Non-Principal Collection
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance Ending Balance	 	 
	
Series 2000-1 Principal Collections	
 	
Series 2000-2 Principal Collection
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company Receipts	 	 
	Accounts	 	 
	Ending Balance	 	Ending Balance
	
US DOLLAR	
 	

 
	Series 2000-1 USD Accrued Interest Subaccount (7971071613)	 	Series 2000-2 USD Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 USD Non-Principal Collection Subaccount (7971071621)	
 	
Series 2000-2 USD Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 USD Principal Collection Subaccount (7971071639)	
 	
Series 2000-2 USD Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company Receipts Account	 	 
	Ending Balance	 	Ending Balance

1-3

 
Form of Daily Report  

 Part 4 of 4  

	 
	 	 

	EURO	 	 
	Series 2000-1 Euro Accrued Interest Subaccount (7971071647)	 	Series 2000-2 Euro Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Euro Non-Principal Collection Subaccount (7971071654)	
 	
Series 2000-2 Euro Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance Ending Balance	 	 
	
Series 2000-1 Euro Principal Collection Subaccount (7971071662)	
 	
Series 2000-2 Euro Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company	 	 
	Receipts Accounts	 	 
	Ending Balance	 	Ending Balance
	
STERLING	
 	

 
	Series 2000-1 GBP Accrued Interest Subaccount (7971071670)	 	Series 2000-2 GBP Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 GBP Non-Principal Collection Subaccount (7971071688)	
 	
Series 2000-2 GBP Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 GBP Principal Collection Subaccount (7971071696)	
 	
Series 2000-2 GBP Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company	 	 
	Receipts Account	 	 
	Ending Balance	 	Ending Balance

The
undersigned, an Officer of Huntsman (Europe) B.V.B.A, as Master Servicer, certifies that the information set forth above is true and correct and it has performed in all material
respects all of its obligations as Servicer under the Pooling and Servicing Agreements required to be performed as of the date hereof. 

Names:

Title:

Date: 

1-4

  

 
 

SCHEDULE 2 to the
  U.S. Receivables Purchase Agreement    
  

Form of Solvency Certificate  

	To:	 	Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108
	

Attention:	
 	

General Counsel
	

Copy to:	
 	

J.P. Morgan Bank (Ireland) plc, as Trustee
	

Attention:	
 	

Padraic Dougherty
	

Facsimile:	
 	

00 353 1 612 5777

        I,                        ,
a duly elected director/manager of [Tioxide Americas Inc.], [Huntsman Propylene Oxide Ltd.],
[Huntsman International Fuels L.P.], [Huntsman Ethyleneamines Ltd.] (the "Originator") hereby
certify (in my capacity as a director/manager of the Originator) in connection with the sale of certain Receivables on the date hereof to the Purchaser (as defined herein) pursuant to that certain
Amended and Restated Receivables Purchase Agreement dated as of October 21, 2002 (the "Receivables Purchase
Agreement"), between the Originator, and Huntsman International LLC, as purchaser (the "Purchaser") as follows: 

        The
fair value of the assets of the Originator at a fair valuation exceeds the debts and liabilities (whether subordinated, contingent or otherwise) of the Originator. The assets of the
Originator do not constitute unreasonably small capital to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted. The present fair saleable
value of the property of the Originator will be greater than the amount that will be required to pay the probable liability of the Originator on its debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured. The Originator does not intend to, or believe that it will, incur debts beyond its ability to pay such debts
as they mature, taking into account the timing of and amounts of cash to be received by the Originator and the timing of the amounts of cash to be payable on or in respect of its Indebtedness. The
Originator does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar
official in respect of the Originator or any of its assets or revenue. 

        Capitalized
terms used herein but not otherwise defined shall have the respective meanings assigned to such terms in Annex X to the Pooling Agreement. 

2-1

 

        IN WITNESS WHEREOF, I have signed and delivered this solvency certificate this            day of
[    •    ]. 

	[TIOXIDE AMERICAS INC.]	 	 
	

By:	
 	

    
 Name:

Title:	
 	

 
	

[HUNTSMAN PROYLENE OXIDE LTD.]	
 	

 
	

By:	
 	

    
 Name:

Title:	
 	

 
	

[HUNTSMAN INTERNATIONAL FUELS L.P.]	
 	

 
	

By:	
 	

    
 Name:

Title:	
 	

 
	

[Huntsman Ethyleneamines Ltd.]	
 	

 
	

By:	
 	

    
 Name:

Title:	
 	

 

2-2

  

 
 

SCHEDULE 3 to the
  U.S. Receivables Purchase Agreement    
  

Location of Books and Records  

Tioxide
Americas Inc.

Esplanade at Locus Point

2001 Butterfield Road

Suite 601

Downers Grove, Illinois 60515

USA 

Huntsman
Propylene Oxide Ltd.

3040 Post Oak Boulevard

Houston, Texas 77056

USA 

Huntsman
International Fuels, L.P.

3040 Post Oak Boulevard

Houston, Texas 77056

USA 

Huntsman
Ethyleneamines Ltd.

3040 Post Oak Boulevard

Houston, Texas 75201

USA 

3-1

  

 
 

SCHEDULE 4 to the
  U.S. Receivables Purchase Agreement    
  

Chief Executive Office  

Tioxide
Americas Inc.

Esplanade at Locus Point

2001 Butterfield Road

Suite 601

Downers Grove, Illinois 60515

USA 

Huntsman
Propylene Oxide Ltd.

3040 Post Oak Boulevard

Houston, Texas 77056

USA 

Huntsman
International Fuels, L.P.

3040 Post Oak Boulevard

Houston, Texas 77056

USA 

Huntsman
Ethyleneamines Ltd.

3040 Post Oak Boulevard

Houston, Texas 75201

USA 

4-1

  

 
 

SCHEDULE 5 to the
  U.S. Receivables Purchase Agreement    
  

Legal and Other Business Names  

	Originator:

Legal Name
 
	 	Other Business Names

	Tioxide Americas Inc.	 	None
	Huntsman Propylene Oxide Ltd.	 	None
	Huntsman International Fuels, L.P.	 	None
	Huntsman Ethyleneamines Ltd.	 	None

5-1

  

 
 

SCHEDULE 6 to the
  U.S. Receivables Purchase Agreement    
  

Identification of (A) Company Concentration Accounts, (B) Series Concentration Accounts,

(C) Collection Accounts and Master Collection, and

(D) Company Receipts Accounts  

	(A)
	Company
Concentration Accounts 

	CONCENTRATION ACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	Chase Manhattan Bank (Ireland) plc	 	Dublin.	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071480	 	Euro
	Chase Manhattan Bank (Ireland) plc	 	Dublin.	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071464	 	US Dollars
	Chase Manhattan Bank (Ireland) plc	 	Dublin.	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071472	 	Pound Sterling

	(B)
	Series
Concentration Accounts and Subaccounts

	(1)
	Series 2000-1
Concentration Accounts 

	SERIES 2000-1 ACCRUED INTEREST SUBACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071613	 	US Dollars
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071647	 	Euro
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071670	 	Pound Sterling

6-1

 

	

SERIES 2000-1 NON-PRINCIPAL CONCENTRATION SUBACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071621	 	US Dollars
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071654	 	Euro
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071688	 	Pound Sterling

	

SERIES 2000-1 PRINCIPAL CONCENTRATION SUBACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071639	 	US Dollars
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071662	 	Euro
	Chase Manhattan Bank (Ireland) plc	 	Dublin	 	Chase Manhattan House

International Financial Services Centre.

Dublin 1

Ireland	 	7971071696	 	Pound Sterling

	(2)
	Series 2000-2
Concentration Accounts 

	(C)
	Collection
Accounts and Master Collection Accounts 

	COLLECTION ACCOUNTS

	Originator

Association
	 	Bank Name
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	HICI Holland	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

The Netherlands

SWIFT: ABNANL2R	 	567768384	 	Euro
	HICI Holland	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

The Netherlands

SWIFT: ABNANL2R	 	567768414	 	US Dollars

6-2

 

	HICI Holland	 	ABN	 	Dublin	 	ABN AMRO Bank Ireland N.V.

ABN AMRO House

1 Dublin

Ireland

SWIFT: ABNAIE2D	 	50058584	 	Euro
	HICI Holland	 	ABN	 	Brussels	 	ABN AMRO Bank Belgium N.V.

Regentlaan 53

1000 Brussels

Belgium

SWIFT: ABNABEBR	 	720-5406425-45	 	Euro
	HICI Holland	 	ABN	 	Frankfurt	 	ABN AMRO Bank Germany A.G.

Postfach 100138

60001 Frankfurt

Germany

SWIFT: ABNADEFFFRA	 	1072131/005	 	Euro
	HICI Holland	 	ABN	 	Paris	 	ABN AMRO BANK FRANCE 3, Avenue Hoche

75008 Paris

France

SWIFT: ABNAFRPP	 	18739

0020007255243	 	Euro
	HICI Holland	 	ABN	 	Milan	 	ABN AMRO Bank Italy N.V.

Casella Postale 928

20101 Milan

Italy

SWIFT: ABNAITMM	 	3060497	 	Euro
	HICI Holland	 	ABN	 	Madrid	 	ABN AMRO Bank N.V.

Edificio Beatriz, 5th Floor

c/Jose Ortega y Gasset, 29 28006 Madrid

Spain SWIFT: ABNAESMMXXX	 	100017878	 	Euro
	HICI Holland	 	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

United Kingdom

SWIFT: ABNAGB2L	 	40077829	 	Pound Sterling
	HICI Holland	 	Citibank	 	Dublin	 	Citibank N.A.

IFSC House

Custom House Quay

Dublin 1

Ireland SWIFT: CITIIE2X	 	7551029	 	Euro
	HICI Holland	 	Citibank	 	Dublin	 	Citibank N.A.

IFSC House

Custom House Quay

Dublin 1

Ireland

SWIFT: CITIIE2X	 	7551002	 	IEP

6-3

 

	HICI Holland	 	Citibank	 	Brussels	 	Citibank International

Boulevard Général Jaques 263 g

B-1050 Brussels

Belgium

SWIFT: CITIBEBX	 	570 6169255 16	 	Euro
	HICI Holland	 	Citibank	 	Brussels	 	Citibank International

Boulevard Général Jaques 263 g

B-1050 Brussels

Belgium

SWIFT: CITIBEBX	 	570-6169203-61	 	BEF
	HICI Holland	 	Citibank	 	Frankfurt	 	Citibank Aktiengesellshaft

Neue Mainzerstrasse 75

60311 Frankfurt

Postfach 110333

60038 Frankfurt

Germany

SWIFT: CITIDEFF	 	021 2307 017	 	Euro
	HICI Holland	 	Citibank	 	Frankfurt	 	Citibank Aktiengesellshaft

Neue Mainzerstrasse 75

60311 Frankfurt

Postfach 110333

60038 Frankfurt

Germany

SWIFT: CITIDEFF	 	021 2307 009	 	DEM
	HICI Holland	 	Citibank	 	Paris	 	Citibank N.A.

Citicenter

19 le Parvis

92073 Paris La Défense

France

SWIFT: CITIFRPP	 	0652064 027 RIB 60	 	Euro
	HICI Holland	 	Citibank	 	Paris	 	Citibank N.A.

Citicenter

19 le Parvis

92073 Paris La Défense

France

SWIFT: CITIFRPP	 	0652064 019 RIB 84	 	FF
	HICI Holland	 	Citibank	 	Milan	 	Citibank N.A.

Foro Buonaparte 16-20121 Milano

Via Abruzzi, 2/4-00187 Roma

Italy

SWIFT: CITIITMM	 	0114305 022	 	Euro
	HICI Holland	 	Citibank	 	Milan	 	Citibank N.A.

Foro Buonaparte 16-20121 Milano

Via Abruzzi, 2/4-00187 Roma

Italy

SWIFT: CITIITMM	 	0114305 014	 	ITL
	HICI Holland	 	Citibank	 	Madrid	 	Citibank N.A.

José Ortega y Gasset, 29

28006 Madrid

Spain

SWIFT: CITIES2X	 	50754-014	 	Euro

6-4

 

	HICI Holland	 	Citibank	 	Madrid	 	Citibank N.A.

José Ortega y Gasset, 29

28006 Madrid

Spain

SWIFT: CITIES2X	 	50754-006	 	ESP
	HICI Holland	 	Citibank	 	London	 	SWIFT: CITIGB2LXXX	 	8,301,212	 	Euro
	HICI Holland	 	Citibank	 	London	 	SWIFT: CITIGB2LXXX	 	8,018,162	 	Pound Sterling
	HICI Holland	 	Citibank	 	Amsterdam	 	Citibank N.A.

PO box 23445

1100 DX Amsterdam Z.O.

The Netherlands

SWIFT: CITINL2X	 	266,054,625	 	Euro
	HICI Holland	 	Citibank	 	Amsterdam	 	Citibank N.A.

PO box 23445

1100 DX Amsterdam Z.O.

The Netherlands

SWIFT: CITINL2X	 	266,048,331	 	NLG
	HICI Holland	 	Citibank	 	New York	 	SWIFT: CITIUS33XXX	 	40,694,027	 	US Dollars
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

The Netherlands

SWIFT: ABNANL2R	 	574,927,247	 	Euro
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

The Netherlands

SWIFT: ABNANL2R	 	543,325,539	 	US Dollars
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	Brussels	 	ABN AMRO Bank Belgium N.V.

Regentlaan 53

1000 Brussels

Belgium

SWIFT: ABNABEBR	 	720-5406259-73	 	Euro
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	Paris	 	ABN AMRO BANK FRANCE

3, Avenue Hoche

75008 Paris

France

SWIFT: ABNAFRPP	 	18739

0020007256019	 	Euro
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

United Kingdom

SWIFT: ABNAGB2L	 	040078728	 	Euro
	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

United Kingdom

SWIFT: ABNAGB2L	 	40,041,077	 	Pound Sterling

6-5

 

	Huntsman

(Petrochemicals)

UK Limited	 	ABN	 	Frankfurt	 	ABN AMRO Bank Germany A.G.

Postfach 100138

60001 Frankfurt

Germany

SWIFT: ABNADEFFFRA	 	1,072,101,009	 	Euro
	Tioxide UK	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

The Netherlands

SWIFT: ABNANL2R	 	569,064,694	 	Euro
	Tioxide UK	 	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

SWIFT: ABNANL2R	 	569,064,856	 	US Dollars
	Tioxide UK	 	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

United Kingdom

SWIFT: ABNAGB2L	 	40,079,317	 	Pound Sterling
	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	59,029,504	 	Euro
	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	23,094,811	 	Euro
	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	27,046,439	 	Euro
	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	11,031,627	 	US Dollars
	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	31,981	 	Pound Sterling

6-6

 

	Tioxide UK	 	Lloyds	 	Kent	 	Lloyds TSB Bank

PO Box 72 Bailey Drive

Gillingham Business Park

ME8 OLS Kent

United Kingdom

SWIFT: LOYDGB2LCTY	 	1,726,973	 	Pound Sterling
	HHuntsman ICI

Chemicals PO

Division

(Propylene Oxide

Limited)	 	Bank of America (NationsBank Platform Atlanta)	 	Dallas, TX	 	P.O. Box 831000

Dallas, Tx 75283-1000

United States

SWIFT: NABKUS3AATL	 	3751602152

Lockbox No 406153	 	US Dollars
	HHuntsman ICI

Chemicals PO Division (Huntsman International Fuels L.P.)	 	Bank of America	 	Concord, CA	 	1850 Gateway Blvd.

Concord, CA. 94520

SWIFT: BOFAUS6S	 	1233934457	 	US Dollars
	Huntsman ICI

Chemicals PU Division (Huntsman International LLC)	 	Bank of America	 	Chicago	 	231 South La Salle Street

Chicago, Il 60604

SWIFT: BOFAUS44	 	8188312750 Lockbox No: 3561	 	US Dollars
	Tioxide Americas Inc.	 	Bank of America	 	Chicago	 	231 South La Salle Street

Chicago, Il 60604

SWIFT: BOFAUS44	 	8188802881

Lockbox No: 91615	 	US Dollars
	 	 	 	 	 	 	[PLEASE PROVIDE ACCOUNT INFORMATION FOR ALL NEW ORIGINATORS]	 	 	 	 

	

MASTER COLLECTION ACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

SWIFT: ABNANL2R	 	577301969	 	Euro
	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

SWIFT: ABNANL2R	 	577301837	 	U.S. Dollars
	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

SWIFT: ABNAGB2L	 	40089045	 	Pound Sterling

6-7

 
	(D)
	Company
Receipts Accounts 

	COMPANY RECEIPTS ACCOUNTS

	Bank Name
 
	 	Location
	 	Bank Address
	 	Account Number
	 	Account

Currency

	ABN	 	London	 	ABN AMRO BANK UNITED

KINGDOM N.V.

101 Moorgate

EC2M 6SB London

SWIFT: ABNAGB2L	 	40092917	 	Pound Sterling
	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

SWIFT: ABNANL2R	 	581746643	 	Euro
	ABN	 	Rotterdam	 	ABN AMRO Bank Netherlands N.V.

Coolsingel 119

3012EG Rotterdam

SWIFT: ABNANL2R	 	581746635	 	US Dollars

6-8

  

 
 

SCHEDULE 7 to the
  U.S. Receivables Purchase Agreement    
  

Form of Admission of Additional Originator  

	To:	 	Huntsman Receivables Finance LLC

c/o Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108
	

Attention:	
 	

General Counsel
	

Copy to:	
 	

J.P. Morgan Bank (Ireland) plc, as Trustee

Chase Manhattan House

International Financial Services Centre

Dublin 1, Ireland
	

Attention:	
 	

Bryan Wickware

ADMISSION OF ADDITIONAL ORIGINATOR  

        Pursuant to the Amended and Restated U.S. Receivables Purchase Agreement dated as of October 21, 2002 (the "U.S. Receivables Purchase Agreement") among
Huntsman International LLC, as Purchaser, Tioxide Americas Inc., Huntsman Propylene Oxide Ltd., Huntsman International Fuels L.P. and Huntsman Ethyleneamines Ltd., each as a
Seller and an Originator (collectively, the "Originators"): 

	1.
	Terms
defined in the U.S. Receivables Purchase Agreement (whether by incorporation or otherwise) shall, subject to any contrary indication, have the same meanings herein.

	(a)
	The
Additional Originator hereby requests the Company to accept this Admission of Additional Originator pursuant to and for the purposes of Section 8.04 of the U.S. Receivables
Purchase Agreement so as to take effect in accordance with the terms thereof.

	(b)
	The
Additional Originator confirms that it has received a copy of the U.S. Receivables Purchase Agreement, the Pooling Agreement, the Servicing Agreement together with such other
information as it has required in connection with the transactions and that it has not relied and will not hereafter rely on the Company or the Trustee to check or inquire on its behalf into the
legality, validity, effectiveness, adequacy, accuracy or completeness of any such information and further agrees that it has not relied and will not rely on the Company or the Trustee to assess or
keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of any Originator.

	(c)
	The
Additional Originator hereby undertakes with the Company and the Trustee and each of the other parties to the U.S. Receivables Purchase Agreement that it will perform in
accordance with its terms all those obligations which by the terms of the U.S. Receivables Purchase Agreement will be assumed by it after acceptance of this Admission of Additional Originator by the
Company and satisfaction of the conditions precedent subject to which this Admission of Additional Originator is expressed to take effect.

	(d)
	Neither
the Trustee nor the Company makes any representation or warranty, nor assumes any responsibility with respect to the legality, validity, effectiveness, adequacy or
enforceability of the U.S. Receivables Purchase Agreement or any document relating thereto and neither the Trustee nor the Company assume any responsibility for the financial condition of any 

7-1

 

Originator
or for the performance and observance by any Contributor of any of their respective obligations under the U.S. Receivables Purchase Agreement or any document relating thereto and any and
all such conditions and warranties, whether express or implied by law or otherwise, are hereby excluded. 

	(e)
	The
Additional Originator requests that in respect of references to the parties comprising the Originator in the U.S. Receivables Purchase Agreement, the following information be
inserted in respect of the Additional Originator: 

	The chief executive office of the Additional Originator for the purposes of Section 4.01(n)(ii) of the Contribution Agreement and location of records concerning the Receivables for the purposes of Section 4.01(n)(i) of
the U.S. Receivables Purchase Agreement.	 	•
	

The account for the purposes of Section 8.01 of the U.S. Receivables Agreement	
 	

•
	

The address for service of notices for the purposes of Section 8.10 of the U.S. Receivables Purchase Agreement	
 	

•

	(f)
	This
Admission of Additional Originator and the rights, benefits and obligations of the parties hereunder is governed by and shall be construed in accordance with the laws of the
State of New York. 

7-2

 

	[ADDITIONAL ORIGINATOR]	 	 
	

By:	
 	

 
	

Address:	
 	

 
	

Attention:	
 	

 
	

Telefax:	
 	

 
	

Date:	
 	

 
	

AGREED TO BY:	
 	

 
	

HUNTSMAN RECEIVABLES FINANCE LLC as Company	
 	

 
	

By:	
 	

    
	
 	

 

7-3

QuickLinks

Exhibit 10.31

AMENDED AND RESTATED U.S. RECEIVABLES PURCHASE AGREEMENT

TABLE OF CONTENTS

SCHEDULES

SCHEDULE 1 to the U.S. Receivables Purchase Agreement

SCHEDULE 2 to the U.S. Receivables Purchase Agreement

SCHEDULE 3 to the U.S. Receivables Purchase Agreement

SCHEDULE 4 to the U.S. Receivables Purchase Agreement

SCHEDULE 5 to the U.S. Receivables Purchase Agreement

SCHEDULE 6 to the U.S. Receivables Purchase Agreement

SCHEDULE 7 to the U.S. Receivables Purchase AgreementQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.32    
    
    EXECUTION COPY    
  

 
 

HUNTSMAN INTERNATIONAL LLC
  AS PURCHASER    
    
    HUNTSMAN SURFACE SCIENCES UK LIMITED
  TIOXIDE EUROPE LIMITED
  AND
  HUNTSMAN PETROCHEMICALS (UK) LIMITED
  AS ORIGINATORS    
    

HUNTSMAN (EUROPE) B.V.B.A
  AS MASTER SERVICER    
  

AMENDED AND RESTATED

UK RECEIVABLES PURCHASE AGREEMENT  

  
 

    CONTENTS    
  

	Clause
 
	 	Page

	1.    Definitions	 	2
	

2.    Offer Of Receivables	
 	

3
	

3.    Representations And Warranties	
 	

8
	

4.    Affirmative Covenants	
 	

10
	

5.    Negative Covenants	
 	

12
	

6.    Termination Events	
 	

14
	

7.    Miscellaneous	
 	

16
	

Schedule 1 TO RECEIVABLES PURCHASE AGREEMENT FORM OF OFFER LETTER	
 	

23
	

Schedule 2 TO RECEIVABLES PURCHASE AGREEMENT FORM OF ORIGINATOR DAILY REPORT	
 	

24
	

Schedule 3 FORM OF SECURITY POWER OF ATTORNEY	
 	

28
	

Schedule 4 TO RECEIVABLES PURCHASE AGREEMENT FORM OF SOLVENCY CERTIFICATES	
 	

30
	

Schedule 5 TO RECEIVABLES PURCHASE AGREEMENT LOCATION OF BOOKS AND RECORDS	
 	

36
	

Schedule 6 TO RECEIVABLES PURCHASE AGREEMENT LEGAL AND OTHER BUSINESS NAMES	
 	

37
	

Schedule 7 FORM OF ACCESSION AND UNDERTAKING	
 	

38
	

Schedule 8 ACCESSION LEGAL OPINION	
 	

39
	

Schedule 9 CLOSING DOCUMENTS LIST	
 	

40
	

Schedule 10 FORM OF OFFER NOTIFICATION	
 	

41

THIS AMENDED AND RESTATED AGREEMENT is made    October 2002 

BETWEEN  

	(1)
	HUNTSMAN INTERNATIONAL LLC, a limited liability company organised under the laws of the State of Delaware, as purchaser (the
"Purchaser");

	(2)
	HUNTSMAN SURFACE SCIENCES UK LIMITED ("Huntsman SS"), a company incorporated in England
and Wales;

	(3)
	TIOXIDE EUROPE LIMITED ("Tioxide Europe"), a company incorporated in England and Wales;

	(4)
	HUNTSMAN PETROCHEMICALS (UK) LIMITED, a company incorporated in England and Wales ("Petrochemicals
UK" and together with Tioxide Europe and Huntsman SS, the "Originators") and

	(5)
	HUNTSMAN (EUROPE) B.V.B.A., a corporation organised under the laws of Belgium, (in its capacity as "Master
Servicer"). 

WHEREAS  

	(A)
	Tioxide
Europe and Petrochemicals UK are party to a receivables purchase agreement dated 21 December 2000 (the "Original UK
RPA").

	(B)
	Huntsman
SS wishes to become a party to the Original UK RPA and the Originators and each of the other parties hereto have agreed to such accession and to the amendment and restatement
of the Original UK RPA on the terms hereof.

	(C)
	Each
Originator has at present and expects to have in the future Receivables owed to it which arise in the course of its business.

	(D)
	The
Originators and the Purchaser have agreed, upon the terms and subject to the conditions of this Agreement, that each Originator may from time to time deliver an Offer Letter to
the Purchaser, in relation to an Offer by such Originator, offering to assign to the Purchaser Receivables arising from time to time to such Originator, and in the event the Purchaser decides to
accept such an Offer it will do so in the manner provided herein.

	(E)
	Huntsman
(Europe) B.V.B.A., as the Master Servicer (the "Master Servicer"), the Purchaser, the Company and The Chase Manhattan Bank
(Ireland) plc, not in its individual capacity but solely as trustee, (the "Trustee"), have entered into a Pooling Agreement dated as of the date hereof
(such agreement, as it may be amended, modified or otherwise supplemented from time to time hereafter, being the "Pooling Agreement") in order to create
a master trust into which the Company desires to grant a participation and a security interest in relation to all of its right, title and interest in, to and under the Receivables and certain other
assets now or hereafter owned by the Company, in consideration for which the Trustee shall, subject to the terms and conditions of the Pooling Agreement and any related Supplement make certain
payments to the Company. The Company may from time to time make distributions to the Purchaser. The Purchaser may use funds so received by it to enable it to accept Offers in the manner provided
herein.

	(F)
	The
Master Servicer, the Company, the Purchaser, the Originators, the Liquidation Servicer and the Trustee have entered into an amended and restated Servicing Agreement dated as of
the date hereof (such agreement, as it may be amended, modified or otherwise supplemented from time to time hereafter, being the "Servicing Agreement")
pursuant to which the Master Servicer will agree to service and administer the Receivables on behalf of the Company. 

 

NOW IT IS HEREBY AGREED as follows: 

	1.
	DEFINITIONS

	1.1
	Defined Terms

Capitalised
terms used herein shall, unless otherwise defined or referenced herein, have the meanings assigned to such terms in Annex-X attached to the Pooling Agreement which
Annex-X is incorporated by reference herein. The following definitions shall have the following meanings: 

"Closing Documents List" shall mean the document entitled "Closing List of Documents" specifying certain documents, notifications and other matters
required as a condition precedent to this Agreement as set out in the Ninth Schedule to this Agreement. 

"Excluded Receivables" shall include (without prejudice to the definition in Annex -X) any Receivable originated by any person other than a
UK Originator. 

"Notice of Assignment" means a notice given to the related Obligor or Obligors (or guarantor or guarantors) to the effect that one or more Receivables
(and if applicable the related benefit of any related guarantee or guarantees) have been assigned to the Purchaser; 

"Notification" shall mean a notification in the form of the Tenth Schedule delivered by the Master Servicer to the Purchaser that it has received and
printed off in full as agent for the Purchaser an Offer and setting out the Purchase Price in relation to such Offer together with details of the relevant account into which such Purchase Price should
be paid should the Purchaser decide to accept such an Offer. 

"Offer" shall mean any offer made by any Originator to the Purchaser to sell Receivables as set out in the Offer Letter and attached UK Originator Daily
Report. 

"Offer Letter" shall mean any letter in relation to an Offer delivered by any Originator to the Master Service as agent for the Purchaser in accordance
with the provisions of Clause 2.1 of this Agreement. 

"UK Originator Daily Report" shall mean the report (which shall in each case be appended to the related Offer Letter) prepared by the UK Originators in
accordance with the terms of this Agreement substantially in the form set out in the Second Schedule to this Agreement, and which shall in no event be signed by any party. 

"Originator Termination Notice" means a notice served by the Purchaser pursuant to clause 6.5. 

"Outstanding Face Amount" shall mean in relation to a Receivable on any date the amount in an Approved Currency which is the outstanding balance due in
respect thereof at the opening of business in London on such date (including VAT). 

"Purchase Date" shall mean any date on which an Offer is accepted by payment pursuant to the arrangements contemplated by this Agreement. 

"Purchase Price" shall mean, at any Purchase Date, an amount calculated in accordance with Clause 2.4 of this Agreement. 

"Purchased Receivables" shall mean all Receivables originated by an Originator which have been the subject of an Offer accepted by the Purchaser other
than any such Receivables which have been repurchased pursuant to this Agreement or which have been paid in full or repaid in full by the Obligor. 

"Security Power of Attorney" shall mean the power of attorney granted by the Originator in favour of the Purchase substantially in the form set out in
the Third Schedule to this Agreement 

2

 

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

	1.2.
	Other Definitional Provisions

	(a)
	The
words "hereof", "herein", "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and article, section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified.

	(b)
	As
used herein and in any certificate or other document made or delivered pursuant hereto, accounting terms relating to the Originators and the Purchaser, unless otherwise defined or
incorporated by reference herein, shall have the respective meanings given to them under GAAP.

	(c)
	The
meanings given to terms defined or incorporated by reference herein shall be equally applicable to both the singular and plural forms of such terms.

	(d)
	Any
reference herein to a Schedule or Exhibit to this Agreement shall be deemed to be a reference to such Schedule or Exhibit as it may be amended, modified or supplemented from time
to time to the extent that such Schedule or Exhibit may be amended, modified or supplemented (or any term or provision of any Transaction Document may be amended that would have the effect of
amending, modifying or supplementing information contained in such Schedule or Exhibit) in compliance with the terms of the Transaction Documents.

	(e)
	Any
reference in this Agreement to any representation, warranty or covenant "deemed" to have been made is intended to encompass only representations, warranties or covenants that are
expressly stated to be repeated on or as of dates following the execution and delivery of this Agreement, and no such reference shall be interpreted as a reference to any implicit, inferred, tacit or
otherwise unexpressed representation, warranty or covenant.

	(f)
	The
words "include", "includes" or "including" shall be interpreted as if followed, in each case, by the phrase "without limitation".

	(g)
	Save
where the contrary is indicated, any reference in this Agreement to costs, charges, expenses and remuneration shall be deemed to include references to any value added tax or
similar tax charged or chargeable in respect thereof, and section 89 of the Value Added Tax Act 1994 is hereby excluded for the purposes of this Agreement. 

	2.
	OFFER OF RECEIVABLES

	2.1
	Offer of Receivables

	(a)
	An
Originator may make an Offer for the sale of Receivables (other than Excluded Receivables) to the Purchaser on any Business Day falling on or after the date on which the Purchaser
has confirmed (such confirmation having been provided in respect of Tioxide Europe and Petrochemicals UK prior to the date of this Amended and Restated Agreement) that it has received in form and
substance satisfactory to it each of the documents specified in the Closing Documents List which are applicable to
such Originator by delivering to the Master Servicer as agent authorised by the Purchaser to receive such an Offer on its behalf, by letter, fax or electronic mail an Offer Letter substantially in the
form set out in the First Schedule to this Agreement. 

3

 

	(b)
	Each
Offer Letter delivered by an Originator pursuant to Clause 2.1(a) shall:

	(i)
	specify
the total of the Outstanding Face Amounts and the Outstanding Face Amounts in each Approved Currency of the Receivables offered pursuant thereto
and have the applicable UK Originator Daily Report substantially in the form set out in the Second Schedule to this Agreement and a list of such Receivables appended to it;

	(ii)
	specify
any amount of set-off exercised with regard to such Receivables;

	(iii)
	be
delivered no later than 12.00 pm (London time) on any Business Day and, if it is delivered after this time, it shall be deemed to be delivered on
the next Business Day; and

	(iv)
	constitute
an offer by such Originator to sell (by way of an equitable assignment) to the Purchaser absolutely with full title guarantee (other than to
the extent such full title guarantee would be inconsistent with the representations made by the Originator when making an Offer) all of the Originator's beneficial right, title and interest in and to
the Receivables (and the related benefit of any guarantees referable thereto) to which such Offer relates at the related Purchase Price calculated in accordance with Clause 2.4 and on the terms
and conditions of this Agreement. 

	(c)
	Each
Receivable comprised in an Offer shall for the purposes of calculating the related Purchase Price in accordance with Clause 2.4 be deemed to be an Eligible Receivable,
unless otherwise specified in such Offer Letter. 

	2.2
	Acceptance of Offers

	(a)
	Immediately
upon receipt of the Offer Letter and UK Originator Daily Report, the Master Servicer shall print off such Offer Letter and UK Originator Daily Report in full. Immediately
upon completion of such printing out the Master    Servicer shall send a Notification to the Purchaser. Only after receiving such Notification from the Master Servicer and only after the
Purchaser has printed out such Notification in full may the Purchaser accept the Offer. Such acceptance shall be made (if at all) no
earlier than 3.00 pm London time on the day on which such Notification is printed off and no later than five Business Days following that upon which such Notification is received. Notwithstanding any
of the other provisions of this Agreement and the Transaction Documents, the Purchaser shall not be obliged to accept any Offers.

	(b)
	Each
Offer may be accepted by the Purchaser only with respect to the Receivables specified in the relevant Offer Letter and any purported form of acceptance of an Offer otherwise than
in the manner specified in this Clause 2 shall be null and void and of no effect (and for the avoidance of doubt nothing in this Agreement or in any Offer Letter or in any other document shall
of itself operate so as to convey or transfer to any person any beneficial interest in any Receivables).

	(c)
	Each
Offer shall, immediately upon sending, be irrevocable and binding on the relevant Originator until (if not accepted before such time) close of business (New York time) five
(5) Business Days following the date when such Offer is sent (or such longer period of time for acceptance as may be agreed upon by the relevant Originator and the Master Servicer on behalf of
the Purchaser) when such Offer shall lapse.

	(d)
	Except
as provided below, an Offer may only be accepted by payment of the Purchase Price in the relevant Approved Currency in respect of the relevant Receivables denominated in such
Approved Currency being made by or on behalf of the Purchaser to the relevant Originator or on its behalf. The Purchase Price of Receivables in an Approved Currency shall be determined in accordance
with Clause 2.4 by reference to the Outstanding Face Amounts of 

4

 

all
the Receivables denominated in such Approved Currency which are the subject of such Offer. 

	(e)
	The
Purchaser shall ensure that each payment made by it or on its behalf in order to accept an Offer is made by payment directly into the relevant account specified by the Originator
in the Offer Letter and notified to the Purchaser by the Master Servicer in the applicable Notification.

	(f)
	Save
as otherwise provided herein, the Purchaser shall make funds available in relation to each Offer which it decides to accept by payment of the related Purchase Price (determined
in accordance with the provisions of Clause 2.4). The Purchaser (or any other person on its behalf) shall only give instructions or directions for the making of any payment as mentioned in
Clause 2.2(d) after the Offer to which such payment relates has been printed off in full by the Master Servicer and the Purchaser has received from the Master Servicer and printed off in full
the Notification in accordance with Clause 2.4(b). Such instructions or direction shall be copied to the Master Servicer provided that, for the
avoidance of doubt, the copying of such instructions or directions to the Master Servicer shall not be a condition precedent to the formation of any agreement for the sale of any assets which are the
subject of any Offer. 

	2.3
	Assignment of Receivables and Perfection

	(a)
	Upon
acceptance of any Offer in accordance with Clauses 2.2(a) to 2.2(f) inclusive, the Originator's beneficial rights, title and interest in and to (i) the Receivables to
which such Offer relates, (ii) the Related Property and (iii) all Collections (and the related benefit of any guarantees referable to (i), (ii) and (iii)) shall thereupon pass to
the Purchaser. Such property shall be referred to collectively herein as the "Receivable Assets".

	(b)
	Subject
to Clause 2.3(d), the Originator and the Purchaser will take all such steps and comply with all such formalities as are specified in Clause 6.3(c) as may be
reasonably required to perfect or more fully to evidence or secure the title of the Purchaser to the Receivables assigned (or purported to be assigned) pursuant to Clause 2.3(a),  provided that the
right to require the steps and formalities specified in Clause 6.3(b) to be taken shall only exist on and after the Originator
Termination Date.

	(c)
	Subject
to Clause 2.3(d), the Originator and the Purchaser in order to secure the Company's interest in the Receivables and the performance of its obligations in respect
thereof pursuant to this Agreement, the Pooling Agreement and any related Supplement and any accepted Offer hereby agree to enter into the Security Power of Attorney referred to in the Closing
Documents List in a form appended to the Third Schedule of this Agreement.

	(d)
	Notwithstanding
the provisions of Clause 6.3(b), all parties hereto (including the Purchaser as the donee of the Security Power of Attorney) hereby agree that none of the
powers conferred pursuant to such Security Power of Attorney may at any time be exercised unless at such time the Originator Termination Date has been declared. 

	2.4
	Purchase Price

	(a)
	The
Purchase Price of the Eligible Receivables which are the subject of an Offer shall be equal to the product of (a) the aggregate Outstanding Face Amounts of Eligible
Receivables as set forth in the applicable UK Originator Daily Report delivered in accordance with Clause 2.1 of this Agreement and (b) one hundred per cent (100%) minus the Discounted
Percentage. 

5

 

	(b)
	The
Master Servicer shall, immediately on receipt of an Offer pursuant to Clauses 2.1(b) print out in full the Offer Letter and UK Originator Daily Report and immediately upon
completion of such printing out deliver a Notification to the Purchaser:

	(c)
	Each
calculation made by the Master Servicer pursuant to this Clause 2.4 shall, in the absence of manifest error, be conclusive. For the avoidance of doubt, the giving of the
Notification as referred to in Clause 2.4(b) shall not be required in order to effect acceptance of an Offer. 

	2.5
	Trust

	(a)
	If
for any reason any Receivable which is the subject of an accepted Offer cannot be duly assigned to the Purchaser as contemplated hereby then with effect from the date of the
purported assignment thereof the Originator shall hold the same and all Collections related thereto on trust absolutely for the Purchaser.

	(b)
	The
provisions of (a) above shall be without prejudice to any obligations or representations of the Originator hereunder in respect of any such Receivables. 

	2.6
	No Repurchase

Subject
to Clause 2.8, no Originator shall have any right or obligation under this Agreement, by implication or otherwise, to repurchase from the Purchaser any Receivables or other Receivable
Assets related to such Receivables or to rescind or otherwise retroactively effect any purchase of any such Receivables or other Receivable Assets related to such Receivables after the Purchase Date
relating thereto, provided that the foregoing shall not be interpreted to limit the right of the Company to receive an Originator Dilution Adjustment Payment, an Originator Adjustment Payment or an
Originator Indemnification Payment. 

	2.7
	Rebates, Adjustments, Returns, Reductions and Modifications

From
time to time an Originator may make a Dilution Adjustment to a Receivable in accordance with this Clause 2.7 and Clause 5.2, provided that if such Originator cancels an invoice
related to such Receivable, either (i) such invoice must be replaced, or be caused to be replaced, by the Originator with an invoice relating to the same transaction of equal or greater
Principal Amount on the same Business Day that such cancellation was made, (ii) such invoice must be replaced, or be caused to be replaced, by the relevant Originator with an invoice relating
to the same transaction of a lesser Principal Amount on the same Business Day that such cancellation was made and the Originator must make an Originator Dilution Adjustment Payment, to the Purchaser,
in an amount equal to the difference between such
cancelled and replacement invoices or (iii) the Originator must make an Originator Dilution Adjustment Payment, to the Purchaser in an amount equal to the full value of such cancelled invoice
pursuant to this Clause 2.7. Each Originator agrees to pay to the Purchaser, on the Purchase Date immediately succeeding the date any Dilution Adjustment is granted or made pursuant hereto by
such Originator, the amount of any such Dilution Adjustment (an "Originator Dilution Adjustment Payment"). The amount of any Dilution Adjustment shall
be set forth on the first Daily Report prepared after the date on which such Dilution Adjustment was granted or made. 

	2.8
	Payments in Respect of Ineligible Receivables and Originator Indemnification Payments

	(a)
	In
the event of a breach of any of the representations and warranties contained in Clauses 3.3(a), 3.3(b), 3.3(c), 3.3(d) or 3.3(f) in respect of any Receivable sold hereunder or if
the Purchaser's interest in any Receivable is not a full beneficial ownership, the relevant Originator shall, within 30 days after receipt of written notice of such breach or defect from the
Purchaser, remedy the matter giving rise to such breach of representation or warranty if such matter is capable of being remedied. If such matter is not capable of being remedied or is not so remedied
within said period of 30 days, such Originator upon request of the 

6

 

Purchaser
shall repurchase the relevant Receivable from the Purchaser at a repurchase price (without duplication of any Originator Dilution Adjustment Payments made pursuant to Clause 2.7
hereof), equal to the original Principal Amount of such Receivable less Collections received by the Purchaser in respect of such Receivable (the "Originator Adjustment
Payment"). Upon the payment of an Originator Adjustment Payment hereunder, the Purchaser shall automatically agree to pay to the relevant Originator all Collections received
subsequent to such repurchase with respect to such repurchased Receivable. The parties agree that if there is a breach of any of the representations and warranties of the Originator contained in
Clause 3.3(a), 3.3(b) or 3.3(c) in respect of or concerning any Receivable, the Originator's obligation to pay the Originator Adjustment Payment under this Clause 2.8 is a reasonable
pre-estimate of loss and not a penalty (and neither the Purchaser nor any other person or entity having an interest in this Agreement through the Purchaser shall be entitled to any other
remedies as a consequence of any such breach). 

	(b)
	Special Indemnification    In addition to its obligations under Clause 7.2, each Originator agrees to pay, indemnify
and hold harmless (without duplication of any Originator Dilution Adjustment Payments made pursuant to Clause 2.7 hereof) the Purchaser from and against any loss, liability, expense, damage or
injury which may at any time be imposed on, incurred by or asserted against the Purchaser in any way relating to or arising out of (i) any Receivable attributable to such Originator becoming
subject to any defence, dispute, offset or counterclaim of any kind (other than as expressly permitted by this Agreement or the Pooling Agreement or any Supplement) or (ii) such Originator
breaching any covenant contained herein with respect to any Receivable (each of the foregoing events or circumstances being an "Originator Indemnification
Event"), and such Receivable (or a portion thereof) ceasing to be an Eligible Receivable on the date on which such Originator Indemnification Event occurs. The amount of such
indemnification shall be equal to the original Principal Amount of such Receivable less Collections received by the Purchaser in respect of such Receivable (the "Originator
Indemnification Payment"). Such payment shall be made on or prior to the tenth Business Day after the day the Purchaser requests such payment or the Originator obtains
knowledge thereof unless such Originator Indemnification Event shall have been cured on or before such tenth Business
Day, provided, however, that in the event that (x) an Originator Termination Event with respect to an Originator has occurred and is continuing or (y) the Purchaser shall be required to
make a payment with respect to such Receivable pursuant to Clause 2.7 of the Contribution Agreement and the Purchaser has insufficient funds to make such a payment, the Originator shall make
such payment immediately. The Purchaser shall have no further remedy against the Originator in respect of such an Originator Indemnification Event unless the Originator fails to make an Originator
Indemnification Payment on or prior to such tenth Business Day or on such earlier day in accordance with the proviso set forth in this Clause 2.8(b). Upon the making of an Originator
Indemnification Payment, the Purchaser shall automatically agree to pay to the Originator all Collections received subsequent to such payment with respect to the Receivable in respect of which an
Originator Indemnification Payment is made. 

	2.9
	Certain Charges

The
Originators and the Purchaser hereby agree that late charge revenue, reversals of discounts, other fees and charges and other similar items, whenever created, accrued in respect of Receivables
shall be the property of the Purchaser notwithstanding the occurrence of an Early Termination and all Collections with respect thereto shall continue to be allocated and treated as Collections in
respect of the Receivables transferred, conveyed, assigned and sold to the Purchaser pursuant to Clause 2 hereof. 

7

 
	2.10
	Certain Allocations

Each
Originator, as Local Servicer, hereby agrees that if it can attribute a Collection to a specific Obligor and a specific Receivable, then such Collection shall be applied to pay such Receivable of
such Obligor, provided, however, that if it cannot attribute a Collection to a specific Receivable, then such Collection shall be applied to pay the Receivables of such Obligor in the order of
maturity of such Receivables, beginning with the Receivable that has been outstanding the shortest and ending with the Receivable that has been outstanding the longest. 

	3.
	REPRESENTATIONS AND WARRANTIES

	3.1
	Representations and Warranties of the Originators

Each
Originator represents and warrants to the Purchaser that each of the following statements is true at the time of each offer as of the Effective Date that: 

	(a)
	Organisation; Powers    It (i) is a limited liability company incorporated in England and Wales, (ii) has all
requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, (iii) is qualified to do business in, and is in good
standing in, every jurisdiction where the nature of its business so requires, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect with
respect to it and (iv) has the corporate power and authority to execute, deliver and perform its obligations under this Agreement and each of the other Transaction Documents to which it is a
party and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party.

	(b)
	Authorisation    The execution, delivery and performance by it of each of the Transaction Documents to which it is a party
and the performance of the Transactions (i) have been duly authorised by all requisite company and, if applicable and required, shareholder action and (ii) will not (A) violate
(1) any Requirement of Law applicable to it or (2) any provision of any Transaction Document or other material Contractual Obligation to which it is a party or by which it or any of its
property is or may be bound, (B) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to
accelerate or to require the prepayment, repurchase or redemption of any obligation under any Transaction Document or any other material Contractual Obligation to which it is a party or by which it or
any of its property is or may be bound except where any such conflict, violation, breach or default referred to in sub-clause (A) or (B), individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect with respect to it or (C) result in the creation or imposition of any Lien upon the Receivables (other than Permitted Liens and any Lien
created under the Transaction Documents or contemplated or permitted thereby).

	(c)
	Enforceability    This Agreement and each of the other Transaction Documents to which it is a party have been duly executed
and delivered by it and constitutes its legal, valid and binding obligation enforceable against it in accordance with its respective terms, subject (a) to applicable bankruptcy, insolvency,
reorganisation, moratorium and other similar laws affecting the enforcement of creditors' rights generally, from time to time in effect and (b) to general principles of equity.

	(d)
	Litigation; Compliance with Laws

	(i)
	There
are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to its knowledge, threatened
against it in respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect with respect to it. 

8

 

	(ii)
	Neither
it nor any Originator is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such
violation or default could reasonably be expected to result in a Material Adverse Effect with respect to it. 

	(e)
	Agreements

	(i)
	It
is not a party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably be expected to result in
a Material Adverse Effect with respect to it.

	(ii)
	It
is not in default in any manner under any provision of any Contractual Obligation to which it is a party or by which it or any of its properties or
assets are bound, where such default could reasonably be expected to result in a Material Adverse Effect with respect to it. 

	(f)
	Tax Returns    It has filed or caused to be filed all material tax returns and has paid or caused to be paid or made adequate
provision for all taxes due and payable by it and all assessments received by it except to the extent that non-payment (i) is being contested in good faith or (ii) could not
reasonably be expected to result in a Material Adverse Effect with respect to it.

	(g)
	Solvency    No Insolvency Event with respect to it has occurred and the sale, assignment, conveyance and transfer of the
Receivables by it
to the Purchaser has not been made in contemplation of the occurrence thereof.

	(h)
	No Originator Termination Event    As of the Effective Date, no Potential Originator Termination Event or Originator
Termination Event with
respect to it has occurred and is continuing.

	(i)
	Any Claim to rank pari passu    It shall ensure that at all times the claims of the Purchaser against it under this Agreement
rank at least
pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency or other similar laws of general application; 

The
representations and warranties as of the date made set forth in this Clause 3.1 shall survive the transfer, assignment, conveyance and sale of the Receivables and the other Receivable
Assets to the Purchaser. Upon discovery by a Responsible Officer of the Purchaser or the Master Servicer or by a Responsible Officer of the relevant Originator of a breach of any of the foregoing
representations and warranties, the party discovering such breach shall give prompt written notice to the other parties. 

	3.2
	Representations and Warranties of the Originators Relating to the Receivables

Each
Originator hereby represents and warrants to the Purchaser on each Purchase Date with respect to the Receivables originated by it, being sold, transferred, assigned and conveyed to the Purchaser
as of such date: 

	(a)
	Receivables Description    The UK Originator Daily Report delivered or transmitted pursuant to Clause 2.1(b) sets
forth in all material respects an accurate and complete listing of all Receivables related thereto, to be offered for sale, transfer, assignment and conveyance to the Purchaser on the date of such
Offer and any purchase made upon acceptance thereof and the information contained therein in accordance with the Second Schedule with respect to each such Receivable is true and correct as of such
date.

	(b)
	No Liens    Each Receivable existing on the Effective Date or, in the case of Receivables sold, transferred, assigned and
conveyed to the Purchaser after the Effective Date, on the date that each such Receivable shall have been sold, transferred, assigned and conveyed to the Purchaser, has been sold, transferred,
assigned and conveyed to the Purchaser free and clear of any Liens, except for Permitted Liens and Trustee Liens. 

9

 

	(c)
	Eligible Receivable    On the Effective Date, each Receivable that is represented to be an Eligible Receivable on such date
in the UK Originator Daily Reports or Daily Reports is an Eligible Receivable on the Effective Date and, in the case of Receivables sold, transferred, assigned and conveyed to the Purchaser after the
Effective Date, each such Receivable that is represented to be an Eligible Receivable sold, transferred, assigned and conveyed to the Purchaser on such Purchase Date is an Eligible Receivable on such
Purchase Date.

	(d)
	Governing Law    The governing law of the Receivables the subject of each offer is English Law.

	(e)
	Assignment    The assignment of each Receivable the subject of such offer as herein contemplated will not violate any law or
any agreement by which the Originator may be bound.

	(f)
	Performance of Obligations    In all material respects it has performed and is in compliance with the terms of the contract
relating to each Receivable the subject of an offer. 

The
representations and warranties as of the date made set forth in this Clause 3.2 shall survive the sale, transfer, assignment and conveyance of the Receivables and other Receivable Assets to
the Purchaser. Upon discovery by a Responsible Officer of the Purchaser or the Master Servicer or a Responsible Officer of the relevant Originator of a breach of any of the representations and
warranties (or of any Receivable encompassed by the representation and warranty in subsection 3.2(c) not being an Eligible Receivable as of the relevant Purchase Date), the party discovering such
breach shall give prompt written notice to the other parties. 

	4.
	AFFIRMATIVE COVENANTS

Each
Originator hereby agrees that, so long as there are any amounts outstanding with respect to Receivables or until an Early Termination, whichever is later, it shall: 

	4.1
	Financial Statements, Reports, etc 

	(a)
	Furnish
to the Purchaser, within 150 days after the end of each fiscal year, its balance sheet and related statements of income, shareholders' equity and cash flows showing its
financial condition as of the close of such fiscal year and the results of its operations during such year, for Tioxide Europe, unaudited and for Petrochemicals UK as audited by its Independent Public
Accountants and accompanied by an opinion of such accountants (which shall not be qualified in any material respect) to the effect that such financial statements fairly present in all material
respects the financial condition and results of operations of Petrochemical UK. Such accounts to be prepared in accordance with accounting principles generally accepted in the United Kingdom and in
accordance with GAAP and consistently applied giving a true and fair view of the financial condition of the Company;

	(b)
	Furnish
to the Purchaser, together with the financial statements required pursuant to sub-clauses (i) and (ii) above, a compliance certificate signed by a
Responsible Officer of such Originator stating that (aa) the attached financial statements have been prepared in accordance with GAAP and accurately reflect the financial condition of the Originator
and (bb) to the best of such Responsible Officer's knowledge, no Originator Termination Event or Potential Originator Termination Event exists, or if any Originator Termination Event or Potential
Originator Termination Event exists, stating the nature and status thereof;

	(c)
	Furnish
to the Purchaser copies of all financial statements, financial reports and proxy statements so furnished; 

10

 

	(d)
	Furnish
to the Purchaser, promptly, from time to time, such historical information, including ageing and liquidation schedules, in form and substance satisfactory to the Funding Agent
and the Rating Agencies, as the Purchaser may reasonably request; and

	(e)
	Furnish
to the Purchaser, promptly, from time to time, such other information regarding its operations, business affairs and financial condition, or compliance with the terms of any
Transaction Document, in each case as the Purchaser may reasonably request. 

	4.2
	Compliance with Law and Policies

	(a)
	Comply
with all Requirements of Law and material Contractual Obligations to which it is subject and which are applicable to it except to the extent that non-compliance
would not reasonably be likely to result in a Material Adverse Effect with respect to it.

	(b)
	Perform
its obligations in accordance with the Policies, as amended from time to time in accordance with the Transaction Documents, in regard to the Receivables and the other
Receivable Assets. 

	4.3
	Inspection of Property; Books and Records; Discussions

Keep
proper books of records and account in which entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities; and permit representatives
of the Purchaser upon reasonable advance notice to visit and inspect any of its properties and examine and make abstracts from any of its books and records during normal business hours on any Local
Business Day and as often as may reasonably be requested, subject to the Originator's security and confidentiality requirements and to discuss the business, operations, properties and financial
condition of the Originator with officers and employees of the Originator and with its Independent Public Accountants. 

	4.4
	Collections

Instruct
each Obligor to make payments in respect of its Receivables to a/the Collection Account(s) and to comply in all material respects with procedures with respect to Collections reasonably
specified from time to time by the Purchaser. In the event that any payments in respect of any such Receivables are made directly to the Originator (including, without limitation, any employees
thereof or independent contractors employed thereby), the Originator shall within one (1) Local Business Day of receipt thereof, deliver or deposit such amounts to a/the Collection Account(s)
and, prior to forwarding
such amounts, the Originator shall hold such payments in trust for the account and benefit of the Purchaser. 

	4.5
	Furnishing Copies, etc

Furnish
to the Purchaser (subject to Clause 7.13 hereof): 

	(a)
	within
five (5) Local Business Days of the Purchaser's request, a certificate of a Responsible Officer of the Originator, certifying, as of the date thereof, to the knowledge
of such officer, that no Originator Termination Event has occurred and is continuing or if one has so occurred, specifying the nature and extent thereof and any corrective action taken or proposed to
be taken with respect thereto;

	(b)
	promptly
after a Responsible Officer of the Originator obtains knowledge of the occurrence of any Originator Termination Event or Potential Originator Termination Event, written
notice thereof;

	(c)
	promptly
following request therefor, such other information, documents, records or reports regarding or with respect to the Receivables of the Originator, as the Purchaser may from
time to time reasonably request; and 

11

  

	(d)
	promptly
upon determining that any Receivable originated by it designated as an Eligible Receivable on the Daily Report or Monthly Settlement Report was not an Eligible Receivable as
of the date provided therefor, written notice of such determination. 

	4.6
	Responsibilities of the Originator as Local Servicer

Notwithstanding
anything herein to the contrary, (i) the Originator, while acting as Local Servicer, shall perform or cause to be performed all of its obligations under the Policies related to
the Receivables to the same extent as if such Receivables had not been sold, assigned, transferred and conveyed to the Purchaser hereunder, (ii) the exercise by the Purchaser of any of its
rights hereunder shall not relieve the Originator of its obligations with respect to such Receivables and (iii) except as provided by law, the Purchaser shall not have any obligation or
liability with respect to any Receivables, nor shall the Purchaser be obligated to perform any of the obligations or duties of the Originator. 

	4.7
	Assessments

Pay
before the same become delinquent and discharge all taxes, assessments, levies and other governmental charges imposed on it except such taxes, assessments, levies and governmental charges which
are being contested in good faith and for which the Originator has set aside on its books adequate reserves in accordance with UK GAAP. 

	4.8
	Marking of Records

Each
Originator will maintain a system that will clearly and unambiguously indicate that the Receivables have been sold, assigned, conveyed or transferred to the Purchaser, contributed by the
Purchaser to the Company and thereupon a Participation and security interest granted by the Company to the Trustee. Each Originator agrees that from time to time it will promptly execute and deliver
all instruments and documents, and take all further action, that Purchaser, the Company or the Trustee may reasonably request in order to perfect, protect or more fully evidence the Trustee's first
priority perfected security interest in such Receivables and the related Collections. 

	5.
	NEGATIVE COVENANTS

Each
Originator hereby agrees that, so long as there are any amounts outstanding with respect to Eligible Receivables originated by it, previously sold, assigned, conveyed or transferred by it to the
Purchaser or until an Early Termination, whichever is the later, it shall not: 

	5.1
	Limitations on Transfers of Receivables, etc

At
any time sell, convey, assign, transfer or otherwise dispose of any of the Receivables or other Receivable Assets relating thereto, except as contemplated by the Transaction Documents. 

	5.2
	Extension or Amendment of Receivables

Whether
acting as Local Servicer or otherwise, extend, make any Dilution Adjustment to, rescind, cancel, amend or otherwise modify, or attempt or purport to extend, amend or otherwise modify, the
terms of any Receivables, unless (a) (i) such cancellation, termination, amendment, modification, or waiver is made in accordance with the servicing standards set forth in Clause 4.12 of
the Servicing Agreement (and would have been made in the ordinary course of business), (ii) if such cancellation, termination, amendment, modification or waiver arose as a result of a request
from an Obligor, (iii) if any such amendment, modification or waiver does not cause such Receivable to cease to be an Eligible Receivable and (iv) such cancellation, termination,
amendment, modification or waiver would not have a material and prejudicial effect on the collectibility of the relevant Receivable or (b) such Dilution Adjustment is the result of a
pre-existing contractual obligation between it and the related Obligor with respect to such 

12

 

Receivable provided, that in the event the Originator cancels an invoice related to a Receivable, the Originator must make an Originator Dilution Adjustment Payment in accordance with
Clause 2.7, provided, further that in the event the Originator cancels an invoice related to a Receivable, either (i) such invoice must be replaced with an invoice relating to the same
transaction as the cancelled invoice of equal or greater Principal Amount on the same day, (ii) such invoice must be replaced with an invoice relating to the same transaction as the cancelled
invoice of a lesser Principal Amount on the same Business Day and the Originator must make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount equal to the difference between
such cancelled and replacement invoices or (iii) the Originator must make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount equal to the full value of such cancelled
invoice pursuant to Clause 2.7. 

	5.3
	Change in Payment Instructions to Obligors

Instruct
any Obligor of any Receivables to make any payments with respect to any Receivables other than by cheque or wire transfer to a/the Collection Account. 

	5.4
	Policies

Make
any change or modification (or permit any change or modification to be made) in any material respect to the Policies, except (i) if such changes or modifications are necessary under any
Requirement of Law, or (ii) if the Rating Agency Condition is satisfied with respect thereto, provided, however, that if any change or modification, other than a change or modification
permitted pursuant to sub-clause (i) above, would reasonably be expected to have a Material Adverse Effect with respect to a Series which is not rated by a Rating Agency, the
consent of Investor Certificateholders representing Fractional Undivided Interests aggregating not less than 51% of the Adjusted Invested amount of such Series (or, as otherwise specified in the
related Supplement) shall be required to effect such change or modification. 

	5.5
	Ineligible Receivables

Without
the prior written approval of the Purchaser, take any action which to its knowledge would cause, or would permit, a Receivable that was designated as an Eligible Receivable on the Purchase
Date relating to such Receivable to cease to be an Eligible Receivable, except as otherwise expressly provided by this Agreement. 

	5.6
	Business of the Originator

Fail
to maintain and operate the business currently conducted by the Originator, and business activities reasonably incidental or related thereto in substantially the manner in which it is presently
conducted and operated if such failure would reasonably be expected to result in a Material Adverse Effect with respect to it. 

	5.7
	Limitation on Fundamental Changes

Enter
into any merger or consolidate with another Person or sell, lease, transfer or otherwise dispose of assets constituting all or substantially all of its assets and its consolidated Subsidiaries
(taken as a whole) to another Person or liquidate or dissolve unless: 

	(a)
	either
(i) the Originator is the surviving entity;

	(b)
	subject
to Clause 7.13 hereof, it has delivered to the Trustee a certificate executed by a Responsible Officer of the Originator addressed to the Trustee (i) stating
that such consolidation, merger, conveyance or transfer complies with this Clause 5.7 and (ii) further stating in the Responsible Officer's certificate that all conditions precedent
herein provided for relating to such transaction have been complied with; 

13

 

	(c)
	it
has delivered to the Trustee an Opinion of Counsel from a nationally recognised legal counsel to the effect that the assignment of Receivables to the Purchaser by such Surviving
Person, after the date of such merger, consolidation, sale, lease, transfer or disposal of assets, shall be treated as a "true sale" of any such Receivables;

	(d)
	it
has delivered to the Trustee a General Opinion; and

	(e)
	the
Rating Agency Condition has been satisfied. 

	5.8
	Administration and Winding Up

The
Originator hereby undertakes to the Purchaser that, until one year and one day has elapsed since the last day on which Commercial Paper was outstanding, it will not petition or commence
proceedings for the administration or winding up (nor join any person in the petition or commencement of proceedings for the administration or winding up) of the Purchaser. 

	6.
	TERMINATION EVENTS

	6.1
	Originator Termination Events

The
following events shall be construed as "Originator Termination Events": 

	(a)
	an
Originator shall fail to pay any amount due hereunder in accordance with the provisions hereof and such failure shall continue unremedied for a period of five Business Days from
the earlier to occur of (i) the date upon which a Responsible Officer of an Originator obtains actual knowledge of such failure or (ii) the date on which written notice of such failure,
requiring the same to be remedied, shall have been given (A) to such Originator by the Purchaser or the Trustee or (B) to the Purchaser, to the Trustee and to such Originator by holders
of Investor Certificates evidencing 25% or more of the Aggregate Invested Amount; or

	(b)
	an
Originator shall fail to observe or perform any other covenant or agreement applicable to it contained herein (other than as specified in sub-clause (a) of this
Clause 6.1) that has a Material Adverse Effect with respect to it and that continues unremedied until ten (10) Local Business Days after the date on which written notice of such failure,
requiring the same to be remedied shall have been given (A) to such Originator by the Purchaser or the Trustee or (B) to the Purchaser, to the Trustee and to the Originator by holders of
Investor Certificates evidencing 25% or more of the Aggregate Invested Amount, provided that if such failure may be cured and the Originator is diligently pursing such cure, such event shall not
constitute an Originator Termination Event for an additional thirty (30) days; or

	(c)
	any
representation or warranty made by an Originator in this Agreement or in any certificate delivered pursuant to this Agreement shall prove to have been incorrect in any material
respect when made or deemed made, and which continues unremedied until ten (10) Local Business Days after the date on which written notice thereof, requiring the same to be remedied, shall have
been given (A) to such Originator by the Purchaser or the Trustee or (B) to the Purchaser, to the Trustee and to the Originator by holders of Investor Certificates evidencing 25% or more
of the Aggregate Invested Amount, provided that if such incorrectness may be cured and the Originator is diligently pursuing such cure, such event shall not constitute an Originator Termination Event
for an additional thirty (30) days and provided further that an Originator Termination Event shall not be deemed to have occurred under this sub-clause (c) based upon a
breach of any representation or warranty set forth in Clause 3.3 if the Originator shall have complied with the provisions of Clause 2.8 in respect thereof; or 

14

 

	(d)
	an
Originator has been terminated as Local Servicer with respect to the Receivables originated by it, and not replaced as a Local Servicer by an affiliate of Huntsman International,
following a Master Servicer Default under the Servicing Agreement. 

	6.2
	Program Termination Events

The
following events shall be construed as "Program Termination Events": 

	(a)
	an
Insolvency Event shall have occurred with respect to an Originator; or

	(b)
	there
shall have occurred and be continuing (i) an Early Amortisation Event set forth in Clause 7.01 of the Pooling Agreement or (ii) the Amortisation Period with
respect to all Outstanding Series; or

	(c)
	a
Federal (or equivalent) tax notice of Lien, in an amount equal to or greater than $500,000, shall have been filed against an Originator unless there shall have been delivered to the
Trustee and the Rating Agencies proof of release of such Lien; or

	(d)
	any
Originator Termination Event shall have occurred and be continuing with respect to an Originator that, as of the last Monthly Settlement Report, had originated more than 10% of
the Aggregate Receivables Amount reflected on such report; or

	(e)
	an
Originator Termination Event shall have occurred but the Originator has not been terminated within 10 calendar days in accordance with Clause 2.10 of the Pooling Agreement. 

	6.3
	Remedies

	(a)
	Upon
the occurrence and continuance of any Originator Termination Event as described in clause 6.1, the Purchaser shall (i) cease to accept any Offer for Sale of
Receivables from such Originator Termination Event and (ii) the Originator shall be terminated as an Originator upon 10 days written notice (the date on which such notice becomes effect,
the "Originator Termination Date"), provided that such removal or termination shall be in accordance with clause 2.10 of the Pooling Agreement.

	(b)
	Upon
the occurrence and continuance of any Program Termination Event and after the expiration of any applicable cure period as described in clause 6.3, the Purchaser shall
cease without further notice, which the Originator hereby waives, to accept any Offer hereunder (such date of termination, the "Program Termination
Date"), and there shall be an Early Amortisation Event pursuant to clause 7.01 of the Pooling Agreement.

	(c)
	Each
Originator agrees that, upon the occurrence and during the continuation of Program Termination Event as described in Clauses 6.2(a) or (b)(i):

	(i)
	the
Purchaser (and its assignees) shall have the right at any time or require that each Originator, at its expense give Notice of Assignment to the Obligors in respect of the
Receivables and other Receivables Assets of the assignment thereof to the Purchaser and may direct that payment of all amounts due or to become due under the Receivables be made directly to the
relevant currency Company Concentration Account;

	(ii)
	each
Originator in such capacity or in its capacity as Local Servicer, shall, upon the Purchaser's (or its assignees') written request and at such Originator's expense,
(A) assemble all of its documents, instruments and other records (including credit files and computer tapes or disks) that (1) evidence or will evidence or record Receivables and
(2) are otherwise necessary or desirable to effect Collections of such Receivables including (i) Receivable specific information including, when applicable, invoice number, invoice due
date, invoice value, purchase order reference, shipping date, shipping address, shipping terms, copies of delivery notes, bills of lading, insurance documents, copies of 

15

 

letters
of credit, bills of exchange or promissory notes, other security documents, and (ii) Obligor specific information, including copy of the Contract, correspondence file and details of
any security held (collectively, the "Originator Documents") and (B) deliver such Originator Documents to the Purchaser or its designee at a place designated by the Purchaser. In recognition of
the Originator's need to have access to any Originator Documents which may be transferred to the Purchaser hereunder, whether as a result of its continuing business relationship with any Obligor for
Receivables or as a result of its responsibilities as Local Servicer, the Purchaser hereby grants to each Originator a license to access the Originator Documents transferred by such Originator to the
Purchaser and to access any such transferred computer software in connection with any activity arising in the ordinary course of the Originator's business or in performance of the Originator's duties
as Local Servicer, provided that the Originator shall not disrupt or otherwise interfere with the Purchaser's use of and access to the Originator Documents and its computer software during such
license period; 

	(iii)
	upon
written request of the Purchaser, each Originator will (A) deliver to the Purchaser all licenses, rights, computer programs, related material, computer tapes, disks,
cassettes and data necessary for the immediate collection of the Receivables by the Purchaser, with or without the participation of the Originator (excluding software licenses which by their terms are
not permitted to be so delivered, provided that the Originator shall use reasonable efforts to obtain the consent of the relevant licensor to such delivery but shall not be required, to the extent it
has an ownership interest in any electronic records, computer software or licenses, to transfer, assign, set-over or otherwise convey such ownership interests to the Purchaser) and
(B) make such arrangements with respect to the collection of the Receivables as may be reasonably required by the Purchaser. 

	6.4
	The
rights referred to or contained in Clause 6.3 and the powers conferred thereby may be exercised only at the times and in the circumstances mentioned therein and,
accordingly, the Purchaser hereby undertakes to the Originator that it will not exercise or purport to exercise such rights other than at such times and in such circumstances.

	6.5
	The
Originator hereby agrees that if an Originator Termination Date and/or Program Termination Event occurs, the Purchaser may notify in writing the other parties hereto of such fact
and thereafter exercise its rights referred to or contained in Clause 6.3 as if a Originator Termination Notice had been given on the date of such notice and the other provisions of
Clause 6.3 shall thereupon also apply.

	7.
	MISCELLANEOUS

	7.1
	Payments

	(a)
	All
payments to be made by a party ("payor") hereunder shall be made in the currency of such liability and, if no currency is
specified, in Sterling on the applicable due date and in immediately available funds to the recipient's ("payee") account or to such other account as
may be specified by such payee from time to time in a notice to such payor. Wherever any payment to be made under this Agreement shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day.

	(b)
	Any
payments made by any person by way of acceptance of an Offer (as mentioned in Clause 2.2(d)) shall be made in the relevant Approved Currency for the purposes of the Offer
(or in any other currency agreed by the parties for those purposes) and in immediately available funds to the relevant Originator's account. 

16

 

	7.2
	Costs and Expenses

Each
Originator agrees jointly and severally (a) to pay or reimburse the Purchaser for all of its out-of-pocket costs and expenses incurred in connection with the
preparation and execution of, and any amendment, supplement or modification to, this Agreement, the other Transaction Documents and any other documents prepared in connection herewith and therewith,
the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, all reasonable fees and disbursements of counsel, (b) to pay or reimburse
the Purchaser for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement and any of the other Transaction Documents, including,
without limitation, the reasonable fees and disbursements of counsel to the Purchaser, (c) (except as provided in Clause 7.16) to pay, indemnify, and hold the Purchaser harmless from,
any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay caused by an Originator in paying, stamp, excise and other similar taxes, if any, which
may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of, any of the transactions contemplated by, or any amendment, supplement
or modification of, or any waiver or consent under or in respect of, this Agreement and any such other documents, and (d) to pay, indemnify, and hold the Purchaser harmless from and against any
and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (i) which may at any time be
imposed on, incurred by or asserted against the Purchaser in any way relating to or arising out of this Agreement or the other Transaction Documents or the transactions contemplated hereby and thereby
or in connection herewith or any action taken or omitted by the Purchaser under or in connection with any of the foregoing (all such other liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements being herein called "Originator
Indemnified Liabilities") or (ii) which would not have been imposed on, incurred by or asserted against the Purchaser but for its having acquired the Receivables
hereunder, provided, however, that such indemnity shall not be available to the extent that such Originator Indemnified Liabilities are finally judicially determined to have resulted from the gross
negligence or wilful misconduct of the Purchaser. The agreements of the Originators in this Clause 7.2 shall survive the collection of all Receivables, the termination of this Agreement and the
payment of all amounts payable hereunder. 

	7.3
	Successors and Assigns

This
Agreement shall be binding upon and inure to the benefit of the Originators and the Purchaser and their respective successors (whether by merger, consolidation or otherwise) and permitted
assigns. Each Originator agrees that it will not assign or transfer all or any portion of its rights or obligations hereunder without the prior written consent of the Purchaser. Each Originator
acknowledges that the Purchaser shall contribute the Receivables Assets to the Company and that the Company shall grant a Participation and a security interest in all of its rights thereunder to the
Trustee pursuant to the Pooling Agreement. 

	7.4
	Governing Law

This
Agreement shall be governed by, and construed in accordance with, English law. 

	7.5
	No Waiver; Cumulative Remedies

No
failure to exercise and no delay in exercising, on the part of the Purchaser, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers 

17

 

and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

	7.6
	Amendments and Waivers

Neither
this Agreement nor any terms hereof may be amended, supplemented or modified except in a writing signed by the Purchaser and each Originator and that otherwise complies with any applicable
provision in the other Transaction Documents. Any amendment, supplement or modification shall not be effective until the Rating Agency Condition has been satisfied. 

	7.7
	Severability

Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

	7.8
	Accession, Amendment and Restatement

	(a)
	With
effect from the date on which the Purchaser has confirmed that it has received in form and substance satisfactory to it each of the documents specified in the Closing Documents
List, the Original UK RPA shall be amended and restated on the terms hereof and Huntsman SS shall become a party to the Original UK RPA as an Originator.

	(b)
	If
any United Kingdom Affiliate of the Originator acceptable to the Purchaser and the Administrative Agent executes and delivers to the Purchaser and the Administrative Agent a duly
completed Accession Undertaking in substantially the form set out in the Seventh Schedule and the Accession Legal Opinion from legal counsel acceptable to the Purchaser and the Administrative Agent
and the Rating Agencies in substantially the form set out in the Eighth Schedule and the provisions of Section 2.9 of the Pooling Agreement are satisfied, such Affiliate of the Originator shall
become a party to this Agreement as an Originator on the delivery of such Accession Undertaking and such Accession Legal Opinion to the Purchaser and the Administrative Agents and the satisfaction of
such provisions. 

	7.9
	Notices

All
notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made when delivered by hand, or three (3) days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as
follows in the case of the Purchaser and each Originator, or to such other address as may be hereafter notified by the respective parties hereto: 

With
respect to the Purchaser: 

Huntsman
International LLC

500 Huntsman Way

Salt Lake City

Utah 84108 

Attention:
Office of the General Counsel 

18

 

Copy
to: 

Huntsman
(Europe) B.V.B.A.

Everslaan 45

B-3078 Everberg

Belgium 

Telecopy:
32 2759 5501 

With
respect to the Originators: 

Tioxide
Europe Limited

Haverton Hill Road

Billingham

TS23 1PS

Attention:
Company Secretary

Telecopy: 01642 376 460 

Huntsman
Petrochemicals (UK) Limited

Haverton Hill Road

Billingham

TS23 1PS 

Attention:
Company Secretary

Telecopy: 01642 376 460 

Copy
to: 

Huntsman
Surface Sciences UK Limited

Lincoln House

137-143 Hammersmith Road

London W14 OQL 

Huntsman
(Europe) B.V.B.A.

Everslaan 45

B-3078 Everberg

Belgium 

Telecopy:
32 2759 5501 

The
Chase Manhattan Bank (Ireland) plc, as Trustee

Chase Manhattan House

International Financial Services Centre

Dublin 1

Ireland 

	7.10
	Counterparts

This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Purchaser. 

	7.11
	Jurisdiction

	(a)
	Each
of the parties hereto irrevocably agrees for the benefit of each other party that the courts of England shall have jurisdiction to hear and determine any suit, action or
proceeding, 

19

 

and
to settle any disputes, which may arise out of or in connection with the Transaction Documents and, for such purposes, irrevocably submits to the jurisdiction of such courts. 

	(b)
	Each
party hereto irrevocably waives any objection which it might now or hereafter have to the courts referred to in Clause 7.11(a) being nominated as the forum to hear and
determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with any Transaction Document and agrees not to claim that any such court is not a
convenient or appropriate forum.

	(c)
	The
submission to the jurisdiction of the courts referred to in Clause 7.11(a) shall not (and shall not be construed so as to) limit the right of any person to take proceedings
against any other party hereto in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other
jurisdiction, whether concurrently or not if and to the extent permitted by applicable law.

	(d)
	The
Purchaser hereby irrevocably appoints Tioxide Europe Limited of Haverton Hill Road, Billingham, TS23 1PS to accept service of any process on its behalf and further undertakes to
the other parties hereto that it will at all times during the continuance of this Agreement maintain the appointment of some person in England as its agent for the service of process and irrevocably
agrees that service of any writ, notice or other document for the purposes of any suit, action or proceeding in the courts of England shall be duly served upon it if delivered or sent by registered
post to the address of such appointee (or to other such address in England as that party may notify to the other parties hereto). 

	7.12
	No Bankruptcy Petition

	(a)
	Each
Originator, by entering into this Agreement, covenants and agrees, to the extent permissible under applicable law, that it will not institute against, or join any other Person in
instituting against, the Purchaser any bankruptcy, reorganisation, arrangement, insolvency or liquidation proceedings, or other proceedings (including, but not limited to, petitioning for the
declaration of the Purchaser's assets en désastre) under any Applicable Insolvency Laws.

	(b)
	Notwithstanding
anything elsewhere herein contained, the sole remedy of an Originator or any other Person in respect of any obligation, covenant, representation, warranty or agreement
of the Purchaser under or related to this Agreement shall be against the assets of the Purchaser. Neither the Originator nor any other Person shall have any claim against the Purchaser to the extent
that such assets are insufficient to meet such obligation, covenant, representation, warranty or agreement (the difference being referred to herein as a
"shortfall") and all claims in respect of the shortfall shall be extinguished. 

	7.13
	Termination

This
Agreement will terminate at such time as (a) the Purchaser is required to cease accepting any offer hereunder pursuant to Clause 6.2 and (b) all Receivables have been
collected, and the proceeds thereof turned over to the Purchaser and all other amounts owing to the Purchaser hereunder shall have been paid in full or, if Receivables have not been collected, such
Receivables have become Defaulted Receivables and the Purchaser shall have completed its collection efforts in respect thereto, provided, however, that the indemnities of an Originator to the
Purchaser set forth in this Agreement shall survive such termination and provided further that, to the extent any amounts remain due and owing to the Purchaser hereunder, the Purchaser shall remain
entitled to receive any Collections on Receivables which have become Defaulted Receivables after it shall have completed its collection efforts in respect thereof. Notwithstanding anything to the
contrary contained herein, if at any time, any payment made by an Originator is rescinded or must be restored or returned by the Purchaser as a result of any Insolvency Event with respect to an 

20

 

Originator then an Originator's obligations with respect to such payment shall be reinstated as though such payment had never been made. 

	7.14
	Responsible Officer Certificates; No Recourse

Any
certificate executed and delivered by a Responsible Officer of an Originator or the Purchaser pursuant to the terms of the Transaction Documents shall be executed by such Responsible Officer not
in an individual capacity but solely in his or her capacity as an officer of such Originator or the Purchaser, as applicable, and such Responsible Officer will not be subject to personal liability as
to the matters contained in the certificate. A director, officer, manager, employee, or shareholder, as such, of an Originator or Purchaser shall not have liability for any obligation of such
Originator or the Purchaser hereunder or under any Transaction Document or for any claim based on, in respect of, or by reason of, any Transaction Document, unless such claim results from the gross
negligence, fraudulent acts or wilful misconduct of such director, officer, employee, manager or shareholder. 

	7.15
	Confidential Information

	(a)
	Unless
otherwise required by applicable law, and subject to Clause 7.15(b), each of the parties hereto undertakes to maintain the confidentiality of this Agreement in its
communications with third parties and otherwise. None of the parties shall disclose to any person any information of a confidential nature of or relating to either an Originator, the Trustee or
Purchaser, which such party may have obtained as a result of the Transaction (the "Confidential Information"). For the avoidance of doubt, the Purchaser shall restrict disclosure of Confidential
Information to its officers, employees, agents and advisers who need to receive such information to ensure the proper functioning of the Transaction. The Trustee shall procure that such officers,
employees, agents and advisers shall keep confidential all of the Confidential Information received.

	(b)
	The
provisions of this Clause 7.15(b) shall not apply:

	(i)
	To
the disclosure of any information which is or becomes public knowledge otherwise than as a result of the conduct of the recipient;

	(ii)
	To
the disclosure of Confidential Information to the Trustee's assigns or the Rating Agencies (provided that such information is disclosed subject to the condition that such party
will hold it confidential on the same basis);

	(iii)
	To
the disclosure of any information with the written consent of the parties hereto;

	(iv)
	To
the disclosure of any information in response to any order of any court or Governmental Authority; or

	(v)
	To
the disclosure of any information reasonably required for the completion and filing of any financing statements pursuant to Clauses 2.3(c), and 4.5. 

	7.16
	Stamp Duty

The
Originator will pay and hold itself responsible for and will seek no indemnity from the Purchaser or the Company in respect of Stamp Duty which is required to be paid in order to secure the
stamping of any Relevant Document for any of the following purposes: 

	(a)
	Allowing
the Relevant Document in question to be produced in evidence in proceedings in the United Kingdom where this is required in order to enable the Purchaser or the Company to
enforce its rights in respect of any Purchased Receivables against the Obligors and either:

	(i)
	the
judge, arbitrator or other person responsible for the determination of such proceedings has ruled that an executed original or counterpart of the Relevant Document must be
produced in evidence as aforesaid (provided that if an appeal against the ruling 

21

 

is
permissible and the Originator so requests, and on the condition that the Originator indemnifies the Purchaser or the Company, as the case may be, to its respective satisfaction on an
after-tax basis for all costs involved in such an appeal, the Purchaser or the Company, as the case may be, will pursue such an appeal pending which neither the Purchaser nor the Company,
as the case may be, will cause an executed original or counterpart of the Relevant Document to be produced in evidence as aforesaid); or 

	(ii)
	the
rules governing the conduct of such proceedings provide that a certified unstamped copy of the Relevant Document in question or any other form of evidence of the matters which
are the subject of such proceedings cannot be produced as adequate evidence for the purposes of such proceedings; or 

	(b)
	Complying
with a requirement imposed by any judicial or governmental authority for the Relevant Document in question to be stamped before it will be taken into account for the purpose
of determining any liability of the Purchaser or the Company to taxation (subject to the Purchaser or (as the case may be) the Company taking reasonable steps to resist or avoid such requirement
(insofar as it is able to do so whilst fully complying with its obligations under applicable law and practice and without causing any material prejudice (actual or potential) to its interests)). 

IN WITNESS WHEREOF this Agreement has been entered into by the parties hereto acting by their authorised signatories on the date first above written. 

Signed
by an authorised Officer of
 HUNTSMAN INTERNATIONAL LLC

	/s/  SEAN DOUGLAS      
 Sean Douglas, Vice President and Treasurer	 	 

Signed
by an authorised Officer of
 TIOXIDE EUROPE LIMITED

	/s/  DUNCAN EMERSON      
 Duncan Emerson	 	 

Signed
by an authorised Officer of
 HUNTSMAN PETROCHEMICALS (UK) LIMITED

	/s/  DUNCAN EMERSON      
 Duncan Emerson	 	 

Signed
by an authorised Officer of
 HUNTSMAN SURFACE SCIENCES UK LIMITED.

	/s/  GABRIEL KOW      
 Gabriel Kow	 	 

Signed
by an authorised Officer of
 HUNTSMAN (EUROPE) B.V.B.A.

	/s/  CHRISTOPHE STRUYVELT      
 Christophe Struyvelt	 	 

22

  

 
 

SCHEDULE 1    
    
    TO RECEIVABLES PURCHASE AGREEMENT    
    
    FORM OF OFFER LETTER    
  

	To:	 	The Master Servicer as agent for the Purchaser
	

From:	
 	

The Originator
	

Dated:	
 	

 

Dear
Sirs, 

	1.
	We
refer to the receivables purchase agreement (such receivables purchase agreement as from time to time amended, supplemented or novated being herein called the
"UK Receivables Purchase Agreement")
dated                        20    and made between (among others)
ourselves and yourselves.

	2.
	Terms
defined in the UK Receivables Purchase Agreement shall bear the same meaning herein.

	3.
	We
hereby offer you an assignment on [date] of certain Receivables (the "Available
Receivables") at a Purchase Price calculated in accordance with Clause 2.4 of the UK Receivables Purchase Agreement and notify you that the aggregate of the Outstanding
Face Amount of the Available Receivables is [specify] and the Outstanding Face Amounts of the Available Receivables in each
Approved Currency are [specify]. The UK Originator Daily Report incorporating a list of the Receivables offered to you by us in
accordance with Clause 2.1 of the UK Receivables Purchase Agreement is attached hereto.

	4.
	Payment
of the Purchase Price, in the relevant Approved Currency in respect of the relevant Receivables denominated in such Approved Currency shall be made directly into the
[specify] account, account no. [    •    ] at
[specify branch address].

	5.
	We
hereby warrant that each of the representations and warranties referred to in Clause 3 of the UK Receivables Purchase Agreement is true on and as of the date hereof in
respect of each Available Receivable save as specified in connection therewith in the attached list. 

Yours
faithfully, 

for
and on behalf of

[Originator] 

23

  

 
 

SCHEDULE 2    
    
    TO RECEIVABLES PURCHASE AGREEMENT    
    
    FORM OF ORIGINATOR DAILY REPORT    
  

Form of Originator Daily Report  

 Huntsman Master Trust—Daily Report  

	 
	 	Report Date

02-Nov-00
	 	Activity Date

01-Nov-00
	 	 
	 	 

	 
	 	Seller

Interest
	 	Series 2000-1

Investor Interest
	 	Series 2000-2

Investor
	 	Total

	Pool Activity	 	 	 	 	 	 	 	 
	Beginning Receivables Balance	 	 	 	 	 	 	 	 
	 	Plus: FX Adjustment	 	 	 	 	 	 	 	 
	 	Less: Aggregate Initial Collections	 	 	 	 	 	 	 	 
	 	Plus: New Sales	 	 	 	 	 	 	 	 
	 	Less: Non-Contractual Dilutions	 	 	 	 	 	 	 	 
	 	Less: Timely Payment Discount Issued	 	 	 	 	 	 	 	 
	 	Less: Volume Rebate Issued	 	 	 	 	 	 	 	 
	 	Less: Write-Offs Prior to 60 days	 	 	 	 	 	 	 	 
	 	Less: Write-Offs Past to 60 days	 	 	 	 	 	 	 	 
	 	Less: Seller Adjustment/Payment Repurchased	 	 	 	 	 	 	 	 
	 	Receivables	 	 	 	 	 	 	 	 
	 	Less: Misdirected Receivables	 	 	 	 	 	 	 	 
	 	Plus: Mechanical Zero Offsets	 	 	 	 	 	 	 	 
	 	Plus: Other Adjustments	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	Ending Receivables Balance	 	 	 	 	 	 	 	 
	 	

Less: Defaulted Receivables	
 	

 	
 	

 	
 	

 	
 	

 
	 	Less: Obligor Overconcentration Amount	 	 	 	 	 	 	 	 
	 	Less: Country Overconcentration Amount	 	 	 	 	 	 	 	 
	 	Less: Commissions/Cash Discounts Accruals	 	 	 	 	 	 	 	 
	 	Less: Volume Rebate Accruals	 	 	 	 	 	 	 	 
	 	Less: A/P Offsets	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	

	Aggregate Receivables Amount	 	 	 	 	 	 	 	 
	

Series 2000-1 Servicer Advance Outstanding	
 	

 	
 	

 	
 	

 	
 	

 
	Series 2000-1 Servicer Advance Outstanding	 	 	 	 	 	 	 	 
	

Beginning Invested %	
 	

 	
 	

 	
 	

 	
 	

 
	Invested Amount	 	 	 	 	 	 	 	 
	Adjusted Invested Amount	 	 	 	 	 	 	 	 
	Required Subordinated Amount	 	 	 	 	 	 	 	 
	Target Receivables Amount	 	 	 	 	 	 	 	 
	Allocated Receivables Amount	 	 	 	 	 	 	 	 
	Collateral Compliance	 	 	 	 	 	 	 	 
	Series 2000-1 Purchase Price	 	 	 	 	 	 	 	 
	Ending Invested %	 	 	 	 	 	 	 	 

24

 
Form of Daily Report  

 Part 2 of 4  

	TOTAL USD EQUIVALENT
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment)	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
US DOLLAR
	Daily Allocation of Collections and Servicer Advance	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
EURO
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment)	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 
	
STERLING
	Daily Allocation of Collections	 	 
	Total Collections in the Trust Accounts	 	 
	A/R Collections Allocated	 	 
	Servicer Advance	 	 
	Total funds to allocate	 	 
	Deposit to Accrued Interest Subaccount	 	 
	Deposit to Non-Principal Conc Subacc	 	 
	Deposit to Principal Conc Subacc (Servicer Advance)	 	 
	Deposit to Servicer Account (Serv Advance Repayment	 	 
	Deposit to repay Invested Amount	 	 
	Deposit to Company Receipts Account	 	 
	 	 	

	Total Allocated	 	 

25

 
Form of Daily Report  

 Part 3 of 4  

	Ratios	 	 	 	 
	Series 2000-2 Class A Ratio	 	N/A	 	 
	Series 2000-2 Class B Ratio	 	N/A	 	 
	Series 2000-1 Ratio	 	 	 	N/A
	Series Carrying Cost Reserve Ratio	 	 	 	 
	Servicing Reserve Ratio	 	 	 	 
	Series 2000-1 Percentage Factor	 	 	 	N/A
	Period Type	 	 	 	 

	
TOTAL USD EQUIVALENT
	Series 2000-1 Accrued Interest	 	Series 2000-2 Accrued Interest
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Non-Principal Collections	
 	
Series 2000-2 Non-Principal Collection
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Principal Collections	
 	
Series 2000-2 Non-Principal Collection
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company Receipts Accounts	 	 
	Accounts	 	 
	Ending Balance	 	Ending Balance
	
US DOLLAR	
 	

 
	Series 2000-1 USD Accrued Interest Subaccount (7971071613)	 	Series 2000-2 USD Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 USD Non-Principal Collection Subaccount (7971071621)	
 	
Series 2000-2 USD Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 USD Principal Collection Subaccount (7971071639)	
 	
Series 2000-2 USD Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company Receipts Account	 	 
	Ending Balance	 	Ending Balance

26

 
Form of Daily Report  

 Part 4 of 4  

	 
	 	 

	EURO	 	 
	Series 2000-1 Euro Accrued Interest Subaccount (7971071647)	 	Series 2000-2 Euro Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Euro Non-Principal Collection Subaccount (7971071654)	
 	
Series 2000-2 Euro Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 Euro Principal Collection Subaccount (7971071662)	
 	
Series 2000-2 Euro Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds in the Company Receipts Accounts	 	 
	Ending Balance	 	Ending Balance
	
STERLING	
 	

 
	Series 2000-1 GBP Accrued Interest Subaccount (7971071670)	 	Series 2000-2 GBP Accrued Interest Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit	 	Deposit
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 GBP Non-Principal Collection Subaccount (7971071688)	
 	
Series 2000-2 GBP Non-Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—Collections	 	Deposit—Collections
	Deposit—Interest Income	 	Deposit—Interest Income
	Withdrawal	 	Withdrawal
	Ending Balance	 	Ending Balance
	
Series 2000-1 GBP Principal Collection Subaccount (7971071696)	
 	
Series 2000-2 GBP Principal Collection Subaccount [xxx]
	Beginning Balance	 	Beginning Balance
	Deposit—funds from Collection Account	 	Deposit
	Deposit—Servicer Advance	 	Withdrawal
	Withdrawal—Servicer Advance Repayment	 	 
	Withdrawal—Tranche 1 Repayment	 	 
	Withdrawal—Tranche 2 Repayment	 	 
	Withdrawal—Funds to the Company Receipts Account	 	 
	Ending Balance	 	Ending Balance

The
undersigned, an Officer of Huntsman (Europe) B.V.B.A, as Master Servicer, certifies that the information set forth above is true and correct and it has performed in all material
respects all of its
obligations as Servicer under the Pooling and Servicing Agreements required to be performed as of the date hereof. 

Names:

Title:

Date: 

27

  

 
 

SCHEDULE 3    
    
    FORM OF SECURITY POWER OF ATTORNEY    
  

THIS POWER OF ATTORNEY is made on the                       20    by
[    •    ] (defined as the "Originator" herein) in favour of
[    •    ], a company whose registered office is at [    ]
acting in its capacity as Purchaser (the "Purchaser", and as the "Attorney"). 

WHEREAS

	(A)
	Pursuant
to a UK Receivables Purchase Agreement (the "UKRPA") dated on or
about                       20    
made by and between the Originator, the Purchaser and others, the Originator (as referred to therein) may from time to time offer to sell to the Purchaser certain receivables evidenced by invoices
rendered by the Originator (the "Receivables") and the Purchaser may accept an assignment of all Receivables for its benefit.

	(B)
	Receivables
and Collections so acquired and not subsequently reacquired by the Originator or collected in full are referred to herein as the "Purchased
Receivables".

	(C)
	Under
the Servicing Agreement, the Originator has been appointed by the Servicer as its Local Servicer under the Servicing Agreement.

	(D)
	Terms
not defined herein shall have the meaning ascribed to such terms in the UKRPA. 

NOW, THEREFORE, the parties agree as follows: 

	1.
	THE
ORIGINATOR HEREBY APPOINTS the Attorney in respect of the Contracts and their related Collections, or the assets subject to the trusts declared by it under the UKRPA and referred
to it above, to be its true and lawful attorney for it and in its name to do any of the following acts, deeds and things or any of them as may be within the power of the Originator:

	(a)
	to
exercise its rights, powers and discretions in respect of Purchased Receivables, Collections and in respect of any other related rights (such related benefit and other rights being
the "Ancillary Rights");

	(b)
	to
exercise all the rights, powers, remedies and discretions exercisable by the Originator by reason of the Originator remaining legal owner of Purchased Receivables or the Ancillary
Rights;

	(c)
	to
execute, sign, seal and deliver any document (other than, for the avoidance of doubt, an absolute assignment) and to do any other act or thing which it may deem to be necessary in
order to protect the interests of the Purchaser, proper or expedient for fully and effectually vesting or transferring the equitable interest in the Purchased Receivables sold by it and the Ancillary
Rights in or to the Purchaser or the Purchaser's assigns hereunder (if applicable) or its successors in title or other person or persons entitled to the benefit thereof (as the case may require)
pursuant to and in accordance with the UKRPA;

	(d)
	to
demand, sue for and receive all moneys due or payable under or in respect of Purchased Receivables sold by it and the Ancillary Rights and pay such moneys to the persons to whom
such moneys are required to be paid under the UKRPA;

	(e)
	to
redirect mail and endorse drafts, cheques and other payment media, to perform any agreement or obligation of the Originator under or in connection with the UKRPA and to exercise
all other remedies of the Originator under the UKRPA or existing at law; and

	(f)
	from
time to time to substitute and appoint severally one or more attorneys (the "Substitute Attorneys") for all or any of the purposes
aforesaid (including the power to authorise any person so appointed to make further appointments). 

28

 

	2.
	The
Originator hereby agrees at all times hereafter to ratify and confirm any act, matter or deed whatsoever the Attorney or any Substitute Attorney shall lawfully do or cause to be
done under or pursuant to this Power of Attorney to the extent that such act or acts and execution are within the power of the Originator and within the contemplation of this Power of Attorney and the
Originator shall indemnify the Attorney or any Substitute Attorney in respect of any loss, claim, cost, expense or liability in connection with this Power of Attorney save to the extent that the same
arises out of their negligence, wilful default or bad faith. In furtherance of the power herein granted, the Originator agrees that it will assist and co-operate with the Purchaser and
provide such facilities as the Purchaser may reasonably request.

	3.
	The
Originator declares that this Power of Attorney has been given for security purposes and to secure continuing obligations of the Originator under the UKRPA and the above-mentioned
assignments and trust arrangements, and the powers hereby created shall be irrevocable and will extend to and be binding upon the successors and assigns of the Originator, and the bankruptcy,
liquidation, receivership, the making of an administration order or appointment of an administrative receiver or any other equivalent event of or affecting the Originator shall not affect the Powers
of Attorney granted by any of the other Originators.

	4.
	The
laws of England shall apply to this Power of Attorney and the interpretation thereof and to all acts of the Attorney or any Substitute Attorney carried out under the terms hereof. 

IN WITNESS whereof this Power of Attorney has been executed on the day and year first above written. 

	THE ORIGINATOR:	 	 
	

 	
 	

 	
 	

 
	

By:	
 	

 	
 	

 
	

Address:	
 	

 	
 	

 
	

 	
 	

 	
 	

 
	
The Attorney:	
 	

 
	

 	
 	

 	
 	

 
	

By:	
 	

 	
 	

 
	

Address:	
 	

 	
 	

 

29

  

 
 

SCHEDULE 4    
    
    TO RECEIVABLES PURCHASE AGREEMENT    
    
    FORM OF SOLVENCY CERTIFICATES    
  

	To:	 	Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108
	

 	
 	

Attention:	
 	

Office of General Counsel
	 	 	Facsimile:	 	(801) 584
	

Copy to:	
 	

J.P. Morgan Bank (Ireland) plc

Chase Manhattan House

International Financial Services Centre

Dublin 1, Ireland
	

 	
 	

Attention:	
 	

Padraic Doherty
	 	 	Facsimile:	 	00 353 1 612 5777
	

 	
 	

 	
 	

on letterhead of the Originator

        dated            

SALE OF RECEIVABLES ORIGINATED BY

HUNTSMAN SURFACE SCIENCES UK LIMITED  

I
[    ] having duly considered the provisions of Sections 123 and 238 to 241 of the Insolvency Act 1986, and all documents produced thereto, determine that as at the
date hereof: 

	1.
	to
the best of my knowledge and belief (based upon due enquiry) [    •    ] (the
"Company") was then able to pay its debts within the meaning of the said Section 123 and would not become unable to do so in consequence of the
periodic sale of the Receivables during the month following this certificate pursuant to the terms of the UK Receivables Purchase Agreement entered into between the Company, Huntsman International LLC
(the "Purchaser"), the Funding Agents and the Administrative Agent;

	2.
	no
order had been made or resolution passed for the winding-up of the Company which had been notified to the Company and, to the best of my knowledge and belief:

	(i)
	no
petition had been presented for the winding-up of the Company or for the making of an administration order in respect of the Company; and

	(ii)
	no
receiver, administrative receiver, administrator or receiver and manager had been appointed in relation to the Company, 

disregarding
proceedings which are not being pursued or are discharged or are being contested in good faith on proper grounds where not more than thirty (30) days have expired since their
commencement or which are of a frivolous or vexatious nature; 

	3.
	to
the best of my knowledge and belief the sale of the Receivables to the Purchaser and all matters concerning the Company in connection with such matters would, to the extent to which
these were to be carried out by the Company, be effected by the Company in good faith and in connection with its
business, and in my opinion there were reasonable grounds for believing that the sale of the Receivables and all related matters would benefit the Company; and 

30

 
	4.
	in
submitting Offers the Company has not to the best of my knowledge and belief been influenced by a desire to prefer the Purchaser as a creditor over any other creditors of the
Company. 

Words
and expressions defined in the UK Receivables Purchase Agreement shall, unless the context otherwise requires, bear the same meanings when used herein. 

This
certificate is given by me on behalf of the Company. 

	
	 	 

Director
or other duly authorised officer 

31

 

	To:	 	Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108
	

 	
 	

Attention:	
 	

Office of General Counsel
	 	 	Facsimile:	 	(801) 584
	

Copy to:	
 	

J.P. Morgan Bank (Ireland) plc

Chase Manhattan House

International Financial Services Centre

Dublin 1, Ireland
	

 	
 	

Attention:	
 	

Padraic Doherty
	 	 	Facsimile:	 	00 353 1 612 5777
	

 	
 	

 	
 	

on letterhead of the Originator

        dated            

SALE OF RECEIVABLES ORIGINATED BY

TIOXIDE EUROPE LIMITED  

I
[    ] having duly considered the provisions of Sections 123 and 238 to 241 of the Insolvency Act 1986, and all documents produced thereto, determine that as at the
date hereof: 

	1.
	to
the best of my knowledge and belief (based upon due enquiry) [    •    ] (the
"Company") was then able to pay its debts within the meaning of the said Section 123 and would not become unable to do so in consequence of the
periodic sale of the Receivables during the month following this certificate pursuant to the terms of the UK Receivables Purchase Agreement entered into between the Company, Huntsman International LLC
(the "Purchaser"), the Funding Agents and the Administrative Agent;

	2.
	no
order had been made or resolution passed for the winding-up of the Company which had been notified to the Company and, to the best of my knowledge and belief:

	(i)
	no
petition had been presented for the winding-up of the Company or for the making of an administration order in respect of the Company; and

	(ii)
	no
receiver, administrative receiver, administrator or receiver and manager had been appointed in relation to the Company, 

disregarding
proceedings which are not being pursued or are discharged or are being contested in good faith on proper grounds where not more than thirty (30) days have expired since their
commencement or which are of a frivolous or vexatious nature; 

	3.
	to
the best of my knowledge and belief the sale of the Receivables to the Purchaser and all matters concerning the Company in connection with such matters would, to the extent to which
these were to be carried out by the Company, be effected by the Company in good faith and in connection with its business, and in my opinion there were reasonable grounds for believing that the sale
of the Receivables and all related matters would benefit the Company; and

	4.
	in
submitting Offers the Company has not to the best of my knowledge and belief been influenced by a desire to prefer the Purchaser as a creditor over any other creditors of the
Company. 

32

 

Words
and expressions defined in the UK Receivables Purchase Agreement shall, unless the context otherwise requires, bear the same meanings when used herein. 

This
certificate is given by me on behalf of the Company. 

	
	 	 

Director
or other duly authorised officer 

33

 

	To:	 	Huntsman International LLC

500 Huntsman Way

Salt Lake City

Utah 84108
	

 	
 	

Attention:	
 	

Office of General Counsel
	 	 	Facsimile:	 	(801) 584
	

Copy to:	
 	

J.P. Morgan Bank (Ireland) plc

Chase Manhattan House

International Financial Services Centre

Dublin 1, Ireland
	

 	
 	

Attention:	
 	

Padraic Doherty
	 	 	Facsimile:	 	00 353 1 612 5777
	

 	
 	

 	
 	

on letterhead of the Originator

        dated            

SALE OF RECEIVABLES ORIGINATED BY

HUNTSMAN PETROCHEMICALS (UK) LIMITED  

I
[    ] having duly considered the provisions of Sections 123 and 238 to 241 of the Insolvency Act 1986, and all documents produced thereto, determine that as at the
date hereof: 

	1.
	to
the best of my knowledge and belief (based upon due enquiry) [    •    ] (the
"Company") was then able to pay its debts within the meaning of the said Section 123 and would not become unable to do so in consequence of the
periodic sale of the Receivables during the month following this certificate pursuant to the terms of the UK Receivables Purchase Agreement entered into between the Company, Huntsman International LLC
(the "Purchaser"), the Funding Agents and the Administrative Agent;

	2.
	no
order had been made or resolution passed for the winding-up of the Company which had been notified to the Company and, to the best of my knowledge and belief:

	(i)
	no
petition had been presented for the winding-up of the Company or for the making of an administration order in respect of the Company; and

	(ii)
	no
receiver, administrative receiver, administrator or receiver and manager had been appointed in relation to the Company, 

disregarding
proceedings which are not being pursued or are discharged or are being contested in good faith on proper grounds where not more than thirty (30) days have expired since their
commencement or which are of a frivolous or vexatious nature; 

	3.
	to
the best of my knowledge and belief the sale of the Receivables to the Purchaser and all matters concerning the Company in connection with such matters would, to the extent to which
these were to be carried out by the Company, be effected by the Company in good faith and in connection with its business, and in my opinion there were reasonable grounds for believing that the sale
of the Receivables and all related matters would benefit the Company; and

	4.
	in
submitting Offers the Company has not to the best of my knowledge and belief been influenced by a desire to prefer the Purchaser as a creditor over any other creditors of the
Company. 

34

 

Words
and expressions defined in the UK Receivables Purchase Agreement shall, unless the context otherwise requires, bear the same meanings when used herein. 

This
certificate is given by me on behalf of the Company. 

	
	 	 

Director
or other duly authorised officer 

35

  

 
 

SCHEDULE 5    
    
    TO RECEIVABLES PURCHASE AGREEMENT    
    
    LOCATION OF BOOKS AND RECORDS    
  

36

  

 
 

SCHEDULE 6    
    
    TO RECEIVABLES PURCHASE AGREEMENT    
    
    LEGAL AND OTHER BUSINESS NAMES    
  

Originator:  

	Legal Name	 	Other Business Names

37

  

 
 

SCHEDULE 7    
    
    FORM OF ACCESSION AND UNDERTAKING    
  

To:        Huntsman
International LLC (as Purchaser) 

From:    [Name of Company] 

We
[Name of Company] refer to a UK Receivables Purchase Agreement dated [    ] and originally
made between (1) Tioxide Europe Limited as Originator (2) Huntsman Petrochemicals (UK) Limited as Originator, and (3) Huntsman International LLC as Purchaser, (the
"UK Receivables Purchase Agreement"). Terms defined in the UK Receivables Purchase Agreement shall have the same meaning when used herein. 

	1.
	We
hereby confirm that, simultaneously with our delivery of this Accession Undertaking and the attached Accession Legal Opinion, we will accede to the terms and conditions of the UK
Receivables Purchase Agreement and accordingly agree to be bound by the terms thereof.

	2.
	We
acknowledge and agree that upon and by reason of our delivering this Accession Undertaking and the attached Accession Legal Opinion to the Purchaser and the Administrative Agent, we
will thereby forthwith become a party to the UK Receivables Purchase Agreement as an Originator and, accordingly, shall have liabilities and obligations thereunder identical to those expressed to be
assumed by an Originator thereunder and shall be entitled to the rights and benefits of an Originator thereunder.

	3.
	Our
facsimile number, telex number and address for the purpose of receiving communications under the UK Receivables Purchase Agreement are as follows: 

Address:

Facsimile
No: 

Telex
No: 

	4.
	This
Accession Undertaking shall be governed by, and construed in accordance with, English law. 

IN WITNESS whereof this Accession Undertaking has been executed in [    •    ] as a deed by the
parties hereto and is intended to be and is hereby delivered on the date first before written. 

Dated
this [    ] day of [    ] 

Signed
by on behalf of the Company 

	
	 	 

Director
or other duly authorised officer 

38

  

 
 

SCHEDULE 8    
    
    ACCESSION LEGAL OPINION    
  

To: 

Huntsman
International LLC

(as Purchaser)

[Date] 

Dear
Sirs 

I
am legal counsel or the legally trained company secretary to [Name of Company] (the
"Company"). I am giving this opinion in respect of the Company executing an accession undertaking in order to become party to the UK Receivables
Purchase Agreement (as defined in the Schedule hereto). 

For
the purposes of this opinion, I have examined the documents listed and (where appropriate) defined in the Schedule to this letter and such further documents as I have considered necessary or
appropriate for the preparation of this opinion. Definitions and expressions defined in the Schedule shall, unless otherwise defined herein, have the same meaning in this letter. 

References
to "Documents" are references to the documents listed in Part 1 of the Schedule hereto. 

In
my opinion, having regard to the laws of England: 

	1.
	the
Company is a company duly incorporated in England and Wales with limited liability under the Companies Act 1985;

	2.
	the
Company has the power, authority and legal right to execute and deliver the Documents to which it is a party and to perform its obligations thereunder and has taken all necessary
actions to authorise such execution, delivery and performance; and

	3.
	the
execution, delivery and performance by the Company of each of the Documents to which it is a party does not and will not conflict with any provision of its memorandum and articles
of association or any other agreement by which the Company is bound. 

        This
opinion speaks as of its date and is addressed to and is only for the benefit of the persons set out above. It may not be relied upon by any other person and, without my prior
written consent, may not be transmitted or disclosed to any other person. 

Yours
faithfully 

[Name of Solicitor/Company Secretary] 

[Title]

SIGNATORIES

39

  

 
 

SCHEDULE 9    
    
    CLOSING DOCUMENTS LIST    
  

	(a)
	Certified
copies of all duly adopted resolutions (or, if applicable, unanimous consent) of the Board of Directors of Huntsman SS, as in effect on such Effective Date, authorising the
execution of this Agreement and the consummation of the Transactions pursuant to the Transaction Documents.

	(b)
	A
certificate of a Responsible Officer of Huntsman SS certifying the names and signatures of the officers authorised on its behalf to execute this Agreement and the other Transaction
Documents to which it is a party and any other documents delivered by it hereunder or thereunder:

	(c)
	Certified
copies of the Memorandum and Articles of Association of Huntsman SS.

	(d)
	[A
legal opinion, in each case, dated the Effective Date and addressed to the Rating Agencies, the Funding Agent, the Purchaser and the Trustee from Clifford Chance LLP,
English counsel for Huntsman SS as to the true sale of Receivables and the due incorporation and capacity of Huntsman SS and legal validity of this Agreement, in form and substance satisfactory to the
Trustee and the Funding Agent.

	(e)
	The
Policies of Huntsman SS.

	(f)
	A
solvency certificate delivered by Huntsman SS with respect to Huntsman SS's solvency in the form of the Fourth Schedule hereto;

	(g)
	The
Purchaser shall be satisfied that Huntsman SS's systems, procedures and record keeping relating to the Receivables are sufficient and satisfactory in order to permit the
assignment, transfer and conveyance of such Receivables and the administration of such Receivables in accordance with the terms and intent of this Agreement;

	(h)
	Certified
copies of such other approvals, opinions or documents as the Purchaser may reasonably request. 

40

  

 
 

SCHEDULE 10    
    
    FORM OF OFFER NOTIFICATION    
  

TO:                        [Name
of Purchaser] (the "Purchaser") 

      [Address]

        I,                        ,
a duly appointed officer of Huntsman (Europe) B.V.B.A., as Master Servicer (the "Master Servicer") pursuant to the Amended and Restated Master Servicing Agreement,
dated as of September [    ], 2002, (the "Amended and Restated Servicing Agreement") among (i) Huntsman Receivables Finance LLC, (ii) Huntsman (Europe)
B.V.B.A., (iii) Huntsman International LLC, Tioxide Americas, Inc., Huntsman Propylene Oxide Ltd., Huntsman International Fuels L.P., Huntsman Holland B.V., Tioxide Europe
Limited, Huntsman Petrochemicals (UK) Limited, Tioxide Europe SRL, Huntsman Surface Sciences Italia SRL, Huntsman Patrica S.R.L., Tioxide Europe S.L., Huntsman Surfactants Iberica S.L., Tioxide Europe
SAS, Huntsman Surface Sciences (France) S.A.S., Huntsman Surface Sciences UK Ltd., and Huntsman Ethyleneamines Ltd., (iv) JPMorgan Chase Bank, as Trustee and
(vi) PricewaterhouseCoopers LLP hereby deliver this Notification (as defined in the [relevant Receivables Purchase Agreement or Omnibus Receivables Purchase Agreement, as
applicable]) and affirm the following: 

        1)    The
Master Servicer has received [and printed off in full—only in the UK and Netherlands] as agent for the Purchaser an Offer (as
defined in the [relevant Receivables Purchase Agreement or Omnibus Receivables Purchase Agreement, as applicable]). 

        2)    The
following information applies to such Offer: 

Purchase
Price: 

Relevant
Account Information: 

        In
order to accept this Offer, the Purchase Price (as defined in the [relevant Receivables Purchase Agreement or Omnibus Receivables Purchase Agreement, as
applicable]) should be paid to the account stated above no later than [3 pm London time] on the date on which such Notification is received. 

Very
truly yours, 

[            ]

41

QuickLinks

Exhibit 10.32 EXECUTION COPY

HUNTSMAN INTERNATIONAL LLC AS PURCHASER HUNTSMAN SURFACE SCIENCES UK LIMITED TIOXIDE EUROPE LIMITED AND HUNTSMAN PETROCHEMICALS (UK) LIMITED AS ORIGINATORS HUNTSMAN (EUROPE) B.V.B.A AS MASTER
SERVICER

CONTENTS

SCHEDULE 1 TO RECEIVABLES PURCHASE AGREEMENT FORM OF OFFER LETTER

SCHEDULE 2 TO RECEIVABLES PURCHASE AGREEMENT FORM OF ORIGINATOR DAILY REPORT

SCHEDULE 3 FORM OF SECURITY POWER OF ATTORNEY

SCHEDULE 4 TO RECEIVABLES PURCHASE AGREEMENT FORM OF SOLVENCY CERTIFICATES

SCHEDULE 5 TO RECEIVABLES PURCHASE AGREEMENT LOCATION OF BOOKS AND RECORDS

SCHEDULE 6 TO RECEIVABLES PURCHASE AGREEMENT LEGAL AND OTHER BUSINESS NAMES

SCHEDULE 7 FORM OF ACCESSION AND UNDERTAKING

SCHEDULE 8 ACCESSION LEGAL OPINION

SCHEDULE 9 CLOSING DOCUMENTS LIST

SCHEDULE 10 FORM OF OFFER NOTIFICATION

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