Document:

lyo10k-022808ex43.htm

    EXHIBIT
4.3

    
      

    

    BRIDGE
LOAN AGREEMENT

     

    Dated as
of December 20, 2007

     

    among

     

    LYONDELLBASELL
FINANCE COMPANY, as Borrower,

     

    BASELL AF
S.C.A., as the Company,

     

    The
GUARANTORS party hereto,

     

    The
LENDERS party hereto,

     

    MERRILL
LYNCH CAPITAL CORPORATION,

    as
Administrative Agent,

     

     

    CITIBANK,
N.A.,

    as
Collateral Agent,

     

    __________________________________________

     

    MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

     

    GOLDMAN
SACHS CREDIT PARTNERS L.P.

     

    CITIGROUP
GLOBAL MARKETS INC.,

     

    ABN AMRO
INCORPORATED

     

     

    and

     

     

    UBS
SECURITIES LLC,

     

    as Joint
Lead Arrangers and Bookrunners

     

    MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

     

    as
Transaction Coordinator

     

    __________________________________________

     

    Cahill
Gordon & Reindel llp

    80 Pine
Street

    New York,
NY  10005

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    
      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                ARTICLE
      1

              
	 
      
	
                DEFINITIONS

              
	 
      
	
                SECTION
      1.01.

              	
                DEFINED
      TERMS

              	
                  1

              
	
                SECTION
      1.02.

              	
                TERMS
      GENERALLY

              	
                51

              
	
                SECTION
      1.03.

              	
                EFFECTUATION
      OF TRANSACTION

              	
                52

              
	
                SECTION
      1.04.

              	
                ACCOUNTING
      TERMS

              	
                52

              
	
                SECTION
      1.05.

              	
                ROUNDING

              	
                52

              
	
                SECTION
      1.06.

              	
                REFERENCES
      TO AGREEMENTS, LAWS, ETC.

              	
                52

              
	
                SECTION
      1.07.

              	
                TIMES
      OF DAY

              	
                53

              
	
                SECTION
      1.08.

              	
                TIMING
      OF PAYMENT OR PERFORMANCE

              	
                53

              
	
                SECTION
      1.09.

              	
                RESOLUTION
      OF DRAFTING AMBIGUITIES.

              	
                53

              
	 
      	 
      	 
      
	
                ARTICLE
      2

              
	 
      
	
                THE
      CREDITS

              
	 
      
	
                SECTION
      2.01.

              	
                COMMITMENT

              	
                53

              
	
                SECTION
      2.02.

              	
                LOANS
      AND BORROWINGS

              	
                54

              
	
                SECTION
      2.03.

              	
                REQUEST
      FOR BORROWING

              	
                54

              
	
                SECTION
      2.04.

              	
                FUNDING
      OF BORROWINGS

              	
                54

              
	
                SECTION
      2.05.

              	
                TERMINATION
      OF COMMITMENTS

              	
                55

              
	
                SECTION
      2.06.

              	
                REPAYMENT
      OF LOANS; EVIDENCE OF DEBT

              	
                55

              
	
                SECTION
      2.07.

              	
                PREPAYMENT
      OF LOANS

              	
                56

              
	
                SECTION
      2.08.

              	
                FEES

              	
                57

              
	
                SECTION
      2.09.

              	
                INTEREST

              	
                57

              
	
                SECTION
      2.10.

              	
                ALTERNATE
      RATE OF INTEREST

              	
                58

              
	
                SECTION
      2.11.

              	
                INCREASED
      COSTS

              	
                58

              
	
                SECTION
      2.12.

              	
                BREAK
      FUNDING

              	
                59

              
	
                SECTION
      2.13.

              	
                TAXES

              	
                60

              
	
                SECTION
      2.14.

              	
                MATTERS
      APPLICABLE TO ALL REQUESTS FOR COMPENSATION

              	
                62

              
	
                SECTION
      2.15.

              	
                REPLACEMENT
      OF LENDERS

              	
                63

              
	
                SECTION
      2.16.

              	
                ILLEGALITY

              	
                63

              
	
                SECTION
      2.17.

              	
                PAYMENTS
      GENERALLY.

              	
                64

              
	 
      	 
      	 
      
	
                ARTICLE
      3

              
	 
      
	
                REPRESENTATIONS
      AND WARRANTIES

              
	 
      
	
                SECTION
      3.01.

              	
                EXISTENCE,
      QUALIFICATION AND POWER; COMPLIANCE WITH LAWS.

              	
                65

              
	
                SECTION
      3.02.

              	
                AUTHORIZATION;
      NO CONTRAVENTION.

              	
                65

              
	
                SECTION
      3.03.

              	
                GOVERNMENTAL
      AUTHORIZATION; OTHER CONSENTS

              	
                66

              
	
                SECTION
      3.04.

              	
                BINDING
      EFFECT.

              	
                66

              
	
                SECTION
      3.05.

              	
                FINANCIAL
      STATEMENTS; NO MATERIAL ADVERSE EFFECT.

              	
                66

              

      

      
        
           

        

        
          -i-

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
      3.06.

              	
                LITIGATION.

              	
                67

              
	
                SECTION
      3.07.

              	
                OWNERSHIP
      OF PROPERTY; LIENS.

              	
                67

              
	
                SECTION
      3.08.

              	
                ENVIRONMENTAL
      MATTERS.

              	
                67

              
	
                SECTION
      3.09.

              	
                TAXES.

              	
                68

              
	
                SECTION
      3.10.

              	
                ERISA
      COMPLIANCE.

              	
                69

              
	
                SECTION
      3.11.

              	
                SUBSIDIARIES;
      EQUITY INTERESTS.

              	
                69

              
	
                SECTION
      3.12.

              	
                MARGIN
      REGULATIONS; INVESTMENT COMPANY ACT.

              	
                69

              
	
                SECTION
      3.13.

              	
                DISCLOSURE.

              	
                69

              
	
                SECTION
      3.14.

              	
                [RESERVED].

              	
                70

              
	
                SECTION
      3.15.

              	
                ANTI-TERRORISM
      LAWS.

              	
                70

              
	
                SECTION
      3.16.

              	
                INTELLECTUAL
      PROPERTY; LICENSES, ETC.

              	
                70

              
	
                SECTION
      3.17.

              	
                SOLVENCY.

              	
                70

              
	
                SECTION
      3.18.

              	
                USE
      OF PROCEEDS.

              	
                70

              
	
                SECTION
      3.19.

              	
                [RESERVED].

              	
                71

              
	
                SECTION
      3.20.

              	
                SECURITY
      DOCUMENTS.

              	
                71

              
	
                SECTION
      3.21.

              	
                WORKS
      COUNCIL.

              	
                71

              
	 
      	 
      	 
      
	
                ARTICLE
      4

              
	 
      
	
                CONDITIONS
      OF LENDING

              
	 
      
	
                SECTION
      4.01.

              	
                CONDITIONS
      OF LENDING.

              	
                72

              
	 
      	 
      	 
      
	
                ARTICLE
      5

              
	 
      
	
                GENERAL
      COVENANTS

              
	 
      
	
                SECTION
      5.01.

              	
                LIMITATION
      ON RESTRICTED PAYMENTS

              	
                75

              
	
                SECTION
      5.02.

              	
                CORPORATE
      EXISTENCE

              	
                78

              
	
                SECTION
      5.03.

              	
                PAYMENTS
      OF TAXES AND OTHER CLAIMS

              	
                78

              
	
                SECTION
      5.04.

              	
                MAINTENANCE
      OF PROPERTIES AND INSURANCE

              	
                78

              
	
                SECTION
      5.05.

              	
                COMPLIANCE
      WITH LAWS

              	
                79

              
	
                SECTION
      5.06.

              	
                ANTI-MONEY
      LAUNDERING

              	
                79

              
	
                SECTION
      5.07.

              	
                LIMITATIONS
      ON TRANSACTIONS WITH AFFILIATES

              	
                79

              
	
                SECTION
      5.08.

              	
                LIMITATION
      ON INCURRENCE OF ADDITIONAL INDEBTEDNESS

              	
                81

              
	
                SECTION
      5.09.

              	
                LIMITATION
      ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
      SUBSIDIARIES

              	
                85

              
	
                SECTION
      5.10.

              	
                CHANGE
      OF CONTROL

              	
                87

              
	
                SECTION
      5.11.

              	
                LIMITATION
      ON ASSET SALES

              	
                88

              
	
                SECTION
      5.12.

              	
                COMPLIANCE
      WITH ENVIRONMENTAL LAWS.

              	
                90

              
	
                SECTION
      5.13.

              	
                BOOKS
      AND RECORDS

              	
                90

              
	
                SECTION
      5.14.

              	
                LIMITATION
      ON LIENS

              	
                90

              
	
                SECTION
      5.15.

              	
                ADDITIONAL
      SUBSIDIARY GUARANTEES

              	
                91

              
	
                SECTION
      5.16.

              	
                CONDUCT
      OF BUSINESS

              	
                91

              
	
                SECTION
      5.17.

              	
                ADDITIONAL
      COLLATERAL

              	
                91

              
	
                SECTION
      5.18.

              	
                LIMITATION
      ON ADDITIONAL LIENS ON THE COLLATERAL

              	
                92

              
	
                SECTION
      5.19.

              	
                MERGER,
      CONSOLIDATION, AND SALE OF ASSETS

              	
                92

              
	
                SECTION
      5.20.

              	
                [RESERVED].

              	
                94

              
	
                SECTION
      5.21.

              	
                ERISA

              	
                94

              
	
                SECTION
      5.22.

              	
                HOLDING
      COMPANY

              	
                94

              

      

      
        
           

        

        
          -ii-

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
      5.23.

              	
                USE
      OF PROCEEDS OF THE PERMANENT SECURITIES

              	
                95

              
	
                SECTION
      5.24.

              	
                EXCHANGE
      NOTES

              	
                95

              
	 
      	 
      	 
      
	
                ARTICLE
      6

              
	 
      
	
                INFORMATION
      COVENANTS

              
	 
      
	
                SECTION
      6.01.

              	
                ANNUAL
      FINANCIAL STATEMENTS

              	
                96

              
	
                SECTION
      6.02.

              	
                QUARTERLY
      FINANCIAL STATEMENTS

              	
                96

              
	
                SECTION
      6.03.

              	
                PARENT
      GUARANTOR

              	
                97

              
	
                SECTION
      6.04.

              	
                COMPLIANCE
      CERTIFICATE

              	
                97

              
	
                SECTION
      6.05.

              	
                PROJECTIONS

              	
                98

              
	
                SECTION
      6.06.

              	
                [RESERVED]

              	
                98

              
	
                SECTION
      6.07.

              	
                INFORMATION;
      MISCELLANEOUS

              	
                98

              
	
                SECTION
      6.08.

              	
                NOTIFICATION
      OF DEFAULT

              	
                99

              
	
                SECTION
      6.09.

              	
                INSPECTION
      OF BOOKS AND RECORDS

              	
                99

              
	
                SECTION
      6.10.

              	
                INSPECTION
      RIGHTS

              	
                99

              
	
                SECTION
      6.11.

              	
                [RESERVED]

              	
                100

              
	
                SECTION
      6.12.

              	
                KNOW
      YOUR CUSTOMER CHECKS

              	
                100

              
	
                SECTION
      6.13.

              	
                NO
      PERSONAL LIABILITY

              	
                100

              
	
                SECTION
      6.14.

              	
                PERMANENT
      SECURITIES.

              	
                101

              
	 
      	 
      	
                 
      

              
	
                ARTICLE
      7

              
	
                 
      

              
	
                EVENTS
      OF DEFAULT

              
	 
      
	
                SECTION
      7.01.

              	
                EVENTS
      OF DEFAULT

              	
                101

              
	
                SECTION
      7.02.

              	
                REMEDIES.

              	
                104

              
	
                SECTION
      7.03.

              	
                APPLICATION
      OF FUNDS ON ENFORCEMENT

              	
                104

              
	 
      	 
      	 
      
	
                ARTICLE
      8

              
	 
      
	
                [RESERVED]

              
	 
      
	
                ARTICLE
      9

              
	 
      
	
                GUARANTEE

              
	 
      
	
                SECTION
      9.01.

              	
                THE
      GUARANTEE

              	
                105

              
	
                SECTION
      9.02.

              	
                OBLIGATIONS
      UNCONDITIONAL

              	
                105

              
	
                SECTION
      9.03.

              	
                REINSTATEMENT

              	
                107

              
	
                SECTION
      9.04.

              	
                SUBROGATION;
      SUBORDINATION

              	
                107

              
	
                SECTION
      9.05.

              	
                REMEDIES

              	
                107

              
	
                SECTION
      9.06.

              	
                INSTRUMENT
      FOR THE PAYMENT OF MONEY

              	
                107

              
	
                SECTION
      9.07.

              	
                CONTINUING
      GUARANTEE

              	
                107

              
	
                SECTION
      9.08.

              	
                GENERAL
      LIMITATION ON GUARANTEE OBLIGATIONS

              	
                107

              
	
                SECTION
      9.09.

              	
                RELEASE
      OF GUARANTORS

              	
                108

              
	
                SECTION
      9.10.

              	
                RIGHT
      OF CONTRIBUTION

              	
                108

              
	
                SECTION
      9.11.

              	
                CERTAIN
      DUTCH MATTERS

              	
                108

              
	
                SECTION
      9.12.

              	
                GUARANTEE
      LIMITATIONS

              	
                109

              

      

      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
      9.13.

              	
                GUARANTEE
      LIMITATIONS IN RESPECT OF MILLENNIUM CHEMICALS INC

              	
                112

              
	
                SECTION
      9.14.

              	
                NON-U.S.
      GUARANTEE LIMITATIONS

              	
                112

              
	
                SECTION
      9.15.

              	
                LIMITATION
      ON GUARANTEE BY ADDITIONAL GUARANTORS

              	
                112

              
	 
      	 
      	 
      
	
                ARTICLE
      10

              
	 
      
	
                THE
      AGENTS

              
	 
      
	
                SECTION
      10.01.

              	
                APPOINTMENT

              	
                113

              
	
                SECTION
      10.02.

              	
                NATURE
      OF DUTIES

              	
                115

              
	
                SECTION
      10.03.

              	
                RESIGNATION
      BY THE AGENTS

              	
                115

              
	
                SECTION
      10.04.

              	
                THE
      ADMINISTRATIVE AGENT IN ITS INDIVIDUAL CAPACITY

              	
                115

              
	
                SECTION
      10.05.

              	
                INDEMNIFICATION

              	
                116

              
	
                SECTION
      10.06.

              	
                LACK
      OF RELIANCE ON AGENTS

              	
                116

              
	
                SECTION
      10.07.

              	
                COLLATERAL
      AGENT UNDER ITALIAN LAW

              	
                116

              
	
                SECTION
      10.08.

              	
                RELEASE
      FROM RESTRICTIONS OF SELF DEALING

              	
                117

              
	
                SECTION
      10.09.

              	
                PERPETUITY
      PERIOD

              	
                117

              
	 
      	 
      	 
      
	
                ARTICLE
      11

              
	 
      
	
                MISCELLANEOUS

              
	 
      
	
                SECTION
      11.01.

              	
                NOTICES

              	
                117

              
	
                SECTION
      11.02.

              	
                SURVIVAL
      OF AGREEMENT

              	
                118

              
	
                SECTION
      11.03.

              	
                BINDING
      EFFECT

              	
                118

              
	
                SECTION
      11.04.

              	
                SUCCESSORS
      AND ASSIGNS

              	
                118

              
	
                SECTION
      11.05.

              	
                EXPENSES;
      INDEMNITY

              	
                121

              
	
                SECTION
      11.06.

              	
                RIGHT
      OF SET-OFF

              	
                122

              
	
                SECTION
      11.07.

              	
                APPLICABLE
      LAW

              	
                123

              
	
                SECTION
      11.08.

              	
                WAIVERS;
      AMENDMENTS

              	
                123

              
	
                SECTION
      11.09.

              	
                INTEREST
      RATE LIMITATION

              	
                124

              
	
                SECTION
      11.10.

              	
                ENTIRE
      AGREEMENT

              	
                125

              
	
                SECTION
      11.11.

              	
                WAIVER
      OF JURY TRIAL

              	
                125

              
	
                SECTION
      11.12.

              	
                SEVERABILITY

              	
                125

              
	
                SECTION
      11.13.

              	
                COUNTERPARTS

              	
                125

              
	
                SECTION
      11.14.

              	
                HEADINGS

              	
                125

              
	
                SECTION
      11.15.

              	
                JURISDICTION;
      CONSENT TO SERVICE OF PROCESS

              	
                125

              
	
                SECTION
      11.16.

              	
                CONFIDENTIALITY

              	
                126

              
	
                SECTION
      11.17.

              	
                CONVERSION
      OF CURRENCIES

              	
                127

              
	
                SECTION
      11.18.

              	
                NO
      ADVISORY OR FIDUCIARY RESPONSIBILITY

              	
                127

              
	
                SECTION
      11.19.

              	
                PATRIOT
      ACT NOTICE

              	
                128

              
	
                SECTION
      11.20.

              	
                JOINT
      LEAD ARRANGERS BOOKRUNNERS AND GLOBAL COORDINATORS

              	
                128

              
	
                SECTION
      11.21.

              	
                COLLATERAL
      AND GUARANTEE MATTERS

              	
                128

              

      

       

    

    
      
         

      

      
        -iv-

        
          

        

      

      
         

      

    

    SCHEDULES

     

    Schedule
1.01(a)                            Security
Documents

    Schedule
1.01(b)                           Security
Principles

    Schedule
1.01(c)                           Guarantors

    Schedule
1.01(f)                            Mortgaged
Properties

    Schedule
1.01(g)                           Easement
Instruments

    Schedule
1.01(k)                            Excluded
Collateral

    Schedule
2.01                                Commitments
of Lenders

    Schedule
3.08                                Environmental
Matters

    Schedule
3.11                                Subsidiaries
and Other Equity Investments

    Schedule
4.01(a)(iii)                     
Certain Security Interests and Guarantees

    Schedule
4.01(a)(v)(B)                  Local
Counsel Jurisdictions

    Schedule
6.07                                Website
for Notices

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    EXHIBITS

     

    Exhibit
A                           Assignment
and Acceptance

    Exhibit
B                            Form
of Borrowing Request

    Exhibit
C-1                        
Form of Initial Note

    Exhibit
C-2                         Form
of Extended Note

    Exhibit
D                            Form
of Description of Exchange Notes

    Exhibit
E                            Form
of Exchange and Registration Rights Agreement

    Exhibit
F                            Mandatory
Cost Formula

    Exhibit
G                            Form
of Intercreditor Agreement

    Exhibit
H                            Form
of Intercompany Note

    Exhibit
I                            
Accession Letter

    Exhibit
J                           
 Form of Foreign Lender Tax Certificate

    Exhibit
K                            Form
of U.S. Legal Opinion of Skadden, Arps, Slate, Meagher & Flom
LLP

    Exhibit
L                            Funds
Flow Memorandum

    Exhibit
M                           Compliance
Certificate

    
      
         

      

      
        -vi-

        
          

        

      

      
         

      

    

    BRIDGE
LOAN AGREEMENT dated as of December 20, 2007 (this Agreement), among
LYONDELLBASELL FINANCE COMPANY (Borrower), BASELL AF S.C.A.
(the Company), the
GUARANTORS party hereto from time to time, the LENDERS party hereto from time to
time, MERRILL LYNCH CAPITAL CORPORATION, as administrative agent (in such
capacity, the Administrative
Agent) and CITIBANK, N.A., as collateral agent (in such capacity, the
Collateral Agent) for
the Lenders and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN
SACHS CREDIT PARTNERS L.P., CITIGROUP GLOBAL MARKETS INC., ABN AMRO INCORPORATED
and UBS SECURITIES LLC, as joint lead arrangers and bookrunners (in such
capacity, the Joint Lead
Arrangers) and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as
transaction coordinator (in such capacity, the Transaction
Coordinator).

     

    R E C I T A L S
:

     

    WHEREAS,
pursuant to an Agreement and Plan of Merger dated as of July 16, 2007 (the Merger Agreement) among the
Company, BIL Acquisition Holdings Limited (MergerCo) and Lyondell
Chemical Company (Lyondell), MergerCo will merge
with and into Lyondell (the Merger) with the effect that
Lyondell and its subsidiaries will become subsidiaries of the Company (the Acquisition);

     

    WHEREAS,
to partially pay the consideration for the Acquisition and the refinancing of
certain debt of the Company and its subsidiaries and Lyondell and its
subsidiaries (the Refinancing), certain
affiliates of Borrower will draw down loans under the Senior Secured Credit
Facilities on the Closing Date (as hereinafter defined);

     

    WHEREAS,
to refinance certain debt of Lyondell, certain affiliates of Borrower will enter
into a securitization facility and the Asset Backed Credit Facilities on the
Closing Date;

     

    WHEREAS,
it is currently intended that Borrower will issue the Permanent Securities and
the proceeds thereof will subsequently be used to repay the Loans;

     

    NOW,
THEREFORE, the Lenders are willing to extend credit to Borrower on the terms and
subject to the conditions set forth herein.  Accordingly, the parties
hereto agree as follows:

     

    ARTICLE
1

     

    DEFINITIONS

     

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

     

    Section
1.01.  Defined
Terms.

     

    2010 Debentures shall mean the
$100,000,000 aggregate principal amount of 10% Debentures due 2010 of
Lyondell.

     

    2015 Notes shall mean,
collectively, the $615,000,000 aggregate principal amount of 83⁄8% Senior Notes
due 2015 of the Company and the 500,000,000 aggregate principal amount of 83⁄8%
Senior Notes due 2015 of the Company.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    2027 Notes shall mean the
U.S.$300,000,000 aggregate principal amount of 8.10% guaranteed notes due March
15, 2027 issued by Montell Finance Company B.V. (now known as Basell Finance
Company B.V.).

     

    Accession Letter shall mean a
document substantially in the form set out in Exhibit I, or such
other form (if any) as may be agreed between the Administrative Agent and the
Loan Parties agent.

     

    Acquired Indebtedness shall
mean Indebtedness of a Person or any of its subsidiaries existing at the time
such Person becomes a Restricted Subsidiary of the Company or at the time it
merges or consolidates with the Company or any of its Restricted Subsidiaries or
assumed in connection with the acquisition of assets from such Person and in
each case not incurred by such Person in connection with, or in anticipation or
contemplation of, such Person becoming a Restricted Subsidiary of the Company or
such acquisition, merger or consolidation, except for Indebtedness of a Person
or any of its subsidiaries that is repaid at the time such Person becomes a
Restricted Subsidiary of the Company or at the time it merges or consolidates
with the Company or any of its Restricted Subsidiaries.

     

    Acquisition shall having the
meaning assigned to such term in the recital hereto.

     

    Additional Guarantor shall
mean a company which becomes a Guarantor in accordance with Section
5.15.

     

    Administrative Agent shall
have the meaning assigned to such term in the preamble to this
Agreement.

     

    Affiliate shall mean, with
respect to any specified Person, any other Person who directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under
common control with, such specified Person.  The term control shall
mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
controlling and controlled have meanings correlative of the foregoing; provided, however, that none of the
Finance Parties or their respective Affiliates shall be deemed to be an
Affiliate of the Company.

     

    Agents shall mean the
Administrative Agent and the Collateral Agent.

     

    Agreement shall have the
meaning assigned to such term in the introductory paragraph of this
Agreement.

     

    Agreement Currency shall have
the meaning assigned to such term in Section 11.17(b).

     

    Anti-Terrorism Laws shall
mean:

     

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

     

    (b)           the
Patriot Act;

     

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

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

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

     

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

     

    Applicable Creditor shall have
the meaning assigned to such term in Section 11.17(b).

     

    Applicable Margin shall
mean:

     

     

    (a)           during
the period beginning on the Closing Date through and including the day that is
180 days after the Closing Date, 4.625%,

     

     

    (b)           during
the period beginning on the 181st day after the Closing Date through and
including the day that is 270 days after the Closing Date, 5.125%,
and

     

     

    (c)           during
the period beginning on the 271st day after the Closing Date and thereafter
5.625%;

     

    provided, however, that in
the event that a Rate Increasing Event has occurred on or prior to any date that
is the first day of any period referred to in (a), (b) or (c) above and is
continuing on any such date, the margins specified in clauses (a), (b) and (c)
above with respect to any Loans to which such Rate Increasing Event relates
shall be increased by 0.5% for the period relating to such date.

     

    Approved Fund shall mean any
Person (other than a natural person) that is engaged in making, purchasing,
holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by a Lender,
an Affiliate of a Lender or an entity or an Affiliate of an entity that
administers or manages a Lender.

     

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

     

    Arco Notes shall mean the
$100,000,000 in aggregate principal amount of 10% Debentures due 2010 and
$225,000,000 in aggregate principal amount of 9.8% Debentures due 2020, in each
case issued by ARCO Chemical Company.

     

    Asset Acquisition shall
mean:

     

    (a)           an
Investment by the Company or any Restricted Subsidiary of the Company in any
other Person pursuant to which such Person shall become a Restricted Subsidiary
of the Company or of any Restricted Subsidiary of the Company, or shall be
merged with or into the Company or any Restricted Subsidiary of the Company,
or

     

    (b)           the
acquisition by the Company or any Restricted Subsidiary of the Company of the
assets of any Person (other than a Restricted Subsidiary of the Company) which
constitute all or substantially all of the assets of such Person or comprises
any division or line of business of such Person or any other properties or
assets of such Person other than in the ordinary course of
business.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    Asset Backed Credit Facilities
shall mean:

     

    (1)           the
asset based revolving credit agreement dated as of the Closing Date among
Lyondell Chemical Company, Equistar Chemicals, LP, Houston Refining LP,
Basell USA Inc. and certain subsidiaries of the Company party thereto as
co-borrowers from time to time thereunder, the lenders and agents party thereto
and Citibank, N.A., as administrative agent and collateral
agent;

     

    (2)           any
credit facility provided on the basis of the value of inventory, accounts
receivable or other current assets (and related documents) or similar
instrument, including any similar credit support agreements or guarantees
incurred from time to time; and

     

    (3)           any
such agreements, instruments or guarantees governing Indebtedness incurred to
Refinance any Indebtedness or commitment referred to in (1) and (2) whether by
the same or any other lender or group of lenders.

     

    Asset Sale shall mean any
direct or indirect sale, issuance, conveyance, transfer, lease (other than
operating leases entered into in the ordinary course of business), assignment or
other transfer for value by the Company or any of its Restricted Subsidiaries
(including any Sale and Leaseback Transaction) to any Person other than the
Company or a Restricted Subsidiary of the Company of (a) any Qualified
Capital Stock of any Restricted Subsidiary of the Company (other than to
qualifying directors or nominal shareholders if required by applicable law or
other similar legal requirements); or (b) any other property or assets of
the Company or any Restricted Subsidiary of the Company other than in the
ordinary course of business; provided, however, that Asset Sales
shall not include

     

    (i)           a
transaction or series of related transactions for which the Company or its
Restricted Subsidiaries receive fair market value as determined in good faith by
the Company for the property or assets and the aggregate consideration is less
than $75 million,

     

    (ii)           the
transfer of accounts receivable and related assets (including contract rights)
of the type specified in the definition of Qualified Securitization Transaction
to a Securitization Entity for the fair market value thereof,

     

    (iii)           sales
or grants of licenses to use the patents, trade secrets, know-how and other
intellectual property of the Company or any of its Restricted Subsidiaries to
the extent that such license does not prohibit the Company or any of its
Restricted Subsidiaries from using the technologies licensed (other than
pursuant to exclusivity or non-competition arrangements negotiated on an
arms-length basis) or require the Company or any of its Restricted Subsidiaries
to pay any fees for any such use,

     

    (iv)           the
sale, lease, conveyance, disposition or other transfer

     

    (A)           of
all or substantially all of the assets of the Company as permitted under Section
5.19,

     

    (B)           of
any Capital Stock or other ownership interest in or assets or property,
including Indebtedness, of an Unrestricted Subsidiary or a Person which is not a
subsidiary,

     

    (C)           pursuant
to the creation of any Lien or any foreclosure of assets or other remedy
provided by applicable law to a creditor of the Company or any subsidiary of the
Company with a Lien on such assets, which Lien is permitted under the Loan
Documents; provided
that such foreclosure or other remedy is conducted in a commercially reasonable
manner or in accordance with any bankruptcy law,

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (D)           involving
only cash or Cash Equivalents or inventory in the ordinary course of business or
obsolete or worn out property or property that is no longer useful in the
conduct of the business of the Company or its Restricted Subsidiaries (in the
reasonable and good faith judgment of the board of directors of the Company) in
the ordinary course of business consistent with past practices of the Company or
such Restricted Subsidiaries or

     

    (E)           including
only the lease or sublease of any real or personal property in the ordinary
course of business,

     

    (v)           the
consummation of any transaction in accordance with the terms of Section 5.01 or
Section 5.19, and

     

    (vi)           Permitted
Investments.

     

    Assignment and Acceptance
shall mean an assignment and acceptance entered into by a Lender and an
assignee, and accepted by the Administrative Agent and Borrower (if required by
such assignment and acceptance), substantially in the form of Exhibit A or such
other form as shall be approved by the Administrative Agent.

     

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

     

    Attorney Costs shall mean and
includes all reasonable fees, reasonable out-of-pocket expenses and
disbursements of Cahill Gordon & Reindel llp, Allen & Overy LLP and
(without duplication) a single external local counsel to the Joint Lead
Arrangers in each jurisdiction reasonably determined by the Administrative
Agent.

     

    Auditors Determination shall
have the meaning given to it in Section 9.12(a)(vi).

     

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

     

    Basel II shall have the
meaning given to it in Section 2.11(a).

     

    Basell Parent Company shall
mean any entity of which the Company is a direct or indirect wholly-owned
subsidiary (other than shares held by qualifying directors or nominal
shareholders if required by applicable law or otherwise due to similar legal
requirements).

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    Blavatnik Group shall mean,
collectively:

     

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

     

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

     

    (c)           any
trust (a Blavatnik Charitable
Trust):

     

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

     

    (ii)           to
which any such member of the Blavatnik family is a substantial donor or grantor;
or

     

    (d)           the
estate, executor, administrator, committee of beneficiaries of any member of the
Blavatnik Group listed in paragraphs (a) and (b) of this
definition;

     

    provided that, in the case of
paragraphs (c)(i) and (c)(ii) of this definition, a member of the Blavatnik
Group described in paragraphs (a) or (b) of this definition maintains control
thereof.

     

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

     

    Board shall mean the Board of
Governors of the Federal Reserve System of the United States of America (or any
successor).

     

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

     

    Borrower shall have the
meaning assigned to such term in the preamble to this Agreement.

     

    Borrowing shall mean a group
of Loans as to which a single Interest Period is in effect.

     

    Borrowing Request shall mean a
request by Borrower in accordance with the terms of Section 2.03 and
substantially in the form of Exhibit
B.

     

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

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

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

     

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

     

    Capital Stock shall
mean:

     

    (a)           with
respect to any Person that is a corporation, any and all shares or other
equivalents (however designated and whether or not voting) of corporate stock,
including each class of Common Stock and Preferred Stock of such Person
and

     

    (b)           with
respect to any Person that is not a corporation, any and all partnership
interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, membership or other equity interests of such
Person.

     

    Capitalized Lease Obligation
shall mean, as to any Person, the obligations of such Person under a lease that
are required to be classified and accounted for as capital lease obligations
under GAAP and, for purposes of this definition, the amount of such obligations
at any date shall be the capitalized amount of such obligations at such date,
determined in accordance with GAAP.

     

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

     

    Cash Collateral Account shall
mean a blocked account at Citibank, N.A. (or another commercial bank selected in
compliance with the Senior Secured Credit Facilities in the name of the
Collateral Agent) and otherwise established in a manner reasonably satisfactory
to the Collateral Agent.

     

    Cash Equivalents shall
mean:

     

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

     

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

     

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

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    (d)           commercial
paper, maturing within 365 days after the date of its acquisition, which
has a rating of A1 or better by S&P or P1 or better by Moodys, or the
equivalent rating by any other nationally recognized rating agency,

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Change of Control shall mean
the occurrence of any of the following:

     

    (a)           Sponsor
ceases to hold legally and beneficially:

     

    (i)           issued
share capital having the right to cast at least 51% (or, following a Listing, at
least 35%) of the votes capable of being cast in general meetings of the
Company; or

     

    (ii)           before
a Listing, the right to determine the composition of the majority of the Board
of Directors or equivalent body of the Company;

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    (b)           following
a Listing, any Person or group of Persons acting in concert (other than Sponsor)
owns, directly or indirectly, a greater percentage of the issued share capital
or issued share capital with voting rights of the Company than the Sponsor or,
at any time, otherwise acquires control of the Company; or

     

    (c)           the
replacement of a majority of the Board of Directors of the Company over a
two-year period from the directors who constituted the Board of Directors of the
Company at the beginning of such period, and such replacement shall not have
been approved by a vote of at least a majority of the Board of Directors of the
Company, then still in office who either were members of such Board of Directors
at the beginning of such period or whose election as a member of such Board of
Directors was previously so approved; or

     

    (d)           the
adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company, or the adoption by the Company of a
plan for the liquidation or dissolution of Borrower, other than, in each case, a
transaction complying with Section 5.19.

     

    Change of Control Notice shall
have the meaning given to it in Section 5.10(b).

     

    Change of Control Price shall
have the meaning given to it in Section 5.10(b).

     

    Change of Control Purchase
Date shall have the meaning given to it in Section 5.10(b).

     

    Charges shall have the meaning
assigned to such term in Section 11.09.

     

    Clean-Up Period shall have the
meaning given to it in Section 7.02(b).

     

    Closing Date shall mean the
first date on which all of the conditions precedent in Article 4 are satisfied
or waived and any Loans are drawn.

     

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

     

    Collateral shall mean,
collectively, all assets and property of the Company and its subsidiaries that
are from time to time subject to, or required to be subject to, a Lien pursuant
to the Security Documents.

     

    Collateral Agent shall have
the meaning assigned to such term in the preamble to this
Agreement.

     

    Collateral and Guarantee
Requirement shall mean, at any time, the requirement that, subject to the
Security Principles:

     

    (a)           the
Administrative Agent shall have received each Collateral Document required to be
delivered on the Closing Date pursuant to Section 4.01(a)(iii) or subsequent to
the Closing Date pursuant to Sections 5.15 or 5.17 at such time, duly executed
by each Loan Party party thereto;

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    (b)           all
Loan Party Obligations shall have been unconditionally guaranteed (together, the
Guaranties) by (x) on
the Closing Date, the Company, each Borrower and each Restricted Subsidiary set
forth on Schedule 1.01(c)
and (y) after the Closing Date, by each Material Subsidiary (each, a Guarantor), in each case to
the extent permitted by applicable law, regulation and contractual provision and
to the extent such guarantee would not result in material adverse tax
consequences and would not result in a material qualification (including any
going concern or like qualification) in such Guarantors audit report, in each
case, as reasonably determined by the Company;

     

    (c)           the
Guarantees shall have been secured by, subject to the Intercreditor Agreement,
the Legal Reservations and the Perfection Requirements, a second-priority
security interest to the extent legally possible and to the extent required by
the Security Documents in all Equity Interests of (i) each Wholly Owned Domestic
Subsidiary of a Guarantor domiciled in the U.S. and (ii) each material Wholly
Owned Foreign Subsidiary of any Guarantor (other than the Parent Guarantor), in
each instance, (other than, in each case, the Equity Interests of Basell Capital
Corporation, LyondellBasell Receivables I, LLC or any other securitization
entity) only to the extent directly owned by the relevant
Guarantor;

     

    (d)           except
as set forth on Schedule 1.01(k), to
the extent otherwise permitted hereunder or under any Security Document and to
the extent legally possible and to the extent required by the Security
Documents, the Guarantees shall have been secured by a second-priority security
interest in, and mortgages on, substantially all tangible and intangible assets
of the Company and each other Guarantor (including accounts (other than the
Equity Interests not referred to in (c) above but including accounts receivable
subject to Receivables Financing) or any Securitization Transactions), inventory
(other than inventory subject to any Asset Backed Credit Facility or Receivables
Financing not prohibited by this Agreement), equipment, investment property,
contract rights, intellectual property, other general intangibles, material
owned or ground leased Real Property, intercompany notes and proceeds of the
foregoing), in each case, subject to the Legal Reservations and the perfection
Requirements, with the priority required by the Security Documents; provided that security
interests in Real Property shall be limited to the Mortgaged
Properties;

     

    (e)           none
of the Collateral shall be subject to any Liens other than Liens permitted by
Section 5.14; and

     

    (f)           the
Collateral Agent shall have received (i) counterparts of a Mortgage or
appropriate security interest with respect to each owned or ground leased Real
Property or Easement Instrument described on Schedule 1.01(f) or
required to be delivered pursuant to Sections 4.01, 5.15 or 5.17 at such time
(the Mortgaged
Properties) duly executed and delivered by the record owner of such Real
Property or, in the case of Real Property subject to a ground lease, the tenant
holding the leasehold interest in such Real Property; provided, however, that with respect to
any Mortgaged Property subject to a ground lease, the Loan Party holding the
tenants interest therein shall not be required to deliver a Mortgage with regard
to any ground lease for which a consent must be obtained, (ii) in respect of any
Real Property located in the United States other than any Excluded Easements, a
Title Policy or Title Policies issued by the Title Company (each as defined in
the Senior Secured Credit Facilities) insuring the Lien of each such Mortgage as
a valid Lien on the property described therein, free of any other Liens except
as expressly permitted by Section 5.14, (iii) in respect of any Mortgaged
Property located outside the United States, evidence that the Administrative
Agent may reasonably request that the Mortgage or other appropriate security
interest constitutes subject to the Intercreditor Agreement, the Legal
Reservations and the Perfection Requirements a second-priority security interest
in respect of the relevant Real Property and that the record owner of such
Mortgaged Property holds good title to it and (iv) such Surveys, abstracts,
certificates, title documents, existing appraisals, legal opinions and other
documents as the Administrative Agent may reasonably request with respect to any
such Mortgaged Property, in each case in form and substance reasonably
satisfactory to the Administrative Agent and Collateral Agent.  Excluded Easements shall mean
those pipeline easements and other similar Real Property owned by Equistar
Chemicals, L.P. that are not situated within a plant or other facility that is
(1) described on Schedule 1.01(f) and
(2) with respect to which the Collateral Agent is obtaining a Title Policy as
contemplated in this clause (f).  Easement Instrument means any
instrument, agreement or understanding pursuant to which an interest in land is
created, including without limitation, each of the instruments and agreements
described or referenced on Scheduel 1.01(g).

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    The
foregoing definition shall not require the creation or perfection of pledges of
or security interests in, or the obtaining of title insurance or surveys with
respect to, (i) assets for which creation or perfection of security interests is
not required pursuant to the Security Documents and (ii) assets as to which the
Administrative Agent under the Senior Secured Credit Facilities and the
Borrowers Agent under the Senior Secured Credit Facilities reasonably determine
that the cost of creating or perfecting such pledges or security interests in
such assets or obtaining title insurance or surveys in respect of such assets
shall be excessive in relation to the benefits to be obtained by the Lenders
therefrom.  The Administrative Agent shall grant extensions of time
for the perfection of security interests in or the obtaining of title insurance
or other items required by the Collateral and Guarantee Requirement with respect
to particular assets (including extensions beyond the Closing Date for the
perfection of security interests in the assets of the Loan Parties on such date)
where the Administrative Agent under the Senior Secured Credit Facilities
determines, in consultation with the Company, that perfection cannot be
accomplished using commercially reasonable efforts by the time or times at which
it would otherwise be required by the Senior Secured Credit Facilities or the
Security Documents.

     

    Notwithstanding
the foregoing provisions of this definition or anything in this Agreement or any
other Loan Document to the contrary, Liens required to be granted from time to
time pursuant to the Collateral and Guarantee Requirement shall be subject to
exceptions and limitations set forth in the Security Documents and, to the
extent appropriate in the applicable jurisdiction, as agreed between the
Administrative Agent under the Senior Secured Credit Facilities and the Company
in relation to the Senior Secured Credit Facilities and as may be further agreed
by the.

     

    Commitment Papers shall mean
(a) the amended and restated Project Hugo Commitment Letter dated as of October
29, 2007, between the Company and the Joint Lead Arrangers other than UBS
Securities LLC, (b) the Joinder Agreement dated as of October 29, 2007, between
the Company and the Joint Lead Arrangers pursuant to which UBS Securities LLC
was joined and became a party to the Commitment Letter referred to in clause (a)
of this definition and (c) the Fee Letter.

     

    Commitments shall mean as to
any Lender, its obligation to make one or more Initial Loans in Dollars Borrower
pursuant to Section 2.01(a) on the Closing Date, in an aggregate amount not to
exceed the amount set forth under such Lenders name on Schedule 2.01
opposite the caption Commitment Amount or in the Assignment and Acceptance
pursuant to which a Lender acquires its Commitment, as the same may be adjusted
pursuant to Sections 2.05 and 11.04.

     

    Common Stock of any Person
shall mean any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such
Persons common stock or other equivalents of corporate stock, whether
outstanding on the Closing Date or issued after the Closing Date, and includes,
without limitation, all series and classes of such common stock.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    Company shall have the meaning
assigned to such term in the preamble to this Agreement.

     

    Company Materials shall have
the meaning given to it in Section 6.07.

     

    Compliance Certificate shall
mean a certificate substantially in the form of Exhibit M.

     

    Consolidated EBITDA shall
mean, with respect to any person, for any period, the sum (without duplication)
of

     

    (1)           Consolidated
Net Income,

     

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

     

     

    
      	
               
      

            	
              (a)

            	
              after-tax
      items classified as extraordinary
losses,

            

    

     

     

    
      	
               
      

            	
              (b)

            	
              all
      income taxes of such person and its Restricted Subsidiaries paid or
      accrued in accordance with GAAP for such period (other than income taxes
      attributable to extraordinary gains or
losses),

            

    

     

    
      	
               
      

            	
              (c)

            	
              Consolidated
      Interest Expense,

            

    

     

     

    
      	
               
      

            	
              (d)

            	
              Consolidated
      Non-cash Charges,

            

    

     

     

    
      	
               
      

            	
              (e)

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

            

    

     

     

    
      	
               
      

            	
              (f)

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

            

    

     

     

    
      	
               
      

            	
              (g)

            	
              management
      fees and mergers and acquisitions advisory fees paid to the Sponsor during
      such period, and

            

    

     

     

    
      	
               
      

            	
              (h)

            	
              any
      inventory write-up in connection with purchase accounting in respect of
      acquisitions (including, without limitation, the
    Acquisition),

            

    

     

    (3)           the
amount of net cost savings projected by the Company in good faith to be realized
by specified actions taken or to be taken prior to or during such period;
provided that (x) such cost savings are reasonably identifiable and
factually supportable, (y) such actions have been taken or are to be taken
within twelve months of the date or determination to take such action and the
benefit is expected to be realized within twelve months of taking such action,
and (z) the aggregate amount of such cost savings added pursuant to this
clause (3) shall not exceed $150 million, all as determined on a
consolidated basis for such person and its Restricted Subsidiaries in accordance
with GAAP.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    Consolidated First Lien Senior
Secured Leverage Ratio shall mean the Consolidated Senior Secured
Leverage Ratio, but calculated substituting Consolidated First Lien Senior
Secured Debt for Indebtedness.

     

    Consolidated First Lien Senior
Secured Debt shall mean (a) Consolidated Total Debt secured by a Lien on
any assets of the Company or any of its Restricted Subsidiaries (other than (i)
any Indebtedness under Asset Backed Credit Facilities, Receivables Financings or
Qualified Securitization Transactions not prohibited by this Agreement, (ii) any
Loans subject to prepayment out of funds in the Cash Collateral Account and
(iii) any Indebtedness secured by a Lien ranking junior to the Lien securing the
Obligations under the Senior Secured Credit Facilities on a basis at least as
substantially favorable to the lenders thereunder as the basis on which the Lien
securing the Loans ranks junior to the Lien securing the Obligations under the
Senior Secured Credit Facilities) minus (b)
Unrestricted Cash.

     

    Consolidated Fixed Charge Coverage
Ratio shall mean, with respect to any Person, the ratio of Consolidated
EBITDA of such Person during the four full fiscal quarters ended either on the
last day of the quarter immediately prior to the Closing Date or, if later, the
last quarter of which shall be the most recent quarter for which financial
statements have been provided to Lenders pursuant to Article 6 (the Four Quarter Period) ending on
or prior to the date of the transaction giving rise to the need to calculate the
Consolidated Fixed Charge Coverage Ratio (the Transaction Date) to
Consolidated Fixed Charges of such Person for the Four Quarter
Period.

     

    (a)           In
addition to the foregoing, for purposes of this definition, Consolidated EBITDA
and Consolidated Fixed Charges shall be calculated after giving effect on a pro
forma basis for the period of such calculation to:

     

    (i)           the
incurrence or repayment or other reduction or discharge of any Indebtedness of
such Person or any of its Restricted Subsidiaries (and the application of the
proceeds thereof) giving rise to the need to make such calculation and any
incurrence or repayment of other Indebtedness (and the application of the
proceeds thereof), other than the incurrence or repayment of Indebtedness in the
ordinary course of business for working capital purposes pursuant to working
capital facilities, occurring during the Four Quarter Period or at any time
subsequent to the last day of the Four Quarter Period and prior to the
Transaction Date, as if such incurrence or repayment, as the case may be (and
the application of the proceeds thereof), occurred on the first day of the Four
Quarter Period;

     

    (ii)           if
since the beginning of the four-quarter reference period any Person was
designated as an Unrestricted Subsidiary or redesignated as or otherwise became
an Unrestricted Subsidiary, such event shall be deemed to have occurred on the
first day of the four-quarter reference period; and

     

    (iii)           any
Asset Sales or Asset Acquisitions (including any Asset Acquisition giving rise
to the need to make such calculation) occurring during the Four Quarter Period
or at any time subsequent to the last day of the Four Quarter Period and on or
prior to the Transaction Date, as if such Asset Sale or Asset Acquisition
(including the incurrence, assumption or liability for any such Acquired
Indebtedness) occurred on the first day of the Four Quarter Period.

     

    (b)           If
such Person or any of its Restricted Subsidiaries directly or indirectly
guarantees Indebtedness of a Person other than the Company or a Restricted
Subsidiary of the Company, the preceding paragraph (a) will give effect to the
incurrence of such guaranteed Indebtedness as if such Person or any Restricted
Subsidiary of such Person had directly incurred or otherwise assumed such
guaranteed Indebtedness.  Furthermore, in calculating Consolidated
Fixed Charges for purposes of determining the denominator (but not the
numerator) of this Consolidated Fixed Charge Coverage Ratio:

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    (i)           interest
on outstanding Indebtedness determined on a fluctuating basis as of the
Transaction Date and which will continue to be so determined thereafter shall be
deemed to have accrued at a fixed rate per annum equal to the rate of interest
on such Indebtedness in effect on the Transaction Date;

     

    (ii)          if
interest on any Indebtedness actually incurred on the Transaction Date may
optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rates, then the
interest rate in effect on the Transaction Date will be deemed to have been in
effect during the Four Quarter Period; and

     

    (iii)         notwithstanding
clause (b)(i) above, interest on Indebtedness determined on a fluctuating
basis, to the extent such interest is covered by agreements relating to Interest
Swap Obligations, shall be deemed to accrue at the rate per annum resulting
after giving effect to the operation of such agreements.

     

    Consolidated Fixed Charges
shall mean, with respect to any Person for any period, the sum, without
duplication, of:

     

    (a)           Consolidated
Interest Expense, plus

     

    (b)           the
sum of

     

    (i)           the
amount of all dividend payments on any series of Preferred Stock of such Person
and its Restricted Subsidiaries (other than dividends paid in Qualified Capital
Stock and other than dividends paid to such Person or to a Restricted Subsidiary
of such Person) paid, accrued or scheduled to be paid or accrued during such
period and

     

    (ii)          tax
actually paid in cash and attributable to the item referred to in
clause (i) above.

     

    Consolidated Interest Expense
shall mean, with respect to any Person for any period, the sum of, without
duplication:

     

    (a)           the
aggregate of the interest expense of such Person and its Restricted Subsidiaries
for such period determined on a consolidated basis in accordance with GAAP,
including without limitation,

     

    (i)           any
amortization of debt discount,

     

    (ii)          the
net amount paid (or deducting the net amount received) by the Company and its
Restricted Subsidiaries in respect of the relevant period under Interest Swap
Obligations or Currency Agreements (to the extent, and only to the extent, in
respect of interest rate protection),

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    (iii)         all
capitalized interest, and

     

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

     

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

     

    (b)           the
interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted Subsidiaries
during such period as determined on a consolidated basis in accordance with
GAAP.

     

    Consolidated Leverage Ratio
shall mean, with respect to any Person as of any date of determination, the
ratio of (1) consolidated Indebtedness of such Person as of the end of the most
recent fiscal quarter for which financial statements are available under
Sections 6.01 or 6.02 hereof to (2) the aggregate amount of the Consolidated
EBITDA of such Person for the period of the most recent four consecutive
quarters for which financial statements are available under Sections 6.01 or
6.02 hereof, in each case with such pro forma adjustments to
consolidated Indebtedness and Consolidated EBITDA as are appropriate and
consistent with the pro
forma provisions set forth in the definition of Consolidated Fixed Charge
Coverage Ratio.

     

    Consolidated Net Income shall
mean, with respect to any Person, for any period, the sum of:

     

    (a)           aggregate
net income (or loss) of such Person and its Restricted Subsidiaries for such
period on a consolidated basis, determined in accordance with GAAP;
plus

     

    (b)           cash
dividends or distributions paid to such Person or a Restricted Subsidiary of
such Person by any other Person (the Payor) other than a Restricted
Subsidiary of the referent Person, to the extent not otherwise included in
Consolidated Net Income, which have been derived from cash flow of the
Payor;

     

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

     

    (i)           after-tax
gains or losses from Asset Sales or abandonments or reserves relating
thereto,

     

    (ii)          after-tax
items classified as extraordinary or non-recurring gains or losses (including,
for the avoidance of doubt and irrespective of its classification, the effect of
any impairment of goodwill arising as a result of the Acquisition) and any gains
or losses on the disposal or reversal of impairment losses on
assets,

     

    (iii)         the
net income of any Person acquired in a pooling of interests transaction accrued
prior to the date it becomes a Restricted Subsidiary of the Person or is merged
or consolidated with the Person or any Restricted Subsidiary of the
Person,

     

    (iv)         the
net income (but not loss) of any Restricted Subsidiary of the Person that is not
a guarantor to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is restricted; provided, however, that the net income
of Restricted Subsidiaries shall only be excluded in any calculation of
Consolidated Net Income of the Company as a result of application of this
clause (iv) if the restriction on dividends or similar distributions
results from consensual restrictions other than any restriction contained in
clauses (ii), (iv), (v), (xi), (xvi) and (xvii) of Section 5.09
hereof,

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

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

     

    (vi)         any
restoration to income of any contingency reserve, except to the extent that
provision for such reserve was made out of Consolidated Net Income accrued at
any time following the Closing Date,

     

    (vii)        income
or loss attributable to discontinued operations (including, without limitation,
operations disposed of during such period whether or not such operations were
classified as discontinued),

     

    (viii)       in
the case of a successor to the Person by consolidation or merger or as a
transferee of the referent Persons assets, any earnings or losses of the
successor corporation prior to such consolidation, merger or transfer of
assets,

     

    (ix)         
all dividends received by the Company as described in clause (iv) of the
second paragraph of the definition of Indebtedness to the extent the Company is
obligated to apply such dividends in the repayment of such Indebtedness,
and

     

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

     

    Consolidated Net Tangible
Assets shall mean, as of any date, the total amount of assets (less
applicable reserves and other properly deductible items) of the Company and its
Restricted Subsidiaries on a consolidated basis, as of the last day of the most
recently ended period for which financial statements were delivered pursuant to
Sections 6.01 and 6.02, determined in accordance with GAAP, after deducting
therefrom (1) all current liabilities (excluding any thereof which are by their
terms extendible or renewable at the option of the obligor thereon to a time
more than 12 months after the time as of which the amount thereof is being
computed and excluding current maturities of long term debt), and (2) all
goodwill, trade names, trademarks, patents, purchased technology, unamortized
debt discount and other like intangible assets.

     

    Consolidated Non-cash Charges
shall mean, with respect to any Person, for any period, the aggregate
depreciation, amortization and other non-cash expenses of such Person and its
Restricted Subsidiaries reducing Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges constituting an extraordinary
item or loss or any such charge which requires an accrual of or a reserve for
cash charges for any future period).

     

    Consolidated Senior Secured Leverage
Ratio shall mean the Consolidated Leverage Ratio, but calculated by
excluding all Indebtedness other than Senior Secured
Indebtedness.

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    Consolidated Total Debt shall
mean, as of any date, the principal amount of Indebtedness of the Company and
its Restricted Subsidiaries that is outstanding on such date and consists of
Indebtedness (other than Indebtedness under the Structured Financing
Transaction) for borrowed money (adjusted to take into account any liability or
receivable arising under any Swap Contract entered into in connection with
hedging any currency exposure to such Indebtedness) and Attributable
Indebtedness.

     

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

     

    Contribution Indebtedness
shall mean Indebtedness of the Company or the Indebtedness of any Restricted
Subsidiary of the Company in an aggregate principal amount not greater than
twice the aggregate amount of cash contributions made to the capital of the
Company or such Restricted Subsidiary after the Closing Date; provided that:

     

    (1)           if
the aggregate principal amount of such Contribution Indebtedness is greater than
one times such cash contributions to the capital of the Company or such
Restricted Subsidiary, as applicable, the amount in excess shall be Indebtedness
with a Stated Maturity later than the Final Maturity Date; and

     

    (2)           such
Contribution Indebtedness (a) is incurred within 180 days after the making of
such cash contributions and (b) is so designated as Contribution Indebtedness
pursuant to an Officers Certificate on the Incurrence date thereof.

     

    Control shall have the meaning
given to it in the definition of Affiliate.

     

    Controlled Foreign Corporation
shall mean an entity that is a controlled foreign corporation for purposes of
Section 957(a) of the Internal Revenue Code.

     

    Credit Facilities shall
mean:

     

    (a)           the
Senior Secured Credit Facilities,

     

    (b)           the
Asset Backed Credit Facilities,

     

    (c)           any
credit agreement (and related document) or similar instrument, including any
similar credit support agreements or guarantees, governing other revolving
credit, working capital or term Indebtedness incurred from time to time,
and

     

    (d)           any
such agreements, instruments or guarantees governing Indebtedness incurred to
Refinance any Indebtedness or commitments referred to in (a), (b)  and
(c) whether by the same or any other lender or group of
lenders.

     

    Currency Agreement shall mean
any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement entered into by the Company or any of its Restricted
Subsidiaries.

     

    Debt Issuance shall mean the
incurrence or issuance of any Indebtedness not permitted
hereunder.

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    Debt Issuance Prepayment Event
shall mean the occurrence of a Debt Issuance.

     

    Debtor Relief Laws shall mean
the Bankruptcy Code of the United States, the Dutch Bankruptcy Act (Faillissementswet), the
German Insolvency Law, the Luxembourg insolvency laws and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, faillissement, surseance van betaling, onderbewindstelling, ontbinding, or similar debtor
relief Laws of the United States, The Netherlands , Luxembourg or other
applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally (including, in the case of Loan Parties incorporated or
organized in England, Wales or Hong Kong, administration, administrative
receivership, voluntary arrangement and schemes of arrangement).

     

    Default shall mean an event or
condition the occurrence of which is, or with the lapse of time or the giving of
notice or both would be, an Event of Default.

     

    Defaulting Lender shall mean
any Lender with respect to which a Lender Default is in effect.

     

    Description of Exchange Notes
shall mean the description of the terms and conditions of the proposed Senior
Second Lien Notes due 2015 of Borrower, substantially in the form of Exhibit D, which
notes are intended to refinance the Loans.

     

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

     

    Disqualified Capital Stock
shall mean that portion of any Capital Stock which, by its terms (or by the
terms of any security into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable (other than redeemable only for Capital Stock of such Person that is
not itself Disqualified Capital Stock), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder thereof on or prior
to the final maturity date of the notes; provided, however, that any Capital
Stock that would not constitute Disqualified Capital Stock but for provisions
thereof giving holders thereof the right to require such Person to purchase or
redeem such Capital Stock upon the occurrence of a change of control occurring
prior to the Final Maturity Date shall not constitute Disqualified Capital Stock
if:

     

    (a)           the
change of control provisions applicable to such Capital Stock are not more
favorable to the holders of such Capital Stock than the terms set forth in
Section 5.10; and

     

    (b)           any
such requirement only becomes operative after compliance with such terms
applicable to the notes, including the purchase of any notes tendered pursuant
thereto.

     

    Notwithstanding
the preceding sentence, only the portion of such Capital Stock which so matures
or is mandatorily redeemable or is so convertible or exchangeable prior to the
Final Maturity Date shall be so deemed Disqualified Capital
Stock.  The amount of any Disqualified Capital Stock that does not
have a fixed redemption, repayment or repurchase price will be calculated in
accordance with the terms of such Disqualified Capital Stock as if such
Disqualified Capital Stock were redeemed, repaid or repurchased on any date on
which the amount of such Disqualified Capital Stock is to be determined pursuant
hereto; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased
at the time of such determination, the redemption, repayment or repurchase price
will be the book value of such Disqualified Capital Stock as reflected in the
most recent financial statements of such Person.

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    Dollar or $ shall mean lawful money of
the United States.

     

    Dollar Borrowing shall mean
any Borrowing denominated in Dollars.

     

    Dollar Equivalent shall mean,
at the time of determination thereof, (a) if such amount is expressed in
Dollars, such amount, (b) if such amount is expressed in Euro, the equivalent of
such amount in Dollars determined by using the rate of exchange quoted by the
Administrative Agent in New York, New York at 11:00 a.m. (New York time) on the
date of determination (or, if such date is not a Business Day, the last Business
Day prior thereto) to prime banks in New York for the spot purchase in the New
York foreign exchange market of Dollars with such amount of Euro and (c) if such
amount is denominated in any other currency, the equivalent of such amount in
Dollars as determined by the Administrative Agent using any method of
determination it reasonably deems appropriate.

     

    Dollar Loan shall mean any
Loan denominated in Dollars.

     

    Domestic Subsidiary shall mean
any subsidiary that is organized under the Laws of the United States, any state
thereof or the District of Columbia.

     

    Dutch Civil Code shall mean
the Dutch Civil Code (Burgerlijk
Wetboek).

     

    Dutch Loan Party means a Loan
Party incorporated under the laws of or established in The
Netherlands.

     

    EMU Legislation shall mean the
legislative measures of the European Union Economic and Monetary
Union.

     

    Engagement Letter shall mean
the amended and restated Project Hugo Engagement Letter dated as of October 29,
2007, between the Company and the Joint Lead Arrangers (including the joinder
agreement dated as of October 29, 2007 among the Company and the Joint Lead
Arrangers pursuant to which UBS Securities LLC was joined and became a party
thereto).

     

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

     

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

     

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

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    Environmental Permit shall
mean any permit, approval, identification number, license or other authorization
required under any Environmental Law.

     

    Equistar Notes shall mean the
$150,000,000 in aggregate principal amount of 7.55% Senior Notes due 2026 of
Equistar Chemicals L.P.

     

    Equity Interests shall mean,
with respect to any Person, all of the Capital Stock of such Person and all
warrants, options or other rights to acquire Capital Stock of such Person
(including any contribution from Shareholders without any issuance of shares but
excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

     

    Equity Issuance Prepayment
Event shall mean any issuance of Equity Interests in the Company to any
Person other than a Loan Party, excluding any issuances to the
Sponsor.

     

    Equity Offering shall mean any
sale of Qualified Capital Stock of the Company or any capital contribution to
the equity of the Company.

     

    ERISA shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to
time.

     

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

     

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

     

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

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

     

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

     

    Euro Borrowing shall mean any
Borrowing denominated in Euro.

     

    Euro Equivalent shall mean at
the time of determination thereof, (a) if such amount is expressed in Euro, such
amount, (b) if such amount is expressed in Dollars, the equivalent of such
amount in Euro determined by using the rate of exchange quoted by the
Administrative Agent in New York, New York at 11:00 a.m. (New York time) on the
date of determination (or, if such date is not a Business Day, the last Business
Day prior thereto) to prime banks in New York for the spot purchase in the New
York foreign exchange market of Euro with such amount of Dollars and (c) if such
amount is denominated in any other currency, the equivalent of such amount in
Euro as determined by the Administrative Agent using any method of determination
it reasonably deems appropriate.

     

    Euro Loan shall mean any Loan
denominated in Euro.

     

    Event of Default shall have
the meaning assigned to such term in Article 7.

     

    Exchange Act shall mean the
Securities Exchange Act of 1934, as amended, or any successor statute or
statutes thereto.

     

    Exchange and Registration Rights
Agreement shall mean the exchange and registration rights agreement,
substantially in the form of Exhibit
E.

     

    Exchange Documents shall mean
the Exchange Note Indenture and the Exchange Notes.

     

    Exchange Note Amount shall
mean, with respect to any Net Sale Proceeds with respect to an Asset Sale at any
time, an amount equal to the product of (a) such Net Sale Proceeds times (b) a
fraction, the numerator of which is the aggregate principal amount of Exchange
Notes outstanding at such time and the denominator of which is the sum of (i)
the aggregate principal amount of Exchange Notes outstanding at such time and
(ii) the aggregate principal amount of Loans outstanding at such
time.

     

    Exchange Note Holders shall
mean registered holders of the Exchange Notes.

     

    Exchange Note Indenture shall
mean the indenture to be entered into relating to the Exchange Notes, having
terms and conditions substantially as set forth in the Description of Exchange
Notes (with such changes to cure any ambiguity, omission, defect or
inconsistency as the Joint Lead Arrangers and the Company shall approve), as the
same may be amended, modified or supplemented.

     

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

    Exchange Note Trustee shall
mean the trustee under the Exchange Note Indenture.

     

    Exchange Notes shall mean the
securities issued under the Exchange Note Indenture.

     

    Exchange Request shall have
the meaning assigned to such term in Section 5.24(b).

     

    Excluded Subsidiary shall mean
(a) any subsidiary that is not a Wholly Owned Subsidiary (for so long as such
subsidiary remains a non-Wholly Owned Subsidiary), (b) each subsidiary of a
Guarantor listed on Schedule 1.01(c) and any successor entity and each
subsidiary that is not a Material Subsidiary, in each case, for so long as such
subsidiary is not a Material Subsidiary, (c) any subsidiary that is prohibited
by applicable Law, or contractual restrictions or any of the other matters
referred to in the Security Principles, from guaranteeing the Loan Party
Obligations and (d) any other subsidiary with respect to which, in the
reasonable judgment of the Administrative Agent and the Company, the cost or
other consequences (including any adverse tax consequences) of providing a
guarantee shall be excessive in view of the benefits to be obtained by the
Lenders therefrom or which would otherwise contravene the Security
Principles.

     

    Excluded Taxes shall mean, in
the case of each Lender and Agent,

     

    (a)           taxes
imposed on or measured by its net income (or branch profits), and franchise or
capital taxes imposed on it in lieu of net income taxes, in each case (i) by the
jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable Lending Office is located, (ii) by
reason of any other connection between the jurisdiction imposing such tax and
such Agent or Lender (or its applicable Lending Office) other than any
connections arising solely from such Agent or Lender (or its applicable Lending
Office) having executed, delivered, been a party to, received or perfected a
security interest under or performed its obligations under, received payment
under or enforced, this Agreement or any other Loan Document, or (iii) under 49
para. 1 Nr. 5 lit. c (aa) of the German Income Tax Act solely by virtue of the
Lender having security over German-situs real estate (inlndischen Grundbesitz) or
over rights subject to the civil law provisions applicable to real estate (inlndische Rechte, die den
Vorschriften des brgerlichen Rechts ber Grundstcke
unterliegen),

     

    (b)           in
the case of a Foreign Lender or Foreign Agent other than an assignee pursuant to
a request by Borrower under Section 2.15,

     

    (i)         
with respect to any Loan to Borrower, any U.S. federal withholding tax that is
imposed on amounts payable to or for the account of a Foreign Lender pursuant to
a law in effect at the time such Foreign Lender becomes a party hereto (or
designates a new Lending Office), except to the extent that such Foreign Lender
(or its assignor, if any) was entitled, immediately prior to the time of
designation of a new Lending Office (or assignment), to receive additional
amounts from Borrower with respect to such withholding tax pursuant to Section
2.13,

     

    (ii)         any
withholding tax that is attributable to such Foreign Lenders failure to comply
with Section 2.13(d),

     

    (c)           any
withholding tax imposed on payments to a Lender by the German tax authorities
under  50a para. 7 German Income Tax Act as in effect at the time such
Lender becomes a party hereto by virtue of the Lender having security over
German-situs real estate (inlndischen Grundbesitz) or
over rights subject to the civil law provisions applicable to real estate (inlndische Rechte, die den
Vorschriften des brgerlichen Rechts ber Grundstcke unterliegen), except
to the extent that such Lender (or its assignor, if any) was entitled,
immediately prior to the time of an assignment, to receive additional amounts
from Borrower with respect to such withholding tax pursuant to Section 2.13;
or

     

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

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

     

    Existing Notes shall mean,
collectively, the 2015 Notes, the 2027 Notes, the 10% Senior Secured Notes due
2013 of Lyondell, the 8% Senior Unsecured Notes due 2014 of Lyondell, the Senior
Unsecured Notes due 2014 of Lyondell, the 8% Senior Unsecured Notes due 2016 of
Lyondell, the 6.875% Senior Unsecured Notes due 2017 of Lyondell, the 2010
Debentures, the 9.8% Debentures due 2020 of Lyondell, the 101⁄8% Senior Unsecured
Notes due 2008 of Equistar Chemicals L.P., the 105⁄8% Senior Unsecured Notes due
2011 of Equistar Chemicals L.P., the 7.55% Senior Notes due 2026 of Equistar
Chemicals L.P., the 75⁄8% Senior Notes due 2026 of Millennium America Inc. and the
8% Unsecured Notes due 2009 of Equistar Chemicals L.P., in each case to the
extent outstanding on the Closing Date and the 4% Convertible Debentures due
2026 of Millennium Chemicals Inc. (to the extent not converted on the Closing
Date).

     

    Extended Loans shall have the
meaning assigned to such term in Section 2.01(b).

     

    Extended Notes shall have the
meaning assigned to such term in Section 2.06(f).

     

    Extension Date shall mean the
date the Initial Loans are converted into Extended Loans pursuant to Section
2.01(b).

     

    Extension Margin shall
mean:

     

     

    (a)            during
the period beginning on the Extension Date through and including the day which
is 90 days after the Extension Date, 6.125%, and

     

     

    (b)            during
each three-month period thereafter, the Extension Margin for the prior
three-month period plus 0.5%;

     

    provided, however, that in
the event that a Rate Increasing Event has occurred on or prior to any date that
is the first day of any period referred to in (a) or (b) above and is continuing
on any such date, the margins specified in clauses (a) and (b) above with
respect to any Loans to which such Rate Increasing Event relates shall be
increased by 0.5% for the period relating to such date.

     

    Fee Letter shall mean the
amended and restated Project Hugo Fee Letter dated as of December 20, 2007,
between the Company and the Joint Lead Arrangers.

     

    Fees shall mean all amounts
payable pursuant to, or referred to in, Section 2.08.

     

    Final Maturity Date shall mean
the eighth anniversary of the Closing Date or, if such date is not a Business
Day, the Business Day immediately preceding such eighth
anniversary.

     

    Finance Party shall mean the
Agents, Lenders and Joint Lead Arrangers.

     

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

     

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

    Foreign Lender shall mean any
Lender that is organized under the laws of a jurisdiction other than the United
States of America.  For purposes of this definition, the United States
of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

     

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

     

    Foreign Subsidiary shall mean
any direct or indirect Restricted Subsidiary of the Company which is not a
Domestic Subsidiary.

     

    Funds Flow Memorandum shall
mean the funds flow memorandum substantially in the form attached hereto as
Exhibit L containing details of the flow of funds on the Closing
Date.

     

    GAAP shall mean generally
accepted accounting principles in the United States of America as in effect on
the Closing Date as adopted by the Company, except as otherwise set forth in
Article 6; provided
that the Company may make a one-time election to switch to International
Financial Reporting Standards, if permitted to do so by the SEC in its filings
with the SEC.  All ratios and calculations based on GAAP contained in
this Agreement shall be computed in conformity with GAAP unless this Agreement
otherwise provides.

     

    German Guarantor shall have
the meaning given to it in Section 9.12(a).

     

    GmbH-Act shall have the
meaning assigned to it in Section 9.12(a)(iii)(B).

     

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

     

    Group shall mean the Company
and its subsidiaries from time to time, including, on and from the Closing Date,
Lyondell and its subsidiaries.

     

    Guaranteed Obligations shall
have the meaning given to it in Section 9.01

     

    Guarantor shall mean each
Parent Guarantor, each Person listed on Schedule 1.01(c) and
each Additional Guarantor; provided that upon the
release and discharge of such Person from such guarantee in accordance with this
Agreement, such Person shall cease to be a Guarantor.

     

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

     

    Hedging Obligations shall
mean, with respect to any Person, the obligations of such Person under (i)
interest rate swap agreements, interest rate cap agreements and interest rate
collar agreements, (ii) forward foreign exchange contracts or currency swap
agreements, (iii) other agreements or arrangements designed to protect such
Person against fluctuations in interest rates or currency values, (iv) commodity
price protection agreements or commodity price hedging agreements designed to
manage fluctuations in prices or costs of raw materials, manufactured products
or related commodities and (v) emissions rights trading agreements.

     

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

    Holders shall mean the Lenders
and the Exchange Note Holders.

     

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

     

    Indebtedness shall mean with
respect to any Person, without duplication,

     

    (a)           all
Obligations of such Person for borrowed money,

     

    (b)           all
Obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments,

     

    (c)           all
Capitalized Lease Obligations of such Person,

     

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

     

    (e)           all
Obligations for the reimbursement of any obligor on any letter of credit,
bankers acceptance or similar credit transaction,

     

    (f)           guarantees
in respect of Indebtedness referred to in clauses (a) through
(e) above and clause (h) below,

     

    (g)           all
Obligations of any other Person of the type referred to in clauses
(a) through (f) which are secured by any lien on any property or asset
of such Person, the amount of such Obligation being deemed to be the lesser of
the fair market value of such property or asset or the amount of the Obligation
so secured,

     

    (h)           all
net Obligations under Currency Agreements and Interest Swap Obligations of such
Person,

     

    (i)           all
Receivables Financings and obligations under Asset Backed Credit Facilities,
and

     

    (j)           all
Disqualified Capital Stock issued by such Person and Preferred Stock issued by
Restricted Subsidiaries of such Person with the amount of Indebtedness
represented by such Disqualified Capital Stock or Preferred Stock being equal to
the greater of its voluntary or involuntary liquidation preference and its
maximum fixed repurchase price, but excluding accrued dividends, if any which,
in the case of (d) above, would appear as a liability on the balance sheet of
such Person in accordance with GAAP.

     

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

    For
purposes hereof, the maximum fixed repurchase price of any Disqualified Capital
Stock or Preferred Stock which does not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Capital Stock or
Preferred Stock as if such Disqualified Capital Stock or Preferred Stock were
purchased on any date on which Indebtedness shall be required to be determined
pursuant to this Agreement, and if such price is based upon, or measured by, the
fair market value of such Disqualified Capital Stock or Preferred Stock, such
fair market value shall be determined reasonably and in good faith by the Board
of Directors of the issuer of such Disqualified Capital Stock or Preferred
Stock.

     

    Notwithstanding
the foregoing, Indebtedness shall not include:

     

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

     

    (ii)          deferred
taxes,

     

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

     

    (iv)         Indebtedness
owed or incurred by any Restricted Subsidiary whose activities are limited to
holding shares in Qualified Joint Ventures (but only to the extent that (A) the
creditors under the relevant agreement have no recourse to the Company other
than such Restricted Subsidiary; and (B) the recourse those creditors have to
such Restricted Subsidiary is limited to the proceeds (if any) of dividends
received by such Restricted Subsidiary in respect of such Restricted Subsidiarys
investment in such Qualified Joint Ventures),

     

    (v)          Limited
Recourse Stock Pledge or any non-recourse guarantee given solely to support such
pledge,

     

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

     

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

     

    
       
  Indemnified Taxes shall mean
all Taxes other than Excluded Taxes.

    

     

    Indemnitee shall have the
meaning assigned to such term in Section 11.05(b).

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

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

     

    Initial Loans shall have the
meaning assigned to such term in Section 2.01(a).

     

    Initial Maturity Date shall
mean the first anniversary of the Closing Date or, if such date is not a
Business Day, the Business Day immediately preceding such first
anniversary.

     

    Initial Notes shall have the
meaning assigned to such term in Section 2.06(f).

     

    Initial Public Equity Offering
shall mean a firm commitment underwritten offering of shares of Capital Stock of
the applicable Person (a) registered on an appropriate form under the
Securities Act or any similar offering in other jurisdictions or (b) listed
on an internationally recognized exchange or traded on an internationally
recognized market.

     

    Intercreditor Agreement shall
mean the intercreditor agreement, substantially in the form of Exhibit G, dated as
of the Closing Date entered into between, among others, the Agents, after the
issue of the Permanent Securities, the trustee of the Permanent Securities (or
in the case of any other refinancing of this agreement, the equivalent under
that other refinancing), certain parties to the Senior Secured Credit
Facilities, Borrower and the Company.

     

    Interest Payment Date shall
have the meaning assigned to such term in Section 2.09(d).

     

    Interest Period shall mean, as
to any Borrowing, the period commencing on the date such Borrowing is disbursed
and ending on the numerically corresponding day in the calendar month that is
one, two, three or six months thereafter, as Borrower may elect; provided that

     

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

     

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

     

    (iii)         the
last Interest Period applicable to Initial Loans shall end on the Initial
Maturity Date (or, if later, the Extension Date); and

     

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

     

    Interest Swap Obligations
shall mean the obligations of any Person pursuant to any arrangement with any
other Person, whereby, directly or indirectly, such Person is entitled to
receive from time to time periodic payments calculated by applying either a
floating or a fixed rate of interest on a stated notional amount in exchange for
payments made by such other Person calculated by applying a fixed or a floating
rate of interest on the same notional amount and shall include, without
limitation, interest rate swaps, caps, floors, collars and similar
agreements.

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

    Investment shall mean, with
respect to any Person, any direct or indirect loan or other extension of credit
(including, without limitation, a guarantee) or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition by such Person of any Capital Stock, bonds, notes, debentures or
other securities or evidences of Indebtedness issued by, any other
Person.  Investment excludes (i) extensions of trade credit, (ii)
commissions, loans, advances, fees and compensation paid in the ordinary course
of business to officers, directors and employees, and (iii) reimbursement
obligations in respect of letters of credit and tender, bid, performance,
government contract, surety and appeal bonds, in each case solely with respect
to obligations of the Company or any of its Restricted Subsidiaries in
accordance with normal trade practices of the Company or such Restricted
Subsidiary, as the case may be.  For the purposes of Section
5.01,

     

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

     

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

     

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

     

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

     

    IRS shall mean the Internal
Revenue Service of the United States.

     

    Joint Lead Arrangers shall
have the meaning assigned to such term in the preamble to this
Agreement.

     

    Judgment Currency shall have
the meaning assigned to such term in Section 11.17.

     

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

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

    Legal Reservations shall
mean:

     

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

     

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

     

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

     

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

     

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

     

    (f)           principles
which are set out in the qualifications as to matters of law in any legal
opinion delivered on the Closing Date in connection with this
Agreement.

     

    Lender Default shall mean (i)
the refusal (which has not been retracted) of a Lender to make available any
portion of any Borrowing, or (ii) a Lender having notified in writing Borrower
and/or the Administrative Agent that it does not intend to comply with its
obligations under Section 2.04.

     

    Lenders shall mean (a) the
financial institutions listed on the signature pages of this Agreement (other
than any such financial institution that has ceased to be a party hereto
pursuant to an Assignment and Acceptance) together their respective successors
and assigns as permitted hereunder and any Affiliate of any such financial
instution, and (b) any financial institution that has become a party hereto
pursuant to an Assignment and Acceptance.

     

    Lending Office shall mean, as
to any Lender, such office or offices as a Lender may from time to time notify
Borrower and the Administrative Agent.

     

    LIBOR shall mean, in relation
to any Loan:

     

    (a)           the
rate per annum equal to the rate determined by the Administrative Agent to be
the offered rate that appears on the page of the Dow Jones Market screen (or any
successor thereto) that displays an average British Bankers Association Interest
Settlement Rate for deposits in Dollars or Euros (for delivery on the first day
of such Interest Period), with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two (2) Business Days
prior to the first day of such Interest Period, or, if different, the date on
which quotations would customarily be provided by leading banks in the London
Interbank Market for deposits of amounts in Dollars or Euros for delivery on the
first day of such Interest Period, or

     

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

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

     

    (c)           if
the rates referenced in the preceding clauses (a) and (b) are not available, the
rate per annum determined by the Administrative Agent as the rate of interest at
which deposits in Dollars or Euros for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency
Rate Loan being made, continued or converted by Merrill Lynch Capital
Corporation, London Branch and with a term equivalent to such Interest Period
would be offered by Merrill Lynch Capital Corporation, London Branch to major
banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period or, if different, the date on which quotations would
customarily be provided by leading banks in the London Interbank Market for
deposits of amounts in the relevant currency for delivery on the first day of
such Interest Period.

     

    Lien shall mean any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any
kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof and any agreement to give any security interest),
but not including any interests in accounts receivable and related assets
conveyed by the Company or any of its subsidiaries in connection with any
Qualified Securitization Transaction.

     

    Limited Recourse Stock Pledge
shall mean the pledge of the Equity Interests in any joint venture (that is not
a Restricted Subsidiary) or any Unrestricted Subsidiary to secure non-recourse
debt of such joint venture or Unrestricted Subsidiary, which pledge is made by a
Restricted Subsidiary of the Company, the activities of which are solely limited
to making and managing Investments, and owning Equity Interests, in such joint
venture or Unrestricted Subsidiary, but only for so long as its activities are
so limited.

     

    Listing shall mean a listing
of all or any part of the share capital of the Company or any of its
subsidiaries or any Holding Company of the Company or any of its subsidiaries
(excluding Access Industries, Inc., the Sponsor (to the extent not a
subsidiary of the Company) and any such Holding Company of the Company or any of
its subsidiaries, but in each case only if a majority of the investments of such
company are not constituted by the Company or any of its subsidiaries) on any
investment exchange or any other sale or issue by way of flotation or public
offering or any equivalent circumstances in relation to the Company or any of
its subsidiaries or any Holding Company of the Company or any of its
subsidiaries (excluding Access Industries, Inc., the Sponsor (to the extent not
a subsidiary of the Company) and any such Holding Company of the Company or any
of its subsidiaries, but in each case only if a majority of the investments of
such company are not constituted by the Company or any of its subsidiaries) in
any jurisdiction or country.

     

    Loan Documents shall mean this
Agreement, the Security Documents, the Loan Notes (if any), the Exchange
Documents, the Exchange and Registration Rights Agreement, the Intercreditor
Agreement and the Commitment Papers.

     

    Loan Notes shall mean the
Initial Notes and the Extended Notes.

     

    Loan Parties shall mean
Borrower, the Company and each other Guarantor.

     

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

     

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

    Loans shall mean the Initial
Loans and the Extended Loans.

     

    Lyondell shall have the
meaning given to it in the introductory paragraph to this
Agreement.

     

    Management Agreement shall
mean the Management Agreement dated as of December 11, 2007, between, among
others, the Company and certain of its subsidiaries and Nell Limited as in
effect on the Closing Date.

     

    Management Determination shall
have the meaning given to it in Section 9.12(a)(v).

     

    Mandatory Cost shall mean the
percentage rate per annum calculated by the Administrative Agent in accordance
with Exhibit
F.

     

    Margin Loans shall mean the
loan originally entered into between, among others, AI Chemical Investments LLC,
Merrill Lynch International and Merrill Lynch, Pierce, Fenner & Smith
Incorporated on or about August 20, 2007 in order to finance the
acquisition of certain shares in the capital of Lyondell (as amended,
transferred or novated from time to time (including to certain subsidiaries of
the Company)).

     

    Margin Stock shall have the
meaning assigned to such term in Regulation U.

     

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

     

    Material Subsidiary shall mean
at any date of determination, each of the Companys subsidiaries (a) whose total
assets at the last day of the relevant fiscal year were equal to or greater than
2.5% of the Total Assets of the Company and the Restricted Subsidiaries at such
date or (b) whose EBITDA for the most recently ended fiscal year for which
financial statements have been delivered pursuant to Section 6.01(a) is equal to
or greater than 2.5% of the Consolidated EBITDA for such fiscal
year.

     

    Maximum Rate shall have the
meaning given to it in Section 11.09.

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

    Merger Agreement shall have
the meaning assigned to such term in the recital hereto.

     

    Moodys shall mean Moodys
Investors Service, Inc. and its successors.

     

    Mortgaged Properties shall
have the meaning set forth in paragraph (f) of the definition of Collateral and
Guarantee Requirement.

     

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

     

    Net Assets shall have the
meaning given to it in Section 9.12.

     

    Net Cash Proceeds shall mean,
with respect to any Debt Issuance or any Equity Issuance Prepayment Event, the
cash proceeds thereof, net of customary fees, commissions, costs, taxes and
other expenses incurred in connection therewith.

     

    Net Casualty Proceeds shall
mean Net Proceeds (with respect to a Casualty Event) as defined in the Senior
Secured Credit Facilities.

     

    Net Proceeds shall mean
(a) Net Sale Proceeds, Net Casualty Proceeds, Net Recovery Proceeds, or Net
Cash Proceeds, as applicable or (b) in the case of a Permanent Securities
Prepayment Event, the gross proceeds from the issuance of the Permanent
Securities minus an amount equal to the amount by which the funding fee exceeds
the rebate applicable thereto under the Engagement Letter.

     

    Net Proceeds Offer shall have
the meaning assigned to such term in Section 5.11.

     

    Net Recovery Proceeds shall
mean 100% of the cash proceeds actually received by the Company or any of its
Restricted Subsidiaries from a Recovery Event, net of related fees, taxes and
transaction costs properly incurred in achieving any such recovery.

     

    Net Sale Proceeds shall mean,
with respect to any Asset Sale, the proceeds (including cash received from the
sale of non-cash consideration) in the form of cash or Cash Equivalents
including payments in respect of deferred payment obligations when received in
the form of cash or Cash Equivalents (other than the portion of any such
deferred payment constituting interest) received by the Company or any of its
Restricted Subsidiaries from such Asset Sale net of

     

    (a)           all
out-of-pocket expenses and fees relating to such Asset Sale (including, without
limitation, legal, accounting and investment banking fees and sales
commissions),

     

    (b)           taxes
paid or payable after taking into account any reduction in consolidated tax
liability due to available tax credits or deductions and any tax sharing
arrangements,

     

    (c)           repayment
of Indebtedness that is required to be repaid in connection with such Asset
Sale,

     

    (d)           all
distributions and other payments required to be made to minority interest
holders in subsidiaries or joint ventures as a result of such Asset Sale or to
any other Person (other than the Company or a Restricted Subsidiary of the
Company) owning a beneficial interest in the assets disposed of in such Asset
Sale;

    
      
         

      

      
        -32-

        
          

        

      

      
         

      

    

    (e)           the
decrease in proceeds from Qualified Securitization Transactions which results
from such Asset Sale; and

     

    (f)           appropriate
amounts to be provided by the Company or any Restricted Subsidiary of the
Company, as a reserve, in accordance with GAAP, against any liabilities
associated with such Asset Sale and retained by, the Company or any Restricted
Subsidiary of the Company, after such Asset Sale, including pension and other
post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification obligations associated with
such Asset Sale.

     

    Non-Consenting Lender shall
have the meaning assigned to such term in Section 2.15(c).

     

    Non-Responsive Lender shall
mean, with respect to any amendment, waiver or modification, any Lender who does
not respond affirmatively or negatively within 20 Business Days to a request for
such amendment, waiver or modification.

     

    Notes shall mean the Loan
Notes and the Exchange Notes as originally executed or as they may from time to
time be amended pursuant to the applicable provisions hereof.

     

    Notice Deadline shall have the
meaning given to it in Section 5.10(b).

     

    Obligations shall mean all
obligations for principal, premium, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

     

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

     

    Other Taxes shall mean any and
all present or future stamp or documentary taxes or any other excise, property,
intangible, mortage recording or similar taxes or charges or similar levies
which arise from any payment made under any Loan Document or from the execution,
delivery, registration or enforcement of, or otherwise with respect to any Loan
Documents.

     

    Overnight Rate shall mean, for
any day, (a) with respect to any amount denominated in Dollars, the Federal
Funds Rate, and (b) with respect to any amount denominated in Euro, the rate of
interest per annum at which overnight deposits in Euro, in an amount
approximately equal to the amount with respect to which such rate is being
determined, would be offered for such day by a branch or Affiliate of Merrill
Lynch Capital Corporation in the applicable offshore interbank market for such
currency to major banks in such interbank market.

    
      
         

      

      
        -33-

        
          

        

      

      
         

      

    

    Parent shall mean BI S. r.l.,
a socit responsabilit
limite whose registered office is 15-17 Avenue Gaston Diderich, L-1420
Luxembourg.

     

    Parent Guarantors shall mean
the Company and Basell Funding S..r.l.

     

    Pari Passu Indebtedness shall
mean, in the case of the Loans, any Indebtedness of the Company that ranks
equally in right of payment with the Loans and, in the case of the guarantees
thereof, any Indebtedness of the applicable Guarantor that ranks equally in
right of payment to the guarantee of the Loans of such Guarantor.

     

    Participant shall have the
meaning assigned to such term in Section 11.04(c).

     

    Participating Member State
shall mean each state so described in any EMU legislation.

     

    Party shall mean a party to
this Agreement.

     

    Patriot Act shall mean the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.

     

    Paying Agent shall mean the
Person acting as paying agent in respect of the Exchange Notes, as described in
the Description of Exchange Notes.

     

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

     

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

     

    Perfection Certificate shall
mean a certificate in the form of Exhibit G-1 to the
Senior Secured Credit Facilities, as the same shall be supplemented from time to
time by a Perfection Certificate Supplement or otherwise.

     

    Perfection Requirements means
the making or the procuring of the appropriate registrations, filings,
endorsements, notarizations, stamping and/or notifications of the Security
Documents and/or the Lien created thereunder, to the extent to be made other
than by the Company or its subsidiaries.

     

    Permanent Securities shall
mean any debt securities issued by Borrower or one of its Affiliates to
refinance the Loans or Exchange Notes in whole or in part.

     

    Permanent Securities Prepayment
Event shall mean the issuance of any Permanent Securities on or before
the first anniversary of the Closing Date.

    
      
         

      

      
        -34-

        
          

        

      

      
         

      

    

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

     

    Permitted Collateral Liens
shall mean the following types of Liens:

     

    (a)           Liens
on the Collateral (i) to secure the Loans and the Permanent Securities or
(ii) to secure other Indebtedness permitted to be incurred pursuant to this
Agreement, provided
that the assets and properties securing such Indebtedness referred to in this
subclause (ii) will also secure the Loans on at least a second ranking basis;
provided further that,
after giving effect to the incurrence of such Indebtedness referred to in this
subclause (ii), prior to the Extension Date, the Consolidated Senior Secured
Leverage Ratio is less than 4.0:1 on the date of incurrence and, thereafter, the
Consolidated Senior Secured Leverage Ratio is less than 4.25:1 on the date of
incurrence;

     

    (b)           Liens
on the Collateral securing Indebtedness under the Senior Secured Credit
Facilities permitted to be incurred pursuant to Section 5.08(c)(ii) or
incremental facilities under the Senior Secured Credit Facilities in an amount
not to exceed $1.0 billion prior to the Extension Date and thereafter
$2.0 billion, provided that the assets and
properties securing such Indebtedness will also secure the Loans;

     

    (c)           Liens
on any property or assets of a Restricted Subsidiary of the Company granted in
favor of the Company or any of its subsidiaries which are Guarantors; provided that any Liens of
the type described in this clause (c) will be subject to the Liens granted and
evidenced by the Security Documents;

     

    (d)           Liens
securing obligations of the Company or any Restricted Subsidiary of the Company
under Hedging Obligations permitted under Section 5.08, provided that each of the
parties thereto will have entered into the Intercreditor Agreement and that such
Liens may not extend to or cover any assets or property other than the assets
and properties that secure the Loans;

     

    (e)           Liens
as in effect on the Closing Date securing the 2015 Notes, the Arco Notes and the
Equistar Notes;

     

    (f)           any
extension, renewal or replacement, in whole or in part, of any Lien described in
the foregoing clauses (a) through (e) and clause (g) below; provided that any such
extension, renewal or replacement will be no more restrictive in any material
respect than the Lien so extended, renewed or replaced and will not extend in
any material respect to any additional property or assets; and

     

    (g)           Liens
described in clauses (a), (c), (d), (f), (g), (h), (i), (j), (l), (m), (n), (p)
(but only in respect of Liens described in clauses (a) and (l)), (q) and (s)
through (v) of the definition of Permitted Liens.

     

    Permitted Indebtedness shall
have the meaning assigned to such term in Section 5.08(c).

    
      
         

      

      
        -35-

        
          

        

      

      
         

      

    

    Permitted Investments shall
mean:

     

    (a)           Investments
by the Company or any Restricted Subsidiary of the Company in any Person that is
or will become immediately after such Investment a Restricted Subsidiary of the
Company or that will merge or consolidate into the Company or a Restricted
Subsidiary of the Company;

     

    (b)           Investments
in the Company by any Restricted Subsidiary of the Company; provided that any
Indebtedness evidencing such Investment is unsecured and subordinated (other
than pursuant to intercompany notes pledged under the Credit Facilities),
pursuant to a written agreement, to the Companys obligations under the Loans and
this Agreement;

     

    (c)           Investments
in cash and Cash Equivalents;

     

    (d)           loans
and advances to employees and officers of the Company and its subsidiaries in
the ordinary course of business or as required by applicable law or for travel,
relocation and related expenses;

     

    (e)           Investments
in Unrestricted Subsidiaries or joint ventures not to exceed (A) on or prior to
the Extension Date, $250 million and, thereafter, the greater of (i) $500
million and (ii) 2% of Consolidated Net Tangible Assets, plus (B)

     

    (i)           the
aggregate amount net of tax withheld at source returned in cash on or with
respect to any Investments made in Unrestricted Subsidiaries and joint ventures
whether through interest payments, principal payments, dividends or other
distributions or payments on account of such Investment,

     

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

     

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

     

    (iv)         Investments
in Specified Joint Ventures in an amount not to exceed
$20 million;

     

    provided, however, that the net
after-tax amount has not been included in Consolidated Net Income for the
purpose of calculating clause (iii)(A) of Section 5.01(c);

     

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

     

    (g)           Investments
made by the Company or its Restricted Subsidiaries as a result of consideration
received in connection with an Asset Sale made in compliance with Section
5.11;

     

    (h)           Investments
existing on the Closing Date;

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

    (i)           any
Investment by the Company or a wholly owned subsidiary of the Company in a
Securitization Entity or any Investment by a Securitization Entity in any other
Person in connection with a Qualified Securitization Transaction; provided that any Investment
in a Securitization Entity is in the form of a purchase money note or an equity
interest;

     

    (j)           payments
to any Basell Parent Company for the purposes described in clause (b)(v) of
Section 5.01 which, when aggregated with the payment made under such clause,
will not exceed 1.5 million in any fiscal year;

     

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

     

    (l)           Investments
through the licensing of technology in a Person that is or will be as a result
of such Investment a Qualified Joint Venture;

     

    (m)         purchase
of shares of Royal Dutch Shell plc and BASF AG required to satisfy Basell B.V.s
obligations under its stock option plans or stock appreciation rights as such
plans and rights were in effect on the Closing Date;

     

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

     

    (o)          Hedging
Obligations entered into in the ordinary course of business and otherwise
permitted under this Agreement;

     

    (p)          Limited
Recourse Stock Pledges; and

     

    (q)          any
Investment in a Permitted Business having an aggregate fair market value, taken
together with all other Investments made pursuant to this clause (q) that are at
that time outstanding, not to exceed, on or prior to the Extension Date,
$125 million, and thereafter, $250 million (with the fair market value
of each such Investment being measured at the time made and without giving
effect to subsequent changes in value).

     

    Permitted Liens shall mean the
following types of Liens:

     

    (a)           Liens
existing on the Closing Date (including the extension, re-issuance or renewal of
such Liens);

     

    (b)           Liens
securing Indebtedness under Credit Facilities permitted to be incurred pursuant
to, and in an amount no greater than that specified in, Section
5.08(c)(ii);

     

    (c)           Liens
securing Indebtedness under Asset Backed Credit Facilities permitted by clause
(xv) of Section 5.08;

     

    (d)           Liens
on any property or assets of a Restricted Subsidiary of the Company that is not
a guarantor granted in favor of the Company, a Restricted Subsidiary of the
Company that is a guarantor or any wholly-owned Restricted Subsidiary of the
Company;

    
      
         

      

      
        -37-

        
          

        

      

      
         

      

    

    (e)           Liens
securing any Capitalized Lease Obligation and Liens to secure Indebtedness
(including Capitalized Lease Obligations) permitted by clause (xiv)(B) of
Section 5.08 covering only the property or assets acquired with such
Indebtedness;

     

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

     

    (g)           statutory
Liens of landlords and carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen, employees, pension plan administrators or other like
Liens arising in the ordinary course of business of the Company or any
Restricted Subsidiary of the Company and with respect to amounts not yet subject
to penalties for non-payment or being contested in good faith by appropriate
proceedings or Liens arising solely by virtue of any statutory or common law
provisions relating to attorneys liens or bankers liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depositary institution;

     

    (h)           Liens
for taxes, assessments, government charges or claims that are extinguished
within 60 days of notice of their existence, are not yet subject to penalties
for non-payment or that are being contested in good faith by appropriate
proceedings;

     

    (i)           Liens
incurred or deposits made to secure the performance of tenders, bids or trade or
government contracts, or to secure leases, statutory or regulatory obligations,
surety, judgment or appeal bonds, completion guarantee, surety, letters of
credit, performance bonds, guarantees or other obligations of a like nature
incurred in the ordinary course of business (other than obligations for the
payment of borrowed money);

     

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

     

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

     

    (l)           Liens
on property of, or on shares of Capital Stock or Indebtedness of, any Person
existing at the time such property or Person is acquired by, merged with or into
or consolidated with, the Company or any Restricted Subsidiary of the Company;
provided that such
Liens (i) do not extend to or cover any property or assets of the Company
or any Restricted Subsidiary of the Company other than the property or assets
acquired (other than assets and property affixed or appurtenant thereto) or than
those of the Person merged into or consolidated with the Company or Restricted
Subsidiary of the Company and (ii) were created prior to, and not in
connection with or in contemplation of, such acquisition, merger or
consolidation;

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

    (m)           Liens
securing the Hedging Obligations of the Company or any Restricted Subsidiary of
the Company permitted under clause (iv) of Section 5.08 or any collateral for
the Indebtedness to which such Hedging Obligations relate;

     

    (n)           Liens
incurred or deposits made in the ordinary course of business in connection with
workers compensation, unemployment insurance and other types of social security
or other insurance (including unemployment insurance);

     

    (o)           Liens
made to secure obligations arising from statutory, regulatory, contractual, or
warranty requirements of the Company or any Restricted Subsidiary of the Company
in the ordinary course of business, including rights of offset and
set-off;

     

    (p)           any
extension, amendment, renewal or replacement, in whole or in part, of any Lien
described in the foregoing clauses (a) through (o); provided that any such
extension, renewal or replacement shall be no more restrictive in any material
respect than the Lien so extended, amended, renewed or replaced and shall not
extend to any additional property or assets;

     

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

     

    (r)           Liens
in favor of the Company or any Restricted Subsidiary of the
Company;

     

    (s)           Liens
securing Indebtedness incurred to finance the construction, purchase or lease
of, or repairs, improvements or additions to, property, plant or equipment of
such Person;

     

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

     

    (u)          any
interest or title of a lessor in the property subject to any lease other than a
Capitalized Lease Obligations;

     

    (v)          Liens
upon specific items of inventory or other goods and proceeds of any Person
securing such Persons obligations in respect of bankers acceptances issues or
credit for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods;

     

    (w)         
Liens granted to the Administrative Agent for its compensation and indemnities
pursuant to this Agreement;

     

    (x)           lease
or subleases or licenses or sublicenses of real property granted in the ordinary
course of business to others that do not materially interfere with the ordinary
course of business of the Company and the Restricted Subsidiaries of the
Company;

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

    (y)          Liens
incurred in the ordinary course of business of the Company or any Restricted
Subsidiary of the Company with respect to obligations that do not exceed, on or
prior to the Extension Date, $125 million and, thereafter,
$250 million at any one time outstanding;

     

    (z)           Liens
on receivables and assets related thereto incurred in connection with a
Qualified Securitization Transaction;

     

    (aa)         Liens
over shares in joint-ventures or in any Restricted Subsidiary of the Company
acting as a special purpose vehicle with the sole purpose to hold shares in a
joint-venture to secure Indebtedness or other obligations of such joint-venture
or Restricted Subsidiary of the Company;

     

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

     

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

     

    (dd)        any
Lien arising as a result of a sale, transfer or other disposal which is an Asset
Sale in compliance with Section 5.11;

     

    (ee)         Liens
securing Acquired Indebtedness permitted to be incurred under this Agreement;
provided that such
Liens were in existence prior to the contemplation of the incurrence of such
Indebtedness under this Agreement; and provided further such Liens
do not extend to or over any property or assets not subject to such Lien at the
time of such incurrence other than any assets acquired thereafter which are
required to be pledged pursuant to the terms of such Indebtedness;

     

    (ff)          from
and after the first date when the Loans are rated Investment Grade, any Liens
other than on any manufacturing facility in the United States and any Member
State of the European Union (as it existed on December 31, 2003);

     

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

     

    (hh)        Permitted
Collateral Liens.

     

    Person shall mean any natural
person, corporation, business trust, joint venture, association, company,
partnership, limited liability company or government, individual or family
trusts, or any agency or political subdivision thereof.

     

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

     

    Preferred Stock of any Person
shall mean any Capital Stock of such Person that has preferential rights to any
other Capital Stock of such Person with respect to dividends or redemptions or
upon liquidation.

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

    Prepayment Event shall mean
(a) prior to the Initial Maturity Date, any Debt Issuance Prepayment Event,
any Equity Issuance Prepayment Event, any Permanent Securities Prepayment Event,
any Casualty Prepayment Event, any Recovery Prepayment Event or any Asset Sale
Prepayment Event and (b) thereafter, any Permanent Securities Prepayment
Event or any event which would require a Net Proceeds Offer.

     

    Pro Forma Financial Statements
shall have the meaning given to it in Section 3.05(a)(i).

     

    Pro Rata Share shall mean, for
any Lender at any time, the Euro Equivalent of such Lenders Commitment divided
by the Euro Equivalent of the Commitments of all Lenders (or, if the Commitments
have been terminated, the Euro Equivalent of the aggregate outstanding principal
amount of such Lenders Initial Loans divided by the Euro Equivalent of the
aggregate outstanding principal amount of all Initial Loans), all determined at
such time.

     

    Process Agent shall have the
meaning assigned to such term in Section 11.15(c).

     

    Public Indebtedness shall mean
any indebtedness consisting of bonds, debentures, notes or other similar debt
securities issued in (a) a public offering registered under the Securities
Act, (b) listed on a recognized securities exchange or (c) a private
placement to institutional investors that is underwritten for resale in
accordance with Rule 144A or Regulation S, whether or not it includes
registration rights entitling the holders of such debt securities to
registration thereof with the U.S. Securities Exchange Commission for public
resale.

     

    Purchased Loans shall have the
meaning given to it in Section 5.10(b).

     

    Qualified Capital Stock shall
mean any Capital Stock that is not Disqualified Capital Stock.

     

    Qualified Development Agency
Debt shall mean Indebtedness which (a) has a Weighted Average Life
to Maturity at least six months after the Final Maturity Date, (b) bears
interest at a rate lower than the lowest rate on the Senior Secured Credit
Facilities at the date such Indebtedness is incurred, and (c) is issued by,
or guaranteed by, a state development bank or like governmental agency or
organization.

     

    Qualified Joint Venture shall
mean (a) any Person that is not a subsidiary of the Company or any of its
Restricted Subsidiaries that the Company or any of its Restricted Subsidiaries
has a direct or indirect ownership interest in that is engaged in a Permitted
Business or (b) any entity through which the Company has an ownership
interest as described in clause (a), in the case of (a) and (b), for which the
Sponsor does not hold an ownership interest (other than through its ownership
interest in the Company).

     

    Qualified Securitization
Transaction shall mean any transaction or series of transactions that may
be entered into by the Company or any of its Restricted Subsidiaries pursuant to
which the Company or any of its Restricted Subsidiaries may sell, convey or
otherwise transfer pursuant to customary terms to

     

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

    
      
         

      

      
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    (b)           any
other Person (in the case of transfer by a Securitization Entity), or may grant
a security interest in any accounts receivable (whether now existing or arising
or acquired in the future) of the Company or any of its Restricted Subsidiaries,
and any assets related thereto including, without limitation, all collateral
securing such accounts receivable, all contracts and contract rights and all
guarantees or other obligations in respect of such accounts receivable, proceeds
of such accounts receivable and other assets (including contract rights) which
are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving accounts receivable.

     

    Following
the Initial Public Equity Offering of a Basell Parent Company, references in the
foregoing definition to the Company shall be deemed also to refer to such Basell
Parent Company.

     

    Quotation Day shall mean, in
relation to any period for which an interest rate is to be
determined:

     

    (a)           (if
the currency is euro) two days in which the Trans-European Automated Real-time
Gross Settlement Express Transfer payment system is open for the settlement of
payments in Euro before the first day of that period; or

     

    (b)           (for
any other currency) two Business Days before the first day of that
period,

     

    unless
market practice differs in the Relevant Interbank Market for a currency, in
which case the Quotation Day for that currency will be determined by the Agent
in accordance with market practice in the Relevant Interbank Market (and if
quotations for that currency and period would normally be given by leading banks
in the Relevant Interbank Market on more than one day, the Quotation Day will be
the last of those days).

     

    Rate Increasing Event shall
mean with respect to any tranche of the Loans or the Exchange Notes, such Loans
or Exchange Notes being rated Caa1 or lower by Moodys or CCC+ or lower by
S&P.

     

    Rating Agency shall mean (1)
S&P or (2) Moodys or (3) if neither S&P nor Moodys shall exist, a
nationally recognized securities rating agency or agencies, as the case may be,
selected by the Company, which shall be substituted for S&P or Moodys or
both, as the case may be.

     

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

     

    Receivables Financings shall
mean factoring, securitizations of receivables or any other receivables
financing (including, without limitation, through the sale of receivables in a
factoring arrangement or through the sale of receivables to lenders or to
special purpose entities formed to borrow from such lenders against such
receivables), whether or not recourse to the Company or any of its Restricted
Subsidiaries, including the Asset Backed Credit Facilities secured by
receivables described in paragraph (2) of the definition thereof and any other
Qualified Securitization Transaction.

    
      
         

      

      
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    Recovery Event shall mean any
event that gives rise to the receipt by the Company or any of its Restricted
Subsidiaries of proceeds pursuant to or in respect of the Acquisition Agreement
or any due diligence report delivered to the Joint Lead Arrangers in connection
with the Transactions or any related breach of contract, warranty claim,
reliance letter or legal action or proceedings (whether by way of judgment on or
settlement of any such claim).

     

    Recovery Prepayment Event
shall mean any event or occurrence generating Net Recovery Proceeds for any Loan
Party or any Subsidiary thereof.

     

    Refinance shall mean, in
respect of any security or Indebtedness, to refinance, extend, renew, refund,
replace, repay, prepay, redeem, defease or retire, or to issue a security or
Indebtedness in exchange or replacement for, such security or Indebtedness in
whole or in part.  Refinanced and Refinancing shall have correlative
meanings.

     

    Refinancing Indebtedness shall
mean any Refinancing by the Company or any Restricted Subsidiary of the Company
of Indebtedness incurred in accordance with the Fixed Charge Coverage Ratio test
set forth in Section 5.08 or Indebtedness described in subclauses (i), (ii)(B),
(iii), (x), (xvii), (xviii) or (xix) of Section 5.08(c) in each case that does
not

     

    (a)           result
in an increase in the aggregate principal amount of Indebtedness of such Person
as of the date of such proposed Refinancing (plus the amount of any premium
required to be paid under the terms of the instrument governing such
Indebtedness and plus the amount of reasonable expenses and fees incurred by the
Company in connection with such Refinancing) or

     

    (b)           create
Indebtedness with

     

    (i)           a
Weighted Average Life to Maturity that is less than the Weighted Average Life to
Maturity of the Indebtedness being Refinanced or

     

    (ii)           a
final maturity earlier than the final maturity of the Indebtedness being
Refinanced;

     

    (c)       comprise
Indebtedness, Disqualified Stock or Preferred Stock of a subsidiary of the
Company (other than Borrower) that is not a Guarantor that refinances
Indebtedness, Disqualified Stock or Preferred Stock of the Company, Borrower or
any Guarantor;

     

    provided that if such
Indebtedness being Refinanced is subordinated or junior to the Loans, then such
Refinancing Indebtedness shall be subordinated on terms at least as favorable to
Lenders as those contained in the documentation governing the Indebtedness being
Refinanced.

     

    Register shall have the
meaning assigned to such term in Section 11.04(b)(iii).

     

    Registrar shall mean the
Person acting as Registrar in respect of the Exchange Notes, as described in the
Description of Exchange Notes.

     

    Regulation U shall mean
Regulation U of the Board as from time to time in effect and all official
rulings and interpretations thereunder or thereof.

    
      
         

      

      
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    Related Parties shall mean,
with respect to any specified Person, such Persons Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such
Persons Affiliates.

     

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

     

    Relevant Default shall have
the meaning given to it in Section 7.02.

     

    Relevant Interbank Market
shall mean, in relation to Euro, the European interbank market and, in relation
to any other currency, the London interbank market.

     

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

     

    Required Lenders shall mean,
at any date, Holders having or holding Loans or Exchange Notes representing more
than 50% of the Dollar Equivalent of all Loans and Exchange Notes outstanding at
such date; provided
that Loans and Exchange Notes held or deemed held by any Defaulting Lender or
Non-Responsive Lender shall be excluded for purposes of making a determination
of Required Lenders.

     

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

     

    Restricted Investment shall
mean an Investment other than a Permitted Investment.

     

    Restricted Payment shall mean
to

     

    (a)           declare
or pay any dividend or make any distribution, other than dividends or
distributions payable in Qualified Capital Stock of the Company and dividends or
distributions payable solely to the Company or a Restricted Subsidiary of the
Company, and other than pro rata dividends or other distributions made by a
Subsidiary that is not a wholly-owned Subsidiary to minority shareholders (or
owners of an equivalent interest in the case of a Subsidiary that is an entity
other than a corporation), on or in respect of shares of the Companys Capital
Stock to holders of such Capital Stock,

     

    (b)           purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the Company
or any warrants, rights or options to purchase or acquire shares of any class of
such Capital Stock,

    
      
         

      

      
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    (c)           make
any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity,
scheduled repayment or scheduled sinking fund payment, any Indebtedness of the
Company that is subordinate or junior in right of payment to the Loans (other
than the purchase, repurchase or other acquisition of Indebtedness of the
Company that is subordinate or junior in right of payment to the notes purchased
in anticipation of satisfying a sinking fund obligation, principal installment
or final maturity, in each case, due within one year of the date of such
purchase, repurchase or other acquisition or which is owed to a Restricted
Subsidiary of the Company); or

     

    (d)           make
any Investment other than Permitted Investments.

     

    Restricted Subsidiary of any
Person shall mean any subsidiary of such Person which at the time of
determination is not an Unrestricted Subsidiary.

     

    S&P shall mean Standard
& Poors Ratings Services or any successor to the rating agency business
thereof.

     

    Sale and Leaseback Transaction
shall mean any direct or indirect arrangement with any Person or to which any
such Person is a party, providing for the leasing to the Company or a Restricted
Subsidiary of the Company of any property, whether owned by the Company or any
Restricted Subsidiary of the Company on the Issue Date or later acquired, which
has been or is to be sold or transferred by the Company or such Restricted
Subsidiary to such Person or to any other Person from whom funds have been or
are to be advanced by such Person on the security of such property.

     

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

     

    SEC shall mean the U.S.
Securities and Exchange Commission or any successor thereto.

     

    Secured Documents shall mean
the Loan Documents and the Finance Documents (as defined in the Senior Secured
Credit Facilities).

     

    Secured Party shall mean a
Finance Party or a Secured Party (as defined in the Senior Secured Credit
Facilities), as the case may be.

     

    Securities Act shall mean the
U.S. Securities Act of 1933, as amended from time to time.

     

    Securitization Entity shall
mean Basell Capital Corporation, Basell Polyolefins Company, BUBA,
LyondellBasell Receivables I LLC and each other entity to which the Company or
any subsidiary of the Company transfers accounts receivable or equipment and
related assets which engages in no activities other than in connection with the
financing of accounts receivable or equipment and which is designated by the
Board of Directors of the Company (as provided below) as a Securitization
Entity

     

    (a)           no
portion of the Indebtedness or any other Obligations (contingent or otherwise)
of which

    
      
         

      

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

     

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

     

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

     

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

     

    (c)           to
which neither the Company nor any subsidiary of the Company has any obligation
to maintain or preserve such entitys financial condition or cause such entity to
achieve certain levels of operating results (other than Standard Securitization
Undertakings).

     

    Any such
designation by the Board of Directors of the Company shall be evidenced to the
Lenders by filing with the Administrative Agent a certified copy of the
resolution of the Board of Directors of the Company giving effect to such
designation and an officers certificate certifying that such designation
complied with the foregoing conditions.  Following the Initial Public
Equity Offering of a Basell Parent Company, references in the foregoing
definition to the Company shall be deemed also to refer to such Basell Parent
Company.

     

    Security Documents shall mean
the mortgages, pledges, security agreements or similar agreements or related
documents pursuant to which Liens are granted on property or assets in favor of
the Collateral Agent (on its own behalf and on behalf of the Secured Parties)
set forth on Schedule 1.01(a) hereto.

     

    Security Principles shall mean
the principles set forth on Schedule
1.01(b).

     

    Senior Secured Credit
Facilities shall mean the Credit Agreement dated December 20, 2007
by and between, among others, the company, Citigroup Global Markets Inc.,
Goldman Sachs Credit Partners, L.P., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, ABN AMRO Incorporated and UBS Securities LLC, as Joint Lead
Arrangers and Joint Bookrunners, and Citicorp North America Inc., as
Administrative Agent, Collateral Agent and Swingline Lender, together with the
documents related thereto (including any term loans and revolving loans
thereunder or which may be split out or refinanced by any separate facility
agreement, and any guarantees and security documents), as amended, extended,
renewed, replaced, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and
other provisions) from time to time including any incremental facility
thereunder.

    
      
         

      

      
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    Senior Secured Indebtedness
shall mean any Indebtedness secured by a Lien on any assets of the Company or
any of its Restricted Subsidiaries and the Lien securing such Indebtedness ranks
equally with or prior to the Lien securing the Loans (excluding Indebtedness
under Qualified Securitization Transactions, the Asset Backed Credit Facilities
and the 2015 Notes).

     

    Significant Subsidiary shall
mean any Restricted Subsidiary of the Company which, at the date of
determination, is a Significant Subsidiary as such term is defined in
Regulation S-X under the Exchange Act, as such regulation is in effect on
the Closing Date; provided that in no event
shall Significant Subsidiary include any subsidiary that would otherwise be a
Significant Subsidiary solely by virtue of the size of a loss it has
incurred.

     

    Specified Joint Ventures shall
mean Al-Waha Petrochemical Company and Saudi Ethylene and Polyethylene
Company.

     

    Sponsor shall
mean:

     

    (a)           the
Blavatnik Group; and/or

     

    (b)           other
funds, limited partnerships or companies managed or controlled by
Mr. Leonard Blavatnik including, without limitation, AI Petrochemicals
for so long as so managed or controlled.

     

    Standard Securitization
Undertakings shall mean representations, warranties, undertakings,
covenants and indemnities entered into by the Company or any subsidiary of the
Company which are reasonably customary in an accounts receivable securitization
transaction.  Following the Initial Public Equity Offering of a Basell
Parent Company, references in the foregoing definition to the Company shall be
deemed also to refer to such Basell Parent Company.

     

    Stated Maturity shall mean,
(i) with respect to any Loan, the Final Maturity Date (unless the Loans are not
converted pursuant to Section 2.01(b), in which case all references shall mean
the Initial Maturity Date) and (ii) with respect to any security, the date
specified in such security as the fixed date on which the final payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond our control unless such contingency has
occurred).

     

    Statutory Reserves Adjustment
shall mean, with respect to any currency, a fraction (expressed as a decimal),
the numerator of which is one and the denominator of which is one minus any
reserve, liquid asset or similar requirement established by any Governmental
Authority of the United States of America or of the jurisdiction of such
currency or any jurisdiction in which Loans in such currency are made to which
banks in such jurisdiction are subject for any category of deposits or
liabilities customarily used to fund loans in such currency or by reference to
which interest rates applicable to Loans in such currency are
determined.

     

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

    
      
         

      

      
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    Subordinated Indebtedness
shall mean (a) with respect to Borrower, any Indebtedness of Borrower that is by
its terms subordinated in right of payment to the Loans and the Exchange Notes,
and (b) with respect to any Guarantor, any Indebtedness of such Guarantor that
is by its terms subordinated in right of payment to its Guarantee of the Loans
and the Exchange Notes.

     

    subsidiary shall mean with
respect to any Person, (a) a corporation a majority of whose Voting Stock
is at the time, directly or indirectly, owned by such Person, by one or more
subsidiaries of such Person or by such Person and one or more subsidiaries
thereof; (b) any other Person (other than a corporation), including,
without limitation, a partnership, limited liability company, business trust or
joint venture, in which such Person, one or more subsidiaries thereof or such
Person and one or more subsidiaries thereof, directly or indirectly, at the date
of determination thereof, has at least a majority ownership interest entitled to
vote in the election of directors, managers or trustees thereof (or other Person
performing similar functions), (3) any partnership (a) the sole general partner
of the managing partner of which is such Person or a subsidiary of such Person
or (b) the only general partners of which are such Person or one or more
subsidiaries of such Person (or any combination thereof) or (4) with respect to
the Company, for so long as the Company or any of its Restricted Subsidiaries
has a 50% ownership interest in Lyondell Bayer Manufacturing Maasvladle VOF,
Lyondell Bayer Manufacturing Maasvlakle VOF.  For the purposes of this
Agreement, references to subsidiaries of the Company under this Agreement shall
be deemed to include Lyondell and its subsidiaries after giving effect to the
Acquisition.

     

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

     

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

     

    
      
         

      

      
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    Tax shall mean all present or
future tax, duty, levy, impost, deduction, withholding, assessment, fee or other
charge imposed by any Governmental Authority, including any interest, additions
to tax or penalties applicable thereto, whether disputed or not.

     

    Tax Sharing Agreement shall
mean the Tax Sharing Agreement dated on or about December 18, 2007 as in
effect on the the Closing Date under which the Company and its subsidiaries
agree to make payments (the Tax
Payments) to Nell Limited; providing for (i) payments of up to 17.5% of
the amount of those Dutch or French net operating losses of entities of the
Company and its Restricted Subsidiaries that arose in taxable years ending prior
to 2007 and that are scheduled thereto (the Qualifying Net Operating Loss
Carryovers), (ii) maximum aggregate Tax Payments of not more than
$175,000,000 and (iii) any Tax Payment thereunder is to be accompanied by a
certificate from independent counsel to the Company or its parent company that
(x) such Tax Payment will be used by an indirect U.S.-taxpayer shareholder to
pay taxes associated with taxable income of the Company and/or its subsidiaries
taxable to such shareholder by reason of such shareholders indirect ownership of
the Company and its subsidiaries and (y) as a result of the utilization of
Qualifying Net Operating Loss Carryovers by the subsidiaries of the Company, the
U.S.-taxpayer shareholders U.S. federal income tax liabilities for such taxable
year was increased by an amount equal to such Tax Payment.  Payments
under the Tax Sharing Agreement are to be made promptly after the certificate is
provided and in any event within 90 days after the end of the fiscal year in
which the Qualifying Net Operating Loss Carryovers are used.

     

    Threshold Amount shall mean an
amount equal to the lesser of (i) $100,000,000 or (ii) only so long as any of
the 2015 Notes are outstanding, 20,000,000 in respect of the Threshold Amount
referred to in Section 7.01(e) and 30,000,000 in respect of the Threshold Amount
referred to in Section 7.01(h).

     

    Total Assets shall mean, with
respect to any Person, total assets of such Persons on a consolidated basis,
shown on the most recent balance sheet of such Persons as may be expressly
stated without giving effect to amortization of the amount of intangible assets
since the Closing Date.

     

    Transaction Documents shall
mean the Secured Documents and the Acquisition Agreement.

     

    Transactions shall mean,
collectively, the transactions contemplated by this Agreement, any Asset Backed
Credit Facilities, any Receivables Financing entered into on the Closing Date,
the Senior Secured Credit Facilities, the repayment of certain existing
Indebtedness of the Company and its subsidiaries (including the Margin Loans)
and Lyondell and its subsidiaries, the Acquisition (including the conversion of
the Millennium 4% Convertible Debentures due 2026) and the intercompany
transfers of the proceeds of any Asset Backed Credit Facilities or Receivables
Financings funded on the Closing Date, the Senior Secured Credit Facilities and
the Loans to be made on the Closing Date, and the payment of any fees and
expenses in connection therewith.

     

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

     

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

    
      
         

      

      
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    Unpaid Sum shall mean any sum
due and payable but unpaid by a Loan Party under the Loan
Documents.

     

    Unrestricted Cash shall mean
cash and Cash Equivalents, other than as disclosed on the consolidated financial
statements of Company as a line item on the balance sheet as restricted cash or
similar caption but including cash and Cash Equivalents so disclosed as
restricted cash to the extent that such cash and Cash Equivalents are restricted
solely on account of being set aside for repayment, defeasing or cash
collateralizing Indebtedness included in clause (a) of the definition of
Consolidated First Lien Senior Secured Debt (other than cash and Cash
Equivalents under the Structured Financing Transaction).

     

    Unrestricted Subsidiary of any
Person shall mean:

     

    (a)           any
subsidiary of such Person that at the time of determination has been designated
an Unrestricted Subsidiary and

     

    (b)           any
subsidiary of an Unrestricted Subsidiary.

     

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

     

    (i)           such
subsidiary does not own any Capital Stock of, or does not own or hold any Lien
on any property of, the Company or any other subsidiary of the Company that is
not a subsidiary of the subsidiary to be so designated;

     

    (ii)           such
designation complies with Section 5.01;

     

    (iii)           each
subsidiary to be designated as an Unrestricted Subsidiary and each of its
subsidiaries has not at the time of designation, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any
Indebtedness under which the lender has recourse to any of the assets of the
Company or any of its Restricted Subsidiaries unless otherwise permitted under
this Agreement; and

     

    (iv)           if
such designation occurs prior to the Extension Date, if such subsidiary is an
existing subsidiary, it is not a Material Subsidiary.

     

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

     

    (A)           immediately
after giving effect to such designation, the Company is able to incur at least
$1.00 of additional Indebtedness (other than Permitted Indebtedness) in
compliance with Section 5.08(b);

     

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

     

    
      
         

      

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

     

    (D)           if
applicable, the Investment and incurrence of Indebtedness referred to in (B)
above would be permitted under the covenants described above under Section 5.01
and Section 5.08.

     

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

     

    U.S. or United States shall mean the
United States of America.

     

    U.S. Guarantor shall mean a
Guarantor incorporated or otherwise organized under the laws of, or of any State
(including the District of Columbia) of, the United States.

     

    U.S. Loan Party shall mean an
Loan Party incorporated or otherwise organized under the laws of, or of any
state (including the District of Columbia) of, the United States.

     

    Voting Stock shall mean any
class or classes of Capital Stock pursuant to which the holders thereof have the
general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees (or Persons performing similar
functions) of any Person (irrespective of whether or not, at the time, stock of
any other class or classes shall have, or might have, voting power by reason of
the happening of any contingency).

     

    Website Lender shall have the
meaning given to it in Section 6.11.

     

    Weighted Average Life to
Maturity shall mean, when applied to any Indebtedness at any date, the
number of years obtained by dividing:

     

    
      	
               
      

            	
              (a)

            	
              the
      then outstanding aggregate principal amount of such Indebtedness
      by

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      sum of the total of the products obtained by
  multiplying

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      amount of each then remaining installment, sinking fund, serial maturity
      or other required payment of principal, including payment at final
      maturity, in respect thereof, by

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      number of years (calculated to the nearest one-twelfth) that will elapse
      between such date and the making of such
  payment.

            

    

     

    Wholly Owned Subsidiary shall
mean, with respect to any Person, a subsidiary of such Person all of the
outstanding Equity Interests of which (other than (x) directors qualifying
shares and (y) shares issued to third parties, in each case in a de minimis amount and to the
extent required by applicable Law) are owned by such Person and/or by one or
more wholly owned subsidiaries of such Person.

     

    Section
1.02.  Terms
Generally.  The
definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined.  Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter
forms.  With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document:  (a)
the meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms; (b) the words herein, hereto, hereof and hereunder
and words of similar import when used in any Loan Document shall refer to such
Loan Document as a whole and not to any particular provision thereof: (c)
Article, Section, Exhibit and Schedule references are to the Loan Document in
which such reference appears; (d) the term including is by way of example and
not limitation; (e) the term documents includes any and all instruments,
documents, agreements, certificates, notices, reports, financial statements and
other writings, however evidenced, whether in physical or electronic form; (f)
in the computation of periods of time from a specified date to a later specified
date, the word from means from and including; the words to and until each mean
to but excluding; and the word through means to and including; and (g) Section
headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any
other Loan Document.

    
      
         

      

      
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    Section
1.03.  Effectuation of
Transaction.  Each
of the representations and warranties of Borrower and the Company contained in
this Agreement (and all corresponding definitions) are made after giving effect
to the Transaction, unless the context otherwise requires.

     

    Section
1.04.  Accounting
Terms.

     

    (a)           All
accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in accordance with, GAAP, except as otherwise
specifically prescribed herein. Unless otherwise stated herein and except with
respect to Article 5 and Section 9.12, references to a person with respect to
accounting terms or items that appear in such persons financial statements shall
be deemed a reference to that person and its subsidiaries on a consolidated
basis, except for references to the Company and its Restricted Subsidiaries,
which will be deemed references to the Company and Restricted Subsidiaries on a
consolidated basis.

     

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

     

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

     

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

    
      
         

      

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

     

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

     

    Section
1.09.  Resolution of Drafting
Ambiguities.   Each
Loan Party acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery of the Loan Documents to which it is
a party, that it and its counsel reviewed and participated in the preparation
and negotiation hereof and thereof and that any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not
be employed in the interpretation hereof or thereof.

     

    ARTICLE
2

     

    THE
CREDITS

     

    Section
2.01.  Commitment.

     

    (a)           Subject
to the terms and conditions set forth herein, each Lender with a Commitment in
Dollars agrees to make a loan denominated in Dollars, in each case to Borrower
(each, an Initial Loan
and collectively, the Initial
Loans) on the Closing Date in a principal amount not to exceed its
Commitment.  Amounts repaid in respect of Initial Loans may not be
reborrowed.

     

    (b)           Each
Lender agrees, if the Initial Loans have not been repaid prior to the Initial
Maturity Date, that the then outstanding principal amount of each of its Initial
Loans shall automatically be converted, at the option of each such Lender, into
either (i) a loan (individually, an Extended Loan and
collectively, the Extended
Loans) to Borrower on the Initial Maturity Date in an aggregate principal
amount equal to the then outstanding principal amount of such Initial Loan or
Initial Loans or (ii) Exchange Notes that shall be issued by Borrower upon such
election under the Exchange Note Indenture; provided that the initial
issuance of Exchange Notes must aggregate not less than $100,000,000 or the Euro
Equivalent.  Any Initial Loans with respect to which the applicable
Lender has not elected to have converted into Exchange Notes shall be converted
into Extended Loans.  Other than as set forth in paragraph (c) below,
Extended Loans and Exchange Notes shall be in the same currency as the Initial
Loans from which they are converted.

     

    (c)           At
the time of the automatic conversion of Initial Loans into Extended Loans or
Exchange Notes, as described in Section 2.01(b), Lenders who are affiliates of
the Joint Lead Arrangers may, on five (5) days notice to Borrower, elect that
all or a portion of the Extended Loans or Exchange Notes held by them, in an
amount in the aggregate for all such affiliates up to 50% of the Euro Equivalent
of the aggregate principal amount of Extended Loans and Exchange Notes (the
Redenomination Limit) be
denominated in Euro.  If such election is made, any conversion of
Initial Loans denominated in Euro into Extended Loans or Exchange Notes
denominated in Dollars shall be made into the Dollar Equivalent of such
Euro-denominated Initial Loans.  If an aggregate principal amount of
Initial Loans in excess of the Redenomination Limit requests Extended Loans or
Exchange Notes be redenominated in Dollars, such redenomination shall be made
pro rata among all
Lenders requesting such redenomination based on the amount of Initial Loans
requested to be redenominated.  Such redenomination shall be
conditioned upon the Administrative Agent arranging a Dollar to Euro hedge up to
the full amount converted under this Section 2.01(c) for Borrower lasting until
the Final Maturity Date provided by any Finance Party at such counterparty's
commercial rate then offered to companies of the credit quality of
Borrower.

     

    
      
         

      

      
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    Section
2.02.  Loans and
Borrowings.

     

    (a)           The
Initial Loans shall be made by the Lenders ratably in accordance with their
respective Commitments.  The failure of any Lender to make any Loan
required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lenders failure to make Loans as
required.

     

    (b)           Each
Lender at its option may make any Loan by causing any domestic or foreign branch
or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of Borrower to repay such Loan in
accordance with the terms of this Agreement.

     

    Section
2.03.  Request for
Borrowing.  To
request the Borrowing of the Initial Loans, Borrower shall notify the
Administrative Agent of such request in writing by a Borrowing Request signed by
Borrower not later than 12:00 noon, New York time, one (1) Business Day
before the date of the proposed Borrowing.  Such Borrowing Request
shall be irrevocable.  Each such Borrowing Request shall be consistent
with the Funds Flow Memorandum and shall specify the following
information:

     

    (a)           the
aggregate amount of the requested Borrowing;

     

    (b)           the
date of such Borrowing, which shall be a Business Day;

     

    (c)           the
initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term Interest Period; and

     

    (d)           the
location and number of Borrowers account to which funds are to be
disbursed.

     

    Promptly
following receipt of the Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lenders Loan to be made as part of the requested
Borrowing.

     

    Section
2.04.  Funding of
Borrowings.

     

    (a)           Each
Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds in Dollars or in Euro,
in accordance with its Commitments, by noon New York time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice
to the Lenders.  The Administrative Agent will make such Loans
available to Borrower in accordance with the Borrowing Request.

     

    (b)           Unless
the Administrative Agent shall have received notice from a Lender prior to the
Closing Date that such Lender will not make available to the Administrative
Agent such Lenders share of the Initial Loans, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance
with Section 2.04(a) and may, in reliance upon such assumption, make available
to Borrower a corresponding amount.  In such event, if a Lender has
not in fact made its share of the Initial Loans available to the Administrative
Agent, then the applicable Lender and Borrower agree to pay to the
Administrative Agent forthwith on demand (without duplication) such
corresponding amount with interest thereon, for each day from and including the
date such amount is made available to Borrower to but excluding the date of
payment to the Administrative Agent, at (i) in the case of such Lender, a
rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation or (ii) in the case of Borrower, the
interest rate applicable to the Loans calculated in accordance with Section
2.09.  If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lenders Loan included in such
Borrowing.

    
      
         

      

      
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    Section
2.05.  Termination of
Commitments.  The
Commitments will terminate at 5:00 p.m., New York time, on the Closing Date or,
if earlier, on February 15, 2008.

     

    Section
2.06.  Repayment of Loans; Evidence
of Debt.

     

    (a)           Each
Initial Loan then outstanding will mature on the Initial Maturity Date and, to
the extent then unpaid, will automatically be converted into, at the option of
each Lender, either Extended Loans or Exchange Notes.

     

    (b)           The
Extended Loans will mature on the Final Maturity Date.  Each Extended
Loan shall bear interest as described in Section 2.09 from the Extension Date
until such Loan shall be paid in full or exchanged for an Exchange
Note.

     

    (c)           Each
Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of Borrower to such Lender resulting from
each Loan made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder.

     

    (d)           The
Administrative Agent shall maintain accounts in which it shall record (i) the
amount of each Loan made hereunder, (ii) the amount and currency of any
principal or interest due and payable or to become due and payable from Borrower
to each Lender hereunder and (iii) any amount received by the Administrative
Agent hereunder for the account of the Lenders and each Lenders share
thereof.

     

    (e)           The
entries made in the accounts maintained pursuant to Sections 2.06(c) and 2.06(d)
shall be prima facie evidence of the existence and amounts of the obligations
recorded therein absent manifest error in the reasonable judgment of the
Administrative Agent; provided that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of Borrower to repay the
Loans in accordance with the terms of this Agreement.

     

    (f)           To
the extent requested by any Lender, Borrower shall execute and deliver to such
Lender an Initial Note dated the Closing Date, substantially in the form of
Exhibit C-1
hereto to evidence the portion of the Initial Loan made by such Lender to
Borrower and with appropriate insertions (the Initial
Notes).  Unless converted to an Exchange Note and to the extent
requested by any Lender, Borrower shall execute and deliver to such Lender an
Extended Note dated the Initial Maturity Date substantially in the form of Exhibit C-2 hereto to
evidence the Extended Loan made on such date, in the principal amount of the
Initial Notes of Borrower held by such Lender on such date and with other
appropriate insertions (collectively, the Extended Notes).

     

    (g)           Each
Lender will have the option at any time or from time to time after the Initial
Maturity Date to receive Exchange Notes in exchange for the Extended Loans of
such Lender then outstanding pursuant to Section 2.01(b) of this Agreement;
provided that no
Exchange Notes shall be issued until Borrower has received requests to issue at
least $100.0 million (or the Euro Equivalent) in aggregate principal amount of
Exchange Notes.  The principal amount of the Exchange Notes will equal
100% of the aggregate principal amount of the Extended Loans for which they are
exchanged.  If a Default shall have occurred and be continuing on the
date of such exchange, any notices given or cure periods commenced while the
Initial Loans or Extended Loans were outstanding shall be deemed given or
commenced (as of the actual dates thereof) for all purposes with respect to the
Exchange Notes (with the same effect as if the Exchange Notes had been
outstanding as of the actual dates thereof).

    
      
         

      

      
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    Section
2.07.  Prepayment of
Loans.

     

    (a)           Voluntary
Prepayments.  Subject to Section 2.12 and 2.07(c), Borrower
shall have the right at any time and from time to time to prepay any Loan in
whole or in part, in an aggregate principal amount that is an integral multiple
of the Euro Equivalent of 1.0 million and not less than the Euro Equivalent of
1.0 million or, if less, the amount outstanding at a prepayment price equal to
100% of principal amount of the Loan or portion thereof being so prepaid, plus
accrued and unpaid interest thereon.

     

    (b)           Mandatory
Prepayments.  On each occasion that a Prepayment Event occurs
(but subject to Sections 2.07(e) and 2.07(f)), Borrower shall, within, one (1)
Business Day after the occurrence of a Permanent Securities Prepayment Event, or
within five (5) Business Days after the occurrence of any other Prepayment
Event, prepay the Loans in an aggregate amount equal to (i) in the case of a
Permanent Securities Prepayment Event, 100% of the Net Proceeds therefrom, (ii)
in the case of a Debt Issuance Prepayment Event, 100% of the Net Cash Proceeds
therefrom, (iii) in the case of an Equity Issuance Prepayment Event, 100% of the
Net Cash Proceeds therefrom, (iv) in the case of an Casualty Prepayment Event,
100% of the Net Casualty Proceeds therefrom, and (v) in the case of Recovery
Prepayment Event, 100% of the Net Recovery Proceeds therefrom.

     

    (c)           Notice of
Prepayments.  Borrower shall notify the Administrative Agent by
telephone (confirmed by telecopy) of any prepayment of any Borrowing hereunder,
three (3) Business Days before the date of prepayment.  Each such
notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be
prepaid.  Promptly after it receives any such notice, the
Administrative Agent shall advise the Lenders of the contents
thereof.

     

    (d)           Application to
Loans.  (1)  Upon receipt of any amount payable to
the Lenders pursuant to Section 2.07(a) or 2.07(b), the Administrative Agent
shall distribute such amount in the following order:  first, to the payment of all
expenses due and payable to the Agents under Section 11.05; second, to the payment of all
expenses due and payable to the Lenders under Section 11.05, ratably among the
Lenders in accordance with the aggregate amount of the Euro Equivalents of such
payments owed to each such Lender; third, to the payment of
interest then due and payable on the Loans, ratably among the Lenders in
accordance with the aggregate amount of the Euro Equivalent of interest owed to
each such Lender; and fourth, to the payment of the
principal amount of the Loans that is then due and payable, ratably among such
Lenders in accordance with the Euro Equivalent of the aggregate principal amount
owed to each such Lender.

     

    (ii)           Repayments
of Borrowings shall be accompanied by accrued interest on the amount
repaid.

     

    (e)           Application to Other
Indebtedness or Equity.  Notwithstanding anything to the
contrary in this Agreement, Borrower shall not be obligated to apply Net
Proceeds to the prepayment of the Loans (and Borrower shall not be required to
apply Net Proceeds to the purchase of Exchange Notes), other than the Net
Proceeds of the issuance of the Permanent Securities and the Net Cash Proceeds
of any Equity Offering or capital contributions received by the Company, to the
extent that such Net Proceeds are required to be and are applied pursuant to the
Senior Secured Credit Facilities in satisfaction of obligations under the Senior
Secured Credit Facilities.

    
      
         

      

      
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    (f)           Temporary
Investment.  Pending the final application of any Net Proceeds
pursuant to this Section 2.07 (other than proceeds of Permanent Securities),
Borrower or the applicable Restricted Subsidiary may apply such Net Proceeds
temporarily to reduce Indebtedness outstanding under a revolving credit facility
or otherwise invest such Net Proceeds in Cash Equivalents.

     

    Section
2.08.  Fees.  The
Company agrees to pay to the Administrative Agent, for the account of the
Persons specified therein, the fees set forth in the Fee Letter, as amended,
restated, supplemented or otherwise modified from time to time, at the times
specified therein (the Fees).  All Fees
shall be paid on the dates due in immediately available funds and, once paid,
shall not be refundable under any circumstances.

     

    Section
2.09.  Interest.

     

    (a)           The
unpaid principal amount of each Initial Loan shall bear interest from time to
time from the date of the Borrowing thereof until maturity (whether by
acceleration or otherwise) at a rate per annum equal to (i) in the
case of Euro Loans, the Applicable Margin plus EURIBOR for the Interest Period
in effect at such time, and (ii) in the case of Dollar Loans, the Applicable
Margin plus LIBOR for the Interest Period in effect at such time.

     

    (b)           The
unpaid principal amount of each Extended Loan shall bear interest for the period
from and including the Extension Date to, but excluding, the earlier of the
maturity thereof (whether by acceleration or otherwise) and the date of exchange
for an Exchange Note, at a rate per annum equal to (i) in the case of Euro
Loans, the Extension Margin plus EURIBOR for the Interest Period in effect at
such time plus, and (ii) (i) in the case of Dollar Loans, the Extension Margin
plus LIBOR for the Interest Period in effect at such time.

     

    (c)           Notwithstanding
the foregoing, if any principal of or interest on any Loan or any Fees or other
amount payable by Borrower hereunder is not paid when due, whether at stated
maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well as before judgment, at a rate per annum equal to (A) in the
case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable
to such Loan as provided in the preceding paragraphs of this Section or (B) in
the case of any other amount, to the extent permitted by applicable law, the
rate set forth in clause (A) of this Section 2.09(c)(i); provided that this Section
2.09(c)(i) shall not apply to any payment default that has been waived by the
Lenders pursuant to Section 11.08;

     

    (d)           Accrued
interest on each Loan shall be payable (i) in respect of each Initial Loan,
quarterly in arrears on the last Business Day of each March, June, September and
December or, if earlier, on the date that is the last day of each Interest
Period, and on the Initial Maturity Date (and, if later, the Extension Date),
(ii) in respect of each Extended Loan, in arrears on the last Business Day of
each March, June, September and December, following the Initial Maturity Date,
on the date on which such Extended Loan is exchanged for an Exchange Note as
contemplated hereby and on the Final Maturity Date, (iii) on the date of any
prepayment (on the amount prepaid), (iv) at maturity (whether by acceleration or
otherwise), and (v) after maturity, on demand (each such date referred to in
clauses (i), (ii), (iii), (iv) and (v) being an Interest Payment Date); provided that interest
accrued pursuant to Section 2.09(c) shall be payable on demand.

     

    (e)           Notwithstanding
the foregoing clauses but without giving effect to any increase in the interest
rates (i) pursuant to Section 2.09(c) or (ii) as a result of the occurence of a
Rate Increasing Event as described in the provisos contained in the definitions
of Applicable Margin and Extension Margin, the interest rate borne by the Loans
shall not exceed 12.0% per annum.

    
      
         

      

      
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    (f)           All
interest hereunder shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).  EURIBOR and LIBOR shall be determined by
the Administrative Agent, and such determinations shall be prima facie evidence
thereof absent manifest error.

     

    Section
2.10.  Alternate Rate of
Interest.  If
prior to the commencement of any Interest Period:

     

    (a)         the
Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining
EURIBOR or LIBOR for such Interest Period; or

     

    (b)         the
Administrative Agent is advised by any Lender that EURIBOR or LIBOR, as the case
may be, for such Interest Period will not adequately and fairly reflect the cost
to such Lender of making or maintaining its Loans for such Interest
Period;

     

    then the
Administrative Agent shall give notice thereof to Borrower by telephone or
telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies Borrower that the circumstances giving rise to such notice no
longer exist, the affected Borrowing shall bear interest at such rate per annum specified by each
affected Lender to represent its cost of funds therefor plus the Applicable
Margin on the Extension Margin, as applicable (plus any amount due under
Section 2.09(c)).

     

    Section
2.11.  Increased
Costs.

     

    (a)           If
any Lender determines that as a result of a Change in Law after the Closing
Date, or such Lenders compliance therewith, there shall be any increase in the
cost to such Lender of agreeing to maintaining any Loans (or, in the case of any
Taxes not excluded below, any Loans), or a reduction in the amount received or
receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this Section 2.11(a) any such increased costs or reduction in amount
resulting from (i) Indemnified Taxes or Excluded Taxes, (ii) reserve
requirements contemplated by Section 2.11(c), (iii) the requirements of the
European Central Bank reflected in the Mandatory Cost (other than as set forth
below) or the Mandatory Cost, as calculated hereunder, does not represent the
cost to such Lender of complying with the requirements of the Financial Services
Authority or the European Central Bank in relation to its making, funding or
maintaining of Loans and (iv) the implementation or application of or compliance
with the International Convergence of Capital Measurement and Capital Standards,
a Revised Framework published by the Basel Committee on Banking Supervision in
June 2004 in the form existing on the date of this Agreement (Basel II) or any other law or
regulation which implements Basel II (whether such implementation, application
or compliance is by a government, regulator, the Lenders or any of its
Affiliates or the Agents or any of its Affiliates)), then from time to time
within fifteen (15) days after demand by such Lender setting forth in reasonable
detail such increased costs (with a copy of such demand to the Administrative
Agent given in accordance with Section 2.14), Borrower shall pay to such Lender
such additional amounts as will compensate such Lender for such increased cost
or reduction or, if applicable, the portion of such cost that is not represented
by the Mandatory Cost.

     

    (b)           If
any Lender determines that the introduction of any Law regarding capital
adequacy or any change therein or in the interpretation thereof, in each case
after the Closing Date, or compliance by such Lender (or its Lending Office)
therewith, has the effect of reducing the rate of return on the capital of such
Lender or any corporation controlling such Lender as a consequence of such
Lenders obligations hereunder (taking into consideration its policies with
respect to capital adequacy and such Lenders desired return on capital), then
from time to time upon demand of such Lender setting forth in reasonable detail
the charge and the calculation of such reduced rate of return (with a copy of
such demand to the Administrative Agent given in accordance with Section 2.14),
Borrower shall pay to such Lender such additional amounts as will compensate
such Lender for such reduction within fifteen (15) days after receipt of such
demand.

    
      
         

      

      
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    (c)           Borrower
shall pay to each Lender, (i) as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or
including funds or deposits, additional interest on the unpaid principal amount
of each applicable Loan of Borrower equal to the actual costs of such reserves
allocated to such Loan by such Lender (as determined by such Lender in good
faith, which determination shall be conclusive in the absence of manifest
error), and (ii) as long as such Lender shall be required to comply with any
reserve ratio requirement or analogous requirement of any other central banking
or financial regulatory authority imposed in respect of the maintenance of the
Loans of Borrower, such additional costs (expressed as a percentage per annum
and rounded upwards, if necessary, to the nearest five decimal places) equal to
the actual costs allocated to such Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive absent manifest
error) which in each case shall be due and payable on each date on which
interest is payable on such Loan, provided Borrower shall have
received at least fifteen (15) days prior notice (with a copy to the
Administrative Agent) of such additional interest or cost from such
Lender.  If a Lender fails to give notice fifteen (15) days prior to
the relevant Interest Payment Date, such additional interest or cost shall be
due and payable fifteen (15) days from receipt of such notice.

     

    (d)           Failure
or delay on the part of any Lender to demand compensation pursuant to this
Section 2.11 shall not constitute a waiver of such Lenders right to demand such
compensation.

     

    (e)           If
any Lender requests compensation under this Section 2.11, then such Lender will,
if requested by Borrower, use commercially reasonable efforts to designate
another Lending Office for any Loan affected by such event; provided that such efforts
are made on terms that, in the reasonable judgment of such Lender, cause such
Lender and its Lending Office(s) to suffer no material economic, legal or
regulatory disadvantage, and providedfurther that nothing in this
Section 2.11(e) shall affect or postpone any of the Loan Party Obligations of
Borrower or the rights of such Lender pursuant to Section 2.11(a), (b), (c) or
(d).

     

    Section
2.12.  Break
Funding. Upon
demand of any Lender (with a copy to the Administrative Agent) from time to
time, Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense actually incurred by it as a result
of:

     

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

     

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

     

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

     

    For
purposes of calculating amounts payable by Borrower to the Lenders under this
Section 2.12, each Lender shall be deemed to have funded each Loan made by it at
the rate applicable to such Interest Period for such Loan by a matching deposit
or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such Loan was in fact so
funded.

    
      
         

      

      
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    Section
2.13.  Taxes.

     

    (a)           Except
as required by law, any and all payments by the Loan Parties to or for the
account of any Agent or any Lender under any Loan Document shall be made free
and clear of and without deduction for any Taxes.  If any Loan Party
or other applicable withholding agent shall be required by any Laws to withhold
or deduct any Indemnified Taxes or Other Taxes from or in respect of any sum
payable under any Loan Document to or for the account of any Agent or any
Lender, (i) the sum payable by the applicable Loan Party shall be increased as
necessary so that after making all required withholdings or deductions of
Indemnified Taxes or Other Taxes (including withholdings or deductions
applicable to additional sums payable under this Section 2.13), each Lender
receives an amount equal to the sum it would have received had no such
withholdings or deductions of Indemnified Taxes or Other Taxes been made, (ii)
such Loan Party or other applicable withholding agent (as applicable) shall make
such withholdings or deductions, (iii) such Loan Party or other applicable
withholding agent (as applicable) shall pay the full amount withheld or deducted
to the relevant taxation authority or other authority in accordance with
applicable Law, and (iv) within thirty (30) days after the date of such payment
(or, if receipts or evidence are not available within thirty (30) days, as soon
as possible thereafter), if a Loan Party made the withholding or deduction, such
Loan Party shall furnish to the Administrative Agent or affected Lender (as the
case may be) the original or a copy of a receipt evidencing payment thereof or
other evidence reasonably acceptable to such Agent or Lender.

     

    (b)           The
Loan Parties agree to pay any and all Other Taxes except for any such tax
resulting from an assignment or participation by a Lender or Participant (Assignment Tax), but only if
such Assignment Taxes result from a connection between the jurisdiction imposing
such tax and such Lender or Participant other than any connection arising solely
from such Lender or Participant having executed, delivered, been a party to,
received or perfected a security interest under or performed its obligations
under,  received payment under or enforced, this Agreement or any
other Loan Document.

     

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

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

    The
Administrative Agent shall, to the extent it is legally entitled to do so,
provide Borrower with, (i) with respect to any amount received on behalf of a
Lender, one completed original of IRS Form W-9 or W8-IMY, as applicable, (ii)
with respect to any fee received by the Administrative Agent hereunder, one
completed original of IRS Form W-9 or applicable W-8 and (iii) any other
documentation reasonably requested by Borrower as will permit any payment of
such fee to be made without withholding or at a reduced rate of
withholding.  Thereafter and from time to time, the Administrative
Agent shall, to the extent it is legally entitled to do so, provide Borrower
such additional duly completed and signed copies of one or more of such forms
(or such successor forms) or documentation on or prior to the date on which any
such form or documentation expires or becomes obsolete or
incorrect.

    
      
         

      

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

     

    (f)           Any
Lender or Agent claiming any additional amounts or indemnification payments
pursuant to this Section 2.13 shall use its reasonable efforts (if requested by
Borrower) to change the jurisdiction of its Lending Office or take other steps
(in each case, at Borrowers expense) if such a change or other steps would
reduce any such additional amounts or indemnification payments (or any similar
amount that may thereafter accrue) and would not, in the sole determination of
such Lender or Agent, result in any unreimbursed cost or expense or be otherwise
disadvantageous to such Lender or Agent.

     

    (g)           If
any Lender or Agent determines, in its sole good faith discretion, that it has
received a refund in respect of any Indemnified Taxes or Other Taxes as to which
indemnification or additional amounts have been paid to it by Borrower pursuant
to this Section 2.13, it shall promptly remit the portion of such refund to the
applicable Loan Party that will leave it in no better or worse after-tax
position (taking into account all out-of-pocket expenses of the Lender or Agent,
as the case may be, than if the Indemnified Tax or Other Tax giving rise to such
refund had not been imposed in the first instance); provided that the Loan
Parties, upon the request of the Lender or Agent, as the case may be, agree
promptly to return such refund (plus any penalties, interest or other charges
imposed by the relevant taxing authority) to such party in the event such party
is required to repay such refund to the relevant taxing
authority.  This clause (g) shall not be construed to require any
Lender or Agent to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Loan Party or any other
Person.

     

    Section
2.14.  Matters Applicable to All
Requests for Compensation.

     

    (a)           Any
Agent or any Lender claiming compensation under Sections 2.10 through 2.13 and
Section 2.16 shall deliver a certificate to Borrower setting forth the
additional amount or amounts to be paid to it hereunder which shall be
conclusive in the absence of manifest error.  In determining such
amount, such Agent or such Lender may use any reasonable averaging and
attribution methods.

     

    (b)           With
respect to any Lenders claim for compensation under Section 2.10, 2.11, 2.13 or
2.16, Borrower shall not be required to compensate such Lender for any amount
incurred more than one hundred and twenty (120) days prior to the date that such
Lender notifies Borrower of the event that gives rise to such claim; provided that, if the
circumstance giving rise to such claim is retroactive, then such 120-day period
referred to above shall be extended to include the period of retroactive effect
thereof.  If any Lender requests compensation by Borrower under
Section 2.11, Borrower may, by notice to such Lender (with a copy to the
Administrative Agent), suspend the obligation of such Lender to continue Loans
from one Interest Period to another until the event or condition giving rise to
such request ceases to be in effect (in which case the provisions of Section
2.14(c) shall be applicable); provided that such suspension
shall not affect the right of such Lender to receive the compensation so
requested.

    
      
         

      

      
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    (c)           If
the obligation of any Lender to maintain any Loan shall be suspended pursuant to
Section 2.14(b)) hereof, such Lenders applicable Loans shall be repaid on the
last day(s) of the then current Interest Period(s) for such Loans.

     

    Section
2.15.  Replacement of
Lenders.

     

    (a)           If
at any time (i) Borrower becomes obligated to pay additional amounts or
indemnity payments described in Section 2.11 or 2.13 as a result of any
condition described in such Sections or any Lender ceases to maintain any Loans
as a result of any condition described in Section 2.11 or Section 2.16, (ii) any
Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting
Lender, then the Company may, on ten (10) Business Days prior written notice to
the Administrative Agent and such Lender, replace such Lender by causing such
Lender to (and such Lender shall be obligated to) assign pursuant to Section
11.04(b) (with the assignment fee to be paid by the Company in each such
instance) all of its rights and obligations under this Agreement to one or more
assignees; provided
that neither the Administrative Agent nor any Lender shall have any obligation
to Borrower to find a replacement Lender or other such Person; and providedfurther that (A) in the case
of any such assignment resulting from a Lender becoming a Non-Consenting Lender,
the applicable assignees shall have agreed to, and shall be sufficient (together
with all other consenting Lenders) to cause the adoption of, the applicable
departure, waiver or amendment of the Loan Documents and (B) in the case of any
such assignment resulting from a claim for compensation under Section 2.11 or
payments required to be made pursuant to Section 2.13, such assignment will
result in a reduction in such compensation or payments.

     

    (b)           Any
Lender being replaced pursuant to Section 2.15(a) above shall (i) execute and
deliver an Assignment and Acceptance with respect to such Lenders outstanding
Loans and participations in respect thereof, and (ii) deliver any Notes
evidencing such Loans to Borrower or to the Administrative
Agent.  Pursuant to such Assignment and Acceptance, (A) the assignee
Lender shall acquire all or a portion, as the case may be, of the assigning
Lenders outstanding Loans and participations in respect thereof, (B) all
obligations of Borrower owing to the assigning Lender relating to the Loans and
participations so assigned shall be paid in full by the assignee Lender to such
assigning Lender concurrently with such Assignment and Acceptance and (C) upon
such payment and, if so requested by the assignee Lender, delivery to the
assignee Lender of the appropriate Note or Notes executed by Borrower, the
assignee Lender shall become a Lender hereunder and the assigning Lender shall
cease to constitute a Lender hereunder with respect to such assigned Loans and
participations, except with respect to indemnification provisions under this
Agreement, which shall survive as to such assigning Lender.  In
connection with any such replacement, if any such Non-Consenting Lender or
Defaulting Lender does not execute and deliver to the Administrative Agent a
duly executed Assignment and Acceptance reflecting such replacement within five
(5) Business Days of the date on which the assignee Lender executes and delivers
such Assignment and Acceptance to such Non-Consenting Lender or Defaulting
Lender, then such Non-Consenting Lender or Defaulting Lender shall be deemed to
have executed and delivered such Assignment and Acceptance without any action on
the part of the Non-Consenting Lender or Defaulting Lender.

     

    (c)           In
the event that (i) Borrower or the Administrative Agent has requested that the
Lenders consent to a departure or waiver of any provisions of the Loan Documents
or agree to any amendment thereto, (ii) the consent, waiver or amendment in
question requires the agreement of all affected Lenders in accordance with the
terms of Section 11.08 and (iii) the Required Lenders have agreed to such
consent, waiver or amendment, then any Lender who does not agree to such
consent, waiver or amendment shall be deemed a Non-Consenting
Lender.

     

    Section
2.16.  Illegality.  If
any Lender reasonably determines that any change in law has made it unlawful, or
that any Governmental Authority has asserted after the Closing Date that it is
unlawful, for any Lender or its applicable lending office to make or maintain
its Loans, then such Loans will bear interest at a rate per annum specified by
such Lender to represent its cost of funds therefor plus the Applicable Margin
plus any amounts due under Section 2.09(c).

    
      
         

      

      
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    Section
2.17.  Payments
Generally.

     

    (a)           All
payments to be made by Borrower shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff.  Except as otherwise
expressly provided herein and except with respect to principal of and interest
on Euro Loans, all payments by Borrower hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the applicable Administrative Agents office in Dollars and
in Same Day Funds not later than 2:00 p.m. (New York, New York time) on the date
specified herein.  Except as otherwise expressly provided herein, all
payments by Borrower hereunder with respect to principal and interest on Euro
Loans shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the Administrative Agents
office in Euro and in Same Day Funds not later than 2:00 p.m. (London time) on
the dates specified herein.  If, for any reason, Borrower is
prohibited by any Law from making any required payment hereunder in Euro,
Borrower shall make such payment in Dollars in the Dollar Amount of the Euro
payment amount.  The Administrative Agent will promptly distribute to
each Lender its pro rata share (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lenders
applicable Lending Office.  All payments received by the
Administrative Agent (i) after 2:00 p.m. (New York time), in the case of
payments in Dollars, or (ii) after 2:00 p.m. (London time) in the case of
payments in Euro, shall in each case be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to
accrue.

     

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

     

    (c)           Unless
Borrower has notified the Administrative Agent, prior to the date any payment is
required to be made by it to the Administrative Agent hereunder, that Borrower
will not make such payment, the Administrative Agent may assume that Borrower
has timely made such payment and may (but shall not be so required to), in
reliance thereon, make available a corresponding amount to the Person entitled
thereto.  If and to the extent that such payment was not in fact made
to the Administrative Agent in Same Day Funds, then each Lender shall forthwith
on demand repay to the Administrative Agent the portion of such assumed payment
that was made available to such Lender in Same Day Funds, together with interest
thereon in respect of each day from and including the date such amount was made
available by the Administrative Agent to such Lender to the date such amount is
repaid to the Administrative Agent in Same Day Funds at the applicable Overnight
Rate from time to time in effect.

     

    (d)           If
any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article 2,
and such funds are not made available to Borrower by the Administrative Agent
because the conditions set forth in Article 4 are not satisfied or waived in
accordance with the terms hereof, the Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without
interest.

     

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

    
      
         

      

      
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    (f)           Whenever
any payment received by the Administrative Agent under this Agreement or any of
the other Loan Documents is insufficient to pay in full all amounts due and
payable to the Administrative Agent and the Lenders under or in respect of this
Agreement and the other Loan Documents on any date, such payment shall be
distributed by the Administrative Agent and applied by the Administrative Agent
and the Lenders in the order of priority set forth in Section
2.07(d).  If the Administrative Agent receives funds for application
to the Loan Party Obligations under or in respect of the Loan Documents under
circumstances for which the Loan Documents do not specify the manner in which
such funds are to be applied, the Administrative Agent may (to the fullest
extent permitted by mandatory provisions of applicable Law), but shall not be
obligated to, elect to distribute such funds to each of the Lenders in
accordance with such Lenders pro rata share of the principal amount of all Loans
outstanding at such time plus accrued interest thereon, in repayment or
prepayment of such of the outstanding Loans or other Loan Party Obligations then
owing to such Lender.

     

    ARTICLE
3

     

    REPRESENTATIONS
AND WARRANTIES

     

    Each Loan
Party represents and warrants to the Agents and the Lenders that:

     

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

     

    Section
3.02.  Authorization; No Contravention. 
The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is a party, and the consummation of the Transaction, are
within such Loan Partys corporate or other powers, have been duly authorized by
all necessary corporate or other organizational action, and do not (a)
contravene the terms of any of such Persons Organization Documents; (b) in any
material way, conflict with or result in any breach or contravention of or the
creation of any Lien under (other than as permitted by Section 5.14), or require
any payment to be made under, (i) except payments as set forth in the Funds Flow
Memorandum dated the Closing Date and delivered to the Administrative Agent, any
Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its subsidiaries or (ii) any order in
any material way, injunction, writ or decree of any Governmental Authority or
any arbitral award to which such Person or its property is subject in any
material way; or (c) violate any material Law in any material way; except with
respect to any conflict, breach or contravention or payment (but not creation of
Liens) referred to in clause (b)(i), to the extent that such conflict, breach,
contravention, violation or payment could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

    
      
         

      

      
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    Section
3.03.  Governmental Authorization;
Other Consents. 
Subject to Legal Reservations, no material approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required of a Loan
Party in connection with (a) the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan
Document, or for the consummation of the Transaction, (b) the grant by any Loan
Party of the Liens granted by it pursuant to the Security Documents, (c) the
perfection or maintenance of the Liens created under the Security Documents
(including the priority thereof) or (d) the exercise by the Administrative Agent
or any Lender of its rights under the Loan Documents or the remedies in respect
of the Collateral pursuant to the Security Documents, except for (i) filings,
notices and consents and registrations necessary to perfect the Liens on the
Security granted by the Loan Parties in favor of the Secured Parties, (ii) the
approvals, consents, exemptions, authorizations, actions, notices and filings
which have been duly obtained, taken, given or made and are in full force and
effect (or, with respect to consummation of the Transaction, will be duly
obtained, taken, given or made and will be in full force and effect, in each
case within the time period required to be so obtained, taken, given or made);
(iii) those approvals, consents, exemptions, authorizations or other actions,
notices or filings, the failure of which to obtain or make could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect and (iv) those not required in accordance with the Security
Principles.

     

    Section
3.04.  Binding
Effect.  This
Agreement and each other Loan Document dated on or prior to the date this
representation is made has been duly executed and delivered by each Loan Party
that is a party thereto.  This Agreement and each other Loan Document
dated on or prior to the date this representation is made constitutes, a legal,
valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is a party thereto in accordance with its terms, except as such
enforceability may be limited by (i) Debtor Relief Laws and by general
principles of equity, (ii) the need for filings and registrations necessary to
perfect the Liens on the Collateral granted by the Loan Parties in favor of the
Secured Parties and (iii) the effect of foreign Laws, rules and regulations as
they relate to pledges of Equity Interests in Foreign Subsidiaries (other than
those pledges made under the Laws of the jurisdiction of formation of the
applicable Foreign Subsidiary).

     

    Section
3.05.  Financial Statements; No
Material Adverse Effect.

     

    (a)           (i)  The
unaudited pro forma consolidated balance sheet of the Company and its
subsidiaries as of September 30, 2007 (including the notes thereto) (the Pro Forma Balance Sheet) and
the related pro forma consolidated statement of income of the Company and its
subsidiaries for the twelve months ended September 30, 2007 (together with the
Pro Forma Balance Sheet, the Pro Forma Financial
Statements), copies of which have heretofore been furnished to each
Lender, have been prepared giving effect (as if such events had occurred on
January 1, 2006 in the case of the pro forma consolidated statement of income
and September 30, 2007 in the case of the Pro Forma Balance Sheet) to the
Transactions.  The Pro Forma Financial Statements have been prepared
in good faith, based on assumptions believed by the Company to be reasonable as
of the date of delivery thereof, and so far as it was then aware, shall present
fairly in all material respects on a pro forma basis the estimated financial
position of the Company and its subsidiaries as of September 30, 2007 and their
estimated results of operations for the period covered thereby, assuming that
the events specified in the preceding sentence had actually occurred on January
1, 2006 or September 30, 2007, as applicable.

     

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

    
      
         

      

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

     

    (c)           The
Company and its subsidiaries shall have outstanding no Financial Indebtedness or
Disqualified Equity Interests other than (i) the Loans and other Loan Party
Obligations, (ii) the loans under the Senior Secured Credit Facilities,
(iii) the Existing Notes, (iv) Existing Indebtedness (including
letters of credit issued and outstanding on the Closing Date), (E) the
Asset Backed Credit Facility, Receivables Financing and Securitization
Transactions and (F) liabilities incurred in the ordinary course of business and
(b) liabilities disclosed in the Pro Forma Financial Statements, in each case to
the extent permitted by Section 5.08.

     

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

     

    Section
3.07.  Ownership of Property;
Liens.

     

    (a)           Each
Loan Party and each of its subsidiaries has good record fee simple title (or
otherwise holds full legal (and, if applicable, beneficial) ownership under
applicable Law) to, or valid leasehold interests in, or easements or other
limited property interests in, all Real Property necessary in the ordinary
conduct of its business, free and clear of all Liens except for (x) minor
defects in title that do not materially interfere with its ability to conduct
its business or to utilize such assets for their intended purposes and (y) Liens
permitted under Section 5.14 and except where the failure to have such title
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

     

    (b)           As
of the Closing Date, Schedule 7 to the Perfection Certificate dated the Closing
Date contains a true and complete list of each interest in material Real
Property owned or ground leased by the Loan Parties and describes the type of
interest therein held by each such entity.

     

    Section
3.08.  Environmental
Matters.

     

    In each
case, except as set forth on Schedule 3.08,

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

      
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    Section
3.10.  ERISA
Compliance.

     

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

     

    (b)           (i)
No ERISA Event has occurred or is reasonably expected to occur and (ii) neither
any Loan Party, any subsidiary nor any ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA, except,
with respect to each of the foregoing clauses of this Section 3.10(b), as could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

     

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

     

    Section
3.11.  Subsidiaries; Equity
Interests.

     

    As of the
Closing Date (after giving effect to any part of the Transaction that is
consummated on or prior to the Closing Date), no Loan Party has any subsidiaries
other than dormant or inactive entities and those specifically disclosed in
Schedule 3.11 hereto, and all of the outstanding Equity Interests owned by the
Loan Parties (or a subsidiary of any Loan Party) in such subsidiaries have been
validly issued and are fully paid and all Equity Interests owned by a Loan Party
(or a subsidiary of any Loan Party) in such subsidiaries are owned free and
clear of all Liens except (i) those created under the Security Documents and
(ii) any Lien that is permitted under Section 5.14.  As of the Closing
Date, Schedules 1(a) and 10(a) and (b) to the Perfection Certificate set forth
the name, jurisdiction and ownership interest of each Loan Party in each direct
Domestic Subsidiary or any material Foreign Subsidiary which is not dormant or
inactive, including the percentage of such ownership, and no such entities have
any direct or indirect Material Subsidiaries.

     

    Section
3.12.  Margin Regulations;
Investment Company Act.

     

    (a)           Borrower
is not engaged nor will it engage, principally or as one of its important
activities, in the business of purchasing or carrying Margin Stock, or extending
credit for the purpose of purchasing or carrying Margin Stock, and no proceeds
of any Borrowings will be used for any purpose that violates Regulation
U.

     

    (b)           Neither
Borrower, nor any Person Controlling Borrower, or any of the subsidiaries of
Borrower is or is required to be registered as an investment company under the
Investment Company Act of 1940.

     

    Section
3.13.  Disclosure.

     

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

    
      
         

      

      
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    Section
3.14.  [Reserved].

     

    Section
3.15.  Anti-Terrorism
Laws.

     

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

     

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

     

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

     

    Except
pursuant to licenses and other user agreements entered into by each Loan Party
in the ordinary course of business, on and as of the Closing Date (i) each Loan
Party owns and possesses the right to use the copyrights, patents and trademarks
identified with such Loan Partys name on Schedule 12(a) or 12(b), as applicable,
to the Perfection Certificate, and (ii) the registrations listed on Schedule
12(a) and 12(b) are valid and in full force and effect, except, in each case, to
the extent failure to own or possess such right to use or of such registrations
to be valid and in full force and effect could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

     

    Section
3.17.  Solvency.

     

    On the
Closing Date, the Loan Parties (taken as a whole) after giving effect to the
Transaction, are Solvent.

     

    Section
3.18.  Use of
Proceeds.  Borrower
will use the proceeds of Loans made on the Closing Date solely to finance the
Transactions.

    
      
         

      

      
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    Section
3.19.  [Reserved].

    

     

    Section
3.20.  Security
Documents.

     

    (a)           Subject
to Legal Reservations, the Security Documents are or in the case of each
Security Document delivered pursuant to the Senior Secured Credit Facilities
will, upon execution and deliver thereof, be effective to create in favor of the
Collateral Agent for the benefit of the Secured Parties (or in favor of the
relevant Secured Parties directly, as applicable), legal, valid and enforceable
Liens on, and security interests in, the Collateral described therein to the
extent intended to be created thereby and (i) when financing statements and
other filings in appropriate form are filed in the offices specified on Schedule
7 to the Perfection Certificate and registration achieved (if applicable), (ii)
when all appropriate filings, recordings, endorsements, notarizations, stamping,
registrations and/or notifications are made as required under applicable Law and
(iii) upon the taking of possession or control by the Collateral Agent of such
Collateral with respect to which a security interest may be perfected only by
possession or control (which possession or control shall be given to the
Collateral Agent to the extent possession or control by the Collateral Agent is
required by the Security Agreement), the Liens created by the Security Documents
shall constitute fully perfected Liens on, and security interests in (to the
extent intended to be created thereby), all right, title and interest of the
grantors in such Collateral, in each case subject to no Liens other than Liens
permitted hereunder.

     

    (b)           When
the Security Agreement governed by U.S. Law or a short form thereof is properly
filed in the United States Patent and Trademark Office and the United States
Copyright Office, the Liens created by such Security Agreement shall constitute
fully perfected Liens on, and security interests in, all right, title and
interest of the grantors thereunder (to the extent intended to be created
thereby) in the IP Rights to the extent that a security interest can be created
under Article 9 of the UCC and can be perfected by the filing of a financing
statement in accordance therewith, except as the enforcement thereof may be
limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of rights of creditors generally and except to the extent that
enforcement of rights and remedies set forth therein may be limited by equitable
principles (regardless of whether enforcement is considered in a court of law or
a proceeding in equity), in each case subject to no Liens other than Liens
permitted hereunder (it being understood that subsequent recordings in the
United States Patent and Trademark Office and the United States Copyright Office
may be necessary to perfect a Lien on registered patents and copyrights acquired
by the grantors thereof after the Closing Date).

     

    (c)           Notwithstanding
anything herein (including this Section 3.20) or in any other Loan Document to
the contrary, no Loan Party makes any representation or warranty as to the
effects of perfection or non-perfection, the priority or the enforceability of
any pledge of or security interest (other than with respect to those pledges and
security interests made under the Laws of the jurisdiction of formation of the
applicable Foreign Subsidiary) in any Equity Interests of any Foreign
Subsidiary, or as to the rights and remedies of the Agents or any Lender with
respect thereto, under foreign Law.

     

    Section
3.21.  Works
Council.

     

    None of
the Dutch Loan Parties other than Basell Benelux B.V. has, or is required to
have, a (central) works council ((centrale) ondernemingsraad) and there
is no (central) works council which under the Dutch Works Councils Act (Wet op de ondernemingsraden)
would have the right to give advice in connection with any Loan
Document.

    
      
         

      

      
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    ARTICLE
4

     

    CONDITIONS
OF LENDING

     

    Section
4.01.  Conditions of
Lending.  The
obligation of each Lender to fund the Loans on the Closing Date hereunder is
subject to satisfaction of the following conditions precedent:

     

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

     

    (i)       executed
counterparts of this Agreement (including all of the Lenders party
hereto);

     

    (ii)      an
Initial Loan Note executed by Borrower in favor of each Lender that has
requested an Initial Loan Note more than three (3) Business Days prior to the
Closing Date;

     

    (iii)     except
where delivery after the Closing Date is contemplated therein, each Security
Document set forth on Schedule 4.01(a)(iii) hereto, duly executed by each Loan
Party thereto, together with:

     

    (A)           certificates,
if any, representing the Pledged Equity referred to therein accompanied, if
applicable, by undated stock powers executed in blank and instruments evidencing
the Pledged Debt indorsed in blank, and

     

    (B)           where
appropriate and customary in each relevant jurisdiction where the Guarantors are
organized, evidence that all other actions, recordings and filings that the
Administrative Agent may deem reasonably necessary to satisfy the Collateral and
Guarantee Requirement (and as have been notified to Borrower or its counsel no
later than three (3) Business Days prior to the Closing Date) shall have been
taken, completed or otherwise provided for in a manner reasonably satisfactory
to the Administrative Agent;

     

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

     

    (v)      (A)           the
executed legal opinion of Skadden, Arps, Slate, Meagher & Flom LLP, special
U.S. counsel to the Company and certain other Loan Parties, substantially in the
form of Exhibit H; and

     

    (B)               the
executed legal opinion of local counsel to the Lenders or the Loan Parties, as
applicable, in the jurisdictions listed on Schedule 4.01(a)(v)(B), in form and
substance reasonably satisfactory to the Administrative Agent;

    
      
         

      

      
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    (C)               a
certificate signed by a Company Financial Officer certifying that since the date
of the Acquisition Agreement there has been no Material Adverse
Change;

     

    (vi)     a
certificate signed by a Company Financial Officer attesting to the Solvency of
the Loan Parties (taken as a whole) after giving effect to the Transactions,
from;

     

    (vii)   
except as contemplated by Section 6.14(a) of the Senior Secured Credit
Facilities, evidence that all insurance (including title insurance) required to
be maintained pursuant to the Loan Documents has been obtained and is in effect
and that the Collateral Agent has been named as loss payee, mortgagee and
additional insured under each insurance policy with respect to such insurance as
to which the Collateral Agent shall have requested to be so named;

     

    (viii)   a
Borrowing Request relating to the Borrowings made on the Closing Date;
and

     

    (ix)      the
Intercreditor Agreement, executed and delivered by a duly authorized officer of
the applicable Loan Parties and of the Collateral Agent and other agents party
thereto;

     

    (b)           prior
to or substantially simultaneously with the Loans made on the Closing Date,
arrangements reasonably satisfactory to the Joint Lead Arrangers shall have been
made to pay all fees and expenses (to the extent invoices for such expenses have
been provided at least five (5) Business Days prior to the Closing Date)
required to be paid hereunder by the Company or Borrower from the Borrowings
made on the Closing Date;

     

    (c)           prior
to or substantially simultaneously with the Initial Loans made on the Closing
Date, the Acquisition shall have been consummated in accordance with the terms
of the Acquisition Agreement except for the filing of the merger certificate
which shall occur substantially concurrently, without giving effect to any
amendments or waivers thereto (excluding any waiver by Lyondell of the
conditions set forth in Section 6.3(a)(i) of the Acquisition Agreement) that are
materially adverse to the Lenders made without reasonable consent of the Joint
Lead Arrangers (such consent not to be unreasonably withheld or delayed), and in
compliance with applicable material Laws and regulatory approvals;

     

    (d)           all
of the conditions precedent included in Article IV of the Senior Secured Credit
Facilities have been satisfied or waived and the Senior Secured Credit
Facilities remain in full force and effect;

     

    (e)           the
Company and its subsidiaries shall have outstanding no Financial Indebtedness or
Disqualified Equity Interests other than (A) the Initial Loan, (B) the
loans under the Senior Secured Credit Facilities, (C) the Existing Notes,
(D) Existing Indebtedness (including letters of credit issued and
outstanding on the Closing Date), and (E) the Asset Backed Credit Facility,
Receivables Financing and Securitization Transactions and (F) liabilities
incurred in the ordinary course of business and (G) liabilities disclosed in the
Pro Forma Financial Statements, in each case to the extent permitted by Section
5.08;

     

    (f)           the
Administrative Agent shall have received all documentation and other information
mutually agreed to be required by regulatory authorities under applicable know
your customer and anti-money laundering rules and regulations, including the
Patriot Act.

    
      
         

      

      
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    (g)           The
representations and warranties of Borrower and each other Loan Party contained
in Article 3 or any other Loan Document shall be true and correct in all
material respects on and as of the Closing Date.

     

    (h)           No
Default shall exist or would result from such proposed Borrowing or from the
application of the proceeds therefrom.

     

    (i)           The
Administrative Agent shall have received a Borrowing Request in accordance with
the requirements hereof.

    
      
         

      

      
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    ARTICLE
5

     

    GENERAL
COVENANTS

     

    Each of
Borrower, the Company and each other Loan Party covenants and agrees with each
Lender that, so long as this Agreement shall remain in effect and until the
Commitments have been terminated and the principal of and interest on each Loan,
all Fees and all other expenses or amounts payable under any Loan Document have
been paid in full, unless the Required Lenders shall otherwise consent in
writing, Borrower, the Company and each other Loan Party shall comply with the
covenants set forth in this Article 5.

     

    Section
5.01.  Limitation on Restricted
Payments.  (a)
The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly, make any Restricted
Payment.

     

     

    (b)              Notwithstanding
the foregoing, the provisions set forth in the immediately preceding paragraph
do not prohibit:

     

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

     

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

     

    (iii)     the
acquisition or repayment of any Indebtedness of the Company that is subordinate
or junior in right of payment to the Loans or Disqualified Capital Stock of the
Company either (A) solely in exchange for shares of Qualified Capital Stock
of the Company, or (B) if no Default or Event of Default shall have
occurred and be continuing, through the application of net cash proceeds of
(1) a substantially concurrent Equity Offering or (2) incurrence for
cash of Refinancing Indebtedness (in the case of (1) or (2), other than to
a subsidiary of the Company);

     

    (iv)     beginning
on the fifth anniversary of the date on which the 2015 Notes were issued, so
long as no Default or Event of Default shall have occurred and be continuing or
would be caused thereby, repurchases by the Company of, or dividends to Parent
to permit repurchases by Parent of, Common Stock of the Company or Parent from
employees, former employees, directors or former directors of the Company or any
of its subsidiaries (or permitted transferees of such persons) or their
authorized representatives upon the death, disability or termination of
employment of such employees or directors, in an aggregate amount for all
periods not to exceed 2.0% of the Capital Stock of the Company from time to time
at fair market value at the date of such repurchase;

     

    (v)      payments
to Parent for legal, audit, tax and other expenses directly relating to the
administration of Parent, including customary compensation payable to the
Parents directors and employees, not to exceed 1.5 million in any fiscal
year;

    
      
         

      

      
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    (vi)     so
long as no Default or Event of Default shall have occurred and be continuing or
would be caused thereby, ongoing service and management fees pursuant to the
Management Agreement in an aggregate annual amount not to exceed (x) in
respect of any fiscal year in which the Consolidated EBITDA (as defined in the
Senior Secured Credit Facilities) of the Company is less than $6.0 billion
(the EBITDA Threshold), $25.0 million and (y) in respect of any fiscal
year in which the Consolidated EBITDA (as defined in the Senior Secured Credit
Facilities) of the Company is greater than the EBITDA Threshold, $30.0
million;

     

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

     

    (viii)   payments
or distributions to dissenting shareholders pursuant to applicable law in
connection with or in contemplation of the Acquisition or any merger,
consolidation or transfer of assets that complies with Section
5.19;

     

    (ix)      payments
of dividends on Disqualified Capital Stock issued in accordance with Section
5.08;

     

    (x)       directors
fees (including non-executive directors of the Company) or, if the Company is a
partnership, directors fees of the general partner of the Company in an amount
not to exceed $1.5 million per year;

     

    (xi)     
so long as no Default or Event of Default shall have occurred and be continuing
or would be caused thereby, any purchase, repurchase, redemption, defeasance or
other acquisition or retirement for value of the 2015 Notes upon a Change of
Control or an Asset Sale to the extent required by the indenture relating to the
2015 Notes, but only if Borrower (A) in the case of a Change of Control prior to
the Initial Maturity Date, has first prepaid all Loans and Loan Notes in
accordance with Section 5.10(a) hereof, (B) in the case of a Change of Control
on or after the Initial Maturity Date, has first purchased each Loan of each
Lender that elects to have such Loan purchased in accordance with Section
5.10(b) hereof, or (C) or in the case of an Asset Sale, has first purchased all
Loans in accordance with Section 5.11(d) hereof;

     

    (xii)     any
Restricted Payment made to consummate the Acquisition and the fees and expenses
related thereto; provided,
however, that such Restricted Payments will be excluded in the
calculation of the amount of Restricted Payments;

     

    (xiii)    after
the Extension Date, so long as no Default or Event of Default shall have
occurred and be continuing or would be caused thereby, (i) prior to Listing,
Restricted Payments by the Company in an amount not to exceed $50 million per
annum and $200 million in the aggregate, and (ii) following Listing, the payment
of dividends on the listed Common Stock at a rate not to exceed 6% per annum of
the net cash proceeds received by the Company in connection with such Listing or
any subsequent Listing; provided that if such Listing
was of the share capital of a Holding Company of the Company, the net proceeds
of any such dividend are used to fund a corresponding dividend in equal or
greater amount on the share capital of such Holding Company;

     

    (xiv)    dividends
or other distributions on Disqualified Capital Stock issued by the Company to
the extent such Disqualified Capital Stock constitutes Indebtedness under the
indenture and was issued in compliance therewith; provided that prior to the
Extension Date, no Restricted Payments may be made pursuant to this
Section 5.01(b)(xiv) unless no Default or Event of Default shall have
occurred or be continuing;

    
      
         

      

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

     

    (xvi)    after
the Extension Date, payments under the Tax Sharing Agreement.

     

    (c)           In
addition to the foregoing, the Company may make Restricted Investments and,
after the Extension Date, the Company may make Restricted Payments if at the
time of such Restricted Payment or immediately after giving effect
thereto:

     

    (i)       no
Default or an Event of Default shall have occurred and be continuing or would be
caused thereby;

     

    (ii)      the
Company is able to incur at least $1.00 of additional Indebtedness other than
Permitted Indebtedness in compliance with Section 5.08;

     

    (iii)     the
aggregate amount of Restricted Payments made after the Closing Date, including
the fair market value as determined reasonably and in good faith by the Board of
Directors of the Company of non-cash amounts constituting Restricted Payments,
shall not exceed the sum of:

     

    (A)           50%
of the cumulative Consolidated Net Income (or if cumulative Consolidated Net
Income shall be a loss, minus 100% of such loss) of the Company earned from the
end of the quarter immediately preceding the Closing Date through the last day
of the last full fiscal quarter for which financial statements are reported
immediately preceding the date the Restricted Payment occurs (the Reference Date) (treating such
period as a single accounting period); provided, however, that for purposes
of this sub-clause (iii)(A) only, to the extent any amounts that would
constitute net income but which have been used to make a Permitted Investment
described in clause (e) of the definition thereof, such amounts shall be
excluded from Consolidated Net Income; plus

     

    (B)           100%
of the aggregate net cash proceeds or the fair market value, as determined in
good faith by the Company,  of property other than cash (including
Capital Stock) of Persons engaged in a Permitted Business or property used or
useful in a Permitted Business received by the Company or its Restricted
Subsidiaries from any Person (other than a subsidiary of the Company) from the
issuance and sale subsequent to the Closing Date and on or prior to the
Reference Date of Qualified Capital Stock of the Company (including Disqualified
Capital Stock of the Company that is converted into or exchanged for Qualified
Capital Stock of the Company subsequent to the Closing Date) or debt securities
of the Company or its Restricted Subsidiaries that are convertible into or
exchangeable for Qualified Capital Stock of the Company, but only when and to
the extent such debt securities are converted into or exchanged for Qualified
Capital Stock of the Company; plus

    
      
         

      

      
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    (C)           without
duplication of any amounts included in clause (B) above, 100% of the
aggregate net cash proceeds of any equity contribution received by the Company;
plus

     

    (D)           without
duplication of any amounts included in clause (B) above, 100% of the
aggregate net cash proceeds of any sales or distributions of the type described
in clause (e)(i) or (ii) of the definition of Permitted Investments but only to
the extent such net cash proceeds are not utilized in accordance therewith
(including Disqualified Capital Stock of the Company that is converted into or
exchanged for Qualified Capital Stock of the Company subsequent to the Closing
Date).

     

    In
determining the aggregate amount of Restricted Payments made subsequent to the
Closing Date in accordance with clause (iii) of the immediately preceding
paragraph, cash amounts expended pursuant to clauses (i), (ii)(B), (iii)(B)(1),
(iv) and (xiii) of paragraph (b) above shall be included in such
calculation.

     

    (d)           Not
later than the date of making any Restricted Payment pursuant to
paragraph (c) or clause (b)(xi), the Company shall deliver to the
Administrative Agent an officers certificate stating that such Restricted
Payment complies with this Agreement and setting forth in reasonable detail the
basis upon which the required calculations were computed, which calculations may
be based upon the Companys quarterly financial statements last provided to the
Lenders pursuant to Article 6.

     

    Section
5.02.  Corporate
Existence.  The
Company shall (a) preserve, renew and maintain in full force and effect its
legal existence under the Laws of the jurisdiction of its organization except
(x) in a transaction permitted by Section 5.11 or 5.19 and (y) subject to
Section 5.19(c)(II)(C), any Restricted Subsidiary may merge and amalgamate,
consolidate or amalgamate with any other Restricted Subsidiary and (b) take all
reasonable action to maintain all rights, privileges (including its good
standing, where such concept exists), permits, licenses and franchises necessary
or desirable in the normal conduct of its business, except (i) to the extent
that failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect or (ii) pursuant to a transaction
permitted by Section 5.11 or 5.19 or clause (y) of this Section
5.02.

     

    Section
5.03.  Payments of Taxes and Other
Claims.  The
Company shall timely pay, discharge or otherwise satisfy as the same shall
become due and payable in the normal conduct of its business, all its
obligations and liabilities in respect of the taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or
in respect of its property, except, in each case, to the extent the failure to
pay or discharge the same could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

     

    Section
5.04.  Maintenance of Properties
and Insurance.  (a)  The
Company shall, except if the failure to do so could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, maintain,
preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order, repair and condition,
ordinary wear and tear excepted and casualty or condemnation
excepted.

     

    (b)           The
Company shall maintain with reputable insurance companies, insurance with
respect to its assets, properties and business against loss or damage to the
extent available on commercially reasonable terms of the kinds customarily
insured against by Persons of similar size engaged in the same or similar
industry, of such types and in such amounts (after giving effect to any
self-insurance (including captive industry insurance) reasonable and customary
for similarly situated Persons of similar size engaged in the same or similar
businesses as the Company and the Restricted Subsidiaries) as are customarily
carried under similar circumstances by such other Persons.  With
respect to each Mortgaged Property located in the U.S., obtain flood insurance
in such total amount as required by applicable Law, if at any time the area in
which any improvements are located on any Mortgaged Property is designated a
flood hazard area in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), and, if required by law,
comply with the National Flood Insurance Program as set forth in the Flood
Disaster Protection Act of 1973, as amended from time to time.

    
      
         

      

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

     

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

     

    Section
5.07.  Limitations on Transactions
with Affiliates.  (a)
The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into any transaction or series of related
transactions with, or for the benefit of, any of its Affiliates (each, an Affiliate Transaction)
involving aggregate payments or consideration in excess of $10.0 million, other
than:

     

    (i)       Affiliate
Transactions permitted under the provision described in clause (b) of this
Section 5.07; and

     

    (ii)      Affiliate
Transactions on terms that are no less favorable to the Company or the relevant
Restricted Subsidiary than those terms that might reasonably have been obtained
in a comparable transaction at such time on an arms length basis by the Company
or the relevant Restricted Subsidiary and an unrelated person or, if no such
comparable transaction with a person who is not an affiliate is available on
terms that are fair from a financial point of view to the Company or such
Restricted Subsidiary as certified by an Independent Financial
Advisor.

     

    The Board
of Directors of the Company and the Board of Directors of the relevant
Restricted Subsidiary must approve each Affiliate Transaction to which they are
a party that involves aggregate payments or other property with a fair market
value in excess of $25.0 million.  This approval must be
evidenced by a board resolution that states that the Board of Directors has
determined that the transaction complies with the foregoing
provisions.  If the Company or any Restricted Subsidiary of the
Company enters into an Affiliate Transaction that involves payments or other
property with an aggregate fair market value of more than $100 million,
then prior to the consummation of the Affiliate Transaction, the parties to such
Affiliate Transaction must obtain a favorable opinion as to the fairness of such
transaction or series of related transactions to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point of view, from
an Independent Financial Advisor and mail the same to the Agents and the
Lenders.

     

    (b)           The
restrictions described in the preceding paragraph (a) do not apply
to:

    
      
         

      

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

     

    (ii)       transactions
exclusively between or among the Company and any of its Restricted Subsidiaries
or exclusively between or among such Restricted Subsidiaries, provided such transactions
are not otherwise prohibited by this Agreement;

     

    (iii)     any
agreement as in effect as of the Closing Date or any amendment or renewal
thereto or any transaction contemplated thereby or in any replacement agreement
thereto so long as any such amendment or renewal or replacement agreement is not
more disadvantageous to the Lenders (as determined by the Board of Directors of
the Company in their reasonable and good faith judgment) in any material respect
than the original agreement;

     

    (iv)     Investments
of the type described in clauses (d), (e), (j), (l) and (n) in the definition of
Permitted Investments and Restricted Payments made in compliance with Section
5.01;

     

    (v)      transactions
between any of the Company, any of its subsidiaries and any Securitization
Entity in connection with a Qualified Securitization Transaction, in each case
provided that such transactions are not otherwise prohibited by this
Agreement;

     

    (vi)     transactions
with customers, clients, suppliers, distributors or other purchases or sales of
goods or services, in each case in the ordinary course of business and otherwise
in compliance with the terms of this Agreement which when taken together are
fair to the Company or the Restricted Subsidiaries of the Company as applicable,
in the reasonable determination of the board of directors of the Company or the
senior management thereof, or are on terms no less favorable as might reasonably
have been obtained at such time from an unaffiliated party;

     

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

     

    (viii)  
the issuance or sale of any of the Companys Capital Stock (other than
Disqualified Capital Stock) or capital contributions received by the
Company;

     

    (ix)     
transactions entered into between or among the Company or any of its Restricted
Subsidiaries and any joint venture, or other Affiliate that would otherwise be
subject to this covenant solely because the Company or a Restricted Subsidiary
of the Company owns any Capital Stock of or otherwise controls such
Person;

     

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

    
      
         

      

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

     

    (xii)     transactions
entered into between or among the Company or any of its Restricted Subsidiaries
and any Affiliate of the Company or any of its Restricted
Subsidiaries  that is engaged in a Permitted Business on terms that
are no less favorable as might reasonably been obtained as such time from an
unaffiliated third party or, if no such comparable transaction with a Person who
is not an Affiliate of the Company is available, on terms that are fair from a
financial point of view to the Company or such Restricted Subsidiary as
certified by an Independent Financial Advisor

     

    Section
5.08.  Limitation on Incurrence of
Additional Indebtedness.  (a)
The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee, acquire, become
liable, contingently or otherwise, with respect to, or otherwise become
responsible for payment of (collectively, incur) any Indebtedness other
than Permitted Indebtedness;

     

    (b)           In
addition, on and after the Extension Date, if no Default or Event of Default
shall have occurred and be continuing at the time of or as a consequence of the
incurrence of any such Indebtedness, the Company and its Restricted Subsidiaries
may incur Indebtedness (including Acquired Indebtedness), if on the date of the
incurrence of such Indebtedness, after giving effect to the incurrence thereof,
the Consolidated Fixed Charge Coverage Ratio of the Company is greater than 2.0
to 1.0.

     

    (c)           Paragraph
(a) and (b) of this Section 5.08 shall not prohibit the incurrence of the
following Indebtedness (collectively Permitted
Indebtedness):

     

    (i)                 Indebtedness
under the Loans and this Agreement in an amount not to exceed $8.0 billion
in aggregate principal amount, and the Permanent Securities, in one or more
tranches, the indenture relating to the Permanent Securities, if any, and the
guarantees thereof and hereof;

     

    (ii)                 (A)  Indebtedness
incurred pursuant to the Credit Facilities in an aggregate principal amount not
to exceed $12.45 billion at any one time outstanding less the amount of any
payments actually made by or on behalf of the Company or its subsidiaries under
the Credit Facilities with the proceeds of any Asset Sale (excluding any
temporary reduction in revolving credit facilities pending final application of
the proceeds in accordance with this Agreement) and (B) if no Default or Event
of Default shall have occurred and be continuing at the time of or as a
consequence of the incurrence of any such Indebtedness, the Company and its
Restricted Subsidiaries may incur Indebtedness under incremental
facilities  under the Senior Secured Credit Facilities in an amount
not to exceed $1.0 billion, if on the date of the incurrence of such
Indebtedness, after giving effect to the incurrence thereof, the Consolidated
First Lien Secured Leverage Ratio of the Company is less than 2.5 to
1.0;

     

    (iii)                 other
Indebtedness of the Company and its Restricted Subsidiaries outstanding on the
Closing Date (after giving effect to the Acquisition) reduced by the amount of
any prepayments with proceeds of any Asset Sale (excluding any temporary
reduction in revolving credit facilities pending final application of the
proceeds in accordance with this Agreement);

     

    (iv)                 the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations that are incurred for the purpose of (A) fixing or hedging interest
rate or currency risk with respect to any fixed or floating rate Indebtedness
that is permitted by this Agreement to be outstanding or any receivable or
liability the payment of which is determined by reference to a foreign
currency; provided that
the notional principal amount of any such Hedging Obligation does not exceed the
principal amount of the Indebtedness to which such Hedging Obligation relates or
(B) managing fluctuations in the price or cost of raw materials, emissions,
manufactured products or related commodities; provided that such
obligations are entered into in the ordinary course of business to hedge or
mitigate risks to which the Company or any of its Restricted Subsidiaries are
exposed in the conduct of its business or the management of its liabilities (as
determined by the Companys or such Restricted Subsidiarys principal financial
officer in the exercise of his or her good faith business
judgment);

    
      
         

      

      
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    (v)                 Indebtedness
of a Restricted Subsidiary of the Company to the Company or to a Restricted
Subsidiary of the Company for so long as such Indebtedness is held by the
Company or a Restricted Subsidiary of the Company, in each case subject to no
Lien held by a person other than the Company or a Restricted Subsidiary of the
Company (other than the pledge of intercompany notes under the Credit
Facilities); provided
that if as of any date any Person other than the Company or a Restricted
Subsidiary of the Company owns or holds any such Indebtedness or holds a Lien in
respect of such Indebtedness (other than the pledge of intercompany notes under
the Credit Facilities), it shall be deemed the incurrence of Indebtedness not
constituting Permitted Indebtedness under this clause by the issuer of such
Indebtedness on such date;

     

    (vi)                 Indebtedness
of the Company to a Restricted Subsidiary of the Company for so long as such
Indebtedness is held by a Restricted Subsidiary of the Company, in each case
subject to no Lien (other than Liens securing intercompany notes pledged under
the Credit Facilities); provided that (a) any
Indebtedness of the Company to any Restricted Subsidiary of the Company (other
than pursuant to intercompany notes pledged under the Credit Facilities) is
unsecured and subordinated, pursuant to a written agreement, to the Companys
obligations under the Loan Documents and (b) if as of any date any Person
other than a Restricted Subsidiary of the Company owns or holds any such
Indebtedness or any Person holds a Lien in respect of such Indebtedness (other
than pledges of intercompany notes securing the Credit Facilities), it shall be
deemed the incurrence of Indebtedness under this clause not constituting
Permitted Indebtedness by the Company on such date;

     

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

     

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

     

    (ix)                 Refinancing
Indebtedness;

     

    (x)                 Indebtedness
arising from agreements of the Company or a subsidiary providing for
indemnification, adjustment of purchase price, earn out or similar obligations,
in each case, incurred in connection with the disposition of any business,
assets or subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or subsidiary for
the purpose of financing such acquisition; provided that the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed
the gross proceeds actually received by the Company and the subsidiary in
connection with such disposition;

    
      
         

      

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

     

    (xii)                 Guarantees
by the Company or a Restricted Subsidiary of the Company of Indebtedness
incurred by the Company or a Restricted Subsidiary of the Company so long as the
incurrence of such Indebtedness by the Company or any such Restricted Subsidiary
is otherwise permitted by the terms of this Agreement;

     

    (xiii)                 Indebtedness
of the Company or any subsidiary of the Company incurred in the ordinary course
of business not to exceed, on or prior to the Extension Date, $100 million and,
thereafter, $200 million in the aggregate at the date of incurrence, in each
case, at any one time outstanding;

     

    (A)           representing
Capitalized Lease Obligations or

     

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

     

    (xiv)               (i)
the incurrence by the Company or a Restricted Subsidiary of the Company of
Indebtedness pursuant to Asset Backed Credit Facilities secured by inventory not
to exceed, in the aggregate for all such Indebtedness, $1.5 billion and (ii) the
incurrence by a Securitization Entity of Indebtedness in a Qualified
Securitization Transaction that is not recourse to the Company or any subsidiary
of the Company (except for Standard Securitization Undertakings);

     

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

     

    (xvi)               Guarantees
by the Company or a Restricted Subsidiary of the Company of Indebtedness
incurred by Qualified Joint Ventures not to exceed, on or prior to the Extension
Date, $125 million and, thereafter, $250 million in the aggregate at any one
time outstanding;

     

    (xvii)              Indebtedness
of a Person existing at the time that person becomes a Restricted Subsidiary of
the Company or assumed in connection with an Asset Acquisition by the Company or
a Restricted Subsidiary of the Company and not incurred in connection with or in
anticipation of, such Person becoming a Restricted Subsidiary; provided that the holders of
any such Indebtedness do not, at any time, have direct or indirect recourse to
any property or assets of the Company or any Restricted Subsidiary other than
the property or assets of such acquired Person; provided, further, that on
the date of such acquisition and after giving pro forma effect thereto,
either (a) the Company would have been able to incur at least $1.00 of
additional Indebtedness pursuant to clause (b) of this Section 5.08 (assuming
for this purpose that the Extension Date has occurred) or (b) the Consolidated
Fixed Charge Coverage Ratio would be greater than or equal to the Consolidated
Fixed Charge Coverage Ratio immediately prior to giving pro forma effect to such
acquisition; providedfurther that Indebtedness
incurred pursuant to this clause (xvii) on or prior to the Extension Date
shall not exceed in the aggregate $125 million;

    
      
         

      

      
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    (xviii)             Contribution
Indebtedness; and

     

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

     

     

    (d)           Notwithstanding
the foregoing, Indebtedness incurred by Restricted Subsidiaries of the Company
that are not Guarantors in accordance with Section 5.08(b) and clauses (ii), and
(xvii) of Section 5.08(c) may not exceed $500 million in the aggregate at
any one time outstanding.  For purposes of determining compliance with
any restriction on the incurrence of Indebtedness in dollars where Indebtedness
is denominated in a different currency, the amount of such Indebtedness will be
the dollar Equivalent determined on the date of such determination, provided that if any such
Indebtedness denominated in a different currency is subject to a Currency
Agreement (with respect to dollars) covering principal amounts payable on such
Indebtedness, the amount of such Indebtedness expressed in dollars will be
adjusted to take into account the effect of such agreement.  The
principal amount of any Refinancing Indebtedness incurred in the same currency
as the Indebtedness being Refinanced will be the dollar Equivalent of the
Indebtedness Refinanced determined on the date such Indebtedness being
Refinanced was initially incurred.  Notwithstanding any other
provision of this covenant, for purposes of determining compliance with this
Section 5.08, increases in Indebtedness solely due to fluctuations in the
exchange rates of currencies will not be deemed to exceed the maximum amount
that the Company or a Restricted Subsidiary of the Company may incur under this
Section 5.08.

     

    (e)              For
purposes of determining any particular amount of Indebtedness under this Section
5.08:

     

    (i)                  
obligations with respect to letters of credit, guarantees or Liens, in each case
supporting Indebtedness otherwise included in the determination of such
particular amount, will not be included;

     

    (ii)                 
any Liens granted pursuant to the equal and ratable provisions referred to in
Section 5.14 will not be treated as Indebtedness; and

     

    (iii)                 accrual
of interest, accrual of dividends, the accretion of accreted value, the
obligation to pay commitment fees and the payment of interest in the form of
additional Indebtedness will not be treated as Indebtedness.

     

    (f)             For
purposes of determining compliance with this Section 5.08, in the event that an
item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Indebtedness described in clauses (i) through (xix)
of paragraph (c) above, or is entitled to be incurred pursuant to paragraph (b)
above, the Company will be permitted to classify such item of Indebtedness on
the date of its incurrence and, except with respect to Indebtedness incurred
under clauses (ii), (xiv) and (xvi) of paragraph (c) above, reclassify such
item of Indebtedness, in each case in any manner that complies with this Section
5.08.  Notwithstanding the foregoing, Indebtedness under the Senior
Secured Credit Facilities up to the maximum amounts permitted under
clause (ii) of paragraph (c) above (and any amounts incurred to Refinance
such Indebtedness) will be deemed to have been incurred pursuant to
clause (ii) of paragraph (c) above, Indebtedness pursuant to Asset Backed
Credit Facilities up to the maximum amounts permitted under clause (xiv) (i)
above will be deemed to have been incurred pursuant to clause (xiv) above and
guarantees by the Company or any Restricted Subsidiaries of Indebtedness
incurred by Qualified Joint Ventures up to the maximum amounts permitted under
clause (xvi) of paragraph (c) above will be deemed to have been incurred
pursuant to clause (xvi) of paragraph (c) above.  Indebtedness of
the type described in clauses (ii), (xiv) or (xvi) of paragraph (c) above may be
not be reclassified; provided that such
Indebtedness may, in each case, be incurred in excess of such maximum amounts if
otherwise permitted by this Section 5.08.

    
      
         

      

      
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    Section
5.09.       Limitation on Dividend and
Other Payment Restrictions Affecting Subsidiaries.  The
Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly make any Restricted Payment or
immediately after giving effect thereto, create or otherwise cause or permit to
exist or become effective any consensual encumbrance or restriction on the
ability of any Restricted Subsidiary of the Company to (a) pay dividends or
make any other distributions on or in respect of its Capital Stock;
(b) make loans or advances or to pay any Indebtedness or other obligation
owed to the Company, Borrower or any other Restricted Subsidiary of the Company;
or (c) transfer any of its property or assets to the Company, Borrower or
any other Restricted Subsidiary of the Company, except for such encumbrances or
restrictions existing under or by reason of:

     

    (i)       applicable
law, rules, regulations and/or orders;

     

    (ii)      the
Loan Documents (including, without limitation, any Liens permitted by such Loan
Documents), the indenture relating to the Permanent Securities permitted by
Section 5.08(c)(i) (including, without limitation, any Liens permitted by this
Agreement or the indenture relating to the Permanent Securities), provided that encumbrances or
restrictions contained in such other indenture are no less favorable to the
Company in any material respect as determined by the Board of Directors of the
Company in their reasonable and good faith judgment than those in this
Agreement;

     

    (iii)      customary
non-assignment provisions of any contract or any lease governing a leasehold
interest of the Company or any Restricted Subsidiary of the
Company;

     

    (iv)     any
agreements existing at the time of any merger or consolidation with any Person
or the acquisition of any Person or the properties or assets of such Person
(including agreements governing Acquired Indebtedness), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person or the properties or assets of the Person merged
or consolidated with or so acquired or any subsidiary of such Person and as
amended or modified; provided, however, that any such
amendment or modification is no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions prior to such amendment
or modification;

     

    (v)      agreements
existing on the Closing Date (after giving effect to the Acquisition) to the
extent and in the manner such agreements are in effect on such date and any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings thereof; provided that such
amendments, modifications, restatements, increases, supplements, refundings,
replacements or refinancings are no more restrictive (as determined by the Board
of Directors of the Company in their reasonable and good faith judgment) in any
material respect, taken as a whole, with respect to such dividend and other
payment restrictions than those contained in such agreements or instruments as
in effect on the Closing Date;

    
      
         

      

      
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    (vi)     restrictions
imposed by any agreement to sell assets or Capital Stock permitted under this
Agreement to any Person pending the closing of such sale;

     

    (vii)    any
agreement or instrument governing Capital Stock of any Person that is acquired
and as amended or modified provided, however, that any such
amendment or modification is no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions prior to such amendment
or modification;

     

    (viii)   Indebtedness
or other contractual requirements of a Securitization Entity in connection with
a Qualified Securitization Transaction; provided that such
restrictions apply only to such Securitization Entity;

     

    (ix)      Liens
incurred in accordance with Section 5.14;

     

    (x)       restrictions
on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business;

     

    (xi)      the
Senior Secured Credit Facilities and any Asset Backed Credit Facilities as in
effect on the Closing Date and as amended or modified, so long as such amendment
or modification is not materially more restrictive, taken as a whole, as at the
time of execution of such amendment or modification;

     

    (xii)     customary
restrictions in construction loans, purchase money obligations, Capitalized
Lease Obligations, security agreements or mortgages securing Indebtedness of the
Company or a Restricted Subsidiary of the Company to the extent such
restrictions restrict the transfer of the property subject to such Capitalized
Lease Obligations, security agreements or mortgages;

     

    (xiii)    customary
provisions in joint venture agreements and other similar agreements (in each
case relating solely to the respective joint venture or similar entity or the
equity interests therein) entered into in the ordinary course of
business;

     

    (xiv)   
customary provisions in Hedging Obligations permitted under this Agreement and
entered into in the ordinary course of business;

     

    (xv)     contracts
entered into in the ordinary course of business, not relating to Indebtedness,
and that do not, individually or in the aggregate, detract from the value of
property or assets of the Company or any Restricted Subsidiary of the Company in
any manner material to the Company or such Restricted Subsidiary;

     

    
      
         

      

      
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    (xvi)   encumbrances
or restrictions imposed by indentures or other similar instruments governing
other Indebtedness Incurred by the Company or any Restricted Subsidiary of the
Company (and if such Indebtedness is guaranteed, by the guarantors of such
Indebtedness) ranking equally with the Loans and the Exchange Notes (or any
guarantee), provided that the encumbrances or restrictions imposed by such other
indentures or instruments are not materially more restrictive taken as a whole
than the encumbrances or restrictions imposed by this Agreement;
and

     

    (xvii)  encumbrances
or restrictions imposed by Credit Facilities (other than the Senior Secured
Credit Facilities); provided that the provisions
relating to such encumbrances or restrictions contained in such Credit
Facilities are no less favorable to the Company in any material respects (as
determined by the Board of Directors of the Company in their reasonable and good
faith judgment) than the provisions relating to such encumbrances or
restrictions contained in the Senior Secured Credit Facilities as in effect on
the Closing Date and as amended or modified, so long as such amendment or
modification is not materially more restrictive, taken as a whole, as at the
time of execution of such amendment or modification.

     

    Section
5.10.  Change of
Control.

     

    (a)             Upon
a Change of Control prior to the Initial Maturity Date, Borrower shall prepay
each Lenders Loans and Loan Notes (including any Subsequent Initial Notes and
Subsequent Extended Notes), without any premium, plus accrued and unpaid
interest, if any, to the date of prepayment in accordance with the terms
contemplated in this Section 5.10.

     

    (b)             If
a Change of Control shall occur on or after the Initial Maturity Date, Borrower
shall notify the Administrative Agent thereof in writing (a Change of Control Notice)
within two (2) Business Days after the occurrence thereof, which Change of
Control Notice shall include (i) a brief description of such Change of Control
(which identifies the parties giving rise to such Change of Control) and (ii)
the designation of a Business Day not less than 15 days nor more than 30 days
after the date of such Change of Control Notice as the Change of Control Purchase
Date on which Borrower shall purchase each Loan of each Lender that
elects, on or prior to the Notice Deadline (as defined below), to have such Loan
purchased at a purchase price of 100% of principal amount of such Loan plus
accrued and unpaid interest thereon to but excluding the Change of Control
Purchase Date (the Change of
Control Price).  The Administrative Agent shall promptly
provide the Change of Control Notice to the Lenders.  Not less than
five (5) Business Days prior to the Change of Control Purchase Date (the Notice Deadline), each Lender
shall notify the Administrative Agent in writing whether or not such Lender
would like Borrower to purchase such Lenders Loans, and any Lender that does not
so notify the Administrative Agent on or prior to the Notice Deadline shall be
deemed to have elected not to have its Loans so purchased.  On the
Business Day prior to the Change of Control Purchase Date, the Administrative
Agent shall notify Borrower of the aggregate principal amount of Loans that
Lenders have requested Borrower to purchase pursuant to the immediately
preceding sentence (the Purchased
Loans).  Not later than 10 a.m., London time on the Change of
Control Purchase Date, Borrower shall pay to the Administrative Agent the Change
of Control Price for each Purchased Loan in immediately available funds in the
currency in which such Purchased Loan was made, and the Administrative Agent
shall promptly distribute the Change of Control Price to each Lender holding a
Purchased Loan.

    
      
         

      

      
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    Section
5.11.  Limitation on Asset
Sales.

     

    (a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

     

    (i)       the
Company or the applicable Restricted Subsidiary of the Company receives
consideration at the time of such Asset Sale at least equal to the fair market
value of the assets that are sold or otherwise disposed of, as determined in
good faith by the Companys Board of Directors;

     

    (ii)      at
least 75% of the consideration received by the Company or the applicable
Restricted Subsidiary from the Asset Sale is in the form of cash or Cash
Equivalents, and is received at the time of the Asset Sale (which shall be
deemed to include other consideration converted to cash or Cash Equivalents
within 90 days of such Asset Sale).  For the purposes of this
provision, each of the following will be deemed to be cash:  the
amount of any liabilities as shown in the Companys or such Restricted
Subsidiarys most recent balance sheet (other than contingent liabilities and
liabilities that are by their terms subordinated to the Loans or any guarantee
thereof), that are assumed by the transferee of any such assets pursuant to a
customary novation agreement that releases the Company or such Restricted
Subsidiary from further liability; and

     

    (iii)     upon
the consummation of an Asset Sale, the Company applies, or causes the applicable
Restricted Subsidiary to apply, the Net Sale Proceeds relating to the Asset Sale
within 365 days of having received the Net Sale Proceeds in accordance with
paragraph (b) below.

     

     

    (b)             The
Company must apply the Net Sale Proceeds either:

     

    (i)       to
prepay any Indebtedness under the Senior Secured Credit Facilities or of a
Restricted Subsidiary of the Company that is not a guarantor and, in the case of
any such Indebtedness under any revolving credit facility, effect a permanent
reduction in the availability under such revolving credit facility,
and/or

     

    (ii)      to
make an investment in or expenditures for properties and assets (including
Capital Stock of any entity) that will be used in a Permitted Business (Replacement Assets),
and/or

     

    (iii)     to
make an acquisition of (A) assets of any Person or division or
(B) Capital Stock of a Person that as a result of such acquisition becomes
a Restricted Subsidiary of the Company, in either case, conducting a Permitted
Business (Related
Businesses).

     

    (c)             Pending
the final application of any such Net Sale Proceeds, the Company or any
Restricted Subsidiary of the Company may temporarily reduce revolving credit
borrowings or otherwise invest such Net Sale Proceeds in any manner that is not
prohibited by the terms of this Agreement.

     

    (d)             On
the 366th day
after an Asset Sale or any earlier date, if any, on which the Board of Directors
of the Company or the Board of Directors of the applicable Restricted Subsidiary
determines not to apply the Net Sale Proceeds in accordance with the preceding
paragraph (b) (each, a Net
Proceeds Offer Trigger Date), such aggregate amount of Net Sale Proceeds
which have not been applied or contractually committed to be applied (and to the
extent not subsequently applied, the Net Proceeds Offer Trigger Date related
thereto shall be deemed to be the date of termination of such contractual
commitment or any earlier date, if any, on which the Board of Directors of the
Company or the Board of Directors of the applicable Restricted Subsidiary
determines not to apply the Net Sale Proceeds in accordance with such
contractual commitment) on or before such Net Proceeds Offer Trigger Date as
permitted by the preceding paragraph (the Net Proceeds Amount) shall be
applied by the Company or such Restricted Subsidiary to make an offer to repay
or prepay (the Net Proceeds
Offer) on a date that is not less than 30 nor more than 45 days
following the applicable Net Proceeds Offer Trigger Date, from: (i) each of the
Lenders and (ii) all holders of other Indebtedness that (x) is equal in right of
payment with the Loans and (y) contains provisions requiring that an offer to
purchase such other Indebtedness be made with the proceeds from the Asset Sale,
on a pro rata basis,
the maximum principal amount of Loans and other Indebtedness that may be
purchased with the Net Proceeds Offer Amount.  Notwithstanding the
foregoing, the obligation to apply the Net Proceeds Amount in accordance with
Section 2.07 hereof shall be suspended until such time as the aggregate
amount of the Net Proceeds Offer Amount is equal to or exceeds (i) until the
later of (A) the Extension Date and (B) the first date on which there are no
2015 Notes outstanding, 20.0 million and (ii) thereafter,
$100.0 million.  The offer price in any Net Proceeds Offer will
be equal to 100% of the principal value of the Loans to be repaid or prepaid,
plus any accrued and unpaid interest to the date of repayment or
prepayment.

    
      
         

      

      
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    (e)           The
following events will be deemed to constitute an Asset Sale and the Net Sale
Proceeds for such Asset Sale must be applied in accordance with this Section
5.11:

     

                  (i)in the event any non-cash
consideration received by the Company or any Restricted Subsidiary of the
Company in connection with any Asset Sale is converted into or sold or otherwise
disposed of for cash (other than interest received with respect to any such
non-cash consideration), or

     

                  (ii)in the event of the transfer of
substantially all, but not all, of the property and assets of the Company and
its Restricted Subsidiaries as an entirety to a person in a transaction
permitted under Section 5.19 and as a result thereof Borrower is no longer an
obligor on the Loans, the successor corporation shall be deemed to have sold the
properties and assets of the Company and its Restricted Subsidiaries not so
transferred for purposes of this Section 5.11, and shall comply with the
provisions of this Section 5.11with respect to such deemed sale as if it were an
Asset Sale.  In addition, the fair market value of such properties and
assets of the Company or its Restricted Subsidiaries deemed to be sold shall be
deemed to be Net Sale Proceeds for purposes of this covenant.

     

    (f)           Notwithstanding
the provisions described in the preceding paragraphs (a)-(e), the Company and
its Restricted Subsidiaries may consummate an Asset Sale without complying with
such provisions to the extent

     

    (i)                 the
consideration for such Asset Sale constitutes Replacement Assets or Related
Businesses; and

     

    (ii)                 such
Asset Sale is for fair market value.

     

    (g)           Any
consideration that does not constitute Replacement Assets or Related Businesses
that is received by the Company or any of its Restricted Subsidiaries in
connection with any Asset Sale permitted under this paragraph will constitute
Net Sale Proceeds and will be subject to the provisions described in the
preceding paragraphs.

    
      
         

      

      
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    (h)           Each
Net Proceeds Offer will be mailed to the Administrative Agent within
30 days following the Net Proceeds Offer Trigger Date, and shall comply
with the procedures set forth in this Agreement.  Upon receiving
notice of the Net Proceeds Offer, Lenders may elect to tender their Loans for
repayment in whole or in part, in exchange for cash.  To the extent
Lenders properly tender Loans in an amount exceeding the Net Proceeds Offer
Amount, Loans of tendering Lenders will be repaid or prepaid on a pro rata basis
(based on amounts tendered).  A Net Proceeds Offer shall remain open
for a period of 20 Business Days or such longer period as may be required by
law.

     

    (i)           After
consummation of any Net Proceeds Offer, any Net Proceeds Offer Amount not
applied to any such purchase may be used for any purpose permitted by the other
provisions of the indenture, and the Net Proceeds Offer Amount shall be reset to
zero.

     

    Section
5.12.  Compliance with
Environmental Laws.

     

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

     

     

    (b)           If
a Default caused by reason of a breach of Section 3.08 or Section 5.12(a) shall
have occurred and be continuing for more than 20 days without the Company
commencing activities reasonably likely to cure such Default in accordance with
Environmental Laws, at the written request of the Administrative Agent or the
Required Lenders through the Administrative Agent, the Company shall provide to
the Lenders within 45 days after such request, at the expense of the Company or
Borrower, an environmental assessment report regarding the matters which are
subject of such Default, including, where appropriate, soil and/or groundwater
sampling, prepared by environmental consulting firm and, in the form and
substance, reasonably acceptable to the Administrative Agent and indicating the
presence or absence of Hazardous Materials and the estimated cost of any
compliance or response to address them.

     

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

     

    Section
5.14.  Limitation on
Liens.  The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
create, incur or otherwise cause or suffer to exist or become effective any
Liens of any kind upon any property or assets of the Company or any Restricted
Subsidiary of the Company, now owned or hereafter acquired, which secures Pari
Passu Indebtedness or Subordinated Indebtedness , other than Permitted Liens,
unless such Indebtedness is incurred in accordance with this Agreement,
and

    
      
         

      

      
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    (1)           if
such Lien secures Pari Passu Indebtedness, the obligations or the Person
granting such Lien under the Loan documents are secured on an equal and ratable
basis with the obligations so secured until such time as such obligation is no
longer secured by a Lien, or

     

    (2)           if
such Lien secures Subordinated Indebtedness, any such Lien shall be subordinated
to a Lien granted to the Finance Parties in the same collateral as that securing
such Lien to the same extent as such Subordinated Indebtedness is subordinated
to the Loans and until such time as such obligation is no longer secured by a
Lien.

     

    Section
5.15.  Additional Subsidiary
Guarantees.  (a)
The Company will cause (i) each Restricted Subsidiary of the Company that,
after the Closing Date, guarantees the Senior Secured Credit Facilities (or any
facility refinancing or replacing such facilities) or (ii) each Restricted
Subsidiary of the Company that, after the Closing Date, guarantees any Public
Indebtedness of the Company or any other Restricted Subsidiary of the Company to
execute and deliver to the Administrative Agent an Accession Letter to which
such Restricted Subsidiary will accede to this Agreement as a
Guarantor.

     

    (b)            Notwithstanding
the foregoing, the Company shall not be obligated to cause any such Restricted
Subsidiary to sign an Accession Letter to the extent that such signature would
reasonably be expected to give rise to or result in:

     

    (1)           any
violation of applicable law, rule, regulation or order that cannot be avoided or
otherwise prevented through measures reasonably available to the Company or such
Restricted Subsidiary; or

     

    (2)           any
liability for the officers, directors or shareholders of such Restricted
Subsidiary.

     

    Section
5.16.  Conduct of
Business.  None
of the Company or any of its Restricted Subsidiaries (other than a
Securitization Entity) will engage in any businesses other than a Permitted
Business, except to such extent as would not be material to the Company and its
subsidiaries taken as a whole.

     

    Section
5.17.  Additional
Collateral.  (a)
The Company will cause (i) each Restricted Subsidiary of the Company that,
after the Closing Date, provides security, directly or indirectly, under the
Senior Secured Credit Facilities (or any facility refinancing or replacing such
facilities) to pledge substantially all of its assets that secure the
obligations under the Senior Secured Credit Facilities (or any facility
refinancing or replacing such facilities) to secure the Loan Party Obligations
hereunder on at least a second-ranking basis.

     

    (a)            Notwithstanding
the foregoing, the Company shall not be obligated to cause any such Restricted
Subsidiary to provide such security to the extent that such security would
reasonably be expected to give rise to or result in:

     

    (1)           any
violation of applicable law, rule, regulation or order that cannot be avoided or
otherwise prevented through measures reasonably available to the Company or such
Restricted Subsidiary; or

     

    (2)           any
liability for the officers, directors or shareholders of such Restricted
Subsidiary.

    
      
         

      

      
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    Section
5.18.  Limitation on Additional
Liens on the Collateral.  The
Company shall not, and shall not permit any Restricted Subsidiary of the Company
to incur any Liens with respect to the Collateral, and the Company shall not,
and shall not permit any Restricted Subsidiary of the Company to, grant to any
Person other than the Collateral Agent, for the benefit of the Secured Parties
and the holders and the other beneficiaries described in the Security Documents,
any Lien whatsoever in any of the Collateral, except that the Company and its
Restricted Subsidiaries may incur Permitted Collateral Liens and the Collateral
may be discharged and released in accordance with the Loan Documents; provided, however, that, except with
respect to any discharge or release in accordance with the Loan Documents, the
incurrence of Permitted Collateral Liens or any action expressly permitted by
the Loan Documents, the security documents may not be amended, extended,
renewed, restated, supplemented or otherwise modified or replaced, unless
contemporaneously with any such action, the Company delivers to the
Administrative Agent with a copy to the Lenders (on a non-reliance basis),
either (a) a solvency opinion, in form and substance reasonably
satisfactory to the Administrative Agent from an Independent Financial Advisor
confirming the solvency of the Company and its Restricted Subsidiaries, taken as
a whole, after giving effect to any transactions related to such amendment,
extension, renewal, restatement, supplement, modification or replacement, or
(b) an opinion of counsel, in form and substance reasonably satisfactory to
the Administrative Agent, confirming that, after giving effect to any
transactions related to such amendment, extension, renewal, restatement,
supplement, modification or replacement, the Lien or Liens created under the
Security Documents, so amended, extended, renewed, restated, supplemented,
modified or replaced are valid Liens not otherwise subject to any limitation,
imperfection or new hardening period, in equity or at law, that such Lien or
Liens were not otherwise subject to immediately prior to such amendment,
extension, renewal, restatement, supplement, modification or
replacement.  In the event that the Company complies with the
requirements of this Section 5.18, the Administrative Agent or the Collateral
Agent, as the case may be, shall (subject to customary protections and
indemnifications) consent to such amendments without the need for instructions
from the Lenders.

     

    Section
5.19.  Merger, Consolidation, and
Sale of Assets.  (a)
The Company will not, in a single transaction or series of related transactions,
consolidate or merge with or into any Person, or sell, transfer, or otherwise
dispose of (or permit any Restricted Subsidiary of the Company to sell, assign,
transfer, lease, convey or otherwise dispose of) all or substantially all of the
Companys assets (determined on a consolidated basis for the Company and the
Companys Restricted Subsidiaries) unless:

     

    (i)       either
(A) the Company shall be the surviving or continuing entity or (B) the
Person (if other than the Company) formed by such consolidation or merger is an
entity organized and validly existing under the laws of the United States, any
State thereof, the District of Columbia or any state which was a member state of
the European Union on December 31, 2003 or Canada or any province thereof
(the Surviving Entity);

     

    (ii)     
the Surviving Entity, if any, expressly assumes by a joinder or other agreement
in form and substance reasonably satisfactory to the Administrative Agent all
rights and obligations of the Company under the Loan Document to which it is a
party;

     

    (iii)      immediately
after giving effect to such transaction, including the assumption of the Loans,
(I) the Company or the Surviving Entity is able to incur at least $1.00 of
additional Indebtedness (other than Permitted Indebtedness) pursuant to Section
5.08(b) hereof (assuming for this purpose that the Extension Date has occurred)
or (II) the Fixed Charge Coverage Ratio at the time of such transaction and
after giving pro forma effect thereto as if such transaction had occurred at the
beginning of the applicable four-quarter period will be equal to or greater than
it was immediately before such transaction;

    
      
         

      

      
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    (iv)     immediately
before and after giving effect to such transaction, including the assumption of
the Loans, no Default or Event of Default occurred or exists; and

     

    (v)      the
Company or the Surviving Entity shall have delivered to the Lenders an officers
certificate and an opinion of counsel, stating that all requirements under this
Agreement for such a transaction have been satisfied, it being understood that
such opinion of counsel may rely as to certain matters of fact on such officers
certificate.

     

    (b)           Each
Guarantor (other than any guarantor whose guarantee is to be released in
accordance with the terms of this Agreement in connection with any transaction
complying with the provisions of Section 5.11 will not, and the Company will not
cause or permit any other Guarantor to, consolidate with or merge with or into
any Person other than Borrower or any other Guarantor unless:

     

    (i)       the
entity formed by or surviving any such consolidation or merger (if other than
the guarantor) or to which such sale, lease, conveyance or other disposition
shall have been made assumes by Accession Letter all of the obligations of the
Guarantor on the guarantee;

     

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

     

    (iii)     either
(I) at the time of such transaction and after giving pro forma effect thereto as
if such transaction had occurred at the beginning of the applicable four-quarter
period, the Company will be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set
forth under Section 5.08(b) (assuming for this purpose that the Extension Date
has occurred)or (II) the Consolidated Fixed Charge Coverage Ratio at the time of
such transaction and after giving pro forma effect thereto as if such
transaction had occurred at the beginning of the applicable four-quarter period
will be equal to or greater than it was immediately before such
transaction.

     

    Any
merger or consolidation of a Guarantor with and into Borrower (with Borrower
being the surviving entity) or another Guarantor need not comply with paragraph
(a) of this Section 5.19.

     

    (c)           Notwithstanding
anything in this section to the contrary,

     

    (i)       the
Company or Borrower may (A) merge with an Affiliate that has no material
assets or liabilities and that is incorporated or organized solely for the
purpose of reincorporating or reorganizing the Company or Borrower, as the case
may be, in any state of the United States, the District of Columbia or any state
which was a member state of the European Union on December 31, 2003 and
(B) may otherwise convert its legal form under the laws of its jurisdiction
of organization, in each case, without complying with clause (iii) of the
first paragraph of this covenant;

     

    (ii)      any
transaction characterized as a merger under applicable law where each of the
constituent entities survives, will not be treated as a merger for purposes of
this Section 5.19, but instead will be treated as

     

    (A)           an
Asset Sale, if the result of such transaction is the transfer of assets by the
Company, Borrower or another Restricted Subsidiary of the Company,
or

    
      
         

      

      
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    (B)           an
Investment, if the result of such transaction is the acquisition of assets by
the Company, Borrower or another Restricted Subsidiary of the
Company,

     

    (C)           neither
Millennium Chemicals Inc. nor Millennium Holdings LLC nor any of their
respective subsidiaries as of the Closing Date may be merged with or into the
Company or any other Restricted Subsidiary of the Company (other than with or
into Millennium Holdings LLC or any of its other subsidiaries as of the Closing
Date).

     

    Section
5.20.  [Reserved].

    

     

    Section
5.21.  ERISA.

     

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

     

    Section
5.22.  Holding
Company.  The
Company shall not conduct, transact or otherwise engage in any business or
operations other than (i) those incidental to its ownership of the Equity
Interests of its subsidiaries, (ii) those incidental to the maintenance of its
legal existence, (iii) the performance of the Loan Documents, the Senior Secured
Credit Facilities and obligations related thereto the Security Documents to
which it is a party the Existing Notes (only to the extent that the Company is a
party thereto on the Closing Date), the Management Agreement, the Tax Sharing
Agreement, the Acquisition Agreement, the Structured Financing and the other
agreements contemplated by the Acquisition Agreement, (iv) any public offering
of its common stock or any other issuance of its Equity Interests not prohibited
by Article 5, (v) any transaction that the Company has entered into on or prior
to the Closing Date, (iv) any public offering of its common stock or any other
issuance of its Equity Interests not prohibited by Article 5, (v) any
transaction that the Company and Basell Funding have entered into on or prior to
the Closing Date, (vi) obligations of the Company under European Securitization
Transactions (as defined in the Senior Secured Credit Facitlities) in effect on
the Closing Date, (vii) performance guarantees made in the ordinary course of
business, (viii) non-speculative hedging obligations, (ix) the making of loans
or payments to its subsidiaries as permitted hereunder and under the Senior
Secured Credit Facilities, (x) the provisions of administrative and management
services to its subsidiaries of a type customarily provided by a holding company
to its subsidiaries and employing employees whose services are required for the
operation of the Company and its subsidiaries and other administrative and
management services to holding companies of the Company, and (xi) rights under
and liabilities incurred resulting from Taxes or loans being made to it, as the
same are permitted hereunder.

    
      
         

      

      
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    Section
5.23.  Use of Proceeds of the
Permanent Securities.  The
Company and Borrower shall apply the Net Proceeds from the sale of the Permanent
Securities to repay the Loans to the extent required by Section
2.07(b).

     

    Section
5.24.  Exchange
Notes.

     

    (a)           Borrower
shall, as promptly as practicable after being requested to do so by the Joint
Lead Arrangers at any time on or after the Initial Maturity Date, (i) select a
bank or trust company reasonably acceptable to the Lenders to act as Exchange
Note Trustee, (ii) enter into the Exchange Note Indenture and the Exchange and
Registration Rights Agreement substantially in the form of Exhibit E, and (iii)
cause counsel to Borrower to deliver to the Administrative Agent an executed
legal opinion in form and substance customary for a transaction of that type to
be mutually agreed upon by Borrower and the Administrative Agent (including,
without limitation, with respect to due authorization, execution and delivery;
validity; and enforceability of the Exchange Documents and the Exchange and
Registration Rights Agreement referred to in clause (ii) above).

     

    (b)           Subject
to the provisions of Section 2.01(b) and 2.06(g) Borrower shall, on the fifth
Business Day following the written request (the Exchange Request) of the
holder of any Loan (or beneficial owner of a portion thereof) at any time after
the day that is five Business Days before the Initial Maturity
Date:

     

    (i)       execute
and deliver, cause each other Loan Party to execute and deliver, and cause the
Exchange Note Trustee to execute and deliver, the Exchange Note Indenture if
such Exchange Note Indenture has not previously been executed and delivered;
and

     

    (ii)       execute
and deliver to such holder or beneficial owner in accordance with the Exchange
Note Indenture an Exchange Note bearing interest as set forth therein (which, at
the election of such holder or beneficial owner, may be fixed at a rate not
higher than the rate then applicable to such Loan) in exchange for such Loan
dated the date of the issuance of such Exchange Note, payable to the order of
such holder or owner, as the case may be, in the same currency and principal
amount as such Loan (or portion thereof) being exchanged, subject to the
succeeding paragraph.

     

    The
Exchange Request shall specify the principal amount of the Loans to be exchanged
pursuant to this Section, which shall be (i) in integral multiples of 1,000,000
or the entire remaining aggregate principal amount of the Euro Loans of such
Lender and (ii) with respect to Dollar Loans being exchanged, an integral
multiple of $1,000,000 or the entire remaining aggregate principal amount of the
Euro Loans of such Lender (the Exchange Note
Amount).

    
      
         

      

      
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    Loans
delivered to Borrower under this Section in exchange for Exchange Notes shall be
canceled by Borrower, and the corresponding amount of the Loan deemed repaid and
the Exchange Notes shall be governed by and construed in accordance with the
terms of the Exchange Note Indenture.

     

    The
Exchange Note Trustee shall at all times be a corporation organized and doing
business under the laws of the United States or the State of New York, in good
standing and having its principal offices in the Borough of Manhattan, in The
City of New York, which is authorized under such laws to exercise corporate
trust powers and is subject to supervision or examination by federal or state
authority and which has a combined capital and surplus of not less than the
Dollar Equivalent of $500,000,000.

     

    (c)           The
holders of such Exchange Notes shall have the registration rights with respect
to such Exchange Notes described in Exhibit
E.

     

    ARTICLE
6

     

    INFORMATION
COVENANTS

     

    Each of
Borrower and the Company covenants and agrees with each Lender that, so long as
this Agreement shall remain in effect and until the Commitments have been
terminated and the principal of and interest on each Loan, all Fees and all
other expenses or amounts payable under any Loan Document have been paid in
full, unless the Required Lenders shall otherwise consent in writing, Borrower
and the Company shall:

     

    Section
6.01.  Annual Financial
Statements.  The
Company shall deliver to the Administrative Agent for prompt further
distribution to each Lender, as soon as available, but in any event within
ninety (90) days (one-hundred and twenty (120) days in the case of the fiscal
year ended December 31, 2008) (or such earlier date on which the Company is
required to make any public filing of such information) after the end of each
fiscal year of the Company beginning with the 2007 fiscal year, a consolidated
balance sheet of the Company and its subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income and retained earnings
and of cash flows for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all reported on
without material qualification (including any going concern or like
qualification) by an independent registered public accounting firm of nationally
recognized standing.

     

    Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to this
Sections 6.01 will be satisfied with respect to financial information of the
Company by furnishing (A) the applicable financial statements of the Company or
(B) the Companys, as applicable, Form 10-K, filed with the SEC or prior to or in
lieu of any such requirement to file with the SEC, such equivalent information
is made public by the Company in compliance with such corresponding obligations
under the Permanent Securities or the Exchange Notes; provided that, to the extent
such information is in lieu of information required to be provided hereunder,
such materials are accompanied by a report and opinion of an independent
registered public accounting firm of nationally recognized standing, which
report and opinion shall be prepared in accordance with generally accepted
auditing standards and shall not be subject to any going concern or like
qualification or material exception or any qualification or exception as to the
scope of such audit.

     

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

    
      
         

      

      
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    Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to this
Sections 6.02 will be satisfied with respect to financial information of the
Company by furnishing (A) the applicable financial statements of the Company or
(B) the Companys, as applicable, Form 10-Q, filed with the SEC or prior to or in
lieu of any such requirement to file with the SEC, such equivalent information
is made public by the Company in compliance with such corresponding obligations
under the Permanent Securities or the Exchange Notes.

     

    Section
6.03.  Parent
Guarantor.  From
and after the date on which an entity which (i) owns directly or indirectly 100%
of the Equity Interests of the Company and (ii) does not hold any other assets
other than its investment in the Company or any intermediate holding company and
de minimis assets necessary to maintain its corporate existence (and any such
intermediate holding company shall not hold any asset other than its investment
in the Company and de minimis assets necessary to maintain its corporate
existence), guarantees on a senior unconditional basis all of the obligations of
the Company under this Agreement (the Parent Guarantor), all
references to the Company in Sections 6.01 and 6.02 above shall be references to
the Parent Guarantor.

     

    Section
6.04.  Compliance
Certificate.

     

    (a)           The
Company shall deliver to the Administrative Agent for prompt further
distribution to each Lender:

     

    (i)       no
later than five (5) days after the delivery of the financial statements required
by Sections 6.01 and 6.02, a duly completed Compliance Certificate substantially
in the Form of Exhibit M signed by a Responsible Officer;

     

    (ii)         together
with the delivery of each Compliance Certificate delivered in connection with
the delivery of financial statements required under Section 6.01 or 6.02
pursuant to clause (i) above, (A) a description of each event, condition or
circumstance during the last fiscal quarter covered by such Compliance
Certificate requiring a mandatory prepayment under Section 2.07(b) and (B) a
list of each Subsidiary of the Company that identifies each Subsidiary as a
Restricted or an Unrestricted Subsidiary as of the date of delivery of such
Compliance Certificate or confirming there has been no change since the date of
the last such certificate; and

     

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

    
      
         

      

      
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    (b)           Upon
request by the Administrative Agent, representatives of senior management of the
Company reasonably agreed by the Administrative Agent and the Company shall give
a presentation in each fiscal year of the Company to the Lenders within 30 days
after the Company has delivered its financial statements pursuant to Section
6.01 about the business, financial performance and prospects of the Company and
its subsidiaries, and such other matters as any Lender may (through the
Administrative Agent) reasonably request.

     

    Section
6.05.  Projections.  Deliver
to the Administrative Agent for each Lender, promptly, and in any event no later
than thirty (30) days after the end of each fiscal year of the Company, a
consolidated budget for the following fiscal year prepared by the Company for
approval by its Board of Directors, the following two fiscal years of the
Company (including (A) a projected consolidated cashflow statement and
profit and loss account of financial position of the Company and its
subsidiaries as of the end of each such fiscal year, (B) in respect of each
principal operating division of the Company and its subsidiaries, an income
statement beginning with EBITDA by business group, and projected levels of the
First Lien Senior Secured Leverage Ratio as of the end of each fiscal quarter in
the first fiscal year of the period presented and (C) a summary of the
material underlying assumptions applicable thereto) (collectively, the Projections).

     

    Section
6.06.  [Reserved].

     

    Section
6.07.  Information;
Miscellaneous.  Documents
required to be delivered pursuant to Sections 6.01 and 6.02 may be delivered
electronically and if so delivered, shall be deemed to have been delivered on
the date (i) on which the Company (or any direct or indirect parent of the
Company) posts such documents, or provides a link thereto on the website on the
Internet at the website address listed on Schedule 6.07; or (ii) on which such
documents are posted on the Companys behalf on IntraLinks/IntraAgency or another
website identified in the notice provided pursuant to clause (z) immediately
below, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the
Administrative Agent); provided that: (y) upon written request by the
Administrative Agent or any Lender, the Company shall deliver paper copies of
the information referred to in Sections 6.01, 6.02 or 6.04 as requested by the
Administrative Agent or Lender (as applicable) and (z) the Company shall notify
(which may be by facsimile or electronic mail) the Administrative Agent of the
posting of any such documents.  Notwithstanding anything contained
herein, in every instance Borrower shall be required to provide paper copies of
the Compliance Certificates required by Section 6.04 to the Administrative
Agent; provided, however, that if such Compliance Certificate is first delivered
by electronic means, the date of such delivery by electronic means shall
constitute the date of delivery for purposes of compliance with Section
6.04.  Each Lender shall be solely responsible for timely accessing
posted documents or requesting delivery of paper copies of such documents from
the Administrative Agent and maintaining its copies of such
documents.

     

    The
Company hereby acknowledges that (a) the Administrative Agent and/or the Joint
Lead Arrangers will make available to the Lenders materials and/or information
provided by or on behalf of the Company hereunder (collectively, Company Materials) by posting
the Company Materials on IntraLinks or another similar electronic system (the
Platform) and (b) certain of the Lenders may be public-side Lenders (i.e.,
Lenders that do not wish to receive material non-public information with respect
to the Company or its securities) (each, a Public Lender).  The
Company hereby agrees that it will identify that portion of the Company
Materials that may be distributed to the Public Lenders and that (w) all such
Company Materials shall be clearly and conspicuously marked PUBLIC which, at a
minimum, shall mean that the word PUBLIC shall appear prominently on the first
page thereof; (x) by marking Company Materials PUBLIC, the Company shall be
deemed to have authorized the Administrative Agent, the Joint Lead Arrangers and
the Lenders to treat such Company Materials as not containing any material
non-public information (although it may be sensitive and proprietary) with
respect to the Company or its securities for purposes of United States federal
and state securities laws (provided, however, that to the extent such Company
Materials constitute Information, they shall be treated as set forth in Section
11.16); (y) all Company Materials marked PUBLIC are permitted to be made
available through a portion of the Platform designated Public Investor; and (z)
the Administrative Agent and the Arrangers shall be entitled to treat any
Company Materials that are not marked PUBLIC as being suitable only for posting
on a portion of the Platform not designated Public Investor.

    
      
         

      

      
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    Section
6.08.  Notification of
Default.  The
Company shall promptly after a Responsible Officer of a Loan Party has obtained
knowledge thereof, notify the Administrative Agent (i) of the occurrence of any
Default; and (ii) of any matter that has resulted or could reasonably be
expected to result in a Material Adverse Effect.  Each notice pursuant
to this Section 6.08 shall be accompanied by a written statement of a
Responsible Officer of the Company (x) that such notice is being delivered
pursuant to Section 6.08(i) or (ii) (as applicable) and (y) setting forth
details of the occurrence referred to therein and stating what action the
Company has taken and proposes to take with respect thereto.

     

    Section
6.09.  Inspection of Books and
Records.  The
Company shall permit representatives and independent contractors of the
Administrative Agent or the Required Lender or, as provided in the second
proviso below, any Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records as is reasonably specified, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants,
all at the reasonable expense of Borrower and at such reasonable times during
normal business hours, upon reasonable advance notice to the Company; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, only
the Administrative Agent on behalf of the Lenders may exercise rights of the
Administrative Agent and the Lenders under this Section 6.09 and the
Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year at Borrowers expense; provided further that when an
Event of Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of Borrower at any time during normal business hours
and upon reasonable advance notice.  The Administrative Agent and the
Lenders shall give the Company the opportunity to participate in any discussions
with the Companys independent public accountants.  Notwithstanding
anything to the contrary in this Section 6.09, at all times during such visits
and inspections to the Administrative Agent or any Lender (or their respective
representatives or contractors) must comply with all applicable site regulations
as the Company or its subsidiaries or any of their respective officers or
employees may require by reasonable notice of the same.

     

    Section
6.10.  Inspection
Rights.  The
Company shall permit representatives and independent contractors of the
Administrative Agent or the Required Lenders or, as provided in the second
proviso below, any Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records as is reasonably specified, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants,
all at the reasonable expense of Borrower and at such reasonable times during
normal business hours, upon reasonable advance notice to the Company; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, only
the Administrative Agent on behalf of the Lenders may exercise rights of the
Administrative Agent and the Lenders under this Section 6.10 and the
Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year at Borrowers expense; providedfurther that when an Event of
Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of Borrower at any time during normal business hours
and upon reasonable advance notice.  The Administrative Agent and the
Lenders shall give the Company the opportunity to participate in any discussions
with the Companys independent public accountants.  Notwithstanding
anything to the contrary in this Section 6.10, at all times during such visits
and inspections, the Administrative Agent or any Lender (or their respective
representatives or contractors) must comply with all applicable site regulations
as the Company or its subsidiaries or any of their respective officers or
employees may require by reasonable notice of the same.

    
      
         

      

      
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    Section
6.11.  [Reserved].

     

    Section
6.12.  Know Your Customer
Checks.

     

    (a)           If:

    (i)       there
is a Change in Law after the Closing Date.

     

    (ii)       any
change in the status of an Loan Party or the composition of the shareholders of
Loan Party after the date of this Agreement; or

     

    (iii)      a
proposed assignment or transfer by a Lender of any of its rights and obligations
under this Agreement to a party that is not a Lender prior to such assignment or
transfer,

     

    obliges
the Administrative Agent or any Lender (or, in the case of clause (iii) of this
Section 6.12(a), any prospective new Lender) to comply with know your customer
or similar identification procedures in circumstances where the necessary
information is not already available to it, each Loan Party shall promptly upon
the request of the Administrative Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the
Administrative Agent (for itself or on behalf of any Lender, or on behalf of any
prospective new Lender) in order for the Administrative Agent, such Lender or,
in the case of the event described in clause (iii) of this Section 6.12(a), any
prospective new Lender to carry out and be reasonably satisfied it has complied
with all necessary know your customer or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the
Loan Documents.

     

    (b)           Following
the giving of any notice pursuant to clause (c) of this Section 6.12, if the
accession of such Additional Guarantor obliges the Administrative Agent or any
Lender to comply with know your customer or similar identification procedures in
circumstances where the necessary information is not already available to it,
the Company shall promptly upon the request of the Administrative Agent supply,
or procure the supply of, such documentation and other evidence as is reasonably
requested by the Administrative Agent (for itself or on behalf of any Lender or
on behalf of any prospective new Lender) in order for the Administrative Agent
or such Lender or any prospective new Lender to carry out and be reasonably
satisfied it has complied with all necessary know your customer or other similar
checks under all applicable laws and regulations pursuant to the accession of
such Subsidiary to this Agreement as an Additional Guarantor.

     

    Section
6.13.     No Personal
Liability.  No
director, officer or employee of the Company or any other member of the Group
shall be personally liable for any statement made by it in any certificate or
other document required to be delivered to any Finance Party pursuant to any
Loan Documents.

    
      
         

      

      
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    Section
6.14.  Permanent
Securities.

     

    (a)           At
any time and from time to time (but on not more than two occasions) during the
period beginning on the 180th day after the Closing Date and ending on the first
anniversary of the Closing Date, upon notice by the Joint Lead Arrangers to the
Company stating that, in their opinion, market conditions are such that the
conditions specified below can be satisfied (a Securities Notice), the Company
shall (i) provide to the Joint Lead Arrangers as soon as reasonably practicable
a complete printed preliminary offering memorandum usable in a customary
high-yield road show relating to the issuance by Borrower of debt securities
based upon the preliminary offering memorandum provided to the Joint Lead
Arrangers by the Company on November 28, 2007 with appropriate updates
(including, all financial statements and other data to be included therein
(including all audited financial statements, all unaudited financial statements
(each of which shall have undergone a SAS 100 review)) and all appropriate pro
forma financial statements prepared in accordance with, or reconciled to,
generally accepted accounting principles in the United States and prepared in
accordance with Regulation S-X under the Securities Act (with such deviations
therefrom as may be mutually agreed by Borrower and the Joint Lead Arranger),
and substantially all other data (including selected financial data) that the
SEC would require in a registered offering and (ii) execute an offering of
Securities in a Rule 144A/Regulation S offering or other private placement (a
Securities Offering) upon such terms and conditions (including currencies) as
may be specified in the Securities Notice, it being understood
that:

     

    (x)           the
Securities will have economic terms, including ranking, guarantees, interest
rate, yields and redemption prices, that are customary for recently issued Rule
144A high yield debt securities of issuers of a similar type and are no less
favorable to Borrower and/or Parent (as defined in the Commitment Papers) than
those generally available in the high yield debt capital markets to issuers of
securities having a creditworthiness comparable to Borrower and/or Parent (as
defined in the Commitment Papers), and all other arrangements with respect to
such Securities will be customary taking into account prevailing market
conditions; provided
that (i) the maturity date of the Securities shall not be less than 8 years
after the Closing Date, (ii) all or any portion of the Securities may be
denominated in U.S. dollars or Euros, at the election of the Joint Lead
Arrangers and (iii) the guarantee structure will be consistent with that
provided under this Agreement; and

     

    (y)           the
per annum yield (on a weighted average basis) shall not exceed 12.00%; provided that if any tranche
of the Securities is rated Caa1 or lower by Moodys or CCC+ or lower by S&P,
then the maximum per annum yield on such tranche shall be increased by
0.50%.

     

    (b)           The
Company shall cause its senior management personnel to participate in a
customary road show for the sale of the Permanent Securities.

     

    ARTICLE
7

     

    EVENTS
OF DEFAULT

     

    Section
7.01.  Events of
Default.  An
Event of Default occurs
if:

     

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

    
      
         

      

      
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    (b)           Specific
Covenants.  Borrower fails to perform or observe any term,
covenant or agreement contained in Sections 5.01, 5.02, (solely with respect to
the Company and Borrower), 5.06 - 5.09, 5.11, 5.14, 5.16, 5.19, 5.22 or Section
11.08; or

     

    (c)           Other
Defaults.  Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in Section 7.01(a) or (b) above) contained
in any Loan Document on its part to be performed or observed and such failure
continues for thirty (30) days, or solely with respect to a failure to comply
with Section 6.01 or 6.02, ten (10) Business Days, after notice thereof by the
Administrative Agent to the Company or Borrower; or

     

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

     

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

     

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

     

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

    
      
         

      

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

     

    (i)           Invalidity of
Guarantees.  Any material portion of the Guarantees of the
Loans, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder (including as a result of a
transaction permitted under Section 5.11 or 5.19) or as a result of acts or
omissions by the Administrative Agent or Collateral Agent or any Lender or the
satisfaction in full of all the Loan Party Obligations, ceases to be in full
force and effect; or any Loan Party contests in writing the validity or
enforceability of any provision of any Loan Document or the validity or priority
of a Lien as required by the Security Documents on a material portion of the
Collateral; or any Loan Party denies in writing that it has any or further
liability or obligation under any Loan Document (other than as a result of
repayment in full of the payment Loan Party Obligations and termination of the
Aggregate Commitments), or purports in writing to revoke or rescind any Loan
Document; or it becomes unlawful for any Loan Party to perform any of its
payment Loan Party Obligations under the Loan Documents; or

     

    (j)           Security
Documents.  Any Security Document or the Intercreditor
Agreement after delivery thereof pursuant to Section 4.01 or 5.17 shall for any
reason (other than pursuant to the terms hereof or thereof or solely as a result
of acts or omissions of the Administrative Agent or any Lender) ceases to create
a valid and perfected Lien, with the priority required by the Security Documents
and th Intercreditor Agreement on and security interest in any material portion
of the Collateral, subject to Liens permitted under Section 5.14, except (i) to
the extent that any such loss of perfection or priority results from the failure
of the Administrative Agent or the Collateral Agent to (a) maintain possession
of certificates actually delivered to it representing securities pledged under
the Security Documents or (b) file Uniform Commercial Code continuation
statements, (ii) as to Collateral consisting of Real Property to the extent that
such losses are covered by a lenders title insurance policy and such insurer has
not denied or failed to acknowledge coverage, or (iii) any of the Equity
Interests of Borrower ceasing to be pledged pursuant to any Security Agreement
free of Liens other than Liens created by such Security Agreement or any
nonconsensual Liens arising solely by operation of Law; or

     

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

     

    Notwithstanding
the foregoing, Events of Default under Section 7.01(e) and (h) shall not apply
with respect to Millennium Holdings LLC or any Person that is a subsidiary of
Millennium Holdings LLC as of the Closing Date (collectively, the Millennium Holdings Group) if,
at the time of determination, (x) the event that would otherwise give rise to
such an Event of Default is excluded from the corresponding provision in all
other Threshold Indebtedness or would otherwise not give rise to an event of
default thereunder in accordance with the terms of such Threshold Indebtedness
and (y) the Millennium Holdings Group, taken as a whole, is not a Material
Subsidiary.

    
      
         

      

      
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    Section
7.02.  Remedies.

     

    (a)           If
any Event of Default occurs and is continuing, the Administrative Agent, at the
request of the Required Lenders, may declare the Loans to be terminated
forthwith and the principal, premium, if any, interest and any other monetary
obligations on all the then outstanding Loans to be due and payable
immediately.  Upon the effectiveness of such declaration, the Loans
will immediately terminate and such principal, premium, interest and other
obligations will be due and payable immediately, without presentment, demand,
protest or any other notice of any kind, all of which are expressly waived by
Borrower.

     

    (b)           Notwithstanding
the foregoing, during the period from the Closing Date until the date that is 90
days after the Closing Date (the Clean-Up Period), a breach of
any representation or warranty or a breach of any covenant or an Event of
Default which arises solely with respect to Lyondell or any of its
subsidiaries will be deemed not to be a breach of representation or warranty or
a breach of covenant or an Event of Default (as the case may be) if, it would
have been (if it were not for this provision) a breach of representation or
warranty or a breach of covenant or an Event of Default only by reason of
circumstances not known to the Company to exist on July 16, 2007 (or, if known,
disclosed to the Administrative Agent on or prior to July 16, 2007) and
relating  to Lyondell and its subsidiaries or any of them if and for
so long as the circumstances giving rise to the relevant breach of
representation or warranty or breach of covenant or Event of
Default:

     

    (i)       are
not the result of any positive action taken by the Company or any of its
subsidiaries (other than Lyondell and its subsidiaries);

     

    (ii)       the
Company notifies the Administrative Agent promptly upon becoming aware of the
same; and

     

    (iii)      reasonable
efforts are being made to remedy the same;

     

    provided that if the relevant
circumstances are continuing at the end of the Clean-Up Period there shall be a
breach of representation or warranty, breach of covenant or Event of Default, as
the case may be.

     

    Section
7.03.  Application of Funds on
Enforcement.  After
the exercise of remedies provided for in Section 7.02 (or after the Loans have
automatically become immediately due and payable), any amounts received on
account of the Loan Party Obligations shall be applied by the Administrative
Agent in the following order (to the fullest extent permitted by mandatory
provisions of applicable Law):

     

    First, to payment of
that portion of the payment Loan Party Obligations constituting fees,
indemnities, expenses and other amounts (other than principal and interest, but
including Attorney Costs payable under Section 11.05(a) and amounts payable
under Sections 2.10 through 2.16) payable to the Administrative Agent or the
Collateral Agent in its capacity as such;

     

    Second, to payment of
that portion of the payment Loan Party Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the
Lenders (including Attorney Costs payable under Section 11.05(a) and amounts
payable under Sections 2.10 through 2.16), ratably among them in proportion to
the amounts described in this clause Second payable to
them;

    
      
         

      

      
        -104-

        
          

        

      

      
         

      

    

    Third, to payment of
that portion of the payment Loan Party Obligations constituting accrued and
unpaid interest on the Loans, ratably among the Lenders in proportion to the
respective amounts described in this clause Third payable to them;

     

    Fourth, to payment of
that portion of the payment Loan Party Obligations constituting unpaid principal
of the Loans, ratably among the Lenders in proportion to the respective amounts
described in this clause Fourth held by them;

     

    Fifth, to the payment
of all other payment Loan Party Obligations of Borrower that are due and payable
to the Administrative Agent and the other Secured Parties on such date, ratably
based upon the respective aggregate amounts of all such Loan Party Obligations
owing to the Administrative Agent and the other Secured Parties on such date;
and

     

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

     

    ARTICLE
8

     

    [RESERVED]

     

    ARTICLE
9

     

    GUARANTEE

     

    Section
9.01.  The
Guarantee.

     

    Each
Guarantor hereby jointly and severally with the other Guarantors guarantees, as
a primary obligor and not as a surety to each Secured Party and their respective
successors and assigns, the prompt payment in full when due (whether at Stated
Maturity, by required prepayment, declaration, demand, by acceleration or
otherwise) of the principal of and interest (including any interest, fees, costs
or charges that would accrue but for the provisions of (i) the Title 11 of the
United States Code after any bankruptcy or insolvency petition under Title 11 of
the United States Code and (ii) any other Debtor Relief Laws) on the Loans made
by the Lenders to, and the Notes held by each Lender of, Borrower (other than
such Guarantor), and all other Loan Party Obligations from time to time owing to
the Secured Parties by any Loan Party under any Loan Document, in each case
strictly in accordance with the terms thereof (such obligations being herein
collectively called the Guaranteed
Obligations).  The Guarantors hereby jointly and severally
agree that if Borrower or other Guarantor(s) shall fail to pay in full when due
(whether at Stated Maturity, by acceleration or otherwise) any of the Guaranteed
Obligations, the Guarantors will promptly pay the same in cash, without any
demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of any of the Guaranteed Obligations, the same will be
promptly paid in full when due (whether at extended maturity, by acceleration or
otherwise) in accordance with the terms of such extension or
renewal.

     

    Section
9.02.  Obligations
Unconditional.

     

    The
obligations of the Guarantors under Section 9.01 shall constitute a guaranty of
payment and to the fullest extent permitted by applicable Law, are absolute,
irrevocable and unconditional, joint and several, irrespective of the value,
genuineness, validity, regularity or enforceability of the Guaranteed
Obligations of Borrower under this Agreement, the Notes, if any, or any other
agreement or instrument referred to herein or therein, or any substitution,
release or exchange of any other guarantee of or security for any of the
Guaranteed Obligations, and, irrespective of any other circumstance whatsoever
that might otherwise constitute a legal or equitable discharge or defense of a
surety or Guarantor (except for payment in full).  Without limiting
the generality of the foregoing, it is agreed that the occurrence of any one or
more of the following shall not alter or impair the liability of the Guarantors
hereunder which shall remain absolute, irrevocable and unconditional under any
and all circumstances as described above:

     

    
      
         

      

      
        -105-

        
          

        

      

      
         

      

    

    (i)       at
any time or from time to time, without notice to the Guarantors, the time for
any performance of or compliance with any of the Guaranteed Obligations shall be
extended, or such performance or compliance shall be waived;

     

    (ii)       any
of the acts mentioned in any of the provisions of this Agreement or the Notes,
if any, or any other agreement or instrument referred to herein or therein shall
be done or omitted;

     

    (iii)      the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of
the Guaranteed Obligations shall be amended in any respect, or any right under
the Loan Documents or any other agreement or instrument referred to herein or
therein shall be amended or waived in any respect or any other guarantee of any
of the Guaranteed Obligations or any security therefor shall be released or
exchanged in whole or in part or otherwise dealt with;

     

    (iv)     any
Lien or security interest granted to, or in favor of, any Lender or Agent as
security for any of the Guaranteed Obligations shall fail to be perfected;
or

     

    (v)      the
release of any other Guarantor pursuant to Section 9.09.

     

    The
Guarantors hereby expressly waive diligence, presentment, demand of payment,
protest and all notices whatsoever, and any requirement that any Secured Party
exhaust any right, power or remedy or proceed against Borrower under this
Agreement or the Notes, if any, or any other agreement or instrument referred to
herein or therein, or against any other Person under any other guarantee of, or
security for, any of the Guaranteed Obligations.  The Guarantors waive
any and all notice of the creation, renewal, extension, waiver, termination or
accrual of any of the Guaranteed Obligations and notice of or proof of reliance
by any Secured Party upon this Guarantee or acceptance of this Guarantee, and
the Guaranteed Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred in reliance upon this Guarantee, and
all dealings between Borrower and the Secured Parties shall likewise be
conclusively presumed to have been had or consummated in reliance upon this
Guarantee.  This Guarantee shall be construed as a continuing,
absolute, irrevocable and unconditional guarantee of payment without regard to
any right of offset with respect to the Guaranteed Obligations at any time or
from time to time held by Secured Parties, and the obligations and liabilities
of the Guarantors hereunder shall not be conditioned or contingent upon the
pursuit by the Secured Parties or any other Person at any time of any right or
remedy against Borrower or against any other Person which may be or become
liable in respect of all or any part of the Guaranteed Obligations or against
any collateral security or guarantee therefor or right of offset with respect
thereto.  This Guarantee shall remain in full force and effect and be
binding in accordance with and to the extent of its terms upon the Guarantors
and the successors and assigns thereof, and shall inure to the benefit of the
Lenders, and their respective successors and assigns, notwithstanding that from
time to time during the term of this Agreement there may be no Guaranteed
Obligations outstanding.

    
      
         

      

      
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    Section
9.03.  Reinstatement.

     

    The
obligations of the Guarantors under this Article 9 shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf
of Borrower or other Loan Party in respect of the Guaranteed Obligations is
rescinded or must be otherwise restored by any holder of any of the Guaranteed
Obligations, whether as a result of any proceedings in bankruptcy or
reorganization or otherwise.

     

    Section
9.04.  Subrogation;
Subordination.

     

    Each
Guarantor hereby agrees that until the payment and satisfaction in full in cash
of all Guaranteed Obligations and the expiration and termination of the
Commitments of the Lenders under this Agreement it shall waive any claim and
shall not exercise any right or remedy, direct or indirect, arising by reason of
any performance by it of its guarantee in Section 9.01, whether by subrogation
or otherwise, against Borrower or any other Guarantor of any of the Guaranteed
Obligations or any security for any of the Guaranteed
Obligations.  Any Indebtedness of any Loan Party permitted pursuant to
Section 5.08(c)(ii) or 5.08(c)(v) shall be subordinated to the Loan Party
Obligations of such Loan Party in the manner set forth in the Intercompany Note
evidencing such Indebtedness.

     

    Section
9.05.  Remedies.

     

    The
Guarantors jointly and severally agree that, as between the Guarantors and the
Lenders, the obligations of Borrower under this Agreement and the Notes, if any,
may be declared to be forthwith due and payable as provided in Section 7.02 (and
shall be deemed to have become automatically due and payable in the
circumstances provided in Section 7.02) for purposes of Section 9.01,
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such obligations from becoming automatically due and payable) as
against Borrower and that, in the event of such declaration (or such obligations
being deemed to have become automatically due and payable), such obligations
(whether or not due and payable by Borrower) shall forthwith become due and
payable by the Guarantors for purposes of Section 9.01.

     

    Section
9.06.  Instrument for the Payment
of Money.

     

    Each
Guarantor hereby acknowledges that the guarantee in this Article 9 constitutes
an instrument for the payment of money, and consents and agrees that any Lender
or Agent, at its sole option, in the event of a dispute by such Guarantor in the
payment of any moneys due hereunder, shall have the right to bring a
motion-action under New York CPLR Section 3213.

     

    Section
9.07.  Continuing
Guarantee.

     

    The
guarantee in this Article 9 is a continuing guarantee of payment, and shall
apply to all Guaranteed Obligations whenever arising.

     

    Section
9.08.  General Limitation on
Guarantee Obligations.

     

    In any
action or proceeding involving any state corporate limited partnership or
limited liability company law, or any applicable state, federal or foreign
bankruptcy, insolvency, reorganization or other Law affecting the rights of
creditors generally, if the obligations of any Guarantor under Section 9.01
would otherwise be held or determined to be void, voidable, invalid or
unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of its liability under Section 9.01, then, notwithstanding any
other provision to the contrary, the amount of such liability shall, without any
further action by such Guarantor, any Loan Party or any other Person, be
automatically limited and reduced to the highest amount (after giving effect to
the right of contribution established in Section 9.10) that is valid and
enforceable and not subordinated to the claims of other creditors as determined
in such action or proceeding.

    
      
         

      

      
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    Section
9.09.  Release of
Guarantors.

     

    If, in
compliance with the terms and provisions of the Loan Documents, all or
substantially all of the Equity Interests or property of any Guarantor are sold
or otherwise transferred (a Transferred Guarantor) to a
Person or Persons, none of which is a Loan Party, such Transferred Guarantor
shall, upon the consummation of such sale or transfer, be automatically released
from its obligations under this Agreement (including under Section 10.05(b)) and
its obligations to pledge and grant any Collateral owned by it pursuant to any
Security Document and, in the case of a sale of all or substantially all of the
Equity Interests of the Transferred Guarantor, the pledge of such Equity
Interests to the Collateral Agent pursuant to the Security Documents shall be
automatically released, and, so long as Borrower shall have provided the Agents
such certifications or documents as any Agent shall reasonably request, the
Collateral Agent shall take such actions as are necessary to effect each release
described in this Section 9.09 in accordance with the relevant provisions of the
Security Documents.

     

    Section
9.10.  Right of
Contribution.

     

    Each
Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such
Subsidiary Guarantor shall be entitled to seek and receive contribution from and
against any other Guarantor hereunder which has not paid its proportionate share
of such payment.  Each Subsidiary Guarantors right of contribution
shall be subject to the terms and conditions of Section 9.04.  The
provisions of this Section 9.10 shall in no respect limit the obligations and
liabilities of any Subsidiary Guarantor to the Administrative Agent and the
Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative
Agent and the Lenders for the full amount guaranteed by such Subsidiary
Guarantor hereunder.

     

    Section
9.11.  Certain Dutch
Matters.

     

    (a)           Any
obligation, guarantee or undertaking granted or assumed by a Person incorporated
or organized under the laws of The Netherlands pursuant to this Agreement
(including but not limited to this Article9) or any other Loan Document shall be
deemed not to be undertaken or incurred by such Person to the extent that the
same would constitute unlawful financial assistance within the meaning of
Section 2:207c or 2:98c of the Dutch Civil Code or any other applicable
financial assistance rules under any relevant jurisdiction (the Prohibition) and the
provisions of this Agreement and the other Loan Documents shall be construed
accordingly.  For the avoidance of doubt it is expressly acknowledged
that the relevant Persons incorporated under the laws of The Netherlands will
continue to guarantee and secure all such obligations which, if included, do not
constitute a violation of the Prohibition.

     

    (b)           Any
amount which may be guaranteed by Basell Benelux B.V., Lyondell Chemie
International B.V. or Lyondell Chemie Nederland B.V. shall not exceed the amount
permitted to be guaranteed or otherwise incurred as Debt (as defined in the 2027
Notes) in accordance with the terms of the 2027 Notes after taking into account
all other Debt of all Restricted Subsidiaries (as defined in the 2027 Notes),
provided that such limitation on the amount guaranteed shall not operate so as
to release Basell Benelux B.V., Lyondell Chemie International B.V. or Lyondell
Chemie Nederland B.V. from their respective obligations under this Article 9 in
excess of such amounts and further provided that upon the refinancing in full of
the 2027 Notes, the limitations on guarantees which exist as a result of the
provisions of the 2027 Notes shall be automatically removed from the date of
such refinancing and, accordingly, this paragraph (b), restricting it as a
Guarantor in this Agreement, shall cease to operate and have any force and
effect from the date of such refinancing.  Additionally, the
respective obligations of Basell Benelux B.V., Lyondell Chemie International
B.V. and Lyondell Chemie Nederland B.V. under this Article 9 shall apply only
insofar as required to guarantee the payment obligations of any Loan Party with
respect to any proceeds of any Loan directly or indirectly made available by
such Loan Party to Basell Benelux B.V., Lyondell Chemie International B.V. or
Lyondell Chemie Nederland B.V. through intra-group loans or facilities and
limited to the amount of such loans or facilities available to Basell Benelux
B.V., Lyondell Chemie International B.V. or Lyondell Chemie Nederland B.V. as
outstanding from time to time.

     

    
      
         

      

      
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    Section
9.12.  Guarantee
Limitations.

     

    (a)           To
the extent that the guarantee created hereunder is granted by a Guarantor
incorporated in Germany as a limited liability company (Gesellschaftmit beschrnkter Haftung)
(each a German GmbH
Guarantor) or established in Germany as a limited partnership (Kommanditgesellschaft) with a
limited liability company (Gesellschaft mit beschrnkter
Haftung) as general partner (a German GmbH & Co. KG
Guarantor and, together with any German GmbH Guarantor hereinafter
referred to as a German
Guarantor) and secures debt other than debt of such German Guarantor
itself or any of its subsidiaries, the following shall apply:

     

    (i)       each
German Guarantor guarantees the payment of all and any amounts which correspond
to funds that have been borrowed under this Agreement and have been on-lent to,
or otherwise passed on to, the relevant German Guarantor or any of its
subsidiaries, to the extent that any such amount is still outstanding at the
time the relevant demand is made against such German Guarantor; and

     

    (ii)      each
German Guarantor further guarantees the payment of any amount in excess of the
amounts payable by the relevant German Guarantor pursuant to paragraph (a)(i) of
this Section 9.12, its relevant liability is however limited as
follows:

     

    (A)            
each Secured Party shall not be entitled to enforce the guarantee in an amount
exceeding the amounts payable under paragraph (a)(i) of this Section 9.12
to the extent that the German Guarantor is able to demonstrate that the further
enforcement of the guarantee exceeding the amounts payable under paragraph
(a)(i) of this Section 9.12 has the effect of:

     

    
      	
               
      

            	
              (1)

            	
              reducing
      the relevant German Guarantors or, where the German Guarantor is a German
      GmbH & Co. KG Guarantor, its general partners net assets (Nettovermgen) (the
      Net Assets) to an
      amount less than its or, where the German Guarantor is a German GmbH &
      Co. KG Guarantor, its general partners stated share capital (Stammkapital);
      or

            

    

     

    
      	
               
      

            	
              (2)

            	
              (if
      the Net Assets are already an amount less than the stated share capital)
      causing such amount to be further
reduced,

            

    

     

    and
thereby affecting the assets required for the obligatory preservation of its
stated share capital according to 30, 31 German GmbH-Act (GmbH-Gesetz) (the GmbH-Act).

    
      
         

      

      
        -109-

        
          

        

      

      
         

      

    

    (B)           The
value of the Net Assets shall be determined in accordance with GAAP consistently
applied by the German Guarantor in preparing its unconsolidated balance sheets
(Jahresabschluss
according to 42 GmbH-Act, 242, 264 of the German Commercial Code (HGB)) in the
previous years subject to applicable law, save that:

     

    
      	
               
      

            	
              (1)

            	
              the
      amount of any increase of the stated share capital (Stammkapital) of the
      German Guarantor or, where the German Guarantor is a German GmbH & Co.
      KG Guarantor, its general partner, registered after the date of this
      Agreement without the prior written consent of the Administrative Agent
      shall be deducted from the relevant stated share capital;
    and

            

    

     

    
      	
               
      

            	
              (2)

            	
              loans
      and other liabilities incurred in violation of the provisions of this
      Agreement shall be disregarded.

            

    

     

    (C)           The
limitations set out in paragraph (a)(ii) of this Section 9.12 shall only
apply if and to the extent that within fifteen (15) Business Days following the
demand against the relevant German Guarantor under the guarantee by the
Administrative Agent, the managing director(s) on behalf of such German
Guarantor have confirmed in writing to the Administrative Agent (x) to what
extent the guarantee is an up-stream or cross-stream guarantee and (y) which
amount of such cross-stream and/or upstream guarantee cannot be enforced (only
if exceeding the amounts payable under paragraph (a)(i) of this
Section 9.12) as it would cause the Net Assets of such Guarantor or, where
the German Guarantor is a German GmbH & Co. KG Guarantor, its general
partner to fall below its stated share capital (Stammkapital) or, if the Net
Assets are already less than the stated share capital (Stammkapital) of such German
Guarantor or, where the German Guarantor is a German GmbH & Co. KG
Guarantor, its general partner, would cause such amount to be further reduced
(the Management
Determination).

     

    (D)           If
the Administrative Agent disagrees with the Management Determination, the
Administrative Agent shall be entitled to enforce the guarantee up to an amount
exceeding the amounts payable under paragraph (a)(i) of this Section 9.12
which is undisputed between itself and the relevant German Guarantor in
accordance with the provisions of paragraph (a)(i) of this Section 9.12. In
relation to the amount which is disputed, the Administrative Agent and such
German Guarantor shall within 35 calendar days (or such longer period as has
been agreed between the Company and the Administrative Agent for such purpose)
from the date the Administrative Agent has contested the Management
Determination request a determination by auditors of international standing and
reputation of the amount of the available Net Assets (the Auditors Determination). The
amount determined as the available Net Assets in the Auditors Determination
shall be (except for manifest error) binding for all parties.  The
costs of the Auditors Determination shall be borne by the Company.

     

    (E)           The
limitation set out in paragraph (a)[(ii)] of this Section 9.12 shall not
apply if (x) the German Guarantor and/or, where the German Guarantor is a German
GmbH & Co. KG Guarantor, its general partner has filed for insolvency or
temporary insolvency proceedings have been commenced and/or (y) the Management
Determination is not delivered within the time limit set out in this
Section 9.12.

     

    (F)           If:

    
      
         

      

      
        -110-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (1)

            	
              and
      to the extent the guarantee is enforced without regard to the limitation
      set forth in paragraph (a)(ii) of this Section 9.12 because the
      Management Determination was not delivered within the relevant time frame;
      or

            

    

     

    
      	
               
      

            	
              (2)

            	
              the
      amount of the available Net Assets pursuant to the Auditors Determination
      is lower than the amount stated in the Management
      Determination,

            

    

     

    the
Lenders shall repay to the relevant German Guarantor upon demand of the relevant
German Guarantor the amount exceeding any amount to be paid under paragraph
(a)(i) of this Section 9.12 if and to the extent already paid to the
Lenders which is necessary to maintain its stated share capital (Stammkapital), calculated as
of the date the demand under the guarantee was made and in accordance with
paragraphs (a)(ii) of this Section 9.12, provided such demand is in
written form addressed to the Administrative Agent on behalf of the Lenders and
is submitted within six months (Ausschlussfrist) after the
date the guarantee is enforced without regard to the limitation set forth in
paragraph (a)(ii)(A) of this Section 9.12. If pursuant to the Auditors
Determination the amount of the available Net Assets is higher than set out in
the Management Determination the relevant German Guarantor shall pay such amount
to the extent not already paid to the Lenders within five (5) Business Days
after receipt of the Auditors Determination.

     

    (G)           If
the German Guarantor intends to demonstrate that the enforcement of the
guarantee in an amount exceeding any amount to be paid under paragraph (a)(i) of
this Section 9.12 has led to one of the effects referred to in paragraph
(a)(ii) of this Section 9.12, then the German Guarantor and, where the
German Guarantor is a German GmbH & Co. KG Guarantor, also its general
partner shall realize at market value any and all of its assets that are shown
in its balance sheet with a book value (Buchwert) that is in the
opinion of the Administrative Agent significantly lower than their market value
if such assets are not necessary for the relevant German Guarantors or, where
the German Guarantor is a German GmbH & Co. KG Guarantor, its general
partners business (nicht
betriebsnotwendig), to the extent necessary to satisfy the amounts
requested under this paragraph (a)(ii).

     

    (H)           The
limitation set out in paragraph (a)(ii) of this Section 9.12 does not
affect the right of the Lenders to claim again any outstanding amount at a later
point in time if and to the extent that paragraph (a)(ii) of this
Section 9.12 would allow this at that later point.

     

    (iii)         Notwithstanding
the foregoing the Administrative Agent and the Lenders waive their rights to
enforce the guarantee as set out below to the extent that and as long as such
enforcement would be in violation of the prohibition of an intervention
threatening the existence of that German Guarantor (Versto gegen das Verbot des
existenzvernichtenden Eingriffs).

     

    The
limitation and waiver of enforcement of the guarantee set out in sub-paragraph
(iii) of this Section 9.12 shall only apply:

     

    (A)           if
and to the extent that within 15 Business Days following the demand against the
relevant German Guarantor under the guarantee by the Administrative Agent, the
managing directors on behalf of such German Guarantor have confirmed and proved
in writing to the Administrative Agent to what extent the guarantee cannot be
enforced as it would cause a violation of the prohibition of an intervention
threatening the existence of that German Guarantor (Verstogegen das Verbot des
existenzvernichtenden Eingriffs), (the Management Determination of an
Intervention Threatening the Existence of the German Guarantor);
and

    
      
         

      

      
        -111-

        
          

        

      

      
         

      

    

    (B)           if
the Administrative Agent disagrees with the Management Determination of an
Intervention Threatening the Existence of the German Guarantor the proceedings
set out in paragraph (a)(ii)(D) of this Section 9.12 shall apply mutatis
mutandis.

     

    This
sub-paragraph (iii) shall apply mutatis mutandis if the guarantee is granted by
a Guarantor incorporated as a limited liability partnership (GmbH & Co. KG)
and secures debt other than debt of such Guarantor itself or any of its
Subsidiaries.

     

    (iv)         
If the law is changed to the effect that Sections 30 German GmbH-Act is not
applicable when a domination agreement (Beherrschungsvertrag) or a
profit and loss pooling (Ergebnisabfhrungsvertrag)
between the relevant German Guarantor and a borrower/guarantor (the Relevant Borrower/Guarantor)
exists (directly, or indirectly through a chain of domination or profit and loss
pooling agreements between the Relevant Borrower and its subsidiaries and the
German Guarantor) then the limitations provided for in this Section 11.12 shall
no longer apply to the extent that the Guarantee covers the obligations of the
Relevant Borrower/Guarantor.

     

    (b)           For
the avoidance of doubt, nothing in this Agreement shall be interpreted as a
restriction or limitation of (i) the enforcement of the guarantee to the extent
such guarantee covering obligations owed by any of the respective German
Guarantors direct or indirect subsidiaries or (ii) the enforcement of any claim
of any Secured Party against Borrower (in such capacity) under this
Agreement.

     

    Section
9.13.  Guarantee Limitations in
Respect of Millennium Chemicals Inc.

     

    Any
amount that may be guaranteed by Millennium Chemicals Inc or any of its
subsidiaries, shall not exceed the amount permitted to be Incurred (as defined
in the Millennium Indenture) as Funded Debt (as defined in the Millennium
Indenture) as more fully set forth in Section 1009 of the Millennium Indenture;
provided, however, that upon the
refinancing in full of the Millennium Notes, this Section 9.13 shall cease to
operate and have any force and effect as of the date of such
refinancing.

     

    Section
9.14.  Non-U.S. Guarantee
Limitations.

     

    This
guarantee under this Agreement by any Loan Parties outside the United States
does not apply to any liability to the extent that it would result in this
guarantee constituting unlawful financial assistance within the meaning of
Section 151 of the Companies Act 1985 or any equivalent and applicable
provisions under the laws of the jurisdiction of incorporation of the relevant
Loan Party and, with respect to any Loan Parties which accede to this Agreement
by way of joinder after the Closing Date, is subject to any limitations set out
in the joinder agreement in respect of this Agreement applicable to such Loan
Parties.

     

    Section
9.15.  Limitation on Guarantee by
Additional Guarantors.

    
      
         

      

      
        -112-

        
          

        

      

      
         

      

    

     

    (a)           The
guarantee of any Person which becomes a Loan Party pursuant to an appropriate
joinder agreement in respect of this Agreement that is not a Loan Party
domiciled in either the Grand Duchy of Luxembourg or Germany is subject to any
limitations relating to that additional Loan Party set out in any such joinder
agreement, including (to the extent applicable) certain restrictions under the
2027 Notes and the Millennium Indenture.

     

    (b)           The
guarantee of any Person which becomes a Loan Party pursuant to an appropriate
joinder agreement in respect of this Agreement that is a Loan Party domiciled in
The Netherlands shall be subject to the limitations set out in paragraph (a) of
Section 9.11 and (to the extent applicable) certain restrictions under the 2027
Notes, in each case, as set out in such joinder agreement in form and substance
satisfactory to the Administrative Agent (acting reasonably).

     

    ARTICLE
10

     

    THE
AGENTS

     

    Section
10.01.  Appointment.

     

    (a)           In
order to expedite the transactions contemplated by this Agreement, each of the
Finance Parties (other than the Administrative Agent) hereby appoints Merrill
Lynch Capital Corporation to act as Administrative Agent and each of the Finance
Parties (other than the Collateral Agent) hereby appoints Citibank, N.A. to act
as Collateral Agent.  Each of the Lenders and each assignee of any
such Lender hereby irrevocably authorizes each Agent to take such actions on
behalf of such Lender or assignee and to exercise such powers as are
specifically delegated to such Agent by the terms and provisions hereof and of
the other Loan Documents, together with such actions and powers as are
reasonably incidental thereto.  The Administrative Agent is hereby
expressly authorized by the Lenders, without hereby limiting any implied
authority, (i) to receive on behalf of the Lenders all payments of principal of
and interest on the Loans, and all other amounts due to the Lenders hereunder,
and promptly to distribute to each Lender its proper share of each payment so
received; (ii) to give notice on behalf of each of the Lenders of any Event of
Default specified in this Agreement of which the Administrative Agent has actual
knowledge acquired in connection with the performance of its duties as
Administrative Agent hereunder; and (iii) to distribute to each Lender copies of
all notices, financial statements and other materials delivered by the Company
or Borrower pursuant to this Agreement as received by the Administrative
Agent.  Without limiting the generality of the foregoing, each of the
Agents is hereby expressly authorized to execute any and all other documents
(including the Security Documents (and releases thereof) and the Intercreditor
Agreement) with respect to the Collateral and in the name of and on behalf of
the Lenders and the other Secured Parties as their attorney-in-fact (and each
Lender appoints Citibank, N.A. as Agent as its and their attorney-in-fact for
such purpose and such Agent is hereby released from the restrictions imposed by
Section 181 of the German Civil Code (BGB)), as contemplated by and in
accordance with the provisions of this Agreement and the Security
Documents.

     

    Each
Lender hereby irrevocably appoints, designates, authorizes and releases from the
restrictions on self-dealing (18A of the German Civil Code) the Collateral Agent
(the Restricted Collateral
Agent) to execute on its behalf, on behalf of the other Secured Parties,
and on behalf of the holders of the Equistar Notes and the trustee under the
Equistar Notes, security agreements, pledge agreements, mortgages and/or other
collateral documents (the Equistar Restricted Collateral
Documents) and to take such action on its and their behalf under the
provisions of this Agreement and the Equistar Restricted Collateral Documents
and to exercise such powers and perform such duties as are expressly delegated
to it by the terms of this Agreement or the Equistar Restricted Collateral
Documents, together with such powers as are reasonably incidental thereto, and
the Restricted Collateral Agent accepts such assignment.  In addition,
each Lender hereby irrevocably appoints, designates, authorizes and releases
from the restrictions on self-dealing (18A of the German Civil Code) the
Restricted Collateral Agent to execute on its behalf, on behalf of the other
Secured Parties, and on behalf of the Arco Notes Secured Parties, the Restricted
Security Agreement (as defined in the Senior Secured Credit Facilities) and to take such action on its and their behalf under the
provisions of this Agreement and the Restricted Security Agreement and to
exercise such powers and perform such duties as are expressly delegated to it by
the terms of this Agreement or the Restricted Security Agreement, together with
such powers as are reasonably incidental thereto, and the Restricted Collateral
Agent accepts such assignment.

    
      
         

      

      
        -113-

        
          

        

      

      
         

      

    

    In the
event that any party other than the Lenders and the Agents shall participate in
all or any portion of the Collateral pursuant to any Security Document, all
rights and remedies in respect of such Collateral shall be controlled by the
Administrative Agent and the Collateral Agent as set forth in such Security
Document.

     

    (b)           Without
limiting the provisions of this Article 10;

     

    (i)                 each
other Loan Party authorises and releases from the restrictions imposed by
Section 181 of the German Civil Code each of the Administrative Agent or, as the
case may be, the Collateral Agent and each of the Joint Lead Arrangers to agree,
accept and sign on its behalf the terms of any reliance, release or engagement
letter in relation to any Report or any other report or letter provided by any
person in connection with the Transaction Documents or the transactions
contemplated in them (including any net asset letter in connection with
financial assistance procedures) and any replacement thereof); and

     

    (ii)                 each
Loan Party agrees to be bound by the terms of any reliance, release or
engagement letter (in each case, in a form agreed by the Joint Lead Arrangers)
in relation to any Report or any other report or letter provided by any person
in connection with the Transaction Documents or the transactions contemplated in
them (including any net asset letter in connection with financial assistance
procedures and any replacement thereof).

     

    (c)           Neither
the Agents nor any of their respective directors, officers, employees or agents
shall be liable as such for any action taken or omitted by any of them except
for its or his own gross negligence or willful misconduct, or be responsible for
any statement, warranty or representation herein or the contents of any document
delivered in connection herewith, or be required to ascertain or to make any
inquiry concerning the performance or observance by Borrower or any other Loan
Party of any of the terms, conditions, covenants or agreements contained in any
Loan Document.  The Agents shall not be responsible to the Lenders for
the due execution, genuineness, validity, enforceability or effectiveness of
this Agreement or any other Loan Documents or other instruments or
agreements.  The Agents shall in all cases be fully protected in
acting, or refraining from acting, in accordance with written instructions
signed by the Required Lenders and, except as otherwise specifically provided
herein, such instructions and any action or inaction pursuant thereto shall be
binding on all the Lenders.  Notwithstanding the foregoing, in the
case of any enforcement against any Collateral or exercise of any remedies with
respect thereto pursuant to any Security Document, the Agents shall in all cases
be fully protected in acting, or refraining from acting, in accordance with
written instructions signed by the requisite secured parties specified therein
(whether or not the Required Lenders shall have consented to such action or
inaction) and such instructions and any action or inaction pursuant thereto
shall be binding on all the Lenders.  Each Agent shall, in the absence
of knowledge to the contrary, be entitled to rely on any instrument or document
believed by it in good faith to be genuine and correct and to have been signed
or sent by the proper Person or Persons.  Neither the Agents nor any
of their respective directors, officers, employees or agents shall have any
responsibility to Borrower or any other Loan Party or any other party hereto on
account of the failure, delay in performance or breach by, or as a result of
information provided by, any Lender of any of its obligations hereunder or to
any Lender on account of the failure of or delay in performance or breach by any
other Lender or Borrower or any other Loan Party of any of their respective
obligations hereunder or under any other Loan Document or in connection herewith
or therewith.  Each Agent may execute any and all duties hereunder by
or through agents or employees and shall be entitled to rely upon the advice of
legal counsel selected by it with respect to all matters arising hereunder and
shall not be liable for any action taken or suffered in good faith by it in
accordance with the advice of such counsel.

    
      
         

      

      
        -114-

        
          

        

      

      
         

      

    

    Section
10.02.  Nature of
Duties.  The
Lenders hereby acknowledge that the Administrative Agent shall not be under any
duty to take any discretionary action permitted to be taken by it pursuant to
the provisions of this Agreement unless it shall be requested in writing to do
so by the Required Lenders.  The Lenders further acknowledge and agree
that so long as the Administrative Agent shall make any determination to be made
by it hereunder or under any other Loan Document in good faith, the
Administrative Agent shall have no liability in respect of such determination to
any Person.  Notwithstanding any provision to the contrary elsewhere
in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into the Loan
Documents or otherwise exist against the Administrative Agent.  Each
Lender recognizes and agrees that, except for any functions or rights expressly
specified herein, the Joint Lead Arrangers shall have no duties or
responsibilities under this Agreement or any other Loan Document, or any
fiduciary relationship with any Lender, and shall have no functions,
responsibilities, duties, obligations or liabilities for acting as the Joint
Lead Arrangers hereunder.

     

    Section
10.03.  Resignation by the
Agents.  Subject
to the appointment and acceptance of a successor Administrative Agent as
provided below, the Administrative Agent may resign at any time by notifying the
Lenders and the Company.  Upon any such resignation, the Required
Lenders shall have the right to appoint a successor with the consent of the
Company (not to be unreasonably withheld or delayed).  If no successor
shall have been so appointed by the Required Lenders and approved by the Company
and shall have accepted such appointment within 45 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders with the consent of the
Company (not to be unreasonably withheld or delayed), appoint a successor
Administrative Agent which shall be a bank with an office in New York, New York
and an office in London, England (or a bank having an Affiliate with such an
office) having a combined capital and surplus having a Dollar Equivalent that is
not less than $500.0 million or an Affiliate of any such bank.  Upon
the acceptance of any appointment as Administrative Agent hereunder by a
successor bank, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Administrative Agent and
the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder.  After the Administrative Agents resignation
hereunder, the provisions of this Article and Section 11.05 shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as Agent.

     

    Section
10.04.  The Administrative Agent in
Its Individual Capacity.  With
respect to the Loans made by it hereunder, the Administrative Agent in its
individual capacity and not as Administrative Agent shall have the same rights
and powers as any other Lender and may exercise the same as though it were not
the Administrative Agent, and the Administrative Agent and its Affiliates may
accept deposits from, lend money to and generally engage in any kind of business
with Borrower, the Company or any of their respective subsidiaries or other
Affiliates thereof as if it were not the Administrative Agent.

    
      
         

      

      
        -115-

        
          

        

      

      
         

      

    

    Section
10.05.  Indemnification.  Each
Lender agrees (a) to reimburse the Agents, on demand, in the amount of its pro
rata share (based on its Commitments hereunder (or if such Commitments shall
have expired or been terminated, in accordance with the respective principal
amounts of its applicable outstanding Loans)) of any reasonable expenses
incurred for the benefit of the Lenders by the Administrative Agent, including
reasonable counsel fees and compensation of agents and employees paid for
services rendered on behalf of the Lenders, which shall not have been reimbursed
by Borrower and (b) to indemnify and hold harmless the Administrative Agent and
any of its directors, officers, employees or agents, on demand, in the amount of
such pro rata share, from and against any and all liabilities, Taxes,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against it in its capacity as Administrative Agent
or any of them in any way relating to or arising out of this Agreement or any
other Loan Document or any action taken or omitted by it or any of them under
this Agreement or any other Loan Document, to the extent the same shall not have
been reimbursed by Borrower, provided that no Lender shall
be liable to the Administrative Agent for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the gross negligence or willful
misconduct of the Administrative Agent or any of its directors, officers,
employees or agents.

     

    Section
10.06.  Lack of Reliance on
Agents.  Each
Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent and any Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter
into this Agreement.  Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent, any other
Lender and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement or any other Loan Document, any
related agreement or any document furnished hereunder or
thereunder.

     

    Section
10.07.  Collateral Agent under
Italian Law.  The
appointment of the Collateral Agent referred to under Section 10.01(a) above
shall be regarded and construed, for the purposes of Italian law, as a mandato con rappresentanza,
and accordingly the Collateral Agent shall act as the mandatario con rappresentanza
of the Secured Parties and shall be fully entitled to, without
limitation:

     

    (a)           exercise
in its name (in nome proprio) and in the name and on behalf (in nome e per
conto) of the Secured Parties all rights, powers and discretion, execute all
documents and take all actions which are expressed to be exercised, executed or
taken by the Secured Parties under or in connection with any of the Security
Documents governed by Italian law;

     

    (b)           execute
and perfect, in its name (in nome proprio) and in the name and on behalf (in
nome e per conto) of the Secured Parties, any amendment agreement, deed of
acknowledgement, supplemental deed, confirmation deed or any other document to
be executed in connection with or under any Collateral Document governed by
Italian law;

     

    (c)           apply
the proceeds of any enforcement and sale under the relevant Collateral Document
governed by Italian law in accordance with the terms of the Intercreditor
Agreement and the provisions of Italian law; and

     

    (d)           take,
in its name (in nome proprio) and in the name and on behalf (in nome e per
conto) of the Secured Parties, any enforcement action in connection with any
Collateral and in accordance with the enforcement procedures provided by Italian
law and the provisions of the Security Documents governed by Italian law, provided that the Collateral
Agent may delegate or authorise any Secured Party to take enforcement actions in
compliance with the provisions of the other Loan Documents and the provisions of
Italian law.

    
      
         

      

      
        -116-

        
          

        

      

      
         

      

    

    Section
10.08.  Release from Restrictions of
Self Dealing.  With
regard to any appointment, power or authority, granted herein, each Secured
Party releases the Collateral Agent from the restrictions of self-dealing as
contained in Section 181 German Civil Code or any similar law in any other
jurisdiction.

    

    Section
10.09.  Perpetuity
Period.  The
perpetuity period for trusts in this Agreement is 80 years.

    

    ARTICLE
11

     

    MISCELLANEOUS

     

    Section
11.01.  Notices.

     

    (a)           Notices
and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:

     

    (i)       if
to:

     

    (A)           Borrower,
to it at LyondellBasell Finance Company, c/o Lyondell Chemical Company, 1221
McKinney, Suite 700, Houston, Texas 77010, attention: Gareth Bahlmann (fax: +1
713 652 4598, email: gareth.bahlmann@lyondell.com),

     

    (B)           the
Company, to it at Basell AF S.C.A., c/o Basell Finance Company B.V., Hoeksteen
66, 2132 MS Hoofddorp, The Netherlands, attention: General Counsel (fax: +31 20
446 8609), and

     

    (C)           to
any other Loan Party, to the address set forth in such Loan Partys Accession
Letter,

     

    with, in
any case,  a copy to Skadden, Arps, Slate, Meagher & Flom (UK)
LLP, 40 Bank Street, Canary Wharf, London  E14 5DS, attention Scott
Simpson (fax: +44 20 7519 7070), email: ssimpson@skadden.com).

     

    (ii)         if
to the Administrative Agent, to Merrill Lynch Capital Corporation, 250 Vesey
Street, 22nd Floor, New York, New York  10080, attention: Don Burkitt
(fax: +212 449 7750), (e-mail: don_burkitt@ml.com).

     

    (iii)         if
to the Collateral Agent, to Citibank, N.A., 388 Greenwich Street, New York, New
York 10013, attention: David Jaffe (fax: +1 212 816 2613), (e-mail:
david.jaffe@citi.com).

     

     

    (b)           Notices
and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the
Administrative Agent; provided that the foregoing
shall not apply to notices pursuant to Article 2 unless otherwise agreed by the
Administrative Agent and the applicable Lender.  Each of the
Administrative Agent, the Collateral Agent and Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided, further, that approval of
such procedures may be limited to particular notices or
communications.

    
      
         

      

      
        -117-

        
          

        

      

      
         

      

    

     

    (c)           All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement shall be deemed to have been given o n the date
of receipt if delivered by hand or overnight courier service, sent by telecopy
or (to the extent permitted by clause (b) of 11.01(c)) electronic means or on
the date five Business Days after dispatch by certified or registered mail if
mailed, in each case delivered, sent or mailed (properly addressed) to such
party as provided in this Section 11.01 or in accordance with the latest
unrevoked direction from such party given in accordance with this
Section 11.01.

     

    (d)           Any
party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto.

     

    Section
11.02.  Survival of
Agreement.  All
covenants, agreements, representations and warranties made by the Loan Parties
herein, in the other Loan Documents and in the certificates or other instruments
prepared or delivered in connection with or pursuant to this Agreement or any
other Loan Document shall be considered to have been relied upon by the Lenders
and shall survive the making by the Lenders of the Loans and the execution and
delivery of the Loan Documents, regardless of any investigation made by such
Persons or on their behalf, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any Fee or any other
amount payable under this Agreement or any other Loan Document is outstanding
and unpaid and so long as the Commitments have not been
terminated.  Without prejudice to the survival of any other agreements
contained herein, indemnification and reimbursement obligations contained herein
(including pursuant to Sections 2.11, 2.12, 2.13 and 11.05) shall survive the
payment in full of the principal and interest hereunder and the termination of
the Commitments or this Agreement.

     

    Section
11.03.  Binding
Effect.  This
Agreement shall become effective when it shall have been executed by Borrower,
the Company, each other Loan Party and the Administrative Agent and when the
Administrative Agent shall have received copies hereof which, when taken
together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of Borrower, the
Company, each other Loan Party, the Administrative Agent and each Lender and
their respective permitted successors and assigns.

     

    Section
11.04.  Successors and
Assigns.

     

    (a)           The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby,
except that (i) no Loan Party may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of each Lender (and
any attempted assignment or transfer by a Loan Party without such consent shall
be null and void) and (ii) subject to clause 11.04(b), no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with
this Section.  Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants (to the extent
provided in clause (c) of Section 11.04) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Agents and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this
Agreement.

     

    (b)           Subject
to the conditions set forth in clause (b)(ii) of Section 11.04, any Lender may
assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans
at the time owing to it) with the prior written consent of each Lender (such
consent not to be unreasonably withheld, delayed or conditioned); provided that, for the twelve
month period commencing on the Closing Date, the consent of Borrower (which
consent shall not be unreasonably withheld) shall be required with respect to
any assignment that would result in the Joint Lead Arrangers, in the aggregate,
holding less than 50.1% of the aggregate principal amount of the outstanding
Loans.

     

    
      
         

      

      
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    (i)       Assignments
shall be subject to the following additional conditions:

     

    (A)           except
in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning
Lenders Commitment or Loans, the amount of the commitment or principal amount of
the Loans of the assigning Lender subject to each such assignment (determined as
of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall (1) in the case of Euro Loans that
are Initial Loans, be an integral multiple of 5.0 million and, in the case of
Euro Loans that are Extended Loans, not less than 1.0 million (or such lesser
amount constituting all of such Lenders Euro Loans), and (2) in the case of
Dollar Loans that are Initial Loans, be an integral multiple of $5.0 million
and, in the case of Extended Loans that are Dollar Loans, not less than $1.0
million (or such lesser amount constituting all of such Lenders Dollar Loans),
in each case unless each of the Company and the Administrative Agent otherwise
consent; provided that
no such consent of the Company shall be required if an Event of Default has
occurred and is continuing or prior to the completion of the primary syndication
of the Loans (as determined by the Joint Lead Arrangers);

     

    (B)           each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lenders rights and obligations under this Agreement, except that,
subject to the other terms and conditions of this Section 11.04, any Lenders
shall have the right to assign different amounts of Dollar Loans and Euro Loans;
and

     

    (C)           the
parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Acceptance, together with a processing and recordation fee of
$3,500.

     

    (ii)       Subject
to acceptance and recording thereof pursuant to Section 11.04(b)(iv), from
and after the effective date specified in each Assignment and Acceptance the
assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender hereunder shall, to the
extent of the interest assigned by such Assignment and Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lenders rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 2.11, 2.12, 2.13 and
11.05).  Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this
Section 11.04 shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with
Section 11.04(c).

     

    (iii)      The
Administrative Agent, acting for this purpose as a nonfiduciary agent of
Borrower, shall maintain at one of its offices a copy of each Assignment and
Acceptance delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitment of, and principal amount and
currency of the Loans owing to, each Lender pursuant to the terms hereof from
time to time (the Register).  The
entries in the Register shall be conclusive, and Borrower, the Agents and the
Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary.  The Register shall be
available for inspection by Borrower and any Lender, at any reasonable time and
from time to time upon reasonable prior notice.

    
      
         

      

      
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    (iv)     Upon
its receipt of a duly completed Assignment and Acceptance executed by an
assigning Lender and an assignee, the processing and recordation fee referred to
in Section 11.04(b) and any written consent to such assignment required by
Section 11.04(b), the Administrative Agent acting for itself and, in any
situation where the consent of the Company is not required, Borrower shall
accept such Assignment and Acceptance and record the information contained
therein in the Register.  No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as
provided in this paragraph.

     

    (c)           Any
Lender may, without the consent of the Company or the Administrative Agent, sell
participations to one or more banks or other entities (a Participant) in all or a
portion of such Lenders rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lenders obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance
of such obligations and (C) Borrower, the Agents and the Lenders shall continue
to deal solely and directly with such Lender in connection with such Lenders
rights and obligations under this Agreement.  Any agreement or
instrument (oral or written) pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and the other Loan Documents and to approve any
amendment, modification or waiver of any provision of this Agreement and the
other Loan Documents; provided that (1) such
agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 11.08(b) that affects such Participant
and (2) no other agreement (oral or written) with respect to such participation
which is inconsistent with the foregoing provisions of this sentence may exist
between such Lender and such Participant.  Subject to Section
11.04(c)(i), Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.11, 2.12 and 2.13, to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to Section
11.04(b).  To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 11.06 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.14(c) as though it were a Lender.

     

    (i)       A
Participant shall not be entitled to receive any greater payment under Section
2.11, 2.12 or 2.13 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Companys prior
written consent (which shall not be unreasonably withheld or
delayed).  A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 2.13 to the extent such
Participant fails to comply with Section 2.13(e) as though it were a
Lender.

     

    (d)           Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve
Bank, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

    
      
         

      

      
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    (e)           In
case of a transfer by way of novation:

     

    (i)       in
accordance with Articles 1278 to 1281 of the French Civil Code, the transferring
Lender maintains all its rights and privileges arising under any Security
Document governed by French law and any guarantee under this Agreement for the
benefit of the transferee; and

     

    (ii)         each
party to this Agreement (other than the transferring Lender and the transferee)
irrevocably authorizes the Administrative Agent to execute any document
evidencing such transfer on its behalf.

     

    Section
11.05.  Expenses;
Indemnity.

     

    (a)           Borrower
agrees (i) if the Closing Date occurs, to pay or reimburse the Administrative
Agent, the Collateral Agent and the Joint Lead Arrangers for all reasonable
invoiced out-of-pocket costs and expenses and any taxes (other than Taxes
indemnification for which is governed by Section 2.13 hereof) incurred in
connection with the preparation, negotiation, syndication and execution of this
Agreement and the other Loan Documents, and any amendment, waiver, consent or
other modification of the provisions hereof and thereof (whether or not the
transactions contemplated thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including
all Attorney Costs, and (ii) to pay or reimburse the Administrative Agent, the
Collateral Agent, the Joint Lead Arrangers and each Lender for all invoiced
out-of-pocket costs and expenses incurred in connection with the enforcement
(whether through negotiations, legal proceedings or otherwise) of any rights or
remedies under this Agreement or the other Loan Documents (including all such
costs and expenses incurred during any legal proceeding, including any
proceeding under any Debtor Relief Law, and including all respective Attorney
Costs of counsel to the Administrative Agent and the Collateral
Agent).  The foregoing costs and expenses shall include all reasonable
search, filing, recording and title insurance charges and fees related thereto,
and other (reasonable, in the case of Section 11.05(a)(i)) out-of-pocket
expenses incurred by any Agent.  The agreements in this Section
11.05(a) shall survive the termination of this Agreement and repayment of all
other Loan Party Obligations.  All amounts due under this Section
11.05(a) shall be paid promptly after receipt by Borrower of an invoice relating
thereto setting forth such expenses in reasonable detail.  If any Loan
Party fails to pay when due any costs, expenses, taxes or other amounts payable
by it hereunder or under any Loan Document, such amount may be paid on behalf of
such Loan Party by the Administrative Agent in its sole discretion.

     

    (b)           Whether
or not the transactions contemplated hereby are consummated, Borrower shall
indemnify and hold harmless each Joint Lead Arranger, Agent-Related Person, each
Lender and their respective Affiliates, and directors, officers, partners,
employees, counsel, agents, trustees, investment advisors and attorneys-in-fact
of each of the foregoing (collectively, the Indemnitees) from and against
any and all liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses and disbursements (including
Attorney Costs but not including Taxes indemnification for which is governed by
Section 2.13 hereof) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way
relating to or arising out of or in connection with (i) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions
contemplated thereby or the consummation of the transactions contemplated
thereby, (ii) any Loan or the use or proposed use of the proceeds
therefrom, or (iii) any actual or alleged presence or Release of Hazardous
Materials on, at, under or from any property or facility currently or formerly
owned, leased or operated by the Loan Parties or any Subsidiary, or any
Environmental Liability related in any way to the Loan Parties or any
Subsidiary, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation or
proceeding) and regardless of whether any Indemnitee is a party thereto (all the
foregoing, collectively, the Indemnified Liabilities), in
all cases, whether or not caused by or arising, in whole or in part, out of the
negligence of the Indemnitee; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses or disbursements resulted from the gross
negligence, bad faith or willful misconduct of such Indemnitee or of any
affiliate, director, officer, partner, employee, agent or attorney-in-fact of
such Indemnitee, as determined by the final judgment of a court of competent
jurisdiction.  No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with
this Agreement, nor shall any Indemnitee or Borrower or any Subsidiary have any
liability for any special, punitive, indirect or consequential damages relating
to this Agreement or any other Loan Document or arising out of its activities in
connection herewith or therewith (whether before or after the Closing
Date).  In the case of an investigation, litigation or other
proceeding to which the indemnity in this Section 11.05(b) applies, such
indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, any
Loan Partys directors, stockholders or creditors or an Indemnitee or any other
Person, whether or not any Indemnitee is otherwise a party thereto and whether
or not any of the transactions contemplated hereunder or under any of the other
Loan Documents are consummated.  All amounts due under this Section
11.05(b) shall be paid within ten (10) Business Days after demand therefor;
provided, however, that such Indemnitee
shall promptly refund such amount to the extent that there is a final judicial
or arbitral determination that such Indemnitee was not entitled to
indemnification rights with respect to such payment pursuant to the express
terms of this Section 11.05(b).  The agreements in this Section
11.05(b) shall survive the resignation of the Administrative Agent or the
Collateral Agent, the replacement of any Lender, the termination of this
Agreement and the repayment, satisfaction or discharge of all the other Loan
Party Obligations.  This Section 11.05(b) shall not apply with respect
to any Taxes (including, without limitation, Indemnified Taxes or any Other
Taxes indemnifiable under Section 2.13) other than Taxes that represent
liabilities, obligations, losses, damages, etc. arising from any non-Tax
claim.

     

    
      
         

      

      
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    Section
11.06.  Right of
Set-off.  In
addition to any rights and remedies of the Lenders provided by Law, upon the
occurrence and during the continuance of any Event of Default, each Lender and
its Affiliates (the Administrative Agent and the Collateral Agent, in respect of
any unpaid fees, costs and expenses payable hereunder) is authorized at any time
and from time to time, without prior notice to the Company and Borrower, any
such notice being waived by the Company and Borrower (on its own behalf and on
behalf of each Loan Party and each of its subsidiaries) to the fullest extent
permitted by applicable Law, to setoff and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held by, and other
Indebtedness at any time owing by, such Lender and its Affiliates, the
Administrative Agent or the Collateral Agent to or for the credit or the account
of the respective Loan Parties and their subsidiaries against any and all Loan
Party Obligations owing to such Lender and its Affiliates or the Collateral
Agent hereunder or under any other Loan Document, now or hereafter existing,
irrespective of whether or not such Agent or such Lender or Affiliate shall have
made demand under this Agreement or any other Loan Document and although such
Loan Party Obligations may be contingent or unmatured or denominated in a
currency different from that of the applicable deposit or
Indebtedness.  Each Lender agrees promptly to notify Borrower and the
Administrative Agent after any such setoff and application made by such Lender;
provided that the failure to give such notice shall not affect the validity of
such setoff and application.  The rights of the Administrative Agent,
the Collateral Agent and each Lender under this Section 10.06 are in addition to
other rights and remedies (including other rights of setoff) that the
Administrative Agent, the Collateral Agent and such Lender may
have.

    
      
         

      

      
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    Section
11.07.  Applicable
Law.  THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN
OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK.

     

    Section
11.08.  Waivers;
Amendments.

     

    (a)           No
failure or delay of the Administrative Agent or any Lender in exercising any
right or power hereunder or under any Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power.  The rights and remedies of the Administrative Agent
and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise
have.  No waiver of any provision of this Agreement or any other Loan
Document or consent to any departure by Borrower, the Company or any other Loan
Party therefrom shall in any event be effective unless the same shall be
permitted by this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.  No
notice or demand on Borrower, the Company or any other Loan Party in any case
shall entitle such Person to any other or further notice or demand in similar or
other circumstances.

     

    (b)           Neither
this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except (i) as set forth in Section 11.08(c)
or 11.08(d)(ii) or (ii)(A) in the case of this Agreement, pursuant to an
agreement or agreements in writing entered into by Borrower and the Required
Lenders, (B) in the case of any other Loan Document (other than any Security
Document), pursuant to an agreement or agreements in writing entered into by
each party thereto and consented to by the Required Lenders, and (C) in the case
of any Security Document, pursuant to an agreement or agreements in writing
entered into by the relevant Collateral Agent and consented to by the Required
Lenders; provided,
however, that no such
agreement shall:

     

    (1)           decrease
or forgive the principal amount of, or extend the final maturity of, or decrease
the rate of interest on, or change the currency of payment of, any Loan, without
the prior written consent of each Lender directly affected thereby,

     

    (2)           increase
or extend the Commitment of any Lender or decrease the fees of any Lender
without the prior written consent of such Lender (it being understood that
waivers or modifications of conditions precedent, covenants or Defaults or
Events of Default or mandatory prepayments (other than with respect to a
Permanent Securities Prepayment Event) shall not constitute an increase of the
Commitments of any Lender),

     

    (3)           extend
any date on which payment of interest on any Loan is due, without the prior
written consent of each Lender adversely affected thereby,

     

    (4)           amend
or modify the provisions of Section 2.14(c) in a manner that would by its terms
alter the pro rata sharing of payments required thereby, without the prior
written consent of each Lender adversely affected thereby,

    
      
         

      

      
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    (5)           amend
or modify the provisions of this Section or the definition of the terms Required
Lenders or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the prior written consent
of each Lender adversely affected thereby,

     

    (6)           amend,
modify or waive any provision in the Exchange Notes that requires (or would, if
any Exchange Notes were outstanding, require) the approval of all Holders of
Exchange Notes, in each case without the consent of each Lender directly
affected thereby,

     

    (7)           restrict
the right of any Lender to exchange Initial Loans for Extended Loans on the
Initial Maturity Date, or Extended Loans for Exchange Notes, amend the rate of
such exchange or amend the terms of the Exchange Notes in any manner that
requires (or would, if the Exchange Notes were outstanding, require) the
approval of all Holders of Exchange Notes, in each case without the consent of
each Lender directly affected thereby,

     

    (8)           release
all or substantially all the Collateral or release any Loan Party from its
obligations under the Security Documents (except pursuant to the terms thereof
and of this Agreement), without the prior written consent of each Lender;
or

     

    (9)           other
than as permitted by this Agreement, release any Guarantor from its obligations
under this Agreement, or limit its liability in respect of thereof, without the
prior written consent of each Lender,

     

    provided, further, that no such
agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the
Administrative Agent.

     

    (c)           Without
the consent of either Joint Lead Arranger or any Lender, the Loan Parties and
the Administrative Agent and/or Collateral Agent may (in their respective sole
discretion, or shall, to the extent required by any Loan Document) enter into
any amendment, modification or waiver of any Loan Document, or enter into any
new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or
additional property to become Collateral for the benefit of the Secured Parties,
or as required by local law to give effect to, or protect any security interest
for the benefit of the Secured Parties, in any property or so that the security
interests therein comply with applicable law.

     

    (d)           Notwithstanding
the foregoing, this Agreement may be amended by the Administrative Agent and
Borrower to correct any typographical or similar error or cure ambiguities or
other defects.

     

    (e)           Each
Lender shall be bound by any waiver, amendment or modification authorized by
this Section 11.08 and any consent by any Lender pursuant to this
Section 11.08 shall bind any assignee of such Lender.

     

    Section
11.09.  Interest Rate
Limitation.  Notwithstanding
anything herein to the contrary, if at any time the applicable interest rate,
together with all fees and charges that are treated as interest under applicable
law (collectively, the Charges), as provided for
herein or in any other document executed in connection herewith, or otherwise
contracted for, charged, received, taken or reserved by any Lender, shall exceed
the maximum lawful rate (the Maximum Rate) that may be
contracted for, charged, taken, received or reserved by such Lender in
accordance with applicable law, the rate of interest payable hereunder, together
with all Charges payable to such Lender, shall be limited to the Maximum Rate,
provided that such
excess amount shall be paid to such Lender on subsequent payment dates to the
extent not exceeding the legal limitation.

    
      
         

      

      
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    Section
11.10.  Entire
Agreement.  This
Agreement, the other Loan Documents and the agreements regarding certain Fees
referred to herein constitute the entire contract between the parties relative
to the subject matter hereof.  Any previous agreement among or
representations from the parties or their Affiliates with respect to the subject
matter hereof is superseded by this Agreement and the other Loan
Documents.  Notwithstanding the foregoing, the Fee Letter shall
survive the execution and delivery of this Agreement and remain in full force
and effect.  Nothing in this Agreement or in the other Loan Documents,
expressed or implied, is intended to confer upon any party other than the
parties hereto and thereto any rights, remedies, obligations or liabilities
under or by reason of this Agreement or the other Loan Documents.

     

    Section
11.11.  WAIVER OF JURY
TRIAL.  EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY
OF THE OTHER LOAN DOCUMENTS.  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11.11.

     

    Section
11.12.  Severability.  In
the event any one or more of the provisions contained in this Agreement or in
any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein and therein shall not in any way be affected or impaired
thereby.  The parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

     

    Section
11.13.  Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute
but one contract, and shall become effective as provided in
Section 11.03.  Delivery of an executed counterpart to this
Agreement by facsimile transmission shall be as effective as delivery of a
manually signed original.

     

    Section
11.14.  Headings.  Article
and Section headings and the table of contents used herein are for convenience
of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this
Agreement.

     

    Section
11.15.  Jurisdiction; Consent to
Service of Process.

     

    (a)           Each
of Borrower, the Company and each other Loan Party and each Agent and Lender
hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or federal court of
the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the other Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State or, to the extent permitted by law, in
such federal court.  Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.  Nothing in this Agreement shall affect any right
that any Lender may otherwise have to bring any action or proceeding relating to
this Agreement or the other Loan Documents against Borrower, the Company or any
other Loan Party or their properties in the courts of any
jurisdiction.

    
      
         

      

      
        -125-

        
          

        

      

      
         

      

    

     

    (b)           Each
of Borrower, the Company and each other Loan Party and each Agent and Lender,
hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement or the other Loan Documents in any New York State or
federal court.  Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

     

    (c)           Each
of the Company and each other Loan Party other than U.S. Guarantors, hereby
irrevocably and unconditionally appoints Borrower with an office on the date
hereof at LyondellBasell Finance Company, c/o Corporation Service Company, 2711
Centerville Road, Suite 400, Wilmington, Delaware 19808 and its successors
hereunder (the Process
Agent), as its agent to receive on behalf of each of the Company and each
other Loan Party other than U.S. Guarantors, and their property of all writs,
claims, process, and summonses in any action or proceeding brought against it in
the State of New York.  Such service may be made by mailing or
delivering a copy of such process to the Company and each other Loan Party other
than U.S. Guarantors, as the case may be, in care of the Process Agent at the
address specified above for the Process Agent, and each of the Company and each
other Loan Party other than U.S. Guarantors,  hereby irrevocably
authorizes and directs the Process Agent to accept such service on its
behalf.  Failure by the Process Agent to give notice to the Company or
any other Loan Party other than U.S. Guarantors, as applicable, or failure of
the Company, or any other Loan Party other than U.S. Guarantors, as applicable,
to receive notice of such service of process shall not impair or affect the
validity of such service on the Process Agent, the Company, or any other Loan
Party other than U.S. Guarantors, or of any judgment based
thereon.  Each of the Company and each other Loan Party other than
U.S. Guarantors, covenants and agrees that it shall take any and all reasonable
action, including the execution and filing of any and all documents, that may be
necessary to continue the designation of the Process Agent above in full force
and effect, and to cause the Process Agent to act as such.  Each of
the Company and each other Loan Party other than U.S.
Guarantors,  further covenants and agrees to maintain at all times an
agent with offices in New York City to act as its Process
Agent.  Nothing herein shall in any way be deemed to limit the ability
to serve any such writs, process or summonses in any other manner permitted by
applicable law.

     

    Section
11.16.  Confidentiality.

     

    (a)           Each
of the Lenders and the Administrative Agent agrees that it shall maintain in
confidence any information relating to Borrower, the Company, Lyondell, their
subsidiaries furnished to it by or on behalf of Borrower, the Company or the
other Loan Parties (other than information that (i) has become generally
available to the public other than as a result of a disclosure by such party,
(ii) has been independently developed by such Lender or the Administrative Agent
without violating this Section 11.16 or (iii) was available to such Lender or
the Administrative Agent from a third party having, to such Persons knowledge,
no obligations of confidentiality to Borrower, the Company or any other Loan
Party) and shall not reveal the same other than to its directors, trustees,
officers, employees and advisors with a need to know or to any Person that
approves or administers the Loans on behalf of such Lender (so long as each such
Person shall have been instructed to keep the same confidential in accordance
with this Section 11.16), except:  (A) to the extent necessary to
comply with law or any legal process or the requirements of any Governmental
Authority, the National Association of Insurance Commissioners or of any
securities exchange on which securities of the disclosing party or any Affiliate
of the disclosing party are listed or traded, (B) as part of normal reporting or
review procedures to Governmental Authorities or the National Association of
Insurance Commissioners, (C) to its parent companies, Affiliates or auditors (so
long as each such Person shall have been instructed to keep the same
confidential in accordance with this Section 11.16), (D) in order to enforce its
rights under any Loan Document in a legal proceeding, (E) to any prospective
assignee of, or prospective Participant in, any of its rights under this
Agreement (so long as such Person shall have been instructed to keep the same
confidential in accordance with this Section 11.16) and (F) to any direct or
indirect contractual counterparty in any hedging obligation or such contractual
counterpartys professional advisor, so long as, in the case of disclosure
pursuant to clauses (E) and (F) above, such Person agrees to be bound by the
provisions of this Section) 11.16.

     

    (b)           Neither
the Administrative Agent, any Lender, any of their respective affiliates nor any
Loan Party provide accounting, tax or legal advice.

     

    Section
11.17.  Conversion of
Currencies.

     

    (a)           If,
for the purpose of obtaining judgment in any court, it is necessary to convert a
sum owing hereunder in one currency into another currency, each party hereto
agrees, to the fullest extent that it may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking
procedures in the relevant jurisdiction the first currency could be purchased
with such other currency on the Business Day immediately preceding the day on
which final judgment is given.

     

    (b)           The
obligations of Borrower in respect of any sum due to any party hereto or any
holder of the obligations owing hereunder (the Applicable Creditor) shall,
notwithstanding any judgment in a currency (the Judgment Currency) other than
the currency in which such sum is stated to be due hereunder (the Agreement Currency), be
discharged only to the extent that, on the Business Day following receipt by the
Applicable Creditor of any sum adjudged to be so due in the Judgment Currency,
the Applicable Creditor may in accordance with normal banking procedures in the
relevant jurisdiction purchase the Agreement Currency with the Judgment
Currency; if the amount of the Agreement Currency so purchased is less than the
sum originally due to the Applicable Creditor in the Agreement Currency,
Borrower agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Applicable Creditor against such loss.  The
obligations of Borrower contained in this Section 11.17 shall survive the
termination of this Agreement and the payment of all other amounts owing
hereunder.

     

    Section
11.18.  No Advisory or Fiduciary
Responsibility.  In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), each Loan Party acknowledges and agrees
that:  (i) (A) the arranging and other services regarding this
Agreement provided by the Agents and the Joint Lead Arrangers are arms-length
commercial transactions between the Loan Parties and their respective
Affiliates, on the one hand, and the Administrative Agent and the Joint Lead
Arrangers, on the other hand, (B) each Loan Party has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate
and (C) each Loan Party is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by
the other Loan Documents; (ii) (A) each Agent and each Joint Lead Arranger is
and has been acting solely as a principal and, except as expressly agreed in
writing by the relevant parties, has not been, is not, and will not be acting as
an advisor, agent or fiduciary for the Loan Parties or any of their respective
Affiliates, or any other Person and (B) neither the Administrative Agent nor any
Joint Lead Arranger has any obligation to any of the Loan Parties or any of
their respective Affiliates with respect to the transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent and the Joint Lead Arrangers and
their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of each Loan Party and their respective
Affiliates, and no Agent or Joint Lead Arranger has any obligation to disclose
any of such interests to the Loan Parties or their respective
Affiliates.  To the fullest extent permitted by law, each Loan Party
hereby waives and releases any claims that it may have against the Agents and
the Joint Lead Arrangers with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated
hereby.

     

    
      
         

      

      
        -126-

        
          

        

      

      
         

      

    

    Section
11.19.  Patriot Act
Notice.  Each
Lender and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies Borrower that, pursuant to the requirements of the Patriot Act,
it is required to obtain, verify and record information that identifies
Borrower, which information includes the name and address of Borrower and other
information that will allow such Lender or the Administrative Agent, as
applicable, to identify such Borrower in accordance with the Patriot
Act.

     

    Section
11.20.  Joint Lead Arrangers
Bookrunners and Global Coordinators

     

    . None of
the Persons identified on the facing page or signature pages of this Agreement
as a Joint Lead Arranger, "Bookrunner or Transaction Coordinator shall have any
right, power, obligation, liability, responsibility or duty under this Agreement
or in connection with any Loan Document or the transactions contemplated
thereby.  Without limiting the foregoing, none of the Persons so
identified shall have or be deemed to have any fiduciary relationship with any
Secured Party.  Each Secured Party acknowledges that it has not
relied, and will not rely, on any of the Persons so identified in deciding to
enter into the Loan Documents or in taking or not taking action hereunder or
thereunder and waives to the fullest extent permitted by law all claims it may
have against the Persons so identified under or in connection with the Loan
Documents and the transactions contemplated thereby.

     

    Section
11.21.  Collateral and Guarantee
Matters.

     

    (a)           Subject
to the Intercreditor Agreement, Liens on the Collateral will be automatically
and unconditionally released:

     

    (1)           upon
an Asset Sale which, at the time the Collateral is transferred, is made in
accordance with the provisions of Section 5.11;

     

    (2)           in
accordance with the Security Documents and the Intercreditor Agreement (as in
effect on the Closing Date or as amended, supplemented or otherwise modified
after the Closing Date to the extent such amendment, supplement or modification
is permitted underthis Agreement) upon the occurrence of a securities
enforcement sale;

     

    (3)           if
the Collateral is an asset of a Restricted Subsidiary of the Company (or a
subsidiary of such Restricted Subsidiary) that is to be designated as an
Unrestricted Subsidiary, upon designation of the Restricted Subsidiary of the
Company as an Unrestricted Subsidiary in compliance with the terms of this
Agreement;

     

    (4)           upon
the full and final payment by or on behalf of Borrower under this Agreement and
the Loans;

     

    (5)           if
the Collateral is shares of a subsidiary of the Company, upon a consolidation,
merger or sale, conveyance or transfer of all or substantially all of the assets
of such subsidiary in accordance with the terms of this Agreement;
or

    
      
         

      

      
        -127-

        
          

        

      

      
         

      

    

    (6)           to
the extent the Collateral is released from the Liens securing the Senior Secured
Credit Facilities and is not otherwise securing Indebtedness outstanding under
any Refinancing except for inventory and/or accounts receivables which secure
Asset Backed Credit Facilities or a Qualified Securitization Transaction
permitted by this Agreement.

     

    to the
extent the Collateral is released from the Liens securing the Senior Secured
Credit Facilities and is not otherwise securing Indebtedness outstanding under
any Refinancing except for inventory and/or accounts receivables which secure
Asset Backed Credit Facilities or a Qualified Securitization Transaction
permitted by this Agreement.

     

     

    (b)           (i)              In
this Section 11.21(b):

     

    (A)           Collateral Agent Claim shall
mean any amount which a Loan Party owes to the Collateral Agent under this
Clause; and

     

    (B)           Secured Party Claim shall mean
any amount which a Loan Party owes to a Secured Party under or in connection
with the Loan Documents.

     

    (ii)         Unless
expressly provided to the contrary in any Loan Document, the Collateral Agent
holds:

     

    (A)           any
security created by a Collateral Document governed by Luxembourg
law;

     

    (B)           the
benefit of any Collateral Agent Claims; and

     

    (C)           any
proceeds of security,

     

     

    for the
benefit, and as the property, of the Secured Parties and so that they are not
available to the personal creditors of the Collateral Agent.

     

    (iii)         The
Collateral Agent will separately identify in its records the property rights
referred to in paragraph (ii) above.

     

    (iv)         Paragraphs
(ii) to (iii) above do not apply to any security created by a Collateral
Document governed by Dutch law.

     

    (v)          
Each Loan Party must pay the Collateral Agent, as an independent and separate
creditor, an amount equal to each Secured Party Claim on its due
date.

     

    (vi)         The
Collateral Agent may enforce performance of any Collateral Agent Claim in its
own name as an independent and separate right.  This includes any
suit, execution, enforcement of security, recovery of guarantees and
applications for and voting in respect of any kind of insolvency
proceeding.

     

    (vii)          Each
Secured Party must, at the request of the Collateral Agent, perform any act
required in connection with the enforcement of any Collateral Agent
Claim.  This includes joining in any proceedings as co-claimant with
the Collateral Agent.

    
      
         

      

      
        -128-

        
          

        

      

      
         

      

    

    (viii)        Unless
the Collateral Agent fails to enforce a Collateral Agent Claim within a
reasonable time after its due date, a Secured Party may not take any action to
enforce the corresponding Secured Party Claim unless it is requested to do so by
the Collateral Agent.

     

    (ix)         
Discharge by a Loan Party of a Secured Party Claim will discharge the
corresponding Collateral Agent Claim in the same amount.

     

    (x)          
Discharge by a Loan Party of a Collateral Agent Claim will discharge the
corresponding Secured Party Claim in the same amount.

     

    (xi)         
The aggregate amount of the Collateral Agent Claims will never exceed the
aggregate amount of Secured Party Claims.

     

    (xii)         A
defect affecting a Collateral Agent Claim against a Loan Party will not affect
any Secured Party Claim.

     

    (xiii)        A
defect affecting a Collateral Agent Claim against a Loan Party will not affect
any Callateral Agent Claim.

     

    (xiv)        Each
Collateral Agent Claim is created on the understanding that and provided that
the Collateral Agent will:

     

    (A)           share
the benefit, including in particular the proceeds of the Collateral Agent Claim,
with the other Secured Parties; and

     

    (B)           pay
those proceeds to the Secured Parties,

     

    in
accordance with the Intercreditor Agreement.

     

    (xv)         Each
Party agrees that the Collateral Agent:

     

    (A)           will
be the joint and several creditor (together with the relevant Secured Party) of
each and every obligation of each Loan Party towards each Secured Party under
this Agreement; and

     

    (B)           will
have its own independent right to demand performance by each Loan Party of those
obligations.

     

    (xvi)        Discharge
by a Loan Party of any obligation owed to the Collateral Agent or another
Secured Party shall, to the same extent, discharge the corresponding obligation
owing to the other.

     

    (xvii)       Without
limiting or affecting the Collateral Agent's rights against each Secured Party
(whether under this paragraph or under any other provision of the Loan
Documents), the Collateral Agent agrees with each other Secured Party (on a
several and divided basis) that, subject to the paragraph below, it will not
exercise its rights as a joint and several creditor with a Loan Party except in
accordance with the Intercreditor Agreement.

    
      
         

      

      
        -129-

        
          

        

      

      
         

      

    

    (xviii)      Nothing
in this paragraph (b) shall in any way limit the Collateral Agent's right to act
in the protection or preservation of rights under or to enforce any Collateral
Document as contemplated by this Agreement and/or the relevant Collateral
Document (or to do any act reasonably incidental to any of the
above).

    
      
         

      

      
        -130-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Agreement to be duly executed and delivered as of the date first written
above.

     

    
      	 
      	
              LYONDELLBASELL
      FINANCE COMPANY,

              as
      Borrower

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Bruce Dresbach  
	 
      	 
      	
              Name: 
      Bruce Dresbach

            
	 
      	 
      	
              Title:   
      Authorized Representative

            

    

     

    
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              BASELL
      AF S.C.A.,

              as the Company

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Bruce Dresbach  
	 
      	 
      	
              Name: 
      Bruce Dresbach

            
	 
      	 
      	
              Title:   
      Authorized
Representative

            

    

     

    
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              GUARANTORS

            
	 
      	
              BASELL ASIA PACIFIC
      LIMITED

              BASELL BAYREUTH
      CHEMIE GMBH

              BASELL CANADA
      INC.

              BASELL EUROPE
      HOLDINGS B.V.

              BASELL FINANCE &
      TRADING COMPANY B.V.

              BASELL FINANCE
      COMPANY B.V.

              BASELL FINANCE USA
      INC.

              BASELL FUNDING
      S.A.R.L.

              BASELL GERMANY
      HOLDINGS GMBH

              BASELL HOLDINGS
      B.V.

              BASELL INTERNATIONAL
      HOLDINGS B.V.

              BASELL POLYOLEFINE
      GMBH

              LBI
      ACQUISITION LLC

              LBIH
LLC

              LYONDELLBASELL
      FINANCE COMPANY

              LYONDELLBASELL
      NETHERLANDS HOLDINGS B.V.,

              as
      Guarantors

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Bruce Dresbach  
	 
      	 
      	
              Name:

            	Bruce
      Dresbach  
	 
      	 
      	
              Title:

            	
              Authorized
      Representative

            

    

     

    
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              BASELL
      NORTH AMERICA INC.

              BASELL POLYOLEFINS UK LIMITED

              BASELL SALES & MARKETING COMPANY
      B.V.

              BASELL UK HOLDINGS LIMITED

              BASELL USA INC.

              NELL ACQUISITION (US) LLC,

              as Guarantors

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Francesco Svelto  
	 
      	 
      	
              Name: 
      Francesco Svelto

            
	 
      	 
      	
              Title:   
      Authorized Representative

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	 
      	
              LYONDELL
      LP4 INC.

              LYONDELL (PELICAN) PETROCHEMICAL L.P.1,
      INC.

              LYONDELL PETROCHEMICAL L.P. INC.

              LYONDELL REFINING COMPANY LLC

              LYONDELL REFINING I LLC,

              as Guarantors

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Gerald A. O'Brien  
	 
      	 
      	
              Name: 
      Gerald A. O'Brien

            
	 
      	 
      	
              Title:   
      Authorized Representative

            
	 
      	 
      

    

     

    
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              EQUISTAR
      CHEMICALS, LP

              HOUSTON REFINING LP

              LYONDELL CHEMICAL COMPANY

              LYONDELL CHEMICALNEDERLAND, LTD.

              LYONDELL CHEMICAL PRODUCTS EUROPE LLC

              LYONDELL CHEMICAL TECHNOLOGY, L.P.

              LYONDELL CHEMICAL TECHNOLOGY 1 INC.

              LYONDELL CHEMICAL TECHNOLOGY MANAGEMENT,
      INC.

              LYONDELL CHIMIE FRANCE LLC

              LYONDELL-EQUISTAR HOLDINGS PARTNERS

              LYONDELL EUROPE HOLDINGS INC.

              LYONDELL HOUSTON REFINERY INC.

              LYONDELL LP3 GP, LLC

              LYONDELL LP3 PARTNERS, LP

              MILLENNIUM AMERICA HOLDINGS INC.

              MILLENNIUM AMERICA INC.

              MILLENNIUM CHEMICALS INC.

              MILLENNIUM PETROCHEMICALS INC.

              MILLENNIUM PETROCHEMICALS GP LLC

              MILLENNIUM PETROCHEMICALS PARTNERS,
LP

              MILLENNIUM SPECIALTY CHEMICALS INC.

              MILLENNIUM US OP CO LLC

              MILLENNIUM WORLDWIDE HOLDINGS I INC.

              as Guarantors

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

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

            
	 
      	 
      	
              Title:   
      Authorized Representative

            
	 
      	 
      
	 
      	 
      

    

     

    
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              GOLDMAN
      SACHS CREDIT PARTNERS L.P.,

              as Joint Lead Arranger and
  Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Michael Marsh  
	 
      	 
      	
              Name: 
      Michael Marsh

            
	 
      	 
      	
              Title:   
      Vice President

            
	 
      	 
      	 
      
	 
      	 
      	 
      

    

     

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              CITIGROUP
      GLOBAL MARKETS IN.,

              as Joint Lead Arranger

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Edward Crook  
	 
      	 
      	
              Name: 
      Edward Crook

            
	 
      	 
      	
              Title:   
      Managing Director

            
	 
      	 
      	 
      

    

     

    
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              ABN
      AMRO INCORPORATED,

            
	 
      	
              as
      Joint Lead Arranger

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/ David
      Kanter 
	 
      	 
      	
              Name: 
      David Kanter

            
	 
      	 
      	
              Title:   
      Managing Director

            

    

     

    
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              UBS
      SECURITIES LLC,

            
	 
      	
              as
      Joint Lead Arranger

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Mary E. Evans  
	 
      	 
      	
              Name: 
      Mary E. Evans

            
	 
      	 
      	
              Title:   
      Associate Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Irja R. Otsa  
	 
      	 
      	
              Name: 
      Irja R. Otsa

            
	 
      	 
      	
              Title:   
      Associate Director

            

    

     

    
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              MERRILL
      LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Joint Lead Arranger and
      Transaction Coordinator

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Anand Melvani  
	 
      	 
      	
              Name: 
      Anand Melvani

            
	 
      	 
      	
              Title:   
      Managing Director

            

    

     

    
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              MERRILL
      LYNCH CAPITAL CORPORATION,

            
	 
      	
              as
      Administrative Agent and Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Anand Melvani  
	 
      	 
      	
              Name: 
      Anand Melvani

            
	 
      	 
      	
              Title:   
      VP

            

    

     

    
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              CITIBANK,
      N.A., as Collateral Agent and Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Edward Crook  
	 
      	 
      	
              Name: 
      Edward Crook

            
	 
      	 
      	
              Title:   
      Vice President

            

    

     

    
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              ABN
      AMRO BANK, N.V.,

            
	 
      	
              as
      Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/ Erwin
      deJong  
	 
      	 
      	
              Name: 
      Erwin deJong

            
	 
      	 
      	
              Title:   
      Executive Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Marko Kremer  
	 
      	 
      	
              Name: 
      Marko Kremer

            
	 
      	 
      	
              Title:   
      Assistant Director

            

    

     

    
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              UBS
      LOAN FINANCE LLC,

            
	 
      	
              as
      Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Mary E. Evans  
	 
      	 
      	
              Name: 
      Mary E. Evans

            
	 
      	 
      	
              Title:   
      Associate Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Irja R. Otsa  
	 
      	 
      	
              Name: 
      Irja R. Otsa

            
	 
      	 
      	
              Title:   
      Associate Director

            

    

     

     

    

    

    [Signature Page Bridge
Agreement]

    
      

    

     

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      SCHEDULE
1.01(c)

       

       

      GUARANTORS1

       

      
        	
                1. 

              	
                Basell
      Asia Pacific Limited

              
	
                2. 

              	
                Basell
      Bayreuth Chemie GmbH

              
	
                3. 

              	
                Basell
      Canada Inc.

              
	
                4. 

              	
                Basell
      Europe Holdings B.V.

              
	
                5. 

              	
                Basell
      Finance & Trading Company B.V.

              
	
                6. 

              	
                Basell
      Finance Company B.V.

              
	
                7. 

              	
                Basell
      Finance USA Inc.*

              
	
                8. 

              	
                Basell
      Funding S.ár.l.

              
	
                9. 

              	
                Basell
      Germany Holdings GmbH

              
	
                10. 

              	
                Basell
      Holdings B.V.

              
	
                11. 

              	
                Basell
      International Holdings B.V.

              
	
                12. 

              	
                Basell
      North America Inc.*

              
	
                13. 

              	
                Basell
      Polyolefine GmbH

              
	
                14. 

              	
                Basell
      Polyolefins UK Limited

              
	
                15. 

              	
                Basell
      Sales & Marketing Company B.V.

              
	
                16. 

              	
                Basell
      UK Holdings Limited

              
	
                17. 

              	
                Basell
      USA Inc.*

              
	
                18. 

              	
                Equistar
      Chemicals, LP

              
	
                19. 

              	
                Houston
      Refining LP

              
	
                20. 

              	
                LBI
      Acquisition LLC*

              
	
                21. 

              	
                LBIH
      LLC*

              
	
                22. 

              	
                Lyondell
      Chemical Company (formerly BIL Acquisition Holdings
    Limited)*

              
	
                23. 

              	
                Lyondell
      Chemical Nederland, Ltd.*

              
	
                24. 

              	
                Lyondell
      Chemical Products Europe LLC*

              
	
                25. 

              	
                Lyondell
      Chemical Technology 1 Inc.*

              
	
                26. 

              	
                Lyondell
      Chemical Technology Management, Inc.*

              
	
                27. 

              	
                Lyondell
      Chemical Technology, L.P.*

              
	
                28. 

              	
                Lyondell
      Chimie France LLC*

              
	
                29. 

              	
                Lyondell
      Equistar Holdings Partners*

              
	
                30. 

              	
                Lyondell
      Europe Holdings Inc.*

              
	
                31. 

              	
                Lyondell
      Houston Refinery Inc.*

              
	
                32. 

              	
                Lyondell
      LP3 GP, LLC*

              
	
                33. 

              	
                Lyondell
      LP3 Partners, LP*

              
	
                34. 

              	
                Lyondell
      LP4 Inc.*

              
	
                35. 

              	
                Lyondell
      (Pelican) Petrochemical L.P.1, Inc.*

              
	
                36. 

              	
                Lyondell
      Petrochemical L.P. Inc.*

              
	
                37. 

              	
                Lyondell
      Refining Company LLC*

              
	
                38. 

              	
                Lyondell
      Refining I LLC*

              
	
                39. 

              	
                LyondellBasell
      Finance Company*

              
	
                40. 

              	
                LyondellBasell
      Industries AF S.C.A.*

              
	
                41. 

              	
                LyondellBasell
      Netherlands Holdings B.V.*

              
	
                42. 

              	
                Millennium
      America Holdings Inc.*

              
	
                43. 

              	
                Millennium
      America Inc.*

              
	
                44. 

              	
                Millennium
      Chemicals Inc. *

              
	
                45. 

              	
                Millennium
      Petrochemicals GP LLC*

              
	
                46. 

              	
                Millennium
      Petrochemicals Inc.*

              
	
                47. 

              	
                Millennium
      Petrochemicals Partners, LP*

              
	
                48. 

              	
                Millennium
      Specialty Chemicals Inc.*

              
	
                49. 

              	
                Millennium
      US Op Co, LLC*

              
	
                50. 

              	
                Millennium
      Worldwide Holdings I Inc.*

              
	
                51. 

              	
                Nell
      Acquisition (US) LLC*

              

      

      

      

        

      

        
        
          	
                   
      

                	
                  1
      Entities marked with an asterisk  are U.S.
    entities.

                

        

         

      

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
1.01(f)

       

       

      MORTGAGED
PROPERTIES

       

       

      Real Property -
Domestic

       

      
        	
                Entity of Record

              	
                Address

              
	
                Lyondell
      Chemical Company

              	
                Bayport
      Choate Plant, 10801 Choate Road, Pasadena, Texas 77507

              
	
                Lyondell
      Chemical Company

              	
                Channelview
      Chemical Complex (South) 2502 Sheldon Road, Channelview, Texas
      77530

              
	
                Equistar
      Chemicals, LP

              	
                Bayport
      Underwood Plant, 5761 Underwood Drive, Pasadena, Texas
    77507

              
	
                Equistar
      Chemicals, LP

              	
                Equistar
      Chemicals (North) 8280 Sheldon Road, Channelview, Texas
    77530

              
	
                Equistar
      Chemicals, LP

              	
                12
      miles south of Alvin on FM 2917, Alvin, Texas 77512

              
	
                Equistar
      Chemicals, LP

              	
                2
      Miles West of FM 2917 on FM 2004, Alvin, Texas 77501

              
	
                Equistar
      Chemicals, LP

              	
                3400
      Anamosa Road, Clinton, Iowa 52732

              
	
                Equistar
      Chemicals, LP

              	
                1501
      McKinzie Road, Corpus Christi, Texas 78410

              
	
                Equistar
      Chemicals, LP

              	
                1515
      Miller Cut-Off Road, La Porte, Texas 77571

              
	
                Equistar
      Chemicals, LP

              	
                US
      Highway 60, 13 miles south of Bay City, Bay City, Texas
    77414

              
	
                Equistar
      Chemicals, LP

              	
                8805
      N. Tabler Road, Morris, Illinois 60450

              
	
                Equistar
      Chemicals, LP

              	
                Old
      Bloomington Highway, Victoria, Texas 77902

              
	
                Equistar
      Chemicals, LP

              	
                11530
      Northlake Drive, Cincinnati, Ohio 45249

              
	
                Houston
      Refining LP

              	
                12000
      Lawndale, Houston, Texas 77017

              
	
                Basell
      USA Inc.

              	
                Jackson
      Plant, 1035 Bendix Drive, Jackson, Madison County, TN
  38301

              
	
                Basell
      USA Inc.

              	
                Bayport
      Plant, 12001 Bay Area Blvd., Pasadena, TX 77507

              
	
                Basell
      USA Inc.

              	
                Lake
      Charles Plant, 14101 Highway 108 South, Westlake, Louisiana
      70669

              
	
                Basell
      USA Inc.

              	
                Section
      23, Township 10 South, Range 12 West, Vinton, Calcasieu Parish,
      Louisiana

              
	
                Basell
      USA Inc.

              	
                340
      Meadow Road Edison, NJ 08817

              

      

       

      Real Property -
International

       

      
        	
                Basell
      Polyolefins UK Limited

              	
                Mount
      Farm Industrial Estate on the North East Side of Saxon Street, Bletchley,
      UK

              
	
                Basell
      Polyolefins UK Limited

              	
                Land
      and Buildings Lying to the South of Manchester Road, Carrington,
      UK

              
	
                Basell
      Polyolefine GmbH

              	
                Brühler
      Str. 60, 50389 Wesseling, Germany

              
	
                Basell
      Bayreuth Chemie GmbH

              	
                Bindlacher
      Str., Bayreuth, Germanylyo10k-022808ex44.htm

    EXHIBIT
4.4

    

    

    

    

    EXECUTION
COPY

    

    

    
      

    

    

    

    

    

    

    

    NELL
AF S.À.R.L.,

    THE
GUARANTORS NAMED HEREIN,

    

    THE
BANK OF NEW YORK,

    as
Trustee, Registrar, Paying Agent, Transfer Agent and Listing Agent

    

    ABN
AMRO BANK N.V.,

    as
Security Agent

    and

    AIB/BNY
Fund Management (Ireland) Limited,

    as
Irish Paying Agent

    

    

    _________________________________

    

    INDENTURE

    Dated
as of August 10, 2005

    _________________________________

    

    $615,000,000
8-3/8% Senior Notes due 2015

    

    €500,000,000
8-3/8% Senior Notes due 2015

    

    

    

    

    

    

    
      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE OF
CONTENTS

    

    Page

    ARTICLE
ONE

    

    DEFINITIONS

    

    
      	
              SECTION

            	
              1.01

            	
              DEFINITIONS

            	
              1

            

    

    

    ARTICLE
TWO

    

    THE
NOTES

    

    
      	
              SECTION

            	
              2.01

            	
              FORM
      AND DATING

            	
              27

            
	
              SECTION

            	
              2.02

            	
              EXECUTION
      AND AUTHENTICATION; AGGREGATE PRINCIPAL AMOUNT

            	
              28

            
	
              SECTION

            	
              2.03

            	
              REGISTRAR
      AND PAYING AGENT

            	
              29

            
	
              SECTION

            	
              2.04

            	
              PAYING
      AGENT TO HOLD ASSETS IN TRUST

            	
              30

            
	
              SECTION

            	
              2.05

            	
              HOLDER
      LISTS

            	
              30

            
	
              SECTION

            	
              2.06

            	
              TRANSFER
      AND EXCHANGE

            	
              30

            
	
              SECTION

            	
              2.07

            	
              REPLACEMENT
      NOTES

            	
              31

            
	
              SECTION

            	
              2.08

            	
              OUTSTANDING
      NOTES

            	
              31

            
	
              SECTION

            	
              2.09

            	
              TREASURY
      NOTES

            	
              31

            
	
              SECTION

            	
              2.10

            	
              [INTENTIONALLY
      OMITTED]

            	
              32

            
	
              SECTION

            	
              2.11

            	
              CANCELLATION

            	
              32

            
	
              SECTION

            	
              2.12

            	
              DEFAULTED
      INTEREST

            	
              32

            
	
              SECTION

            	
              2.13

            	
              CUSIP
      NUMBERS

            	
              32

            
	
              SECTION

            	
              2.14

            	
              DEPOSIT
      OF MONEYS

            	
              32

            
	
              SECTION

            	
              2.15

            	
              BOOK-ENTRY
      PROVISIONS FOR GLOBAL SECURITIES

            	
              32

            
	
              SECTION

            	
              2.16

            	
              TRANSFER
      AND EXCHANGE OF SECURITIES

            	
              33

            
	
              SECTION

            	
              2.17

            	
              SPECIAL
      TRANSFER PROVISIONS

            	
              38

            
	
              SECTION

            	
              2.18

            	
              ISSUANCE
      OF ADDITIONAL NOTES

            	
              38

            

    

    

    ARTICLE
THREE

    

    REDEMPTION

    

    
      	
              SECTION

            	
              3.01

            	
              NOTICES
      TO TRUSTEE

            	
              38

            
	
              SECTION

            	
              3.02

            	
              SELECTION
      OF NOTES TO BE REDEEMED

            	
              39

            
	
              SECTION

            	
              3.03

            	
              NOTICE
      OF REDEMPTION

            	
              39

            
	
              SECTION

            	
              3.04

            	
              EFFECT
      OF NOTICE OF REDEMPTION

            	
              40

            
	
              SECTION

            	
              3.05

            	
              DEPOSIT
      OF REDEMPTION PRICE

            	
              40

            
	
              SECTION

            	
              3.06

            	
              NOTES
      REDEEMED IN PART

            	
              40

            
	
              SECTION

            	
              3.07

            	
              REDEMPTION
      FOR TAXATION REASONS

            	
              40

            

    

    

    ARTICLE
FOUR

    

    COVENANTS

    

    
      	
              SECTION

            	
              4.01

            	
              PAYMENT
      OF NOTES

            	
              41

            
	
              SECTION

            	
              4.02

            	
              MAINTENANCE
      OF OFFICE OR AGENCY

            	
              41

            
	
              SECTION

            	
              4.03

            	
              LIMITATION
      ON RESTRICTED PAYMENTS

            	
              41

            
	
              SECTION

            	
              4.04

            	
              CORPORATE
      EXISTENCE

            	
              42

            
	
              SECTION

            	
              4.05

            	
              PAYMENT
      OF TAXES AND OTHER CLAIMS

            	
              42

            
	
              SECTION

            	
              4.06

            	
              MAINTENANCE
      OF PROPERTIES AND INSURANCE

            	
              43

            
	
              SECTION

            	
              4.07

            	
              COMPLIANCE
      CERTIFICATE; NOTICE OF DEFAULT

            	
              43

            
	
              SECTION

            	
              4.08

            	
              COMPLIANCE
      WITH LAWS

            	
              43

            
	
              SECTION

            	
              4.09

            	
              REPORTS
      TO HOLDERS

            	
              43

            
	
              SECTION

            	
              4.10

            	
              WAIVER
      OF STAY, EXTENSION OR USURY LAWS

            	
              45

            
	
              SECTION

            	
              4.11

            	
              LIMITATIONS
      ON TRANSACTIONS WITH AFFILIATES

            	
              45

            
	
              SECTION

            	
              4.12

            	
              LIMITATION
      ON INCURRENCE OF ADDITIONAL INDEBTEDNESS

            	
              46

            
	
              SECTION

            	
              4.13

            	
              LIMITATION
      ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
      SUBSIDIARIES

            	
              46

            
	
              SECTION

            	
              4.14

            	
              CHANGE
      OF CONTROL

            	
              47

            
	
              SECTION

            	
              4.15

            	
              LIMITATION
      ON ASSET SALES

            	
              49

            
	
              SECTION

            	
              4.16

            	
              PROHIBITION
      ON INCURRENCE OF SENIOR SUBORDINATED DEBT

            	
              52

            
	
              SECTION

            	
              4.17

            	
              LIMITATION
      ON PREFERRED STOCK OF RESTRICTED SUBSIDIARIES

            	
              52

            
	
              SECTION

            	
              4.18

            	
              LIMITATION
      ON LIENS

            	
              52

            
	
              SECTION

            	
              4.19

            	
              ADDITIONAL
      SUBSIDIARY GUARANTORS

            	
              52

            
	
              SECTION

            	
              4.20

            	
              CONDUCT
      OF BUSINESS

            	
              53

            
	
              SECTION

            	
              4.21

            	
              CAPITAL
      STOCK OF SUBSIDIARIES

            	
              53

            
	
              SECTION

            	
              4.22

            	
              WITHHOLDING
      TAXES

            	
              53

            
	
              SECTION

            	
              4.23

            	
              IMPAIRMENT
      OF SECURITY INTEREST

            	
              55

            

    

    

    ARTICLE
FIVE

    

    SUCCESSOR
CORPORATION

    

    
      	
              SECTION

            	
              5.01

            	
              MERGER,
      CONSOLIDATION AND SALE OF ASSETS

            	
              56

            
	
              SECTION

            	
              5.02

            	
              SUCCESSOR
      CORPORATION SUBSTITUTED

            	
              57

            

    

    

    ARTICLE
SIX

    

    DEFAULT
AND REMEDIES

    

    
      	
              SECTION

            	
              6.01

            	
              EVENTS
      OF DEFAULT

            	
              57

            
	
              SECTION

            	
              6.02

            	
              ACCELERATION

            	
              58

            
	
              SECTION

            	
              6.03

            	
              OTHER
      REMEDIES

            	
              58

            
	
              SECTION

            	
              6.04

            	
              WAIVER
      OF PAST DEFAULTS

            	
              59

            
	
              SECTION

            	
              6.05

            	
              CONTROL
      BY MAJORITY

            	
              59

            
	
              SECTION

            	
              6.06

            	
              LIMITATION
      ON SUITS

            	
              59

            
	
              SECTION

            	
              6.07

            	
              RIGHTS
      OF HOLDERS TO RECEIVE PAYMENT

            	
              59

            
	
              SECTION

            	
              6.08

            	
              COLLECTION
      SUIT BY TRUSTEE

            	
              59

            
	
              SECTION

            	
              6.09

            	
              TRUSTEE
      MAY FILE PROOFS OF CLAIM

            	
              60

            
	
              SECTION

            	
              6.10

            	
              PRIORITIES

            	
              60

            
	
              SECTION

            	
              6.11

            	
              UNDERTAKING
      FOR COSTS

            	
              60

            
	
              SECTION

            	
              6.12

            	
              EXPENSES
      AND SERVICES AFTER AN EVENT OF DEFAULT

            	
              60

            

    

    

    ARTICLE
SEVEN

    

    TRUSTEE

    

    
      	
              SECTION

            	
              7.01

            	
              DUTIES
      OF TRUSTEE

            	
              61

            
	
              SECTION

            	
              7.02

            	
              RIGHTS
      OF TRUSTEE

            	
              62

            
	
              SECTION

            	
              7.03

            	
              INDIVIDUAL
      RIGHTS OF TRUSTEE

            	
              63

            
	
              SECTION

            	
              7.04

            	
              TRUSTEE'S
      DISCLAIMER

            	
              64

            
	
              SECTION

            	
              7.05

            	
              NOTICE
      OF DEFAULT

            	
              64

            
	
              SECTION

            	
              7.06

            	
              [INTENTIONALLY
      OMITTED]

            	
              64

            
	
              SECTION

            	
              7.07

            	
              COMPENSATION
      AND INDEMNITY

            	
              64

            
	
              SECTION

            	
              7.08

            	
              REPLACEMENT
      OF TRUSTEE

            	
              65

            
	
              SECTION

            	
              7.09

            	
              SUCCESSOR
      TRUSTEE BY MERGER, ETC

            	
              65

            
	
              SECTION

            	
              7.10

            	
              ELIGIBILITY;
      DISQUALIFICATION

            	
              66

            
	
              SECTION

            	
              7.11

            	
              [INTENTIONALLY
      OMITTED]

            	
              66

            
	
              SECTION

            	
              7.12

            	
              APPOINTMENT
      OF CO-TRUSTEE

            	
              66

            
	
              SECTION

            	
              7.13

            	
              COLLATERAL

            	
              67

            

    

    

    ARTICLE
EIGHT

    

    DISCHARGE
OF INDENTURE; DEFEASANCE

    

    
      	
              SECTION

            	
              8.01

            	
              TERMINATION
      OF THE COMPANY'S OBLIGATIONS

            	
              67

            
	
              SECTION

            	
              8.02

            	
              ACKNOWLEDGMENT
      OF DISCHARGE BY TRUSTEE

            	
              69

            
	
              SECTION

            	
              8.03

            	
              APPLICATION
      OF TRUST MONEY

            	
              69

            
	
              SECTION

            	
              8.04

            	
              REPAYMENT
      TO THE COMPANY

            	
              69

            
	
              SECTION

            	
              8.05

            	
              REINSTATEMENT

            	
              70

            

    

    

    ARTICLE
NINE

    

    AMENDMENTS,
SUPPLEMENTS AND WAIVERS

    

    
      	
              SECTION

            	
              9.01

            	
              WITHOUT
      CONSENT OF HOLDERS

            	
              70

            
	
              SECTION

            	
              9.02

            	
              WITH
      CONSENT OF HOLDERS

            	
              71

            
	
              SECTION

            	
              9.03

            	
              [INTENTIONALLY
      OMITTED]

            	
              71

            
	
              SECTION

            	
              9.04

            	
              REVOCATION
      AND EFFECT OF CONSENTS

            	
              72

            
	
              SECTION

            	
              9.05

            	
              NOTATION
      ON OR EXCHANGE OF NOTES

            	
              72

            
	
              SECTION

            	
              9.06

            	
              TRUSTEE
      TO SIGN AMENDMENTS, ETC

            	
              72

            

    

    

    ARTICLE
TEN

    

    [INTENTIONALLY
OMITTED]

    

    ARTICLE
ELEVEN

    

    GUARANTEE
OF NOTES

    

    
      	
              SECTION

            	
              11.01

            	
              UNCONDITIONAL
      GUARANTEE

            	
              72

            
	
              SECTION

            	
              11.02

            	
              LIMITATIONS
      ON GUARANTEES

            	
              73

            
	
              SECTION

            	
              11.03

            	
              EXECUTION
      AND DELIVERY OF ADDITIONAL GUARANTEES

            	
              73

            
	
              SECTION

            	
              11.04

            	
              RELEASE
      OF A GUARANTOR

            	
              74

            
	
              SECTION

            	
              11.05

            	
              WAIVER
      OF SUBROGATION

            	
              74

            
	
              SECTION

            	
              11.06

            	
              IMMEDIATE
      PAYMENT

            	
              75

            
	
              SECTION

            	
              11.07

            	
              NO
      SET-OFF

            	
              75

            
	
              SECTION

            	
              11.08

            	
              OBLIGATIONS
      ABSOLUTE

            	
              75

            
	
              SECTION

            	
              11.09

            	
              OBLIGATIONS
      CONTINUING

            	
              75

            
	
              SECTION

            	
              11.10

            	
              OBLIGATIONS
      NOT REDUCED

            	
              75

            
	
              SECTION

            	
              11.11

            	
              OBLIGATIONS
      REINSTATED

            	
              75

            
	
              SECTION

            	
              11.12

            	
              OBLIGATIONS
      NOT AFFECTED

            	
              75

            
	
              SECTION

            	
              11.13

            	
              WAIVER

            	
              76

            
	
              SECTION

            	
              11.14

            	
              NO
      OBLIGATION TO TAKE ACTION AGAINST THE COMPANY

            	
              76

            
	
              SECTION

            	
              11.15

            	
              DEALING
      WITH THE COMPANY AND OTHERS

            	
              76

            
	
              SECTION

            	
              11.16

            	
              DEFAULT
      AND ENFORCEMENT

            	
              77

            
	
              SECTION

            	
              11.17

            	
              AMENDMENT,
      ETC

            	
              77

            
	
              SECTION

            	
              11.18

            	
              ACKNOWLEDGMENT

            	
              77

            
	
              SECTION

            	
              11.19

            	
              COSTS
      AND EXPENSES

            	
              77

            
	
              SECTION

            	
              11.20

            	
              NO
      WAIVER; CUMULATIVE REMEDIES

            	
              77

            
	
              SECTION

            	
              11.21

            	
              GUARANTEE
      IN ADDITION TO OTHER OBLIGATIONS

            	
              77

            
	
              SECTION

            	
              11.22

            	
              SEVERABILITY

            	
              77

            
	
              SECTION

            	
              11.23

            	
              SUCCESSORS
      AND ASSIGNS

            	
              77

            
	
              SECTION

            	
              11.24

            	
              RIGHT
      OF TRUSTEE TO HOLD DESIGNATED SENIOR DEBT

            	
              79

            
	
              SECTION

            	
              11.25

            	
              NO
      SUSPENSION OF REMEDIES

            	
              79

            
	
              SECTION

            	
              11.26

            	
              NO
      FIDUCIARY DUTY OF TRUSTEE TO HOLDERS OF DESIGNATED SENIOR
    DEBT

            	
              79

            

    

    

    ARTICLE
TWELVE

    

    SUBORDINATION
OF GUARANTEE

    

    
      	
              SECTION

            	
              12.01

            	
              AGREEMENT
      TO SUBORDINATE GUARANTEES

            	 
	
              SECTION

            	
              12.02

            	
              OBLIGATIONS
      OF THE GUARANTORS UNCONDITIONAL

            	 
	
              SECTION

            	
              12.03

            	
              INTENTIONALLY
      OMITTED

            	 
	
              SECTION

            	
              12.04

            	
              APPLICATION
      BY TRUSTEE OF ASSETS DEPOSITED WITH IT

            	 
	
              SECTION

            	
              12.05

            	
              HOLDERS
      AUTHORIZE TRUSTEE TO EFFECTUATE SUBORDINATION OF GUARANTEE

            	 

    

    

    ARTICLE
THIRTEEN

    

    COLLATERAL
SECURITY DOCUMENTS AND THE SECURITY AGENT

    

    
      	
              SECTION

            	
              13.01

            	
              COLLATERAL
      AND SECURITY DOCUMENTS

            	
              79

            
	
              SECTION

            	
              13.02

            	
              SUITS
      TO PROTECT THE COLLATERAL

            	
              80

            
	
              SECTION

            	
              13.03

            	
              RESIGNATION
      AND REPLACEMENT OF SECURITY AGENT

            	
              80

            
	
              SECTION

            	
              13.04

            	
              [INTENTIONALLY
      OMITTED]

            	
              81

            
	
              SECTION

            	
              13.05

            	
              RELEASE
      OF THE LIEN ON THE COLLATERAL

            	
              81

            
	
              SECTION

            	
              13.06

            	
              [INTENTIONALLY
      OMITTED]

            	
              81

            
	
              SECTION

            	
              13.07

            	
              CONFLICTS

            	
              81

            

    

    

    ARTICLE
FOURTEEN

    

    MISCELLANEOUS

    

    
      	
              SECTION

            	
              14.01

            	
              [INTENTIONALLY
      OMITTED]

            	
              81

            
	
              SECTION

            	
              14.02

            	
              NOTICES

            	
              81

            
	
              SECTION

            	
              14.03

            	
              [INTENTIONALLY
      OMITTED]

            	
              82

            
	
              SECTION

            	
              14.04

            	
              CERTIFICATE
      AND OPINION AS TO CONDITIONS PRECEDENT

            	
              82

            
	
              SECTION

            	
              14.05

            	
              STATEMENTS
      REQUIRED IN CERTIFICATE OR OPINION

            	
              82

            
	
              SECTION

            	
              14.06

            	
              RULES
      BY TRUSTEE, PAYING AGENT, REGISTRAR

            	
              83

            
	
              SECTION

            	
              14.07

            	
              LEGAL
      HOLIDAYS

            	
              83

            
	
              SECTION

            	
              14.08

            	
              GOVERNING
      LAW

            	
              83

            
	
              SECTION

            	
              14.09

            	
              NO
      ADVERSE INTERPRETATION OF OTHER AGREEMENTS

            	
              83

            
	
              SECTION

            	
              14.10

            	
              NO
      RECOURSE AGAINST OTHERS

            	
              83

            
	
              SECTION

            	
              14.11

            	
              SUCCESSORS

            	
              83

            
	
              SECTION

            	
              14.12

            	
              AGENT
      FOR SERVICE; SUBMISSION TO JURISDICTION; WAIVER OF
IMMUNITY

            	
              83

            
	
              SECTION

            	
              14.13

            	
              DUPLICATE
      ORIGINALS

            	
              84

            
	
              SECTION

            	
              14.14

            	
              SEVERABILITY

            	
              84

            
	
              SECTION

            	
              14.15

            	
              INDEPENDENCE
      OF COVENANTS

            	
              84

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Page

    Exhibits

    

    
      	
              Exhibit
      A-1

            	
              Form
      of Restricted Dollar Note

            
	
              Exhibit
      A-2

            	
              Form
      of Restricted Euro Note

            
	
              Exhibit
      A-3

            	
              Form
      of Unrestricted Dollar Note

            
	
              Exhibit
      A-4

            	
              Form
      of Unrestricted Euro Note

            
	
              Exhibit
      B

            	
              Form
      of Legend for Global Security

            
	
              Exhibit
      C-1

            	
              Form
      of Transfer Certificate - Restricted Global Security to Regulation S
      Global Security

            
	
              Exhibit
      C-2

            	
              Form
      of Transfer Certificate - Restricted Global Security to Unrestricted
      Global Security

            
	
              Exhibit
      C-3

            	
              Form
      of Transfer Certificate - Regulation S Global Security to Restricted
      Global Security

            
	
              Exhibit
      D

            	
              Form
      of Guarantee

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    INDENTURE,
dated as of August 10, 2005, among NELL AF S.À.R.L., a Luxembourg entity (the
"Company"),
each of the Guarantors named herein, as guarantors, The Bank of New York, a
national banking association, as Trustee, Registrar, Paying Agent, Transfer
Agent and Listing Agent, ABN AMRO Bank N.V., as security agent (the "Security Agent"),
and AIB/BNY Fund Management (Ireland) Limited, as Irish Paying
Agent.

     

    The
Company has duly authorized the creation of an issue of Dollar denominated
8-3/8% Senior Notes due 2015 (the "Dollar Notes") and
euro denominated 8-3/8% Senior Notes due 2015 (the "Euro Notes"). All
things necessary to make the Notes, when duly issued and executed by the Company
and authenticated and delivered here-under, the valid and binding obligations of
the Company and to make this Indenture a valid and binding agreement of the
Company have been done.

     

    All
things necessary to make the Guarantees the valid and binding obligations of
each Guarantor party hereto and to make this Indenture a valid and binding
agreement of each Guarantor party hereto have been done.

     

    Each
party hereto agrees as follows for the benefit of the other parties and for the
equal and ratable benefit of the Holders of the Notes:

     

    ARTICLE
ONE

     

    DEFINITIONS

     

    Section
1.01                                
Definitions.

     

    "Acquired
Indebtedness" means Indebtedness of a Person or any of its Subsidiaries
existing at the time such Person becomes a Restricted Subsidiary of the Company
or at the time it merges or consolidates with the Company or any of its
Restricted Subsidiaries or assumed in connection with the acquisition of assets
from such Person and in each case not incurred by such Person in connection
with, or in anticipation or contemplation of, such Person becoming a Restricted
Subsidiary of the Company or such acquisition, merger or consolidation, except
for Indebtedness of a Person or any of its Subsidiaries that is repaid at the
time such Person becomes a Restricted Subsidiary of the Company or at the time
it merges or consolidates with the Company or any of its Restricted
Subsidiaries.

     

    "Acquisition" means
the acquisition of Basell B.V. and Basell Finance USA, Inc. by Nell Acquisition
(US) LLC, Nell Acquisition S.à.r.l. and Nell Bidco B.V., affiliates of the
Company.

     

    "actual knowledge"
means, with respect to the Trustee, knowledge (actual or otherwise) of the
existence of facts that would impose an obligation on it to make any payment or
prohibit it from making any payment unless a Responsible Officer of the Trustee
has received one Business Day's written notice that such payments are required
or prohibited by the Intercreditor Agreement or this Indenture.

     

    "Additional Dollar
Notes" means Dollar Notes (other than the Initial Dollar Notes and other
than issuances under Section 2.07 or 2.16) issued under this Indenture from time
to time in accordance with Sections 2.01, 2.02, 2.18 and 4.12.

     

    "Additional Euro
Notes" means Euro Notes (other than the Initial Euro Notes and other than
issuances under Section 2.07 or 2.16) issued under this Indenture from time to
time in accordance with Sections 2.01, 2.02, 2.18 and 4.12.

     

    "Additional Notes"
means the Additional Dollar Notes (if any) and the Additional Euro Notes (if
any).

     

    "Affiliate" means,
with respect to any specified Person, any other Person who directly or
indirectly through one or more intermediaries controls, or is controlled by, or
is under common control with, such specified Person. The term "control" means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative of the foregoing;
provided, however, that none of the Initial Purchasers or their Affiliates shall
be deemed to be an Affiliate of the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Affiliate
Transaction" has the meaning provided in Section 4.11(a).

     

    "Agent" means any
Registrar, Paying Agent, Security Agent or Co-Registrar, including any permitted
successors or assigns thereto.

     

    "Agent Member" means
any member of, or participant in, the Depositary.

     

    "Applicable Premium"
means with respect to any Euro Note on any redemption date, the excess (to the
ex-tent positive) of:

     

    (1)           
the present value at such redemption date of (i) the redemption price of such
Euro Note at August 15, 2010 (such redemption price (expressed in percentage of
principal amount) being set forth in the table below under this section
(excluding accrued and unpaid interest)), plus (ii) all required interest
payments due on such Euro Note to and including August 15, 2010 (including
accrued but unpaid interest), computed upon the redemption date using a discount
rate equal to the Bund Rate at such redemption date plus 50 basis points;
over

     

    (2)           
the outstanding principal amount of such Euro Note,

     

    and, with
respect of any Dollar Note on any redemption date, the excess (to the extent
positive) of:

     

    (1)           
the present value at such redemption date of (i) the redemption price of such
Dollar Note at August 15, 2010 (such redemption price (expressed in percentage
of principal amount) being set forth in the table below under this section
(excluding accrued but unpaid interest)), plus (ii) all required interest
payments due on such Dollar Note to and including August 15, 2010 (including
accrued but unpaid interest), computed upon the redemption date using a discount
rate equal to the Treasury Rate at such redemption date plus 50 basis points;
over

     

    (2)           
the outstanding principal amount of such Dollar Note

     

    in each
case, as calculated by the Company or on behalf of the Company by such Person as
the Company shall designate.

     

    
      	
              Year

            	 	
              Percentage

            
	
              2010

            	 	
              104.250%

            
	
              2011

            	 	
              102.833%

            
	
              2012

            	 	
              101.417%

            
	
              2013
      and thereafter

            	 	
              100.000%

            

    

    

     

    "Applicable
Procedures" has the meaning provided in Section 2.16(a)(ii).

     

    "Asset Acquisition"
means (a) an Investment by the Company or any Restricted Subsidiary of the
Company in any other Person pursuant to which such Person shall become a
Restricted Subsidiary of the Company or of any Restricted Subsidiary of the
Company, or shall be merged with or into the Company or any Restricted
Subsidiary of the Company, or (b) the acquisition by the Company or any
Restricted Subsidiary of the Company of the as-sets of any Person (other than a
Restricted Subsidiary of the Company) which constitute all or substantially all
of the assets of such Person or comprises any division or line of business of
such Person or any other properties or assets of such Person other than in the
ordinary course of business.

     

    "Asset Sale" means any
direct or indirect sale, issuance, conveyance, transfer, lease (other than
operating leases entered into in the ordinary course of business), assignment or
other transfer for value by the Company or any of its Restricted Subsidiaries
(including any Sale and Leaseback Transaction) to any Person other than the
Company or a Restricted Subsidiary of the Company of (a) any Capital Stock of
any Restricted

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Subsidiary
of the Company (other than to qualifying directors or nominal shareholders if
required by applicable law or other similar legal requirements); or (b) any
other property or assets of the Company or any Restricted Subsidiary of the
Company other than in the ordinary course of business; provided,however, that Asset
Sales shall not include (i) a transaction or series of related transactions for
which the Company or its Restricted Subsidiaries receive Fair Market Value for
the property or assets and the aggregate consideration is less than €10 million,
(ii) sales of accounts receivable and related assets (including contract rights)
of the type specified in the definition of "Qualified Securitization
Transaction" to a Securitization Entity for the Fair Market Value thereof, (iii)
sales or grants of licenses to use the patents, trade secrets, know-how and
other intellectual property of the Company or any of its Restricted Subsidiaries
to the extent that such license does not prohibit the Company or any of its
Restricted Subsidiaries from using the technologies licensed (other than
pursuant to exclusivity or non-competition arrangements negotiated on an arm's
length basis) or require the Company or any of its Restricted Subsidiaries to
pay any fees for any such use, (iv) the sale, lease, conveyance, disposition or
other transfer (A) of all or substantially all of the assets of the Company as
permitted under Section 5.01, (B) of any Capital Stock or other ownership
interest in or assets or property, including Indebtedness, of an Unrestricted
Subsidiary or a Person which is not a Subsidiary, (C) pursuant to any
foreclosure of assets or other remedy provided by applicable law to a creditor
of the Company or any Subsidiary of the Company with a Lien on such assets,
which Lien is permitted under this Indenture; provided that such
foreclosure or other remedy is conducted in a commercially reasonable manner or
in accordance with any bankruptcy law, (D) involving only cash or Cash
Equivalents or inventory in the ordinary course of business or obsolete or worn
out property or property that is no longer useful in the conduct of the business
of the Company or its Restricted Subsidiaries (in the reasonable and good faith
judgment of the Board of Directors of the Company) in the ordinary course of
business consistent with past practices of the Company or such Restricted
Subsidiaries or (E) including only the lease or sub-lease of any real or
personal property in the ordinary course of business, (v) the consummation of
any transaction in accordance with the terms of Sections 4.03 and 5.01 and (vi)
Permitted Investments.

     

    "Australian Credit
Facilities" means:

     

    (1)           
the Facility Agreement dated October 26, 2001 by and among Basell Australia Pty
Ltd as borrower and Australia and New Zealand Banking Group Ltd as lenders party
thereto, together with the documents related thereto (including any term loans
and revolving loans thereunder, and any guarantees and security documents), as
amended, extended, renewed, restated, supplemented or otherwise modified (in
whole or in part, and without limitation as to amount, terms, conditions,
covenants and other provisions) from time to time, and

     

    (2)           
any such agreements, instruments or guarantees governing Indebtedness incurred
to Refinance any Indebtedness or commitments referred to in (1) whether by the
same or any other lender or group of lenders.

     

    "Bankruptcy Law" means
Title 11, United States Code or any similar federal, state or foreign law for
the relief of debtors.

     

    "Basell Parent
Company" means any entity of which the Company is a direct or indirect
Wholly Owned Subsidiary (other than shares held by qualifying directors or
nominal shareholders if required by applicable law or otherwise due to similar
legal requirements).

     

    "Blavatnik Group"
shall mean, collectively:

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (3)           
any trust (a "Blavatnik Charitable
Trust"):

     

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

     

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

     

    (4)           
the estate, executor, administrator, committee of beneficiaries of any member of
the Blavatnik Group listed in sub-clause (1) and (2);

     

    provided that, in the
case of paragraphs (3)(a) and (3)(b) of this definition, a member of the
Blavatnik Group de-scribed in clauses (l) or (2) of this definition maintains
control thereof.

     

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

     

    "Board of Directors"
means, as to any Person, the board of directors (or similar governing body) of
such Person or any duly authorized committee thereof.

     

    "Board Resolution"
means, with respect to any Person, a copy of a resolution certified by the
Secretary or an Assistant Secretary of such Person (or another person duly
authorized to so act by the Board of Directors) to have been duly adopted by the
Board of Directors of such Person and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

     

    "Bund Rate" means the
yield to maturity at the time of computation of direct obligations of the
Federal Re-public of Germany (Bunds or Bundesanleihen) with
a constant maturity (as officially compiled and published in the most recent
financial statistics that have become publicly available at least two Business
Days (but not more than five Business Days) prior to the redemption date (or, if
such financial statistics are not so published or available, any publicly
available source of similar market data selected by the Issuer in good faith))
most nearly equal to the period from the redemption date to August 15, 2010;
provided, however, that if the
period from the redemption date to August 15, 2010 is not equal to the constant
maturity of a direct obligation of the Federal Republic of Germany for which a
weekly average yield is given, the Bund Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of direct obligations of the Federal Republic of Germany for
which such yields are given, except that if the period from such redemption date
to August 15, 2010 is less than one year, the weekly average yield on actually
traded direct obligations of the Federal Republic of Germany adjusted to a
constant maturity of one year shall be used.

     

    "Business Day" means a
day that is not a Saturday or Sunday or a day on which banking institutions in
New York, New York or London, U.K. are not required to be open.

     

    "Capital Stock" means
(i) with respect to any Person that is a corporation, any and all shares,
interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, including each class of Common Stock and
Preferred Stock of such Person and (ii) with respect to any Person that is not a
corporation, any and all partnership, membership or other equity interests of
such Person.

     

    "Capitalized Lease
Obligation" means, as to any Person, the obligations of such Person under
a lease that are required to be classified and accounted for as capital lease
obligations under GAAP and, for purposes of this definition, the amount of such
obligations at any date shall be the capitalized amount of such obligations at
such date, determined in accordance with GAAP.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Cash Equivalents"
means

     

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

     

    (ii)           
a certificate of deposit or banker's acceptance, maturing within one year after
issuance thereof, issued by any lender under the Credit Facilities, or a U.S.
national or state bank or trust company or a European, Canadian, Australian,
Swiss or Japanese bank, in each case having capital, surplus and undivided
profits of at least $100,000,000 and whose long-term unsecured debt has a rating
of "A" or better by S&P or A2 or better by Moody's or the equivalent rating
by any other nationally recognized rating agency,

     

    (iii)           
open market commercial paper, maturing within 365 days after issuance thereof;
which has a rating of Al or better by S&P or P1 or better by Moody's or the
equivalent rating by any other nationally recognized rating agency,

     

    (iv)           
repurchase agreements and reverse repurchase agreements with a term not in
excess of one year with any financial institution which has been elected as a
primary government securities dealer by the Federal Reserve Board or whose
securities are rated AA- or better by S&P or Aa3 or better by Moody's or the
equivalent rating by any other nationally recognized rating agency relating to
marketable direct obligations issued or unconditionally guaranteed by the United
States of America or any agency or instrumentality thereof and backed by the
full faith and credit of the United States of America,

     

    (v)           
"Money Market" preferred stock maturing within six months after issuance thereof
or municipal bonds issued by a corporation organized under the laws of any state
of the United States, Australia, Switzerland or any state which was a member
state of the European Union on December 31, 2003, which has a rating of "A" or
better by S&P or Moody's or the equivalent rating by any other nationally
recognized rating agency,

     

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

     

    (vii)           
shares of any money market mutual fund rated at least AAA or the equivalent
thereof by S&P or at least Aaa or the equivalent thereof by Moody's or any
other mutual fund holding assets consisting (except for de minimis amounts) of
the type specified in clauses (i) through (vi) above.

     

    "Change of Control"
means the occurrence of any of the following:

     

    (1)           
Sponsor ceases to hold legally and beneficially:

     

    (a)           
issued share capital having the right to cast at least 51% (or, following a
Listing, at least 35%) of the votes capable of being cast in general meetings of
the Company; or

     

    (b)           
before a Listing, the right to determine the composition of the majority of the
Board of Directors or equivalent body of the Company;

     

    (2)           
following a Listing, any Person or group of Persons acting in concert (other
than Sponsor) owns, directly or indirectly, a greater percentage of the issued
share capital or issued share capital with voting rights of the Company than the
Sponsor or, at any time, otherwise acquires control of the Company;
or

     

    (3)           
the Company ceases to hold, whether directly or indirectly, all of the issued
share capital of Basell B.V. or Nell Bidco B.V. (or, in the alternative, if Nell
Bidco B.V. and Basell B.V. merge, the surviving entity of such
merger);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (4)           
the replacement of a majority of the Board of Directors of the Company over a
two-year period from the directors who constituted the Board of Directors of the
Company at the beginning of such period, and such replacement shall not have
been approved by a vote of at least a majority of the Board of Directors of the
Company, then still in office who either were members of such Board of Directors
at the beginning of such period or whose election as a member of such Board of
Directors was previously so approved; or

     

    (5)           
the adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company, other than a transaction complying
with Article Five.

     

    "Change of Control
Date" has the meaning provided in Section 4.14(c)

     

    "Change of Control
Offer" has the meaning provided in Section 4.14(a).

     

    "Change of Control Payment
Date" has the meaning provided in Section 4.14(c)(2).

     

    "Clearstream" shall
mean Clearstream Banking S.A.

     

    "Collateral" means the
High Yield Proceeds Loan and the Nell Pledged Shares.

     

    "Commission" or "SEC" means the
Securities and Exchange Commission.

     

    "Commodity Agreement"
means any commodity futures contract, commodity option or other similar
agreement or arrangement entered into by the Company or any of its Restricted
Subsidiaries.

     

    "Common Depositary"
means The Bank of New York, as common depositary for Euroclear and depositary
for the Euro Denominated Securities, together with its successors in such
capacity.

     

    "Common Stock" of any
Person means any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such
Person's common stock, whether out-standing on the Issue Date or issued after
the Issue Date, and includes, without limitation, all series and classes of such
common stock.

     

    "Company" means
the party named as such in this Indenture until a successor replaces it pursuant
to this Indenture and thereafter means such successor.

     

    "Company Order" means
any written order signed in the name of the Company by one of its
Officers.

     

    "Consolidated EBITDA"
means, with respect to any Person, for any period, the sum (without duplication)
of

     

    (1)           
Consolidated Net Income,

     

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

     

    (a)           
after-tax items classified as extraordinary losses to the extent not excluded in
determining Consolidated Net Income,

     

    (b)           
all income taxes of such Person and its Restricted Subsidiaries paid or accrued
in accordance with GAAP for such period (other than income taxes attributable to
extraordinary gains or losses),

     

    (c)           
Consolidated Interest Expense,

     

    (d)           
Consolidated Non-cash Charges, and -6-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    all as
determined on a consolidated basis for such Person and its Restricted
Subsidiaries in accordance with GAAP.

     

    "Consolidated Fixed Charge
Coverage Ratio" means, with respect to any Person, the ratio of
Consolidated EBITDA of such Person during the four full fiscal quarters ended
either March 31, 2005 or, if later, the last quarter of which shall be the most
recent quarter for which financial statements are available pursuant to Section
4.09 (the "Four
Quarter Period") ending on or prior to the date of the transaction giving
rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (the
"Transaction
Date") to Consolidated Fixed Charges of such Person for the Four Quarter
Period.

     

    In
addition to the foregoing, for purposes of this definition, "Consolidated
EBITDA" and "Consolidated Fixed Charges" shall be calculated after giving effect
on a pro forma basis for the period of such calculation to (i) the incurrence or
repayment or other reduction or discharge of any Indebtedness of such Person or
any of its Restricted Subsidiaries (and the application of the proceeds thereof)
giving rise to the need to make such calculation and any incurrence or repayment
of other Indebtedness (and the application of the proceeds thereof), other than
the incurrence or repayment of Indebtedness in the ordinary course of business
for working capital purposes pursuant to working capital facilities, occurring
during the Four Quarter Period or at any time subsequent to the last day of the
Four Quarter Period and prior to the Transaction Date, as if such incurrence or
repayment, as the case may be (and the application of the proceeds thereof),
occurred on the first day of the Four Quarter Period and (ii) any Asset Sales or
Asset Acquisitions (including any Asset Acquisition giving rise to the need to
make such calculation) occurring during the Four Quarter Period or at any time
subsequent to the last day of the Four Quarter Period and on or prior to the
Transaction Date, as if such Asset Sale or Asset Acquisition (including the
incurrence, assumption or liability for any such Acquired Indebtedness) occurred
on the first day of the Four Quarter Period. If such Person or any of its
Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a
Person other than the Company or a Restricted Subsidiary of the Company, the
preceding sentence shall give effect to the incurrence of such guaranteed
Indebtedness as if such Person or any Restricted Subsidiary of such Person had
directly incurred or otherwise assumed such guaranteed Indebtedness.
Furthermore, in calculating "Consolidated Fixed Charges" for purposes of
determining the denominator (but not the numerator) of this "Consolidated Fixed
Charge Coverage Ratio," (1) interest on outstanding Indebtedness determined on a
fluctuating basis as of the Transaction Date and which will continue to be so
determined thereafter shall be deemed to have accrued at a fixed rate per annum
equal to the rate of interest on such Indebtedness in effect on the Transaction
Date; (2) if interest on any Indebtedness actually incurred on the Transaction
Date may optionally be determined at an interest rate based upon a factor of a
prime or similar rate, a eurocurrency interbank offered rate, or other rates,
then the interest rate in effect on the Transaction Date will be deemed to have
been in effect during the Four Quarter Period; and (3) notwithstanding clause
(1) above, interest on Indebtedness determined on a fluctuating basis, to the
extent such interest is covered by agreements relating to Interest Swap
Obligations, shall be deemed to accrue at the rate per annum resulting after
giving effect to the operation of such agreements.

     

    "Consolidated Fixed
Charges" means, with respect to any Person for any period, the sum,
without duplication, of (i) Consolidated Interest Expense, plus (ii) the product
of (x) the amount of all dividend payments on any series of Preferred Stock of
such Person and its Restricted Subsidiaries (other than dividends paid in
Qualified Capital Stock and other than dividends paid to such Person or to a
Restricted Subsidiary of such Person) paid, accrued or scheduled to be paid or
accrued during such period times (y) a fraction, the numerator of which is one
and the de-nominator of which is one minus the then current effective
consolidated national, state and local tax rate of such Person, expressed as a
decimal.

     

    "Consolidated Interest
Expense" means, with respect to any Person for any period, the sum of,
without duplication: (i) the aggregate of the interest expense of such Person
and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP, including without limitation, (a) any
amortization of debt discount and amortization or write-off of deferred
financing costs, (b) the net

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    costs
under Interest Swap Obligations, (c) all Capitalized interest and (d) the
interest portion of any deferred payment obligation; but excluding, in each
case, any amortization of fees incurred in connection with the Senior Secured
Credit Facilities, the Interim Loan, any Qualified Securitization Transaction or
the issuance of the Notes; and (ii) the interest component of Capitalized Lease
Obligations paid, accrued and/or scheduled to be paid or accrued by such Person
and its Restricted Subsidiaries during such period as determined on a
consolidated basis in accordance with GAAP.

     

    "Consolidated Net
Income" means, with respect to any Person, for any period, the sum of:
(x) the aggregate net income (or loss) of such Person and its Restricted
Subsidiaries for such period on a consolidated basis, determined in accordance
with GAAP plus (y) cash dividends or distributions paid to such Person or a
Restricted Subsidiary of such Person by any other Person (the "Payor") other than a
Restricted Subsidiary of the referent Person, to the extent not otherwise
included in Consolidated Net Income, which have been derived from operating cash
flow of the Payor; provided that there
shall be excluded therefrom (a) after-tax gains from Asset Sales or abandonments
or reserves relating thereto, (b) after-tax items classified as extraordinary or
nonrecurring gains (including, for the avoidance of doubt and irrespective of
its classification, the effect of bad will (or negative goodwill) arising as a
result of the Acquisition) and any gains or losses on the disposal or reversal
of impairment losses on assets, (c) the net income of any Person acquired in a
"pooling of interests"
transaction accrued prior to the date it becomes a Restricted Subsidiary of the
Person or is merged or consolidated with the Person or any Restricted Subsidiary
of the Person, (d) the net income (but not loss) of any Restricted Subsidiary of
the Person to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is restricted; provided,however, that the net
income of Restricted Subsidiaries shall only be excluded in any calculation of
Consolidated Net Income of the Company as a result of application of this clause
(d) if the restriction on dividends or similar distributions results from
consensual restrictions other than any restriction contained in [clauses (2),
(4), (5), (11), (16), (17) and (18) of Section 4.13], (e) the net income or loss
of any Person, other than a Restricted Subsidiary of the Person, except to the
extent of cash dividends or distributions paid to the Person or to a Restricted
Subsidiary of the Person by such Person (net of associated tax), (f) any
restoration to income of any contingency reserve, except to the extent that
provision for such reserve was made out of Consolidated Net Income accrued at
any time following the Issue Date, (g) income or loss attributable to
discontinued operations (including, without limitation, operations disposed of
during such period whether or not such operations were classified as
discontinued), (h) in the case of a successor to the Person by consolidation or
merger or as a transferee of the referent Person's assets, any earnings of the
successor corporation prior to such consolidation, merger or transfer of assets
and all dividends received by the Company as described in clause (iv) of the
second paragraph of the definition of "Indebtedness" to the extent the Company
is obligated to apply such dividends in the repayment of such
Indebtedness.

     

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

     

    "Corporate Trust
Office" means the principal office of the Trustee at which at any time
its corporate trust business shall be administered, or such other address as the
Trustee may designate from time to time by notice to the Holders and the
Company, or the principal corporate trust office of any successor Trustee (or
such other address as a successor Trustee may designate from time to time by
notice to the Holders and the Company).

     

    "Covenant Defeasance"
has the meaning provided in Section 8.01.

     

    "Credit Facilities"
means:

     

    (1)           
the Senior Secured Credit Facilities,

     

    (2)           
any credit agreement (and related document) or similar instrument, including any
similar credit support agreements or guarantees, governing other revolving
credit, working capital

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    or term
Indebtedness incurred from time to time, other than the Australian Credit
Facilities and the Hong Kong Facility, and

     

    (3)           
any such agreements, instruments or guarantees governing Indebtedness incurred
to Refinance any Indebtedness or commitments referred to in (1) and (2) whether
by the same or any other lender or group of lenders.

     

    "Currency Agreement"
means any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement.

     

    "Custodian" means any
receiver, trustee, assignee, liquidator, sequestrator or similar official under
any Bankruptcy Law.

     

    "Default" means an
event or condition the occurrence of which is, or with the lapse of time or the
giving of notice or both would be, an Event of Default.

     

    "Depositary" means
DTC or the Common Depositary, as the case may be.

     

    "Designated Senior
Debt" means Senior Debt and Hedging Debt, each as defined in the
Intercreditor Agreement.

     

    "Discharged" means
that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by, and obligations under, the Notes and to have
satisfied all the obligations under this Indenture relating to the Notes (and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same upon compliance by the Company with the provisions of
Article Eight), except (i) the rights of the Holders of Notes to receive, from
the trust fund described in Article Eight, payment of the principal of and the
interest on such Notes when such payments are due, (ii) the Company's
obligations with respect to the Notes under Sections 2.03 through 2.07, 7.07 and
7.08 and (iii) the rights, powers, trusts, duties and immunities of the Trustee
hereunder.

     

    "Disqualified Capital
Stock" means that portion of any Capital Stock which, by its terms (or by
the terms of any security into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable (other than redeemable only for Capital Stock of such Person that is
not itself Disqualified Capital Stock), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder thereof on or prior
to the final maturity date of the Notes; provided,however, that any
Capital Stock that would not constitute Disqualified Capital Stock but for
provisions thereof giving holders thereof the right to require such Person to
purchase or redeem such Capital Stock upon the occurrence of a "change of
control" occurring prior to the first anniversary of the final maturity of the
Notes shall not constitute Disqualified Capital Stock if:

     

    (1)           
the "change of control" provisions applicable to such Capital Stock are not more
favor-able to the holders of such Capital Stock than the terms applicable to the
Notes pursuant to Section 4.14; and

     

    (2)           
any such requirement only becomes operative after compliance with such terms
applicable to the Notes, including the purchase of any notes tendered pursuant
thereto.

     

    Notwithstanding
the preceding sentence, only the portion of such Capital Stock which so matures
or is mandatorily redeemable or is so convertible or exchangeable prior to the
first anniversary of the final maturity of the Notes shall be so deemed
Disqualified Capital Stock. The amount of any Disqualified Capital Stock that
does not have a fixed redemption, repayment or repurchase price shall be
calculated in accordance with the terms of such Disqualified Capital Stock as if
such Disqualified Capital Stock were redeemed, repaid or repurchased on any date
on which the amount of such Disqualified Capital Stock is to be determined
pursuant to the indenture; provided,however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased
at the time of such determination, the redemption, repayment or repurchase price
shall be the book value of such Disqualified Capital Stock as reflected in the
most recent financial statements of such Person.

     

    "Dollar" or "1" means
the lawful currency of the United States of America.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Dollar Paying Agent"
means an office or agency of the Company where Dollar Notes may be presented for
payment.

     

    "Dollar Denominated Global
Security" means a Global Security denominated in Dollars.

     

    "Dollar Registrar"
means an office or agency of the Company where Dollar Notes may be presented for
registration of transfer or exchange.

     

    "DTC" means the
Depository Trust Company, its nominees and successors.

     

    "Enforcement Sale"
means (1) any sale or disposition of collateral pursuant to enforcement action
taken by the Security Agent in accordance with the provisions of the
Intercreditor Agreement, including on behalf of the Designated Senior Debt
incurred under the Senior Secured Credit Facilities, to the extent such sale or
disposition is effected in compliance with the provisions of the Intercreditor
Agreement, or (2) any sale or disposition of collateral pursuant to the
enforcement of security in favor of other Designated Senior Debt which complies
with the terms of an intercreditor agreement (or if there is no such
intercreditor agreement, would substantially comply with the requirements of
clause (1) hereof).

     

    "Equity Offering"
means any sale of Qualified Capital Stock of the Company or any capital
contribution to the equity of the Company.

     

    "euro" or "€" means the currency
introduced at the start of the third stage of economic and monetary union
pursuant to the Treaty of Rome establishing the European Community, as amended
by the Treaty on European Union, signed at Maastricht on February 7,
1992.

     

    "euro Equivalent"
means with respect to any monetary amount in a currency other than euro, at any
time for the determination thereof, the amount of euro obtained by converting
such foreign currency involved in such computation into euro at the spot rate
for the purchase of euro with the applicable foreign currency as published under
"Currency Rates" in the section of the Financial Times
entitled "Currencies, Bonds & Interest Rates" on the date two business days
prior to such determination.

     

    "Euro Denominated Global
Security" means a Global Security denominated in euro. "Euroclear" means
Euroclear Bank S.A./N.V., as operator of the Euroclear System.

     

    "Euro Obligations"
means non-callable government obligations of any member nation of the European
Union whose official currency is the euro, rated AAA or better by S&P and
Aaa or better by Moody's.

     

    "Euro Paying Agent"
means an office or agency of the Company where Euro Notes may be presented for
payment, which shall initially be The Bank of New York.

     

    "Euro Registrar"
means an office or agency of the Company where Euro Notes may be presented for
registration of transfer or exchange, which shall initially be The Bank of New
York.

     

    "Event of Default"
has the meaning provided in Section 6.01.

     

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

     

    "Fair Market Value"
means, with respect to any asset or property, the price which could be
negotiated in an arm's-length, free market transaction, for cash, between a
willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. Fair Market Value (i) with
respect to a determination of value in excess of €5 million shall be determined
by disinterested members of the Board of Directors of the Company acting
reasonably and in good faith and shall be evidenced by a Board Resolution
delivered to the Trustee or (ii) in all other cases, by an Officer's Certificate
delivered to the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Foreign Subsidiary"
means any Subsidiary of the Company organized under the laws of, and conducting
a substantial portion of its business in, any jurisdiction other than the United
States of America or any state thereof or the District of Columbia.

     

    "Funds" means the
aggregate amount of U.S. Legal Tender and/or U.S. Government Obligations (in the
case of Dollar Notes) and euro and/or Euro Obligations (in the case of the Euro
Notes) deposited with the Trustee pursuant to Article Eight.

     

    "GAAP" means
International Financial Reporting Standards as in effect on the Issue Date as
adopted by the Company, except as otherwise set forth in Section 4.09. All
ratios and calculations based on GAAP contained in this Indenture shall be
computed in conformity with GAAP unless this Indenture otherwise
provides.

     

    "Global Security"
means a Regulation S Global Security (or Unrestricted Global Security) or a
Restricted Global Security.

     

    "Guarantee" means the
guarantee by a Guarantor of the obligations of the Company under this Indenture
and the Notes contemplated by Article Eleven of this Indenture.

     

    "Guarantor" means (i)
each of the Company's Restricted Subsidiaries that executes this Indenture as a
Guarantor and (ii) each of the Company's Restricted Subsidiaries that in the
future executes a guarantee substantially in the form of Exhibit D whereby such
Restricted Subsidiary agrees to be bound by the terms of this Indenture as a
Guarantor; provided that any
Person constituting a Guarantor as described above shall cease to constitute a
Guarantor when its respective Guarantee is released in accordance with the terms
of this Indenture.

     

    "High Yield Proceeds
Loan" means the loan dated as of the Issue Date between the Company, as
lender, and Nell Bidco B.V., as borrower, of the gross proceeds of the Notes
pursuant to the high yield proceeds loan agreement.

     

    "Holder" or "Noteholder" means
the Person in whose name a Note is registered on the Registrar's
books.

     

    "Holding Company"
shall mean, in relation to a company, corporation or other legal entity, any
other company, corporation or other legal entity in respect of which the former
company, corporation or other legal entity is a Subsidiary.

     

    "Hong Kong Facility"
means:

     

    (1)           
the Short Term Credit Facility Letter dated April 24, 2003 by and among Basell
China Limited as borrower and Citibank, N.A. Hong Kong Branch as lenders party
thereto and the Facility Letter dated March 4, 2004 by and among Basell Asia
Pacific Limited as borrower and ABN AMRO Bank N. V. as lenders party thereto, in
each case together with the documents related thereto (including any term loans
and revolving loans thereunder, and any guarantees and security documents), as
amended, extended, renewed, restated, supplemented or otherwise modified (in
whole or in part, and without limitation as to amount, terms, conditions,
covenants and other provisions) from time to time, and

     

    (2)           
any such agreements, instruments or guarantees governing Indebtedness incurred
to Refinance any Indebtedness or commitments referred to in (1) whether by the
same or any other lender or group of lenders.

     

    "Indebtedness" means
with respect to any Person, without duplication, (i) all Obligations of such
Person for borrowed money, (ii) all Obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (iii) all Capitalized
Lease Obligations of such Person, (iv) all Obligations of such Person issued or
assumed as the deferred purchase price of property that is due more than six
months after taking delivery of such property, all conditional sale obligations
and all Obligations under any title retention agreement (but excluding trade
accounts payable and other accrued liabilities arising in the ordinary course of
business that are not overdue by 90 days or more or are being contested in good
faith by appropriate proceedings promptly instituted and diligently
conducted),

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (v) all
Obligations for the reimbursement of any obligor on any letter of credit,
banker's acceptance or similar credit transaction, (vi) guarantees in respect of
Indebtedness referred to in clauses (i) through (v) above and clause (viii)
below, (vii) all Obligations of any other Person of the type referred to in
clauses (i) through (vi) which are secured by any lien on any property or asset
of such Person, the amount of such Obligation being deemed to be the lesser of
the Fair Market Value of such property or asset or the amount of the Obligation
so secured, (viii) all Obligations under Currency Agreements and Interest Swap
Agreements of such Person, (ix) all Receivables Financings, and (x) all
Disqualified Capital Stock issued by such Person with the amount of Indebtedness
represented by such Disqualified Capital Stock being equal to the greater of its
voluntary or involuntary liquidation preference and its maximum fixed repurchase
price, but excluding accrued dividends, if any. For purposes hereof, the "maximum fixed repurchase price" of
any Disqualified Capital Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital
Stock as if such Disqualified Capital Stock were purchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture, and
if such price is based upon, or measured by, the Fair Market Value of such
Disqualified Capital Stock, such Fair Market Value shall be determined
reasonably and in good faith by the Board of Directors of the issuer of such
Disqualified Capital Stock.

     

    Notwithstanding
the foregoing, "Indebtedness" shall not include (i) advances paid by customers
in the ordinary course of business for services or products to be provided or
delivered in the future, (ii) deferred taxes, (iii) unsecured indebtedness of
the Company and/or its Restricted Subsidiaries incurred to finance insurance
premiums in a principal amount not in excess of the insurance premiums to be
paid by the Company and/or its Restricted Subsidiaries for a three year period
beginning on the date of any incurrence of such indebtedness or (iv)
Indebtedness owed or incurred by Basell Holdings Middle East GmbH ("BHME") pursuant to
the Saudi Arabia Riyals 75 million credit facility agreement between BHME and
Saudi British Bank dated October 1, 2001 (but only to the ex-tent that (a) the
creditors under that agreement have no recourse to the Company other than BHME;
and (b) the re-course those creditors have to BHME is limited to the proceeds
(if any) of dividends received by BHME in respect of BHME's investment in Saudi
Polyolefins Company) as well as any future arrangement(s) under a similar
structure.

     

    "Indenture" means
this Indenture, as amended or supplemented from time to time in accordance with
the terms hereof.

     

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

     

    "Initial Dollar
Notes" means the $615,000,000 in aggregate principal amount of 8-3/8%
Senior Notes due 2015 of the Company denominated in dollars that are issued on
the Issue Date.

     

    "Initial Euro Notes"
means the €500,000,000 in aggregate principal amount of 8-3/8% Senior Notes due
2015 of the Company denominated in euro that are issued on the Issue
Date.

     

    "Initial Guarantors"
means Nell Funding S.à.r.l., Nell Bidco B.V., Nell US Acquisition S.à.r.l., Nell
Acquisition (US) LLC, Basell Finance USA, Inc., Basell North America Inc. and
Basell USA Inc.

     

    "Initial Notes" means
the Initial Dollar Notes and the Initial Euro Notes.

     

    "Initial Public Equity
Offering" means a firm commitment underwritten offering of shares of
Capital Stock of the applicable Person (1) registered on Form F-1 under the
Securities Act or any similar offering in other jurisdictions or (2) listed on
an internationally recognized exchange or traded on an internationally
recognized market.

     

    "Initial Purchasers"
means Merrill Lynch International, Credit Suisse First Boston (Europe) Limited,
ABN AMRO Bank N.V. and Deutsche Bank AG London.

     

    "Intercreditor
Agreement" means the Intercreditor Agreement dated August 1, 2005, by and
among the Company, the original obligors, the senior agent, the security agent,
the interim facility agent, the issuing

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    bank, and
the other parties thereto, as amended, extended, renewed, restated, supplemented
or otherwise modified (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to
time.

     

    "Interest Payment
Date" means, with respect to each Note, the stated maturity of an
installment of interest on the Notes specified therein.

     

    "Interest Swap
Obligations" means the obligations of any Person pursuant to any
arrangement with any other Person, whereby, directly or indirectly, such Person
is entitled to receive from time to time periodic payments calculated by
applying either a floating or a fixed rate of interest on a stated notional
amount in exchange for payments made by such other Person calculated by applying
a fixed or a floating rate of interest on the same notional amount and shall
include, without limitation, interest rate swaps, caps, floors, collars and
similar agreements.

     

    "Interim Loan" means
the Senior Subordinated Second Lien Loan Agreement dated August 1, 2005, by and
among Nell Hideo B.V., as borrower, the Company, as a parent guarantor, the
lenders party thereto, the administrative agent, and the collateral agent,
together with the documents related thereto (including any term loans and
revolving loans thereunder, and any guarantees and security documents), as
amended, extended, renewed, restated, supplemented or otherwise modified (in
whole or in part, and without limitation as to amount, terms, conditions,
covenants and other provisions) from time to time.

     

    "Investment" means,
with respect to any Person, any direct or indirect loan or other extension of
credit (including, without limitation, a guarantee) or capital contribution to
(by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition by such Person of any Capital Stock, bonds, notes, debentures or
other securities or evidences of Indebtedness issued by, any other Person.
"Investment" excludes extensions of trade credit by the Company and its
Restricted Subsidiaries on commercially reasonable terms in accordance with
normal trade practices of the Company or such Restricted Subsidiary, as the case
may be. For the purposes of Section 4.03, (i) "Investment" shall include and be
valued at the Fair Market Value of the net assets of any Restricted Subsidiary
of the Company at the time that such Restricted Subsidiary is designated an
Unrestricted Subsidiary and shall exclude the Fair Market Value of the net
assess of any Unrestricted Subsidiary at the time that such Unrestricted
Subsidiary is designated a Restricted Subsidiary of the Company and (ii) the
amount of any Investment in any Person is the original cost of such Investment
plus the cost of all additional Investments therein by the Company or any of its
Restricted Subsidiaries, without any adjustments for increases or decreases in
value, or write-ups, write-downs or write-offs with respect to such Investment,
reduced by the payment of dividends or distributions in connection with such
Investment or any other amounts received in respect of such Investment; provided that no such
payment of dividends or distributions or receipt of any such other amounts shall
reduce the amount of any Investment if such payment of dividends or
distributions or receipt of any such amounts would be included in Consolidated
Net Income. If the Company or any Restricted Subsidiary of the Company sells or
otherwise disposes of any Common Stock of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or
disposition, the Company no longer owns, directly or indirectly, greater than
50% of the outstanding Common Stock of such Restricted Subsidiary, the Company
shall be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Common Stock of such
Restricted Subsidiary not sold or disposed of.

     

    "Issue Date" means
the date on which Notes are first issued under this Indenture.

     

    "Legal Defeasance"
has the meaning provided in Section 8.01.

     

    "Lien" means any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any
kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof and any agreement to give any security interest),
but not including any interests in accounts receivable and related assets
conveyed by the Company or any of its Subsidiaries in connection with any
Qualified Securitization Transaction.

     

    "Listing" shall mean
a listing of all or any part of the share capital of the Company or any of its
Subsidiaries or any Holding Company of the Company or any of its Subsidiaries
(excluding Access Industries, Inc., the Sponsor (to the extent not a subsidiary
of the Company) and any such Holding Company

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    of the
Company or any of its Subsidiaries, but in each case only if a majority of the
investments of such company are not constituted by the Company or any of its
Subsidiaries) on any investment exchange or any other sale or issue by way of
flotation or public offering or any equivalent circumstances in relation to the
Company or any of its Subsidiaries or any Holding Company of the Company or any
of its Subsidiaries (excluding Access Industries, Inc., the Sponsor (to the
extent not a subsidiary of the Company) and any such Holding Company of the
Company or any of its Subsidiaries, but in each case only if a majority of the
investments of such company are not constituted by the Company or any of its
Subsidiaries) in any jurisdiction or country.

     

    "Management
Agreement" means the Management Agreement dated as of August 1, 2005,
among the Company, Nell Acquisition S.à.r.l., Nell Funding S.à.r.l., Nell Bidco,
B.V., Nell (US) Acquisition S.à.r.l., Nell Acquisition (US) LLC and AI
Petrochemicals LLC, as amended from time to time.

     

    "Maturity Date" means
August 15, 2015.

     

    "Moody's" means
Moody's Investor Service, Inc. and its successors.

     

    "Nell Pledged Shares"
has the meaning given to it in Section 13.01(a).

     

    "Net Cash Proceeds"
means, with respect to any Asset Sale, the proceeds in the form of cash or Cash
Equivalents including payments in respect of deferred payment obligations when
received in the form of cash or Cash Equivalents (other than the portion of any
such deferred payment constituting interest) received by the Company or any of
its Restricted Subsidiaries from such Asset Sale net of

     

    (1)           
all out-of-pocket expenses and fees relating to such Asset Sale (including,
without limitation, legal, accounting and investment banking fees and sales
commissions),

     

    (2)           
taxes paid or payable after taking into account any reduction in consolidated
tax liability due to available tax credits or deductions and any tax sharing
arrangements,

     

    (3)           
repayment of Indebtedness that is required to be repaid in connection with such
Asset Sale,

     

    (4)           
all distributions and other payments required to be made to minority interest
holders in Subsidiaries or joint ventures as a result of such Asset Sale or to
any other Person (other than the Company or a Restricted Subsidiary of the
Company) owning a beneficial interest in the assets disposed of in such Asset
Sale;

     

    (5)           
the decrease in proceeds from Qualified Securitization Transactions which
results from such Asset Sale and

     

    (6)           
appropriate amounts to be provided by the Company or any Restricted Subsidiary
of the Company, as a reserve, in accordance with GAAP, against any liabilities
associated with such Asset Sale and retained by, the Company or any Restricted
Subsidiary of the Company, after such Asset Sale, including pension and other
post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification obligations associated with
such Asset Sale.

     

    "Net Proceeds Offer"
has the meaning provided in Section 4.15(d).

     

    "Net Proceeds Offer
Amount" has the meaning provided in Section 4.15(d).

     

    "Net Proceeds Offer Payment
Date" has the meaning provided in Section 4.15(d).

     

    "Net Proceeds Offer Trigger
Date" has the meaning provided in Section 4.15(d).

     

    "Notes" means, the
Dollar Notes (including, without limitation, any Additional Dollar Notes) and
the Euro Notes (including, without limitation, any Additional Euro Notes). The
Dollar Notes and the Euro

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notes are
separate series of Notes but shall be treated as a single class of securities
under this Indenture, except as set forth herein. For purposes of this
Indenture, all references to Notes to be issued or authenticated upon transfer,
replacement or ex-change shall be deemed to refer to Notes of the appropriate
series.

     

    "Obligations" means
all obligations for principal, premium, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

     

    "Offering Memorandum"
means that certain offering memorandum relating to the offering of the Notes,
dated as of August 4, 2005.

     

    "Officer" means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer,
the President, any Vice President, the Chief Financial Officer, the Treasurer,
the Assistant Treasurer, the Financial Di-rector, or the Secretary or the
Assistant Secretary of such Person (or, with respect to a Person that is a
limited partnership, the General Partner of such Person), member of the Board of
Directors (in the case of any entity organized under the laws of the
Netherlands), or any other officer designated by the Board of Directors serving
in a similar capacity.

     

    "Officer's
Certificate" means, with respect to any Person, a certificate signed by
an Officer of such Person and otherwise complying with the requirements of
Sections 14.04 and 14.05, as they relate to the making of an Officer's
Certificate, and delivered to the Trustee or the Security Agent, as the case may
be.

     

    "Opinion of Counsel"
means a written opinion from legal counsel who is reasonably acceptable to the
Trustee complying with the requirements of Sections 14.04 and 14.05, as they
relate to the giving of an Opinion of Counsel, and delivered to the Trustee or
the Security Agent, as the case may be. Counsel giving any Opinion of Counsel
shall be entitled to rely on an Officer's Certificate as to any factual matters
relevant to such opinion.

     

    "Parent" means, Nell
Acquisition S.à.r.l., a
société à responsabilité limitée
incorporated under the laws of the Grand Duchy of
Luxembourg.

     

    "Pari Passu
Indebtedness" means, in the case of the Notes, any Indebtedness of the
Company that ranks equally in right of payment with the Notes and, in the case
of the Guarantees, any Indebtedness of the applicable Guarantor that ranks
equally in right of payment to the Guarantee of such Guarantor.

     

    "Participants" means
(i) with respect to the Dollar Notes, institutions that have accounts with DTC
or its nominee and (ii) with respect to the Euro Notes, institutions that have
accounts with Euroclear or their respective nominees.

     

    "Paying Agent" means
any Person (other than the Company and any of its Affiliates) authorized by the
Company to pay the principal of (and premium, if any) or interest on any notes
on behalf of the Company and per-form all the other obligations and duties of a
"Paying Agent" described herein, including the Irish Paying Agent and, with
respect to the Euro Notes, the Euro Paying Agent and, with respect to the Dollar
Notes, the Dollar Paying Agent.

     

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

     

    "Permitted
Indebtedness" means:

     

    (i)           
Indebtedness under the Notes, this Indenture and the Guarantees;

     

    (ii)           
Indebtedness incurred pursuant to the Credit Facilities in an aggregate
principal amount not exceeding €1.95 billion at any one time outstanding less
the amount of any payments

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    made by
the Company under the Credit Facilities with the Net Cash Proceeds of any Asset
Sale (which are accompanied by a corresponding permanent commitment reduction)
pursuant to Section 4.15(b);

     

    (iii)
other Indebtedness of the Company and its Restricted Subsidiaries outstanding on
the Is-sue Date reduced by the amount of any prepayments with Net Cash Proceeds
of any Asset Sale (which are accompanied by a corresponding permanent commitment
reduction) pursuant to Section 4.15(b);

     

    (iv)           
(a)            Interest
Swap Obligations of the Company relating to:

     

    (1)           
Indebtedness of the Company or any of its Restricted Subsidiaries
or

     

    (2)           
Indebtedness that the Company or any of its Restricted Subsidiaries reasonably
intends to incur within six months and

     

    (b)           
Interest Swap Obligations of any Restricted Subsidiary of the Company relating
to:

     

    (1)           
Indebtedness of such Restricted Subsidiary or

     

    (2)           
Indebtedness that such Restricted Subsidiary reasonably intends to incur within
six months.

     

    Any such
Interest Swap Obligations shall constitute "Permitted Indebtedness" only if they
are entered into to protect the Company and its Restricted Subsidiaries from
fluctuations in interest rates on Indebtedness permitted under this Indenture to
the extent the notional principal amount of such Interest Swap Obligations, when
incurred, does not exceed the principal amount of the Indebtedness to which such
Interest Swap Obligations relate;

     

    (v)           
Indebtedness under Commodity Agreements and Currency Agreements entered into in
the ordinary course of business and not for speculative purposes; provided that in the
case of Currency Agreements which relate to Indebtedness, such Currency
Agreements do not increase the Indebtedness of the Company and its Restricted
Subsidiaries outstanding other than as a result of fluctuations in foreign
currency exchange rates or by reason of fees, indemnities and compensation
payable thereunder;

     

    (vi)           
Indebtedness of a Restricted Subsidiary of the Company to the Company or to a
Restricted Subsidiary of the Company for so long as such Indebtedness is held by
the Company or a Restricted Subsidiary of the Company, in each case subject to
no Lien held by a person other than the Company or a Restricted Subsidiary of
the Company (other than the pledge of intercompany notes or receivables under
the Credit Facilities); provided that if as
of any date any person other than the Company or a Restricted Subsidiary of the
Company owns or holds any such Indebtedness or holds a Lien in respect of such
Indebtedness (other than the pledge of intercompany notes or receivables under
the Credit Facilities), such date shall be deemed the incurrence of Indebtedness
not constituting Permitted Indebtedness under this clause by the issuer of such
Indebtedness;

     

    (vii)           
Indebtedness of the Company to a Restricted Subsidiary of the Company for so
long as such Indebtedness is held by a Restricted Subsidiary of the Company, in
each case subject to no Lien (other than Liens securing intercompany notes or
receivables pledged under the Credit Facilities); provided that (a) any
Indebtedness of the Company to any Restricted Subsidiary of the Company (other
than pursuant to notes or receivables pledged under the Credit Facilities) is
unsecured and subordinated, pursuant to a writ-ten agreement, to the Company's
obligations under this Indenture and the Notes and (b) if as of any date any
person other than a Restricted Subsidiary of the Company owns or holds any such
Indebtedness or any person holds a Lien in respect of such Indebtedness (other
than pledges securing the Credit Facilities), such date shall be deemed the
incurrence of Indebtedness under this clause not constituting Permitted
Indebtedness by the Company;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (viii)           
Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient funds,
overdrafts, pooling arrangements and money market lines in the ordinary course
of business; provided,however, that any
such Indebtedness that arises is extinguished within six business days of
incurrence;

     

    (ix)           
Indebtedness of the Company or any of its Restricted Subsidiaries represented by
letters of credit for the account of the Company or such Restricted Subsidiary,
as the case may be, in order to pro-vide security for workers' compensation
claims, payment obligations in connection with self-insurance or similar
requirements in the ordinary course of business;

     

    (x)           
Refinancing Indebtedness;

     

    (xi)           
Indebtedness arising from agreements of the Company or a Subsidiary providing
for indemnification, adjustment of purchase price, earn out or similar
obligations, in each case, incurred in connection with the disposition of any
business, assets or subsidiary, other than guarantees of Indebtedness incurred
by any person acquiring all or any portion of such business, assets or
subsidiary for the purpose of financing such acquisition; provided that the
maximum aggregate liability in respect of all such Indebtedness shall at no time
exceed the gross proceeds actually received by the Company and the Subsidiary in
connection with such disposition;

     

    (xii)           
Obligations in respect of bankers' acceptances, bid, judgment, appeal,
performance bonds and completion guarantees, surety, letters of credit and
similar bonds or guarantees provided by the Company or any subsidiary in the
ordinary course of business;

     

     (xiii)
Guarantees by the Company or a Restricted Subsidiary of the Company of
Indebtedness incurred by the Company or a Restricted Subsidiary of the Company
so long as the incurrence of such Indebtedness by the Company or any such
Restricted Subsidiary is otherwise permitted by the terms of the
indenture;

     

    (xiv)           
Indebtedness of the Company or any Subsidiary incurred in the ordinary course of
business not to exceed €50 million at any one time outstanding

     

    (a)           
representing Capitalized Lease Obligations or

     

    (b)           
constituting Indebtedness incurred to finance the acquisition of property or
as-sets of the Company or any Restricted Subsidiary of the Company acquired in
the ordinary course of business; provided,however, that such
Indebtedness shall not exceed the cost of such property or assets and shall not
be secured by any property or assets of the Company or any Restricted Subsidiary
of the Company other than the property and assets so acquired;

     

    (xv)           
the incurrence by a Securitization Entity of Indebtedness in a Qualified
Securitization Transaction that is not recourse to the Company or any Subsidiary
of the Company (except for Standard Securitization Undertakings);

     

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

     

    (xvii)           
Guarantees by the Company or a Restricted Subsidiary of the Company of
Indebtedness incurred by Qualified Joint Ventures which, in the case of
Indebtedness of Qualified Joint Ventures that is not Qualified Development
Agency Debt, may not exceed €75 million in the aggregate at any one time
out-standing;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (xviii)                      
Indebtedness incurred pursuant to (a) the Australian Credit Facilities in an
aggregate principal amount not exceeding A$80 million at any one time
outstanding; and (b) the Hong Kong Facility in an aggregate principal amount not
exceeding €30 million at any one time outstanding.

     

    (xix)           
Indebtedness of a person existing at the time that person becomes a Restricted
Subsidiary of the Company or assumed in connection with an Asset Acquisition by
the Company or a Restricted Subsidiary of the Company and not incurred in
connection with or in anticipation of, such person becoming a Restricted
Subsidiary; provided that the
holders of any such Indebtedness do not, at any time, have direct or indirect
recourse to any property or assets of the Company or any Restricted Subsidiary
other than the property or assets of such acquired person; provided,further, that on the
date of such acquisition and after giving pro forma effect thereto,
either (1) the Company would have been able to incur at least €1.00 of
additional Indebtedness pursuant to Section 4.12(a), or (2) the Consolidated
Fixed Charge Coverage Ratio would be greater than or equal to the Consolidated
Fixed Charge Coverage Ratio immediately prior to giving fro forma effect to such
acquisition;

     

    (xx)           
additional Indebtedness of the Company and its Restricted Subsidiaries in an
aggregate principal amount not to exceed €50 million at any one time
outstanding.

     

    For
purposes of determining compliance with Section 4.12, in the event that an item
of proposed Indebtedness meets the criteria of more than one of the categories
of Permitted Indebtedness described in clauses (i) through (xx) above, or is
entitled to be incurred pursuant to the first paragraph of Section 4.12, the
Company shall be permitted to classify such item of Indebtedness on the date of
its incurrence and, except with respect to Indebtedness incurred under clause
(ii) or (xviii) above, reclassify such item of Indebtedness, in each case in any
manner that complies with Section 4.12. Notwithstanding the foregoing,
Indebtedness under Credit Facilities, the Australian Credit Facilities and the
Hong Kong Facility outstanding on the Issue Date up to the maximum amounts
permitted under clause (ii) or (xviii) above, as applicable shall be deemed to
have been incurred pursuant to clause (ii) or (xviii) above, as applicable, and
guarantees by the Company or any Restricted Subsidiaries of Indebtedness
incurred by Qualified Joint Ventures shall be deemed to have been incurred
pursuant to clause (xvii) above.

     

    "Permitted
Investments" means:

     

    (i)           
Investments by the Company or any Restricted Subsidiary of the Company in any
Person that is or shall become immediately after such Investment a Restricted
Subsidiary of the Company or that shall merge or consolidate into the Company or
a Restricted Subsidiary of the Company;

     

    (ii)           
Investments in the Company by any Restricted Subsidiary of the Company; provided
that any Indebtedness evidencing such Investment is unsecured and subordinated
(other than pursuant to inter-company notes or receivables pledged under the
Credit Facilities), pursuant to a written agreement, to the Company's
obligations under the Notes and this Indenture;

     

    (iii)           
Investments in cash and Cash Equivalents;

     

    (iv)           
loans and advances to employees and officers of the Company and its Subsidiaries
in the ordinary course of business or as required by applicable law or for
travel, relocation and related expenses;

     

    (v)           
Investments in Unrestricted Subsidiaries or joint ventures not to exceed €100
million,

     

    (a)           
the aggregate net after-tax amount returned in cash on or with respect to any
In-vestments made in Unrestricted Subsidiaries and joint ventures whether
through interest payments, principal payments, dividends or other distributions
or payments on account of such Investment,

     

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

     

    (c)           
upon redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary of
the Company, the Fair Market Value of such Subsidiary, and

     

    (d)           
Investments in Specified Joint Ventures Capital Stock in an amount not to exceed
€45 million;

     

    provided,however, that the net
after-tax amount has not been included in Consolidated Net Income for the
purpose of the calculation in Section 4.03(iii)(x);

     

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

     

    (vii)           
Investments made by the Company or its Restricted Subsidiaries as a result of
consideration received in connection with an Asset Sale made in compliance with
Section 4.15;

     

    (viii)           
Investments existing on the Issue Date;

     

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

     

    (x)           
payments to any Basell Parent Company for the purposes described in clause (5)
of the second paragraph of Section 4.03 which, when aggregated with the payment
made under such clause, shall not exceed €1.5 million in any fiscal
year;

     

    (xi)           
any Indebtedness of the Company to any of its Subsidiaries incurred in
connection with the purchase of accounts receivable and related assets by the
Company from any such Subsidiary which as-sets are subsequently conveyed by the
Company to a Securitization Entity in a Qualified Securitization
Transaction;

     

    (xii)           
Investments through the licensing of polyolefins or advanced polyolefins process
technology in a Person that is or shall be as a result of such Investment a
Qualified Joint Venture;

     

    (xiii)           
Guarantees of Indebtedness of Qualified Joint Ventures to the extent such
guarantees are permitted by Section 4.12;

     

    (xiv)           
purchase of shares of Shell and BASF required to satisfy Basell B.V.'s
obligations under its stock option plans as such plans were in effect on the
Issue Date; and

     

    (xv)           
additional Investments in an aggregate amount not exceeding € 50 million at any
one time outstanding.

     

    "Permitted Liens"
means the following types of Liens:

     

    (1)           
Liens existing on the Issue Date (including the extension, re-issuance or
renewal of such Liens);

     

    (2)           
Liens securing Indebtedness under Credit Facilities, the Australian Credit
Facilities and the Hong Kong Facility permitted to be incurred pursuant to, and
in an amount no greater than that specified in, clause (ii) and clause (xviii)
of the definition of "Permitted Indebtedness";

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (3)           
Liens on any property or assets of a Restricted Subsidiary of the Company that
is not a guarantor of the Company, a Restricted Subsidiary of the Company that
is a guarantor or any Wholly Owned Restricted Subsidiary of the
Company;

     

    (4)           
Liens securing any Capitalized Lease Obligation and Liens to secure Indebtedness
(including Capitalized Lease Obligations) permitted by clause (xiv)(b) of the
definition of "Permitted Indebtedness" covering only the property or assets
acquired with such Indebtedness;

     

    (5)           
Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Company or any Restricted
Subsidiary of the Company in the ordinary course of business;

     

    (6)           
statutory Liens of landlords and carriers, warehousemen, mechanics, suppliers,
material-men, repairmen, employees, pension plan administrators or other like
Liens arising in the ordinary course of business of the Company or any
Restricted Subsidiary of the Company and with respect to amounts not yet subject
to penalties for non-payment or being contested in good faith by appropriate
proceedings or Liens arising solely by virtue of any statutory or common law
provisions relating to attorney's liens or bankers' liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depositary institution;

     

    (7)           
Liens for taxes, assessments, government charges or claims that are extinguished
within 60 days of notice of their existence, are not yet subject to penalties
for non-payment or that are being con-tested in good faith by appropriate
proceedings;

     

    (8)           
Liens incurred or deposits made to secure the performance of tenders, bids or
trade or government contracts, or to secure leases, statutory or regulatory
obligations, surety, judgment or appeal bonds, completion guarantee, surety,
letters of credit, performance bonds, guarantees or other obligations of a like
nature incurred in the ordinary course of business (other than obligations for
the payment of borrowed money);

     

    (9)           
zoning restrictions, minor survey exceptions, minor encumbrances, easements,
licenses, reservations of, or rights of others for, licenses reservations, title
defects, rights of others for rights-of-way, utilities, sewers, electrical
lines, telephone lines, telegraph wires, restrictions, encroachments and other
similar charges, encumbrances or title defects or zoning or other restrictions
as to the use of real property or Liens incurred in the ordinary course of
business that do not in the aggregate materially interfere with in any material
respect the ordinary conduct of the business of the Company and its Restricted
Subsidiaries on the properties subject thereto, taken as a whole;

     

    (10)           
Liens arising by reason of any judgment, decree or order of any court so long as
such lien is adequately bonded and any appropriate legal proceedings that may
have been duly initiated for the re-view of such judgment, decree or order shall
not have been finally terminated or the period within which such proceedings may
be initiated shall not have expired;

     

    (11)           
Liens on property of, or on shares of Capital Stock or Indebtedness of, any
Person existing at the time such property or Person is acquired by, merged with
or into or consolidated with, the Company or any Restricted Subsidiary of the
Company; provided that such Liens (a) do not extend to or cover any property or
assets of the Company or any Restricted Subsidiary of the Company other than the
property or assets acquired (other than assets and property affixed or
appurtenant thereto) or than those of the Person merged into or consolidated
with the Company or Restricted Subsidiary of the Company and (b) were created
prior to, and not in connection with or in contemplation of, such acquisition,
merger or consolidation;

     

    (12)           
Liens securing the obligations of the Company or any Restricted Subsidiary of
the Company under Interest Swap Obligations, Commodity Agreements or Currency
Agreements permitted under clauses (iv) and (v) of the definition of "Permitted
Indebtedness" or any collateral for the Indebtedness to which such Interest Swap
Obligations, Commodity Agreements or Currency Agreements relate;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (13)           
Liens incurred or deposits made in the ordinary course of business in connection
with workers' compensation, unemployment insurance and other types of social
security or other insurance (including unemployment insurance);

     

    (14)           
Liens made to secure obligations arising from statutory, regulatory,
contractual, or warranty requirements of the Company or any Restricted
Subsidiary of the Company in the ordinary course of business, including rights
of offset and set-off;

     

    (15)           
any extension, renewal or replacement, in whole or in part, of any Lien
described in the foregoing clauses (1) through (14); provided that any
such extension, renewal or replacement shall be no more restrictive in any
material respect than the Lien so extended, renewed or replaced and shall not
extend to any additional property or assets;

     

    (16)           
Liens securing Indebtedness incurred to refinance, refund, extend, renew or
replace Indebtedness that has been secured by a Lien permitted by this
Indenture; provided that (a) such new Lien shall be limited to all or part of
the same property and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Lien plus
improvements and accessions to, such property or proceeds or distributions
thereof); and (b) the Indebtedness secured by such Lien at such time is not
increased to any amount greater than the sum of (i) the outstanding principal
amount or, if greater, committed amount of the Indebtedness at the time the
original Lien became a Permitted Lien and (ii) an amount necessary to pay any
fees and expenses, including premiums, related to such refinancing, re-funding,
extension, renewal or replacement;

     

    (17)           
Liens in favor of the Company or any Restricted Subsidiary of the
Company;

     

    (18)           
Liens securing Indebtedness incurred to finance the construction, purchase or
lease of, or repairs, improvements or additions to, property, plant or equipment
of such Person;

     

    (19)           
Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of
goods;

     

    (20)           
any interest or title of a lessor in the property subject to any lease other
than a Capitalized Lease Obligations;

     

    (21)           
Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person's obligations in respect of banker's acceptances issues or
credit for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods;

     

    (22)           
Liens granted to the Trustee for its compensation and indemnities pursuant to
this Indenture;

     

    (23)           
lease or subleases or licenses or sublicenses of real property granted in the
ordinary course of business to others that do not materially interfere with the
ordinary course of business of the Company and the Restricted Subsidiaries of
the Company;

     

    (24)           
Liens incurred in the ordinary course of business of the Company or any
Restricted Subsidiary of the Company with respect to obligations that do not
exceed €25 million at any one time out-standing; and

     

    (25)           
Liens on receivables and assets related thereto incurred in connection with a
Qualified Securitization Transaction.

     

    "Person" means an
individual, partnership, corporation, unincorporated organization, trust or
joint venture, or a governmental agency or political subdivision
thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Physical Notes"
shall have the meaning provided in Section 2.01(c).

     

    "Preferred Stock" of
any Person means any Capital Stock of such Person that has preferential rights
to any other Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.

     

    "principal" of any
Indebtedness (including the Notes) means the principal amount of such
Indebtedness plus the premium, if any, on such Indebtedness.

     

    "Private Placement
Legend" means the legend initially set forth on the Notes in the form set
forth on Exhibit A-1 and
Exhibit
A-2.

     

    "Public Indebtedness"
means any indebtedness consisting of bonds, debentures, notes or other similar
debt securities issued in (a) a public offering registered under the Securities
Act, (b) listed on a recognized securities ex-change or (c) a private placement
to institutional investors that is underwritten for resale in accordance with
Rule 144A or Regulation S, whether or not it includes registration rights
entitling the holders of such debt securities to registration thereof with the
U.S. Securities Exchange Commission for public resale.

     

    "Purchase Agreement"
means the Purchase Agreement, dated August 4, 2005, relating to the issue and
sale of the Initial Notes to be issued on the Issue Date.

     

    "Qualified Capital
Stock" means any Capital Stock that is not Disqualified Capital
Stock.

     

    "Qualified Development
Agency Debt" means Indebtedness which (i) has a Weighted Average Life to
Maturity at least 6 months longer than the Notes, (ii) bears interest at a rate
lower than the lowest rate on the Senior Secured Credit Facilities at the date
such Indebtedness is incurred, and (iii) is issued by, or guaranteed by, a state
development bank or like governmental agency or organization.

     

    "Qualified Institutional
Buyer" or "QIB" has the meaning
specified in Rule 144A.

     

    Following
the Initial Public Equity Offering of a Basell Parent Company, references in the
foregoing definition of the "Company" shall be deemed also to refer to such
Basell Parent Company.

     

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

     

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

     

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

     

    (2)           
any other Person (in the case of transfer by a Securitization Entity), or may
grant a security interest in any accounts receivable (whether now existing or
arising or acquired in the future) of the Company or any of its Subsidiaries,
and any assets related thereto including, without limitation, all collateral
securing such accounts receivable, all contracts and contract rights and all
guarantees or other obligations in respect of such accounts receivable, proceeds
of such accounts receivable and other assets (including contract rights) which
are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving accounts receivable.

     

    Following
the Initial Public Equity Offering of a Basell Parent Company, references in the
foregoing definition to the "Company" shall be deemed also to refer to such
Basell Parent Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Receivables
Financings" means factoring, securitizations of receivables or any other
receivables financing (including, without limitation, through the sale of
receivables in a factoring arrangement or through the sale of receivables to
lenders or to special purpose entities formed to borrow from such lenders
against such receivables), whether or not recourse to the Company or any of its
Restricted Subsidiaries; provided,however, that such
factoring, securitization or financing would be treated as indebtedness under
GAAP.

     

    "Record Date" means
with respect to each Note, each applicable record date specified
therein.

     

    "Redemption Date"
means, with respect to any Dollar Note and/or Euro Note, as the case may be, the
Maturity Date of such Note or the earlier date on which such Note is to be
redeemed by the Company pursuant to paragraph 5 of the Dollar Notes with respect
to a Dollar Note and paragraph 5 of the Euro Notes with respect to a Euro
Note.

     

    "Redemption Price"
has the meaning provided in Section 3.03. "Reference Date" has
the meaning provided in Section 4.03.

     

    "Refinance" means, in
respect of any security or Indebtedness, to refinance, extend, renew, refund,
repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness
in exchange or replacement for, such security or Indebtedness in whole or in
part. "Refinanced" and
"Refinancing"
shall have correlative meanings.

     

    "Refinancing
Indebtedness" means any Refinancing by the Company or any Restricted
Subsidiary of the Company of Indebtedness incurred in accordance with the Fixed
Charge Coverage Ratio test set forth in Section 4.12 or Indebtedness described
in clauses (i), (iii), (x) or (xix) of the definition of "Permitted
Indebtedness," in each case that does not (1) result in an increase in the
aggregate principal amount of Indebtedness of such Person as of the date of such
proposed Refinancing (plus the amount of any premium required to be paid under
the terms of the instrument governing such Indebtedness and plus the amount of
reasonable expenses and fees incurred by the Company in connection with such
Refinancing) or (2) create Indebtedness with (A) a Weighted Average Life to
Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced or (B) a final maturity earlier than the final
maturity of the Indebtedness being Refinanced; provided that if such
Indebtedness being Refinanced (i) is Indebtedness solely of the Company, then
such Refinancing Indebtedness shall be Indebtedness solely of the Company or
(ii) is subordinate or junior to the Notes, then such Refinancing Indebtedness
shall be subordinate to the Notes at least to the same extent and in the same
manner as the Indebtedness being Refinanced.

     

    "Registrar" has the
meaning provided in Section 2.03. "Regulation S" means
Regulation S under the Securities Act.

     

    "Regulation S Global Dollar
Denominated Global Security" means a Regulation S Global Security
de-nominated in Dollars.

     

    "Regulation S Global
Security" has the meaning provided in Section 2.01(b)(i).

     

    "Replacement Assets"
has the meaning provided in Section 4.15(b).

     

    "Requisite
Guarantors" has the meaning provided in Section 4.19(a).

     

    "Responsible Officer"
means any officer within the Corporate Trust Administration group of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

     

    "Restricted Dollar
Denominated Global Security" means a Restricted Global Security
representing Dollar

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Restricted Euro Denominated
Global Securities" means a Restricted Global Security representing
Euro

     

    "Restricted Global
Security" has the meaning provided in Section 2.01(a)(i).

     

    "Restricted Payment"
means to

     

    (1)           
declare or pay any dividend or make any distribution, other than dividends or
distributions payable in Qualified Capital Stock of the Company and dividends or
distributions payable solely to the Company or a Restricted Subsidiary of the
Company, and other than pro rata dividends or other distributions made by a
Subsidiary that is not a Wholly Owned Subsidiary to minority shareholders (or
owners of an equivalent interest in the case of a Subsidiary that is an entity
other than a corporation), on or in respect of shares of the Company's Capital
Stock to holders of such Capital Stock,

     

    (2)           
purchase, redeem or otherwise acquire or retire for value any Capital Stock of
the Company or any warrants, rights or options to purchase or acquire shares of
any class of such Capital Stock,

     

    (3)           
make any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity,
scheduled repayment or scheduled sinking fund payment, any Indebtedness of the
Company that is subordinate or junior in right of payment to the Notes (other
than the purchase, repurchase or other acquisition of Indebtedness of the
Company that is sub-ordinate or junior in right of payment to the Notes
purchased in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case, due within one year of the date of
such purchase, repurchase or other acquisition) or

     

    (4)           
make any Investment other than Permitted Investments.

     

    "Restricted Security"
means a Note that constitutes a "restricted security" within the meaning of Rule
144(a)(3) under the Securities Act; provided,however, that the
Trustee shall be entitled to request and conclusively rely on an Opinion of
Counsel with respect to whether any Note constitutes a Restricted
Security.

     

    "Restricted
Subsidiary" of any Person means any Subsidiary of such Person which at
the time of determination is not an Unrestricted Subsidiary.

     

    "Rule 144A" means
Rule 144A under the Securities Act.

     

    "Sale and Leaseback
Transaction" means any direct or indirect arrangement with any Person or
to which any such Person is a party, providing for the leasing to the Company or
a Restricted Subsidiary of the Company of any property, whether owned by the
Company or any Restricted Subsidiary of the Company on the Issue Date or later
acquired, which has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such Person or to any other Person from whom funds have
been or are to be advanced by such Person on the security of such
property.

     

    "Securities Act"
means the Securities Act of 1933, as amended, and the rules and regulations of
the Commission promulgated thereunder.

     

    "Securitization
Entity" means an entity to which the Company or any subsidiary of the
Company transfers accounts receivable or equipment and related assets which
engages in no activities other than in connection with the financing of accounts
receivable or equipment and which is designated by the Board of Directors of the
Company (as provided below) as a Securitization Entity (a) no portion of the
Indebtedness or any other Obligations (contingent or otherwise) of which (i) is
guaranteed by the Company or any subsidiary of the Company (other than the
Securitization Entity), excluding guarantees of Obligations (other than the
principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings, (ii) is recourse to or obligates the Company or any subsidiary of
the Company (other than the Securitization Entity) in any

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    way other
than pursuant to Standard Securitization Under-takings or (iii) subjects any
property or asset of the Company or any subsidiary of the Company (other than
the Securitization Entity), directly or indirectly, contingently or otherwise,
to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings and other than any interest in the accounts receivable or equipment
and related assets being financed (whether in the form of an equity interest in
such assets or subordinated indebtedness payable primarily from such financed
assets) retained or acquired by the Company or any subsidiary of the Company,
(b) with which neither the Company nor any subsidiary of the Company has any
material contract, agreement, arrangement or understanding other than on terms
no less favorable to the Company or such subsidiary than those that might be
obtained at the time from persons that are not Affiliates of the Company, other
than fees payable in the ordinary course of business in connection with
servicing receivables of such entity (other than Standard Securitization
Undertakings), and (c) to which neither the Company nor any subsidiary of the
Company has any obligation to maintain or preserve such entity's financial
condition or cause such entity to achieve certain levels of operating results
(other than Standard Securitization Undertakings). Any such designation by the
Board of Directors of the Company shall be evidenced to the Trustee by filing
with the Trustee a certified copy of the resolution of the Board of Directors of
the Company giving effect to such designation and an Officer's certificate
certifying that such designation complied with the foregoing conditions.
Following the Initial Public Equity Offering of a Basell Parent Company,
references in the foregoing definition to the "Company" shall be deemed also to
refer to such Basell Parent Company.

     

    "Security Documents"
has the meaning given to it in Section 13.01(a).

     

    "Senior Secured Credit
Facilities" means the Senior Facility Agreement dated August 1, 2005 by
and among the Company, Merrill Lynch International and Credit Suisse London
Branch as Mandated Lead Arrangers and Bookrunners, and ABN AMRO Bank N.V. acting
as Agent, Security Agent, and Issuing Bank, together with the documents related
thereto (including any term loans and revolving loans in connection therewith or
which may be split out or refinanced by any separate facility agreement, and any
guarantees and security documents), as amended, extended, renewed, restated,
supplemented or otherwise modified (in whole or in part, and without limitation
as to amount, terms, conditions, covenants and other provisions) from time to
time.

     

    "Significant
Subsidiary" means any Restricted Subsidiary of the Company which, at the
date of determination, is a "Significant Subsidiary" as such term is defined in
Regulation S-X under the Exchange Act.

     

    "S&P" means
Standard & Poor's, a division of The McGraw-Hill Companies, Inc. and its
successors.

     

    "Specified Joint
Ventures" means Basell Advanced Polyolefins (Thailand) Co. Ltd., Saudi
Polyolefins Company and Basell Orlen Polyolefins Sp. Z.O.O.

     

    "Sponsor" shall
mean,

     

    (a)           
the Blavatnik Group; and/or

     

    (b)           
other funds, limited partnerships or companies managed or controlled by
Mr. Leonard Blavatnik including, without limitation, AI Petrochemicals for
so long as so managed or controlled.

     

    "Standard Securitization
Undertakings" means representations, warranties, undertakings, covenants
and indemnities entered into by the Company or any Subsidiary of the Company
which are reasonably customary in an accounts receivable Securitization
transaction. Following the Initial Public Equity Offering of a Basell Parent
Company, references in the foregoing definition to the "Company" shall be deemed
also to refer to such Basell Parent Company.

     

    "Subordinated
Indebtedness" means Indebtedness of the Company or any Guarantor which is
expressly subordinated in right of payment to the Notes or the Guarantee of such
Guarantor, as the case may be.

     

    "Subsidiary" means
with respect to any Person, (1) a corporation a majority of whose Voting Stock
is at the time, directly or indirectly, owned by such Person, by one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof; and (2) any other Person (other than a corporation), including, without
limitation, a partnership, limited liability company, business trust or joint
venture, in which such Person, one or more Subsidiaries thereof or such Person
and one or more Subsidiaries thereof, directly or indirectly, at the date of
determination thereof, has at least majority ownership interest entitled to vote
in the election of directors, managers or trustees thereof (or other Person
performing similar functions).

     

    "Supplemental
Interest" has the meaning provided in Section 4.19(c).

     

    "Surviving Entity"
has the meaning provided in Section 5.01(a)(i).

     

    "Treasury Rate" means
the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) which has become publicly
available at least two Business Days (but not more than five Business Days)
prior to the redemption date (or, if such statistical release is not so
published or available, any publicly available source of similar market date
selected by the Company in good faith)) most nearly equal to the period from the
redemption date to August 15, 2010; provided,however, that if the
period from the redemption date to August 15, 2010 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except
that if the period from the redemption date to August 15, 2010 is less than one
year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be
used.

     

    "Trust Officer" means
any officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters or, in the case of a successor trustee,
an officer assigned to the department, division or group performing the
corporate trust work of such successor.

     

    "Trustee" means the
party named as such in this Indenture until a successor replaces it in
accordance with the provisions of this Indenture and thereafter means such
successor.

     

    "Unrestricted Dollar
Denominated Global Security" means an Unrestricted Global Security
denominated in Dollars.

     

    "Unrestricted Euro
Denominated Global Security" means an Unrestricted Global Security
denominated in euro.

     

    "Unrestricted Global
Security" means one or more securities in definitive, fully registered
form without interest coupons, with the legend provided in Exhibit B hereto, without the
Private Placement Legend.

     

    "Unrestricted Notes"
means Notes that are not Restricted Securities.

     

    "Unrestricted
Subsidiary" of any Person means (i) any Subsidiary of such Person that at
the time of determination shall be or continue to be designated an Unrestricted
Subsidiary, and (ii) any Subsidiary of an Unrestricted Subsidiary. The Board of
Directors of the Company may designate any Subsidiary (including any newly
acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary if (a)
such Subsidiary does not own any Capital Stock of, or does not own or hold any
Lien on any property of, the Company or any other Subsidiary of the Company that
is not a Subsidiary of the Subsidiary to be so designated, (b) such designation
complies with Section 4.03 and (c) each Subsidiary to be designated as an
Unrestricted Subsidiary and each of its Subsidiaries has not at the time of
designation, and does not thereafter, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable with respect to any Indebtedness
under which the lender has recourse to any of the assets of the Company or any
of its Restricted Subsidiaries. The Board of Directors of the Company may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if (x)
immediately after giving effect to such designation, the Company is able to
incur at least $1.00 of additional Indebtedness (other than Permitted
Indebtedness) in compliance with Section 4.12 and (y) immediately before and
immediately after giving effect to such designation, no default or Event of
Default shall have occurred and be continuing. Any such designation by the Board
of Directors of the Company shall be evidenced to the Trustee by promptly filing
with the Trustee a copy of the Board Resolution approving the designation and an
Officer's Certificate certifying that the designation complied with this
Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "U.S. Government
Obligations" means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America
(including any agency or instrumentality thereof) for the payment of which the
full faith and credit of the United States of America is pledged and which are
not callable or redeemable at the issuer's option.

     

    "U.S. Legal Tender"
means such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private
debts.

     

    "Voting Stock" means
any class or classes of Capital Stock pursuant to which the holders thereof have
the general voting power under ordinary circumstances to elect at least a
majority of the board of directors, managers or trustees (or Persons performing
similar functions) of any Person (irrespective of whether or not, at the time,
stock of any other class or classes shall have, or might have, voting power by
reason of the happening of any contingency).

     

    "Weighted Average Life to
Maturity" means, when applied to any Indebtedness at any date, the number
of years obtained by dividing (a) the then outstanding aggregate principal
amount of such Indebtedness by (b) the sum of the total of the products obtained
by multiplying (i) the amount of each then remaining installment, sinking fund,
serial maturity or other required payment of principal, including payment at
final maturity, in respect thereof; by (ii) the number of years (calculated to
the nearest one-twelfth) that will elapse between such date and the making of
such payment.

     

    "Wholly Owned
Subsidiary" of any Person means any Subsidiary of such Person to the
extent all of the outstanding Capital Stock or other ownership interests of
which (other than in the case of a Foreign Subsidiary, directors' qualifying
shares or an immaterial amount of shares owned by other Persons pursuant to
applicable law are owned by such Person or any Wholly Owned Subsidiary of such
Person).

     

    "Wholly Owned Restricted
Subsidiary" means a Restricted Subsidiary that is a Wholly Owned
Subsidiary.

     

    ARTICLE
TWO

     

    THE
NOTES

     

    Section
2.01                                
Form and
Dating. Restricted Securities (including the Initial Notes) and the
certificate of authentication relating thereto shall be substantially in the
form of Exhibit A-1 (in
the case of Dollar Notes) and Exhibit A-2 (in the case of
Euro Notes). Unrestricted Notes and the certificate of authentication relating
thereto shall be substantially in the form of Exhibit A-3 (in the case of
Dollar Notes) and Exhibit
A-4 (in the case of Euro Notes). The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Notes that are
Restricted Securities (including the Initial Notes) shall bear the Private
Placement Legend. Each Note shall be dated the date of issuance and shall show
the date of its authentication.

     

    The terms
and provisions contained in the Notes annexed hereto as Exhibit A, shall constitute,
and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Company, the Guarantors, the Trustee, the Security Agent and
AIBIBNY Fund Management (Ireland) Limited, as Irish Paying Agent, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby.

     

    (a)           
Restricted Global
Securities.

     

    (i)           
Notes that are Restricted Securities shall be issued in the form of one or more
global securities (each, a "Restricted Global
Security") in definitive, fully registered form without interest coupons,
with the legend provided for in Exhibit B, except as otherwise
permitted herein.

     

    (ii)           
Each Restricted Dollar Denominated Global Security shall be registered in the
name of DTC or its nominee and deposited with a custodian for DTC, duly executed
by the Company and authenticated by the Trustee as hereinafter provided. The
aggregate principal amount of a Restricted Dollar De-nominated Global Security
may from time to time be increased or decreased by adjustments made on the
records of the custodian for DTC, in connection with a

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    corresponding
decrease or increase in the aggregate principal amount of a Regulation S Dollar
Denominated Global Security or an Unrestricted Dollar De-nominated Global
Security, as hereinafter provided.

     

    (iii)           
Each Restricted Euro Denominated Global Security shall be registered in the name
of the Common Depositary or its nominee and deposited with the Common
Depositary, on behalf of Euroclear and Clearstream, duly executed by the Company
and authenticated by the Trustee as hereinafter provided for credit to the
account of Euroclear and/or Clearstream. The aggregate principal amount of a
Restricted Euro Denominated Global Security may from time to time be increased
or decreased by adjustments made on the records of the Common Depositary, in
connection with a corresponding decrease or increase in the aggregate principal
amount of an Unrestricted Euro Denominated Global Security, as hereinafter
provided.

     

    (b)           
Regulation S Global
Securities.

     

    (i)           
Notes offered and sold in offshore transactions in reliance on Regulation S
shall be issued in the form of one or more Restricted Global Securities (the
"Regulation S Global
Security") deposited with the custodian for the Depositary, and
registered in the name of the Depositary or its nominee for the accounts of the
Euroclear System, as operated by Euroclear Bank S.A./N.V. and Clearstream, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided. During or prior to the end of the 40-day restricted period within the
meaning of Regulation S, beneficial interests in the Regulation S Global
Security may only be held through Euroclear and Clearstream. Any resale or
transfer of beneficial interests in the Regulation S Global Security shall be
made only pursuant to Rule 144A or Regulation S or another exemption from the
Registration requirements of the Securities Act, after delivery to the Company
by the transferor, if required by the Company, of the opinions, certification or
other information described in Section 2.17. The aggregate principal amount of
the Regulation S Global Security as may from time to time be increased or
decreased by adjustments made in the records of the custodian for the Depositary
or its nominee, as herein provided.

     

    (c)           
Physical Notes.
Notes issued in exchange for interests in a Global Note pursuant to Section 2.15
may be issued in the form of permanent certificated Notes in registered form in
substantially the form set forth in Exhibit A-1, A-2, A-3 or
A-4, as applicable (the
"Physical
Notes"), and, as long as it is a requirement under Dutch law that the
Company only attracts funds from professional market parties within the meaning
of the Exemption Regulation under the Dutch Act on the Supervision of the Credit
System 1992, each Physical Note will contain the following legend:

     

    THIS NOTE
(OR ANY INTEREST HEREIN) MAY NOT BE SOLD, TRANSFERRED OR DELIVERED TO
INDIVIDUALS OR LEGAL ENTITIES WHO ARE ESTABLISHED, DOMICILED OR HAVE THEIR
RESIDENCE IN THE NETHERLANDS ("DUTCH RESIDENTS") OTHER THAN TO PROFESSIONAL
MARKET PARTIES WITHIN THE MEANING OF THE EXEMPTION REGULATION UNDER THE DUTCH
ACT ON THE SUPERVISION OF CREDIT INSTITUTIONS 1992 THAT AC-QUIRE SUCH NOTES (OR
ANY INTEREST HEREIN) FOR THEIR OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PMP
("PMPs"). EACH DUTCH RESIDENT, BY PURCHASING THIS NOTE (OR ANY INTEREST HEREIN),
WILL BE DEEMED TO HAVE REPRESENTED AND AGREED FOR THE BENEFIT OF THE COMPANY (1)
THAT IT IS SUCH A PMP AND IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER PMP, (2) THAT SUCH NOTE (OR ANY INTEREST HEREIN) MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO DUTCH RESIDENTS OTHER THAN TO
A PMP AND (3) THAT SUCH HOLDER WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS
DESCRIBED HEREIN TO ANY SUBSEQUENT TRANSFEREE.

     

    Section
2.02                                
Execution and
Authentication; Aggregate Principal Amount. A duly authorized Officer of
the Company shall execute the Notes for the Company by manual or facsimile
signature.

     

    If an
Officer whose signature is on a Note was an Officer at the time of such
execution but no longer holds that office or position at the time the Trustee
authenticates the Note, the Note shall nevertheless be valid.

     

    A Note
shall not be valid until an authorized signatory of the Trustee or an
authentication agent manually signs the certificate of authentication on the
Note. The signature of such representative of the Trustee shall be conclusive
evidence that the Note has been authenticated under this Indenture.

     

    On the
Issue Date, upon Company Order the Trustee or an authentication agent (which, in
the case of the Initial Euro Notes, shall be the Registrar) shall authenticate
and deliver (i) Dollar Notes for original issue in an aggregate principal amount
not to exceed $615,000,000 and (ii) Euro Notes for original issue in an
aggregate principal amount not to exceed €500,000,000. Additional Notes may be
issued in accordance with Sections 2.01 and 2.18. Any such Company Order may
specify the amount and series of the Notes to be authenticated and the date on
which the original issue of Notes is to be authenticated, whether such Notes are
Unrestricted Notes and whether (subject to Section 2.01) the Notes are to be
issued as Physical Notes or Global Notes and such other information as the
Trustee may reasonably request and, in the case of an issuance of Additional
Notes pursuant to Section 2.18 after the Issue Date, shall certify that such
issuance will not be prohibited by Section 4.12.

     

    Notwithstanding
the foregoing, except as provided in Section 9.02, all noteholders in respect of
Notes is-sued under this Indenture shall vote and consent together on all
matters (as to which any of such noteholders in respect of Notes may vote or
consent) as one class and no series of noteholders in respect of of Notes will
have the right to vote or consent as a separate class on any matter. For
purposes of voting (or any other matter requiring a determination based on a
percentage of principal amount of Notes outstanding), the aggregate principal
amount of outstanding Euro Notes will be calculated using the noon buying rate
in The City of New York for cable transfers in euro as certified for customs
purposes by the Federal Reserve Bank of New York of $1.2337 per euro on August
3, 2005.

     

    The
Trustee may appoint an authenticating agent reasonably acceptable to the Company
to authenticate Notes. Unless otherwise provided in the appointment, an
authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with the Company and Affiliates of the Company. The Euro Paying
Agent is initially appointed as authentication agent for the Euro
Notes.

     

    The
Dollar Notes shall be issuable in fully registered form only, without coupons,
in denominations of $75,000 and integral multiples of $1,000 in excess thereof.
The Euro Notes shall be issuable in fully registered form only, without coupons,
in denominations of €50,000 and integral multiples of €1,000 in excess
thereof.

     

    Section
2.03                                
Registrar and Paying
Agent. The Company shall maintain an office or agency, where (a) Notes
may be presented or surrendered for registration of transfer or for exchange
("Registrar"),
(b) Notes may be presented or surrendered for payment and (c) notices and
demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Paying Agent shall not be the Company or an Affiliate of the
Company. The Registrar shall keep a register of the Notes and of their transfer
and exchange. The Company, upon notice to the Trustee, may have one or more
co-Registrars and one or more additional paying agents reasonably acceptable to
the Trustee. The terms "Paying Agent" and
"Transfer
Agent" include any additional paying agent or transfer agent, as
applicable, and the term "Registrar" includes
any co-registrar. The Company may change the Paying Agent or Registrar without
notice to any Holder.

     

    The
Company shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture, which agreement shall implement the provisions of this
Indenture that relate to such Agent. The Company shall notify the Trustee, in
advance, of the name and address of any such Agent. If the Company fails to
maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the
Trustee shall act as such and shall be entitled to appropriate compensation
therefor pursuant to Section 7.07.

     

    The
Company initially appoints the Trustee as Registrar and Paying Agent for the
Dollar Notes, and initially appoints The Bank of New York as Paying Agent for
the Euro Notes and as Registrar for the Euro Notes, in each case until such time
as such entity has resigned or a successor has been appointed.

     

    So long
as the Notes are listed on the Irish Stock Exchange and its rules so require, a
paying agent and transfer agent (the "Irish Paying Agent")
will be maintained in Ireland at all times that payments are

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    required
to be made in respect of the Notes. The Company initially appoints AIB/BNY Fund
Management (Ireland) Limited, who accepts such appointment, as Irish Transfer
Agent.

     

    The
Company may change any Registrar, Paying Agent or Irish Transfer Agent upon
written notice to such Registrar, Paying Agent or Irish Transfer Agent and to
the Trustee; provided,however, that no such
removal shall become effective until acceptance of an appointment by a successor
as agreed by the Company and such successor Registrar, Paying Agent or Irish
Transfer Agent. The Registrar, Paying Agent or Irish Transfer Agent may resign
without reason by providing 30 days' written notice to the Company and the
Trustee.

     

    Except as
specifically provided in this Indenture, any Registrar, Paying Agent or Irish
Transfer Agent will act solely as agent of the Company and will not assume any
obligation or relationship of agency or trust to or with the Holders; provided that, at any
time after an Event of Default in respect of the Notes has occurred or the Notes
have accelerated, any Registrar, Paying Agent or Irish Transfer Agent shall,
upon receipt of notice from the Trustee (a copy of which shall have been sent to
the Company), act as agent of the Trustee in relation to payments to be made by
or on behalf of the Trustee hereunder and (i) hold the Notes and all sums,
documents and records held by them in respect of the Notes on behalf of the
Trustee; or (ii) deliver the Notes and all sums, documents and records held by
them in respect of the Notes to the Trustee or as the Trustee shall direct in
such notice; and provided, further, that such
notice shall be deemed not to apply to any documents or records which any agent
is obliged by any law or regulation not to release.

     

    Section
2.04                                
Paying Agent To Hold
Assets in Trust. The Company shall require each Paying Agent other than
the Trustee to agree in writing that each Paying Agent shall hold in trust for
the benefit of the Holders or the Trustee all assets held by the Paying Agent
for the payment of principal of, premium, if any, or interest on, the Notes
(whether such assets have been distributed to it by the Company or any other
obligor on the Notes), and shall notify the Trustee of any default by the
Company (or any other obligor on the Notes) in making any such payment; provided,however, that this
Section 2.04 shall not impose any fiduciary or other duties upon such agent in
respect of the Holders. The Company at any time may require a Paying Agent to
distribute all assets held by it to the Trustee and account for any assets
disbursed and the Trustee may at any time during the continuance of any payment
De-fault, upon written request to a Paying Agent, require such Paying Agent to
distribute all assets held by it to the Trustee and to account for any assets
distributed. Upon distribution to the Trustee of all assets that shall have been
delivered by the Company to the Paying Agent and the completion of any
accounting required to be made here-under, the Paying Agent shall have no
further liability for such assets. None of the Company or any of its
Subsidiaries may act as Paying Agent.

     

    Section
2.05 Holder
Lists. The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
the Holders. If the Trustee is not the Registrar, the Company shall furnish to
the Trustee five (5) Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing a list as of the applicable
Record Date and in such form as the Trustee may reasonably require of the names
and addresses of the Holders, which list may be conclusively relied upon by the
Trustee.

     

    Section
2.06                                
Transfer and
Exchange. Subject to Sections 2.15 and 2.16, when Notes are presented to
the Registrar or a co-Registrar with a request to register the transfer of such
Notes or to exchange such Notes for an equal principal amount of Notes of other
authorized denominations (but of the same series), the Registrar or co-Registrar
shall register the transfer or make the exchange as requested if its
requirements for such transaction are met; provided,however, that the
Notes presented or surrendered for transfer or exchange shall be duly endorsed
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Registrar or co-Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing. To permit registrations of transfers
and exchanges, the Company shall execute and the Trustee shall authenticate
Notes at the Registrar's or co-Registrar's written request. No service charge
shall be made for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith. The Registrar or
co-Registrar shall not be required to register the transfer of or exchange of
any Note (i) during a period beginning at the opening of business 15 days before
the mailing of a notice of redemption pursuant to Section

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.03 and
paragraph 5 of the Notes and ending at the close of business on the day of such
mailing and (ii) selected for redemption in whole or in part pursuant to Article
Three, except the unredeemed portion of any Note being redeemed in
part.

     

    Prior to
the due presentation for registration of transfer of any Note, the Company, the
Guarantors, the Trustee, the Paying Agent, and the Registrar may deem and treat
the Person in whose name a Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note is
overdue, and none of the Company, any Guarantor, the Trustee, the Paying Agent,
or the Registrar shall be affected by notice to the contrary.

     

    Any
Holder of a beneficial interest in a Global Security shall, by acceptance of
such beneficial interest, agree that transfers of beneficial interests in such
Global Security may be effected only through a book entry system maintained by
the Holder of such Global Security (or its agent), and that ownership of a
beneficial interest in the Note shall be required to be reflected in a book
entry system.

     

    Section
2.07                                
Replacement
Notes. If a mutilated Note is surrendered to the Registrar or if the
Holder of a Note claims that the Note has been lost, destroyed or wrongfully
taken, the Company shall issue and the Trustee shall authenticate a replacement
Note of the same series and each of the Guarantors shall execute a Guarantee
thereon if the Trustee's requirements are met. If required by the Trustee or the
Company, such Holder must provide an indemnity bond or other indemnity,
sufficient in the judgment of the Company, the Guarantors and the Trustee, to
protect the Company, the Guarantors, the Trustee or any Agent from any loss
which any of them may suffer if a Note is replaced. The Company and the Trustee
may charge such Holder for their reasonable out-of-pocket expenses in replacing
a Note, including fees and expenses of counsel. Every replacement Note shall
constitute an additional obligation of the Company and every replacement
Guarantee shall constitute an additional obligation of the
Guarantors.

     

    Section
2.08                                
Outstanding
Notes. Notes outstanding at any time are all the Notes that have been
authenticated by the Trustee or an authentication agent except those cancelled
by it or a Registrar, those delivered to it or a Registrar for cancellation and
those described in this Section as not outstanding. Subject to Section 2.09, a
Note does not cease to be outstanding because the Company or any of its
Affiliates holds the Note.

     

    If a Note
is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered
for replacement), it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. A
mutilated Note ceases to be outstanding upon surrender of such Note and
replacement thereof pursuant to Section 2.07.

     

    If on a
Redemption Date or the Maturity Date the Paying Agent holds U.S. Legal Tender,
U.S. Government Obligations, or a combination thereof (in the case of Dollar
Notes) or euro, Euro Obligations, or a combination thereof (in the case of Euro
Notes) sufficient to pay all of the principal, premium, if any, and interest due
on the Notes payable on that date and is not prohibited from paying such money
to the Holders thereof pursuant to the terms of this Indenture or the
Intercreditor Agreement, then on and after that date such Notes cease to be
outstanding and interest on them ceases to accrue.

     

    If on any
date which is no earlier than 60 days prior to a Redemption Date, the Company
has irrevocably deposited in trust with the Trustee U.S. Legal Tender, U.S.
Government Obligations or a combination thereof (in the case of Dollar Notes) or
euro, Euro Obligations or a combination thereof (in the case of Euro Notes) in
an amount sufficient to pay all of the principal, premium, if any, and interest
due on the Notes payable on such Redemption Date, together with irrevocable
instructions from the Company directing the Trustee to apply such funds to the
payment thereof on such Redemption Date pursuant to the terms of this Indenture,
then and after the date of such de-posit such Notes shall be deemed to be not
outstanding for purposes of determining whether the Holders of the required
aggregate principal amount of Notes have concurred in any direction, waiver,
consent or notice which re-quires the consent of at least a majority in
aggregate principal amount of Notes then outstanding.

     

    Section
2.09                                
Treasury Notes.
In determining whether the Holders of the required aggregate principal amount of
Notes have concurred in any direction, waiver, consent or notice, Notes owned by
the Company or an Affiliate shall be considered as though they are not
outstanding, except that for the purposes

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes which the Trustee actually knows are so
owned shall be so considered. The Company shall notify the Trustee, in writing,
when it or any of its Affiliates repurchases or otherwise acquires Notes, of the
aggregate principal amount of such Notes so repurchased or otherwise
acquired.

     

    Section
2.10                                
[Intentionally
Omitted].

     

    Section
2.11                                
Cancellation.
The Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Notes
surrendered to them for transfer, exchange or payment. The Trustee, or at the
direction of the Trustee, the Registrar or the Paying Agent, and no one else,
shall cancel and shall dispose all cancelled Securities in accordance with its
customary procedures. Subject to Section 2.07, the Company may not issue new
Notes to replace Notes that the Company has paid or delivered to the Trustee for
cancellation. Notes redeemed shall be cancelled. However, if the Company shall
acquire any of the Notes, such acquisition shall not operate as a redemption or
satisfaction of the Indebtedness represented by such Notes unless and until the
same are surrendered to the Trustee for cancellation pursuant to this Section
2.11.

     

    Section
2.12                                
Defaulted
Interest. The Company will pay interest on overdue principal from time to
time on demand at the rate of interest then borne by the Dollar Notes or Euro
Notes, as applicable. The Company shall, to the extent lawful, pay interest on
overdue installments of interest (without regard to any applicable grace
periods) from time to time on demand at the rate of interest then borne by the
Dollar Notes or Euro Notes, as applicable. Interest on the Notes will be
computed on the basis of a 360-day year comprized of twelve 30-day
months.

     

    If the
Company defaults in a payment of interest on the Notes, it shall pay the
defaulted interest, plus (to the extent lawful) any interest payable on the
defaulted interest to the Persons who are Holders on a subsequent special record
date, which date shall be the fifteenth day next preceding the date fixed by the
Company for the payment of defaulted interest or the next succeeding Business
Day if such date is not a Business Day. At least 15 days before the subsequent
special record date, the Company shall mail to each Holder, with a copy to the
Trustee, a notice that states the subsequent special record date, the payment
date and the amount of defaulted interest, and interest payable on such
defaulted interest, if any, to be paid.

     

    Notwithstanding
the foregoing, any interest which is paid prior to the expiration of the 30-day
period set forth in Section 6.01(a) shall be paid to Holders as of the regular
record date for the Interest Payment Date for which interest has not been
paid.

     

    Section
2.13                                
CUSIP Numbers.
The Company in issuing the Notes may use one or more "CUSIP" and/or "ISIN"
numbers, and if so notified, the Trustee shall use the CUSIP and/or ISIN numbers
in notices of redemption or exchange as a convenience to Holders; provided,however, that no
representation is hereby deemed to be made by the Trustee as to the correctness
or accuracy of the CUSIP or ISIN numbers printed in the notice or on the Notes,
and that reliance may be placed only on the other identification numbers printed
on the Notes. The Company shall promptly notify the Trustee of any change in the
CUSIP or ISIN number.

     

    Section
2.14                                
Deposit of
Moneys. Prior to 10:00 a.m. London time on each Interest Payment Date,
Maturity Date, Redemption Date, Change of Control Payment Date, and Net Proceeds
Offer Payment Date, the Company shall have deposited with the Paying Agent in
immediately available funds money sufficient to make cash payments, if any, due
on such Interest Payment Date, Maturity Date, Redemption Date, Change of Control
Payment Date, and Net Proceeds Offer Payment Date, as the case may be, subject
to actual receipt by the Paying Agent, the Paying Agent shall remit payment to
the Holders on such Interest Payment Date, Maturity Date, Redemption Date,
Change of Control Payment Date, and Net Proceeds Offer Payment Date, as the case
may be.

     

    Section
2.15                                
Book-Entry Provisions
for Global Securities. Except as indicated below in this Section 2.15,
the Notes shall be represented only by Global Securities. The Global Securities
shall be deposited with a Depositary for such Notes or its custodian (and shall
be registered in the name of Cede & Co.). The Depositary for the Dollar
Notes shall be DTC unless the Company appoints a successor Depositary by
delivery of a Company Order to the Trustee specifying such successor Depositary.
The Depositary for the

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Euro
Notes shall be The Bank of New York, London Branch, through its nominee, The
Bank of New York (Nominees) Limited, unless, with the approval of Euroclear and
Clearstream, the Company appoints a successor Depositary (which shall be a
Common Depositary of Euroclear and Clearstream) by delivery of a Company Order
to the Trustee specifying such successor Depositary.

     

    All
payments on a Dollar Denominated Global Security will be made to DTC or its
nominee, as the case may be, as the registered owner and Holder of such Dollar
Denominated Global Security. All payments on a Euro Denominated Global Security
will be made to the order of the Common Depositary or its nominee, as the case
may be, as the registered holder of such Euro Denominated Global Security. In
each case, the Company will be fully discharged by payment to or to the order of
such Depositary from any responsibility or liability in respect of each amount
so paid. Upon receipt of any such payment in respect of a Dollar Denominated
Global Security, DTC will credit Participants' accounts with payments in amounts
proportionate to their respective beneficial interests in the principal amount
of such Dollar Denominated Global Security as shown on the records of DTC. The
Common Depositary will instruct the Euro Paying Agent to make payments in
respect of the Euro Notes to Euroclear and Clear-stream in amounts proportionate
to their respective beneficial interests in the principal amount of each Euro
De-nominated Global Security, and Euroclear and Clearstream will credit
Participants' accounts with payments in amounts proportionate to their
respective beneficial interests in the principal amount of such Global Security
as shown on the records of Euroclear.

     

    Unless
and until it is exchanged in whole or in part for Physical Notes, in accordance
with this Section 2.15, a Global Security may not be transferred except as a
whole by the relevant Depositary or nominee thereof to another nominee of the
Depositary or to a successor of Depositary or a nominee of such
successor.

     

    Owners of
beneficial interests in Global Securities shall be entitled or required, as the
case may be, but only under the circumstances described in this Section 2.15, to
receive physical delivery of Physical Notes.

     

    Interests
in a Global Security shall be exchangeable or transferable, as the case may be,
for Physical Notes if (i) in the case of a Dollar Denominated Global Security,
DTC notifies the Company that it is unwilling or unable to continue as
Depositary for such Dollar Denominated Global Security, or DTC ceases to be a
"Clearing Agency" registered under the United States Securities Exchange Act of
1934, and a successor depositary is not appointed by the Company, (ii) in the
case of a Euro Denominated Global Security, Euroclear and Clearstream notify the
Company that they are unwilling or unable to continue as clearing agencies for
such Euro Denominated Global Security, and a successor depositary is not
appointed by the Company, (iii) in the case of a Euro Denominated Global
Security, the Common Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for such Euro Denominated Global Security, and
a successor Common Depositary is not appointed by the Company within one hundred
twenty (120) days or (iv) an Event of Default has occurred and is continuing
with respect thereto and the owner of a beneficial interest therein requests
such exchange or transfer. Upon the occurrence of any of the events described in
the preceding sentence, the Company shall cause the appropriate Physical Notes
to be delivered to the owners of beneficial interests in the Global Securities
or the Participants in DTC or Euroclear and Clearstream through which such
owners hold their beneficial interest. Physical Notes shall be exchangeable or
transferable for interests in other Physical Notes as described
herein.

     

    Section
2.16                                
Transfer and Exchange
of Securities.

     

    (a)           
Transfer and Exchange
of Dollar Denominated Global Securities. Notwithstanding any provisions
of this Indenture or the Notes, transfers of a Dollar Denominated Global
Security, in whole or in part, transfers and exchanges of interests therein of
the kinds described in clauses (ii), (iii) and (iv) below and exchange of
interests in Dollar Denominated Global Securities or of other dollar denominated
securities as described in clause (v) below, shall be made only in accordance
with this Section 2.16(a). Transfers and exchanges subject to this Section 2.16
shall also be subject to the other provisions of this Indenture that are not
inconsistent with this Section 2.16.

     

    (i)           
General. A
Dollar Denominated Global Security may not be transferred, in whole or in part,
to any Person other than DTC or a nominee thereof or a successor to DTC or its
nominee, and no such transfer to any such other Person may be registered; provided that this
clause (i) shall not prohibit any transfer of a dollar denominated security that
is issued in exchange for a Dollar Denominated Global Security but is not itself
a Dollar Denominated Global Security. No transfer of a Dollar Note of any series
to any Person shall be effective under this Indenture or the Dollar Notes of
such series unless and until such Dollar Note has been registered in the name of
such Person. Nothing in this Section 2.16(a)(i) shall prohibit or render
ineffective any transfer of a beneficial interest in a Dollar Denominated Global
Security effected in accordance with the other provisions of this Section
2.16(a).

     

    (ii)           
Restricted Global
Security to Regulation S Global Security. If the Holder of a beneficial
interest in a Restricted Dollar Denominated Global Security of any series wishes
at any time to transfer such interest to a Person who wishes to take delivery
thereof in the form of a beneficial interest in a Regulation S Dollar
Denominated Global Security of such series, such transfer may be effected,
subject to the rules and procedures of DTC, Euroclear and Clearstream, in each
case to the extent applicable (the "Applicable
Procedures"), only in accordance with this Section 2.16(a)(ii). Upon
receipt by the Dollar Registrar of (A) written instructions given in accordance
with the Applicable Procedures from an Agent Member directing the Dollar
Registrar, to credit or cause to be credited to a specified Agent Member's
account a beneficial interest in a Regulation S Dollar Denominated Global
Security in a principal amount equal to that of the beneficial interest in a
Restricted Dollar Denominated Global Security to be so transferred; (B) a
writ-ten order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member (and, if applicable, the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Agent Member to be debited for, such beneficial interest and
(C) a certificate in substantially the form set forth in Exhibit C-1 given by the
Holder of such beneficial interest, the principal amount of a Restricted Dollar
Denominated Global Security shall be reduced, and the principal amount of a
Regulation S Dollar Denominated Global Security shall be increased, by the
principal amount of the beneficial interest in a Restricted Dollar Denominated
Global Security to be so transferred, in each case by means of an appropriate
adjustment on the records of the Dollar Registrar, and the Dollar Registrar
shall instruct DTC or its authorized representative to make a corresponding
adjustment to its records and to credit or cause to be credited to the account
of the Person specified in such instructions (which shall be the Agent Member
for Euroclear or Clearstream or both, as the case may be) a beneficial interest
in a Regulation S Dollar Denominated Global Security having a principal amount
equal to the amount so transferred.

     

    (iii)           
Restricted Dollar
Denominated Global Security to Unrestricted Dollar DenominatedGlobal Security. If
the Holder of a beneficial interest in a Restricted Dollar Denominated Global
Security of any series wishes at any time to transfer such interest to a Person
who wishes to take delivery thereof in the form of a beneficial interest in an
Unrestricted Dollar Denominated Global Security of such series, such transfer
may be effected, subject to the Applicable Procedures, only in accordance with
this Section 2.16(a)(iii). Upon receipt by the Dollar Registrar, of (A) written
instructions given in accordance with the Applicable Procedures from an Agent
Member directing the Dollar Registrar to credit or cause to be credited to a
specified Agent Member's account a beneficial interest in an Unrestricted Dollar
Denominated Global Security in a principal amount equal to that of the
beneficial interest in a Restricted Dollar Denominated Global Security to be so
transferred, (B) a written order given in accordance with the Applicable
Procedures containing information regarding the account of the Agent Member
(and, if applicable, the Euroclear or Clearstream account, as the case may be)
to be credited with, and the account of the Agent Member to be debited for, such
beneficial interest and (C) a certificate in substantially the form set forth in
Exhibit C-2 given by the
Holder of such beneficial interest and, with respect to a transfer of a
beneficial interest, either a Regulation S Dollar Denominated Global Security or
an Unrestricted Dollar Denominated Global Security, the principal amount of the
Restricted Dollar Denominated Global Security shall be reduced, and the
principal amount of an Unrestricted Dollar Denominated Global Security shall be
increased, by the principal amount of the beneficial interest in a Restricted
Global Dollar Denominated Security to be so transferred, in each case by means
of an appropriate adjustment on the records of the Dollar Registrar and the
Dollar Registrar shall instruct DTC or its authorized representative to make a
corresponding adjustment to its records and to credit or cause to be credited to
the account of the Person specified in such instructions (which shall be the
Agent Member for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in an Unrestricted Dollar Denominated Global Security having
a principal amount equal to the amount so transferred.

     

    (iv)           
Regulation S Dollar
Denominated Global Security or Unrestricted Dollar DenominatedGlobal Security to
Restricted Dollar Denominated Global Security. If the Holder of a
beneficial interest in a Regulation S Dollar Denominated Global Security of any
series or an Unrestricted Dollar Denominated Global Security of any series
wishes at any time to transfer such interest to a Person who wishes to take
de-livery thereof in the form of a beneficial interest in a Restricted Dollar
Denominated Global Security of such series, such transfer may be effected,
subject to the Applicable Procedures, only in accordance with this Section
2.16(a)(iv). Upon receipt by the Dollar Registrar of (A) written instructions
given in accordance with the Applicable Procedures from an Agent Member
directing the Dollar Registrar to credit or cause to be credited to a specified
Agent Member's account a beneficial interest in a Restricted Dollar De-nominated
Global Security in a principal amount equal to that of the beneficial interest
in a Regulation S Dollar Denominated Global Security or an Unrestricted Dollar
Denominated Global Security to be so transferred, (B) a written order given in
accordance with the Applicable Procedures containing information regarding the
account of the Agent Member to be credited with, and the account of the Agent
Member (and, if applicable, the Euroclear or Clearstream account, as the case
may be) to be debited for, such beneficial interest and (C) with respect to a
transfer of a beneficial interest in a Regulation S Dollar Denominated Global
Security (but not an Unrestricted Dollar Denominated Global Security) to a
Person whom the transferor reasonably believes is a "qualified institutional
buyer" within the meaning of Rule 144A under the Securities Act, a certificate
in substantially the form set forth in Exhibit C-3 given by the
Holder of such beneficial interest, and with respect to a transfer of a
beneficial interest, either a Regulation S Dollar De-nominated Global Security
or an Unrestricted Dollar Denominated Security, the principal amount of a
Restricted Dollar Denominated Global Security shall be increased, and the
principal amount of a Regulation S Dollar Denominated Global Security or an
Unrestricted Dollar Denominated Global Security shall be reduced, by the
principal amount of the beneficial interest in a Restricted Dollar Denominated
Global Security to be so transferred, in each case by means of an appropriate
adjustment on the records of the Dollar Registrar and the Dollar Registrar shall
instruct DTC or its authorized representative to make a corresponding adjustment
to its records and to credit or cause to be credited to the account of the
Person specified in such instructions (which shall be the Agent Member for
Euroclear or Clearstream or both, as the case may be) a beneficial interest in
the Restricted Dollar Denominated Global Security having a principal amount
equal to the amount so transferred.

     

    (v)           
Exchanges of Dollar
Denominated Global Security for Dollar-Denominated Non-GlobalSecurity. In the
event that a Dollar Denominated Global Security or any portion thereof is
exchanged for dollar denominated securities other than Dollar Denominated Global
Securities, such other dollar denominated securities may in turn be exchanged
(on transfer or otherwise) for Notes that are not Dollar Denominated Global
Securities or for beneficial interests in a Dollar Denominated Global Security
(if any is then outstanding) only in accordance with such procedures, which
shall be substantially consistent with the pro-visions of clauses (i) through
(iv) above and (vi) below (including the certification requirements intended to
insure that transfers and exchanges of beneficial interests in a Dollar
Denominated Global Security comply with Rule 144A, Rule 144 or Regulation S, as
the case may be) and any Applicable Procedures, as may be from time to time
adopted by the Company and the Trustee.

     

    (vi)           
Beneficial Interest in
Regulation S Dollar Denominated Global Security to be HeldThrough Euroclear or
Clearstream. Until the termination of the applicable restricted period
under Regulation S with respect thereto, interests in a Regulation S Global
Security may be held only through Agent Members acting for and on behalf of
Euroclear and Clearstream, provided that this
clause (vi) shall not prohibit any transfer in accordance with Section
2.16(a)(iv).

     

    (b)           
Transfer and Exchange
of Euro Denominated Global Securities. Notwithstanding any provisions of
this Indenture or the Euro Notes, transfers of a Euro Denominated Global
Security, in whole or in part, shall be made only in accordance with this
Section 2.16(b). Transfers and exchanges subject to this Section 2.16 shall also
be subject to the other provisions of this Indenture that are not inconsistent
with this Section 2.16.

     

    (i)           
General. A Euro
Denominated Global Security may not be transferred, in whole or in part, to any
Person other than the Common Depositary or a nominee thereof or a successor
Common Depositary or its nominee, and no such transfer to any such other Person
may be registered; provided that this
clause (i) shall not prohibit any transfer of a euro denominated security that
is issued in exchange for a Euro Denominated Global Security but is not itself a
Euro Denominated Global Security. No transfer of a Euro Denominated Security to
any Person shall be effective under this Indenture or the Euro Denominated
Securities unless and until such Euro Denominated Security has been registered
in the name of such Person. Nothing in this Section 2.16(b)(i) shall prohibit or
render ineffective any transfer of a beneficial interest in a Euro Denominated
Global Security effected in accordance with the other provisions of this Section
2.16(b).

     

    (ii)           
Restricted Euro
Denominated Global Security to Unrestricted Euro Denominated GlobalSecurity. If the
Holder of a beneficial interest in a Restricted Euro Denominated Global Security
wishes at any time to transfer such interest to a Person who wishes to take
delivery thereof in the form of a beneficial interest in an Unrestricted Euro
Denominated Global Security, such transfer may be effected, subject to the
Applicable Procedures, only in accordance with this Section 2.16(b)(ii). Upon
receipt by the Euro Registrar of (A) written instructions given in accordance
with the Applicable Procedures from Euroclear or Clearstream directing the Euro
Registrar to credit or cause to be credited to Euroclear or Clearstream's
ac-count a beneficial interest in an Unrestricted Euro Denominated Global
Security in a principal amount equal to that of the beneficial interest in a
Restricted Euro Denominated Global Security to be so transferred, (B) a written
order given in accordance with the Applicable Procedures containing information
regarding the account of Euroclear or Clearstream to be credited with, and the
account of Euroclear or Clear-stream to be debited for, such beneficial interest
and (C) a certificate in substantially the form set forth in Exhibit C-2 given by the
Holder of such beneficial interest, the principal amount of the Restricted Euro
Denominated Global Security shall be reduced, and the principal amount of an
Unrestricted Euro Denominated Global Security shall be increased, by the
principal amount of the beneficial interest in a Restricted Euro Denominated
Global Security to be so transferred, in each case by means of an appropriate
adjustment on the records of the Euro Registrar and the Euro Registrar shall
instruct the Common Depositary or its authorized representative to make a
corresponding adjustment to its records and to credit or cause to be credited to
the account of the Person specified in such instructions (which shall be the
Agent Member for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in a Unrestricted Euro Denominated Global Security having a
principal amount equal to the amount so transferred.

     

    (iii)           
Exchanges of Euro
Denominated Global Security for Euro Denominated Non-Global Security. In
the event that a Euro Denominated Global Security or any portion thereof is
exchanged for euro denominated securities other than Euro Denominated Global
Securities, such other euro denominated securities may in turn be exchanged (on
transfer or otherwise) for Notes that are not Euro Denominated Global Securities
or for beneficial interests in a Euro Denominated Global Security (if any is
then Outstanding) only in accordance with such procedures, which shall be
substantially consistent with the provisions of clauses (i) through (ii) above
and (iv) below (including the certification requirements intended to insure that
transfers and exchanges of beneficial interests in a Euro Denominated Global
Security comply with Rule 144A, Rule 144 or Regulation S, as the case may be)
and any Applicable Procedures, as may be from time to time adopted by the
Company and the Trustee.

     

    (iv)           
Interest in Euro
Denominated Global Security to be Held Through Euroclear or Clear-stream.
Interests in a Euro Denominated Global Security may be held only through Agent
Members acting for and on behalf of Euroclear or Clearstream.

     

    (c)           
Global
Securities. The provisions of clauses (i), (ii), (iii), and (iv) below
shall apply only to Global Securities;

     

    (i)           
General. Each
Global Security authenticated under this Indenture shall be registered in the
name of the appropriate Depositary or a nominee thereof and delivered to such
Depositary or a nominee thereof or custodian therefor.

     

    (ii)           
Transfer to Persons
Other than Depositary. Notwithstanding any other provision in this
Indenture or the Notes, no Global Security may be exchanged in whole or in part
for Notes registered, and no transfer of a Global Security in whole or in part
may be registered, in the name of any person other than the appropriate
Depositary or a nominee thereof unless (A) in the case of a Dollar Denominated
Global Security, DTC notifies the Company that it is unwilling or unable to
continue as Depositary for such Global Security, or DTC ceases to be a Clearing
Agency registered under the United States Securities Exchange Act of 1934, and a
successor to DTC is not appointed by the Company, (B) in the case of a Euro
Denominated Global Security, Euroclear and Clearstream notify the Company that
they are unwilling or unable to continue as clearing agencies for such Euro
Denominated Global Security, and successor clearing agencies are not appointed
by the Company, (C) in the case of a Euro Denominated Global Security, the
Common Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such Euro De-nominated Global Security, and a
successor Common Depositary is not appointed by the Company within one hundred
twenty (120) days or (D) in the case of any Global Security, an Event of Default
has occurred and is continuing with respect thereto and the owner of a
beneficial interest therein requests such exchange or transfer. Any Global
Security exchanged pursuant to clause (A), (B) or (C) above shall be so
exchanged in whole and not in part and any Global Security exchanged pursuant to
clause (D) above may be ex-changed in whole or from time to time in part as
directed by DTC or Euroclear and Clearstream, as the case may be. Any Security
issued in exchange for a Global Security or any portion thereof shall be a
Global Security, provided that any
such Security so issued that is registered in the name of a Person other than
the appropriate Depositary or a nominee thereof shall not be a Global
Security.

     

    (iii)           
Global Security to
Physical Note. Physical Notes issued in exchange for a Global Security or
any portion thereof pursuant to clause (ii) above shall be issued in definitive,
fully registered form without interest coupons, shall be of the same series and
shall have an aggregate principal amount equal to that of such Global Security
or portion thereof to be so exchanged, shall be registered in such names and be
in such authorized denominations as the appropriate Depositary shall designate
and shall bear any legends required hereunder. Any Global Security to be
exchanged in whole shall be surrendered by the appropriate Depositary to the
appropriate Registrar. With regard to any Global Security to be exchanged in
part, either such Global Security shall be so surrendered for exchange or, in
the case of a Dollar Denominated Global Security, if Cede & Co. is acting as
custodian for DTC or its nominee with respect to such Global Security or, in the
case of a Euro Denominated Global Security, if the Common Depositary is acting
as Depositary for Euroclear and Clearstream, the principal amount thereof shall
be reduced, by an amount equal to the portion thereof to be so exchanged, by
means of an appropriate adjustment made on the records of DTC or of the Common
Depositary. Upon any such surrender or adjustment, the Trustee shall
authenticate and de-liver the Security issuable on such exchange to or upon the
order of the appropriate Depositary or an authorized representative
thereof.

     

    (iv)           
In the event of the occurrence of any of the events specified in clause (ii)
above, the Company will promptly make available to the Trustee a reasonable
supply of Physical Notes in definitive, fully registered form, without interest
coupons.

     

    (v)           
No Rights of Agent
Members in Global Security. No Agent Member of any Depositary nor any
other Persons on whose behalf Agent Members may act (including Euroclear and
Clearstream and account Holders and Participants therein) shall have any rights
under this Indenture with respect to any Global Security, or under any Global
Security, and each Depositary or its nominee, as the case may be, may be treated
by the Company, the Trustee, any Registrar, Paying Agent or Transfer Agent, and
any agent of the Company or the Trustee as the absolute owner and Holder of such
Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee, any Registrar, Paying
Agent or Transfer Agent, or any agent of the Company or the Trustee from giving
effect to any written certification, proxy or other authorization furnished by
the applicable Depositary or such nominee, as the case may be, or impair, as
between DTC, Euroclear and Clearstream, their respective Agent Members and any
other person on whose behalf an Agent Member may act, the operation of customary
practices of such Persons governing the exercise of the rights of a Holder of
any Note.

     

    (vi)           
Notwithstanding anything to the contrary in this Indenture, all Global
Securities shall be governed by the relevant Applicable Procedures.

     

    Section
2.17                                
Special Transfer
Provisions.

     

    (a)           
Other
Transfers. If a Holder proposes to transfer an Initial Note pursuant to
any exemption from the registration requirements of the Securities Act other
than as described in Section 2.16, the Registrar shall only register such
transfer or exchange if such transferor delivers to the Company, Registrar and
the Trustee an Opinion of Counsel satisfactory to the Company, the Registrar and
the Trustee that such transfer is in compliance with the Securities Act and the
terms of this Indenture; provided that the
Company may, based upon the opinion of its counsel, instruct the Registrar by a
Company Order not to register such transfer in any case where the proposed
transferee is not a QIB or a non-U.S. Person.

     

    (b)           
General. By its
acceptance of any Note bearing legends, each Holder of such a Note acknowledges
the restrictions on transfer of such Security set forth in this Indenture and in
the legends and agrees that it will transfer such Security only as provided in
this Indenture.

     

    (c)           
Transfer Restrictions
under Dutch Law. Notes (including rights representing an interest in a
Global Security) may not be offered, sold, transferred or delivered at any time
by anyone, directly or indirectly, to individuals or legal entities who or which
are established, domiciled or have their residence in The Netherlands ("Dutch Residents")
other than to professional market parties within the meaning of the Exemption
Regulation under the Dutch Act on the Supervision of Credit Institutions 1992
("PMPs") acquiring the Notes for their own ac-count. Dutch Residents, by
purchasing Notes (or any interest herein) may not be offered, sold, pledged or
otherwise transferred to Dutch residents other than to a PMP acquiring for its
own account or for the account of another PMP and (ii) they will provide notice
of this transfer restriction to any subsequent transferee.

     

    The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.15, 2.16 or this Section 2.17 for
a period of two years, after which time such letters, notices and other written
communications shall at the written request of the Company be delivered to the
Company. The Company shall have the right to inspect and make copies of all such
letters, notices or other written communications during normal office hours upon
the giving of reasonable prior written notice to the Registrar.

     

    Section
2.18                                
Issuance of Additional
Notes. The Company shall be entitled to issue Additional Notes of either
series under this Indenture which shall have substantially identical terms as
the Initial Notes of such series, other than with respect to the date of
issuance, issue price and amount of interest payable on the first Interest
Payment Date applicable thereto; provided that such
issuance is not prohibited by Section 4.12.

     

    With
respect to any Additional Notes, the Company shall set forth in a resolution of
its Board of Directors (or a duly appointed committee thereof) and in an
Officer's Certificate, a copy of each of which shall be delivered to the
Trustee, the following information:

     

    (1)           
the series of and aggregate principal amount of such Additional Notes to be
authenticated and delivered pursuant to this Indenture;

     

    (2)           
the issue price and the issue date of such Additional Notes and the amount of
interest payable on the first Interest Payment Date applicable thereto;
and

     

    (3)           
whether such Additional Notes shall be Restricted Securities or Unrestricted
Notes.

     

    ARTICLE
THREE

     

    REDEMPTION

     

    Section
3.01                                
Notices to
Trustee. If the Company elects to redeem Dollar Notes pursuant to
paragraph 5 of the Dollar Notes or the Euro Notes pursuant to paragraph 5 of the
Euro Notes it shall notify the Trustee and the Paying Agent in writing of the
Redemption Date and the aggregate principal amount of the Notes of such series
to be redeemed. Such notice must be given at least 30 days prior to the
Redemption Date, but shall not be given more than 60 days before such Redemption
Date. Any such notice may be cancelled at any time prior to notice of such
redemption being mailed to any Holder and shall thereby be void and of no
effect.

     

    Section
3.02                                
Selection of Notes To
Be Redeemed. If less than all of the Dollar Notes and/or Euro Notes, as
the case may be, are to be redeemed at any time, selection of such Notes of the
appropriate series for redemption will be made by the Trustee in compliance with
the requirements of the principal national securities ex-change, if any, on
which such Notes are listed or, if such Notes are not listed on a national
securities exchange, on a pro rata basis, by lot or by such method as the
Trustee shall deem fair and appropriate; provided,however, that no
Notes of a principal amount of $1,000 or €1,000, as the case may be, or less
shall be redeemed in part; provided that no
Notes shall be redeemed in part if the resulting Note would have a minimum
denomination that is less than $75,000 or €50,000, as the case may
be.

     

    Section
3.03                                
Notice of
Redemption. At least 30 days but not more than 60 days before a
Redemption Date, the Company shall mail or cause to be mailed a notice of
redemption by first- class mail to each Holder whose Notes are to be redeemed at
its registered address, with a copy to the Trustee, except that redemption
notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the notes or a satisfaction and
discharge of this Indenture, in each case in accordance with this Indenture. At
the Company's request, the Trustee shall give the notice of redemption in the
Company's name and at the Company's expense; provided,however, that the
Company shall deliver to the Trustee, at least 40 days prior to the Redemption
Date (which may be waived by the Trustee), an Officer's Certificate requesting
that the Trustee give such notice and shall provide the Trustee with the
information required and within the time periods specified by this section. Each
notice for redemption shall identify the Notes of the appropriate series to be
redeemed and shall state:

     

    (1)           
the Redemption Date;

     

    (2)           
the redemption price and the amount of accrued interest, if any, to be paid (the
"Redemption
Price");

     

    (3)           
the paragraph of the Dollar Notes and/or the Euro Notes, as the case may be,
pursuant to which the Notes of such series are being redeemed;

     

    (4)           
the name and address of the Paying Agent;

     

    (5)           
that Notes called for redemption must be surrendered to the Paying Agent to
collect the Redemption Price;

     

    (6)           
that, unless the Company defaults in making the redemption payment, interest, if
any, on Notes called for redemption shall cease to accrue on and after the
Redemption Date and the only remaining right of the Holders of such Notes is to
receive payment of the Redemption Price upon surrender to the Paying Agent of
the Notes redeemed;

     

    (7)           
that, if any Note is being redeemed in part, the portion of the principal amount
of such Note to be redeemed;

     

    (8)           
that, if less than all the Notes of a series of Notes are to be redeemed, the
identification of the particular Notes and the aggregate principal amount (or
portion thereof) of such Notes to be redeemed, to be redeemed and the aggregate
principal amount of Notes to be outstanding after such partial redemption;
and

     

    (9)           
whether the redemption is conditioned on any events and what such conditions
are.

     

    If one or
more conditions specified with respect to a redemption are not satisfied or
waived, the Redemption Date shall be deemed not to have occurred for all
purposes of this Indenture and the Company shall give notice of such
non-occurrence to the Holders of the applicable Notes and to the
Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
rule, laws and regulations are applicable in connection with the purchase of
Notes.

     

    Section
3.04                                
Effect of Notice of
Redemption. Once notice of redemption is mailed in accordance with
Section 3.03, Notes called for redemption become due and payable on the
Redemption Date and at the Redemption Price. Upon surrender to the Paying Agent,
such Notes called for redemption shall be paid at the Redemption Price, but
installments of interest, the maturity of which is on or prior to the Redemption
Date, shall be payable to Holders of record at the close of business on the
relevant record dates referred to in the Notes. Interest shall accrue on or
after the Redemption Date and shall be payable only if the Company defaults in
payment of the Redemption Price.

     

    Section
3.05 Deposit of
Redemption Price. On or before the Redemption Date, the Company shall
de-posit with the Paying Agent U.S. Legal Tender (in the case of Dollar Notes)
and/or euro (in the case of Euro Notes) sufficient to pay the Redemption Price
of all Notes of the applicable series to be redeemed on that date. The Paying
Agent shall promptly return to the Company any U.S. Legal Tender (in the case of
Dollar Notes) and/or euro (in the case of Euro Notes) so deposited that is not
required for that purpose, except with respect to monies owed as obligations to
the Trustee pursuant to Article Seven.

     

    Unless
the Company fails to comply with the preceding paragraph and defaults in the
payment of such Redemption Price, interest on the Notes to be redeemed will
cease to accrue on and after the applicable Redemption Date, whether or not such
Notes are presented for payment.

     

    Section
3.06                                
Notes Redeemed in
Part. Upon surrender of a Note that is to be redeemed in part, the
Company shall execute and the Trustee shall authenticate for the Holder a new
Note or Notes at the Company's expense of the appropriate series equal in
principal amount to the unredeemed portion of the Note surrendered.

     

    Section
3.07                                
Redemption for
Taxation Reasons. The Company may redeem any Notes in whole, but not in
part, at any time upon giving not less than 30 nor more than 60 days' notice to
the holders of the notes (which notice shall be irrevocable) at a redemption
price equal to 100% of the principal amount thereof, together with accrued and
unpaid interest, if any, to the date fixed for redemption (a "Tax Redemption
Date") (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date) and all
Additional Amounts, if any, then due and which will become due on the Tax
Redemption Date as a result of the redemption or otherwise, if any, if the
Company determines in good faith that, as a result of:

     

    (1)           
any change in, or amendment to, the law or treaties (or any regulations or
rulings promulgated thereunder) of a Relevant Taxing Jurisdiction affecting
taxation; or

     

    (2)           
any change in governmental position regarding the application, administration or
interpretation of such laws, treaties, regulations or rulings (including a
holding, judgment or order by a court of competent jurisdiction)

     

    (each of
the foregoing in clauses (1) and (2), a "Change in Tax Law"),
it or any Guarantor not organized in one of the states of the United States (a
"Non-U.S. Note
Guarantor"), with respect to its Guarantee, is, or on the next interest
payment date in respect of the Notes would be, required to pay any Additional
Amounts, and such obligation cannot be avoided by taking reasonable measures
available to the Company or such Non-U.S. Note Guarantor (including, for the
avoidance of doubt, the appointment of a new Paying Agent or, where such payment
would be reasonable, the payment through the Company or another guarantor). In
the case of the Company and the Guarantors, the Change in Tax Law must be
announced on or after the date of the Offering Memorandum. In the case of an
Additional Guarantor, or any successor of any Person specified in the preceding
sentence, the Change in Tax Law must be announced on or after the date that such
Person became a Guarantor or such a successor. Notice of redemption for taxation
reasons shall be published in accordance with the procedures described in
Sections 3.02 and 3.03. Not-withstanding the foregoing, no such notice of
redemption shall be given (a) earlier than 90 days prior to or later than 270
days after the earliest date on which the Payor would be obliged to make such
payment of Additional Amounts and (b) unless at the time such notice is given,
such obligation to pay such Additional Amounts remains in effect. Prior to the
publication or mailing of any notice of redemption of any Notes pursuant to the
foregoing, the Company shall

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    deliver
to the Trustee (a) an Officer's Certificate stating that it is entitled to
effect such redemption and setting forth a statement of facts showing that the
conditions precedent to its right so to redeem have been satisfied and (b) an
Opinion of Counsel to the effect that the Company or a Non-U.S. Guarantor has
been or will become obligated to pay Additional Amounts as a result of a Change
in Tax Law.

     

    ARTICLE
FOUR

     

    COVENANTS

     

    Section
4.01                                
Payment of
Notes. The Company shall pay the principal of and interest on the Notes
on the dates and in the manner provided in the Notes. An installment of
principal of or interest on the Notes shall be considered paid on the date it is
due if the Trustee or Paying Agent holds on that date U.S. Legal Tender (in the
case of Dollar Notes) and/or euro (in the case of Euro Notes) designated for and
sufficient to pay the installment. Interest on the Notes will be computed on the
basis of a 360-day year comprized of twelve 30-day months.

     

    Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the
extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal, premium or
interest payments hereunder.

     

    Section
4.02                                
Maintenance of Office
or Agency. The Company shall maintain the office or agency required under
Section 2.03. The Company shall give prior notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the address of the
Trustee set forth in Section 14.02.

     

    Section
4.03                                
Limitation on
Restricted Payments. The Company shall not, and shall not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly, make any
Restricted Payment if at the time of such Restricted Payment or immediately
after giving effect thereto, (i) a Default or an Event of Default shall have
occurred and be continuing, (ii) the Company is not able to incur at least €1.00
of additional Indebtedness other than Permitted Indebtedness in compliance with
Section 4.12, or (iii) the aggregate amount of Restricted Payments made after
the Issue Date, including, the Fair Market Value as determined reasonably and in
good faith by the Board of Directors of the Company of non-cash amounts
constituting Restricted Payments) shall exceed the sum of: (x) 50% of the
cumulative Consolidated Net Income (or if cumulative Consolidated Net Income
shall be a loss, minus 100% of such loss) of the Company earned from July 1,
2005 through the last day of the last full fiscal quarter immediately preceding
the date the Restricted Payment occurs (the "Reference Date")
(treating such period as a single accounting period); provided,however, that for
purposes of this sub-clause (iii)(x) only, to the extent any amounts that would
constitute net income but which have been used to make a Permitted Investment
described in clause (v) of the definition thereof, such amounts shall be
excluded from Consolidated Net Income; plus (y) 100% of the
aggregate net cash proceeds received by the Company from any Person (other than
a Subsidiary of the Company) from the issuance and sale subsequent to the Issue
Date and on or prior to the Reference Date of Qualified Capital Stock of the
Company or debt securities of the Company that are convertible into or
exchangeable for Qualified Capital Stock of the Company, but only when and to
the extent such debt securities are converted into or exchanged for Qualified
Capital Stock of the Company; plus (z) without duplication of any amounts
included in clause (iii)(y) above, 100% of the aggregate net cash proceeds of
any equity contribution received by the Company from a holder of the Company's
Capital Stock.

     

    Notwithstanding
the foregoing, the provisions set forth in the immediately preceding paragraph
shall not prohibit: (1) the payment of any dividend within 60 days after the
date of declaration of such dividend if the dividend would have been permitted
on the date of declaration; (2) any Restricted Payments, either (i) solely in
ex-change for shares of Qualified Capital Stock of the Company or (ii) if no
Default or Event of Default shall have occurred and be continuing, through the
application of net cash proceeds of a substantially concurrent Equity Offering
(other than to a Subsidiary of the Company) or capital contribution received by
the Company; (3) the acquisition or repayment of any Indebtedness of the Company
that is subordinate or junior in right of payment to the Notes either (i) solely
in exchange for shares of Qualified Capital Stock of the Company, or (ii) if no
Default or Event of Default shall have occurred and be continuing, through the
application of net cash proceeds of (A) a substantially concurrent

     

    Equity
Offering or (B) incurrence for cash of Refinancing Indebtedness, (in the case of
(A) or (B), other than to a Subsidiary of the Company); (4) beginning on the
fifth anniversary of the Issue Date, so long as no Default or Event of Default
shall have occurred and be continuing, repurchases by the Company of, or
dividends to Parent to permit repurchases by Parent of, Common Stock of the
Company or Parent from employees, former employees, directors or former
directors of the Company or any of its subsidiaries (or permitted transferees of
such persons) or their authorized representatives upon the death, disability or
termination of employment of such employees or directors, in an aggregate amount
for all periods not to exceed 2.0% of the share capital of the Company from time
to time at Fair Market Value at the date of such repurchase; (5) payments to
Parent for legal, audit, tax and other expenses directly relating to the
administration of Parent, including customary compensation payable to the
Parent's directors and employees, not to exceed €1.5 million in any fiscal year;
(6) so long as no Default or Event of Default shall have occurred and be
continuing (A) ongoing service fees paid to AI Petrochemicals LLC or its
designees in an aggregate annual amount of €2.5 million (or in an aggregate
annual amount of €5 million in the event the Company's Consolidated EBITDA for
the four quarter period ending immediately prior to such payment is in excess of
€800 million (after adjustment for such payments)) and (B), advisory and
monitoring fees paid to AI Petrochemicals LLC or its designee in an amount equal
to 0.5% of the gross transaction value of each qualified transaction as
described in the Management Agreement; provided that the
minimum advisory and monitoring fees per transaction shall be €250,000 and the
maximum advisory and monitoring fee per transaction shall be €5 million; and (C)
commercially reasonable expenses incurred by and paid to AI Petrochemical LLC or
its affiliates not to exceed a cumulative amount of €1 million in any twelve
months pursuant to the Management Agreement; (7) cash payments in lieu of
issuing fractional shares pursuant to the exercise or conversion of any
exercisable or convertible securities; (8) payments or distributions to
dissenting shareholders pursuant to applicable law in connection with or in
contemplation of a merger, consolidation or transfer of assets that complies
with Article Five; (9) payments of dividends on Disqualified Capital Stock
issued in accordance with Section 4.12; (10) directors' fees (including
non-executive directors of the Company) in an amount not to exceed €1 million
per year; and (11) additional Restricted Payments in an aggregate amount not to
exceed €l 0 million since the Issue Date.

     

    In
determining the aggregate amount of Restricted Payments made subsequent to the
Issue Date in accordance with clause (iii) of the first paragraph of this
Section 4.03, cash amounts expended pursuant to clauses (1), (2)(ii),
(3)(ii)(A), (4) and (11) of the second paragraph of this Section 4.03 shall be
included in such calculation.

     

    Not later
than the date of making any Restricted Payment pursuant to clause (iii) of the
first paragraph of this Section 4.03 or clause (11) of the second paragraph of
this Section 4.03, the Company shall deliver to the Trustee an Officer's
Certificate stating that such Restricted Payment complies with this Indenture
and setting forth in reasonable detail the basis upon which the required
calculations were computed, which calculations may be based upon the Company's
quarterly financial statements last provided to the Trustee pursuant to Section
4.09.

     

    Section
4.04                                
Corporate
Existence. Except as otherwise permitted by Article Five, the Company
shall do or cause to be done all things reasonably necessary to preserve and
keep in full force and effect its corporate or other existence and the corporate
or other existence of each of its Restricted Subsidiaries in accordance with the
respective organizational documents of each such Restricted Subsidiary and the
material rights (charter and statutory) and franchises of the Company and each
such Restricted Subsidiary; except for such noncompliances as are not in the
aggregate reasonably likely to have a material adverse effect on the financial
condition or results of operations of the Company and its Restricted
Subsidiaries taken as a whole.

     

    Section
4.05                                
Payment of Taxes and
Other Claims. The Company shall pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (i) all material taxes,
assessments and governmental charges (including withholding taxes and any
penalties, interest and additions to taxes) levied or imposed upon it or any of
its Restricted Subsidiaries or properties of it or any of its Restricted
Subsidiaries and (ii) all material lawful claims for labor, materials, supplies
and services that, if unpaid, might by law become a Lien upon the property of it
or any of its Restricted Subsidiaries; except for such noncompliances as are not
in the aggregate reasonably likely to have a material adverse effect on the
financial condition or results of operations of the Company and its Restricted
Subsidiaries as a whole; provided,however, that there
shall not be required to be paid or discharged any such tax, assessment or
charge, the amount, applicability or validity of which is being contested in
good faith by appropriate proceedings and for which adequate provision has been
made or where the failure to effect such payment or discharge is not adverse in
any material respect to the Holders.

     

    Section
4.06                                
Maintenance of
Properties and Insurance.

     

    (a)           
The Company shall, and shall cause each of its Restricted Subsidiaries to, make
all reasonable efforts to maintain its material properties in normal condition
(subject to ordinary wear and tear) and make all reasonably necessary repairs,
renewals or replacements thereto as in the judgment of the Company may be
reasonably necessary to the conduct of the business of the Company and its
Restricted Subsidiaries; except for such noncompliances as are not in the
aggregate reasonably likely to have a material adverse effect on the financial
condition or results of operations of the Company and its Restricted
Subsidiaries taken as a whole.

     

    (b)           
The Company shall provide or cause to be provided, for itself and each of its
Restricted Subsidiaries, insurance (including appropriate self- insurance)
against loss or damage of the kinds that, in the reasonable, good faith opinion
of the Company, are reasonably adequate and appropriate for the conduct of the
business of the Company and such Restricted Subsidiaries.

     

    Section
4.07                                
Compliance
Certificate; Notice of Default.

     

    (a)           
The Company shall deliver to the Trustee, within 120 days after the end of each
of the Company's fiscal years commencing with the fiscal year ending December
31, 2005, an Officer's Certificate stating that a re-view of its activities and
the activities of its Restricted Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing officers with a view to
determining whether it has kept, observed, performed and fulfilled its
obligations under this Indenture and further stating, as to each such officer
signing such certificate, that to the best of his knowledge having made all due
inquiries at the date of such certificate there is no Default or Event of
Default that has occurred and is continuing or, if such signers do know of such
Default or Event of Default, the certificate shall describe the Default or Event
of Default and its status with particularity. The Officer's Certificate shall
also notify the Trustee should the Company elect to change the manner in which
it fixes its fiscal year end.

     

    (b)           
So long as any of the Notes are outstanding (i) if any Default or Event of
Default has occurred and is continuing or (ii) if any Holder seeks to exercise
any remedy hereunder with respect to a claimed Default under this Indenture or
the Notes, the Company shall deliver to the Trustee as soon as practicable by
registered or certified mail or by telegram, telex or facsimile transmission
followed by hard copy by registered or certified mail an Officer's Certificate
specifying such event, notice or other action.

     

    Section
4.08                                
Compliance with
Laws. The Company shall comply, and shall cause each of its Restricted
Subsidiaries to comply, with all applicable statutes, rules, regulations, orders
and restrictions of the United States of America, all states and municipalities
thereof, and of any governmental department, commission, board, regulatory
authority, bureau, agency and instrumentality of the foregoing, in respect of
the conduct of their respective businesses and the ownership of their respective
properties, except for such noncompliances as are not in the aggregate
reasonably likely to have a material adverse effect on the financial condition
or results of operations of the Company and its Restricted Subsidiaries taken as
a whole.

     

    Section
4.09                                
Reports to
Holders. For so long as any notes are outstanding, the Company shall
provide

     

    to the
Trustee in electronic form the following reports:

     

    (1)           
within 120 days after the end of the Company's fiscal year beginning with the
first fiscal year ending after the Issue Date, annual reports containing, to the
extent applicable with a level of detail that is comparable in all material
respect to the Offering Memorandum, the following information: (a) audited
consolidated balance sheets of the Company as of the end of the two most recent
fiscal years and audited consolidated income statements and statements of cash
flow of the Company (or Basell B.V.) for the two most recent fiscal years, in
each case that includes historical information for Basell B.V., including (i)
complete footnotes to such financial statements and (ii) footnote or other
disclosure showing total assets, revenues and EBITDA, as of or for each of the
relevant periods in such report, in each case, for the Guarantors on a
consolidated basis indicating amounts that would be eliminated in the
consolidated ac-counts of the Company, and the report of the independent
auditors on the financial statements; (b) proforma income
statement and balance sheet information of the Company, together with
explanatory foot-notes, for any acquisitions, dispositions or recapitalizations,
which would constitute a significant business combination in accordance with
Rule 11-01(b) of Article 11 of Regulation S-X promulgated by the SEC as in
effect on the Issue Date, that have occurred since the beginning of the most
recently completed fiscal year (provided that an
acquisition, disposition or recapitalization that has occurred less than 71
calendar days prior to the date such report is to be provided, such acquisition,
disposition or recapitalization shall be included in the report for the next
fiscal quarter); (c) to the extent relating to annual periods, an operating and
financial review of the audited financial statements, including a discussion of
the results of operations, financial condition, and liquidity and capital
resources of the Company, and a discussion of material commitments and
contingencies and critical accounting policies; (d) a description of the
business, management and shareholders of the Company, all material affiliate
transactions and a description of all material debt instruments; and (e) a
description of material risk factors and material recent
developments;

     

    (2)           
within 60 days following the end of the first three fiscal quarters in each
fiscal year of the Company beginning with the quarter ended June 30, 2005 (75
days following the end of the quarters ended June 30 and September 30, 2005) all
quarterly financial statements of the Company (or, with respect to any fiscal
quarter ending prior to the Issue Date, quarterly financial statements of Basell
B.V.) (including, in the case of the financial statements for the fiscal quarter
ended June 30, 2005, a balance sheet and income statement as of and for the
quarter ended June 30, 2005 prepared on a proforma basis for the
Transactions comparable to the presentation in the Offering Memorandum)
containing the following information: (a) an unaudited condensed consolidated
balance sheet as of the end of such quarter and unaudited condensed statements
of income and cash flow for the most recent quarter year-to-date period ending
on the unaudited condensed balance sheet date, and the comparable prior year
period, together with condensed footnote disclosure; (b) proforma income
statement and balance sheet information of the Company, together with
explanatory footnotes, for any acquisitions, dispositions or recapitalizations
occurring after the Issue Date, which would constitute a significant business
combination in accordance with Rule 11-01(b) of Article 11 of Regulation S-X
promulgated by the SEC as in effect on the Issue Date, that have occurred since
the be-ginning of the most recently completed fiscal year (provided that an
acquisition, disposition or recapitalization that has occurred less than 71
calendar days prior to the date such report is to be provided, such acquisition,
disposition or recapitalization shall be included in the report for the next
fiscal quarter or the current fiscal year, whichever occurs first); (c) an
operating and financial review of the unaudited financial statements, including
a discussion of the results of operations, financial condition, and liquidity
and capital re-sources of the Company, and a discussion of material commitments
and contingencies and critical accounting policies; and (d) material recent
developments; and

     

    (3)           
promptly after the occurrence of any material acquisition, disposition or
restructuring of the Company and its Restricted Subsidiaries, taken as a whole,
or any senior executive officer changes at the Company or change in auditors of
the Company or any other material event of the Company and its Restricted
Subsidiaries, taken as a whole, that the Company or any of its Restricted
Subsidiaries announces publicly, a report containing a description of such
event.

     

    All
financial statements and proforma financial
information shall be prepared in accordance with GAAP as in effect on the date
of such report or financial statement (or otherwise on the basis of GAAP as then
in effect) and on a consistent basis for the periods presented; provided,however, that the
reports set forth in clauses (1), (2) and (3) above may, in the event of a
change in applicable GAAP, present earlier periods on a basis that applied to
such periods. Except as provided for above, no report need include separate
financial statements or information for the Company, any Guarantors or
non-Guarantor Subsidiaries of the Company or any disclosure with respect to the
results of operations or any other financial or statistical disclosure not of a
type included in the Offering Memorandum.

     

    At any
time that any of the Company's Subsidiaries are Unrestricted Subsidiaries and
any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken
together as one Subsidiary, constitutes a Significant Subsidiary of the Company,
then the annual and quarterly financial information required by clauses (1) and
(2) above shall include a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, of the financial
condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company.

     

    Substantially
concurrent with the issuance to the Trustee of the reports specified in (1), (2)
and (3) above, the Company shall also (i) post copies of such reports on such
website as may be then maintained by the Company or (ii) otherwise provide
substantially comparable public availability of such reports. In the event that
the Company becomes subject to the reporting requirements of Section 13(a) or
15(d) of the Exchange Act, or elects to comply with such provisions, the Company
shall, for so long as it continues to file the reports required by Section 13(a)
with the SEC, make available to the Trustee the annual reports, information,
documents and other reports that the Company is, or would be, required to file
with the SEC pursuant to such Section 13(a) or 15(d). Upon complying with the
foregoing requirement, the Company shall be deemed to have complied with the
provisions contained in the pre-ceding three paragraphs.

     

    In
addition, so long as the notes remain outstanding and during any period during
which the Company is not subject to Section 13 or 15(d) of the Exchange Act nor
exempt therefrom pursuant to Rule 12g3-2(b), the Company shall furnish to the
Holders and, upon their request, prospective purchasers of the Notes, the
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

     

    For so
long as the Notes are listed on the Irish Stock Exchange and to the extent that
the rules of the Irish Stock Exchange require, the above information shall also
be made available in Dublin, Ireland through the offices of the Paying Agent in
Ireland.

     

    Section
4.10                                
Waiver of Stay,
Extension or Usury Laws. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law that would prohibit or forgive the
Company from paying all or any portion of the principal of, premium or interest
on the Notes as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the obligations or the performance of
this Indenture; and (to the extent that it may lawfully do so) the Company
hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

     

    Section
4.11                                
Limitations on
Transactions with Affiliates.

     

    (a)           
The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into any transaction or series of related
transactions with, or for the benefit of, any of its Affiliates (each an "Affiliate
Transaction"), other than (x) Affiliate Transactions permitted under
paragraph (b) below and (y) Affiliate Transactions on terms that are no less
favorable to the Company or the relevant Restricted Subsidiary than those terms
that might reasonably have been obtained in a comparable transaction at such
time on an arm's-length basis by the Company or the relevant Restricted
Subsidiary and an unrelated Person. The disinterested members of the Board of
Directors of the Company and the Board of Directors of the relevant Restricted
Subsidiary must approve each Affiliate Transaction to which they are a party
that involves aggregate payments or other property with a Fair Market Value in
excess of €5.0 million. This approval must be evidenced by a Board Resolution
that states that the applicable Board of Directors has determined that the
transaction complies with the foregoing provisions. If the Company or any
Restricted Subsidiary of the Company enters into an Affiliate Transaction that
involves an aggregate Fair Market Value of more than €25.0 million, then prior
to the consummation of the Affiliate Transaction, the parties to such Affiliate
Transaction must obtain a favorable opinion as to the fairness of such
transaction or series of related transactions to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point of view, from
an Independent Financial Advisor and file the same with the
Trustee.

     

    (b)           
The restrictions set forth in clause (a) shall not apply to (i) reasonable fees
and compensation paid to and employee benefits arrangements, customary insurance
and indemnity provided on behalf of, officers, directors, managers, employees or
consultants of the Company or any Restricted Subsidiary of the Company as
deter-mined in good faith by the Company's Board of Directors or senior
management; (ii) transactions exclusively between or among the Company and any
of its Restricted Subsidiaries or exclusively between or among such Restricted
Subsidiaries, provided such transactions are not otherwise prohibited by this
Indenture; (iii) any agreement as in effect as of the Issue Date or any
amendment or renewal thereto or any transaction contemplated thereby or in any
replacement agreement thereto so long as any such amendment or renewal or
replacement agreement is not more disadvantageous to the Holders (as determined
by the Board of Directors of the Company in their reasonable and good faith
judgment) in any material respect than the original agreement; (iv) Permitted
Investments and Restricted Payments made in compliance with Section 4.03; (v)
transactions between or among any of the Company, any of its Subsidiaries and
any Securitization Entity in connection with a Qualified Securitization
Transaction, in each case provided that such
transactions are not otherwise prohibited by this Indenture; (vi) transactions
with distributors or other purchases or sales of goods or services, in each case
in the ordinary course of business and other-wise in compliance with the terms
of this Indenture which when taken together are fair to the Company or the
Restricted Subsidiaries of the Company as applicable, in the reasonable
determination of the Board of Directors of the Company or the senior management
thereof, or are on terms at least as favorable as might reasonably have been
obtained at such time from an unaffiliated party; (vii) transactions with
Qualified Joint Ventures entered into in the ordinary course of business and in
a manner consistent with past practice; and (viii) the issuance or sale of any
of the Company's Capital Stock (other than Disqualified Capital Stock) or
capital contributions received by the Company.

     

    Section
4.12 Limitation on
Incurrence of Additional Indebtedness. The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume, guarantee, acquire, be-come liable, contingently or otherwise,
with respect to, or otherwise become responsible for payment of (collectively,
"incur") any Indebtedness (other than Permitted Indebtedness); provided,however, if no
Default or Event of Default shall have occurred and be continuing at the time of
or as a consequence of the incurrence of any such Indebtedness, the Company and
its Restricted Subsidiaries which are Guarantors may incur Indebtedness
(including Acquired Indebtedness) if on the date of the incurrence of such
Indebtedness, after giving effect to the incurrence thereof, the Consolidated
Fixed Charge Coverage Ratio of the Company is greater than 2.0 to
1.0.

     

    Notwithstanding
any other provision of this Indenture, Public Indebtedness may only be incurred
by the Company and the Guarantors.

     

    For
purposes of determining compliance with any restriction on the incurrence of
Indebtedness in euro where Indebtedness is denominated in a different currency,
the amount of such Indebtedness shall be the euro Equivalent determined on the
date of such determination, provided that if any
such Indebtedness denominated in a different currency is subject to a Currency
Agreement (with respect to euro) covering principal amounts payable on such
Indebtedness, the amount of such Indebtedness expressed in euro shall be
adjusted to take into account the effect of such agreement. The principal amount
of any Refinancing Indebtedness incurred in the same currency as the
Indebtedness being refinanced shall be the euro Equivalent of the Indebtedness
refinanced determined on the date such Indebtedness being refinanced was
initially incurred. Notwithstanding any other provision of this Section 4.12,
for purposes of determining compliance with Section 4.12, increases in
Indebtedness solely due to fluctuations in the exchange rates of currencies
shall not be deemed to exceed the maximum amount that the Company or a
Restricted Subsidiary of the Company may incur under Section 4.12.

     

    For
purposes of determining any particular amount of Indebtedness under Section
4.12: (i) obligations with respect to letters of credit, guarantees or Liens, in
each case supporting Indebtedness otherwise included in the de-termination of
such particular amount, shall not be included; (ii) any Liens granted pursuant
to the equal and ratable provisions referred to in Section 4.18 shall not be
treated as Indebtedness; and (iii) accrual of interest, accrual of dividends,
the accretion of accreted value, the obligation to pay commitment fees and the
payment of interest in the form of additional Indebtedness shall not be treated
as Indebtedness.

     

    Section
4.13                                
Limitation on Dividend
and Other Payment Restrictions Affecting Subsidiaries. The Company will
not, and will not cause or permit any of its Restricted Subsidiaries to,
directly or indirectly, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary of the Company to (a) pay dividends or make any other
distributions on or in respect of its Capital Stock; (b) make loans or advances
or to pay any Indebtedness or other obligation owed to the Company or any other
Restricted Subsidiary of the Company; or (c) transfer any of its property or
assets to the Company or any other Restricted Subsidiary of the Company, except
for such encumbrances or restrictions existing under or by reason of: (1)
applicable law, rules, regulations and/or orders; (2) this Indenture (including,
without limitation, any Liens permitted hereunder); (3) customary non-assignment
provisions of any contract or any lease governing a leasehold interest of the
Company or any Restricted Subsidiary of the Company; (4) any agreements existing
at the time of any merger or consolidation with any Person, or the acquisition
of any Person or the properties or assets of such Person (including agreements
governing Acquired Indebtedness), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than
the Person or the properties or assets of the Person merged or consolidated with
or so acquired or any Subsidiary of such Person; (5) agreements existing on the
Issue Date to the extent and in the manner such agreements are in effect on such
date and any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings thereof, provided that
such amendments, modifications, restatements, increases, supplements,
refundings, replacements or refinancings are no more restrictive (as determined
by the Board of Directors of the Company in their reasonable and good faith
judgment) in any material respect, taken as a whole, with respect to such
dividend and other payment restrictions than those contained in such agreements
or instruments as in effect on the Issue Date; (6) restrictions imposed by any
agreement to sell assets or Capital Stock permitted under this Indenture to any
Person pending the closing of such sale; (7) any agreement or instrument
governing Capital Stock of any Person that is acquired; (8) Indebtedness or
other contractual requirements of a Securitization Entity in connection with a
Qualified Securitization Transaction; provided that such
restrictions apply only to such Securitization Entity; (9) Liens incurred in
accordance with the covenant described under Section 4.18; (10) restrictions on
cash or other deposits or net worth imposed by customers under contracts entered
into in the ordinary course of business; (11) the Senior Secured Credit
Facilities; provided that the
provisions relating to such encumbrances or restrictions contained in such
Senior Se-cured Credit Facilities are no less favorable to the Company in any
material respects than the provisions relating to such encumbrances or
restrictions contained in the Senior Secured Credit Facilities as in effect on
the Issue Date; (12) customary restrictions in Capitalized Lease Obligations,
security agreements or mortgages securing Indebtedness of the Company or a
Restricted Subsidiary of the Company to the extent such restrictions restrict
the transfer of the property subject to such Capitalized Lease Obligations,
security agreements or mortgages; (13) customary provisions in joint venture
agreements and other similar agreements (in each case relating solely to the
respective joint venture or similar entity or the equity interests therein)
entered into in the ordinary course of business; (14) customary provisions in
Interest Swap Obligations, Commodity Agreements and Currency Agreements
permitted under this Indenture and entered into in the ordinary course of
business; (15) contracts entered into in the ordinary course of business, not
relating to Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of the Company or any Restricted
Subsidiary of the Company in any manner material to the Company or any
Restricted Subsidiary; (16) encumbrances or restrictions imposed by indentures
or other similar instruments governing other Indebtedness Incurred by the
Company or any Restricted Subsidiary of the Company (and if such Indebtedness is
guaranteed, by the guarantors of such Indebtedness) ranking equally with the
Notes (or any Guarantee), provided that the
encumbrances or restrictions imposed by such other indentures or instruments are
not materially more restrictive taken as a whole than the encumbrances or
restrictions imposed by this Indenture; (17) encumbrances or restrictions
imposed by Credit Facilities (other than the Senior Secured Credit Facilities),
the Australian Credit Facilities and the Hong Kong Facility; provided that the
provisions relating to such encumbrances or restrictions contained in such
Credit Facilities are no less favorable to the Company in any material respects
(as determined by the Board of Directors of the Company in their reasonable and
good faith judgment) than the provisions relating to such encumbrances or
restrictions contained in such Credit Facilities, the Australian Credit
Facilities and the Hong Kong Facility, in each case, as in effect on the Issue
Date; and (18) an agreement governing Indebtedness incurred to Refinance the
Indebtedness issued, assumed or incurred pursuant to an agreement referred to in
clause (2), (4) or (5) above or Refinancings thereof; provided,however, that the
provisions relating to such encumbrance or restriction contained in any such
Indebtedness are no less favorable to the Company in any material respect as
determined by the Board of Directors of the Company in their reasonable and good
faith judgment than the provisions relating to such encumbrance or restriction
contained in agreements referred to in such clause (2), (4) or (5) above or
Refinancings thereof.

     

    Section
4.14                                
Change of
Control.

     

    (a)           
Upon the occurrence of a Change of Control, each Holder will have the right to
require that the Company repurchase all or a portion (equal to $75,000 or
€50,000, as the case may be, or an integral multiple of $1,000 or €1,000, as the
case may be, in excess thereof) of such Holder's Notes pursuant to the offer
described be-low (the "Change of Control
Offer"), at a purchase price in cash equal to 101% of the principal
amount thereof plus accrued and unpaid interest, if any, to the date of
repurchase.

     

    (b)           
Prior to the mailing of the notice referred to below, but in any event within 30
days following any Change of Control, the Company covenants to (i) repay in full
and terminate all commitments under Indebtedness under the Credit Facilities and
all other Designated Senior Debt the terms of which require repayment upon a
Change of Control, (ii) offer to repay in full and terminate all commitments
under all Indebtedness under the Credit Facilities and all other such Designated
Senior Debt, if required under the terms of the Credit Facilities or such
Designated Senior Debt, and to repay the Indebtedness owed to each lender which
has accepted such offer or (iii) obtain the requisite consents under the Credit
Facilities and all other Designated Senior Debt to permit the repurchase of the
Notes as provided below. The Company shall first comply with the covenant in the
immediately preceding sentence before it shall be required to repurchase Notes
pursuant to the provisions described below. The Company's failure to comply with
the covenant described in the immediately preceding sentence shall be governed
by clause (3), and not clause (2), of Section 6.01.

     

    (c)           
Within 30 days following the date on which a Change of Control occurs (the "Change of Control
Date"), the Company shall mail a notice to each Holder of Notes and the Trustee,
which notice shall govern the terms of the Change of Control Offer. The notice
to the Holders shall contain all instructions and materials necessary to enable
such Holders to tender Notes pursuant to the Change of Control Offer. Such
notice shall state:

     

    (1)           
that the Change of Control Offer is being made pursuant to Section 4.14 of this
Indenture and that all Notes validly tendered and not withdrawn will be accepted
for payment;

     

    (2)           
the purchase price (including the amount of accrued interest, if any) and the
purchase date (which shall be no earlier than 30 days nor later than 60 days
from the date such notice is mailed, other than as may be required by law) (the
"Change of Control
Payment Date");

     

    (3)           
that any Note not tendered will continue to accrue interest;

     

    (4)           
that, unless the Company defaults in making payment therefor, any Note accepted
for payment pursuant to the Change of Control Offer shall cease to accrue
interest after the Change of Control Payment Date;

     

    (5)           
that Holders electing to have a Note purchased pursuant to a Change of Control
Offer will be required to surrender the Note, with the form entitled "Option of
Holder to Elect Purchase" on the reverse of the Note completed, to the Paying
Agent and Registrar for the Notes at the address specified in the notice prior
to the close of business on the third Business Day prior to the Change of
Control Payment Date;

     

    (6)           
that Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the second Business Day prior to the Change of Control
Payment Date, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Notes the Holder delivered
for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased;

     

    (7)           
that Holders whose Notes are purchased only in part will be issued new Notes of
an appropriate series in a principal amount equal to the unpurchased portion of
the Notes surrendered; provided,however, that each
such new Note shall be in the same currency as the tendered Note and in a
principal amount of $75,000 or €50,000, as the case may be, or an integral
multiple of $1,000 or €1,000, as the case may be, in excess thereof;
and

     

    (8)           
the circumstances and relevant facts regarding such Change of
Control.

     

    (d)           
On or before the Change of Control Payment Date, the Company shall, to the
extent lawful, (i) accept for payment Notes or portions thereof (in a principal
amount of $75,000 or €50,000, as the case may be, or an integral multiple of
$1,000 or €1,000, as the case may be, in excess thereof) validly tendered
pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent in
accordance with Section 2.14 U.S. Legal Tender and/or euro sufficient to pay the
purchase price plus accrued and unpaid interest, if any, of all Notes or
portions thereof so tendered; and (iii) deliver or cause to be delivered to the
Trustee Notes so accepted together with an Officer's Certificate stating the
aggregate principal amount of Notes or portions thereof being purchased by the
Company. Upon receipt by the Paying Agent of the monies specified in clause (ii)
above and a copy of the Officer's Certificate specified in clause (iii) above,
the Paying Agent shall promptly mail to the Holders of Notes so accepted payment
in an amount equal to the purchase price plus accrued and unpaid interest, if
any, out of the funds deposited with the Paying Agent in accordance with the
preceding sentence. The Trustee shall promptly authenticate and mail or cause to
be transferred by book-entry to each such Holder a new Note equal in principal
amount to any unpurchased portion of the Notes surrendered, if any; provided that each
such new Note shall be in the same currency as the tendered Note and in a
principal amount of $75,000 or €50,000, as the case may be, or an integral
multiple of $1,000 or €1,000, as the case may be, in excess thereof. Upon the
payment of the purchase price for the Notes accepted for purchase, the Trustee
shall return the Notes purchased to the Company for cancellation. Any monies
remaining after the purchase of Notes pursuant to a Change of Control Offer
shall be returned within three Business Days by the Trustee to the Company
except with respect to monies owed as obligations to the Trustee pursuant to
Article Seven. For purposes of this Section 4.14, the Trustee shall act as the
Paying Agent for the Dollar Notes and the Euro Paying Agent shall act as Paying
Agent for the Euro Notes.

     

    (e)           
The Company will comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such
rule, laws and regulations are applicable in connection with the purchase of the
Notes pursuant to a Change of Control Offer. To the extent the provisions of any
securities laws and regulations conflict with the provisions of this Indenture
relating to a Change of Control Offer, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations relating to such Change of Control Offer by virtue
thereof.

     

    (f)           
The Company will not be required to make a Change of Control Offer upon a Change
of Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this
Indenture with respect to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer.

     

    Section
4.15                                
Limitation on Asset
Sales.

     

    (a)           
The Company will not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

     

    (i)           
the Company or the applicable Restricted Subsidiary receives consideration at
the time of such Asset Sale at least equal to the Fair Market Value of the
assets sold or otherwise disposed of as deter-mined in good faith by the
Company's Board of Directors;

     

    (ii)           
at least 75% of the consideration received by the Company or the applicable
Restricted Subsidiary from such Asset Sale shall be in the form of cash or Cash
Equivalents, and is received at the time of the Asset Sale (which shall be
deemed to include other consideration converted to cash or Cash Equivalents
within 90 days of such Asset Sale). For the purposes of this provision, the
amount of any liabilities shown on the most recent applicable balance sheet of
the Company or the applicable Restricted Subsidiary, other than liabilities that
are by their terms subordinated to the Notes, that are assumed by the transferee
of any such assets will be deemed to be cash for purposes of this provision;
and

     

    (iii)           
upon the consummation of an Asset Sale, the Company shall apply, or cause such
applicable Restricted Subsidiary to apply, the Net Cash Proceeds relating to
such Asset Sale within 415 days of having received the Net Cash
Proceeds.

     

    (b)           
Additionally, the Company may only apply the Net Cash Proceeds either (i) to
prepay any Designated Senior Debt or Indebtedness of a Restricted Subsidiary of
the Company that is not a Guarantor and, in the case of any such Indebtedness
under any revolving credit facility, effect a permanent reduction in the
availability under such revolving credit facility, and/or (ii) to make an
investment in or expenditures for properties and assets (including Capital Stock
of any entity) that will be used in a Permitted Business ("Replacement
Assets") and/or (iv) make an acquisition of (A) assets of any Person or
division or (B) Capital Stock of a Person that as a result of such acquisition
becomes a Restricted Subsidiary of the Company, in either case, conducting a
Permitted Business ("RelatedBusinesses").

     

    (c)           
Pending the final application of any such Net Cash Proceeds, the Company or any
Restricted Subsidiary of the Company may temporarily reduce revolving credit
borrowings or otherwise invest such Net Cash Proceeds in any manner that is not
prohibited by the terms of this Indenture.

     

    (d)           
On the 366th day after an Asset Sale or any earlier date, if any, on which the
Board of Directors of the Company or of the applicable Restricted Subsidiary
determines not to apply the Net Cash Proceeds in accordance with the provisions
of Section 4.15(b) (each, a "Net Proceeds Offer Trigger
Date"), such aggregate amount of Net Cash Proceeds which have not been
applied or contractually committed to be applied (and to the extent not
subsequently applied, the Net Proceeds Offer Trigger Date related thereto shall
be deemed to be the date of termination of such contractual commitment or any
earlier date, if any, on which the Board of Directors of the Company or the
board of the applicable Restricted Subsidiary determines not to apply the Net
Cash Proceeds in accordance with such contractual commitment) on or before such
Net Proceeds Offer Trigger Date as permitted by the provisions of Section
4.15(b) (the "Net
Proceeds Offer Amount") shall be applied by the Company or such
Restricted Subsidiary to make an offer to purchase (or repay, prepay or redeem,
as the case may be) (the "Net Proceeds Offer")
on a date (the "Net
Proceeds Offer Payment Date") that is not less than 30 nor more than 45
days following the applicable Net Proceeds Offer Trigger Date, from all Holders
and all holders of Indebtedness that is equal in right of payment with the Notes
and contains provisions requiring that an offer to purchase such other
Indebtedness be made with the proceeds of the Asset Sale, on a pro rata basis,
the maximum principal amount of Notes and other Indebtedness that may be
purchased with the Net Proceeds Offer Amount. Notwithstanding the foregoing, the
obligation to make a Net Proceeds Offer shall be suspended until such time as
the aggregate amount of the Net Proceeds Offer Amount is equal to or exceeds €20
million. The offer price in any Net Proceeds Offer will be equal to 100% of the
principal value of the Notes to be purchased, plus any accrued and unpaid
interest to the date of purchase. The following events will be deemed to
constitute an Asset Sale and the Net Cash Proceeds for such Asset Sale must be
applied in accordance with this Section 4.15: (i) in the event any non-cash
consideration received by the Company or any Restricted Subsidiary of the
Company in connection with any Asset Sale is converted into or sold or otherwise
disposed of for cash (other than interest received with respect to any such
non-cash consideration), or (ii) in the event of the transfer of substantially
all (but not all) of the property and assets of the Company and its Restricted
Subsidiaries as an entirety to a Person in a transaction permitted under Section
5.01 and as a result thereof the Company is no longer an obligor on the Notes,
the successor corporation shall be deemed to have sold the properties and assets
of the Company and its Restricted Subsidiaries not so transferred for purposes
of this Section 4.15, and shall comply with the provisions of this Section 4.15
with respect to such deemed sale as if it were an Asset Sale. In addition, the
Fair Market Value of such properties and assets of the Company or its Restricted
Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for
purposes of this Section 4.15.

     

    (e)           
Notwithstanding the preceding paragraphs, the Company and its Restricted
Subsidiaries may con-summate an Asset Sale without complying with such
paragraphs to the extent (i) the consideration for such Asset Sale constitutes
Replacement Assets or Related Businesses and (ii) such Asset Sale is for Fair
Market Value; provided,however, that any
consideration that does not constitute Replacement Assets or Related Businesses
that is received by the Company or any of its Restricted Subsidiaries in
connection with any Asset Sale permitted under this paragraph shall constitute
Net Cash Proceeds and will be subject to the provisions described in the
preceding paragraphs.

     

    (f)           
Each notice of a Net Proceeds Offer pursuant to this Section 4.15 shall be
mailed by the Company to Holders of Notes not more than 30 days following the
Net Proceeds Offer Trigger Date, with a copy to the Trustee. The notice shall
contain all instructions and materials necessary to enable such Holders to
tender Notes pursuant to the Net Proceeds Offer and shall state the following
terms:

     

    (1)           
that the Net Proceeds Offer is being made pursuant to Section 4.15 of this
Indenture, that all Notes tendered will be accepted for payment; provided,however, that if the
aggregate principal amount of Notes tendered in a Net Proceeds Offer plus
accrued interest at the expiration of such offer exceeds the aggregate amount of
the Net Proceeds Offer, the Company shall select the Notes to be purchased on a
pro rata basis (with such adjustments as may be deemed appropriate by the
Company so that no Note of less than $75,000 or €50,000, as the case may be,
shall remain outstanding thereafter) and that the Net Proceeds Offer shall
remain open for a period of 20 Business Days or such longer periods as may be
required by law;

     

    (2)           
the purchase price (including the amount of accrued interest) and the Net
Proceeds Offer Payment Date (which shall be not less than 30 nor more than 45
days following the applicable Net Proceeds Offer Trigger Date and which shall be
at least five Business Days after the Trustee receives notice thereof from the
Company);

     

    (3)           
that any Note not tendered will continue to accrue interest;

     

    (4)           
that, unless the Company defaults in making payment therefor, any Note accepted
for payment pursuant to the Net Proceeds Offer shall cease to accrue interest
after the Net Proceeds Offer Payment Date;

     

    (5)           
that Holders electing to have a Note purchased pursuant to a Net Proceeds Offer
will be required to surrender the Note, with the form entitled "Option of Holder
to Elect Purchase" on the reverse of the Note completed, to the Paying Agent at
the address specified in the notice prior to the close of business on the third
Business Day prior to the Net Proceeds Offer Payment Date;

     

    (6)           
that Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the second Business Day prior to the Net Proceeds Offer
Payment Date, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Notes the holder delivered
for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased; and

     

    (7)           
that Holders whose Notes are purchased only in part will be issued new Notes of
the appropriate series in a principal amount equal to the unpurchased portion of
the Note surrendered; provided,however, that each
such new Note shall be in the same currency as the tendered Note and in a
principal amount of $75,000 or €50,000, as the case may be, or an integral
multiple of $1,000 or €1,000, as the case may be, in excess
thereof.

     

    On or
before the Net Proceeds Offer Payment Date, the Company shall (i) accept for
payment Notes or portions thereof (in a principal amount of $75,000 or €50,000,
as the case may be, or an integral multiple of $1,000 or F1,000, as the case may
be, in excess thereof) validly tendered pursuant to the Net Proceeds Offer, (ii)
deposit with the Paying Agent, in accordance with Section 2.14, U.S. Legal
Tender (in the case of Dollar Notes) and/or euro (in the case of Euro Notes)
sufficient to pay the purchase price plus accrued and unpaid interest, if any,
of all Notes to be purchased and (iii) deliver to the Trustee Notes so accepted
together with an Officer's Certificate stating the Notes or portions thereof
being purchased by the Company. Upon receipt by the Paying Agent of the monies
specified in clause (ii) above and a copy of the Officer's Certificate specified
in clause (iii) above, the Paying Agent shall promptly mail to the Holders of
Notes so accepted payment in an amount equal to the purchase price plus accrued
and unpaid interest, if any, out of the funds deposited with the Paying Agent in
accordance with the preceding sentence. The Trustee shall promptly authenticate
and mail or cause to be transferred by book-entry to such Holders new Notes
equal in principal amount to any unpurchased portion of the Notes surrendered;
provided that
each such new Note shall be in the same currency as the surrendered Note and in
a principal amount of $75,000 or €50,000, as the case may be, or an integral
multiple of $1,000 or €1,000, as the case may be, in excess thereof. Upon the
payment of the purchase price for the Notes accepted for purchase, the Trustee
shall return the Notes purchased to the Company for cancellation. Any monies
remaining after the purchase of Notes pursuant to a Net Proceeds Offer shall be
returned within three Business Days by the Trustee to the Company except with
respect to monies owed as obligations to the Trustee pursuant to Article Seven.
For purposes of this Section 4.15, the Trustee shall act as the Paying Agent for
the Dollar Notes and the Euro Paying Agent shall act as the Paying Agent for the
Euro Notes.

     

    To the
extent the amount of Notes tendered pursuant to any Net Proceeds Offer is less
than the amount of Net Cash Proceeds subject to such Net Proceeds Offer, the
Company may use any remaining portion of such Net Cash Proceeds not required to
fund the repurchase of tendered Notes for general corporate purposes and such
Net Proceeds Offer Amount shall be reset to zero.

     

    The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such
rule, laws and regulations are applicable in connection with the repurchase of
Notes pursuant to a Net Proceeds Offer. To the extent the provisions of
any

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    securities
laws or regulations conflict with the provisions of this Indenture relating to a
Net Proceeds Offer, the Company shall comply with the applicable securities laws
and regulations and shall not be deemed to have breached its obligations
relating to such Net Proceeds Offer by virtue thereof.

     

    Section
4.16                                
Prohibition on
Incurrence of Senior Subordinated Debt. Other than as permitted pursuant
to the Intercreditor Agreement, the Company will not permit any Subsidiary
Guarantor to incur or suffer to exist Indebtedness that is senior in right of
payment to the Guarantee of such Guarantor and subordinate in right of payment
to any other Indebtedness of such Guarantor.

     

    For
purposes of the foregoing the phrase "subordinate in right of
payment" means debt subordination only and not lien subordination, and
accordingly, (i) unsecured indebtedness shall not be deemed to be subordinated
in right of payment to secured indebtedness merely by virtue of the fact that it
is unsecured and (ii) junior liens, second liens and other contractual
arrangements that provide for priorities among holders of the same or different
issues of indebtedness with respect to any collateral or the proceeds of
collateral shall not constitute subordination in right of payment.

     

    Section
4.17                                
Limitation on
Preferred Stock of Restricted Subsidiaries. The Company will not permit
any of its Restricted Subsidiaries to issue any Preferred Stock (other than to
the Company or to another Restricted Subsidiary of the Company) or permit any
Person (other than the Company or a Restricted Subsidiary of the Company) to own
any Preferred Stock of any Restricted Subsidiary of the Company; provided,however, that any
Person that is not a Restricted Subsidiary of the Company may issue Preferred
Stock to equity holders of such Person in exchange for equity interests if after
such issuance such Person becomes a Restricted Subsidiary of the
Company.

     

    Section
4.18                                
Limitation on
Liens. The Company shall not, and shall not permit any of its Restricted
Subsidiaries to create, incur, or otherwise cause or suffer to exist or become
effective any Liens of any kind upon any property or assets of the Company or
any Restricted Subsidiary of the Company, now owned or hereafter acquired, which
secures Pari Passu Indebtedness or Indebtedness subordinated to the Notes other
than Permitted Liens, unless such Indebtedness is incurred in accordance with
this Indenture and (i) if such Lien secures Pari Passu Indebtedness of the
Company, then the Notes are secured on an equal and ratable basis with the
obligations so secured until such time as such obligation is no longer secured
by a Lien or (ii) if such Lien secures Indebtedness which is subordinated to the
Notes, any such Lien shall be subordinated to a Lien granted to the Holders in
the same collateral as that securing such Lien to the same extent as such
subordinated Indebtedness is subordinated to the Notes and until such time as
such obligation is no longer secured by a Lien.

     

    Section
4.19                                
Additional Subsidiary
Guarantors.

     

    (a)           
The Company shall cause (i) each Restricted Subsidiary of the Company that,
after the Issue Date, guarantees the Senior Secured Credit Facilities (or any
facility refinancing or replacing such facilities) or (ii) each Restricted
Subsidiary of the Company that, after the Issuer Date, guarantees any Public
Indebtedness of the Company or any other Restricted Subsidiary of the Company to
execute and deliver to the Trustee a supplemental indenture pursuant to which
such Restricted Subsidiary shall guarantee payment of the notes on the same
terms and subject to the same conditions and limitations as those set forth in
this Indenture (each such guarantee of the notes, an "Additional
Guarantee");provided that the
Company shall use its commercially reasonable efforts to cause Restricted
Subsidiaries of the Company that account for, in the aggregate, greater than 50%
of the Consolidated EBITDA of the Company for the year ended December 31, 2004
(the "Requisite
Guarantors") to issue Guarantees in accordance with this Indenture not
later than the date that is 180 days after the Issue Date (the "Subsequent Guarantee
Date").

     

    (b)           
Notwithstanding the foregoing, the Company shall not be obligated to cause any
such Restricted Subsidiary to Guarantee the Notes to the extent that such
Guarantee would reasonably be expected to give rise to or result
in:

     

    (1)           
any violation of applicable law, rule, regulation or order that cannot be
avoided or other-wise prevented through measures reasonably available to the
Company or such Restricted Subsidiary; or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (2)           
any liability for the officers, directors or shareholders of such Restricted
Subsidiary.

     

    (c)           
In the event that the Company fails for any reason to cause the Requisite
Guarantors to issue such Guarantees on or prior to the Subsequent Guarantee
Date, the Company shall pay supplemental interest on each subsequent interest
payment date of the Notes to each Holder of Euro Notes or Dollar Notes, as the
case may be, in an amount equal to 0.25% per annum of the aggregate
principal amount of Notes held by such Holder from the Subsequent Guarantee Date
through the earlier of (i) the date on which the Requisite Guarantors issue such
Guarantees, (ii) the date on which the Requisite Guarantors who then Guarantee
the Senior Secured Credit Facilities and Public Indebtedness, if any, issue such
Guarantees and (iii) the date on which there are either no Guarantors of the
Senior Secured Credit Facilities or all Guarantors at the Senior Secured Credit
Facilities Guarantee the Notes ("Supplemental
Interest").

     

    (d)           
Any such failure to procure such Guarantees in accordance with this Section 4.19
shall not constitute a Default or Event of Default under this
Indenture.

     

    (e)           
Notwithstanding the foregoing and the other provisions of this Indenture, any
Additional Guarantee by a Restricted Subsidiary of the Company of the Notes
shall provide by its terms that it shall be automatically and unconditionally
released and discharged in the circumstances described in Section 11.04. Any
Additional Guarantee shall be considered a Guarantee under this
Indenture.

     

    Section
4.20                                
Conduct of
Business. None of the Company or any of its Restricted Subsidiaries
(other than a Securitization Entity) shall engage in any businesses other than a
Permitted Business.

     

    Section
4.21                                
Capital Stock of
Subsidiaries. No Restricted Subsidiary of the Company shall issue any
Capital Stock (or any direct or indirect rights, options or warrants to acquire
such Capital Stock) to any Person other than the Company or a Wholly Owned
Restricted Subsidiary of the Company except (a) to qualifying directors or
nominal shareholders if required by applicable law or other similar legal
requirements and (b) the issuance and sale of Capital Stock of a Restricted
Subsidiary of the Company in a transaction permitted under Section
4.15.

     

    Section
4.22                                
Withholding
Taxes. All payments made by the Company or any Guarantor or a successor
of any of the foregoing (each, a "Payor") on the Notes
or the Guarantees, as applicable, shall be made free and clear of and without
withholding or deduction for, or on account of, any present and future taxes,
levies, imposts, deductions, charges, duties and withholdings and any charges of
a similar nature (including interest, penalties and other liabilities with
respect thereto) ("Taxes") unless the
withholding or deduction of such taxes is then required by law. If any deduction
or withholding for, or on account of, any taxes imposed or levied by or on
behalf of:

     

    (1)           
the jurisdiction of organization or formation of the Company, any Non-U.S. Note
Guarantor or any political subdivision or governmental authority thereof or
therein having power to tax;

     

    (2)           
any jurisdiction from or through which payment on the Notes or any such
Guarantee is made, or any political subdivision or governmental authority
thereof or therein having the power to tax; or

     

    (3)           
any other jurisdiction in which the Payor is organized or otherwise considered
to be a resident for tax purposes, has an office or conducts business for tax
purposes, or any political subdivision or governmental authority thereof or
therein having the power to tax

     

    (each of
clauses (1), (2) and (3), a "Relevant Taxing
Jurisdiction"), shall at any time be required from any payments made with
respect to the Notes or any such Guarantee, including payments of principal,
redemption price, interest or premium, if any, the Payor shall pay (together
with such payments) such additional amounts (the "AdditionalAmounts") as may be
necessary in order that the net amounts received in respect of such payments by
the Holders or the Trustee, as the case may be, after such withholding or
deduction (including any such deduction or withholding from such Additional
Amounts), shall not be less than the amounts which would have been received in
respect of such payments on the Notes or any such Guarantee in the absence of
such withholding or deduction; provided, how-ever, that no such Additional
Amounts shall be payable for or on account of:

     

    (1)           
any Taxes that would not have been so imposed but for the existence of any
present or former connection between the relevant Holder (or between a
fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power
over the relevant Holder, if the relevant Holder is an estate, nominee, trust,
partnership, limited liability company or corporation) and the Relevant Taxing
Jurisdiction (including being a citizen or resident or national of, or carrying
on a business or maintaining a branch, agency or permanent establishment in, or
being physically present in, the Relevant Taxing Jurisdiction) but excluding, in
each case, any connection arising from the acquisition, ownership or holding of
such Note or the receipt of any payment in respect thereof;

     

    (2)           
any Tax that is imposed or withheld by reason of the failure by the Holder or
the beneficial owner of the Note, to the extent it may lawfully do so, to comply
with a reasonable written request of the Payor addressed to the Holder, after
reasonable notice, to provide certification, information, documents or other
evidence concerning the nationality, residence or identity of the Holder or such
beneficial owner or to make any declaration or similar claim or satisfy any
other reporting requirement relating to such matters, which is required by a
statute, treaty, regulation or administrative practice of the Relevant Taxing
Jurisdiction as a precondition to exemption from all or part of such
Tax;

     

    (3)           
any estate, inheritance, gift, or similar tax, assessment or other governmental
charge;

     

    (4)           
any Taxes that are required to be deducted or withheld on a payment to an
individual pursuant to the European Council Directive 2003/48/EC (the "Directive") or to a
residual entity as defined in article 4(2) of the Directive or any law
implementing or complying with, or introduced in order to conform to, such
Directive;

     

    (5)           
any Taxes imposed in connection with a Note presented for payment by or on
behalf of a Holder or beneficial owner who would have been able to avoid such
Tax by presenting the relevant Note to, or otherwise accepting payment from,
another Paying Agent in a member state of the European Union; or

     

    (6)           
any combination of the above.

     

    Such
Additional Amounts shall also not be payable (a) if the payment could have been
made without such deduction or withholding if the beneficiary of the payment had
presented the Note for payment (where presentation is required) within 60 days
after the relevant payment was first made available for payment to the Holder or
(b) where, had the beneficial owner of the Note been the Holder, such beneficial
owner would not have been entitled to payment of Additional Amounts by reason of
any of clauses (1) to (6) inclusive above (but only if there is no material cost
or expense associated with transferring such Note to such beneficial owner and
no restriction on such transfer that is outside the control of such beneficial
owner).

     

    The Payor
shall (i) make any required withholding or deduction and (ii) remit the full
amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance
with applicable law. The Payor shall use all reasonable efforts to obtain
certified copies of tax receipts or other documentation reasonably satisfactory
to the Trustee evidencing the payment of any Taxes so deducted or withheld from
each Relevant Taxing Jurisdiction imposing such Taxes and shall provide such
certified copies to the Trustee. Such copies shall be made available to the
Holders upon request and shall be made available at the offices of the Paying
Agent during normal office hours if the Notes are then listed on the Irish Stock
Exchange. The Payor shall attach to each certified copy a certificate stating
(x) that the amount of withholding Taxes evidenced by the certified copy was
paid in connection with payments in respect of the principal amount of Notes
then outstanding and (y) the amount of such withholding Taxes paid per $1,000 or
€1,000 principal amount of the Notes.

     

    If any
Payor shall be obligated to pay Additional Amounts under or with respect to any
payment made on the Notes or any Guarantee, at least 30 days prior to the date
of such payment, the Payor shall deliver to the Trustee an Officer's Certificate
stating the fact that Additional Amounts shall be payable and the amount so
payable and such other information necessary to enable the Paying Agent to pay
Additional Amounts to Holders on the relevant payment date (unless such
obligation to pay Additional Amounts arises

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    less than
45 days prior to the relevant payment date, in which case the Payor may deliver
such Officer's Certificate as promptly as practicable after the date that is 30
days prior to the payment date).

     

    The
Company and any Guarantors, jointly and severally, shall indemnify and hold
harmless each eligible Holder of Notes and, upon written request of any eligible
Holder of Notes, reimburse such Holder for the amount of (i) any Taxes levied or
imposed on and paid by such Holder as a result of payments made under or with
respect to the Notes held by such Holder; and (ii) any Taxes levied or imposed
with respect to any reimbursement under the foregoing clause (i) or this clause
(ii), so that the net amount received by such Holder after such reimbursement
shall not be less than the net amount such Holder would have received if the
Taxes giving rise to the reimbursement de-scribed in clauses (i) and/or (ii) had
not been imposed, provided, however, that the indemnification obligation
provided for in this paragraph shall not extend to Taxes imposed for which the
eligible Holder of Notes would not have been eligible to receive payment of
Additional Amounts hereunder.

     

    Wherever
in this Indenture, the Notes or any Guarantee there are mentioned, in any
context:

     

    (1)           
the payment of principal,

     

    (2)           
purchase prices in connection with a purchase of Notes,

     

    (3)           
interest, or

     

    (4)           
any other amount payable on or with respect to any of the Notes or any
Guarantee,

     

    such
reference shall be deemed to include payment of Additional Amounts as described
under this Section 4.22 to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof.

     

    The
Company or any Guarantor shall pay any present or future stamp, court or
documentary Taxes, or any other excise, property or similar Taxes, charges or
levies that arise in any Relevant Taxing Jurisdiction from the execution,
delivery, registration or enforcement of any Notes, this Indenture, the security
documents or any other document or instrument in relation thereto, and the
Company or any Guarantor agrees to jointly and severally indemnify and hold
harmless the Holders for any such Taxes paid by such holders. The foregoing
obligations of this paragraph shall survive any termination, defeasance or
discharge of this Indenture and shall apply mutatismutandis to any
jurisdiction in which any successor to the Company or any Guarantor is organized
or any political subdivision or taxing authority or agency thereof or
therein.

     

    Section
4.23                                
Impairment of Security
Interest. The Company shall not, and shall not permit any Restricted
Subsidiary of the Company to, take or omit to take any action that would have
the result of materially impairing the security interest with respect to the
Collateral (it being understood, subject to the proviso below, that the
incurrence of Permitted Liens relating to Collateral securing the Notes or
indebtedness under Credit Facilities incurred in compliance with clause (ii) of
the definition of "Permitted
Indebtedness" (a "Permitted Collateral
Lien") shall under no circumstances be deemed to materially impair the
security interest with respect to the Collateral) for the benefit of the Trustee
and the Holders, and the Company shall not, and shall not permit any Restricted
Subsidiary of the Company to, grant to any Person other than the Trustee and the
Security Agent, for the benefit of the Trustee or the Security Agent, as the
case may be, and the Holders and the other beneficiaries described in the
Security Documents, any interest whatsoever in any of the Collateral, except
that the Company and its Restricted Subsidiaries may incur Permitted Collateral
Liens and the Collateral may be discharged and released in accordance with this
Indenture and the Intercreditor Agreement; provided, however, that, except with
respect to any discharge or release in accordance with this Indenture or the
Intercreditor Agreement, the incurrence of Permitted Collateral Liens or any
action expressly permitted by this Indenture, the Security Documents may not be
amended, extended, renewed, restated, supplemented or otherwise modified or
replaced, unless contemporaneously with any such action, the Company delivers to
the Trustee, either (1) a solvency opinion, in form and substance reasonably
satisfactory to the Trustee from an Independent Financial Advisor confirming the
solvency of the Company and its Restricted Subsidiaries, taken as a whole, after
giving effect to any transactions related to such amendment, extension, renewal,
restatement, supplement, modification or replacement, or (2) an Opinion of
Counsel, in form and substance reasonably satisfactory to the Trustee,
confirming that, after giving effect to any transactions related to such
amendment, extension, renewal,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    restatement,
supplement, modification or replacement, the Lien or Liens created under the
Security Documents, so amended, extended, renewed, restated, supplemented,
modified or replaced are valid Liens not otherwise subject to any limitation,
imperfection or new hardening period, in equity or at law, that such Lien or
Liens were not otherwise subject to immediately prior to such amendment,
extension, renewal, restatement, supplement, modification or replacement. In the
event that the Company complies with the requirements of this Section 4.23, the
Trustee or the Security Agent, as the case may be, shall (subject to customary
protections and indemnifications) consent to such amendments without the need
for instructions from the holders.

     

    ARTICLE
FIVE

     

    SUCCESSOR
CORPORATION

     

    Section
5.1                      
Merger, Consolidation
and Sale of Assets.

     

    (a)           
The Company shall not, in a single transaction or a series of related
transactions, consolidate or merge with or into any Person, or sell, transfer or
otherwise dispose of (or permit any Restricted Subsidiary of the Company to
sell, assign, transfer, lease, convey or otherwise dispose of) all or
substantially all of the Company's assets (determined on a consolidated basis
for the Company and its Restricted Subsidiaries), unless:

     

    (i)           
either (1) the Company shall be the surviving or continuing entity or (2) the
Person (if other than the Company) formed by such consolidation or merger shall
be an entity organized and validly existing under the laws of the United States,
any State thereof, the District of Columbia or any state which was a member
state of the European Union on December 31, 2003 (the "Surviving
Entity");

     

    (ii)           
the Surviving Entity, if any, expressly assumes, by supplemental indenture (in
form and substance reasonably satisfactory to the Trustee), all rights and
obligations of the Company under the Notes and this Indenture;

     

    (iii)           
immediately after giving effect to such transaction including the assumption of
the Notes, the Company or the Surviving Entity shall be able to incur at least
€1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to
Section 4.12;

     

    (iv)           
immediately before and after giving effect to such transaction, including the
assumption of the Notes, no Default or Event of Default occurred or exists;
and

     

    (v)           
the Company or the Surviving Entity shall have delivered to the Trustee an
Officer's Certificate and an Opinion of Counsel stating that all conditions
precedent in this Indenture relating to such transaction have been satisfied, it
being understood that such Opinion of Counsel may rely as to certain matters of
fact on such Officer's Certificate.

     

    (b)           
Each Guarantor (other than any Guarantor whose Guarantee is to be released in
accordance with the terms of the Guarantee and this Indenture in connection with
any transaction complying with the provisions of Section 4.15) will not, and the
Company will not cause or permit any Guarantor to, consolidate with or merge
with or into any Person other than the Company or any other Guarantor unless:
(i) the entity formed by or surviving any such consolidation or merger (if other
than the Guarantor) or to which such sale, lease, conveyance or other
disposition shall have been made assumes by supplemental indenture all of the
obligations of the Guarantor on its Guarantee; (ii) immediately after giving
effect to such transaction, no Default or Event of Default shall have occurred
and be continuing; and (iii) immediately after giving effect to such transaction
and the use of any net proceeds therefrom on a pro forma basis, either (A) the
Company could satisfy the provisions of Section 5.01(a)(iii) or (B) the
Consolidated Fixed Charge Coverage Ratio would be greater than or equal to the
Consolidated Fixed Charge Coverage Ratio immediately prior to such transaction.
Any merger or consolidation of a Guarantor with and into the Company (with the
Company being the surviving entity) or another Guarantor need not comply with
Section 5.01(a).

     

    (c)           
Notwithstanding anything in this Section 5.01 to the contrary, (i) the Company
(A) may merge with an Affiliate that has no material assets or liabilities and
that is incorporated or organized solely for the purpose the Company in any
state of the United States, the District of Columbia or any state which was a
member state of the European Union on December 31, 2003 and (B) may otherwise
convert its legal form under the laws of its jurisdiction of organization, in
each case, without complying with Section 5.01(a)(iii) and (ii) any transaction
characterized as a merger under applicable law where each of the constituent
entities survives, shall not be treated as a merger for purposes of this Section
5.01, but shall instead be treated as (x) an Asset Sale, if the result of such
transaction is the transfer of assets by the Company or a Restricted Subsidiary,
or (y) an Investment, if the result of such transaction is the acquisition of
assets by the Company or a Restricted Subsidiary.

     

    Section
5.02                                
Successor Corporation
Substituted. Upon any consolidation, combination or merger, or any
transfer of all or substantially all of the assets of the Company in accordance
with Section 5.01 in which the Company is not the Surviving Entity, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, lease or transfer is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture and the Notes with the same effect as if such Surviving
Entity had been named as such.

     

    ARTICLE
SIX

     

    DEFAULT
AND REMEDIES

     

    Section
6.01                                
Events of
Default. Each of the following shall be an "Event of
Default":

     

    (1)           
the failure to pay interest on any Notes when the same becomes due and payable
and such Default continues for a period of 30 days (whether or not such payment
shall be prohibited by the subordination provisions described under Article
Ten);

     

    (2)           
the failure to pay principal on any Notes, when such principal becomes due and
payable, at maturity, upon redemption or otherwise (including the failure to
make a payment when due to purchase the Notes tendered pursuant to a Change of
Control Offer or a Net Proceeds Offer) (whether or not such payment shall be
prohibited by the subordination provisions described under Article
Ten);

     

    (3)           
the failure of the Company or any Guarantor to comply with any covenant or
agreement contained in this Indenture, which default continues for a period of
60 days after the Company receives a written notice specifying the default (and
demanding that such default be remedied) from the Trustee or the Holders of at
least 25% of the outstanding principal amount of the Notes (including any
Additional Notes subsequently issued under this Indenture) (except in the case
of a default with respect to Section 5.01, which will constitute an Event of
Default with such notice requirement but without such passage of time
requirement);

     

    (4)           
the occurrence of any default under any agreement governing Indebtedness of the
Company or any of its Restricted Subsidiaries, if that default: (A) is caused by
the failure to pay at final maturity the principal amount of any Indebtedness
after giving effect to any applicable grace periods and any ex-tensions of time
for payment of such Indebtedness; or (B) results in the acceleration of the
final stated maturity of any such Indebtedness, and in each case if the
aggregate principal amount of such Indebtedness unpaid or accelerated aggregates
€20.0 million or more and has not been discharged in full or such acceleration
has not been rescinded or annulled within 30 days of such final maturity or
acceleration;

     

    (5)           
the failure of the Company or any of the Guarantors to pay or otherwise
discharge or stay one or more judgments in an aggregate amount exceeding €30.0
million (which are not covered by indemnities or third party insurance as to
which the Person giving such indemnity or such insurer has not disclaimed
coverage) for a period of 60 continuous days after such judgments become final
and non-appealable;

     

    (6)           
the Company or any Restricted Subsidiary which is also a Significant Subsidiary
(A) commences a voluntary case or proceeding under any Bankruptcy Law with
respect to itself, (B) consents to the entry of a judgment, decree or order for
relief against it in an involuntary case or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    proceeding
under any Bankruptcy Law, (C) consents to the appointment of a custodian of it
or for substantially all of its property, (D) consents to or acquiesces in the
institution of a bankruptcy or an insolvency proceeding against it or (E) makes
a general assignment for the benefit of its creditors;

     

    (7)           
a court of competent jurisdiction enters a judgment, decree or order for relief
in respect of the Company or any Restricted Subsidiary which is also a
Significant Subsidiary in an involuntary case or proceeding under any Bankruptcy
Law, which shall (A) approve as properly filed a petition seeking
reorganization, arrangement, adjustment or composition in respect of the Company
or any Significant Subsidiary, (B) appoint a custodian of the Company or any
Significant Subsidiary or for substantially all of its property or (C) order the
winding-up or liquidation of its affairs; and such judgment, decree or order
shall remain unstayed and in effect for a period of 60 consecutive days;
or

     

    (8)           
the failure of any Guarantee of any Significant Subsidiary of the Company to be
in full force and effect (other than as provided in accordance with the terms of
such Guarantee and this Indenture) or any of the Guarantors denies its liability
under its Guarantee.

     

    Section
6.02                                
Acceleration.

     

    (a)           
If an Event of Default of the type described in Section 6.01(6) or (7) occurs
with respect to the Company and is continuing, then all unpaid principal of, and
premium, if any, and accrued and unpaid interest on all of the outstanding Notes
(including any Additional Notes subsequently issued under this Indenture) will
become immediately due and payable without further action or notice. If any
other Event of Default occurs and is continuing, then the Trustee or the Holders
of at least 25% in principal amount of outstanding Notes (including any
Additional Notes subsequently issued under this Indenture) may declare the
principal of and accrued interest on all the Notes to be due and payable by
notice in writing to the Company and the Trustee, which notice must also specify
that it is a "notice of acceleration."

     

    (b)           
At any time after a declaration of acceleration with respect to the Notes as
described in Section 6.02(a), the Holders of a majority in principal amount of
the Notes (including any Additional Notes) may rescind and cancel such
declaration and its consequences:

     

    (1)           
if the rescission would not conflict with any judgment or decree;

     

    (2)           
if all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of the acceleration;
and

     

    (3)           
to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise
than by such declaration of acceleration, has been paid;

     

    (4)           
if the Company has paid the Trustee its compensation and reimbursed the Trustee
for its properly incurred expenses, disbursements and advances; or

     

    (5)           
in the event of the cure or waiver of an Event of Default of the type described
in Section 6.01(6) or (7), the Trustee shall have received an Officer's
Certificate and an Opinion of Counsel that such Event of Default has been cured
or waived.

     

    No such
rescission shall affect any subsequent Default or impair any right consequent
thereto.

     

    Section
6.03                                
Other Remedies.
If an Event of Default occurs and is continuing, the Trustee may, or with
respect to the Collateral or otherwise in accordance with this Indenture may
direct the Security Agent to, pursue any available remedy by proceeding at law
or in equity to collect the payment of principal of, premium, if any, or accrued
and unpaid interest on the Notes or to enforce the performance of any provision
of the Notes or this Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
Trustee may, or may direct the Security Agent to, maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Note-holder in exercising
any right or remedy accruing upon an Event of Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative
to the extent permitted by law.

     

    Section
6.04                                
Waiver of Past
Defaults. Subject to Sections 6.07 and 9.02, the Holders of a majority in
aggregate principal amount of the Notes (including the aggregate principal
amount of any Additional Notes subsequently issued under this Indenture) by
notice to the Trustee may waive any existing Default or Event of Default
hereunder and its consequences, except a Default in the payment of the principal
of or interest on any Note as specified in clauses (1) and (2) of Section
6.01.

     

    Section
6.05                                
Control by
Majority. Subject to Section 2.09, the Holders of a majority in aggregate
principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power or may exercise any of the Trustee's powers.
Subject to the provisions of Section 7.01 and 7.02, the Trustee shall be under
no obligation to exercise any of its rights or powers under this Indenture at
the request, order or direction of any of the holders, unless such holders have
offered to the Trustee an indemnity and/or security to its satisfaction. The
Trustee may withhold from holders of the Notes notice of any continuing Default
or Event of Default (except a De-fault or Event of Default relating to the
payment of principal, premium or interest) if it determines that withholding
notice is in their interest.

     

    Prior to
taking any action hereunder, the Trustee shall be entitled to indemnification by
the Holders satisfactory to it in its sole discretion against all losses and
expenses caused by taking or not taking such action

     

    Section
6.06                                
Limitation on
Suits.  A Holder may not pursue any remedy with respect to this
Indenture or the Notes unless:

     

    (1)           
the Holder gives to the Trustee notice of a continuing Event of
Default;

     

    (2)           
Holders of at least 25% in aggregate principal amount of the then outstanding
Notes make a written request to the Trustee to pursue the remedy;

     

    (3)           
such Holders offer to the Trustee indemnity and/or security against any loss,
liability or expense to be incurred in compliance with such request which is
satisfactory to the Trustee;

     

    (4)           
the Trustee does not comply with the request within 45 days after receipt of the
request and the offer of satisfactory indemnity and/or security;
and

     

    (5)           
during such 45-day period the Holders of a majority in aggregate principal
amount of the then outstanding Notes do not give the Trustee a direction which,
in the opinion of the Trustee, is inconsistent with the request.

     

    A Holder
may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over such other Holder.

     

    Section
6.07                                
Rights of Holders To
Receive Payment. Notwithstanding any other provision of this In-denture,
the right of any Holder to receive payment of principal of, premium and interest
on a Note, on or after the respective due dates expressed in such Note, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such
Holder.

     

    Section
6.08                                
Collection Suit by
Trustee. If an Event of Default in payment of principal or interest
specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the
Trustee may, or may direct the Security Agent to, recover judgment in its own
name and as trustee of an express trust against the Company or any other obligor
on the Notes for the whole amount of principal and accrued interest remaining
unpaid, together with interest on overdue principal and, to the extent that
payment of such interest is lawful,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    interest
on overdue installments of interest at the rate set forth in the Notes and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

     

    Section
6.09                                
Trustee May File
Proofs of Claim. The Trustee may, or may direct the Security Agent to,
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
properly incurred compensation, expenses, taxes, disbursements and advances of
the Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relating to the Company or any other obligor upon the Notes, any of
their respective creditors or any of their respective property, and shall be
entitled and empowered to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same, and any
custodian in any such judicial proceedings is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for properly incurred compensation, expenses,
taxes, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07. The Company's payment
obligations under this Section 6.09 shall be secured in accordance with the
provisions of Section 7.07. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such
proceeding.

     

    Section
6.10                                
Priorities.
Subject at all times to the Intercreditor Agreement, if the Trustee procures the
collection of any money or property pursuant to this Article Six, it shall pay
out the money in the following order:

     

    First: to
the Trustee, its agents and attorneys for amounts due under Sections 6.09 and
7.07;

     

    Second:
if the Holders are forced to proceed against the Company directly without the
Trustee, to Holders for their collection costs;

     

    Third: to
Holders for amounts due and unpaid on the Notes for principal, premium, if any,
and interest, ratably, without preference or priority of any kind, according to
the amounts due and payable on the Notes for principal, premium, if any, and
interest, respectively; and

     

    Fourth:
to the Company or any other obligor on the Notes, as their interests may appear,
or as a court of competent jurisdiction may direct.

     

    The
Trustee, upon prior notice to the Company, may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.10.

     

    Section
6.11                                
Undertaking for
Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.06 or 6.07.

     

    Section
6.12 Expenses and
Services After an Event of Default. When the Trustee incurs expenses or
renders services after the occurrence of an Event of Default described in this
Article Six, the expenses and compensation for services are intended to
constitute expenses of administration under any bankruptcy law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
SEVEN

     

    TRUSTEE

     

    Section
7.01                                
Duties of
Trustee.

     

    (a)           
If a Default or an Event of Default has occurred and is continuing of which the
Trustee has actual knowledge, the Trustee shall exercise such rights and powers
vested in it by this Indenture subject to such rights or powers being qualified,
limited or otherwise affected by the provisions of the Intercreditor Agreement
and use the same degree of care and skill in its exercise thereof as a prudent
Person would exercise or use under the circumstances in the conduct of its own
affairs.

     

    (b)           
Except during the continuance of a Default or an Event of Default of which the
Trustee has actual knowledge:

     

    (1)           
The Trustee need perform only those duties as are specifically set forth in this
Indenture and no duties, covenants, responsibilities or obligations shall be
implied in this Indenture that are adverse to the Trustee; provided that, to the
extent that the duties of the Trustee under this Indenture and the Notes may be
qualified, limited or otherwise affected by the Intercreditor Agreement, the
Trustee shall be required to perform those duties only as so qualified, limited
or affected and shall be held harmless and shall not incur any liabilities to
any person of any kind for so acting.

     

    (2)           
In the absence of bad faith on its part, the Trustee may rely absolutely,
without further inquiry, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates (including Officer's
Certificates) or opinions (including Opinions of Counsel) furnished to the
Trustee even if such certificates contain a monetary limit and conforming to the
requirements of this Indenture. However, as to any certificates or opinions
which are required by any provision of this Indenture to be de-livered or
provided to the Trustee, the Trustee shall examine the certificates and opinions
to determine whether or not they conform to the requirements of this Indenture
but need not confirm or investigate the accuracy or mathematical calculations or
other facts stated therein or sufficiency or otherwise verify the contents
thereof.

     

    (c)           
Notwithstanding anything to the contrary herein contained, the Trustee may not
be relieved from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

     

    (1)           
This paragraph does not limit the effect of paragraph (b) of this Section
7.01.

     

    (2)           
The Trustee shall not be liable for any error of judgment made in good faith by
a Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts.

     

    (3)           
The Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to
Section 6.02, 6.04 or 6.05.

     

    (d) No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or other-wise incur any financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers if it
shall have reasonable grounds for believing that immediate repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     

    (e)           
Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), (c)
and (d) of this Section 7.01.

     

    (f)           
The Trustee shall not be liable for interest on any money or assets received by
it except as the Trustee may agree with the Company. Assets held in trust by the
Trustee need not be segregated from other assets except to the extent required
by law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
7.02                                
Rights of
Trustee. Subject to Section 7.01:

     

    (a)           
In the absence of bad faith, negligence or willful misconduct on the part of the
Trustee, the Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any document believed by it to be genuine
and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in the document, including without
limitation if such document contains a cap on liability or other monetary
limit.

     

    (b)           
Before the Trustee acts or refrains from acting, it may consult with counsel and
may re-quire an Officer's Certificate or an Opinion of Counsel or both, which
shall conform to Sections 14.04 and 14.05. The Trustee shall not be liable for
and shall be fully protected in respect of any action it takes or omits to take
in good faith in reliance on such Officer's Certificate, or an Opinion of
Counsel or advice of counsel.

     

    (c)           
The Trustee shall not be liable for any action that it takes or omits to take in
good faith that it reasonably believes to be authorized or within its rights or
powers conferred upon it by this Indenture or the Intercreditor
Agreement.

     

    (d)           
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate (including any Officer's
Certificate), statement, instrument, opinion (including any Opinion of Counsel),
notice, request, direction, consent, order, bond, debenture, or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled, upon reasonable notice to the Company and/or the Guarantor, to examine
the books, re-cords, and premises of the Company and/or the Guarantor,
personally or by agent or attorney at the sole cost of the Company.

     

    (e)           
The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Holders of the Notes pursuant to the pro-visions of this Indenture, unless such
Holders shall have offered to the Trustee security or indemnity to its
satisfaction against the costs, expenses and liabilities which may be incurred
by it in compliance with such request, order or direction.

     

    (f)           
The Trustee may consult with counsel of its selection, and the advice or opinion
of counsel with respect to legal matters relating to this Indenture and the
Notes shall be full and complete authorization and protection from liability
with respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel.

     

    (g)           
The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

     

    (h)           
The permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as a duty and, in any event, the Trustee will not be
answerable other than in respect of negligence or willful
misconduct.

     

    (i)           
The Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents, attorneys or
independent contractors and the Trustee will not be responsible for any
misconduct or negligence on the part of any agent, attorney or independent
con-tractor appointed with due care by it hereunder.

     

    (j)           
The Trustee shall not be deemed to have notice of any Default or Event of
Default unless the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a de-fault is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Notes and
this Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (k)           
The Trustee may assume without inquiry, in the absence of actual knowledge, that
the Company and any Guarantor is each duly complying with its obligations
contained in this Indenture required to be performed and observed by it, and
that no Default or Event of Default or other event which would require repayment
of the Notes has occurred.

     

    (1)           
The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder and under the Intercreditor Agreement, and with respect to the
Collateral, the Security Agent, and to each agent (including The Bank of New
York and AIB/BNY Fund Management (Ireland) Limited), Custodian and other Person
employed to act hereunder. Each Paying Agent, Transfer Agent, Registrar and the
Security Agent shall not be liable for acting in good faith on instructions
believed by it to be genuine and from the proper party.

     

    (m)           
The Trustee may request that the Company deliver an incumbency certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which incumbency
certificate may be signed by any Person authorized to sign an incumbency
certificate, including any Person as so authorized in any such certificate
previously delivered and not superseded.

     

    (n)           
Except with respect to Section 4.01, the Trustee shall have no duty to inquire
as to the performance of the Company or any Guarantor with respect to the
covenants contained in Article Four. Delivery of reports, information and
documents to the Trustee under Section 4.09 is for informational purposes only
and the Trustee's receipt of the foregoing shall not constitute constructive
notice of any information contained therein or determinable from information
contained therein, including the Company's compliance with any of their
covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officer's Certificates).

     

    (o)           
The Trustee shall not have any obligation or duty to monitor, determine or
inquire as to compliance, and shall not be responsible or liable for compliance
with restrictions on transfer, exchange, redemption, purchase or repurchase, as
applicable, of minimum denominations imposed under this Indenture or under
applicable law or regulation with respect to any transfer, exchange, redemption,
purchase or repurchase, as applicable, of any interest in any
Notes.

     

    (p)           
The Trustee will not be liable to any person if prevented or delayed in
performing any of its obligations or discretionary functions under this
Indenture by reason of:

     

    (i)           
any present or future law applicable to it, by any governmental or regulatory
authority; or

     

    (ii)           
or arising out of, or caused by, directly or indirectly without limitation,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God; it being understood that the
Trustee shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable
under the circumstances;

     

    (q)           
If any Guarantor is substituted to make payments on behalf of the Company
pursuant to Article Eleven, the Company shall promptly notify the Trustee of
such substitution.

     

    Section
7.03                                
Individual Rights of
Trustee. The Trustee in its individual or any other capacity may be-come
the owner or pledgee of Notes and may otherwise deal with the Company, any
Restricted or Unrestricted Subsidiary, or their respective Affiliates, with the
same rights it would have if it were not Trustee. Any Agent, Registrar or
Custodian may do the same with like rights. However, the Trustee must comply
with Section 7.10.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
7.04 Trustee's
Disclaimer. The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Notes, and it shall not be accountable for the
Company's use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Company in this Indenture or the Notes other than the
certificate of authentication.

     

    Section
7.05 Notice of
Default. If a Default or an Event of Default occurs and is continuing and
if the Trustee has actual knowledge of such Default or Event of Default, the
Trustee shall mail to each Noteholder notice of the uncured Default or Event of
Default on the later of (i) 60 days after such Default or Event of Default
occurs or (ii) 10 days after the Trustee has actual knowledge of such Default or
Event of Default. Except in the case of a De-fault or an Event of Default in the
payment of interest or principal of, premium or interest on, any Note, including
an accelerated payment and the failure to make payment on the Change of Control
Payment Date pursuant to a Change of Control Offer or on a Net Proceeds Offer
Payment Date pursuant to a Net Proceeds Offer and, except in the case of a
failure to comply with Article Five, the Trustee may withhold the notice if and
so long as its Responsible Officer(s) in good faith determines that withholding
the notice is in the interest of the Holders. The Trustee shall not be deemed to
have knowledge of a Default or Event of Default other than any Default or Event
of Default of which a Trust Officer shall have received written notification or
the Trustee shall have obtained actual knowledge. During the existence of an
Event of Default, the Trustee will exercise such rights and powers vested in it
by this Indenture, and use the same degree of care and skill in its exercise as
a prudent Person would exercise or use under the circumstances in the conduct of
his own affairs, subject to such rights or powers being qualified, limited or
otherwise affected by the provisions of the Intercreditor
Agreement.

     

    Section
7.06                                
[Intentionally
Omitted].

     

    Section
7.07                                
Compensation and
Indemnity. The Company, failing which the Guarantors jointly and
severally, shall pay to the Trustee from time to time, and the Trustee shall be
entitled to, such compensation as may be agreed upon by the Company and the
Trustee. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company, failing which the
Guarantors jointly and severally, shall reimburse the Trustee promptly upon
request for all properly incurred out-of-pocket expenses, disbursements and
advances incurred or made by it in connection with the performance of its duties
and the discharge of its obligations under this Indenture. Such expenses shall
include the properly incurred fees and expenses of the Trustee's agents and
counsel.

     

    The
Company, failing which the Guarantors jointly and severally, shall indemnify the
Trustee and its agents, employees, officers, stockholders and directors for, and
hold them harmless against, any loss, liability or expense including taxes
(other than taxes based on the income of the Trustee) and properly incurred
attorneys' fees and expenses incurred by them except for such actions to the
extent caused by any negligence, bad faith or willful misconduct on their part,
arising out of or in connection with the acceptance or administration of this
trust including properly incurred costs and expenses of defending themselves
against or investigating any claim (whether asserted by the Company, and Holder
or any other Person) or liability in connection with the exercise or performance
of any of the Trustee's rights, powers or duties hereunder. The Trustee shall
notify the Company promptly of any claim asserted against the Trustee or any of
its agents, employees, officers, stockholders and directors for which it may
seek indemnity. Failure by the Company to so notify the Trustee shall not
relieve the Company of its obligations hereunder. The Company shall defend the
claim and the Trustee shall cooperate in the defense at the Company's expense.
The Trustee and its agents, employees, officers, stockholders and directors
subject to the claim may have separate counsel and the Company shall pay the
properly incurred fees and expenses of such counsel; provided,however, that the
Company will not be required to pay such fees and expenses if it assumes the
Trustee's defense and there is no conflict of interest between the Company and
the Trustee and its agents, employees, officers, stock-holders and directors
subject to the claim in connection with such defense as determined by the
Trustee; provided,further, that, unless
the Company otherwise agrees in writing, the Company shall not be liable to pay
the fees and expenses of more than one counsel at any given time located within
one particular jurisdiction. The Company need not pay for any settlement made
without its written consent which consent shall not be unreasonably withheld.
The Company need not reimburse any expense or indemnify against any loss or
liability to the extent incurred by the Trustee through its negligence, bad
faith or willful misconduct.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    To secure
the Company's and the Guarantor's payment obligations in this Section 7.07, the
Trustee and the Agents, the Security Agent, the Registrar and the Custodian
shall have a lien prior to the Notes on all assets or money held or collected by
the Trustee, in its capacity as Trustee, except assets or money held in trust to
pay principal of or interest on particular Notes.

     

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(6) or (7) occurs, such expenses (including the properly incurred
charges and expenses of its counsel) and the compensation for such services are
intended to constitute expenses of administration and shall be paid to the
extent allowed under any Bankruptcy Law.

     

    The
provisions of this Section shall survive the termination of this Indenture, any
rejection or termination of this Indenture under any Bankruptcy Law or the
resignation or removal of the Trustee.

     

    Section
7.08                                
Replacement of
Trustee. The Trustee may resign at any time for any reason or no reason
by so notifying the Company in writing at least 30 days in advance. The Holders
of a majority in principal amount of the outstanding Notes may remove the
Trustee by so notifying the Company and the Trustee and may appoint a successor
Trustee with the Company's consent. A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only with the
successor Trustee's acceptance of appointment as provided in this Section. The
Company may remove the Trustee if:

     

    (1)           
the Trustee fails to comply with Section 7.10;

     

    (2)           
the Trustee is adjudged bankrupt or insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law;

     

    (3)           
a receiver or other public officer takes charge of the Trustee or its property;
or

     

    (4)           
the Trustee becomes incapable of acting.

     

    If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Company shall notify each Holder of such event and shall
promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the Notes
may appoint a successor Trustee to replace the successor Trustee appointed by
the Company.

     

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Promptly after that, the retiring Trustee
shall transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided in Section 7.07 being paid, the resignation or
removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. A successor Trustee shall mail notice of its succession to each
Holder.

     

    If a
successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at
least 10% in aggregate principal amount of the outstanding Notes may petition
any court of competent jurisdiction for the appointment of a successor
Trustee.

     

    If the
Trustee fails to comply with Section 7.10, any Holder may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

     

    Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Company's
obligations under Section 7.07 shall continue for the benefit of the retiring
Trustee.

     

    Section
7.09                                
Successor Trustee by
Merger, Etc. If the Trustee consolidates with, merges or converts into,
or transfers all or substantially all of its corporate trust business to,
another corporation, the resulting, surviving or transferee corporation without
any further act shall, if such resulting, surviving or transferee corporation is
other-wise eligible hereunder, be the successor Trustee; provided,however, that such
corporation shall be otherwise qualified and eligible under this Article
Seven.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
7.10                                
Eligibility;
Disqualification. The Trustee (or in the case of a corporation included
in a bank holding company system, the related bank holding company) shall at all
times have a combined capital and surplus of at least $100,000,000 as set forth
in its most recent published annual report of condition.

     

    Section
7.11                                
[Intentionally
Omitted].

     

    Section
7.12                                
Appointment of
Co-Trustee.

     

    (a)           
It is intended that this Indenture shall result in no violation of any law of
any jurisdiction denying or restricting the right of banking corporations or
associations to transact business as trustee in such jurisdiction. It is
recognized that in case of litigation under this Indenture, and in particular in
case of the enforcement thereof on default, or in the case the Trustee deems
that by reason of any present or future law of any jurisdiction it may not
exercise any of the powers, rights or remedies herein granted to the Trustee as
herein granted or hold title to the properties, in trust, or take any action
which may be desirable or necessary in connection therewith, it may be necessary
that the Trustee appoint an individual or institution as a separate or
co-trustee. The following provisions of this Section 7.12 are adopted to these
ends.

     

    (b)           
In the event that the Trustee appoints an additional individual or institution
as a separate or co-trustee, each and every remedy, power, right, claim, demand,
cause of action, immunity, estate, title, interest and lien expressed or
intended by this Indenture to be exercised or vested in or conveyed to the
Trustee with respect thereto shall be exercisable by and vest in such separate
or co-trustee but only to the extent necessary to enable such separate or
co-trustee to exercise such powers, rights and remedies, and only to the extent
that the Trustee by the laws of any jurisdiction is incapable of exercising such
powers, rights and remedies, and every covenant and obligation necessary to the
exercise thereof by such separate or co-trustee shall run to and be enforceable
by either of them.

     

    (c)           
Should any instrument in writing from the Company be required by the separate or
co-trustee so appointed by the Trustee for more fully and certainly vesting in
and confirming to him or it such properties, rights, powers, trusts, duties and
obligations, any and all such instruments in writing shall, on request, be
executed, acknowledged and delivered by the Company; provided that if an
Event of Default shall have occurred and be continuing, if the Company does not
execute any such instrument within 15 days after request therefor, the Trustee
shall be empowered as an attorney-in-fact for the Company to execute any such
instrument in the Company's name and stead. In case any separate or co-trustee
or a successor to either shall become incapable of acting, resign or be
re-moved, all the estates, properties, rights, powers, trusts, duties and
obligations of such separate or co-trustee, so far as permitted by law, shall
vest in and be exercised by the Trustee until the appointment of a new trustee
or successor to such separate or co-trustee.

     

    (d)           
Each separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and
conditions:

     

    (i)           
all rights and powers, conferred or imposed upon the Trustee shall be conferred
or imposed upon and may be exercised or performed by such separate trustee or
co-trustee; and

     

    (ii)           
no trustee hereunder shall be liable by reason of any act or omission of any
other trustee hereunder.

     

    (e) Any
notice, request or other writing given to the Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees, as effectively
as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article
Seven.

     

    (f)           
Any separate trustee or co-trustee may at any time appoint the Trustee as its
agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name. If any separate trustee or co-trustee shall become
incapable of acting, re-signed or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to
the extent permitted by law, without the appointment of a new trustee or
successor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
7.13                                
Collateral.

     

    (a)           
At any time that the Collateral granted pursuant to the Security Documents has
become enforce-able and the Holders have given a direction to the Trustee to
enforce such Collateral, the Trustee is not required to give any direction to
the Security Agent with respect thereto unless it has been indemnified in
accordance with Section 7.07 where the Trustee has grounds to believe it would
incur any liability. In any event, in connection with any enforcement of such
Collateral, the Trustee is not responsible for:

     

    (1)           
any failure of the Security Agent to enforce such security within a reasonable
time or at all;

     

    (2)           
any failure of the Security Agent to pay over the proceeds of enforcement of the
Collateral

     

    (3)           
any failure of the Security Agent to realize such security for the best price
obtainable;

     

    (4)           
monitoring the activities of the Security Agent in relation to such
enforcement;

     

    (5)           
taking any enforcement action itself in relation to such
Collateral;

     

    (6)           
agreeing to any proposed course of action by the Security Agent which could
result in the Trustee incurring any liability for its own account;
or

     

    (7)           
paying any fees, costs or expenses of the Security Agent.

     

    (b)           
Anything in this Indenture to the contrary notwithstanding, in no event shall
the Trustee be liable for special, indirect, or consequential loss or damage of
any kind whatsoever (including but not limited to loss of business, goodwill,
opportunity or profits), even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

     

    (c)           
Each Holder by accepting a Note authorizes and directs on his or her own behalf
the Trustee to enter into and to take such actions and to make such
acknowledgements as are set forth in this Indenture and the Inter-creditor
Agreement or other documents entered into in connection therewith.

     

    (d)           
The Trustee shall not be responsible for the legality, validity, effectiveness,
suitability, adequacy or enforceability of any of the Security Documents or any
obligation or rights created or purported to be created thereby or pursuant
thereto or any security or the priority thereof constituted or purported to be
constituted thereby or pursuant thereto, nor shall it be responsible or liable
to any person because of any invalidity of any provision of such documents or
the unenforceability thereof, whether arising from statute, law or decision of
any court. The Trustee shall be under no obligation to monitor or supervise the
functions of the Security Agent under the Security Documents and shall be
entitled to assume that the Security Agent is properly performing its functions
and obligations thereunder and the Trustee shall not be responsible for any
diminution in the value of or loss occasioned to the assets subject thereto by
reason of the act or omission by the Security Agent in relation to its functions
thereunder. The Trustee shall have no responsibility whatsoever to the Company,
any Guarantor or any Holder regarding any deficiency which might arise because
the Trustee is subject to any tax in respect of the Security Documents, the
Col-lateral created thereby or any part thereof or any income therefrom or any
proceeds thereof.

     

    ARTICLE
EIGHT

     

    DISCHARGE
OF INDENTURE; DEFEASANCE

     

    Section
8.01                                
Termination of the
Company's Obligations. As to either series of Notes this Indenture will
be Discharged and will cease to be of further effect and the obligations of the
Company and the Guarantors under the Notes of such series and the Guarantees and
this Indenture shall terminate with respect to such series (except that the
obligations under Sections 2.03 through 2.07, 7.01, 7.02, 7.07 and 7.08 and the
rights, powers, trusts, duties and immunities of the Trustee hereunder shall
survive the effect of this Article

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Eight)
when (a) either (i) all existing Notes with respect to such series, theretofore
authenticated and delivered (except lost, stolen or destroyed Notes which have
been replaced or paid and Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust) have been delivered to the
Trustee for cancellation or (ii) all Notes of such series not theretofore
delivered to the Trustee for cancellation have become due and payable or will
become due and payable within one year (including by way of irrevocable
instructions delivered by the Company to the Trustee to effect the redemption of
the Notes), and the Company has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the Holders
of such Notes, cash in U.S. dollars, U.S. Government Obligations in the case of
Dollar Notes and/or euro or Euro Obligations in the case of Euro Notes or a
combination thereof, in amounts as will be sufficient without consideration of
any reinvestment of interest to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation, for principal
of, premium, if any, and interest on the Notes to the date of deposit together
with irrevocable instructions from the Company directing the Trustee to apply
such Funds to the payment thereof at maturity or redemption, as the case may be;
(b) the Company has paid all other sums payable under this Indenture by the
Company with respect to the Notes of such series; and (c) the Company has
delivered to the Trustee an Officer's Certificate and an Opinion of Counsel
stating that all conditions precedent under this Indenture relating to the
satisfaction and discharge of this Indenture with respect to the Notes of such
series have been complied with. All funds that remain unclaimed for one year
will be paid to the Company and there-after Holders must look to the Company for
payment as general creditors.

     

    In
addition, at the Company's option, either (a) the Company shall be deemed to
have been Discharged from any and all obligations with respect to the Notes and
the Guarantees ("Legal
Defeasance") after the applicable conditions set forth below have been
satisfied (except for the obligations of the Company under Sections 2.03, 2.04,
2.06, 2.07, 7.01, 7.02, 7.07 and this Section 8.01) or (b) the Company and its
Restricted Subsidiaries shall cease to be under any obligation to comply with
any term, provision or condition set forth in Sections 4.03, 4.09 and 4.11
through 4.23 and Section 5.01 and thereafter any omission to comply with such
obligations shall not constitute a Default or Event of Default with respect to
the Notes ("Covenant
Defeasance") after the applicable conditions set forth below have been
satisfied:

     

    (1)           
the Company must irrevocably deposit with the Trustee in trust, for the benefit
of the Holders (i) with respect to Dollar Notes, cash in U.S. Dollars or
non-callable U.S. government obligations and (ii) with respect to Euro Notes,
euro or Euro Obligations, in such amounts as will be sufficient, in the opinion
of a nationally recognized firm of independent public accountants, to pay the
principal of, premium, if any, and interest on the Notes on the stated date for
payment thereof or on an applicable redemption date;

     

    (2)           
in the case of Legal Defeasance, the Company shall have delivered to the Trustee
an Opinion of Counsel in the United States of America reasonably acceptable to
the Trustee confirming that

     

    (i)           
the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or

     

    (ii)           
since the Issue Date, there has been a change in the applicable United States
federal income tax law,

     

    in either
case, to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for United States federal income tax purposes as a result of such
Legal Defeasance and will be subject to United States federal income tax on the
same amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred; provided, however, such Opinion
of Counsel shall not be required if all the Notes will become due and payable on
the Maturity Date within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee;

     

    (3)           
in the case of Covenant Defeasance, the Company shall have delivered to the
Trustee an Opinion of Counsel in the United States of America reasonably
acceptable to the Trustee confirming that the

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Holders
of the outstanding Notes will not recognize income, gain or loss for United
States federal in-come tax purposes as a result of such Covenant Defeasance and
will be subject to United States federal in-come tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

     

    (4)           
no Event of Default or Default shall have occurred and be continuing on the date
of such deposit (other than any Default arising from the substantially
contemporaneous incurrence of Indebtedness to fund the deposit described above
in clause (1)) or insofar as Events of Default of the type described in Section
6.01(6) or (7) are concerned, at any time in the period ending on the 91st day
after the date of de-posit;

     

    (5)           
such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under this Indenture (other than any
Default arising from the substantially contemporaneous incurrence of
Indebtedness to fund the deposit described above in clause (1)) or any other
material agreement or instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is
bound;

     

    (6)           
the Company shall have delivered to the Trustee an Officer's Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Notes over any other creditors of the Company or with the intent
of defeating, hindering, delaying or defrauding any other creditors of the
Company or others;

     

    (7)           
the Company shall have delivered to the Trustee an Officer's Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or
relating to the Legal Defeasance or the Covenant Defeasance have been complied
with;

     

    (8)           
the Company shall have delivered to the Trustee an Opinion of Counsel, to the
effect that either (i) the Company has assigned all its ownership interest in
the trust funds to the Trustee or (ii) the Trustee has a valid perfected
security interest in the trust funds; and

     

    (9)           
the Company delivers to the Trustee all other documents or other information
that the Trustee may reasonably require in connection with either defeasance
option.

     

    Section
8.02                                
Acknowledgment of
Discharge by Trustee. Subject to Section 8.05, after (i) the conditions
of Section 8.01, have been satisfied and (ii) the Company has delivered to the
Trustee an Opinion of Counsel, stating that all conditions precedent referred to
in clause (i) above relating to the satisfaction and discharge of this Indenture
have been complied with, the Trustee upon written request of the Company shall
acknowledge in writing the discharge of the Company's obligations under this
Indenture except for those surviving obligations specified in this Article
Eight.

     

    Section
8.03                                
Application of Trust
Money. The Trustee shall hold in trust Funds deposited with it pursuant
to Section 8.01. It shall apply the Funds through the Paying Agent and in
accordance with this Indenture to the payment of all the principal of, or
premium, if any, and interest on the Notes.

     

    Section
8.04                                
Repayment to the
Company. The Trustee and the Paying Agent shall promptly pay to the
Company any Funds held by them for the payment of all the principal of, or
premium, if any, and interest that re-mains unclaimed for one year; provided,however, that the
Trustee or such Paying Agent may, at the expense of the Company, cause to be
published once in a newspaper of general circulation in the City of New York or
mailed to each Holder, notice that such Funds remain unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication or mailing, any unclaimed balance of such Funds then remaining
will be repaid to the Company. After payment to the Company, Holders entitled to
the Funds must look to the Company for payment as general unsecured creditors
unless an applicable abandoned property law designates another Person and all
liability of the Trustee and Paying Agent with respect to such Funds shall
cease. The Company and the Guarantors jointly and severally shall indemnify the
Trustee to its satisfaction against any liabilities including any tax, fee or
other charge imposed or assessed against such Funds or the principal and
interest received on such Funds.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
8.05                                
Reinstatement.
If the Trustee or Paying Agent is unable to apply any Funds by reason of any
legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, re-straining or otherwise prohibiting such
application, the Company's obligations under this Indenture and the Notes shall
be revived and reinstated as though no deposit had occurred pursuant to Section
8.01 until such time as the Trustee or Paying Agent is permitted to apply all
such Funds in accordance with Section 8.01; provided,however, that if the
Company has made any payment of principal, or premium, if any, and interest on
any Notes because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from Funds held by the Trustee or Paying Agent.

     

    ARTICLE
NINE

     

    AMENDMENTS,
SUPPLEMENTS AND WAIVERS

     

    Section
9.01                                
Without Consent of
Holders. The Company, when authorized by a Board Resolution, the
Guarantors and the Trustee, together, may amend or supplement this Indenture,
the Notes, the Guarantees, the Inter-creditor Agreement or the Security
Documents by written agreement without the consent of any Holders
to:

     

    (1)           
to cure any ambiguity, omission, defect or inconsistency;

     

    (2)           
provide for the assumption of the Company's or any Guarantor's obligations to
Holders of Notes in the case of a merger or consolidation or sale of all or
substantially all of the Company's assets;

     

    (3)           
provide for uncertificated Notes in addition to or in place of certificated
Notes;

     

    (4)           
to add any person as a Guarantor of the Notes or secure the Notes or the
Guarantees or to provide for the release of any Guarantor of the Notes or any
security for the benefit of the Notes or the Guarantees in accordance with this
Indenture;

     

    (5)           
to conform the text of this Indenture, the Notes, the Guarantees, the
Intercreditor Agreement or the Security Documents to any provision of the
"Description of Notes" in the Offering Memorandum to the extent such provision
of the "Description of Notes" in the Offering Memorandum was intended to be a
verbatim recitation of a provision of this Indenture, the Notes, the Guarantees,
the Intercreditor Agreement or the Security Documents;

     

    (6)           
to evidence and provide the acceptance of the appointment of a successor
Trustee, Registrar, Paying Agent, Transfer Agent, Listing Agent or Security
Agent under this Indenture;

     

    (7)           
to provide for the issuance of Additional Notes under this Indenture in
accordance with the limitations set forth in this Indenture;

     

    (8)           
to mortgage, pledge, hypothecate or grant a security interest in favor of the
Security Agent or Trustee, as the case may be, (i) for the benefit of the
Holders of the Notes, as additional security for the payment and performance of
the Company's or any Guarantor's obligations under the Notes and this Indenture
or (ii) for the benefit of the holders of Designated Senior Debt or parties to
Credit Facilities, the Australian Credit Facilities and the Hong Kong Facility,
in each case in any property, or assets, pursuant to this Indenture or otherwise
and not prohibited under this Indenture;

     

    (9)           
to the extent necessary to provide for the granting of a security interest for
the benefit of any person, provided that the granting of such security interest
is not prohibited under this Indenture;

     

    (10)           
to comply with the rules of any applicable securities depositary;

     

    (11)           
to amend the Intercreditor Agreement in accordance with clause 37 thereof,
or

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (12)           
to make any change that would provide any additional benefit or rights to the
Holders or that does not adversely affect in any material respect the legal
rights of any Noteholders hereunder; provided,however, that the
Company has delivered to the Trustee an Opinion of Counsel and an Officer's
Certificate, each stating that such amendment or supplement complies with the
provisions of this Section 9.01.

     

    Section
9.02                                
With Consent of
Holders. Subject to Section 6.07, the Company, when authorized by a Board
Resolution, the Guarantors and the Trustee, together, with the written consent
(including any electronic communication thereof by a Depositary) of the Holder
or Holders of at least a majority in principal amount of the then outstanding
Notes (including the aggregate principal amount of any Additional Notes
subsequently issued under this Indenture) of each series affected thereby
(voting as a separate class) may make all other modifications, waivers and
amendments of this Indenture, the Notes, the Guarantees, the Intercreditor
Agreement or the Security Documents, except that, without the consent of Holders
owning 90% of the aggregate principal amount of the Notes then out-standing of a
series affected, no amendment and waiver may, directly or
indirectly:

     

    (1)           
reduce the amount of such Notes whose Holders must consent to an
amendment;

     

    (2)           
reduce the rate of or change the time for payment of interest, including
defaulted interest, on such Notes;

     

    (3)           
reduce the principal of or change the fixed maturity of such Notes, or change
the date on which such Notes may be subject to redemption or repurchase, or
reduce the redemption or repurchase price thereof for such Notes;

     

    (4)           
make such Notes payable in money other than that stated in the Notes and this
Indenture;

     

    (5)           
make any change in provisions of this Indenture or the Notes relating to the
rights of each Holder of such Notes to receive payment of principal of and
interest on the Notes or permitting Holders of a majority in principal amount of
such Notes to waive Defaults or Events of Default;

     

    (6)           
amend, change or modify any provision of this Indenture that would amend, change
or modify in any material respect the obligation of the Company to make and
complete a Change of Control Offer in the event of a Change of Control that has
occurred or make and complete a Net Proceeds Offer with respect to any Asset
Sale that has been consummated;

     

    (7)           
modify or change any provision of this Indenture affecting the subordination or
ranking of such Notes or any Guarantee in a manner which adversely affects the
Holders; or

     

    (8)           
release any Guarantor from any of its obligations under its Guarantee or this
Indenture otherwise than in accordance with the terms of this
Indenture.

     

    Notwithstanding
any provision to the contrary, if any amendment, waiver or other modification
will only effect the Dollar Notes or the Euro Notes, only the consent of the
holders of at least a majority in principal amount of the Dollar Notes or the
Euro Notes, as the case may be, shall be required.

     

    It shall
not be necessary for the consent of the Holders under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but
it shall be sufficient if such consent approves the sub-stance
thereof.

     

    After an
amendment, supplement or waiver under this Section 9.02 becomes effective (as
provided in Section 9.04), the Company shall mail to the Holders affected
thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

     

    Section
9.03                                
[Intentionally
Omitted].

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
9.04                                
Revocation and Effect
of Consents. Until an amendment, waiver or supplement becomes effective
in accordance with this Indenture, a consent to it by a Holder is a continuing
consent by the Holder and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder's Note, even if notation
of the consent is not made on any Note. Subject to the following paragraph, any
such Holder or subsequent Holder may revoke the consent as to his Note or
portion of his Note by notice to the Trustee or the Company received before the
date on which the Trustee receives an Officer's Certificate certifying that the
Holders of the requisite principal amount of Notes have consented (and not
theretofore revoked such consent) to the amendment, supplement or waiver (at
which time such amendment, supplement or waiver shall become
effective).

     

    The
Company may, but shall not be obligated to, fix such record date as it may
select for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver. If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only those
Persons, shall be entitled to revoke any consent previously given, whether or
not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record
date.

     

    After an
amendment, supplement or waiver becomes effective, it shall bind every Holder,
unless it makes a change described in any of clauses (1) through (8) of Section
9.02, in which case, the amendment, supplement or waiver shall bind only each
Holder of a Note who has consented to it and every subsequent Holder of a Note
or portion of a Note that evidences the same debt as a consenting Holder's Note;
provided,however, that any
such waiver shall not impair or affect the right of any Holder to receive
payment of principal of and interest on a Note without the consent of such
Holder.

     

    Section
9.05 Notation on or
Exchange of Notes. If an amendment, supplement or waiver changes the
terms of a Note, the Trustee may require the Holder of the Note to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Note about the
changed terms and return it to the Holder. Alternatively, if the Company or the
Trustee so determines, the Company in exchange for the Note shall issue and the
Trustee shall authenticate a new Note that reflects the changed
terms.

     

    Section
9.06                                
Trustee To Sign
Amendments, Etc. The Trustee shall execute any amendment, supplement or
waiver authorized pursuant to and adopted in accordance with this Article Nine;
provided,however, that the
Trustee may, but shall not be obligated to, execute any such amendment,
supplement or waiver which affects the Trustee's own rights, duties, liabilities
or immunities under this Indenture. The Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Opinion of Counsel and an
Officer's Certificate each stating that the execution of any amendment,
supplement or waiver authorized pursuant to this Article Nine is authorized or
permitted by this Indenture. Such Opinion of Counsel shall not be an expense of
the Trustee.

     

    ARTICLE
TEN

     

    [INTENTIONALLY
OMITTED]

     

    ARTICLE
ELEVEN

     

    GUARANTEE
OF NOTES

     

    Section
11.01                                
Unconditional
Guarantee. Subject to the provisions of Articles Eleven and Twelve and
the Intercreditor Agreement, each of the Guarantors hereby, jointly and
severally, unconditionally and irrevocably guarantees, on a senior subordinated
basis (such guarantees to be referred to herein as the "Guarantee") to each
Holder of a Note (including any Additional Notes upon issuance in accordance
with Section 2.18) authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforce-ability
of this Indenture, the Notes or the Obligations of the Company or any other
Guarantors to the Holders or the Trustee hereunder or thereunder, that: (a) the
principal of, premium, if any, and interest on the Notes (and any interest
accrued pursuant to Section 2.12 or Supplemental Interest accrued pursuant to
Section 4.19(c) payable thereon) shall be duly and punctually paid in full when
due, whether at maturity, upon redemption at the option of Holders pursuant to
the provisions of the Notes relating thereto, by acceleration or otherwise, and
interest on the overdue

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    principal
and (to the extent permitted by law) interest, if any, on the Notes and all
other obligations of the Company or the Guarantors to the Holders or the Trustee
hereunder or thereunder (including amounts due the Trustee under Section 7.07)
and all other payment obligations shall be promptly paid in full or performed,
all in accordance with the terms hereof and thereof; and (b) in case of any
extension of time of payment or renewal of any Notes or any of such other
obligations, the same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at maturity, by
acceleration or otherwise. Failing payment when due of any amount so guaranteed,
or failing performance of any other obligation of the Company to the Holders
under this In-denture or under the Notes, for whatever reason, each Guarantor
shall be obligated to pay, or to perform or cause the performance of, the same
immediately. An Event of Default under this Indenture or the Notes shall
constitute an event of default under this Guarantee, and shall entitle the
Holders of Notes to accelerate the obligations of the Guarantors hereunder in
the same manner and to the same extent as the Obligations of the Company subject
to the Intercreditor Agreement.

     

    Each of
the Guarantors hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes or any other Obligations with
respect to any provisions hereof or thereof, any release of any other Guarantor,
the recovery of any judgment against the Company, any action to en-force the
same, whether or not a Guarantee is affixed to any particular Note, or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a Guarantor. Each of the Guarantors hereby waives the benefit of
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that its Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes, this Indenture and this
Guarantee. This Guarantee is a guarantee of payment and not of collection. If
any Holder or the Trustee is required by any court or otherwise to return to the
Company or to any Guarantor, or any custodian, trustee, liquidator or other
similar official acting in relation to the Company or such Guarantor, any amount
paid by the Company or such Guarantor to the Trustee or such Holder, this
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. Each Guarantor further agrees that, as between it, on the one
hand, and the Holders of Notes and the Trustee, on the other hand, (a) subject
to Articles Eleven and Twelve and the Intercreditor Agreement, the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article Six
for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (b) in the event of any acceleration of such obligations
as provided in Article Six , such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this
Guarantee.

     

    Each
Guarantor that makes a payment or distribution under its Guarantee shall be
entitled to a contribution from each other Guarantor in an amount pro rata,
based on the net assets of each Guarantor, determined in accordance with
GAAP.

     

    Section
11.02                                
Limitations on
Guarantees. The obligations of each Guarantor under its Guarantee are
limited to the maximum amount which, after giving effect to all other contingent
and fixed liabilities of such Guarantor and after giving effect to any
collections from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under its Guarantee or
pursuant to its contribution obligations under this Indenture, will result in
the obligations of such Guarantor under the Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under applicable law.

     

    Section
11.03                                
Execution and Delivery
of Additional Guarantees. Each Restricted Subsidiary that after the date
hereof executes a Guarantee, substantially in the form of Exhibit D hereto, shall
thereupon become a Guarantor for all purposes hereunder. Such Guarantee shall be
executed on behalf of each Guarantor by either manual or facsimile signature of
a duly authorized Officer of each Guarantor and written notice thereof shall be
provided to the Trustee upon execution.

     

    Each of
the Guarantors hereby agrees that its Guarantee set forth in Section 11.01 shall
remain in full force and effect until released in accordance with Section
11.04.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If an
Officer of a Guarantor whose signature is on this Indenture or a Guarantee no
longer holds that office at the time the Trustee authenticates the Note on which
such Guarantee is endorsed or at any time thereafter, such Guarantor's Guarantee
of such Note shall be valid nevertheless.

     

    Section
11.04                                
Release of a
Guarantor.

     

    (a)           
The obligations of any Guarantor under its Guarantee of the Notes will be
automatically and unconditionally released and discharged when any of the
following occurs:

     

    (1)           
upon the full and final payment and performance of all obligations of the
Company under this Indenture and the Notes;

     

    (2)           
any issuance, sale, exchange, transfer or other disposition (including, without
limitation, by way of merger, consolidation or otherwise), directly or
indirectly, of Capital Stock of such Guarantor (or any parent of such Guarantor)
to any Person that is not a Restricted Subsidiary of the Company that results in
such Guarantor ceasing to be a Subsidiary of the Company; provided that such
issuance, sale, exchange, transfer or other disposition is made in accordance
with the provisions of this Indenture;

     

    (3)           
a sale of all the Capital Stock of the applicable Guarantor (or any parent of
such Guarantor) pursuant to an Enforcement Sale in accordance with the
Intercreditor Agreement;

     

    (4)           
so long as no Default or Event of Default has occurred and is continuing such
Guarantor is unconditionally released and discharged from its liability with
respect to Indebtedness (a) in connection with which such Guarantee was executed
pursuant to Section 4.19 and (b) under the Senior Secured Credit Facilities, if
such Guarantor is a Guarantor as of the date hereof or a Requisite
Guarantor;

     

    (5)           
the designation of such Guarantor as an Unrestricted Subsidiary in accordance
with the provisions of this Indenture; or

     

    (6)           
the occurrence of Legal Defeasance or Covenant Defeasance in accordance with
this In-denture; or

     

    (7)           
in the event that the continued obligation of such Guarantor under its Guarantee
or the continued existence of such Guarantee will result in a violation of
applicable law that cannot be avoided or other-wise prevented through measures
reasonably available to the Company or such Guarantor; provided that all
Guarantees, if any, of the Senior Secured Credit Facilities by such Guarantor
are also released.

     

    (b)           
In connection with any transaction set forth in Section 11.04(a) above, the
Trustee shall receive an Officer's Certificate and an Opinion of Counsel
certifying as to the compliance with this Section 11.04; provided,however, that the
legal counsel delivering such Opinion of Counsel may rely as to matters of fact
on one or more Officer's Certificates of the Company or any
Guarantor.

     

    The
Trustee shall execute any documents reasonably requested by the Company or a
Guarantor in order to evidence the release of such Guarantor from its
obligations under its Guarantee endorsed on the Notes and under this Article
Eleven.

     

    Section
11.05                                
Waiver of
Subrogation. Until this Indenture is discharged and all of the Notes are
discharged and paid in full, each Guarantor hereby irrevocably waives and agrees
not to exercise any claim or other rights which it may now or hereafter acquire
against the Company that arise from the existence, payment, performance or
enforcement of the Company's obligations under the Notes or this Indenture and
such Guarantor's obligations under this Guarantee and this Indenture, in any
such instance including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, indemnification, and any right to
participate in any claim or remedy of the Holders against the Company, whether
or not such claim, remedy or right arises in equity, or under con-tract, statute
or common law, including, without limitation, the right to take or receive from
the Company, directly or indirectly, in cash or other property or by set-off or
in any other manner, payment or security on account of such claim or other
rights. If any amount shall be paid to

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    any
Guarantor in violation of the preceding sentence and any amounts owing to the
Trustee or the Holders of Notes under the Notes, this Indenture, or any other
document or instrument delivered under or in connection with such agreements or
instruments, shall not have been paid in full, such amount shall have been
deemed to have been paid to such Guarantor for the benefit of, and held in trust
for the benefit of, the Trustee or the Holders and shall forthwith be paid to
the Trustee for the benefit of itself or such Holders to be credited and applied
to the obligations in favor of the Trustee or the Holders, as the case may be,
whether matured or unmatured, in accordance with the terms of this Indenture.
Each Guarantor acknowledges that it will receive direct and indirect benefits
from the financing arrangements contemplated by this Indenture and that the
waiver set forth in this Section 11.05 is knowingly made in contemplation of
such benefits.

     

    Section
11.06                                
Immediate
Payment. Each Guarantor agrees to make immediate payment to the Trustee
for the benefit of the Holders of all Obligations under this Indenture and the
Notes owing or payable to the respective Holders upon receipt of a demand for
payment therefor by the Trustee to such Guarantor in writing.

     

    Section
11.07                                
No Set-Off.
Each payment to be made by a Guarantor hereunder in respect of the Obligations
hereunder shall be payable in the currency or currencies in which such
Obligations are denominated, and shall be made without set-off, defense,
counterclaim, reduction or diminution of any kind or nature.

     

    Section
11.08                                
Obligations
Absolute. The obligations of each Guarantor hereunder are and shall be
absolute and unconditional and any monies or amounts expressed to be owing or
payable by each Guarantor hereunder which may not be recoverable from such
Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor
as a primary obligor and principal debtor in respect thereof.

     

    Section
11.09                                
Obligations
Continuing. The obligations of each Guarantor hereunder shall be
continuing and shall remain in full force and effect until all the obligations
have been paid and satisfied in full. Each Guarantor agrees with the Trustee
that it will from time to time deliver to the Trustee suitable acknowledgments
of this continued liability hereunder and under any other instrument or
instruments in such form as counsel to the Trustee may advise and as will
prevent any action brought against it in respect of any default hereunder being
barred by any statute of limitations now or hereafter in force and, in the event
of the failure of a Guarantor so to do, it hereby irrevocably appoints the
Trustee the attorney and agent of such Guarantor to make, execute and deliver
such written acknowledgment or acknowledgments or other instruments as may from
time to time become necessary or advisable, in the judgment of the Trustee on
the advice of counsel, to fully maintain and keep in force the liability of such
Guarantor hereunder.

     

    Section
11.10                                
Obligations Not
Reduced. The obligations of each Guarantor hereunder shall not be
satisfied, reduced or discharged solely by the payment of such principal,
premium, if any, interest, fees and other monies or amounts as may at any time
prior to discharge of this Indenture pursuant to Article Eight be or become
owing or payable under or by virtue of or otherwise in connection with the Notes
or this Indenture.

     

    Section
11.11                                
Obligations
Reinstated. The obligations of each Guarantor hereunder shall continue to
be effective or shall be reinstated, as the case may be, if at any time any
payment which would otherwise have reduced the obligations of any Guarantor
hereunder (whether such payment shall have been made by or on behalf of the
Company or by or on behalf of a Guarantor) is rescinded or reclaimed from any of
the Holders upon the insolvency, bankruptcy, liquidation or reorganization of
the Company or any Guarantor or otherwise, all as though such payment had not
been made. If demand for, or acceleration of the time for, payment by the
Company is stayed upon the insolvency, bankruptcy, liquidation or reorganization
of the Company, all such Indebtedness otherwise subject to demand for payment or
acceleration shall nonetheless be payable by each Guarantor as provided
herein.

     

    Section
11.12                                
Obligations Not
Affected. The obligations of each Guarantor hereunder shall not be
affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any Guarantor or any of
the Holders) which, but for this provision, might constitute a whole or partial
defense to a claim against any Guarantor hereunder or might operate to release
or otherwise exonerate any Guarantor from any of its obligations hereunder or
otherwise affect such obligations, whether occasioned by default of any of the
Holders or otherwise, including, without limitation:

     

    (a)           
any limitation of status or power, disability, incapacity or other circumstance
relating to the Company or any other Person, including any insolvency,
bankruptcy, liquidation, reorganization, readjustment, composition, dissolution,
winding-up or other proceeding involving or affecting the Company or any other
Person;

     

    (b)           
any irregularity, defect, unenforceability or invalidity in respect of any
indebtedness or other obligation of the Company or any other Person under this
Indenture, the Notes or any other document or instrument;

     

    (c)           
any failure of the Company, whether or not without fault on its part, to perform
or comply with any of the provisions of this Indenture or the Notes, or to give
notice thereof to a Guarantor;

     

    (d)           
the taking or enforcing or exercising or the refusal or neglect to take or
enforce or exercise any right or remedy from or against the Company or any other
Person or their respective assets or the release or discharge of any such right
or remedy;

     

    (e)           
the granting of time, renewals, extensions, compromises, concessions, waivers,
releases, discharges and other indulgences to the Company or any other
Person;

     

    (f)           
any change in the time, manner or place of payment of, or in any other term of,
any of the Notes, or any other amendment, variation, supplement, replacement or
waiver of, or any consent to departure from, any of the Notes or this Indenture,
including, without limitation, any increase or decrease in the principal amount
of or premium, if any, or interest on any of the Notes;

     

    (g)           
any change in the ownership, control, name, objects, businesses, assets, capital
structure or constitution of the Company or a Guarantor;

     

    (h)           
any merger or amalgamation of the Company or a Guarantor with any Person or
Persons;

     

    (i)           
the occurrence of any change in the laws, rules, regulations or ordinances of
any jurisdiction by any present or future action of any governmental authority
or court amending, varying, reducing or otherwise affecting, or purporting to
amend, vary, reduce or otherwise affect, any of the Obligations or the
obligations of a Guarantor under its Guarantee; and

     

    (j)           
any other circumstance, (other than release of the Guarantor pursuant to Section
11.04 and other than by complete, irrevocable payment) that might otherwise
constitute a legal or equitable discharge or defense of the Company under this
Indenture or the Notes or of a Guarantor in respect of its Guarantee
hereunder.

     

    Section
11.13                                
Waiver. Without
in any way limiting the provisions of Section 11.01, each Guarantor hereby
waives notice of acceptance hereof, notice of any liability of any Guarantor
hereunder, notice or proof of reliance by the Holders upon the obligations of
any Guarantor hereunder, and diligence, presentment, demand for payment on the
Company, protest, notice of dishonor or non-payment of any of the Obligations
hereunder, or other notice or formalities to the Company or any Guarantor of any
kind whatsoever.

     

    Section
11.14                                
No Obligation To Take
Action Against the Company. Neither the Trustee nor any other Person
shall have any obligation to enforce or exhaust any rights or remedies or to
take any other steps under any security for the Obligations hereunder or against
the Company or any other Person or any property of the Company or any other
Person before the Trustee is entitled to demand payment and performance by any
or all Guarantors of their liabilities and obligations under their Guarantees or
under this Indenture.

     

    Section
11.15 Dealing with the
Company and Others. The Holders, without releasing, discharging, limiting
or otherwise affecting in whole or in part the obligations and liabilities of
any Guarantor hereunder and without the consent of or notice to any Guarantor,
may

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a)           
grant time, renewals, extensions, compromises, concessions, waivers, releases,
discharges and other indulgences to the Company or any other
Person;

     

    (b)           
take or abstain from taking security or collateral from the Company or from
perfecting security or collateral of the Company;

     

    (c)           
accept compromises or arrangements from the Company;

     

    (d)           
apply all monies at any time received from the Company or from any security upon
such part of the Obligations hereunder as the Holders may see fit or change any
such application in whole or in part from time to time as the Holders may see
fit; and

     

    (e)           
otherwise deal with, or waive or modify their right to deal with, the Company
and all other Persons and any security as the Holders or the Trustee may see
fit.

     

    Section
11.16                                
Default and
Enforcement. If any Guarantor fails to pay in accordance with Section
11.06, the Trustee may proceed in its name as the Trustee hereunder in the
enforcement of the Guarantee of any such Guarantor and such Guarantor's
Obligations thereunder and hereunder by any remedy provided by law, whether by
legal proceedings or otherwise, and to recover from such Guarantor such
Obligations.

     

    Section
11.17                                
Amendment, Etc.
No amendment, modification or waiver of any provision of this Indenture relating
to any Guarantor or consent to any departure by any Guarantor or any other
Person from any such pro-vision will in any event be effective unless it is
signed by such Guarantor and the Trustee.

     

    Section
11.18                                
Acknowledgment.
Each Guarantor hereby acknowledges communication of the terms of this Indenture
and the Notes and consents to and approves of the same.

     

    Section
11.19                                
Costs and
Expenses. Each Guarantor shall pay on demand by the Trustee any and all
costs, fees and expenses (including, without limitation, legal fees) incurred by
the Trustee and the Security Agent, its agents, advisors and counsel or any of
the Holders in enforcing any of their rights under any Guarantee.

     

    Section
11.20                                
No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part
of the Trustee or the Holders, any right, remedy, power or privilege hereunder
or under this Indenture or the Notes, shall operate as a waiver thereof nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under this Indenture or the Notes preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges in the Guarantee and under this
Indenture, the Notes and any other document or instrument between a Guarantor
and/or the Company and the Trustee are cumulative and not exclusive of any
rights, remedies, powers and privilege provided by law.

     

    Section
11.21                                
Guarantee in Addition
to Other Obligations. The obligations of each Guarantor under its
Guarantee and this Indenture are in addition to and not in substitution for any
other obligations to the Trustee or to any of the Holders in relation to this
Indenture or the Notes and any guarantees or security at any time held by or for
the benefit of any of them.

     

    Section
11.22                                
Severability.
Any provision of this Article Eleven which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction unless its removal
would substantially defeat the basic intent, spirit and purpose of this
Indenture and this Article Eleven.

     

    Section
11.23                                
Successors and
Assigns. Unless released in accordance with this Indenture, each
Guarantee shall be binding upon and inure to the benefit of each Guarantor and
the Trustee and the other Holders and their respective successors and permitted
assigns, except that no Guarantor may assign any of its obligations hereunder or
thereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
TWELVE

     

    SUBORDINATION
OF GUARANTEE AND INTERCREDITOR AGREEMENT

     

    Section
12.01                                
Agreement To
Subordinate Guarantees and Notes Subject To Intercreditor Agreement. Each
of the Guarantors agrees, and each Holder by accepting a Note and related
Guarantees agrees, that the Obligations of such Guarantor hereunder are
subordinated in right of payment, to the extent and in the manner provided in
the Intercreditor Agreement, to the prior payment in full of all Designated
Senior Debt of such Guarantor and that the subordination is for the benefit of
and enforceable by the holders of such Designated Senior Debt against such
Guarantor. Each Holder, by accepting a Note, shall be deemed to have agreed to
and accepted the terms and conditions of the Intercreditor Agreement (including
the limitations on enforcement and the obligations to turnover contained
therein). A copy of the Intercreditor Agreement shall be available on any
Business Day upon prior written request at the offices of the Trustee. The
obligations hereunder with respect to a Guarantor shall in all respects rank
paripassu with all other
Pari Passu Indebtedness of such Guarantor and shall rank senior to all existing
and future Subordinated Indebtedness of such Guarantor.

     

    Each
Holder by purchasing or accepting a Note waives any and all notice of the
creation, modification, renewal, extension or accrual of any Designated Senior
Debt of the Guarantors and notice of or proof of reliance by any holder or owner
of Designated Senior Debt of the Guarantors upon this Article Twelve and the
Designated Senior Debt of the Guarantors shall conclusively be deemed to have
been created, contracted or incurred in reliance upon this Article Twelve, and
all dealings between the Guarantors and the holders and owners of the Designated
Senior Debt of the Guarantors shall be deemed to have been consummated in
reliance upon this Article Twelve.

     

    Section
12.02                                
Obligations of the
Guarantors Unconditional. Subject to the Intercreditor Agreement, nothing
contained in this Article Twelve or elsewhere in this Indenture or in the
Guarantees is intended to or shall impair, as between the Guarantors and the
Holders, the Obligation of the Guarantors, which is absolute and unconditional,
to pay to the Holders all amounts due and payable under the Guarantees as and
when the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Holders and creditors of
the Guarantors other than the holders of the Designated Senior Debt, nor shall
anything herein or therein prevent the Trustee, the Security Agent or any Holder
from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to this Article Twelve and the Intercreditor
Agreement. Upon any payment or distribution of assets of any Guarantor referred
to in this Article Twelve, the Trustee, subject to the pro-visions of Sections
7.01 and 7.02, and the Holders shall be entitled to rely upon any order or
decree made by any court of competent jurisdiction in which any liquidation,
dissolution, winding up or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidating trustee or agent
or other Person making any payment or distribution to the Trustee or to the
Holders for the purpose of ascertaining the Persons entitled to participate in
such payment or distribution, the holders of Designated Senior Debt and other
Indebtedness of any Guarantor, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article Twelve. Nothing in this Article Twelve shall apply to the claims
of, or payments to, the Trustee under or pursuant to Section 7.07. The Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself or itself to be a holder of any Designated Senior Debt (or
a trustee on behalf of, or other representative of, such holder) to establish
that such notice has been given by a holder of such Designated Senior Debt or a
trustee or representative on behalf of any such holder.

     

    In the
event that the Trustee determines in good faith that any evidence is required
with respect to the right of any Person as a holder of Designated Senior Debt to
participate in any payment or distribution pursuant to this Article Twelve, the
Trustee may request such Person to furnish evidence to the satisfaction of the
Trustee as to the amount of Designated Senior Debt held by such Person, the
extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under
this Article Twelve, and if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

     

    Section
12.03                                
Intentionally
Omitted.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
12.04                                
Application by Trustee
of Assets Deposited with It. U.S. Legal Tender, U.S. Government
Obligations, Euro or Euro Obligations deposited in trust with the Trustee
pursuant to and in accordance with Sections 8.01 and 8.02 shall be for the sole
benefit of Holders of the Notes and, to the extent allocated for the payment of
Notes, shall not be subject to the subordination provisions of this Article
Twelve. Otherwise, any deposit of assets or securities by or on behalf of a
Guarantor with the Trustee or any Paying Agent for payment of the Guarantees
shall be subject to the provisions of this Article Twelve. Nothing contained in
this Section 12.04 shall limit the right of the holders of Designated Senior
Debt to recover payments as contemplated by this Article Twelve.

     

    Section
12.05                                
Holders Authorize
Trustee To Effectuate Subordination of Guarantee and IntercreditorAgreement. Each
Holder of a Note, by his acceptance thereof, authorizes and expressly directs
the Trustee on his behalf to take such action, at all times subject to the
Intercreditor Agreement, as may be necessary or appropriate to effect the
subordination provisions contained in this Article Twelve and the Intercreditor
Agreement, and appoints the Trustee as his attorney-in-fact for such purpose,
including, in the event of any liquidation, dissolution, winding up,
reorganization, assignment for the benefit of creditors or marshaling of assets
of any Guarantor tending towards liquidation or reorganization of the business
and assets of any Guarantor, the immediate filing of a claim for the unpaid
balance under its or his Guarantee Obligations in the form required in said
proceedings and cause said claim to be approved. If the Trustee does not file or
procure that the Security Agent files a proper claim or proof of debt in the
form required in such proceeding prior to 30 days before the expiration of the
time to file such claim or claims, then any of the holders of the Designated
Senior Debt or their representative is hereby authorized to file an appropriate
claim for and on behalf of the Holders of said Guarantee
Obligations.

     

    Section
12.06                                
Right of Trustee To
Hold Designated Senior Debt. The Trustee shall be entitled to all of the
rights set forth in this Article Twelve in respect of any Designated Senior Debt
at any time held by it to the same extent as any other holder of Designated
Senior Debt, and nothing in this Indenture shall be construed to deprive the
Trustee of any of its rights as such holder.

     

    Section
12.07                                
No Suspension of
Remedies. The failure to make a payment on account of principal of or
interest on the Notes by reason of any provision of this Article Twelve shall
not be construed as preventing the occurrence of a Default or an Event of
Default under Section 6.01.

     

    Nothing
contained in this Article Twelve shall limit the right of the Trustee or the
Holders of Notes to take any action to accelerate the maturity of the Notes
pursuant to Article Six or to pursue any rights or remedies here-under or under
applicable law, subject to the rights, if any, under this Article Twelve or the
Intercreditor Agreement of the holders, from time to time, of Designated Senior
Debt.

     

    Section
12.08                                
No Fiduciary Duty of
Trustee to Holders of Designated Senior Debt. The Trustee shall not, and
shall not be deemed to, owe any fiduciary duty to the holders of Designated
Senior Debt, and it undertakes to perform or observe such of its covenants and
obligations as are specifically set forth in this Article Twelve and the
Intercreditor Agreement, and no implied covenants or obligations with respect to
the Designated Senior Debt shall be read into this Indenture against the
Trustee. The Trustee shall not be liable to any such holders (other than for its
willful misconduct or negligence) if it shall pay over or deliver to the Holders
of Notes or the Company or any other Person, money or assets in compliance with
the terms of this Indenture and the Intercreditor Agreement.

     

    ARTICLE
THIRTEEN

     

    COLLATERAL
SECURITY DOCUMENTS AND THE SECURITY AGENT

     

    Section
13.01                                
Collateral and
Security Documents.

     

    (a)           
The obligations of the Company under the Notes shall be secured on a
second-priority basis, by a pledge of the High Yield Proceeds Loan and on a
second-priority basis, by a pledge of 100% of the shares of Nell Funding
S.à.r.l. (the "Nell
Pledged Shares"). The share pledge in respect of the Nell Pledged Shares
is referred to as the "Share Pledge". The
pledge agreement in respect of the High Yield Proceeds Loan is referred to as
the "HighYield Proceeds Loan Pledge
Agreement" and, together with the Share Pledge, the "Security
Documents".

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           
Each of the Company, the Guarantors, the Trustee and the Holders agree that the
Security Agent shall be the joint creditor (together with the Holders) of each
and every obligation of the parties hereto under the Notes and this Indenture,
and that accordingly the Security Agent shall have its own independent right to
demand performance by the Company or the relevant Guarantor, as applicable, of
those obligations, except that such demand shall only be made with the prior
written consent of the Trustee or as otherwise permitted under the Intercreditor
Agreement. However, any discharge of such obligation to the Security Agent, on
the one hand, or to the Trustee or the Holders, as applicable, on the other
hand, shall, to the same extent, discharge the corresponding obligation owing to
the other.

     

    (c)           
The Security Agent agrees that it shall hold the security interests in
Collateral created under any Security Documents to which it is a party as
contemplated by this Indenture and the Intercreditor Agreement, and any and all
proceeds thereof, for the benefit of, among others, the Trustee and the Holders,
without limiting the Security Agent's rights including under Section 13.02, to
act in preservation of the security interest in the Collateral. The Security
Agent shall take action or refrain from taking action in connection therewith
only as directed by the Trustee, subject to the terms of the Intercreditor
Agreement.

     

    (d)           
Each Holder, by accepting a Note, shall be deemed (i) to have authorized the
Security Agent to enter into the Security Documents and (ii) to have authorised
the Trustee and the Security Agent to enter into the Inter-creditor Agreement
and (iii) to be bound thereby. Each Holder of Notes, by accepting a Note,
appoints the Security Agent as its agent under the Security Documents and the
Intercreditor Agreement and the Trustee as trustee pursuant to the Intercreditor
Agreement and authorizes it to act as such. The claims of Holders shall be
subject to the Inter-creditor Agreement.

     

    (e)           
The Holders may only act to enforce the Security Documents through the Security
Agent acting on the instructions of the Trustee. The Holders may only act to
enforce the Intercreditor Agreement through the Trustee or the Security Agent as
the case may be. The affirmative vote of a majority in principal amount of the
then out-standing Notes of each series affected thereby shall be required in
order for the Security Agent to enforce the Security Documents or the Trustee or
the Security Agent to enforce or direct the enforcement, as the case may be, of
the Intercreditor Agreement. The Trustee shall procure that the Security Agent
agrees to any release of the security interest created by the Security Documents
that is in accordance with this Indenture without requiring any consent of the
Holders.

     

    (f)           
Any instructions received by the Security Agent hereunder shall be subject to
the Intercreditor Agreement.

     

    Section
13.02                                
Suits To Protect the
Collateral.

     

    Subject
to the provisions of the Security Documents and the Intercreditor Agreement, the
Security Agent shall have power to institute and to maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral
by any acts which may be unlawful or in violation of any of the Security
Documents or this Indenture upon the instructions of the Trustee, and such suits
and proceedings as the Security Agent is directed upon the instruction of the
Trustee to preserve or protect the security interests in the Collateral created
under the Security Documents (including power to institute and maintain suits or
proceedings to restrain the enforcement of or compliance with any legislative or
other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the Lien on the Collateral or be prejudicial to the
interests of the Holders or the Trustee). Notwithstanding any other provision of
this Indenture, neither the Trustee nor the Security Agent has any
responsibility for the validity, perfection, priority or enforceability of the
Lien on the Collateral or other security interest and the Trustee and the
Security Agent shall have no obligation to take (or, in the case of the Trustee,
direct the Security Agent to take) any action to procure or maintain such
validity, perfection, priority or enforceability.

     

    Section
13.03                                
Resignation and
Replacement of Security Agent.

     

    Any
resignation or replacement of, the Security Agent shall be made in accordance
with the Intercreditor Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
13.04                                
[Intentionally
Omitted].

     

    Section
13.05                                
Release of the Lien on
the Collateral.

     

    Subject
to the terms of the Intercreditor Agreement, the Lien on the Collateral created
by the Security Documents shall be released (a) so long as there is no Event of
Default outstanding under this Indenture, in the event and for so long as all
holders of Designated Senior Debt (including the lenders under the Senior
Secured Credit Facilities) have released their Lien on the applicable Collateral
or (b) following an Event of Default under this Indenture, pursuant to an
Enforcement Sale in accordance with the Intercreditor Agreement. In addition,
the Collateral shall be released in accordance with the Intercreditor Agreement
or if the applicable Subsidiary of which such Capital Stock is pledged is
redesignated as an Unrestricted Subsidiary in compliance with Section 4.06. The
Security Agent shall agree to any release of the Collateral that is in
accordance with this Indenture and the Intercreditor Agreement without requiring
any Holder consent. In all cases the Company and such Guarantors that are to be
re-leased from the Security Documents shall deliver to the Security Agent and
the Trustee an Officer's Certificate and an Opinion of Counsel certifying
compliance with this Section 13.05. At the request of the Company, the Security
Agent shall execute and deliver an appropriate instrument evidencing such
release (in the form provided by the Company). The Collateral will also be
released by the Security Agent upon the instruction of the Trustee upon the
occurrence of Legal Defeasance or Covenant Defeasance in accordance with Article
Eight or upon the full and final payment of all the obligations of the Company
under the Notes.

     

    Section
13.06                                
[Intentionally
Omitted].

     

    Section
13.07                                
Conflicts.

     

    Each of
the Company, the Guarantors, the Trustee and the Holders acknowledge and agree
that the Security Agent is acting as security agent and trustee not just on
their behalf but also on behalf of the creditors named in the Intercreditor
Agreement and acknowledge and agree that pursuant to the terms of the
Intercreditor Agreement, the Security Agent may be required by the terms thereof
to act in a manner which may conflict with the interests of the Company, the
Guarantors, the Trustee and the Holders (including the Holders' interests in the
Collateral and the Guarantees) and that it shall be entitled to do so in
accordance with the terms of the Intercreditor Agreement.

     

    ARTICLE
FOURTEEN

     

    MISCELLANEOUS

     

    Section
14.01                                
[Intentionally
Omitted].

     

    Section
14.02                                
Notices. Any
notices or other communications required or permitted hereunder shall be in
writing, and shall be sufficiently given if made by hand delivery, by telex, by
telecopier or registered or certified mail, postage prepaid, return receipt
requested, addressed as follows:

     

    if to the
Company or any Guarantor:

     

    Nell AF
S.à.r.l. c/o Citadel Administration

    15-17
Avenue Gaston Diderich

    1420
Luxembourg

    Attention:
Simon Baker

    e-mail:
swb@citadel.lu

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    if to the
Trustee:

     

    The Bank
of New York

    One
Canada Square

    48'h
Floor

    London
E14 5AL

    England

    Attention:
Global Trust Services (Global Structured Finance)

    

    The
Company, the Guarantors and the Trustee by written notice to each other may
designate additional or different addresses for notices. Any notice or
communication to the Company, the Guarantors or the Trustee shall be deemed to
have been given or made as of the date so delivered if personally delivered;
when answered back, if telexed; when receipt is acknowledged, if faxed; and five
(5) calendar days after mailing if sent by registered or certified mail, postage
prepaid (except that a notice of change of address shall not be deemed to have
been given until actually received by the addressee).

     

    As long
as the Securities are listed on the Irish Stock Exchange and notice is required
by the rules of the Irish Stock Exchange, such notice shall be sufficiently
given by publication of such notice to Holders of the Securities in English in a
leading newspaper having general circulation in Ireland or, if such publication
is not practicable, in one other leading English language daily newspaper with
general circulation in Europe, such newspaper being published on each business
day in morning editions, whether or not it shall be published in Saturday,
Sunday or holiday editions.

     

    Any
notice or communication mailed to a Holder shall be mailed to him by first class
mail or other equivalent means at his address as it appears on the registration
books of the Registrar and shall be sufficiently given to him if so mailed
within the time prescribed.

     

    Failure
to mail a notice or communication to a Noteholder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

     

    Section
14.03                                
[Intentionally
Omitted].

     

    Section
14.04 Certificate and
Opinion as to Conditions Precedent. Upon any request or application by
the Company or the Guarantors to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

     

    (1)           
an Officer's Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be
performed by the Company, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

     

    (2)           
an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee stating that, in the opinion of such counsel, all such conditions
precedent to be performed by the Company, if any, provided for in this Indenture
relating to the proposed action have been complied with.

     

    Section
14.05 Statements
Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture, other than the Officer's Certificate required by Section 4.07, shall
include:

     

    (1)           
condition;

     

    a
statement that the Person making such certificate or opinion has read such
covenant or

     

    (2)           
a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (3)           
a statement that, in the opinion of such Person, he has made such examination or
investigation as is reasonably necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with;
and

     

    (4)           
a statement as to whether or not, in the opinion of each such Person, such
condition or covenant has been complied with.

     

    Section
14.06                                
Rules by Trustee,
Paying Agent, Registrar. The Trustee may make reasonable rules in
accordance with the Trustee's customary practices for action by or at a meeting
of Holders. The Paying Agent or Registrar may make reasonable rules for its
functions.

     

    Section
14.07                                
Legal Holidays.
If a payment date under this Indenture is not a Business Day, payment may be
made at such place on the next succeeding day that is a Business Day, and no
interest shall accrue for the intervening period.

     

    Section
14.08                                
Governing Law.
THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Each of the parties
hereto agrees to submit to the non-exclusive jurisdiction of the competent
courts of the State of New York in any action or proceeding arising out of or
relating to this Indenture or the Notes.

     

    Section
14.09                                
No Adverse
Interpretation of Other Agreements. This Indenture may not be used to
interpret another indenture, loan or debt agreement of the Company or any of its
Subsidiaries. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. In the event of any inconsistency between the
provisions of this Indenture and the Intercreditor Agreement, the Intercreditor
Agreement shall prevail.

     

    Section
14.10                                
No Recourse Against
Others. A director, officer, employee, promoter, advisor, incorporator,
or shareholder, as such, of the Company, the Trustee, Security Agent or any
Guarantor, past, present or future, shall not have any liability in such
capacity for any obligations of the Company under the Notes, this Indenture or
the Security Documents or of such Guarantor under its Guarantee, this Indenture
or the Security Documents for any claim based on, in respect of or by reason of
such obligations or their creation. Each Holder by accepting a Note waives and
releases all such liability. Such waiver and release are part of the
consideration for the issuance of the Notes.

     

    Section
14.11                                
Successors. All
agreements of the Company in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors.

     

    Section
14.12                                
Agent for Service;
Submission to Jurisdiction; Waiver of Immunity.

     

    (a)           
By the execution and delivery of this Indenture, the Company and the Guarantors
that are not incorporated or otherwise organized under the laws of any State
(including the District of Columbia) of the United States (A) acknowledge that
they will, by separate written instrument, designate and appoint Basell Finance
USA, Inc. (and any successor entity) as their authorized agent upon which
process may be served in any suit or proceeding arising out of or relating to
this Indenture that may be instituted in any Federal or state court in the State
of New York, New York County or brought under Federal or state securities laws,
and acknowledge that Basell Finance USA, Inc. will accept such designation, (B)
submit for themselves and their property to the non exclusive jurisdiction of
any such court in any such suit or proceeding, (C) consent that any such
proceeding may be brought in any such court and waives trial by jury and any
objection that any of them may now or hereafter have to the venue of any such
proceeding in any such court or that such proceeding was brought in any
inconvenient court and agrees not to plead or claim the same, (D) agree that
service of process upon Basell Finance USA, Inc. and written notice of said
service to the Company and such Guarantors in accordance with Section 14.02
shall be deemed in every respect effective service of process upon the Company
and such Guarantors in any such suit or proceeding and (E) agree that nothing
herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other
jurisdiction.

     

    (b)           
To the extent that the Company or any Guarantor may be entitled, in any
jurisdiction in which judicial proceedings may at any time be commenced with
respect to or arising out of this Indenture, to claim for itself or its
revenues, assets or properties immunity (whether by reason of sovereignty or
otherwise)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    from
suit, from the jurisdiction of any court (including but not limited to any court
of the United States of America or the State of New York), from attachment prior
to judgment, from set-off, from execution of a judgment or from any other legal
process, and to the extent that in any such jurisdiction there may be attributed
such an immunity (whether or not claimed), the Company or such Guarantor hereby
irrevocably agrees not to claim and hereby irrevocably waives such immunity to
the extent permitted by law.

     

    Section
14.13                                
Duplicate
Originals. All parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together shall represent
the same agreement.

     

    Section
14.14                                
Severability.
In case any one or more of the provisions in this Indenture or in the Notes
shall be held invalid, illegal or unenforceable, in any respect for any reason,
the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions shall not in any way be affected or
impaired thereby, it being intended that all of the provisions hereof shall be
enforceable to the full extent permitted by law.

     

    Section
14.15                                
Independence of
Covenants. All covenants and agreements in this Indenture and the Notes
shall be given independent effect so that if any particular action or condition
is not permitted by any of such covenants, the fact that it would be permitted
by an exception to, or otherwise be within the limitations of, another covenant
shall not avoid the occurrence of a Default or an Event of Default if such
action is taken or condition exists.

     

    [Remainder
of Page Intentionally Left Blank]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    

    NELL AF
S.À.R.L.

    

    

    By:          /s/ Alejandro
Moreno

    Name: Alejandro Moreno

    Title:
Attorney-in-Fact

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NELL
FUNDING S.À.R.L.

    

    

    By:          
/s/ Alejandro
Moreno

    Name: Alejandro Moreno

    Title: Attorney-in-Fact

    

    

    NELL
BIDCO B.V.

    

    

    By:          /s/ Alejandro
Moreno

    Name: Alejandro Moreno

    Title: Attorney-in-Fact

    

    

    NELL US
ACQUISITION S.À.R.L.

    

    

    By:          /s/ Alejandro
Moreno

    Name: Alejandro Moreno

    Title: Attorney-in-Fact

    

    

    NELL
ACQUISITION (US) LLC

    

    

    By:          /s/ Alejandro
Moreno

    Name: Alejandro Moreno

    Title: Attorney-in-Fact

    

    

    BASELL
FINANCE USA INC.

    

    

    By:          /s/ F.
Svelto                                                      

    Name: F. Svelto

    Title: Attorney

    

    

    BASELL
NORTH AMERICA INC..

    

    

    By:          /s/ F.
Svelto                                                      

    Name: F. Svelto

    Title: Attorney

    

    

    BASELL
USA INC.

    

    

    By:          /s/ F.
Svelto                                                      

    Name: F. Svelto

    Title: Attorney

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SIGNATURES

    

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

    

    NELL AF
S.À.R.L.

    

    

    By:                                                                

    Name:

    Title:

    

    NELL
FUNDING S.À.R.L.

    NELL
BIDCO B.V.

    NELL US
ACQUISITION S.À.R.L.

    NELL
ACQUISITION (US) LLC

    BASELL
FINANCE USA INC.

    BASELL
NORTH AMERICA INC..

    BASELL
USA INC.

    

    

    By:                                                                

    Name:

    Title:

    

    

    THE BANK
OF NEW YORK, as Trustee, Registrar,

    Paying
Agent, Transfer Agent and Listing Agent

    

    By:           
/s/ Charlotte
Fricker                                                                

    Name: Charlotte Fricker

    Title: Assistant Vice
President

    

    

    ABN AMRO
BANK, N.V., as Security Agent

    

    By:           
/s/
(illegible)                                                                

    Name:

    Title:

    

    

    AIB/BNY
FUND MANAGEMENT (IRELAND)

    LIMITED,
as Irish Paying Agent

    

    By:           
/s/ Charlotte
Fricker                                                                

    Name: Charlotte Fricker

    Title: Assistant Vice
President

    

    

    

    

    

    
      
        
          S-1

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A-1

    

    [FORM OF
RESTRICTED DOLLAR NOTE]

    

    THE NOTES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (B) PURSUANT TO AN-OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NELL AF
S.À.R.L.

    

    8-3/8%%
Senior Note due 2015

    

    No.
[  ]

    $ [
]                                                                                                
CUSIP No. L67302AA4

    64016AAA3

    

    NELL AF
S.À.R.L., a Luxembourg entity (the "Company"), for value
received, promises to pay to [ ] or registered assigns, the principal sum of
$[  ], on August 15, 2015.

    

    Interest
Payment Dates:  August 15 and February 15

    

    Record
Dates:  August 1 and February 1

    

    Reference
is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place.

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer.

    

    Dated:                      
[ ]

    

    

    NELL AF
S.À.R.L.

    

    

    By:                                                                

    Name:

    Title:

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
OF AUTHENTICATION

    

    This is
one of the 8-3/8% Senior Notes due 2015 referred to in the within-mentioned
Indenture.

    

    Dated: [
]

    

    

    THE BANK
OF NEW YORK, as authentication agent

    

    

    By:                                                                

    Authorized Signature

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (REVERSE
OF DOLLAR NOTE)

    

    8-3/8%
Senior Note due 2015

    

    1.           
Interest. NELL
AF S.À.R.L., a Luxembourg entity (the "Company"), promises
to pay interest on the principal amount of this Dollar Note at the rate per
annum shown above. Interest on the Dollar Notes will accrue from the most recent
date on which interest has been paid or, if no interest has been paid, from
August 10, 2005.1 The
Company will pay interest semi-annually in arrears on each August 15 and
February 15 (each, an "InterestPayment Date") and at
stated maturity, commencing on February 15, 2006.2 Interest
will be computed on the basis of a 360-day year comprized of twelve 30-day
months.

     

    The
Company shall pay interest on overdue principal and on overdue installments of
interest from time to time on demand at the rate borne by the Dollar Notes
(without regard to any applicable grace periods) to the extent
lawful.

     

    2.           
Method of
Payment. The Company shall pay interest on the Dollar Notes (except
defaulted interest) to the Persons who are the registered Holders at the close
of business on the Record Date immediately preceding the Interest Payment Date
even if the Dollar Notes are cancelled on registration of transfer or
registration of ex-change after such Record Date. Holders must surrender Dollar
Notes to a Paying Agent to collect principal payments. The Company shall pay
principal, premium and interest in money of the United States that at the time
of payment is legal tender for payment of public and private debts ("U.S.Legal Tender").
However, the Company may pay principal, premium and interest by its check
payable in such U.S. Legal Tender. The Company may deliver any such interest
payment to the Paying Agent or to a Holder at the Holder's registered
address.

     

    3.           
Paying Agent and
Registrar. Initially, The Bank of New York (the "Trustee") will act
as Paying Agent and Registrar. The Company may change any Paying Agent,
Registrar or co-Registrar without notice to the Holders. The Company or any of
its Subsidiaries may, subject to certain exceptions, act as Registrar or
co-Registrar.

     

    4.           
Indenture. The
Company issued the Dollar Notes under an Indenture, dated as of August 10, 2005
(the "Indenture"), among
the Company, each of the Guarantors named therein, The Bank of New York as
trustee, registrar, paying agent, transfer agent and listing agent (the
"Trustee"), ABN AMRO Bank N.V., as security agent (the "Security Agent"),
and AIBBNY Fund Management (Ireland) Limited. This Dollar Note is one of a duly
authorized issue of Dollar Notes of the Company designated as its dollar
denominated 8-3/8% Senior Notes due 2015 (the "Dollar Notes"),
which may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to Section 2.18 of the Indenture. The Dollar Notes and
the Company's euro denominated 8-3/8% Senior Notes due 2015 (the "Euro Notes" and,
together with the Dollar Notes, the "Notes") and any
Additional Notes issued in accordance with the Indenture are treated as a single
class of securities under the Indenture unless otherwise specified in the
Indenture. Capitalized terms used herein shall have the meanings assigned to
them in the Indenture unless otherwise defined herein.

     

    The terms
of the Notes include those stated in the Indenture. Notwithstanding anything to
the contrary herein, the Notes are subject to all such terms, and Holders of
Notes are referred to the Indenture for a statement of them. The Notes are
senior obligations of the Company.

     

    _____________________

     

    1           
In the case of Initial Notes.

    2           
In the case of Initial Notes.

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.           
Optional
Redemption. (a) The Dollar Notes will be redeemable, at the- Company's
option, in whole at any time or in part from time to time, on and after August
15, 2010, upon not less than 30 nor more than 60 days' notice, at the following
redemption prices (expressed as percentages of the principal amount thereof) if
re-deemed during the twelve-month period commencing on August 15 of the year set
forth below, plus, in each case, accrued and unpaid interest thereon, if any, to
the date of redemption:

     

    

    
      	
              Year

            	
              Percentage

            
	
              2010

            	
              104.250%

            
	
              2011

            	
              102.833%

            
	
              2012

            	
              101.417%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

     

    (b)           
At any time, or from time to time, prior to August 15, 2008, the Company may, at
its option, use the net cash proceeds of one or more Equity Offerings (as
defined below) to redeem up to 35% of the aggregate principal amount of Dollar
Notes originally issued (including the original principal amount of any
Additional Dollar Notes) at a redemption price equal to 108.375% of the
principal amount thereof plus accrued and unpaid interest thereon, if any, to
the date of redemption; provided,however, that at
least 65% of the aggregate principal amount of the Dollar Notes originally
issued remain (including the principal amount of any Additional Dollar Notes)
out-standing immediately after any such redemption. In order to effect the
foregoing redemption with the proceeds of any Equity Offering, the Company shall
make such redemption not more than 120 days after the consummation of any such
Equity Offering.

     

    (c)           
At any time prior to August 15, 2010, the Dollar Notes may be redeemed, in whole
or in part at the option of the Company, upon not less than 30 nor more than 60
days' notice, at a redemption price equal to 100.000% of the principal amount
thereof plus the Applicable Premium and accrued and unpaid interest to, but not
including, the applicable redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

     

    (d)           
The Notes are also redeemable for taxation reasons, as provided in Section 3.07
of the Indenture.

     

    6.           
Notice of
Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder whose Dollar Notes
are to be redeemed at such Holder's registered address, except as provided in
the Indenture. No Dollar Notes of $1,000 or less shall be redeemed in part;
provided that no Dollar Notes shall be redeemed in part if the resulting Dollar
Note would have a minimum denomination that is less than $75,000.

     

    7.           
Change of Control
Offer. In the event of a Change of Control, upon the satisfaction of the
conditions set forth in the Indenture, the Company shall be required to offer to
repurchase all of the then outstanding Notes pursuant to a Change of Control
Offer at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase. Holders of Notes
that are the subject of such an offer to repurchase shall receive an offer to
repurchase and may elect to have such Notes repurchased in accordance with the
provisions of the Indenture pursuant to and in accordance with the terms of the
Indenture.

     

    8.           
Limitation on Asset
Sales. Under certain circumstances set forth in Section 4.15 of the
Indenture, the Company is required to apply the net proceeds from Asset Sales to
offer to repurchase the Notes at a price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any, to the date of
repurchase.

     

    9.           
Denominations;
Transfer; Exchange. The Dollar Notes are in fully registered form only,
without coupons, in denominations of $75,000 and integral multiples of $1,000. A
Holder shall register the transfer or ex-change of Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer or
exchange of any Notes during a period beginning 15 days before the mailing of a
redemption notice for any Notes or portions thereof selected for
redemption.

     

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.           
Persons Deemed
Owners. The registered Holder of a Note shall be treated as the owner of
it for all purposes.

     

    11.           
Unclaimed
Money. If money for the payment of principal or interest remains
unclaimed for one year, the Trustee and the Paying Agent will pay the money back
to the Company. After that, all liability of the Trustee and such Paying Agent
with respect to such money shall cease.

     

    12.           
Discharge Prior to
Redemption or Maturity. If the Company at any time deposits with the
Trustee U.S. Legal Tender or non-callable U.S. Government Obligations sufficient
to pay the principal of, premium and interest on the Dollar Notes to redemption
or maturity and complies with the other provisions of the Indenture relating
thereto, the Company will be discharged from certain provisions of the Indenture
and the Dollar Notes (including certain covenants, but excluding its obligation
to pay the principal of, premium and interest on the Dollar Notes).

     

    13.           
Amendment; Supplement;
Waiver. The Indenture or the Notes may be amended or supplemented as
provided in the Indenture.

     

    14.           
Restrictive
Covenants. The Indenture imposes certain limitations on the ability of
the Company and its Subsidiaries to, among other things, incur additional
Indebtedness, pay dividends or make certain other restricted payments, enter
into transactions with Affiliates, create dividend or other payment restrictions
affecting Restricted Subsidiaries and merge or consolidate with any other
Person, sell, assign, transfer, lease, convey or other-wise dispose of all or
substantially all of its assets or adopt a plan of liquidation. Such limitations
are subject to a number of important qualifications and exceptions. The Company
must annually report to the Trustee on compliance with such
limitations.

     

    15.           
Successors.
When a successor assumes, in accordance with the Indenture, all the obligations
of its predecessor under the Notes and the Indenture, the predecessor will be
released from those obligations.

     

    16.           
Defaults and
Remedies. If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
(including any Additional Notes) may declare all the Notes to be due and payable
in the manner, at the time and with the effect provided in the Indenture.
Holders of Notes may not direct the Trustee to enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee is not obligated to
direct the Security Agent to enforce the Indenture or the Notes unless it has
been offered indemnity and/or security satisfactory to it. The Indenture
permits, subject to certain limitations therein provided and in the
Intercreditor Agreement, Holders of a majority in aggregate principal amount of
the Notes (including any Additional Notes) then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may with-hold from
Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal or interest) if it determines in good faith that
withholding notice is in their interest.

     

    17.           
Trustee Dealings with
Company. The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Restricted and Unrestricted Subsidiaries or their respective
Affiliates as if it were not the Trustee.

     

    18.           
No Recourse Against
Others. A past, present or future director, officer, employee, promoter,
advisor, incorporator, or shareholder, as such, of the Company, the Trustee,
Security Agent or any Guarantor shall not have any liability in such capacity
for any obligations of the Company under the Notes, the Indenture or the
Security Documents or of such Guarantor under its Guarantee, the Indenture or
the Security Documents for any claim based on, in respect of or by reason of
such obligations or their creation. Each Holder of a Note by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

     

    19.           
Authentication.
This Note shall not be valid until the Trustee or authenticating agent manually
signs the certificate of authentication on this Note.

     

    20.           
Governing Law.
This Note shall be governed by, and construed in- accordance with, the laws of
the State of New York.

     

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    21.           
Abbreviations and
Defined Terms. Customary abbreviations may be- used in the name of a
Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

     

    22.           
CUSIP/ISIN
Numbers. The Company may cause CUSIP and/or ISIN numbers to be printed on
the Notes as a convenience to the Holders of the Notes. No representation is
made as to the accuracy of such numbers as printed on the Notes and reliance may
be placed only on the other identification numbers printed hereon.

     

    23.           
Indenture. Each
Holder, by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture and the Intercreditor Agreement, as the same may be
amended from time to time. Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture

     

    24.           
Guarantees.
This Note will be entitled to the benefits of certain senior subordinated
Guarantees made for the benefit of the Holders. Reference is hereby made to the
Indenture and the Intercreditor Agreement for a statement of the respective
rights, limitations of rights, duties and obligations thereunder of the
Guarantors, the Trustee and the Holders.

     

    The
Company will furnish to any Holder of a Note upon written request and without
charge a copy of the Indenture. Requests may be made to: NELL AF S.À.R.L., c/o
MeesPierson Intertrust B.V., Rokin 55, 1012, KK Amsterdam, The Netherlands,
attention: Magali van Overbeke (e-mail: magali.van.overbeke@meespiersonintertrust.com).

     

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
ASSIGNMENT]

    

    I or we
assign to

    

    

    PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

    

    

    (please
print or type name and address)

    

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints:

    

    

    attorney
to transfer the Note on the books of the Company with full power of substitution
in the premises.

    

    

    Dated:                                                                
Signed:

    NOTICE:
The signature on this assignment must correspond with the name as it appears
upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever and be guaranteed by the endorser's bank or
broker.

    

    Signature
Guarantee:                                                                                                

    

    

    In
connection with any transfer of this Note occurring prior to the date of the
declaration by the Commission of the effectiveness of a registration statement
under the Securities Act of 1933, as amended (the "Securities Act"),
covering resales of this Note (which effectiveness shall not have been suspended
or terminated at the date of the transfer) the undersigned confirms that it has
not utilized any general solicitation or general advertising in connection with
the transfer and that the sale is being made:

     

    
      	
               

            	
              (1)

            	
              q

            	
              to
      the Company or a subsidiary thereof; or

            

    

     

    
      	
               

            	
              (2)

            	
              q

            	
              pursuant
      to and in compliance with Rule 144A under the Securities Act of 1933, as
      amended; or 

            

    

     

    
      	
               

            	
              (3)

            	
              q

            	
              outside
      the United States to a "foreign purchaser" in compliance with Rule 904 of
      Regulation S under the Securities Act of 1933, as amended; or
    

            

    

     

    
      	
               

            	
              (4)

            	
              q

            	
              pursuant
      to the exemption from registration provided by Rule 144 under the
      Securities Act of 1933, as amended; or

            

    

     

    
      	
               

            	
              (5)

            	
              q

            	
              pursuant
      to an effective registration statement under the Securities Act of 1933,
      as amended; or 

            

    

     

    
      	
               

            	
              (6)

            	
              q

            	
              pursuant
      to another available exemption from the registration requirements of the
      Securities Act of 1933, as amended,

            

    

     

    and,
unless the box below is checked, the undersigned confirms that such Note is not
being transferred to an "affiliate" of the Company as defined in Rule 144 under
the Securities Act of 1933, as amended (an "Affiliate"):

     

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              q

            	
              The
      transferee is an Affiliate of the Company.

            

    

     

    Unless
one of the items is checked, the Trustee will refuse to register any of the
Notes evidenced by this certificate in the name of any person other than the
registered Holder thereof; provided,however, that if item
(3), (4) or (6) is checked, the Company or the Trustee may require, prior to
registering any such transfer of the Notes, in their sole discretion, such
written legal opinions, certifications (including an investment letter in the
case of box (3)) and other information as the Trustee or the Company have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.

     

    If none
of the foregoing items are checked, the Trustee or Registrar shall not be
obligated to register this Note in the name of any person other than the Holder
hereof unless and until the conditions to any such transfer of registration set
forth herein and in Section 2.16 of the Indenture shall have been
satisfied.

     

    

     

    Dated:                                                                
Signed:

    (Sign
exactly as name appears

    on the
other side of this Note)

    

     

    Signature
Guarantee:                                                                           

     

    

     

    TO BE
COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

     

    The
undersigned represents and warrants that it is purchasing this Note for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

     

    Dated:                      
__________                                                                           

    NOTICE:
To be executed by an

       executive
officer

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

    

    If you
want to elect to have this Note purchased by the Company pursuant to Section
4.14 or Section 4.15 of the Indenture, check the appropriate box:

     

    Section
4.14 q                                           
Section 4.15 q

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.14 or Section 4.15 of the Indenture, state the amount:
$

     

    Date:                                
Your Signature:

    (Sign
exactly as name appears on the other side of this Note)

    

     

    

     

    Signature
Guarantee:

    Participant
in a recognized Signature Guarantee Medallion Program (or other signature
guarantor program reasonably acceptable to the Trustee)

    

    
      
        
          A-1-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A-2

    [FORM OF
RESTRICTED EURO NOTE]

    

    THE NOTES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (B) PURSUANT TO AN-OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NELL AF
S.À.R.L.

    

    8-3/8%%
Senior Note due 2015

    

    No.
[  ]

    $ [
]                                                                                                
ISIN No. XS0226285699

    XS0226286317

    

    NELL AF
S.À.R.L., a Luxembourg entity (the "Company"), for value
received, promises to pay to [ ] or registered assigns, the principal sum of
August 15, 2015.

    

    Interest
Payment Dates:  August 15 and February 15

    

    Record
Dates:  August 1 and February 1

    

    Reference
is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place.

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer.

    

    Dated:                      
[ ]

    

    

    NELL AF
S.À.R.L.

    

    

    By:                                                                

    Name:

    Title:

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
OF AUTHENTICATION

    

    This is
one of the 8-3/8% Senior Notes due 2015 referred to in the within-mentioned
Indenture.

    

    Dated: [
]

    

    

    THE BANK
OF NEW YORK, as Registrar

    

    

    By:                                                                

    Authorized Signature

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (REVERSE
OF EURO NOTE)

     

    8-3/8%
Senior Note due 2015

     

    1.           
Interest. NELL
AF S.À.R.L., a Luxembourg entity (the "Company"), promises
to pay interest on the principal amount of this Euro Note at the rate per annum
shown above. Interest on the Euro Notes will accrue from the most recent date on
which interest has been paid or, if no interest has been paid, from August 10,
2005.1 The
Company will pay interest semi-annually in arrears on each August 15 and
February 15 (each, an "InterestPayment Date") and at
stated maturity, commencing on February 15, 2006.2 Interest
will be computed on the basis of a 360-day year comprized of twelve 30-day
months.

     

    The
Company shall pay interest on overdue principal and on overdue installments of
interest from time to time on demand at the rate borne by the Euro Notes
(without regard to any applicable grace periods) to the extent
lawful.

     

    2.           
Method of
Payment. The Company shall pay interest on the Euro Notes (except
defaulted interest) to the Persons who are the registered Holders at the close
of business on the Record Date immediately preceding the Interest Payment Date
even if the Euro Notes are cancelled on registration of transfer or registration
of exchange after such Record Date. Holders must surrender Euro Notes to a
Paying Agent to collect principal payments. The Company shall pay principal,
premium and interest on the Euro Notes in euro. However, the Company may pay
principal, premium and interest by its check payable in euro. The Company may
deliver any such interest payment to the Euro Paying Agent or to a Holder at the
Holder's registered address.

     

    3.           
Paying Agent and
Registrar. Initially, The Bank of New York, London Branch, will act as
Paying Agent for the Euro Notes and Registrar for the Euro Notes. The Company
may change any Paying Agent, Registrar or co-Registrar without notice to the
Holders. The Company or any of its Subsidiaries may, subject to certain
exceptions, act as Registrar or co-Registrar.

     

    4.           
Indenture. The
Company issued the Euro Notes under an Indenture, dated as of August 10, 2005
(the "Indenture"), among
the Company, each of the Guarantors named therein, The Bank of New York as
trustee, registrar, paying agent, transfer agent and listing agent (the
"Trustee"), ABN AMRO Bank N.V., as security agent (the "Security Agent"),
and AIB/BNY Fund Management (Ireland) Limited. This Euro Note is one of a duly
authorized issue of Euro Notes of the Company designated as its euro denominated
8-3/8% Senior Notes due 2015 (the "Euro Notes") which
may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to Section 2.18 of the Indenture. The Euro Notes and
the Company's dollar denominated 8-3/8% Senior Notes due 2015 (the "Dollar Notes" and,
together with the Euro Notes, the "Notes") and any
Additional Notes is-sued in accordance with the Indenture are treated as a
single class of securities under the Indenture unless otherwise specified in the
Indenture. Capitalized terms used herein shall have the meanings assigned to
them in the Indenture unless otherwise defined herein.

     

    The terms
of the Notes include those stated in the Indenture. Notwithstanding anything to
the contrary herein, the Notes are subject to all such terms, and Holders of
Notes are referred to the Indenture for a statement of them. The Notes are
senior obligations of the Company.

     

    5.           
Optional
Redemption. (a) The Euro Notes will be redeemable at the Company's
option, in whole at any time or in part from time to time, on and after August
15, 2010, upon not less than 30 nor more than 60 days' notice, at the following
redemption prices (expressed as percentages of the principal amount thereof) if
redeemed

     

    _____________________

     

    1           
In the case of Initial Notes.

    2           
In the case of Initial Notes.

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    during
the twelve-month period commencing on August 15 of the year set forth below,
plus, in each case, accrued and unpaid interest thereon, if any, to the date of
redemption:

     

    

    
      	
              Year

            	
              Percentage

            
	
              2010

            	
              104.250%

            
	
              2011

            	
              102.833%

            
	
              2012

            	
              101.417%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

     

    (b)           
At any time, or from time to time, prior to August 15, 2008, the Company may, at
its option, use the net cash proceeds of one or more Equity Offerings (as
defined below) to redeem up to 35% of the aggregate principal amount of Euro
Notes originally issued (including the original principal amount of any
Additional Euro Notes) at a redemption price equal to 108.375% of the principal
amount thereof plus accrued and unpaid interest thereon, if any, to the date of
redemption; provided,however, that at
least 65% of the aggregate principal amount of the Euro Notes originally issued
remain (including the principal amount of any Additional Euro Notes) outstanding
immediately after any such redemption. In order to effect the foregoing
redemption with the proceeds of any Equity Offering, the Company shall make such
redemption not more than 120 days after the consummation of any such Equity
Offering.

     

    (c)           
At any time prior to August 15, 2010, the Euro Notes may be redeemed, in whole
or in part, at the option of the Company, upon not less than 30 nor more than 60
days' notice, at a redemption price equal to 100.000% of the principal amount
thereof plus the Applicable Premium and accrued and unpaid interest to, but not
including, the applicable redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

     

    (d)           
The Notes are also redeemable for taxation reasons, as provided in Section 3.07
of the Indenture.

     

    6.           
Notice of
Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder whose Euro Notes are
to be redeemed at such Holder's registered address, except as provided in the
Indenture. No Euro Notes of €1,000 or less shall be redeemed in part; provided
that no Euro Notes shall be redeemed in part if the resulting Euro Note would
have a minimum denomination that is less than €50,000.

     

    7.           
Change of Control
Offer. In the event of a Change of Control, upon the satisfaction of the
conditions set forth in the Indenture, the Company shall be required to offer to
repurchase all of the then outstanding Notes pursuant to a Change of Control
Offer at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase. Holders of Notes
that are the subject of such an offer to repurchase shall receive an offer to
repurchase and may elect to have such Notes repurchased in accordance with the
provisions of the Indenture pursuant to and in accordance with the terms of the
Indenture.

     

    8.           
Limitation on Asset
Sales. Under certain circumstances set forth in Section 4.15 of the
Indenture, the Company is required to apply the net proceeds from Asset Sales to
offer to repurchase the Notes at a price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any, to the date of
repurchase.

     

    9.           
Denominations;
Transfer; Exchange. The Euro Notes are in fully registered form only,
without coupons, in denominations of €50,000 and integral multiples of €1,000. A
Holder shall register the transfer or ex-change of Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer or
exchange of any Notes during a period beginning 15 days before the mailing of a
redemption notice for any Notes or portions thereof selected for
redemption.

     

    10.           
Persons Deemed
Owners. The registered Holder of a Note shall be treated as the owner of
it for all purposes.

     

    11.           
Unclaimed
Money. If money for the payment of principal or interest remains
unclaimed for one year, the Trustee and the Paying Agent will pay the money back
to the Company. After that, all liability of the Trustee and such Paying Agent
with respect to such money shall cease.

     

    12.           
Discharge Prior to
Redemption or Maturity. If the Company at any time deposits with the
Trustee euro or non-callable Euro Obligations sufficient to pay the principal
of, premium and interest on the Euro Notes to redemption or maturity and
complies with the other provisions of the Indenture relating thereto, the
Company will be discharged from certain provisions of the Indenture and the Euro
Notes (including certain covenants, but excluding its obligation to pay the
principal of, premium and interest on the Euro Notes).

     

    13.           
Amendment; Supplement;
Waiver. The Indenture or the Notes may be amended or supplemented as
provided in the Indenture.

     

    14.           
Restrictive
Covenants. The Indenture imposes certain limitations on the ability of
the Company and its Subsidiaries to, among other things, incur additional
Indebtedness, pay dividends or make certain other restricted payments, enter
into transactions with Affiliates, create dividend or other payment restrictions
affecting Restricted Subsidiaries and merge or consolidate with any other
Person, sell, assign, transfer, lease, convey or other-wise dispose of all or
substantially all of its assets or adopt a plan of liquidation. Such limitations
are subject to a number of important qualifications and exceptions. The Company
must annually report to the Trustee on compliance with such
limitations.

     

    15.           
Successors.
When a successor assumes, in accordance with the Indenture, all the obligations
of its predecessor under the Notes and the Indenture, the predecessor will be
released from those obligations.

     

    16.           
Defaults and
Remedies. If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
(including any Additional Notes) may declare all the Notes to be due and payable
in the manner, at the time and with the effect provided in the Indenture Holders
of Notes may not direct the Trustee to enforce the Indenture or the Notes except
as provided in the Indenture. The Trustee is not obligated to direct the
Security Agent to enforce the Indenture or the Notes unless it has been offered
indemnity and/or security satisfactory to it. The Indenture permits, subject to
certain limitations therein provided and in the Intercreditor Agreement, Holders
of a majority in aggregate principal amount of the Notes (including any
Additional Notes) then outstanding to direct the Trustee in its exercise of any
trust or power. The Trustee may with-hold from Holders of Notes notice of any
continuing Default or Event of Default (except a Default in payment of principal
or interest) if it determines in good faith that withholding notice is in their
interest.

     

    17.           
Trustee Dealings with
Company. The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Restricted and Unrestricted Subsidiaries or their respective
Affiliates as if it were not the Trustee.

     

    18.           
No Recourse Against
Others. A past, present or future director, officer, employee, promoter,
advisor, incorporator, or shareholder, as such, of the Company, the Trustee,
Security Agent or any Guarantor shall not have any liability in such capacity
for any obligations of the Company under the Notes, the Indenture or the
Security Documents or of such Guarantor under its Guarantee, the Indenture or
the Security Documents for any claim based on, in respect of or by reason of
such obligations or their creation. Each Holder of a Note by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

     

    19.           
Authentication.
This Note shall not be valid until the Trustee or authenticating agent manually
signs the certificate of authentication on this Note.

     

    20.           
Governing Law.
This Note shall be governed by, and construed in accordance with, the laws of
the State of New York.

     

    21.           
Abbreviations and
Defined Terms. Customary abbreviations may be used in the name of a
Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), OUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

     

    22.           
CUSIP/ISIN
Numbers. The Company may cause CUSIP and/or ISIN numbers to be printed on
the Notes as a convenience to the Holders of the Notes. No representation is
made as to the accuracy of such numbers as printed on the Notes and reliance may
be placed only on the other identification numbers printed hereon.

     

    23.           
Indenture. Each
Holder, by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture and the Intercreditor Agreement, as the same may be
amended from time to time. Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture.

     

    24.           
Guarantees.
This Note will be entitled to the benefits of certain senior subordinated
Guarantees made for the benefit of the Holders. Reference is hereby made to the
Indenture and the Intercreditor Agreement for a statement of the respective
rights, limitations of rights, duties and obligations thereunder of the
Guarantors, the Trustee and the Holders.

     

    The
Company will furnish to any Holder of a Note upon written request and without
charge a copy of the Indenture. Requests may be made to: NELL AF S.À.R.L., c/o
MeesPierson Intertrust B.V., Rokin 55, 1012, KK Amsterdam, The Netherlands,
attention: Magali van Overbeke (e-mail: magali.van.overbeke@meespiersonintertrust.com).

     

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
ASSIGNMENT]

    

    I or we
assign to

    

    

    PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

    

    

    (please
print or type name and address)

    

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints:

    

    

    attorney
to transfer the Note on the books of the Company with full power of substitution
in the premises.

    

    

    Dated:                                                                
Signed:

    NOTICE:
The signature on this assignment must correspond with the name as it appears
upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever and be guaranteed by the endorser's bank or
broker.

    

    Signature
Guarantee:                                                                                                

    

    

    In
connection with any transfer of this Note occurring prior to the date of the
declaration by the Commission of the effectiveness of a registration statement
under the Securities Act of 1933, as amended (the "Securities Act"),
covering resales of this Note (which effectiveness shall not have been suspended
or terminated at the date of the transfer) the undersigned confirms that it has
not utilized any general solicitation or general advertising in connection with
the transfer and that the sale is being made:

     

    
      	
               

            	
              (1)

            	
              q

            	
              to
      the Company or a subsidiary thereof; or

            

    

     

    
      	
               

            	
              (2)

            	
              q

            	
              pursuant
      to and in compliance with Rule 144A under the Securities Act of 1933, as
      amended; or 

            

    

     

    
      	
               

            	
              (3)

            	
              q

            	
              outside
      the United States to a "foreign purchaser" in compliance with Rule 904 of
      Regulation S under the Securities Act of 1933, as amended; or
    

            

    

     

    
      	
               

            	
              (4)

            	
              q

            	
              pursuant
      to the exemption from registration provided by Rule 144 under the
      Securities Act of 1933, as amended; or

            

    

     

    
      	
               

            	
              (5)

            	
              q

            	
              pursuant
      to an effective registration statement under the Securities Act of 1933,
      as amended; or 

            

    

     

    
      	
               

            	
              (6)

            	
              q

            	
              pursuant
      to another available exemption from the registration requirements of the
      Securities Act of 1933, as amended,

            

    

     

    and,
unless the box below is checked, the undersigned confirms that such Note is not
being transferred to an "affiliate" of the Company as defined in Rule 144 under
the Securities Act of 1933, as amended (an "Affiliate"):

     

    
      	
               

            	
              q

            	
              The
      transferee is an Affiliate of the Company.

            

    

     

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Unless
one of the items is checked, the Trustee will refuse to register any of the
Notes evidenced by this certificate in the name of any person other than the
registered Holder thereof; provided,however, that if item
(3), (4) or (6) is checked, the Company or the Trustee may require, prior to
registering any such transfer of the Notes, in their sole discretion, such
written legal opinions, certifications (including an investment letter in the
case of box (3)) and other information as the Trustee or the Company have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.

     

    If none
of the foregoing items are checked, the Trustee or Registrar shall not be
obligated to register this Note in the name of any person other than the Holder
hereof unless and until the conditions to any such transfer of registration set
forth herein and in Section 2.16 of the Indenture shall have been
satisfied.

     

    

     

    Dated:                                                                
Signed:

    (Sign
exactly as name appears

    on the
other side of this Note)

    

     

    Signature
Guarantee:                                                                           

     

    

     

    TO BE
COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

     

    The
undersigned represents and warrants that it is purchasing this Note for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

     

    Dated:                      
__________                                                                           

    NOTICE:
To be executed by an

       executive
officer

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

    

    If you
want to elect to have this Note purchased by the Company pursuant to Section
4.14 or Section 4.15 of the Indenture, check the appropriate box:

     

    Section
4.14 q                                           
Section 4.15 q

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.14 or Section 4.15 of the Indenture, state the amount:
$

     

    Date:                                
Your Signature:

    (Sign
exactly as name appears on the other side of this Note)

    

     

    

     

    Signature
Guarantee:

    Participant
in a recognized Signature Guarantee Medallion Program (or other signature
guarantor program reasonably acceptable to the Trustee)

    

    
      
        
          A-2-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A-3

    

    [FORM OF
UNRESTRICTED DOLLAR NOTE]

    

    NELL AF
S.À.R.L.

    

    8-3/8%
Senior Note due 2015

    

    No.
[  ]

    $ [
]                                                                                                
ISIN No. L67302AA4

    64016AAA3

    

    NELL AF
S.À.R.L., a Luxembourg entity (the "Company"), for value
received, promises to pay to [ ] or registered assigns, the principal sum of
August 15, 2015.

    

    Interest
Payment Dates:  August 15 and February 15

    

    Record
Dates:  August 1 and February 1

    

    Reference
is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place.

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer.

    

    Dated:                      
[ ]

    

    

    NELL AF
S.À.R.L.

    

    

    By:                                                                

    Name:

    Title:

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
OF AUTHENTICATION

    

    This is one of the 8-2/8% Senior Notes
due 2015 referred to in the within-mentioned Indenture.

    

    Date:
[  ]

    

    THE BANK
OF NEW YORK, as authentication agent

    

    

    By:                                                                

    Authorized Signature

    

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (REVERSE
OF DOLLAR NOTE)

     

    8-3/8%
Senior Note due 2015

     

    1.           
Interest. NELL
AF S.À.R.L., a Luxembourg entity (the "Company"), promises
to pay interest on the principal amount of this Dollar Note at the rate per
annum shown above. Interest on the Dollar Notes will accrue from the most recent
date on which interest has been paid or, if no interest has been paid, from
August 10, 2005.1 The
Company will pay interest semi-annually in arrears on each August 15 and
February 15 (each, an "Interest Payment
Date")  and at
stated maturity, commencing on February 15, 2006.2 Interest
will be computed on the basis of a 360-day year comprized of twelve 30-day
months.

     

    The
Company shall pay interest on overdue principal and on overdue installments of
interest from time to time on demand at the rate borne by the Dollar Notes
(without regard to any applicable grace periods) to the extent
lawful.

     

    2.           
Method of
Payment. The Company shall pay interest on the Dollar Notes (except
defaulted interest) to the Persons who are the registered Holders at the close
of business on the Record Date immediately preceding the Interest Payment Date
even if the Dollar Notes are cancelled on registration of transfer or
registration of ex-change after such Record Date. Holders must surrender Dollar
Notes to a Paying Agent to collect principal payments. The Company shall pay
principal, premium and interest in money of the United States that at the time
of payment is legal tender for payment of public and private debts ("U.S.Legal Tender").
However, the Company may pay principal, premium and interest by its check
payable in such U.S. Legal Tender. The Company may deliver any such interest
payment to the Paying Agent or to a Holder at the Holder's registered
address.

     

    3.           
Paying Agent and
Registrar. Initially, The Bank of New York (the "Trustee") will act
as Paying Agent and Registrar. The Company may change any Paying Agent,
Registrar or co-Registrar without notice to the Holders. The Company or any of
its Subsidiaries may, subject to certain exceptions, act as Registrar or
co-Registrar.

     

    4.           
Indenture. The
Company issued the Dollar Notes under an Indenture, dated as of August 10, 2005
(the "Indenture"), among
the Company, each of the Guarantors named therein, The Bank of New York as
trustee, registrar, paying agent, transfer agent and listing agent (the "Trustee"), ABN AMRO
Bank N.V., as security agent (the "Security Agent"),
and AIBBNY Fund Management (Ireland) Limited. This Dollar Note is one of a duly
authorized issue of Dollar Notes of the Company designated as its dollar
denominated 8-3/8% Senior Notes due 2015 (the "Dollar Notes") which
may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to Section 2.18 of the Indenture. The Dollar Notes and
the Company's euro denominated 8-3/8% Senior Notes due 2015 (the "Euro Notes" and,
together with the Dollar Notes, the "Notes") and any
Additional Notes issued in accordance with the Indenture are treated as a single
class of securities under the Indenture unless otherwise specified in the
Indenture. Capitalized terms used herein shall have the meanings assigned to
them in the Indenture unless otherwise defined herein.

     

    The terms
of the Notes include those stated in the Indenture. Notwithstanding anything to
the contrary herein, the Notes are subject to all such terms, and Holders of
Notes are referred to the Indenture for a statement of them. The Notes are
senior obligations of the Company.

     

    5.           
Optional
Redemption. (a) The Dollar Notes will be redeemable, at the Company's
option, in whole at any time or in part from time to time, on and after August
15, 2010, upon not less than 30 nor

     

    _____________________

     

    1           
In the case of Initial Notes.

    2           
In the case of Initial Notes.

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    more than
60 days' notice, at the following redemption prices (expressed as percentages of
the principal amount thereof) if re-deemed during the twelve-month period
commencing on August 15 of the year set forth below, plus, in each case, accrued
and unpaid interest thereon, if any, to the date of redemption:

     

    

    
      	
              Year

            	
              Percentage

            
	
              2010

            	
              104.250%

            
	
              2011

            	
              102.833%

            
	
              2012

            	
              101.417%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

     

    (b)           
At any time, or from time to time, prior to August 15, 2008, the Company may, at
its option, use the net cash proceeds of one or more Equity Offerings (as
defined below) to redeem up to 35% of the aggregate principal amount of Dollar
Notes originally issued (including the original principal amount of any
Additional Dollar Notes) at a redemption price equal to 108.375% of the
principal amount thereof plus accrued and unpaid interest thereon, if any, to
the date of redemption; provided,however, that at
least 65% of the aggregate principal amount of the Euro Notes originally issued
remain (including the principal amount of any Additional Euro Notes) outstanding
immediately after any such redemption. In order to effect the foregoing
redemption with the proceeds of any Equity Offering, the Company shall make such
redemption not more than 120 days after the consummation of any such Equity
Offering.

     

    (c)           
At any time prior to August 15, 2010, the Dollar Notes may be redeemed, in whole
or in part at the option of the Company, upon not less than 30 nor more than 60
days' notice, at a redemption price equal to 100.000% of the principal amount
thereof plus the Applicable Premium and accrued and unpaid interest to, but not
including, the applicable redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

     

    (d)           
The Notes are also redeemable for taxation reasons, as provided in Section 3.07
of the Indenture.

     

    6.           
Notice of
Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder whose Dollar Notes
are to be redeemed at such Holder's registered address, except as provided in
the Indenture. No Dollar Notes of $1,000 or less shall be redeemed in part;
provided that
no Dollar Notes shall be redeemed in part if the resulting Dollar Note would
have a minimum denomination that is less than $75,000.

     

    7.           
Change of Control
Offer. In the event of a Change of Control, upon the satisfaction of the
conditions set forth in the Indenture, the Company shall be required to offer to
repurchase all of the then outstanding Notes pursuant to a Change of Control
Offer at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase. Holders of Notes
that are the subject of such an offer to repurchase shall receive an offer to
repurchase and may elect to have such Notes repurchased in accordance with the
provisions of the Indenture pursuant to and in accordance with the terms of the
Indenture.

     

    8.           
Limitation on Asset
Sales. Under certain circumstances set forth in Section 4.15 of the
Indenture, the Company is required to apply the net proceeds from Asset Sales to
offer to repurchase the Notes at a price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any, to the date of
repurchase.

     

    9.           
Denominations;
Transfer; Exchange. The Dollar Notes are in fully registered form only,
without coupons, in denominations of $75,000 and integral multiples of $1,000. A
Holder shall register the transfer or ex-change of Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer or
exchange of any Notes during a period beginning 15 days before the mailing of a
redemption notice for any Notes or portions thereof selected for
redemption.

     

    10.           
Persons Deemed
Owners. The registered Holder of a Note shall be treated as the owner of
it for all purposes.

     

    11.           
Unclaimed
Money. If money for the payment of principal or interest remains
unclaimed for one year, the Trustee and the Paying Agent will pay the money back
to the Company. After that, all liability of the Trustee and such Paying Agent
with respect to such money shall cease.

     

    12.           
Discharge Prior to
Redemption or Maturity. If the Company at any time deposits with the
Trustee U.S. Legal Tender or non-callable U.S. Government Obligations sufficient
to pay the principal of, premium and interest on the Dollar Notes to redemption
or maturity and complies with the other provisions of the Indenture relating
thereto, the Company will be discharged from certain provisions of the Indenture
and the Dollar Notes (including certain covenants, but excluding its obligation
to pay the principal of, premium and interest on the Dollar Notes).

     

    13.           
Amendment; Supplement;
Waiver. The Indenture or the Notes may be amended or supplemented as
provided in the Indenture.

     

    14.           
Restrictive
Covenants. The Indenture imposes certain limitations on the ability of
the Company and its Subsidiaries to, among other things, incur additional
Indebtedness, pay dividends or make certain other restricted payments, enter
into transactions with Affiliates, create dividend or other payment restrictions
affecting Restricted Subsidiaries and merge or consolidate with any other
Person, sell, assign, transfer, lease, convey or other-wise dispose of all or
substantially all of its assets or adopt a plan of liquidation. Such limitations
are subject to a number of important qualifications and exceptions. The Company
must annually report to the Trustee on compliance with such
limitations.

     

    15.           
Successors.
When a successor assumes, in accordance with the Indenture, all the obligations
of its predecessor under the Notes and the Indenture, the predecessor will be
released from those obligations.

     

    16.           
Defaults and
Remedies. If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
(including any Additional Notes) may declare all the Notes to be due and payable
in the manner, at the time and with the effect provided in the Indenture.
Holders of Notes may not direct the Trustee to enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee is not obligated to
direct the Security Agent to enforce the Indenture or the Notes unless it has
been offered indemnity and/or security satisfactory to it. The Indenture
permits, subject to certain limitations therein provided and in the
Intercreditor Agreement, Holders of a majority in aggregate principal amount of
the Notes (including any Additional Notes) then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may with-hold from
Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal or interest) if it determines in good faith that
withholding notice is in their interest.

     

    17.           
Trustee Dealings with
Company. The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Restricted and Unrestricted Subsidiaries or their respective
Affiliates as if it were not the Trustee.

     

    18.           
No Recourse Against
Others. A past, present or future director, officer, employee, promoter,
advisor, incorporator, or shareholder, as such, of the Company, the Trustee,
Security Agent or any Guarantor shall not have any liability in such capacity
for any obligations of the Company under the Notes, the Indenture or the
Security Documents or of such Guarantor under its Guarantee, the Indenture or
the Security Documents for any claim based on, in respect of or by reason of
such obligations or their creation. Each Holder of a Note by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

     

    19.           
Authentication.
This Note shall not be valid until the Trustee or authenticating agent manually
signs the certificate of authentication on this Note.

     

    20.           
Governing Law.
This Note shall be governed by, and construed in accordance with, the laws of
the State of New York.

     

    21.           
Abbreviations and
Defined Terms. Customary abbreviations may be used in the name of a
Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

     

    22.           
CUSIP/ISIN
Numbers. The Company may cause CUSIP and/or ISIN numbers to be printed on
the Notes as a convenience to the Holders of the Notes. No representation is
made as to the accuracy of such numbers as printed on the Notes and reliance may
be placed only on the other identification numbers printed hereon.

     

    23.           
Indenture. Each
Holder, by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture and the Intercreditor Agreement, as the same may be
amended from time to time. Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture.

     

    24.           
Guarantees.
This Note will be entitled to the benefits of certain senior subordinated
Guarantees made for the benefit of the Holders. Reference is hereby made to the
Indenture and the Intercreditor Agreement for a statement of the respective
rights, limitations of rights, duties and obligations thereunder of the
Guarantors, the Trustee and the Holders.

     

    The
Company will furnish to any Holder of a Note upon written request and without
charge a copy of the Indenture. Requests may be made to: NELL AF S.À.R.L., c/o
MeesPierson Intertrust B.V., Rokin 55, 1012, KK Amsterdam, The Netherlands,
attention: Magali van Overbeke (e-mail: magali.van.overbeke@meespiersonintertrust.com).

     

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
ASSIGNMENT]

    

    I or we
assign to

    

    

    PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

    

    

    (please
print or type name and address)

    

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints:

    

    

    attorney
to transfer the Note on the books of the Company with full power of substitution
in the premises.

    

    

    Dated:                                                                
Signed:

    NOTICE:
The signature on this assignment must correspond with the name as it appears
upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever and be guaranteed by the endorser's bank or
broker.

    

    Signature
Guarantee:                                                                                                

    

    

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

    

    If you
want to elect to have this Note purchased by the Company pursuant to Section
4.14 or Section 4.15 of the Indenture, check the appropriate box:

     

    Section
4.14 q                                           
Section 4.15 q

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.14 or Section 4.15 of the Indenture, state the amount:
$

     

    Date:                                
Your Signature:

    (Sign
exactly as name appears on the other side of this Note)

    

     

    

     

    Signature
Guarantee:

    Participant
in a recognized Signature Guarantee Medallion Program (or other signature
guarantor program reasonably acceptable to the Trustee)

    

    
      
        
          A-3-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A-4

    

    [FORM OF
UNRESTRICTED DOLLAR NOTE]

    

    NELL AF
S.À.R.L.

    

    8-3/8%
Senior Note due 2015

    

    No.
[  ]

    $ [
]                                                                                                
ISIN No. XSO226285699

    XSO226286317

    

    NELL AF
S.À.R.L., a Luxembourg entity (the "Company"), for value
received, promises to pay to [ ] or registered assigns, the principal sum of
August 15, 2015.

    

    Interest
Payment Dates:  August 15 and February 15

    

    Record
Dates:  August 1 and February 1

    

    Reference
is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place.

    

    IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer.

    

    Dated:                      
[ ]

    

    

    NELL AF
S.À.R.L.

    

    

    By:                                                                

    Name:

    Title:

    
      
        
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    CERTIFICATE
OF AUTHENTICATION

    

    This is one of the 8-2/8% Senior Notes
due 2015 referred to in the within-mentioned Indenture.

    

    Date:
[  ]

    

    THE BANK
OF NEW YORK, as authentication agent

    

    

    By:                                                                

    Authorized Signature

    
      
        
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    (REVERSE
OF EURO NOTE)

     

    8-3/8%
Senior Note due 2015

     

    1.           
Interest. NELL
AF S.À.R.L., a Luxembourg entity (the "Company"), promises
to pay interest on the principal amount of this Euro Note at the rate per annum
shown above. Interest on the Euro Notes will accrue from the most recent date on
which interest has been paid or, if no interest has been paid, from August 10,
2005.1 The
Company will pay interest semi- annually in arrears on each August 15 and
February 15 (each, an "InterestPayment Date") and at
stated maturity, commencing on February 15, 2006.2 Interest
will be computed on the basis of a 360-day year comprized of twelve 30-day
months.

     

    The
Company shall pay interest on overdue principal and on overdue installments of
interest from time to time on demand at the rate borne by the Euro Notes
(without regard to any applicable grace periods) to the extent
lawful.

     

    2.           
Method of
Payment. The Company shall pay interest on the Euro Notes (except
defaulted interest) to the Persons who are the registered Holders at the close
of business on the Record Date immediately preceding the Interest Payment Date
even if the Euro Notes are cancelled on registration of transfer or registration
of exchange after such Record Date. Holders must surrender Euro Notes to a
Paying Agent to collect principal payments. The Company shall pay principal,
premium and interest on the Euro Notes in euro. However, the Company may pay
principal, premium and interest by its check payable in euro. The Company may
deliver any such interest payment to the Euro Paying Agent or to a Holder at the
Holder's registered address.

     

    3.           
Paying Agent and
Registrar. Initially The Bank of New York, London Branch, will act as
Paying Agent for the Euro Notes and as Registrar for the Euro Notes. The Company
may change any Paying Agent, Registrar or co-Registrar without notice to the
Holders. The Company or any of its Subsidiaries may, subject to certain
exceptions, act as Registrar or co-Registrar.

     

    4.           
Indenture. The
Company issued the Euro Notes under an Indenture, dated as of August 10, 2005
(the "Indenture"), among
the Company, each of the Guarantors named therein, The Bank of New York as
trustee, registrar, paying agent, transfer agent and listing agent (the
"Trustee"), ABN AMRO Bank N.V., as security agent (the "Security Agent"),
and AIB/BNY Fund Management (Ireland) Limited. This Euro Note is one of a duly
authorized issue of Euro Notes of the Company designated as its euro denominated
8-3/8% Senior Notes due 2015 (the "Euro Notes") which
may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to Section 2.18 of the Indenture. The Euro Notes and
the Company's dollar denominated 8-3/8% Senior Notes due 2015 (the "Dollar Notes" and,
together with the Euro Notes, the "Notes") and any
Additional Notes is-sued in accordance with the Indenture are treated as a
single class of securities under the Indenture unless otherwise specified in the
Indenture. Capitalized terms used herein shall have the meanings assigned to
them in the Indenture unless otherwise defined herein.

     

    The terms
of the Notes include those stated in the Indenture. Notwithstanding anything to
the contrary herein, the Notes are subject to all such terms, and Holders of
Notes are referred to the Indenture for a statement of them. The Notes are
senior obligations of the Company.

     

    5.           
Optional
Redemption. (a) The Euro Notes will be redeemable, at the Company's
option, in whole at any time or in part from time to time, on and after August
15, 2010, upon not less than 30 nor more than 60 days' notice, at the following
redemption prices (expressed as percentages of the principal amount

     

    _____________________

     

    1           
In the case of Initial Notes.

    2           
In the case of Initial Notes.

    
      
        
          A-4-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    thereof)
if redeemed during the twelve-month period commencing on August 15 of the year
set forth below, plus, in each case, accrued and unpaid interest thereon, if
any, to the date of redemption:

    

    
      	
              Year

            	
              Percentage

            
	
              2010

            	
              104.250%

            
	
              2011

            	
              102.833%

            
	
              2012

            	
              101.417%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

    (b)           
At any time, or from time to time, prior to August 15, 2008, the Company may, at
its option, use the net cash proceeds of one or more Equity Offerings (as
defined below) to redeem up to 35% of the aggregate principal amount of Euro
Notes originally issued (including the original principal amount of any
Additional Euro Notes) at a redemption price equal to 108.375% of the principal
amount thereof plus accrued and unpaid interest thereon, if any, to the date of
redemption; provided,however, that at
least 65% of the aggregate principal amount of the Euro Notes originally issued
remain (including the principal amount of any Additional Euro Notes) outstanding
immediately after any such redemption. In order to effect the foregoing
redemption with the proceeds of any Equity Offering, the Company shall make such
redemption not more than 120 days after the consummation of any such Equity
Offering.

     

    (c)           
At any time prior to August 15, 2010, the Euro Notes may be redeemed, in whole
or in part, at the option of the Company, upon not less than 30 nor more than 60
days' notice, at a redemption price equal to 100.000% of the principal amount
thereof plus the Applicable Premium and accrued and unpaid interest to, but not
including, the applicable redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

     

    (d)           
The Notes are also redeemable for taxation reasons, as provided in Section 3.07
of the Indenture.

     

    6.           
Notice of
Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder whose Euro Notes are
to be redeemed at such Holder's registered address, except as provided in the
Indenture. No Euro Notes of E1,000 or less shall be redeemed in part; provided that no Euro Notes
shall be redeemed in part if the resulting Euro Note would have a minimum
denomination that is less than E50,000.

     

    7.           
Change of Control
Offer. In the event of a Change of Control, upon the satisfaction of the
conditions set forth in the Indenture, the Company shall be required to offer to
repurchase all of the then outstanding Notes pursuant to a Change of Control
Offer at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase. Holders of Notes
that are the subject of such an offer to repurchase shall receive an offer to
repurchase and may elect to have such Notes repurchased in accordance with the
provisions of the Indenture pursuant to and in accordance with the terms of the
Indenture.

     

    8.           
Limitation on Asset
Sales. Under certain circumstances set forth in Section 4.15 of the
Indenture, the Company is required to apply the net proceeds from Asset Sales to
offer to repurchase the Notes at a price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any, to the date of
repurchase.

     

    9.           
Denominations;
Transfer; Exchange. The Euro Notes are in fully registered form only,
without coupons, in denominations of E50,000 and integral multiples of E1,000. A
Holder shall register the transfer or ex-change of Notes in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as
permitted by the Indenture. The Registrar need not register the transfer or
exchange of any Notes during a period beginning 15 days before the mailing of a
redemption notice for any Notes or portions thereof selected for
redemption.

     

    10.           
Persons Deemed
Owners. The registered Holder of a Note shall be treated as the owner of
it for all purposes.

     

    
      
        
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    11.           
Unclaimed
Money. If money for the payment of principal or interest remains
unclaimed for one year, the Trustee and the Paying Agent will pay the money back
to the Company. After that, all liability of the Trustee and such Paying Agent
with respect to such money shall cease.

     

    12.           
Discharge Prior to
Redemption or Maturity. If the Company at any time deposits with the
Trustee euro or non-callable Euro Obligations sufficient to pay the principal
of, premium and interest on the Euro Notes to redemption or maturity and
complies with the other provisions of the Indenture relating thereto, the
Company will be discharged from certain provisions of the Indenture and the Euro
Notes (including certain covenants, but excluding its obligation to pay the
principal of, premium and interest on the Euro Notes).

     

    13.           
Amendment; Supplement;
Waiver. The Indenture or the Notes may be amended or supplemented as
provided in the Indenture.

     

    14.           
Restrictive
Covenants. The Indenture imposes certain limitations on the ability of
the Company and its Subsidiaries to, among other things, incur additional
Indebtedness, pay dividends or make certain other restricted payments, enter
into transactions with Affiliates, create dividend or other payment restrictions
affecting Restricted Subsidiaries and merge or consolidate with any other
Person, sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its assets or adopt a plan of liquidation. Such limitations
are subject to a number of important qualifications and exceptions. The Company
must annually report to the Trustee on compliance with such
limitations.

     

    15.           
Successors.
When a successor assumes, in accordance with the Indenture, all the obligations
of its predecessor under the Notes and the Indenture, the predecessor will be
released from those obligations.

     

    16.           
Defaults and
Remedies. If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Notes
(including any Additional Notes) may declare all the Notes to be due and payable
in the manner, at the time and with the effect provided in the Indenture.
Holders of Notes may not direct the Trustee to enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee is not obligated to
direct the Security Agent to enforce the Indenture or the Notes unless it has
been offered indemnity and/or security satisfactory to it. The Indenture
permits, subject to certain limitations therein provided and in the
Intercreditor Agreement, Holders of a majority in aggregate principal amount of
the Notes (including any Additional Notes) then outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may with-hold from
Holders of Notes notice of any continuing Default or Event of Default (except a
Default in payment of principal or interest) if it determines in good faith that
withholding notice is in their interest.

     

    17.           
Trustee Dealings with
Company. The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Restricted and Unrestricted Subsidiaries or their respective
Affiliates as if it were not the Trustee.

     

    18.           
No Recourse Against
Others. A director, officer, employee, promoter, advisor, incorporator,
or shareholder, as such, of the Company, the Trustee, Security Agent or any
Guarantor shall not have any liability in such capacity for any obligations of
the Company under the Notes, the Indenture or the Security Documents or of such
Guarantor under its Guarantee, the Indenture or the Security Documents for any
claim based on, in respect of or by reason of such obligations or their
creation. Each Holder of a Note by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

     

    19.           
Authentication.
This Note shall not be valid until the Trustee or authenticating agent manually
signs the certificate of authentication on this Note.

     

    20.           
Governing Law.
This Note shall be governed by, and construed in- accordance with, the laws of
the State of New York.

     

    21.           
Abbreviations and
Defined Terms. Customary abbreviations may be- used in the name of a
Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

     

    22.           
CUSIP/ISIN
Numbers. The Company may cause CUSIP and/or ISIN numbers to be printed on
the Notes as a convenience to the Holders of the Notes. No representation is
made as to the accuracy of such numbers as printed on the Notes and reliance may
be placed only on the other identification numbers printed hereon.

     

    23.           
Indenture. Each
Holder, by accepting a Note, agrees to be bound by all of the terms and
provisions of the Indenture and the Intercreditor Agreement, as the same may be
amended from time to time. Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture.

     

    24.           
Guarantees.
This Note will be entitled to the benefits of certain senior subordinated
Guarantees made for the benefit of the Holders. Reference is hereby made to the
Indenture and the Intercreditor Agreement for a statement of the respective
rights, limitations of rights, duties and obligations thereunder of the
Guarantors, the Trustee and the Holders.

     

    The
Company will furnish to any Holder of a Note upon written request and without
charge a copy of the Indenture. Requests may be made to: NELL AF S.À.R.L. , c/o
MeesPierson Intertrust B.V., Rokin 55, 1012, KK Amsterdam, The Netherlands,
attention: Magali van Overbeke (e-mail: magali.van.overbeke'dmeespierson.intertrust.com).

     

    
      
        
          A-4-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM OF
ASSIGNMENT]

    

    I or we
assign to

    

    

    PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

    

    

    (please
print or type name and address)

    

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints:

    

    

    attorney
to transfer the Note on the books of the Company with full power of substitution
in the premises.

    

    

    Dated:                                                                
Signed:

    NOTICE:
The signature on this assignment must correspond with the name as it appears
upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever and be guaranteed by the endorser's bank or
broker.

    

    Signature
Guarantee:                                                                                                

    

    

    
      
        
          A-4-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    OPTION OF
HOLDER TO ELECT PURCHASE

    

    If you
want to elect to have this Note purchased by the Company pursuant to Section
4.14 or Section 4.15 of the Indenture, check the appropriate box:

     

    Section
4.14 q                                           
Section 4.15 q

     

    If you
want to elect to have only part of this Note purchased by the Company pursuant
to Section 4.14 or Section 4.15 of the Indenture, state the amount:
$

     

    Date:                                
Your Signature:

    (Sign
exactly as name appears on the other side of this Note)

    

     

    

     

    Signature
Guarantee:

    Participant
in a recognized Signature Guarantee Medallion Program (or other signature
guarantor program reasonably acceptable to the Trustee)

    
      
        
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    EXHIBIT
D

     

    GUARANTEE

     

    For value
received, the undersigned hereby unconditionally guarantees, on a senior
subordinated basis, as principal obligor and not only as a surety, to the Holder
of this Note the payments of principal of, premium, if any, and interest on this
Note in the amounts and at the times when due and interest on the overdue
principal, premium, if any, and interest, if any, of this Note, if lawful, and
the payment or performance of all other obligations of the Company under the
Indenture (as defined below) or the Notes, to the Holders of this Note and the
Trustee, all in accordance with and subject to the terms and limitations of this
Note, Articles Eleven and Twelve of the Indenture, the Intercreditor Agreement
and this Guarantee. This Guarantee will become effective in accordance with
Article Eleven of the Indenture and its terms shall be evidenced therein. The
validity and enforceability of any Guarantee shall not be affected by the fact
that it is not affixed to any particular Note.

     

    Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture dated as of August 10, 2005, among, NELL AF S.À.R.L. as issuer
(the "Company"), each of
the Guarantors named therein, The Bank of New York, as trustee, registrar,
paying agent, transfer agent and listing agent, (the "Trustee"), ABN AMRO
Bank N.V., as security agent, and AIB/BNY Fund Management (Ireland) Limited, as
Irish paying agent, as amended or supplemented (the "Indenture").

     

    The
obligations of the undersigned to the Holders of Notes and to the Trustee
pursuant to this Guarantee and the Indenture are expressly set forth in Articles
Eleven and Twelve of the Indenture (including, without limitation, the
applicable limitations on this Guarantee as set forth in Section 11.02 of the
Indenture [and as set forth be-low] and the provisions relating to the release
of this Guarantee as set forth in Section 11.04 of the Indenture) and the
Intercreditor Agreement and reference is hereby made to the Indenture for the
precise terms of the Guarantee and all of the other provisions of the Indenture
to which this Guarantee relates.

     

    [INSERT
RELEVANT LOCAL JURISDICTION GUARANTEE LIMITATION LANGUAGE, IF ANY]

     

    THIS
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. The undersigned Guarantor hereby agrees to submit to the
jurisdiction of the courts of the State of New York in any action or proceeding
arising out of or relating to this Guarantee.

     

    This
Guarantee is subject to release upon the terms set forth in the Indenture and
the Intercreditor Agreement.

     

    IN
WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly
executed.

     

    as
Guarantor

     

    Date:

     

    As
Guarantor

     

    _____________________

     

    1           
Include any necessary guarantee limitations language as deemed appropriate by
local counsel.

    
      
        
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    By:                                                                

    Name:

    Title:

    

     

    
      
        
          D-

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